Obrascón Huarte Lain (OHLA) Q1 2025 earnings summary

Executive summary

• Sales reached €783.1M in 1Q25, down 1.5% year-over-year, with 73.9% generated abroad.

• EBITDA rose 36.9% to €26.7M, with margin improving to 3.4% of sales.

• Attributable net loss widened to -€21.8M, impacted by non-recurring financial expenses from recapitalization and exchange differences.

• Order intake was €671.3M (book-to-bill 0.9x); order book stable at €8,297.6M.

• Recapitalization completed, capital increase fully subscribed, and board changes announced.

Financial highlights

• Construction sales grew 4.9% to €731.8M; Industrial sales fell 50.6% to €43.6M.

• EBITDA margin in Construction improved to 4.4%; Industrial margin dropped to 1.4%.

• EBIT increased to €18.8M from €4.5M year-over-year.

• Financial result was -€32.0M, mainly due to recapitalization-related expenses and negative exchange differences.

• Net debt reduced to -€306.2M, with recourse net debt at -€302.9M.

Outlook and guidance

• Industrial division expected to recover margins and order book by year-end 2025.

• No material debt maturities until December 2029; leverage ratio close to 2x.

• Solid fundamentals post-recapitalization, with improved liquidity and equity base.