HOCHTIEF 9M 2026 operational net profit up 40%; strong cash conversion; record order backlog of EUR 90bn

9M 2026 highlights:

HOCHTIEF continued its strong growth trajectory in the first nine months of 2026, with an acceleration in profits, cash flow and new orders. This was supported by increasing demand in the Group’s strategic growth verticals including AI, digital and technology, energy and nuclear, security and defense, and critical minerals.

Operational net profit for the nine months to September 30 increased 40% year on year to EUR 752 million, or 42% on a foreign exchange (fx)-adjusted basis.

The Group maintained its strong cash conversion, with operating cash flow reaching EUR 2.7 billion over the last 12 months (LTM) pre-factoring, an increase of EUR 686 million year on year, including an acceleration in the third quarter. Net operating cash flow was EUR 2.0 billion LTM pre-factoring, up EUR 637 million year on year.

HOCHTIEF's net cash improved by EUR 1.0 billion year on year, driven by the strong net operating cash flow performance. During the period, S&P upgraded HOCHTIEF's investment-grade credit rating to BBB with a stable outlook.

ACS Group and HOCHTIEF Chief Executive Officer Juan Santamaría said: “HOCHTIEF has delivered another strong period of profitable growth. Earnings are up significantly, cash generation has accelerated and our record order backlog gives us excellent visibility for the future.”

“What is particularly important is the quality of that growth. We are winning more work in the markets where we see the strongest structural demand, while maintaining a disciplined approach to risk. Our global capabilities in engineering, supply chain and project delivery are increasingly allowing us to support clients across the infrastructure lifecycle, strengthening our competitive position and creating more diversified opportunities for further growth.”

New orders increased to EUR 48.6 billion, up 33% year on year and 35% on an fx-adjusted basis. New orders represented 1.4 times work done, with approximately 65% generated in strategic growth verticals.

The strong order momentum increased HOCHTIEF's order backlog to a record EUR 90 billion, EUR 20 billion or 29% higher than a year earlier. The backlog provides around 24 months of visibility. The AI, digital and technology backlog increased more than 90% year on year, and other strategic growth sectors (defense, critical minerals and energy, including nuclear) collectively grew at 65%.

Growth was particularly strong at Turner. Sales increased 24% on an fx-adjusted basis, while operational profit before tax increased 47% fx-adjusted to EUR 891 million.

The Group continues to benefit from significant demand for advanced infrastructure, with recent announcements further strengthening HOCHTIEF’s position in its strategic growth verticals. These include awards for data centers in Asia, US and Europe, the Natural History Museum in Berlin, Sellafield nuclear works in the UK, engineering and design for the Barroso Lithium Project in Portugal, transmission network expansion in Australia, and military ground-testing facilities in the US.

Outlook

HOCHTIEF's 2026 operational net profit guidance is EUR 1,025 million to EUR 1,100 million, representing an increase of 30% to 40% year on year.

Mr Santamaría said: “We are translating opportunities from the global infrastructure investment super-cycle into profitable growth by bringing together our capabilities across the Group, maintaining disciplined project selection and execution, and converting earnings into cash.”

“The growth in our order book, the quality of our backlog and our strong cash generation give us confidence in the outlook and provide a solid platform for continued value creation.”