Obrascón Huarte Lain (OHLA) Q4 2025 earnings summary

Executive summary

• Achieved a deep transformation since 2020, meeting strategic objectives with a more solid, competitive, and financially disciplined model, and operational improvements driving margin gains.

• Strengthened corporate governance with board renewal, now 50% independent, and enhanced alignment with shareholder interests.

• Cleared major judicial uncertainties, notably Sidra Hospital arbitration, enabling focus on growth.

• Global presence expanded across the US, Latin America, and Europe, with a focus on infrastructure projects and improved ENR rankings.

• Services division classified as discontinued; strategic divestment reflected in financials.

Financial highlights

• 2025 sales reached €4,021.6M, EBITDA €208.1M (up 36.4% YoY), and net profit €1.7M, reversing prior losses.

• Gross debt reduced from 11x EBITDA in 2020 to 1.7x in 2025; €563M debt settled over six years.

• Order backlog at €9.7Bn, up from €5.5Bn in 2019, with order intake at €4.6Bn.

• Cash generation of €76M–€75.8M; liquidity at €847M–€851.5M.

• EBIT reached €128M, up 73% YoY.

Outlook and guidance

• 2026 guidance: sales over €4.1Bn, EBITDA above €215M, order intake €4.4Bn.

• Continued focus on cost reduction, gross margin improvement, and non-strategic asset rotation.

• Dividend payout targeted for 2027, contingent on further debt reduction.

• Targeting 83% implementation of structural cost savings by end-2026.