Obrascón Huarte Lain (OHLA) Q4 2025 earnings summary

Executive summary

• Achieved or exceeded all 2025 strategic and financial targets, with operational improvements, cost reductions, and a shift to a more competitive, disciplined model.

• Strengthened corporate governance with board renewal, now 50% independent, enhancing alignment with shareholder interests.

• Cleared major judicial uncertainties, notably Sidra Hospital arbitration and Doha Metro litigation, improving stability.

• International presence expanded, with notable project wins and improved ENR rankings.

• Services division classified as discontinued and strategic divestment reflected in financials.

Financial highlights

• 2025 sales reached €4,021.6M, EBITDA €208.1M (up 36.4% YoY), and net income returned to positive at €1.7M.

• Order intake hit €4.6Bn, with backlog at €9.7Bn, a 77% increase since 2019.

• Positive cash flow for the third consecutive year, generating €76M.

• Gross financial debt reduced by €192M in 2025 and €563M since 2020; leverage ratio at 1.7x EBITDA.

• Total liquidity at €851.5M; net borrowings at €489.1M.

Outlook and guidance

• 2026 targets: sales over €4.1Bn, EBITDA above €215M, and new contracts around €4.4Bn.

• Continued focus on cost reduction, margin improvement, and financial stability, with dividend payout targeted for 2027 contingent on further debt reduction.

• Targeting 83% implementation of structural cost savings by end-2026.