Orascom Construction (ORAS) H1 2026 earnings summary

Executive summary

• H1 revenue rose 52.3% YoY to USD 2,978.0M; EBITDA increased 71.1% to USD 200.9M and net profit rose 90.0% to USD 115.3M.

• Consolidated backlog reached a record USD 10.9B; pro forma backlog including 50% of BESIX was USD 14.5B at June 30, 2026.

• Growth reflected strong execution and awards in MEA and the U.S., especially in infrastructure, renewables and data centers.

• U.S. data center construction portfolio exceeded 2 GW.

• Progress continued on a 900 MW Egypt wind farm and Project Wave in Abu Dhabi.

Financial highlights

• Q2 revenue increased 36.2% YoY to USD 1,509.6M; EBITDA rose 46.5% to USD 92.6M and net profit rose 73.9% to USD 61.9M.

• H1 consolidated new awards increased 41.9% YoY to USD 4.8B; pro forma awards including BESIX rose 36.7% to USD 5.8B.

• H1 operating profit was USD 179.5M, up from USD 123.1M in H1 2025.

• H1 operating cash flow was negative USD 54.5M; Q2 operating cash outflow was USD 80.7M, reflecting Egypt working-capital timing.

• Received USD 11.5M from BESIX in Q2 for the 50% stake.

Outlook and guidance

• Record backlog supports the second half of 2026; focus remains on operational excellence, project controls and disciplined execution.

• Management expects current EBITDA margin levels to be maintained despite conflict-related uncertainty, supported by contract contingencies and client discussions on cost compensation.

• U.S. data center opportunities are expected to continue, with at least three years of visibility; longer-term growth remains uncertain.

• Management expects improved clarity on Middle East opportunities in Q4; higher annual awards in 2026–27 remain uncertain as proposed projects have yet to reach the market.

• Concession dividends are expected to reach USD 15M–17M by 2027; 900 MW of wind capacity is under development and Project Wave is being finalized.