Q4 2025 Hochtief AG Earnings Call Transcript
Key Points
- Hochtief AG (HOCFF) achieved a 26% increase in operational net profit to EUR789 million, exceeding market guidance.
- The company reported strong sales growth of 15% to over EUR38 billion, with a 21% increase when adjusted for FX.
- Operating cash flow in 2025 was EUR2.1 billion, EUR248 million higher year-on-year, supported by strong working capital performance.
- New orders were sharply higher at EUR52.6 billion, up 32% FX adjusted year-on-year, with a strong order backlog of EUR72.5 billion.
- The proposed dividend for 2025 is EUR6.6 per share, a 26% increase year-on-year, reflecting strong operational performance.
- Despite strong order intake, there are concerns about Turner's capacity limits, which may affect growth in 2026.
- The segmental reporting line for Abertis and headquarters expenses remains very negative, impacting overall financials.
- Operational result contribution from Abertis was lower than expected at EUR58 million, due to adverse tax effects in France.
- There is uncertainty regarding the impact of geopolitical changes on future guidance and performance.
- The company faces challenges in achieving operational synergies and cost reductions, with updates expected throughout 2026.
Good afternoon, everyone, and thanks for joining the Hochtief full year results Call for 2025. I'm Mike Pinkney, Head of Capital Markets Strategy, and I'm here with our CEO, Juan Santamaria; and our CFO, Christa Andresky; as well as the Head of IR, Tobias Loskamp and other colleagues from the senior management team of Hochtief .
We're looking forward to your questions, but to start with our CEO is going to run us through the details of another very strong set of numbers and provide you with an update on the group strategy. Juan, all yours.
Thank you, Mike and team, and welcome to everyone joining us for this results call. I'm delighted to present to you Hochtief results for 2025 a year in which we achieved an outstanding operational and financial performance as well as major advances in our strategic delivery.
Let's kick off with the numbers and then I'll give you an update on the important progress we're
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