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Orascom Construction (ORAS) investor relations material
Orascom Construction H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
H1 revenue rose 52.3% YoY to USD 2,978.0M; EBITDA increased 71.1% to USD 200.9M and net profit rose 90.0% to USD 115.3M.
Consolidated backlog reached a record USD 10.9B; pro forma backlog including 50% of BESIX was USD 14.5B at June 30, 2026.
Growth reflected strong execution and awards in MEA and the U.S., especially in infrastructure, renewables and data centers.
U.S. data center construction portfolio exceeded 2 GW.
Progress continued on a 900 MW Egypt wind farm and Project Wave in Abu Dhabi.
Financial highlights
Q2 revenue increased 36.2% YoY to USD 1,509.6M; EBITDA rose 46.5% to USD 92.6M and net profit rose 73.9% to USD 61.9M.
H1 consolidated new awards increased 41.9% YoY to USD 4.8B; pro forma awards including BESIX rose 36.7% to USD 5.8B.
H1 operating profit was USD 179.5M, up from USD 123.1M in H1 2025.
H1 operating cash flow was negative USD 54.5M; Q2 operating cash outflow was USD 80.7M, reflecting Egypt working-capital timing.
Received USD 11.5M from BESIX in Q2 for the 50% stake.
Outlook and guidance
Record backlog supports the second half of 2026; focus remains on operational excellence, project controls and disciplined execution.
Management expects current EBITDA margin levels to be maintained despite conflict-related uncertainty, supported by contract contingencies and client discussions on cost compensation.
U.S. data center opportunities are expected to continue, with at least three years of visibility; longer-term growth remains uncertain.
Management expects improved clarity on Middle East opportunities in Q4; higher annual awards in 2026–27 remain uncertain as proposed projects have yet to reach the market.
Concession dividends are expected to reach USD 15M–17M by 2027; 900 MW of wind capacity is under development and Project Wave is being finalized.
- Merger aims to scale infrastructure investment, with cash deployment targeted within 18-24 months.ORAS
Investor update - Adjusted EBITDA rose 29.4% as backlog reached $7.7bn.ORAS
H1 2024 - Adjusted earnings rose as consolidated backlog hit $8.0bn, despite lower awards.ORAS
Q3 2024 - Adjusted EBITDA rose 13.3%, with $7.6B backlog and a 5% 2025 margin target.ORAS
H2 2024 - Revenue and EBITDA grew as backlog reached $8.7B, despite lower reported profit.ORAS
Q1 2025 - H1 revenue grew 32.4%, backlog hit $9.6bn and Egypt’s 650 MW wind farm began operations.ORAS
H1 2025 - Revenue rose 47.8%, with $3.7 billion in awards and an $8.6 billion backlog.ORAS
Q3 2025 - Record backlog, 65% net income growth, and major wind project expansion in FY 2025.ORAS
H2 2025 - Revenue and profit surged as backlog reached USD 9.4 billion; Middle East conflict poses risk.ORAS
Q1 2026
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