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HOCHTIEF (HOT) investor relations material
HOCHTIEF Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Operational net profit rose 26% year-over-year (35% FX-adjusted) to EUR 789 million, surpassing guidance and including EUR 113 million in one-off gains from the Flatiron transaction.
Sales increased 15% year-over-year (21% FX-adjusted) to EUR 38.2 billion, with margin expansion and strong organic growth across all segments.
New orders surged 32% FX-adjusted to EUR 52.6 billion, driving a record order backlog of EUR 72.5 billion, up 18%.
Proposed dividend per share increased 26% to EUR 6.60, maintaining a 65% payout policy.
Share price increased 160% over the last twelve months.
Financial highlights
EBITDA rose 18% to EUR 2.2 billion; EBIT up 20% to EUR 1.54 billion; operational PBT up 29% to EUR 1.3 billion.
Operating cash flow reached EUR 2.1 billion, up EUR 248 million year-over-year pre-factoring.
Net debt stable at EUR 97 million, slightly reduced despite significant M&A and dividend outflows; S&P investment grade rating (BBB-, stable outlook) confirmed.
Book-to-bill ratio at 1.3x, with order backlog visibility of 21 months.
Operational EPS increased 26% to EUR 10.49; nominal EPS up 16% to EUR 11.99.
Outlook and guidance
FY2026 operational net profit guidance: EUR 950–1,025 million, representing 20–30% year-over-year growth.
Turner segment expects operational PBT to rise 25–30% to $1.3–1.35 billion in 2026.
CIMIC projected to achieve operational PBT of EUR 780–830 million in 2026, up 4–10% (adjusted for UGL sale).
Engineering construction segment targets operational PBT of EUR 125–140 million in 2026, up to 42% year-on-year.
Abertis expected to deliver a similar operational result in 2026 as in 2025.
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