HOCHTIEF 2025 operational net profit up 26% to EUR 789 million

“In 2025, HOCHTIEF achieved an outstanding operational and financial performance. We have made major advances in our strategic delivery and seen a record year for our share price which has increased by 160% in the last twelve months”, said CEO of GCS and HOCTIEF Juan Santamaría.

HOCHTIEF sales rose by 15% year on year to over EUR 38 billion in 2025, or 21% f/x-adjusted, driven by the Group’s successful strategic delivery. As a consequence, and supported by expanding margins, HOCHTIEF’s operational net profit increased by an outstanding 26% to EUR 789 million, which rises to +34% on an f/x-adjusted basis. This result significantly exceeded the operational net profit guidance the Group provided twelve months ago (EUR 680-730 million) and was even above the updated 2025 target we indicated in November of EUR 750-780 million. Nominal net profit was 16% higher at EUR 902 million.

The quality of the HOCHTIEF’s profit delivery is underlined by the strong cash conversion achieved in 2025. Operating cash flow in 2025 of EUR 2.1 billion was EUR 248 million higher year on year pre-factoring, supported by a strong working capital performance. As a result, the Group ended the year with a slight reduction in net debt despite significant net strategic M&A investments and dividends.

A further highlight of 2025 was the acceleration in growth of new orders which surged to EUR 52.6bn, up 32% fx-adj yoy, and with strong fourth quarter momentum and key wins across our strategic growth verticals. This performance lifted the Group’s order backlog to an all time high of EUR 72.5 billion, up 18% on a comparable basis, providing a strong and diversified foundation for continued growth.