Porr Ag · VIE:POS
Porr — FY2024 Earnings Presentation
44 slides from Porr's earnings presentation, Feb 24, 2025
Slide 1: Home of Construction – Investor Presentation: Preliminary Figures 2024
HOME OF CONSTRUCTION Investor Presentation: Preliminary Figures 2024 February 2025
Slide 2: Disclaimer
DISCLAIMER • This presentation was prepared by PORR AG (the "Company") solely for • This presentation contains forward-looking statements relating to the use at investors’ meetings and is provided solely for informational business, financial performance and results of the Company and/or the purposes
Slide 3: PORR at a Glance
1 PORR at a Glance Investor presentation: Preliminary Figures 2024 24.02.2025 I 3
Slide 4: PORR in Brief
PORR IN BRIEF ONE-STOP SHOP BU SIGN ILD E D OUR USP #3 VAT E D E MOL #3 Full-Service #6 Provider NO IS H RE #2 OPERATE #1 #7 Data as per 31.12.2024 #5 ~21,000 Staff members EUR 8.5 bn Order backlog EUR 6.7 bn Production output EUR 158.4m Earnings before interest and tax (EBIT) Home markets Project m
Slide 5: The 4 D's of PORR
THE 4 D‘S OF PORR DEMAND IN INFRASTRUCTURE AND BUILDINGS Deglobalisation Decarbonisation Digitalisation Demographic change Resilience & +1.5°C max. & Artificial intelligence & Urbanisation & regionalisation climate neutrality digital twins ageing society Nearshoring and reshoring to Energy transform
Slide 6: Market Deep Dive: Data Centers
DEEP DIVE DATA CENTERS ▪ Thriving: >150% growth until 2032 − High need for digital infrastructure and IT-power coming vom Big Data, AI and IoT − Estimated size in 2032: >35 GW Market ▪ Main challenges: power supply & electriciy consumption, air conditioning & cooling, information security ▪ Requirem
Slide 7: Market Deep Dive: Healthcare
DEEP DIVE HEALTHCARE ▪ Need to replace outdated infrastructure and ageing society as major drivers − Hospitals incl. specialized and high-quality Market facilties − Rehabilitation centers − Retirement homes ▪ Strong growth expectations: +6.4% in 2025, 4.8% CAGR until 2030 ▪ Design & Build contracts
Slide 8: Focus on Intelligent Growth with Green and Lean
FOCUS ON INTELLIGENT GROWTH WITH GREEN AND LEAN Intelligent Growth Green and Lean Company Staff LEAN ESG Best in Class: In construction We live our PORR Principles Design-build contractor – one- Clear commitment to and technologies stop shop for every process ecological, environmentally- friendly co
Slide 9: Preliminary Figures 2024
2 Preliminary Figures 2024 Investor presentation: Preliminary Figures 2024 24.02.2025 I 9
Slide 10: Uplift in Order Intake
UPLIFT IN ORDER INTAKE SELECTIVE ACQUISITION Order intake (in EUR m) 6,659 6,835 6,846 6,414 52% 55% 13% 14% 8% 1,040m 18% 10% INFRA 169m 11% INFRA 13% 1% 2% 2% C+ / Prime Segment 2021 2022 2023 Top 10 % der2024 Branche Holding Infra CEE PL DE AT / CH ▪ Continued quarterly growth: +35% in Q4/2024 ▪
Slide 11: Strong Order Book
STRONG ORDER BOOK VISIBILITY FOR >1.25 YEARS Order backlog (in EUR m) 8,204 8,452 8,543 7,764 56% 53% 28% 30% 15% 8% 4% 6% C+ / Prime Segment 2021 2022 Top 10 % der Branche 2023 2024 Miscellaneous Residential Non-residential Civil engineering ▪ +20% in segment PL due to infrastructure construction a
Slide 12: Improved Output and Performance
IMPROVED OUTPUT AND PERFORMANCE DELIVERED AS PROMISSED Production output per segment (in EUR m) EBIT (in EUR m) EBIT (in % of revenue) CAGR: +5.6% 6,226 6,577 6,747 158.4 5,727 140.3 120.1 2.6% 51% 95.2 53% 2.3% 14% 2.1% 14% 13% 14% 1.8% 10% 12% 9% 2% 7% 1% 2021 2022 2023 2024 2021 2022 2023 2024 Ho
Slide 13: Recap Q1-3/2024
3 Recap Q1-3/2024 Investor presentation: Preliminary Figures 2024 24.02.2025 I 13
Slide 14: Q1-3/24 at a Glance
Q1-3/24 AT A GLANCE 1 Surpassing the dip Running on full capacity 3 Stable balance sheet Equity ratio at 19.5% 2 Selective acquisition Heavy pipeline in PL & CEE 4 Solid net debt development Operational reduction of -8.2% Investor presentation: Preliminary Figures 2024 24.02.2025 I 14
Slide 15: Construction at Turning Point
CONSTRUCTION AT TURNING POINT FURTHER MOMENTUM COMING FROM INTEREST CUTS Re-start of industry with major public support Long-term drivers of demand across all major markets 3.8% ▪ EUR 2.5 bn residential construction Annual growth rates in Annual growth rates in 3.5% stimulus programme Euroconstruct-
Slide 16: Top Order Intakes 2023/24
TOP ORDER INTAKES 2023/24 Civil engineering Other Non-residential construction Residential construction Q4/23 Q1/24 Q2/24 Q3/24 Elisabeth-Selbert-Haus Waste to Energy plant Data center TB1 - Tramvay Bucuresti office building Gorlice / PL / 95.8m DE / n.a. Lot 1 Berlin / DE / 88.7m Bukarest / RO / 14
Slide 17: Input Costs Remaining Stable
INPUT COSTS REMAINING STABLE ABSOLUTE DECREASE IN MATERIAL EXPENSES Stagnating cost levels PORR‘s cost ratios in % of revenue until Q1-3/2024 140 115 Indexed by Dec.22 130 Indexed per Q4/22 110 120 24% 105 110 47% 100 100 90 95 80 21% 90 70 Dez.22 Jun.23 Dez.23 Jun.24 Dez.24 Dez.22 Jun.23 Dez.23 Jun
Slide 18: Stable Equity
STABLE EQUITY HYBRID REDUCTION Equity (in EUR m) and equity ratio (in %) 860 836 799 810 29% Hybrid share: 25% 31% 31% 20.8% 19.3% 19.4% 19.5% C+ / Prime Segment Top 10 % der Branche 2022 Q1-3/23 2023 Q1-3/24 ▪ 3.3% y-o-y increase in equity, despite redemption of profit participation capital of EUR
Slide 19: Continued Gross Debt Reduction
CONTINUED GROSS DEBT REDUCTION SOLID NET DEBT DEVELOPMENT Gross debt (in EUR m) Net debt (in EUR m) 734 695 336 168 One-offs: 590 585 237 118.8m 257 255 238 567 217 438 335 347 Q3/21 Q3/22 Q3/23 Q3/24 -59 -40 IFRS 16 - long-term office rentals 2022 2023 Q3/23 Q3/24 ▪ Gross debt further optimised ▪ O
Slide 20: Comfortable Liquidity Cushion
COMFORTABLE LIQUIDITY CUSHION NO FURTHER NEED FOR REFINANCE Liquidity (in EUR m) Maturity profile of fiancial liabilities1 (in EUR m) 759 722 716 680 5 293 337 368 83 431 9 32 10 466 28 11 379 354 1 6 4 3 8 249 2024 2025 2026 2027 2028 >2028 Q1-3/21 Q1-3/22 Q1-3/23 Q1-3/24 Σ 1 6 45 3 115 28 Cash and
Slide 21: Strategy: Intelligent Growth with Green and Lean
4 Strategy Intelligent Growth with Green and Lean Investor presentation: Preliminary Figures 2024 24.02.2025 I 21
Slide 22: PORR 2025 on Track
PORR 2025 ON TRACK IMPORTANT MILESTONES IN FUTURE PROGRAMME REACHED Milestones in the first half of 2024 Measures 2025 Markets ▪ Promote sustainable construction ▪ Record output: EUR 3,116m ▪ Extend value chain and permanent business ▪ Selective acquisitions for targeted increase ▪ Optimise portfoli
Slide 23: Minor and Selective Acquisitions
MINOR AND SELECTIVE ACQUISITIONS DEEPEN VALUE CHAIN AND ENHANCE PERMANENT BUSINESS Gravel Ressources: Pannonia Group Local Footprint: Waggershauser Group Parndorf / Kirchheim Markgrafneusiedl unter Teck Germany Austria ▪ About 11m tonnes of gravel ressources secure ▪ 140 employees, EUR 25m of output
Slide 24: Green: Holistically Sustainable
GREEN HOLISTICALLY SUSTAINABLE Taking responsibility. Becoming market leader in circular construction. Focus Added value ▪ Decarbonisation ▪ Saving energy & resources ▪ Circular economy & habitats ▪ Life-cycle thinking in ▪ Occupational health & safety project management ▪ Working worlds ▪ Best Plac
Slide 25: ESG Ratings
ESG RATINGS BEST IN CLASS B C+ AA Gold Climate Change & Water Prime Segment Best in industry Top 5 % of construction industry Investor presentation: Preliminary Figures 2024 24.02.2025 I 25
Slide 26: Insights into ESG@PORR
INSIGHTS INTO ESG@PORR SELECTED KPIS PART 1 Decarbonisation Occupational Safety Compliance Intensity of GHG emissions Work-related injuries* Anti-corruption training (Scope 1+2 in t CO2e) (per 1 million hours worked) (number of employees) 0.034 15.3 15.7 15.3 3,965 0.032 0.033 3,158 0.028 13.5 1,921
Slide 27: Insights into ESG@PORR
INSIGHTS INTO ESG@PORR SELECTED KPIS PART 2 Circular Economy Habitats Working Worlds Recycled materials used Total water consumption Share of female staff (tonnes) (Tm³) (in %) 109,515 380 104,841 93,200 16.1% 84,761 15.8% 15.8% 240 15.1% 218 171 2020 2021 2022 2023 2020 2021 2022 2023 2020 2021 202
Slide 28: PV Rollout
PV ROLLOUT KICK-OFF IN 2023 Hard facts for PORR … ▪ >30 rooftop systems until 2025 ▪ 5 free area locations on land and water until 2026 ▪ Power output potential: 21,800 kwP C+ / Prime Segment Top 10 % der Branche … strong opportunities for the environment. ▪ Combined utilisation of different renewab
Slide 29: Building Information Modeling and Working Partnerships
AND WORKING PARTNERSHIPS Team: Collaboration, communication, identification, training, culture Standards: Technology: Building BIM standards, project guidlines, Information data management/ formats/ sharing, management Modeling soft- & hardware policies Processes: Planning, calculation, construction
Slide 30: LEAN for Maximum Efficiency
LEAN FOR MAXIMUM EFFICIENCY LEAN LEAN Management Design & Engineering … understand the value … efficient project chain, streamline the planning in coordination process with contractors LEAN@PORR: Mindset Planning Reliability >66 Certified LEAN leaders Rollout completion C+ / Prime Segment >19 LEAN e
Slide 31: Financial Performance Q1-3/2024
5 Financial Performance Q1-3/2024 The figures have been rounded off using the compensated summation method. Absolute changes are calculated using the rounded values, relative changes (in percent) are derived from the non-rounded values. Investor presentation: Preliminary Figures 2024 24.02.2025 I 31
Slide 32: Earnings and Revenue HY/24
EARNINGS AND REVENUE HY/24 PER SEGMENT IN EUR M PL DE INFRA Revenue EBIT Revenue EBIT Revenue EBIT 463 8.3 158 -2.2 457 2.7 Poland -6.0% +23% -12% <-100% -5.1% >+100% Germany Czech Republic Slovakia CEE* Revenue EBIT Austria AT / CH 388 11.4 Switzerland Revenue EBIT +41% >+100% 1,388 34.0 Romania -0
Slide 33: Segment Reporting: Resilient Order Book
SEGMENT REPORTING RESILIENT ORDER BOOK IN Q1-3/2024 AT /CH DE PL CEE INFRA Order backlog Change in % in EUR m 3,220 1,203 1,514 759 1,413 -2.6% -8.8% +17.9% -20.1% -18.5% Order intake Change in % in EUR m 2,608 567 869 530 151 5.3% -7.9% +54.3% -3.9% -85.2% ▪ BMW production hall ▪ Data Center Raunhe
Slide 34: Project Portfolio in Regions and Sizes
PROJECT PORFOLIO IN REGIONS AND SIZES Q1-3/2024 DIVERSIFICATION AS SUCCESS FACTOR Production output per country (EURm in %) Number of projects per Share of production output project volume (#)1 per volume class (in %) 8% 2% >100m 43 25% RO Project & other markets 50-100m 86 18% 6% CZ & SK 20-50m 192
Slide 35: Key Financials at a Glance
KEY FINANCIALS AT A GLANCE Operating data in EUR m Q1-3/2024 Change Q1-3/2023 2023 Production output1 5,020.3 4.6% 4,800.8 6,577.2 Revenue 4,608.9 3.3% 4,460.1 6,048.5 EBIT 91.9 17.8% 78.0 140.3 EBT 78.6 15.6% 68.0 130.7 Net profit for the period 60.8 22.5% 49.7 95.0 Earnings per share (in EUR) 1.18
Slide 36: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT In EUR m Q1-3/2024 Change Q1-3/2023 2023 Production output1 5,020.3 4.6% 4,800.8 6,577.2 Revenue 4,608.9 3.3% 4,460.1 6,048.5 EBITDA 249.7 8.8% 229.5 344.3 in % of production output 5.0% 0.2 PP 4.8% 5.2% in % of revenue 5.4% 0.3 PP 5.1% 5.7% EBIT 91.9 17.8% 78.0 140.3 i
Slide 37: Consolidated Key Ratios
CONSOLIDATED KEY RATIOS In relation to production output Q1-3/2024 Change Q1-3/2023 2023 Income from companies accounted for 0.7% -0.4 PP 1.1% 1.5% using the equity method Material cost -18.6% 1.3 PP -19.9% -19.6% Cost of other related production services -42.7% 0.8 PP -43.5% -43.4% Personnel cost -
Slide 38: Consolidated Statement of Financial Position (Assets)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION Assets in EUR m 30.09.2024 Change vs. YE 31.12.2023 Change vs. 30.9.23 30.09.2023 Intangible assets 217.6 17.4% 185.4 13.8% 191.2 Property, plant and equipment 1,266.4 8.6% 1,166.4 13.1% 1,119.9 Investment property 35.0 0.0% 35.0 1.5% 34.4 Shareholdings i
Slide 39: Consolidated Statement of Financial Position (Equity and Liabilities)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION Equity and Liabilities in EUR m 30.09.2024 Change vs. YE 31.12.2023 Change vs. 30.9.23 30.09.2023 Share capital 39.3 - 39.3 - 39.3 Capital reserve 358.8 - 358.8 - 358.8 Profit-participation rights/hybrid 209.0 -15.6% 247.5 -15.6% 247.7 capital Other reser
Slide 40: International Shareholder Base
INTERNATIONAL SHAREHOLDER BASE STABLE CORE SHAREHOLDER Shareholder Distribution of structure free float 50.4% 12.3% 24.8% Not directly Syndicate* Austria assignable 49.6% 1.8% Free float** UK 6.8% 33.5% Germany Retail 6.7% Rest of Europe 1.4% 12.7% Rest of the world USA *Syndicate (Strauss Group, IG
Slide 41: Dividend: Sharpened Profile
DIVIDEND SHARPENED PROFILE Dividend per share (in EUR), Dividend yield (in %) 0.75 0.60 0.50 5.9% 5.1% 3.6% 0.0% 0.00 2020 2021 2022 2023 ▪ +25% dividend payment ▪ Payout ratio at 33.9% ▪ Continuous dividend policy of 30-50% payout ratio ▪ Total shareholder return (TSR) at 13.9%* * Calculation: Divi
Slide 42: All-Time High in Earnings per Share
ALL-TIME HIGH IN EARNINGS PER SHARE CHANGING TIMES Share price Earnings per share 3 20.2.2017 40 EUR 38.99* Oct. 2021 Potentials for 2025: capital increase Earnings per share in EUR ▪ Performance increase EUR 12.00 Share price in EUR 1,5 ▪ Sector improvement 30 ▪ Shift to small caps 0 20 -1,5 10 1.1
Slide 43: Broker Coverage
BROKER COVERAGE ANALYSTS‘S RECOMMENDATIONS Institution Analysts Price Target Recommendation Last Update Montega Patrick Speck 26.0 Buy 18.02.2025 ERSTE Group Michael Marschallinger 20.1 Buy 05.12.2024 Warburg Research Philipp Kaiser 29.0 Buy 03.12.2024 Joh. Berenberg, Gossler & Co. KG Jenna Xu 19.5
Slide 44: Service: Investor Relations
SERVICE INVESTOR RELATIONS Share information Next events ISIN AT0000609607 27-Mar-25 Annual and Ticker POS VI Sustainability Report No. of shares 39,278,250 2024 Market Vienna Stock 01-Apr-25 Capital Markets Day Exch. / prime C+ / Prime Segment Top 10 % der Branche IR Contact Acknowledgements: Lisa