Hochtief Aktiengesellschaft · XETR:HOT
Hochtief Aktiengesellschaft — Hochtief — H1 2026 Earnings Presentation
38 slides from Hochtief Aktiengesellschaft's earnings presentation, Jul 27, 2026
Slide 1: H1 2026 Results Presentation
H1 2026 Results Presentation July 27, 2026 Juan Santamaría, CEO Christa Andresky, CFO Mike Pinkney, Head of Capital Markets Strategy Tobias Loskamp, Head of Investor Relations H1 2026 results presentation – July 27, 2026 1
Slide 2: HOCHTIEF Group – H1 2026 overview
HOCHTIEF Group – H1 2026 overview Strong operational Outstanding Net cash position Strong and Accelerating growth; net profit growth of operating cash flow showing a strong sustained growth in 2026 op. net profit 35% yoy (+41% fx-adj.) of EUR 2.4bn LTM improvement of new orders to guidance increased
Slide 3: HOCHTIEF Group – H1 2026 Key figures
HOCHTIEF Group – H1 2026 Key figures* H1 2025 H1 2026 Δ yoy FY 2025 (EUR million) Sales 18,370 20,137 9.6% 38,237 Operational profit before tax / PBT 588 759 29.1% 1,303 Operational PBT margin in % 3.2% 3.8% 60 bps 3.4% Operational net profit 355 480 35.2% 789 Operational EPS (in EUR) 4.72 6.38 35.2
Slide 4: HOCHTIEF Group – Key P&L figures
HOCHTIEF Group – Key P&L figures Sales by region H1 2026 7% Americas Sales Significantly higher operational PBT growth of (+29% yoy), increasing Group margin 25% Asia Pacific 10% yoy, Operational net profit of EUR 480m up 13% fx- 35% yoy (+41% fx-adj.) Europe adjusted 68% Nominal net profit of EUR 4
Slide 5: HOCHTIEF Group – Cash flow performance
HOCHTIEF Group – Cash flow performance Operating cash flow pre-factoring (EURm) + 395 2,367 1,972 Sustained high level of cash Net operating Net op. conversion with operating cash flow capex & leases cash flow of of EUR 2.4bn LTM pre-factoring, up increased in line EUR 1.7bn EUR 395m yoy with revenu
Slide 6: HOCHTIEF Group – Net cash development yoy
HOCHTIEF Group – Net cash development yoy Net cash shows strong improvement Adjusting for capital allocation effects S&P investment grade of 1.5bn yoy to EUR 72m mainly driven net cash would show a EUR 1.7bn credit rating confirmed by outstanding net operating cash flow increase yoy reflecting conti
Slide 7: HOCHTIEF Group – New orders and order backlog
HOCHTIEF Group – New orders and order backlog New orders development (EURbn) 1.5 Continued strong growth in New orders represent 1.5x 35.0 1.3 31.5 1.4 1.2 new orders to EUR 31.5bn, work done in H1 2026. 30.0 Book to bill 1.2 26.1 up 21% yoy, +25% fx-adj., Approx. 60% of new orders 25.0 21.3 1 with
Slide 8: Selected recent significant project announcements
HOCHTIEF Group – Selected recent significant project announcements AI, Digital & Tech Energy Infrastructure Transport & Sustainable Infrastructure Data Centers, Group, EUR 21.6bn (LTM) total data Narrogin Wind Farm, UGL&CPB Contractors (072026) Roberts Bank Terminal 2 Project, FlatironDragados cente
Slide 9: Turner – H1 2026 results in EURm
Turner – H1 2026 results in EURm Essentials Financials • Strong sales growth sustained at 23% fx-adj. yoy driven Δ yoy (EUR million) H1 2025 H1 2026 Δ yoy by data centers; solid trends in sports, pharma and airports fx-adj. Sales 12,216 14,130 16% 23% • Op. PBT of EUR 551m, +49% yoy fx-adj., with fu
Slide 10: CIMIC – H1 2026 results in EURm
CIMIC – H1 2026 results in EURm* Essentials Financials H1 2025 Δ yoy • Sales of EUR 5.2bn with rising contributions from strategic H1 2026 growth markets, particularly data centers, with large transport (EUR million) comparable comparable Sales 4,954 5,150 4% infra projects winding down EBITDA 606 6
Slide 11: Engineering & Construction – H1 2026 results
Engineering & Construction – H1 2026 results Essentials Financials • Sales of EUR 800m stable yoy reflecting shorter-term timing H1 2025 H1 2026 Δ yoy (EUR million) effects of large projects being started Sales 801 800 0% • Very strong growth in operational PBT of 37% yoy to EUR EBITDA 51 73 45% 55m
Slide 12: Abertis – H1 2026 results
Abertis – H1 2026 results Essentials Financials (EUR million) • Average daily traffic (ADT) +1% yoy, tariffs +3% yoy H1 2025 H1 2026 Δ yoy • Revenues and EBITDA up 5% and 6% respectively Sales (100%) 2,983 3,124 5% • Net profit pre-PPA amounts to EUR 369m EBITDA (100%) 2,117 2,251 6% • Abertis opera
Slide 13: Corporate Strategy
Corporate Strategy Megatrends Digitalization Demand for energy Demographics Deglobalization Defense Key elements of Strategy Group objectives Capture growth opportunities in strategic Focus on cash generation and maintaining verticals: AI, digital & tech, Energy Infra, a strong, de-risked balance sh
Slide 14: Capture growth opportunities in strategic growth verticals
Capture growth opportunities in strategic growth verticals Expanding presence in the value chain of rapidly expanding markets as a developer and investor AI, Digital & Tech Energy Transport BHE & Social Defense Critical Minerals & Infrastructure & Infrastructure Sustainable Mobility infrastructure N
Slide 15: Equity investments in strategic growth markets
HOCHTIEF equity investments in strategic growth markets • Total committed equity investments at June 2026 of over EUR 600m in strategic growth markets ©Vulcan Energy New sustainable Data centers Energy transition mobility Lithium HOCHTIEF is investing in data Strategy to establish a diversified HOCH
Slide 16: Capital allocation & Guidance
HOCHTIEF Group – Capital allocation & Guidance Capital allocation Organic growth opportunities Guidance 2026 Shareholder remuneration Growth in data centers and other advanced-tech, Operational net profit FY 2025 dividend of EUR 6.60/share, +26% yoy approved at energy/nuclear, defense and critical m
Slide 17: Appendix: H1 2026
Appendix: H1 2026 © HOCHTIEF Frankfurt University of Applied Sciences, Frankfurt, Germany Timber Pioneer, Frankfurt/Main, Germany H1 2026 results presentation – July 27, 2026 17
Slide 18: HOCHTIEF Group – Overview
HOCHTIEF Group – Overview H1 H1 Δ H1 FY H1 H1 Δ H1 FY HOCHTIEF Group 2025 2026 in % 2025 HOCHTIEF Group 2025 2026 in % 2025 (EUR million) (EUR million) P&L-key figures P&L-key figures Sales 18,369.7 20,136.5 9.6% 38,236.5 Operational net profit 354.8 479.7 35.2% 789.3 Turner 12,216.0 14,129.7 15.7%
Slide 19: HOCHTIEF Group – Statement of earnings
HOCHTIEF Group – Statement of earnings HOCHTIEF Group ∆% Sales: +10% yoy (+13% fx-adjusted) driven by continued (EUR million) H1 2025 H1 2026 H1 organic business growth Sales 18,369.7 20,136.5 9.6% Materials: Change in inventories 12.0 41.3 Increase in line with sales development Materials -13,864.7
Slide 20: HOCHTIEF Group – Statement of cash flows (statutory)
HOCHTIEF Group – Statement of cash flows (statutory) HOCHTIEF Group H1 2025 H1 2026 ∆ H1 (EUR million) Profit before tax / PBT 709.6 745.1 35.5 Depreciation and amortization 334.2 315.6 -18.6 Other adjustments to net profit -36.9 40.7 77.6 Changes in working capital (net current assets) -661.8 -437.
Slide 21: HOCHTIEF Group – Balance sheet (assets)
HOCHTIEF Group – Balance sheet (assets) HOCHTIEF Group Non-current assets (EUR million) FY 2025 H1 2026 Δ FY Intangible assets / property plant & Assets 24,419.5 28,218.1 3,798.6 equipment / Investment property Non-current assets 8,546.7 8,858.3 311.6 Increase of intangible assets mainly due to fx-
Slide 22: HOCHTIEF Group – Balance sheet (liabilities and equity)
HOCHTIEF Group – Balance sheet (liabilities and equity) HOCHTIEF Group Shareholders‘ equity – FY 2025 H1 2026 Δ FY (EUR million) Movements in H1 2026 (EUR million) Liabilities and shareholders’ equity 24,419.5 28,218.1 3,798.6 Profit after taxes 530 SHARE- Dividends -597 HOLDERS’ Shareholders' equit
Slide 23: HOCHTIEF Group – Financing structure H1 2026
HOCHTIEF Group - Financing structure H1 2026 Net cash / Net debt calculation: end H1 2025 end H1 2026 end FY 2025 • Strong liquidity position of EUR 9.0bn per end H1 2026 (cash, period end (EUR m) cash equivalents and marketable securities) Cash and cash equivalents 5,060 8,046 6,226 • In April 2026
Slide 24: Construction – Turner
Turner H1 2026 results presentation – July 27, 2026 © Jason Doiy © Dornan © Image courtesy of the Los Angeles Clippers © Turner © Image courtesy of the Los Construction Angeles Clippers 24
Slide 25: Turner - Segment overview
Turner - Segment overview Financials (USD million) H1 2025 H1 2026 Δ yoy • High added-value advanced-tech building solutions with 45 offices across the U.S. Sales 13,440 16,493 23% EBITDA 449 655 46% • Client-focused construction management delivery model Operational profit before tax / PBT 432 643
Slide 26: CIMIC
CIMIC © UGL © Leighton Asia © misheye © UGL © CPB Contractors H1 2026 results presentation – July 27, 2026 26
Slide 27: CIMIC - Segment overview
CIMIC - Segment overview Financials H1 2025 H1 2026 Δ yoy • Largest Australasian player providing engineering-led (AUD million) comparable comparable integrated solutions and critical mineral-related Sales 8,581 8,533 -1% EBITDA 1,050 1,037 -1% services with 39,000 employees across the whole project
Slide 28: CIMIC - Bolt-on acquisitions
CIMIC - Bolt-on acquisitions Part of HOCHTIEF’s capital allocation strategy is focused on carrying out bolt-on acquisitions to enhance and expand our engineering, digital and logistics services know-how and client-offering. Sedgman acquired Sedgman also acquired Thiess announced a Thiess also acquir
Slide 29: Engineering & Construction
H1 2026 results presentation – July 27, 2026 Engineering & Construction © HOCHTIEF © HOCHTIEF © HOCHTIEF Polska HOCHTIEF Datacenter © HOCHTIEF/Schroll © HOCHTIEF © Udo Görisch 29
Slide 30: Engineering & Construction - Segment overview
Engineering & Construction - Segment overview Financials H1 2025 H1 2026 Δ yoy • Leading civil engineering businesses in Europe (EUR million) (HOCHTIEF) and 38.2% stake in FlatironDragados, the Sales 801 800 0% 2nd largest civil engineering and construction player EBITDA 51 73 45% Operational profit
Slide 31: German Infrastructure and Defense plan opportunities
German Infrastructure and Defense plan opportunities German government EUR 500bn infrastructure investment plan over 12 years in addition to a big boost to defense investment, where all spending beyond 1% of GDP is excluded from budget deficit calculations • 2026 first year of full implementation; P
Slide 32: Strategic framework for growth and value creation
Strategic framework for growth and value creation Consistent effort & resources applied in a specific strategic direction Engineering & Strategic Positioned to achieve Engineering, Construction Local and growth strong returns on Systems & Bolt-on services Global Client markets megatrend opportunitie
Slide 33: Accelerating Sustainability (ESG) drive
HOCHTIEF Group – Accelerating Sustainability (ESG) drive Positive target achievements of Group-wide working HOCHTIEF is member of the Dow Jones Sustainability World Index ambitious Sustainability Plan 2025 groups to align activities by S&P Global; receives “AAA” rating by MSCI; has been awarded goal
Slide 34: FX rates
FX rates End of period: Q1 H1 Mar 31st Mar 31st yoy Jun 30th Jun 30th yoy 2025 2026 2025 2026 EUR / USD 1.08 1.16 7% EUR / USD 1.18 1.14 -3.0% USD / EUR 0.92 0.86 -6% USD / EUR 0.85 0.88 3.1% EUR / AUD 1.73 1.68 -3% EUR / AUD 1.79 1.65 -8% AUD / EUR 0.58 0.60 3% AUD / EUR 0.56 0.61 9% Period average
Slide 35: The HOCHTIEF Group
The HOCHTIEF Group • HOCHTIEF is a global provider of engineering-led, end-to-end, 2025 Sales by region (EUR 38.2bn) infrastructure solutions in North America, Australia and Europe with leading positions in rapidly expanding strategic growth verticals 3% 5% including the AI-Digital and Tech sector a
Slide 36: Leading positions in developed markets – FY 2025
HOCHTIEF, leading positions in developed markets – FY 2025 ©UdoGoerisch ©BigAcorn-Studios ©Abertis © UGL Engineering & Turner CIMIC Construction Abertis Turner is the largest US building Australia-based CIMIC Group is an Comprises HOCHTIEF’s European 20% equity investment in leading construction man
Slide 37: Disclaimer
Disclaimer This presentation and the report contain forward-looking statements. These statements reflect the current views, expectations and assumptions of the Executive Board of HOCHTIEF Aktiengesellschaft and are based on information currently available to the Executive Board. Such statements invo
Slide 38: Investor Relations contacts and calendar
Investor Relations contacts and calendar 5 November 2026 Nine-months results 2026 For further information please contact: Investor Relations HOCHTIEF Aktiengesellschaft Alfredstr. 236 45133 Essen, Germany Phone: +49 201 824 1870 Fax: +49 201 824 9 1870 investor-relations@hochtief.de Mike Pinkney Tob