Strabag (STR) H2 2025 earnings summary

Executive summary

• Output exceeded €20 billion for the first time in 2025, with a record order backlog above €30 billion, reflecting strong execution and strategic focus on growth markets.

• EBIT margin reached at least 6.5% in 2025, up from 6.1% in 2024, driven by major projects in Germany and internationally.

• Major project wins in energy, water, mobility, and high-tech sectors contributed to growth.

Financial highlights

• Output volume for 2025 was €20.4 billion, up 6% year-over-year.

• Order backlog reached €31.4 billion, a 24% increase compared to 2024.

• EBIT margin improved to at least 6.5% in 2025.

• Market capitalization stood at €10.9 billion.

• Dividend per share for 2025 was €2.55, with consensus estimates rising for 2026 and 2027.

Outlook and guidance

• 2026 output volume is projected at approximately €22 billion, supported by a strong order backlog and acquisitions.

• EBIT margin guidance for 2026 is in the 5.0%–5.5% range.

• Net investments for 2026 are expected to be no more than €1.4 billion.