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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 Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary27 Jul, 2026
Executive summary
Operational net profit rose 35% year-over-year (41% FX-adjusted) to EUR 480 million, with sales up 13% FX-adjusted to EUR 20.1 billion.
Record new orders of EUR 31.5 billion (+25% FX-adjusted), driving order backlog to EUR 85 billion (+23%), providing about two years of revenue visibility.
Net cash position improved by EUR 1.5 billion year-over-year, even after dividend payments.
Strategic focus on AI, digital, energy (including nuclear), defense, and critical minerals, with major contract wins and expansion in these sectors.
Joined the DAX index in June 2026, reflecting strong market position and growth execution.
Financial highlights
H1 2026 sales rose 13% FX-adjusted year-over-year to EUR 20.1 billion; operational net profit EUR 480 million (+35% year-over-year); EBITDA EUR 1.22 billion (+19% year-over-year); EBIT EUR 903 million (+31% year-over-year).
Net cash improved by EUR 1.5 billion year-over-year to EUR 72 million, post-dividend payment.
Operating cash flow (LTM, pre-factoring): EUR 2.4 billion, up EUR 396 million year-over-year.
Dividend per share: EUR 6.60 (+26% year-over-year), paid July 2026.
Book-to-bill ratio: 1.5x for new orders.
Outlook and guidance
2026 operational net profit guidance raised to EUR 1,025–1,100 million (+30–40% year-over-year).
Turner segment 2026 operational PBT guidance increased to USD 1.40–1.46 billion (+35–40% year-over-year).
CIMIC 2026 operational PBT guidance: AUD 780–830 million (+4–10% year-over-year).
Engineering & Construction 2026 operational PBT guidance: EUR 125–140 million (+27–42% year-over-year).
Guidance increase reflects confidence in sustained demand and strong first-half performance.
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Latest events from HOCHTIEF
- Operational net profit up 30% yoy, record new orders and backlog, and 2026 profit guidance reiterated.HOT
Q1 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 17% year-over-year, record backlog, and major M&A drive strong outlook.HOTQ1 2025
- Net profit up 13% to EUR 625 million, with sales and order book growth exceeding guidance.HOTQ4 2024
Next HOCHTIEF earnings date
Q3 20265 Nov, 2026
HOCHTIEF
Next HOCHTIEF earnings date
Q3 20265 Nov, 2026
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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.