Implenia (IMPN) H2 2025 earnings summary

Executive summary

• Achieved a record order book of CHF 8.5 billion, up 24.7%, with improved project margins and strong future revenue visibility.

• EBIT rose to CHF 140.5 million with a 4.0% margin, and free cash flow increased by CHF 179 million to CHF 125.3 million.

• Strategic focus on high-margin sectors such as data centers, life sciences, healthcare, and tunnelling, with operational excellence and selective project acquisition.

• Sustainability initiatives reduced absolute CO2 emissions, introduced new 2030 targets, and improved ESG ratings.

• Proposed dividend increase to CHF 1.40 per share, up 56%.

Financial highlights

• Revenue slightly declined to CHF 3,475 million (-2.4% year-over-year), while EBIT margin improved to 4.0% from 3.7%.

• Consolidated profit was CHF 84.7 million, down from CHF 93.4 million, due to higher financing costs and absence of one-off tax effects.

• Operating cash flow improved to CHF 137.3 million (+218%), and net debt reduced by CHF 60.5 million.

• Equity ratio increased to 23.5%, supporting a higher dividend.

• Earnings per share (undiluted) were CHF 4.55, down from CHF 5.04.

Outlook and guidance

• Targeting EBIT of approximately CHF 150 million in 2026 (before CHF 10–20 million growth investments), with mid-term EBIT margin above 4.5% and equity ratio goal of 25%.

• Revenue growth expected from 2027, supported by a strong order book and improved project margins.

• Continued focus on profitable growth, talent acquisition, and organizational streamlining.

• Order book visibility for two years ahead increased by 24%, and for subsequent years by 62%.