Orascom Construction (ORAS) Q1 2026 earnings summary

Executive summary

• Revenue reached USD 1,468.4 million, EBITDA USD 108.3 million, and net profit attributable to shareholders USD 53.4 million, up 73.2%, 100.2%, and 112.7% year-over-year, respectively.

• Consolidated backlog reached USD 9.4 billion, up 7.5% year-over-year; pro forma backlog including BESIX was USD 13.1 billion.

• New awards totaled USD 1.9 billion consolidated and USD 2.2 billion pro forma with BESIX, across infrastructure, commercial, and data center projects.

• U.S. business recorded USD 2.9 billion in backlog and 343.7% year-over-year EBITDA growth, driven by data centers and specialized sectors.

• Advanced projects included U.S. data centers, Saudi industrial wastewater treatment, and Egyptian wind power.

Financial highlights

• Gross profit rose to USD 147.2 million from USD 91.8 million, and operating profit more than doubled to USD 98.1 million from USD 45.6 million year-over-year.

• Finance income was USD 53.2 million and finance costs were USD 66.7 million.

• Operating cash flow improved to USD 26.2 million from USD 14.1 million year-over-year; quarter-end cash and cash equivalents were USD 1,205.9 million.

• EBITDA margin increased to 7.4% from 6.4%; net profit margin rose to 3.6% from 3.0%.

• Pro forma EBITDA including BESIX grew 68.8% to USD 117.3 million; BESIX contributed USD 4.9 million to net profit, up 48.5%.

Outlook and guidance

• Focus remains on disciplined project execution and cost control amid uncertain market conditions.

• 2026 outlook remains optimistic based on backlog quality and expected bottom-line performance, subject to potential force majeure impacts.

• Continued expansion in U.S. data centers and specialized markets, including aviation and advanced manufacturing; further backlog growth, if any, is expected from U.S. data centers.

• Concessions platform development and regional expansion of building materials and facility management businesses remain priorities.