Strabag (STR) Q1 2025 TU earnings summary

Executive summary

• Output volume reached €3,716.19 million in Q1 2025, up 8% year-over-year, with significant growth from the Georgiou Group acquisition in Australia and existing markets.

• Order backlog hit a record €28,049.52 million, a 14% increase compared to Q1 2024, driven by major project wins in semiconductors, rail, energy, and high-tech infrastructure.

• Growth was broad-based, with double-digit increases in key core markets and significant contributions from the Australia acquisition.

• Employee count increased 2% to 76,823, reflecting both the Australian acquisition and organic growth in Germany, the Middle East, and Poland.

• Guidance for full-year 2025 output volume (~€21.0 bn) and EBIT margin (≥4.5%) confirmed.

Financial highlights

• Output volume for Q1 2025: €3,716.19 million (+8% vs. Q1 2024).

• Order backlog: €28,049.52 million (+14% vs. Q1 2024), with Australia adding €751 million.

• Analyst consensus for 2025: revenue €19,206 million, reported net income after minorities €660 million, EPS €5.72.

• Dividend per share projected at €2.30 for 2025.

• EBIT margin guidance raised to at least 4.5% for 2025.

Outlook and guidance

• Full-year 2025 output volume expected at ~€21 billion, supported by high order backlog and acquisitions.

• EBIT margin target raised to ≥4.5% due to Strategy 2030 effects.

• Net investments/capital expenditure capped at ≤€1,100 million for 2025.

• Guidance for 2025 confirmed, with optimism for continued growth.