PORR (POS) Q3 2025 earnings summary

Executive summary

• Order backlog reached a record EUR 9.6 billion, up 17.2% year-on-year, driven by strong infrastructure and civil engineering demand, especially in CEE countries and Poland.

• Order intake surged 26.7% year-on-year, with major wins in railway, tunneling, and industrial projects, notably in Poland and Austria.

• EBIT increased 17.7% year-on-year, with margin improvement and EPS up 21.2% to EUR 1.43.

• Net debt decreased by 8.6%, liquidity reserves increased, and equity ratio rose to 20.1%.

• Share price rose 118% year-on-year, leading to inclusion in the ATX index and a quadrupling of trading volume.

Financial highlights

• Revenue for the first nine months was EUR 4,616.8m, with full-year guidance at EUR 6.2bn–6.3bn.

• EBIT for Q1-3/25 was EUR 108.1m, with full-year guidance at EUR 180m–190m.

• Profit for the period increased 15.1%, and EPS rose 21.2% to EUR 1.43.

• Free cash flow improved by EUR 25.5m, now at -EUR 180m, with expectations for positive full-year free cash flow.

• CAPEX ratio at 3.6% of output, below historical average, with 2025 target below 4%.

Outlook and guidance

• Full-year 2025 revenue expected between EUR 6.2bn and EUR 6.3bn; EBIT guidance set at EUR 180m–190m.

• Long-term ambition to reach EBIT margin of 3.5%–4.0% by 2030 remains unchanged.

• Strong order backlog supports positive outlook, with new orders impacting results gradually from mid-2026 onward.

• Civil engineering and infrastructure projects, supported by EU funding, are expected to drive growth.