H1 2025: Operational net profit up 18% to EUR 355 million // New orders increased by 23% to EUR 26.1 billion // Guidance confirmed

• Operational net profit of EUR 355 million, up 18% year on year (yoy), in line with top end of FY guidance growth range or +22% f/x-adjusted
  • Nominal net profit of EUR 481 million includes net EUR 126 million in one-off-gains, mainly reflecting the Q1 Flatiron transaction
• Sales growth of 25% yoy, +29% f/x-adjusted, to EUR 18.4 billion
• Strong operating cash flow last twelve months (LTM) of EUR 2.0 billion; increase of EUR 0.5 billion yoy pre-factoring; sustained high cash conversion
• Strong new orders of EUR 26.1 billion, up 26% yoy f/x-adjusted
  • Order backlog of EUR 69 billion, up 15% yoy f/x-adjusted
• Focus on strategic growth markets (approx. 55% of new orders) and majority with lower risk profileFY 2025 guidance reiterated: operational net profit of EUR 680–730 million (up to +17% yoy)
  • Positioned to further expand strong presence in strategic growth markets, such as data centers, with significant equity investment opportunities

“HOCHTIEF has delivered an excellent performance during the first six months of 2025 with significant growth in revenues, profits and orders as well as a solid cash flow result”, said CEO Juan Santamaría. “We have positioned the Group as a leading global infrastructure and services solutions provider to meet the strongly rising demand in growth markets with end-to-end solutions.”

Group sales during the first half of the year increased by 25% year on year to EUR 18.4 billion, or 29% f/x-adjusted, driven mainly by strong organic revenue growth. HOCHTIEF’s operational net profit rose by 18% to EUR 355 million (+22% f/x-adjusted) in line with the top end of the guidance range for 2025 of an increase of up to 17%. Nominal net profit of EUR 481 million was 10% higher year on year. During the second quarter, nominal net profit also rose by 10% yoy, when adjusting the prior year figure for a one-off non-cash gain at CIMIC.

The strong cash flow performance during the last twelve months is driven by a sustained high level of cash conversion with an operating cash flow of EUR 2.0 billion in the last twelve months, an increase of EUR 0.5 billion year on year pre-factoring. The first half of the year incorporates the characteristic impact of seasonality during the first quarter but shows an increase in net operating cash flow year on year, adjusted for factoring.

The new orders level of EUR 26.1 billion represents a strong rise of 26% year on year, adjusted for f/x-effects, with all operating segments reporting increases. New work includes important project wins in strategic growth markets such as advanced technology, critical metals, energy and sustainable infrastructure. At the end of June 2025, the Group’s order book stood at over EUR 69 billion, up by 15% year on year, f/x-adjusted.

Growth markets and project wins
Digital and advanced technology
HOCHTIEF has established itself as one of the world's leading providers for the development and construction of data centers with around 6 GW of successfully implemented projects. According to several sources the global data center market could grow at close to 20% annually until 2030.

• Turner has doubled the value of new orders secured, underlining the Group’s strong presence in this rapidly expanding market.
• In the Philippines, a CIMIC joint venture is delivering the first tranche of a multi-phase data center development project.
• As part of the Group’s broader strategy to establish a pan-European network of sustainable, decentralized EDGE data centers, HOCHTIEF is looking to expand the businesses into other European countries including Austria, Switzerland and the UK.

The Group is also advancing in the semiconductors space where strong demand for artificial intelligence and cloud services is boosting investment levels and global sector sales.

• Recent project awards include a significant construction contract for the expansion of an assembly and test facility for chip lithography machines in the US, an important semiconductor project in Malaysia and a semiconductor-related construction facility in Germany using clean-room technology.

Energy infrastructure
In energy infrastructure HOCHTIEF is playing a key role globally. Strong growth is being driven by the increasing demand for energy in general and in particular for clean energy.

• CIMIC is investing in and developing renewable assets, transmission lines, grid enablement infrastructure, and battery energy storage systems.
• HOCHTIEF has been awarded a planning contract for high-performance onshore converter stations which will be key to bring wind power generated energy from Northern Germany to the Ruhr area.

Biopharma, health, education and social infrastructure
HOCHTIEF has a strong track record and industry-leading expertise in the healthcare, education and social infrastructure sector.

• In the U.S. Turner renewed its pole position in the U.S. healthcare area where it was once again named the number one construction manager.
• In New Zealand, CIMIC signed a letter of intent during the first half of 2025 to construct the New Dunedin Hospital Inpatients building.
• In Germany, HOCHTIEF secured a contract to build a new research building at the University of Duisburg-Essen.

Transport infrastructure and sustainable mobility
The Group continues to be a global leader in transport infrastructure and sustainable mobility. Due to several infrastructure stimulus packages in key geographies, the outlook for this sector is also very positive.

• In the Netherlands, a HOCHTIEF joint venture secured a highway PPP-project worth over EUR 1.2 billion.
• In North America a FlatironDragados joint venture was awarded a USD 1 billion contract for the Long Bridge North Project, a major rail infrastructure project between Washington, D.C. and Virginia.
• In Germany, HOCHTIEF was awarded a EUR 170 million rail infrastructure contract to modernize a section for Deutsche Bahn as part of the integrated plan to upgrade the country’s rail network. A HOCHTIEF joint venture also won a major contract for the second main line of the S-Bahn rail network in Munich.
• In Australia a CIMIC joint venture has been selected to build the Logan and Gold Coast Faster Rail project with work scheduled for completion ahead of the Brisbane 2032 Olympics.

Critical minerals and natural resources
HOCHTIEF has been developing its leading position in the strategically vital critical metals and natural resources sector in recent years. Worldwide efforts to develop clean-energy technologies is driving strong growth in demand for metals such as copper, aluminum and nickel, but also critical “new economy” and battery minerals including lithium, cobalt and rare earths.

• We are participating in a large lithium plant in Germany.
• HOCHTIEF is also currently working on a number of other lithium projects in Portugal, Brazil and Canada.
• CIMIC has started work on an innovative critical minerals processing project in Queensland for vanadium and other rare earth metals and has also been awarded a five-year gold project contract extension in Western Australia.

Defense and others
Investment in defense is expected to strongly increase in some of the Group’s key markets. At the end of June, the Group had a EUR 2 billion defense orderbook.

• CIMIC is currently working on the AUD 370 million upgrade of infrastructure and facilities for the Royal Australian Air Force (RAAF) in Queensland.
• In the U.S., a FlatironDragados joint venture is leading the construction of a dry dock at Pearl Harbor.

Group Outlook
The guidance for 2025 is to achieve an operational net profit of between EUR 680 and 730 million which represents an increase of up to 17% compared with last year, subject to market conditions.

HOCHTIEF Group: Key Figures
Half-year figures

Note: Operational profits are adjusted for non-operational effects
* Employee figures are on a comparable basis

Quarterly figures

Note: Operational profits are adjusted for non-operational effects

* The nominal net profit in Q2 2024 includes a one-off non-cash gain from the remeasurement at fair value of CIMIC’s existing 50% investment in Thiess (net of provisions) in the amount of EUR 146 million. Adjusting for this impact, the nominal net profit in the second quarter would increase by 10%.