HOCHTIEF (HOT) Q4 2025 earnings summary

Executive summary

• Operational net profit rose 26% year-over-year (35% FX-adjusted) to EUR 789 million, surpassing guidance and including EUR 113 million in one-off gains from the Flatiron transaction.

• Sales increased 15% year-over-year (21% FX-adjusted) to EUR 38.2 billion, with margin expansion and strong organic growth across all segments.

• New orders surged 32% FX-adjusted to EUR 52.6 billion, driving a record order backlog of EUR 72.5 billion, up 18%.

• Proposed dividend per share increased 26% to EUR 6.60, maintaining a 65% payout policy.

• Share price increased 160% over the last twelve months.

Financial highlights

• EBITDA rose 18% to EUR 2.2 billion; EBIT up 20% to EUR 1.54 billion; operational PBT up 29% to EUR 1.3 billion.

• Operating cash flow reached EUR 2.1 billion, up EUR 248 million year-over-year pre-factoring.

• Net debt stable at EUR 97 million, slightly reduced despite significant M&A and dividend outflows; S&P investment grade rating (BBB-, stable outlook) confirmed.

• Book-to-bill ratio at 1.3x, with order backlog visibility of 21 months.

• Operational EPS increased 26% to EUR 10.49; nominal EPS up 16% to EUR 11.99.

Outlook and guidance

• FY2026 operational net profit guidance: EUR 950–1,025 million, representing 20–30% year-over-year growth.

• Turner segment expects operational PBT to rise 25–30% to $1.3–1.35 billion in 2026.

• CIMIC projected to achieve operational PBT of EUR 780–830 million in 2026, up 4–10% (adjusted for UGL sale).

• Engineering construction segment targets operational PBT of EUR 125–140 million in 2026, up to 42% year-on-year.

• Abertis expected to deliver a similar operational result in 2026 as in 2025.