Strabag (STR) Q3 2025 TU earnings summary

Executive summary

• Order backlog reached a record €31.4 billion, up 24% year-over-year, driven by major project wins in energy, water, mobility, and AI infrastructure, and successful execution of Strategy 2030.

• Output volume for 9M 2025 was €14.4 billion, up 6% year-over-year, with significant contributions from the Georgiou Group acquisition in Australia.

• Major project wins in the UK, Germany, Czech Republic, Austria, Poland, Slovenia, and Australia supported robust future performance.

• Employee count rose 2% to 79,863 FTEs, reflecting expansion in key markets and the Australian acquisition.

Financial highlights

• Output volume for 9M/2025 was €14,447.07 million, up from €13,618.21 million in 9M/2024.

• Order backlog increased to €31,362.00 million from €25,335.23 million year-over-year.

• Output growth was strongest in Poland, Czech Republic, and Germany, while the UK saw a decline due to project timing.

• Analyst consensus for 2025: Revenue €19.1 billion, adjusted EBIT €962 million, net income €680 million, EPS €5.90.

• Dividend per share projected at €2.50 for 2025; P/E ratio estimated at 13.9.

Outlook and guidance

• Output forecast for 2025 slightly lowered to approximately €20.5 billion, still representing about 7% growth year-over-year.

• EBIT margin target for 2025 raised to at least 5.0%.

• Net investments for 2025 expected to be ≤ €1.4 billion.