PORR (POS) Q4 2024 earnings summary

Executive summary

• PORR AG reported a record year in 2024, with revenue up 2.3% to €6,190.5m and net income up 14.6% to €108.9m, driven by strong performance in civil engineering and infrastructure projects.

• EBIT rose 12.9% to €158.4m, with an EBIT margin of 2.6%. Earnings per share increased to €2.32, and a dividend of €0.90 per share is proposed.

• The order backlog reached €8.54bn (+1.1%), providing a solid foundation for future growth. Free cash flow improved 39% to €138.2m.

• The company continued to invest in sustainability, digitalisation, and innovation, with a focus on decarbonisation and circular economy initiatives.

• The Supervisory Board and auditors issued unqualified opinions on the financial and non-financial statements.

Financial highlights

• Revenue: €6,190.5m (+2.3% YoY); EBITDA: €368.8m (+7.1%); EBIT: €158.4m (+12.9%); EBT: €145.1m (+11.0%).

• Net income: €108.9m (+14.6%); EPS: €2.32 (+4.8%); dividend proposed: €0.90/share (+20%).

• Order backlog: €8,543m (+1.1%); order intake: €6,846m (+0.2%).

• Free cash flow: €138.2m (+39%); cash and cash equivalents: €583m; net debt: €1.7m.

• Equity ratio: 21.1% (up 0.3pp); CAPEX: €320.3m; market capitalisation: €696.8m (+39.7%).

Outlook and guidance

• Moderate growth in output and revenue expected for 2025, with an EBIT margin target of 2.8–3.0%.

• Long-term EBIT margin target of 3.5–4.0% by 2030.

• Civil engineering and infrastructure remain key growth drivers, supported by robust order backlog and public investment.

• Management highlights risks from geopolitical tensions, inflation, and supply chain disruptions but expects continued resilience.