Operational

HOCHTIEF has reported a robust start to 2025, with strong financial and operational performance across all key metrics. The Group posted an operational net profit of EUR 167 million in the first quarter, up 17% year-on-year (YoY), aligning with the upper end of the company’s full-year guidance range of 9–17% growth. Group sales surged by 32% YoY to EUR 8.9 billion, driven primarily by solid organic revenue expansion.

Nominal net profit for the quarter came in at EUR 308 million, significantly higher than the EUR 133 million recorded in Q1 2024. This figure includes a one-off, non-cash gain of EUR 146 million from the previously announced Flatiron transaction.

Strong Cash Flow and Healthy Financial Position

Net operating cash flow over the last twelve months totaled EUR 1.3 billion, reflecting HOCHTIEF’s consistently high cash conversion and representing a EUR 149 million YoY increase. First-quarter cash flow trends were in line with the typical seasonal pattern of the business.

The Group’s net debt position was impacted by strategic investments and the EUR 331 million dividend payout made in July 2024. However, adjusting for capital allocation effects, HOCHTIEF’s net cash position would show a EUR 964 million increase YoY.

Order Book at All-Time High

New orders during Q1 2025 rose by 23% YoY to EUR 13 billion, underpinned by strong demand in strategic growth markets such as advanced technology (including data centers and semiconductors), defense, critical metals, energy, and sustainable infrastructure. As of March 2025, the Group’s order backlog reached a new record of EUR 70.2 billion, up EUR 11.5 billion or 20% YoY. Around 50% of new orders were from strategic growth areas, most with a lower risk profile.

Major Project Highlights

• USA: Turner secured data center contracts worth over USD 3 billion.
• Asia-Pacific: Subsidiary LAIO won a contract for a 64 MW high-density, liquid-cooled data center in Malaysia.
• Australia: CIMIC was selected as part of a consortium to deliver the Logan and Gold Coast Faster Rail project and is also positioning for involvement in the AUD 7 billion Brisbane 2032 Olympics infrastructure investment.
• Germany: HOCHTIEF won a significant rail infrastructure project for Deutsche Bahn in Munich, valued in the high three-digit million euro range.

Dividend Increase Reflects Confidence in Growth

Following strong performance in 2024, shareholders approved a 19% increase in the dividend to EUR 5.23 per share at the recent Annual General Meeting. This represents a 65% payout ratio on operational net profit, equating to approximately EUR 400 million. CEO Juan Santamaría stated, “This significant dividend increase reflects not only last year’s outstanding results but also our confidence in HOCHTIEF’s future growth.”

Strategic Focus and Market Outlook

HOCHTIEF continues to focus on strategic growth markets, supported by global megatrends including digitalization, demographic shifts, deglobalization, defense spending, and rising energy infrastructure demands. The company’s technical capabilities and leadership in advanced-tech infrastructure place it in a strong position to capitalize on these trends.

In Germany, additional growth potential is anticipated from the government’s planned EUR 500 billion infrastructure fund, aimed at modernizing and expanding the country’s infrastructure. CEO Santamaría noted, “With our expertise and proven track record in major project delivery, HOCHTIEF is well-equipped to support this transformative initiative.”

FY 2025 Guidance Reiterated

HOCHTIEF has reaffirmed its full-year 2025 guidance, targeting an operational net profit of EUR 680–730 million, representing up to 17% YoY growth.

HOCHTIEF will continue to deliver on its Group strategy during the remainder of 2025 and beyond and looks to the future with confidence and optimism. Group guidance for 2025 is to achieve an operational net profit of between EUR 680 and 730 million which represents an increase of up to 17% compared with last year.

HOCHTIEF Group: Key Figures

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