Obrascón Huarte Lain (OHLA) Q1 2026 earnings summary

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.