PORR (POS) Q4 2025 earnings summary

Executive summary

• 2025 marked an outstanding year with record order backlog of EUR 9.5 billion, up 11.7% year-over-year, driven by strong demand in infrastructure and building construction, especially in Poland, Romania, and Czech Republic.

• Order intake increased by 14.1% year-over-year, reaching EUR 7.8 billion, with significant growth in railway and tunnelling projects.

• Revenue reached a record EUR 6,296 million, marking a continuous increase since 2022 despite external challenges.

• Operational focus on self-performed work improved margins and reduced reliance on purchased services.

• Share price performance led to promotion into the Austrian traded index (ATX/ATX prime), and institutional investor share rose to 32.1%.

Financial highlights

• EBIT rose 24.2% year-over-year to EUR 196.7 million (3.1% margin), surpassing long-term targets.

• Revenue for 2025 was EUR 6,296 million, up 1.7% year-over-year.

• Consolidated profit reached EUR 136.7 million, more than doubling since 2021.

• Earnings per share increased by 154% to EUR 3.00, and the board proposed a dividend of EUR 1.05.

• Free cash flow and net cash position strengthened due to working capital improvements, reduced CapEx, and cash inflows from M&A and treasury share sales.

Outlook and guidance

• 2026 guidance confirmed: moderate growth in output and revenue, with further EBIT margin improvement expected.

• Long-term EBIT margin target of 3.5%-4% by 2030 remains unchanged.

• Uplift in all divisions anticipated in 2026 and 2027, supported by strong investment programs in Germany and Austria.

• Strong order book and secured cost base provide confidence for future performance.