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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
HOCHTIEF
HOCHTIEF (HOT) investor relations material
HOCHTIEF Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Nov, 2026
Executive summary
9M sales rose 14% to €32.051bn; operational net profit increased 40% to €752m, or 42% FX-adjusted.
New orders reached €48.6bn, up 33% reported and 35% FX-adjusted; backlog hit a record €89.7bn, up 29%, with orders at 1.4x work done.
Strategic verticals generated ~65% of new orders; AI, digital and technology backlog rose over 90% YoY, while defense, critical minerals and energy including nuclear grew 65%.
International operations generated 97% of sales; ~90% of backlog comprised lower-risk contracts.
Financial highlights
Operational PBT rose 31% to €1,174.7m; operational PBT margin increased 50 bps to 3.7%.
EBITDA rose 18.9% to €1,869.5m and EBIT increased 29.6% to €1,392.5m.
Nominal net profit was €727.7m, up 11%; nominal EPS rose 11% to €9.67, while operational EPS increased 39.9% to €9.99.
Q3 sales increased 22.3% to €11,914.6m; operational net profit rose 48.8% to €271.9m, and new orders increased 62.6% to €17,108.3m.
9M operating cash flow pre-factoring was €1,160m, up €622m; LTM pre-factoring operating cash flow reached €2,693m, up €686m.
Outlook and guidance
FY 2026 operational net profit guidance reaffirmed at €1,025m–€1,100m, implying 30–40% YoY growth.
Turner expects FY 2026 operational PBT of USD 1,400m–USD 1,460m, up 35–40%; CIMIC expects AUD 780m–AUD 830m, up 4–10% on a comparable basis.
Engineering & Construction expects FY 2026 operational PBT of €125m–€140m, up 27–42%; Abertis expects a similar operational result to FY 2025’s €58m.
Record backlog provides ~24 months of visibility; larger German infrastructure projects are expected to enter the market from late 2026, with ramp-up in 2027–28.
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Latest events from HOCHTIEF
- Profit guidance raised as operational net profit jumps 35% and order backlog hits record high.HOT
Q2 2026 - Operational net profit up 30% yoy, record new orders and backlog, and 2026 profit guidance reiterated.HOTQ1 2026
- Record order backlog and strategic growth in tech, energy, and minerals drive 2026 profit outlook.HOTAGM 2026 presentation
- Net profit up 26%, record backlog, and 2026 profit guidance raised by 20–30%.HOTQ4 2025
- Operational net profit up 19% to EUR 538 million; FY 2025 guidance raised to EUR 750–780 million.HOTQ3 2025
- Operational net profit up 18%, sales up 25%, and order backlog at a record EUR 69 billion.HOTQ2 2025
- Net profit up 12%, sales up 16%, and record order backlog drive strong 2024 outlook.HOTQ3 2024
- Strong H1 growth, record orders, and strategic acquisitions drive robust 2024 outlook.HOTQ2 2024
- Net profit up 13% to EUR 625 million, with sales and order book growth exceeding guidance.HOTQ4 2024
Next HOCHTIEF earnings date
Q4 202623 Feb, 2027
HOCHTIEF
Next HOCHTIEF earnings date
Q4 202623 Feb, 2027
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Frequently asked questions
HOCHTIEF engages in the construction business worldwide. It operates through five segments: Americas, Asia Pacific, Europe, Middle East and Africa, and Group Functions. The company constructs tunnels, highways, and bridges; underground railways; airports and other transportation facilities; power stations and plants for water supply and disposal; sports facilities; convention centers; office buildings; industrial buildings; hotels, cultural centers and museums; shopping centers and stores; hospitals and schools; ships and offshore units; as well as residential buildings. HOCHTIEF was founded in 1873 and is headquartered in Essen, Germany.