Hochtief Aktiengesellschaft · XETR:HOT
Hochtief Aktiengesellschaft — Hochtief — H1 2025 Earnings Presentation
44 slides from Hochtief Aktiengesellschaft's earnings presentation, Jul 23, 2025
Slide 1: H1 2025 Results Presentation
H1 2025 Results Presentation July 23, 2025 Juan Santamaría, CEO Christa Andresky, CFO Mike Pinkney, Head of Capital Markets Strategy Tobias Loskamp, Head of Investor Relations H1 2025 results presentation – July 23, 2025 1
Slide 2: HOCHTIEF Group – H1 2025 overview
HOCHTIEF Group – H1 2025 overview Op. Net Profit of Strong operating Net debt movement Strong new orders FY 2025 guidance EUR 355m up 18% cash flow LTM of ytd driven by of EUR 26.1bn up reiterated for op. yoy (+22% fx-adj.), EUR 2.0bn; strategic capital 26% yoy fx-adj; net profit of in line with top
Slide 3: HOCHTIEF Group – H1 2025 Key figures
HOCHTIEF Group – H1 2025 Key figures* H1 2024 H1 2025 Δ yoy FY 2024 (EUR million) Sales 14,652 18,370 25.4% 33,301 Operational profit before tax / PBT 442 588 32.9% 1,008 Operational PBT margin in % 3.0% 3.2% 20 bps 3.0% Operational net profit 301 355 18.0% 625 Operational EPS (in EUR) 4.00 4.72 18.
Slide 4: HOCHTIEF Group – Key P&L figures
HOCHTIEF Group – Key P&L figures Sales by region H1 2025 8% Strong sales Significantly higher operational PBT driven by all Americas growth of 25% operating segments, solid Group margin yoy, 29% fx- Op. net profit of EUR 355m up 18% yoy (+22% 29% Asia Pacific adjusted fx-adj.) – at the top end of th
Slide 5: HOCHTIEF Group – Cash flow performance
HOCHTIEF Group – Cash flow performance Operating cash flow pre-fact. (EURm) + 149 186 Sustained high level of cash Net operating capex Net op. conversion LTM with operating cash & leases increased in cash flow of flow of EUR 2.0bn, up EUR 0.5bn yoy H1 2025 vs. reported EUR 1.3bn pre-factoring H1 202
Slide 6: HOCHTIEF Group – Net cash development yoy
HOCHTIEF Group – Net cash development yoy Net debt movement ytd driven by Adjusting for capital allocation, consolidation S&P investment grade strategic capital allocation decisions and fx effects net cash would show a EUR credit rating unchanged (HOT dividend & M&A impacts), FX (EUR 977m increase y
Slide 7: HOCHTIEF Group – New orders and order backlog
HOCHTIEF Group – New orders and order backlog New orders development 35 (EURbn) 1.2 1.2 1.1 30 26.1 Strong new orders of Approx. 55% of new 25 Book to bill EUR 26.1bn, up 26% orders from strategic 21.3 20 18.1 LTM fx-adj; increase driven by all growth markets operating segments; 15 1.2x work done LT
Slide 8: Selected recent significant project announcements
HOCHTIEF Group – Selected recent significant project announcements Transport Infrastructure & Digital & Advanced Technology Energy Infrastructure Sustainable Mobility Data Centers, Turner (H1 2025) total data center new Four high-performance onshore converter stations, Deutsche Bahn Rail Infrastruct
Slide 9: Turner – H1 2025 results in EURm
Turner – H1 2025 results in EURm Essentials Financials (EUR million) H1 2024 H1 2025 Δ yoy Continued strong sales growth (+41% yoy) driven by Sales 8,650 12,216 41% organic growth (+37% fx-adj.) particularly data centers, EBITDA 242 408 69% healthcare and sports projects as well as Dornan Operationa
Slide 10: CIMIC – H1 2025 results in EURm
CIMIC – H1 2025 results in EURm Essentials Financials H1 2024 H1 2025 Δ yoy Sales stable yoy on a comparable basis with solid increases in strategic growth markets; Sales up 26% to EUR 5.3bn (EUR million) Sales 4,160 5,256 26% boosted by the full consolidation of Thiess since in Q2 2024 EBITDA 500 6
Slide 11: Engineering & Construction – H1 2025 results
Engineering & Construction – H1 2025 results Essentials Financials Sales of EUR 801m increased by 14% yoy on a comparable H1 2024 H1 2025 Δ yoy basis. Nominal decrease due to impact of Flatiron- (EUR million) Dragados America merger, closed in January 2025 with Sales 1,766 801 -55% EBITDA 88 51 -43%
Slide 12: Abertis – H1 2025 results
Abertis – H1 2025 results Essentials Financials (EUR million) H1 2024 H1 2025 Δ yoy Average daily traffic (ADT) +3% yoy Sales (100%) 3,021 2,983 -1% Revenues and EBITDA up 6% on a comparable basis EBITDA (100%) 2,161 2,117 -2% Net profit pre-PPA amounts to EUR 383m and includes EBITDA margin in % 71
Slide 13: Corporate Strategy
Corporate Strategy Megatrends Digitalization Demand for energy Demographics Deglobalization Defense Key elements of Strategy Group objectives Consolidate core market positions and Focus on cash generation and maintaining develop presence in the structural growth a strong, de-risked balance sheet Sus
Slide 14: Focus on opportunities in strategic growth markets
Focus on opportunities in strategic growth markets Expanding HOCHTIEF’s presence in the value chain of rapidly expanding markets, incl. data centers, as a developer and investor Digital & Advanced Energy Transport BHE & Social Defense & Others Critical Minerals & Infrastructure & Technology Infrastr
Slide 15: HOCHTIEF equity investments in strategic growth markets
HOCHTIEF equity investments in strategic growth markets • Total committed equity investments at June 2025 of cEUR 400m in strategic growth markets Data centers Energy transition New sustainable mobility HOCHTIEF is investing in data center Strategy to establish a diversified HOCHTIEF PPP Solutions e
Slide 16: German Infrastructure and Defense plan opportunities
German Infrastructure and Defense plan opportunities Incoming German government has announced 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 • EUR 500bn infrastr
Slide 17: HOCHTIEF Group – Capital allocation & Guidance
HOCHTIEF Group – Capital allocation & Guidance Capital allocation Organic growth opportunities Guidance 2025 Shareholder remuneration Growth in data centers and other advanced-tech, Operational net profit energy and sustainable infrastructure EUR 680 – 730m FY 2024 dividend of EUR 5.23/share approve
Slide 18: Appendix: H1 2025
Appendix: H1 2025 © HOCHTIEF Frankfurt University of Applied Sciences, Frankfurt, Germany Timber Pioneer, Frankfurt/Main, Germany H1 2025 results presentation – July 23, 2025 18
Slide 19: HOCHTIEF Group – Overview
HOCHTIEF Group – Overview H1 H1 Δ H1 FY H1 H1 Δ H1 FY HOCHTIEF Group 2024 2025 in % 2024 HOCHTIEF Group 2024 2025 in % 2024 (EUR million) (EUR million) P&L-key figures P&L-key figures Sales 14,651.6 18,369.7 25.4% 33,301.3 Operational net profit 300.7 354.8 18.0% 625.0 Turner 8,649.9 12,216.0 41.2%
Slide 20: HOCHTIEF Group – Statement of earnings
HOCHTIEF Group – Statement of earnings HOCHTIEF Group ∆% Sales: +25% yoy (+29% fx-adjusted) driven mainly by strong (EUR million) H1 2024 H1 2025 H1 organic growth Sales 14.651,6 18.369,7 25,4% Materials & personnel costs: Change in inventories 15,5 12,0 In line with sales development and impacted b
Slide 21: HOCHTIEF Group – Statement of cash flows (statutory)
HOCHTIEF Group – Statement of cash flows (statutory) H1 2025 results presentation – July 23, 2025 21
Slide 22: HOCHTIEF Group – Balance sheet (assets)
HOCHTIEF Group – Balance sheet (assets) HOCHTIEF Group Non-current assets FY 2024 H1 2025 Δ FY (EUR million) Intangible assets / property plant & Assets 24.654,9 23.106,0 -1.548,9 equipment / Investment property Increase mainly due to goodwill recognized in NON- Non-current assets 7.966,3 8.242,0 27
Slide 23: HOCHTIEF Group – Balance sheet (liabilities and equity)
HOCHTIEF Group – Balance sheet (liabilities and equity) Shareholders‘ equity – Movements in H1 2025 (EUR million) Profit after taxes 539 SHARE- Dividends -493 HOLDERS’ Fx-effects & other -452 EQUITY Equity change ∑ -406 Financial liabilities: NON- Decrease due to maturity-related reclassification to
Slide 24: HOCHTIEF Group - Financing structure H1 2025
HOCHTIEF Group - Financing structure H1 2025 Net cash / Net debt calculation: end H1 2024 end H1 2025 end FY 2024 period end (EUR m) Cash and cash equivalents 5,635 5,060 5,721 • Strong liquidity position of EUR 5.8bn per end H1 2025 (cash, Marketable securties 696 773 811 cash equivalents and marke
Slide 25: Construction – Turner
Turner H1 2025 results presentation – July 23, 2025 © Jason Doiy © Dornan © Image courtesy of the Los Angeles Clippers © Turner © Image courtesy of the Los Construction Angeles Clippers 25
Slide 26: Turner - Segment overview
Turner - Segment overview Financials • High added-value advanced-tech building solutions (USD million) H1 2024 H1 2025 Δ yoy with 45 offices across the U.S. Sales 9,335 13,440 44% • Client-focused construction management delivery model EBITDA 261 449 72% Operational profit before tax / PBT 266 432 6
Slide 27: Turner - Strategic acquisition of Dornan Engineering in Europe
Turner - Strategic acquisition of Dornan Engineering in Europe Sales split per market (FY2024) Strategic acquisition of a European advanced-tech engineering business for an EV of ~EUR 400m – Transaction closed in January 2025 17% ✓ Dornan, headquartered in Ireland, is one of the leading MEP* Data Ce
Slide 28: CIMIC
CIMIC © UGL © Leighton Asia © misheye © UGL © CPB Contractors H1 2025 results presentation – July 23, 2025 28
Slide 29: CIMIC - Segment overview
CIMIC - Segment overview Financials H1 2024 H1 2025 Δ yoy • Largest Australasian player providing engineering-led (AUD million) integrated solutions and critical mineral-related Sales 6,834 9,103 33% EBITDA 821 1,090 33% services with over 30,000 employees across the whole Operational profit before
Slide 30: CIMIC - Bolt-on acquisitions in FY 2024
CIMIC - Bolt-on acquisitions in FY 2024 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 share T
Slide 31: Engineering & Construction
H1 2025 results presentation – July 23, 2025 Engineering & Construction © HOCHTIEF © HOCHTIEF © HOCHTIEF Polska HOCHTIEF Datacenter © HOCHTIEF/Schroll © HOCHTIEF © Udo Görisch 31
Slide 32: Engineering & Construction - Segment overview
Engineering & Construction - Segment overview Financials H1 2024 H1 2025 Δ yoy • Leading civil engineering businesses in Europe (EUR million) (HOCHTIEF) and 38.2% stake in FlatironDragados, the Sales 1,766 801 -55% 2nd largest civil engineering and construction player EBITDA 88 51 -43% Operational p
Slide 33: Integration of North American civil construction businesses Flatiron and Dragados
HOCHTIEF Group – Integration of North American civil construction businesses Flatiron and Dragados to create value for HOCHTIEF HOCHTIEF and Dragados have agreed to integrate their North American businesses, Flatiron and Dragados, to create the 2nd largest civil engineering and construction player:
Slide 34: 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 35: Abertis
Abertis H1 2025 results presentation – July 23, 2025 © Abertis © Abertis © Abertis © Abertis/viaschile © ajpmedia.com 35
Slide 36: Abertis – Snapshot HY 2025
Abertis – Snapshot HY 2025 Strong • Revenues and EBITDA +6% Like for Like underpinned by traffic growth across almost all geographies and tariffs linked to inflation, partially operating offsetting FX. performance • Solid +2.6% traffic growth supported by a robust HV traffic evolution (+2.8%) and a
Slide 37: Abertis – Key figures HY 2025
Abertis – Key figures HY 2025 Europe Overseas Holding Total EURm France Spain Italy USA2 Mexico Chile Brazil Argentina International 3 A. Infra 4 Total group km 1,873 631 236 293 937 494 3,193 175 152 - 7,983 Concessions 3 7 1 4 5 5 7 2 2 - 36 Traffic1 2.6% 5.4% 0.9% -2.8% +0.7% 2.1% 5.0% 2.9% 1.2%
Slide 38: Abertis – A-63 highway acquisition
Abertis – A-63 highway acquisition Abertis acquires a 51.22% stake in the A-63 highway, enhancing exposure in Europe and extending portfolio life • A-63 highway is a strategic motorway corridor between Spain Key investment highlights and northern Europe linked between Bordeaux and • High quality inf
Slide 39: HOCHTIEF Group – Accelerating ESG drive
HOCHTIEF Group – Accelerating ESG drive Further progress in implementation Group wide Working HOCHTIEF has been included for the 19th year in a row in the of ambitious Sustainability Plan Groups to align activities Dow Jones Sustainability Index by S&P Global (World & Europe); 2025 (60+ Commitments
Slide 40: FX rates
FX rates End of period: Q1 H1 Mar 31st Mar 31st yoy Jun 30th Jun 30th yoy 2024 2025 2024 2025 EUR / USD 1.08 1.08 0% EUR / USD 1.07 1.18 10.1% USD / EUR 0.92 0.92 0% USD / EUR 0.93 0.85 -9.2% EUR / AUD 1.66 1.73 4% EUR / AUD 1.61 1.79 11% AUD / EUR 0.60 0.58 -4% AUD / EUR 0.62 0.56 -10% Period avera
Slide 41: The HOCHTIEF Group
The HOCHTIEF Group • HOCHTIEF is an engineering-led global infrastructure solutions 2024 Sales by region (EUR 33.3bn) provider with leading positions in North America, Australia and Europe and a strong presence in the rapidly expanding strategic 2% 3% growth markets of data centers, energy transitio
Slide 42: Leading positions in developed markets – FY 2024
HOCHTIEF, leading positions in developed markets – FY 2024 ©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 43: 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 44: Investor Relations contacts and calendar
Investor Relations contacts and calendar 6 November 2025 Nine-months results 2025 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