Orascom Construction (ORAS) Q3 2025 earnings summary

Executive summary

• 9M 2025 revenue was $3,428.3 million, EBITDA $224.0 million and net profit attributable to shareholders $133.3 million.

• Consolidated backlog reached $8.6 billion; pro forma backlog including 50% of BESIX was $12.9 billion. New awards rose 44.2% YoY to $3.7 billion.

• Growth reflected stronger operating performance across regions and BESIX, led by transportation, power, water, data center and aviation projects.

Financial highlights

• Revenue rose 47.8% YoY to $3,428.3 million in 9M and 74.8% to $1,472.4 million in Q3 2025.

• 9M EBITDA increased 98.9% YoY to $224.0 million; Q3 EBITDA rose 89.7% to $84.6 million. Adjusted 9M EBITDA, excluding a $22.0 million legal-case gain, grew 79.4% to $202.0 million.

• Net profit attributable to shareholders rose 53.2% YoY to $133.3 million in 9M and 134.3% to $50.6 million in Q3; 9M profit included the $22.0 million gain.

• Operating profit was $198.6 million in 9M 2025 versus $89.4 million; profit before tax was $161.7 million versus $131.9 million.

Outlook and guidance

• Management expects an average quarterly revenue run rate of $1.1–$1.2 billion, equivalent to $4.8–$5 billion annualized, with improved EBITDA returns in MEA and the USA.

• Management expects MEA EBITDA margin of ~7.5% and USA margin of ~3%; 9M adjusted MEA margin was 7.9%.

• More than $1.6 billion of new awards had already been secured in Q4 2025; 2026 activity is expected to be stronger outside Egypt, with selective Egypt opportunities focused on foreign-funded work.

• Growth focus includes U.S. data centers and Middle East infrastructure, particularly water and power; a potential OCI combination aims to establish an Abu Dhabi-anchored infrastructure and investment platform.

• Management expects a sustainable dividend policy, to be fine-tuned following the proposed OCI combination; estimated free cash flow was ~$150 million, give or take.