Orascom Construction (ORAS) H2 2025 earnings summary

Executive summary

• Delivered strong performance in 2025, with revenue reaching USD 5,049.8 million, up 55.1% year-over-year, and net profit of USD 194.8 million, driven by robust backlog, operational excellence, and growth in U.S. and MEA segments.

• U.S. operations grew exponentially, with backlog up 80.6% year-over-year, fueled by data center projects and strategic diversification.

• Significant progress in concessions, with two new projects commencing operations and a major wind farm PPA signed in Egypt, increasing total wind power capacity to 1.8 GW.

• Distributed total dividends of USD 0.47 per share (USD 51.8 million), a 20.5% increase year-over-year.

• Geopolitical tensions in the Middle East present supply chain and cost risks, but force majeure clauses and contractual frameworks provide protection.

Financial highlights

• FY 2025 revenue grew 55.1% year-over-year to USD 5,049.8 million; Q4 revenue up 73.4% to USD 1,621.5 million.

• EBITDA for FY 2025 was USD 305.0 million (6% margin), up 101.3% year-over-year; adjusted EBITDA (excluding USD 29 million one-off gain) was USD 276.0 million (5.5% margin), up 82.2%.

• Net profit attributable to shareholders increased 65.1% year-over-year to USD 194.8 million; Q4 net profit up 98.4% to USD 61.5 million.

• Consolidated backlog at year-end was USD 9.0 billion, up 18.9% year-over-year, with pro forma backlog (including 50% of BESIX) at USD 13.0 billion.

• Net cash position at year-end was USD 1.05 billion, with cash and cash equivalents at USD 1,369.7 million.

Outlook and guidance

• Expect continued growth in U.S. data center segment and further expansion in Middle East infrastructure and renewable energy.

• Bullish on early completion and revenue generation from the 900 MW wind farm; financial close expected by Q3/Q4 2026.

• Diversified platform and robust backlog provide visibility for continued sustainable performance amid uncertainty.