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Obrascón Huarte Lain (OHLA) investor relations material
Obrascón Huarte Lain Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for Q1 2026 was €774.3M, down 1.1% year-over-year, with 71.1% generated internationally.
EBITDA rose 67.4% to €44.7M, and EBIT increased 41.5% to €26.6M, reflecting improved margins and cost savings.
Net attributable profit reached €7.8M, reversing a €21.8M loss in Q1 2025.
Total order book grew 3.3% to €9,419.5M, with a book-to-bill ratio of 1.3x and strong geographic diversification.
Strategic divestment of the Services division classified as discontinued operations.
Financial highlights
Operating income (EBIT) margin improved to 3.4% from 2.4% year-over-year.
Financial result improved to -€1.9M from -€32.0M, mainly due to the absence of recapitalization costs.
Liquidity with recourse stood at €613.0M, down from €847.4M at year-end 2025.
Net debt reduced to -€254.0M from -€489.1M at year-end 2025.
Market capitalization at March 31, 2026 was €580.3M, up 17.3% year-to-date.
Outlook and guidance
Liquidity is expected to improve in subsequent quarters, with continued cash generation.
The recent Canalejas Madrid asset segregation provides new balance sheet optionality and value crystallization.
- Record EBITDA, reduced debt, and improved governance set up a strong outlook for 2026.OHLA
Q4 202527 Feb 2026 - Sales up 21.8% to EUR 1.72B, but net loss and capital increase mark a shift to deleveraging.OHLA
H1 20242 Feb 2026 - Sales up 16%, EBITDA up 11.3%, leverage down, and €150M recapitalization completed.OHLA
Q4 202423 Dec 2025 - EBITDA surged 30% to €113M as recapitalisation and cost controls offset lower sales.OHLA
Q3 20258 Dec 2025 - EBITDA rose 46.3% to €84.1M, offsetting revenue decline and narrowing net loss.OHLA
Q2 202516 Nov 2025 - EBITDA margin improved and leverage reduced, but net loss widened on recapitalization costs.OHLA
Q1 202530 Jun 2025 - Revenue up 17.4% to €2.65bn, but net loss of €58.3m amid recapitalization and asset sales.OHLA
Q3 202413 Jun 2025
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