HOCHTIEF (HOT) Q3 2025 earnings summary

Executive summary

• Achieved strong sales and profit growth in the first nine months of 2025, with sales up 19% year-over-year (24% FX adjusted) to EUR 28.1 billion and operational net profit up 19% to EUR 538 million (26% FX adjusted).

• Raised operational net profit guidance for 2025 to EUR 750–780 million, implying a 20–25% year-on-year increase.

• Strategic focus on digital infrastructure, energy, defense, and critical minerals, leveraging global footprint and engineering know-how.

• Strategic acquisitions (Dornan Engineering, Flatiron-Dragados JV) and full consolidation of Thiess enhanced presence in growth markets.

• New orders reached EUR 36.6 billion, up 19% FX adjusted, with order backlog at EUR 69.6 billion, up 12% FX adjusted.

Financial highlights

• EBITDA increased 21% year-over-year to EUR 1,573 million; EBIT up 20% to EUR 1,074 million.

• Operational net profit: EUR 538 million (+19% year-over-year), Q3 up 22% year-over-year.

• Nominal net profit: EUR 656 million (+13%), including EUR 118 million in one-off gains (mainly Flatiron transaction).

• Operating cash flow (LTM): EUR 2.1 billion, up EUR 0.4 billion year-over-year pre-factoring.

• Dividend per share for FY 2024 was EUR 5.23, a 19% increase year-over-year.

Outlook and guidance

• FY 2025 operational net profit guidance raised to EUR 750–780 million (20–25% increase year-over-year, previous: EUR 680–730 million).

• Turner segment guidance for 2025 operational PBT increased to EUR 850–900 million.

• CIMIC expected to achieve operational PBT of EUR 480–510 million in 2025.

• Engineering and Construction segment expected operational PBT: EUR 85–95 million.

• Continued strong cash conversion and robust Q4 cash flow expected.