Orascom Construction (ORAS) H1 2025 earnings summary

Executive summary

• H1 revenue rose 32.4% YoY to $1,955.9m; adjusted EBITDA was $117.4m and net profit attributable to shareholders was $82.7m.

• Consolidated backlog reached a record $9.6bn, up 24.0% YoY; pro forma backlog including 50% of BESIX was $13.9bn.

• H1 new awards rose 106.0% to $3.4bn; pro forma awards including BESIX totaled $4.2bn.

Financial highlights

• Revenue increased 32.4% YoY to $1,955.9m; reported EBITDA rose 105.0% to $139.4m.

• Adjusted EBITDA rose 72.6% to $117.4m, with a 6.0% margin versus 4.6% in H1 2024, excluding the $22.0m Q2 legal-case gain.

• Net profit attributable to shareholders increased 26.5% to $82.7m; reported net profit was $89.3m.

• Finance income fell to $15.2m from $91.7m; net finance cost was $37.6m versus net finance income of $34.7m in H1 2024.

Outlook and guidance

• Execution continued on Project WAVE, the 3 GW Qurayyah power plant and major Egyptian transportation projects; U.S. activity focused on data centers.

• WAVE EPC remained on plan, with treated-water delivery targeted for June 2026; normalized concession results were expected in 2027.

• Financial close for a 900 MW Egypt wind farm was targeted for Q2 2026; wind readings began early in 2025.

• 2025 performance guidance was to maintain H1 levels; large data centers typically have a two-year tenor, while smaller projects take 8–14 months.