Q2 2026 Obrascon Huarte Lain SA Earnings Call Transcript
Key Points
- Recurring EBITDA grew 39% year-over-year to EUR116.9 million, with margin improving to 6.7%.
- Recurring EBIT surged 70.3% to EUR78.7 million, reflecting strong operational efficiency.
- Construction division achieved its highest EBITDA margin since 2017 at 7.3%.
- Total liquidity reached EUR711.3 million, with EUR96.4 million cash generated in Q2 2026.
- Favorable legal rulings (Flaggers, M-12) eliminated major contingencies, reducing uncertainty.
- Attributable net profit was only EUR0.5 million due to a EUR20.8 million extraordinary charge from the Flaggers case.
- Book-to-bill ratio was 0.9, indicating order intake slightly below current sales levels.
- The Flaggers payment of EUR45.2 million was made in July 2026, impacting cash flow despite being from subsidiary resources.
- Refinancing of bonds is still pending, with plans only to seek a window between end-2026 and H1 2027.
- Pending litigation with Grupo Villar Mir remains unresolved, with legal action expected in September.
Welcome to the OHLA earnings presentation. We will be addressing the major milestones, and we will then give way to questions and answers. If you wish to pose a question, please click the blue button on the upper right-hand button on your screens. I'm happy to give the floor now to Tomas Ruiz, who will begin to address the issues.
Good morning, all, and thank you so very much for being with us today. This is the first half 2026 earnings call. I am Tomas Ruiz, CEO of the OHLA Group. With us today is our CFO, Victor Pastor, and Pedro Arellano, who is lead for Investor Relation and Capital Markets.
I'd like to begin this call with a general vision of the group's evolution over the first six months of the year 2026. OHLA has completed the first half of 2026, consolidating the positive trend of its operating margins and its profitability indicators, which continue to improve, both regards the first quarter as well as vis-a-vis previous fiscal years. This
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