Q2 2026 Hochtief AG Earnings Call Transcript
Key Points
- Hochtief AG (HOCFF) raised its 2026 operational net profit guidance to EUR1,100 million, targeting a 30% to 40% year-on-year increase, driven by strong first-half performance.
- First-half sales rose 13% FX-adjusted to EUR20.1 billion, with operational net profit up 35% to EUR480 million, supported by expanding margins.
- Turner delivered exceptional results with sales up 23% FX-adjusted and operational PBT up 49%, driven by a doubling of data center work and enhanced self-perform capabilities.
- New orders surged 25% FX-adjusted to EUR31.5 billion, lifting the order backlog to a record EUR85 billion, providing strong visibility for future growth.
- The group achieved a net cash position of EUR72 million, a EUR1.5 billion year-on-year improvement, reflecting strong cash conversion and disciplined capital management.
- CIMIC's first-half sales were only slightly up year on year on a comparable basis, impacted by the winding down of large transport infrastructure projects.
- Engineering & Construction segment sales were stable year on year due to short-term project timing effects in the European business.
- The full ownership of Thiess, while strategic, involves financing costs that will partially offset accretion benefits in the near term.
- Potential bottlenecks in the data center market, such as grid connections and local opposition, could delay project timelines and impact execution.
- The German infrastructure stimulus plan has yet to significantly contribute to the order backlog, with only about EUR1 billion of the EUR4.3 billion backlog currently attributable to it.
Good afternoon, everyone, and thank you for joining this HOCHTIEF half-year 2026 results call. I am Mike Pinkney, Head of Capital Markets Strategy, and I am here with our CEO, Juan SantamarÃÂa; and our CFO, Christa Andresky; as well as our Head of IR, Tobias Loskamp; and other colleagues from the senior management team at HOCHTIEF.
We are looking forward, as always, to taking your questions, but to start off with, our CEO is going to run us through the details of another set of very strong results from HOCHTIEF, the guidance increase that we have announced earlier today, and the group's strategic progress. Juan, all yours.
Thank you, Mike and team, and welcome to everyone joining us for today's results call. HOCHTIEF has delivered a very strong result in the first half of 2026 with significant increases in revenues, profits, and orders, whilst making further positive progress in our growth strategy. As a
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