Strabag (STR) H1 2025 earnings summary

Executive summary

• Output volume rose 7% year-over-year to €8.9 billion in H1 2025, driven by core European markets and the Australian acquisition.

• Order backlog increased by €3 billion to a record €28.4 billion, up 13% from June 2024, with growth across all segments.

• EBIT surged 58% year-over-year to €129.4 million, marking the second-best EBIT and highest net income for a first half.

• Net income after minorities reached €97.1 million, surpassing the previous record.

• Share price more than doubled in H1 2025, outperforming indices and peers.

Financial highlights

• EBITDA increased 20% year-on-year to €430.8 million; EBIT margin improved to 1.6% (from 1.1%).

• Net interest income remained positive at €15.4 million, despite lower deposit rates and higher FX losses.

• Cash and cash equivalents at end of June 2025 were €2.8 billion, up from €2.4 billion a year earlier.

• Equity ratio stood at 32.4% as of June 2025, comfortably above the 25% minimum target.

• Earnings per share at €0.82 for 6M 2025.

Outlook and guidance

• Full-year 2025 output volume expected to reach around €21 billion, supported by robust order backlog and acquisitions.

• EBIT margin target upgraded to at least 4.5% for 2025.

• Net capital expenditure for 2025 expected not to exceed €1.4 billion, including major acquisitions.

• Continued momentum anticipated from energy and water infrastructure, building solutions, and German Infrastructure Investment Fund.

• Analyst consensus projects revenue of €19.2 billion in 2025, with net income after minorities at €675 million.