HOCHTIEF (HOT) Q4 2024 earnings summary

Executive summary

• Achieved strong growth in 2024, with group sales up 20% to EUR 33.3 billion and operational net profit rising 13% to EUR 625 million, surpassing guidance.

• Order book reached a record EUR 67.6 billion, up 13% year-on-year, with over 85% in low-risk contracts and robust new project wins in data centers, transport, healthcare, and defense.

• Operating cash flow increased by over EUR 600 million to EUR 2.1 billion, supporting a proposed 19% dividend increase.

• Strategic acquisitions, including Dornan Engineering and the Flatiron-Dragados merger, expanded presence in advanced-tech and civil engineering markets.

• FY 2025 guidance targets operational net profit of EUR 680–730 million, up to 17% growth.

Financial highlights

• Group sales rose 20% to EUR 33.3 billion; comparable sales growth over 10%.

• Operational net profit up 13% to EUR 625 million; nominal net profit EUR 776 million, including a EUR 147 million one-off gain.

• Cash flow from operating activities increased by over EUR 600 million to EUR 2.1 billion.

• Ended year with net debt of EUR 120 million; would have been EUR 1.9 billion net cash excluding strategic investments.

• Proposed dividend of EUR 5.23 per share, up 19% year-on-year, representing a 65% payout ratio.

Outlook and guidance

• 2025 operational net profit expected between EUR 680 million and EUR 730 million, up to 17% growth.

• Turner 2025 operational PBT guidance EUR 660 million–EUR 750 million, up 16%–32%.

• CIMIC 2025 operational PBT guidance EUR 480 million–EUR 510 million.

• E&C segment 2025 operational PBT guidance EUR 85 million–EUR 95 million, up to 24% growth.

• Dividend policy remains focused on attractive shareholder remuneration; robust pipeline in advanced-tech, energy transition, and sustainable infrastructure.