Strabag (STR) Q1 2026 TU earnings summary

Executive summary

• Output increased by 4% year-over-year to €3,869.73 million in Q1 2026 despite adverse weather in parts of Europe, with order backlog expanding 18% to €33,062.79 million.

• Major projects secured in mining (Chile), mobility, and building construction, with significant wins in Chile, Austria, Czech Republic, and Germany.

• Infrastructure and industrial construction remain the backbone of growth, offsetting declines in residential construction.

• Employee count rose 2% to 78,151 FTE, reflecting positive order development, especially in Poland, Germany, and the Czech Republic.

Financial highlights

• Output volume for Q1 2026 reached €3,869.73 million, up from €3,716.19 million in Q1 2025.

• Order backlog at quarter-end was €33,062.79 million, up from €28,049.52 million a year earlier.

• Full-year output volume for 2026 is projected at ~€22 billion.

• Notable order intakes included €800 million in mining contracts in Chile and major infrastructure projects in Central Europe.

Outlook and guidance

• Full-year 2026 guidance confirmed, with expected EBIT margin of 5.0%-5.5%.

• Output volume for 2026 expected to be ~€22 billion, supported by a high order backlog and acquisitions.

• Net investments (cash flow from investing activities) forecast at no more than €1,500 million, including planned acquisitions.

• Capital expenditure capped at €1.5 billion, with €600 million for maintenance and €900 million for growth.

• Dividend policy targets 30%-50% of net income; proposed dividend for 2026 is €2.90 per share (+16% vs. 2024).