HOCHTIEF (HOT) Q3 2026 earnings summary

Executive summary

• 9M sales rose 14% to €32.051bn; operational net profit increased 40% to €752m, or 42% FX-adjusted.

• New orders reached €48.6bn, up 33% reported and 35% FX-adjusted; backlog hit a record €89.7bn, up 29%, with orders at 1.4x work done.

• Strategic verticals generated ~65% of new orders; AI, digital and technology backlog rose over 90% YoY, while defense, critical minerals and energy including nuclear grew 65%.

• International operations generated 97% of sales; ~90% of backlog comprised lower-risk contracts.

Financial highlights

• Operational PBT rose 31% to €1,174.7m; operational PBT margin increased 50 bps to 3.7%.

• EBITDA rose 18.9% to €1,869.5m and EBIT increased 29.6% to €1,392.5m.

• Nominal net profit was €727.7m, up 11%; nominal EPS rose 11% to €9.67, while operational EPS increased 39.9% to €9.99.

• Q3 sales increased 22.3% to €11,914.6m; operational net profit rose 48.8% to €271.9m, and new orders increased 62.6% to €17,108.3m.

• 9M operating cash flow pre-factoring was €1,160m, up €622m; LTM pre-factoring operating cash flow reached €2,693m, up €686m.

Outlook and guidance

• FY 2026 operational net profit guidance reaffirmed at €1,025m–€1,100m, implying 30–40% YoY growth.

• Turner expects FY 2026 operational PBT of USD 1,400m–USD 1,460m, up 35–40%; CIMIC expects AUD 780m–AUD 830m, up 4–10% on a comparable basis.

• Engineering & Construction expects FY 2026 operational PBT of €125m–€140m, up 27–42%; Abertis expects a similar operational result to FY 2025’s €58m.

• Record backlog provides ~24 months of visibility; larger German infrastructure projects are expected to enter the market from late 2026, with ramp-up in 2027–28.