HOCHTIEF (HOT) Q3 2025 earnings summary

Executive summary

• Achieved strong sales and earnings growth in the first nine months of 2025, with sales up 19% year-over-year (24% FX adjusted) to EUR 28.1 billion and operational net profit up 19% to EUR 538 million (26% FX adjusted); Q3 operational net profit rose 22% year-over-year.

• Raised operational net profit guidance for 2025 to EUR 750–780 million, implying a 20–25% year-on-year increase from previous EUR 680–730 million.

• Strategic focus on digital infrastructure, energy transition, defense, and critical minerals, leveraging global footprint and engineering expertise, and responding to megatrends such as digitalization and demographics.

• Strategic acquisitions (Dornan Engineering, Flatiron-Dragados JV) and full consolidation of Thiess enhanced presence in growth markets.

• Strong order intake and backlog, with new orders up 19% year-on-year (FX adjusted) to EUR 36.6 billion and order backlog at EUR 69.6 billion, up 12%.

Financial highlights

• Operational net profit increased 19% to EUR 538 million; nominal net profit was EUR 656 million, including EUR 118 million in one-off gains from the Flatiron transaction.

• Group sales rose 24% year-on-year (FX adjusted) to EUR 28.1 billion.

• EBITDA increased 21% year-on-year to EUR 1,573 million; EBIT up 20% to EUR 1,074 million.

• Operating cash flow (LTM) reached EUR 2.1 billion, up EUR 400 million year-on-year, with strong cash conversion.

• Net debt increased to EUR 1.8 billion, mainly due to strategic capital allocation and Q1 seasonality.

Outlook and guidance

• Operational net profit guidance for 2025 raised to EUR 750–780 million, up from EUR 680–730 million.

• Turner’s operational PBT guidance for 2025 increased to EUR 850–900 million.

• CIMIC expected to achieve operational PBT of EUR 480–510 million in 2025.

• Engineering and Construction segment expected operational PBT: EUR 85–95 million.

• Continued strong cash flow and order intake expected in Q4 and beyond.