HOCHTIEF (HOT) Q2 2026 earnings summary

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.