9M 2025: HOCHTIEF increases profit by 19% and its guidance for the full year to EUR 750–780 million (+20 to 25%) // strong new orders, up 19% to EUR 37 billion

• Very strong operational net profit growth to EUR 538 million, up 19% year on year (yoy) (+26% f/x-adjusted) with Q3 +22% yoy
• Increased FY 2025 guidance: operational net profit of EUR 750–780 million, up 20 to 25% yoy (former guidance: EUR 680–730 million)
  • Positioned to further expand strong presence in strategic growth markets, such as data centers, with significant equity investment opportunities
• Sales growth of 19% yoy, +24% f/x-adjusted, to EUR 28.1 billion
• Strong operating cash flow last twelve months (LTM) of EUR 2.1 billion; increase of EUR 0.4 billion yoy pre-factoring; sustained high cash conversion
• Strong new orders of EUR 36.6 billion, up 19% yoy f/x-adjusted
  • Focus on strategic growth markets (above 55% of new orders)
  • Order backlog of EUR 70 billion, up 12% yoy f/x-adjusted and well above 85% with lower risk profile

“HOCHTIEF continues to develop its position as a global leader in advanced-tech infrastructure projects. Our disciplined strategy focuses on high-value, high-return projects across digital, energy, and core infrastructure markets,” said CEO Juan Santamaría. “The strength of our diversified portfolio, supported by robust project execution and prudent financial management, has ensured a strong performance in an evolving global environment.” Based on the excellent results achieved and the positive prospects, HOCHTIEF increases the guidance for 2025 and now expects to achieve an operational net profit of between EUR 750 and 780 million. This represents an increase of 20 to 25% year on year (former guidance: EUR 680–730 million).

Group sales during first the nine months of the year increased by 19% year on year to EUR 28.1 billion, or 24% f/x-adjusted, in particular driven by the Group’s focus on its strategic growth markets. HOCHTIEF’s operational net profit rose by 19% to EUR 538 million (+26% f/x-adjusted). Nominal net profit of EUR 656 million was 13% higher and includes a net EUR 118 million one-off gain, mainly reflecting the Q1 2025 Flatiron transaction.

Looking at cash flow during the last twelve months operating cash flow of EUR 2.1 billion shows a strong performance, up EUR 0.4 billion year on year pre factoring, driven by a sustained high level of cash conversion and supported by a firm revenue growth and margin expansion. The first nine months of the year incorporate the characteristic impact of seasonality during the first quarter but show a EUR 126 million increase in net operating cash flow year on year, adjusted for factoring.

The new orders level of EUR 36.6 billion represents a strong rise of 19% year on year, adjusted for f/x effects, with all operating segments reporting increases. New work includes important project wins in our strategic growth markets such as advanced technology, critical metals, energy and sustainable infrastructure. At the end of September 2025, the Group’s order book stood at EUR 70 billion, up by 12% year on year, f/x-adjusted. 

Strategic Growth
HOCHTIEF’s strategic priorities align with five enduring megatrends—digitalization, demographics, defense, deglobalization, and demand for energy. Together, they provide a clear roadmap for long-term growth and profit visibility. “We are reinforcing our competitive edge through selective equity investments, enhanced engineering capabilities, and local delivery backed by a global platform. Our balanced approach continues to generate attractive margins and a de risked financial profile,” said CEO Juan Santamaría.

Digital Infrastructure and Advanced Technology
Global demand for digital capacity continues to grow exponentially, driven by AI and cloud computing. HOCHTIEF is at the forefront of this transformation.

• The Group’s data center order book more than doubled in value in the first nine months of 2025, underscoring our leadership in the market.
• One of the most notable projects this year is the USD 6 billion investment by AI hyperscaler CoreWeave in a new Pennsylvania data center, constructed by a Turner joint venture.
• Just this week, OpenAI, Oracle and Vantage, as part of the USD 500 billion Stargate program, announced a USD 15 billion data center complex in Wisconsin, for which Turner is one of the selected construction managers.
• In Europe, HOCHTIEF inaugurated its first YEXIO-branded edge data center near Essen. Built using timber construction and energy-efficient systems such as water-cooling and waste-heat reuse, it represents a milestone in our ambition to develop a pan-European network of sustainable, decentralized digital hubs. Additional developments are advancing in Germany, Austria, Switzerland, and the UK, positioning HOCHTIEF to play a leading role in Europe’s digital infrastructure expansion.

Energy Transition 
The global energy transition continues to accelerate, and HOCHTIEF is building the essential infrastructure that enables it—from renewable generation and transmission to advanced storage systems.

HOCHTIEF has decades of experience designing and building nuclear power plants and facilities across the world for renowned global energy companies like RWE. We also have long-term partnerships with public clients and authorities such as BGE and BGZ in Germany, which are responsible for the interim storage and final repository of nuclear materials. We deliver end-to-end services across the nuclear market and are well-positioned to support the deployment of best-in-class small modular reactor technologies.

The Group’s range of services includes design, engineering and construction for civil, architectural, and structural projects, as well as security enhancements and retrofitting for the safe operation of plants, storage facilities, and control buildings. Our globally recognized experts have specialized knowledge in areas particularly relevant to safety, such as airplane crash analysis and soil-structure interaction. We use commercial and proprietary software for these analyses. Since the 1990s, HOCHTIEF has partnered with clients on dismantling numerous nuclear facilities. Recently, we played a key role in the demolition of the cooling towers at the Gundremmingen power plant in Germany. HOCHTIEF actively contributes expert knowledge to working groups of associations and standard committees to develop and improve design and construction regulations.

• In the UK, we secured a EUR 685 million, 15-year framework contract for nuclear and civil works at Sellafield, extending our track record in complex energy and decommissioning projects.
• In Australia, CIMIC continues to lead in renewable and grid infrastructure, most recently through its partnership with Neoen and Tesla to deliver a 164-megawatt, six-hour battery storage facility near Perth—a cornerstone of Western Australia’s renewable strategy.

Critical Minerals
Global demand for critical minerals and natural resources is set to increase significantly as a consequence of the exponential growth of clean energy technologies, digital infrastructure and defense investments. HOCHTIEF has developed a unique position in critical minerals globally primarily through Sedgman (integrated minerals processing solutions) and Thiess (global mining services) and is growing its geographical footprint and scale.

• During the period, Sedgman, which has a portfolio of over 600 projects and feasibility studies across five continents, started work on an innovative critical minerals processing project in Queensland for Vanadium and other rare earth metals as well as a five-year gold project contract extension in Western Australia.
• Last month Leighton Asia secured a three-year extension to an asset integrity contract in Indonesia for critical production assets to extract nickel, a key component in battery technologies and high-performance alloys.
• Furthermore, we are also carrying out the process, design and project implementation for a copper-zinc plant in Western Australia, a three-year nickel and copper full-service mining project in Ontario and a four-year contract to deliver underground services at a copper mine in Queensland.
• Via Sedgman, HOCHTIEF has been working in Germany with Vulcan Energy on the EPCM validation of what will be Europe’s largest lithium extraction plant. The company’s integrated lithium and renewable energy project will allow it to deliver a local source of sustainable lithium for the European EV battery industry, enough for an initial 500,000 electric vehicles per annum. The awarding of “EU Strategic Project status” under the “Critical Raw Materials Act” highlights its transformative potential for Europe’s clean energy future and lithium independence.

Defense 
Defense infrastructure investment is rising sharply as governments seek resilience and modernization. HOCHTIEF’s global expertise and long-standing client partnerships position us to deliver in this strategic sector. Recent highlights include

• CIMIC’s work for the Royal Australian Air Force base in Queensland and defense infrastructure upgrades in South Australia, and
• the FlatironDragados dry dock joint venture at Pearl Harbor.

Core Infrastructure 
Our mature core infrastructure business remains a solid foundation for growth. Turner was again named ENR’s top U.S. general contractor, holding leading positions across 13 segments including healthcare, commercial, sports, aviation, and data centers. Also according to ENR, FlatironDragados is the market leader in the United States in the transportation infrastructure sector and ranks among the top companies in other civil engineering segments.

• During the quarter, Turner began work on the 46-story 343 Madison Avenue tower in New York and was selected, alongside AECOM Hunt, to deliver the USD 2.4 billion Cleveland Browns stadium.
• Other major projects include the Metropolitan Museum of Art expansion and aviation upgrades at Los Angeles and Memphis airports, underscoring our continued leadership in high-complexity, sustainable projects.
• In Germany, HOCHTIEF is well positioned to benefit from the EUR 500 billion infrastructure fund approved by the Bundestag parliament due to the scalability of its business model and its core expertise in bridges, tunnels and rail. This is illustrated by the EUR 170 million rail infrastructure contract win to modernize a section for Deutsche Bahn in the Rhine valley as part of the integrated plan to upgrade the country’s rail network. A HOCHTIEF joint venture was also recently awarded a major contract for the construction of the second main line of the S-Bahn rail network in Munich. Overall, during the last three years our order book for German projects has almost doubled to EUR 5.2 billion.

An increasingly important pillar of the Group’s strategy is the adoption of Artificial Intelligence at scale across the Group, which is allowing HOCHTIEF to enhance the value we offer for our clients whilst also improving productivity and safety. Focused on optimizing our core tech platforms and systems as well as supporting our talent management, AI and digital systems are transforming how we work. For example, autonomous drones and AI-powered image analysis now enhance site safety and planning. Digital tracking platforms streamline workflows and provide real-time transparency into progress and resources. And custom GPTs are simplifying daily operations, while our Production Control System standardizes delivery and reduces operational stress.

Group Outlook
HOCHTIEF is well positioned to capitalize on long-term global investment trends shaping the future of infrastructure. This delivers significant value creation for shareholders and positive impact for communities worldwide. 
The increased guidance for 2025 is to achieve an operational net profit of between EUR 750 and 780 million which represents an increase of up to +25% year on year compared with previous guidance of up to 17%, subject to market conditions.

HOCHTIEF Group: Key Figures
9-month figures (quarterly figures below)

Note: Operational profits are adjusted for non-operational effects

Quarterly figures