PORR (POS) Q1 2026 earnings summary

Executive summary

• Order intake grew 14.7% year-over-year, with a record order backlog surpassing EUR 10 billion, mainly driven by infrastructure and civil engineering demand in CEE, Poland, Austria/Switzerland, and Germany.

• Output increased by 2.3% year-over-year despite harsh winter conditions, with Poland and CEE as primary growth drivers.

• EBIT rose 13.1% to EUR 14.3 million, with EBIT margin improving to 1.1%.

• Revenue remained broadly stable at EUR 1,245 million in Q1 2026, compared to EUR 1,265 million in Q1 2025, despite winter impacts.

• Guidance for 2026 confirmed, expecting moderate growth in output, revenue, and EBIT margin, with a long-term EBIT margin target of 3.5%-4.0% by 2030.

Financial highlights

• Order intake reached EUR 1,765 million, with Poland more than doubling its intake and CEE showing strong growth.

• Order backlog reached a record EUR 10 billion, up 13.5% year-over-year.

• Revenue for Q1 2026 was EUR 1,245 million, slightly down from Q1 2025 due to winter and JV output not fully consolidated.

• EBIT margin improved by 15-50 basis points to 1.1% year-over-year.

• Net debt position slightly improved year-over-year; operating cash flow negative in Q1, as typical for the sector.

Outlook and guidance

• Moderate growth in output and revenue expected for 2026, with a focus on civil engineering and industrial/healthcare construction.

• Long-term EBIT margin target of 3.5%-4.0% by 2030 remains unchanged.

• Guidance will be updated with more precision by end of summer, pending greater visibility on geopolitical and cost factors.

• Uplift in all divisions anticipated for 2026 and 2027, with strong growth in CEE supported by EU infrastructure funds.