Germany's Hochtief H1 operational net profit rises on infrastructure demand; raises guidance

HOCHTIEF AG

27/07/2026 13:10

Overview
Germany construction group's H1 operational net profit rose 35% yr/yr to EUR 480 mln
Sales for H1 increased 10% yr/yr to EUR 20.1 bln
New orders climbed 25% fx-adj to EUR 31.5 bln, order backlog hit record EUR 84.8 bln

Outlook
Hochtief raises 2026 operational net profit guidance to EUR 1,025 mln-EUR 1,100 mln
Turner 2026 operational profit before tax guidance increased to $1,400 mln-$1,460 mln
Company sees sustained demand for digital infrastructure, energy, defense and critical minerals projects

Result Drivers
INFRASTRUCTURE DEMAND - Co said results were driven by sustained demand for digital infrastructure, energy, defense and critical minerals projects
STRATEGIC PROJECT WINS - Co cited growth in new orders and backlog from large-scale data center, mining and energy projects in North America, Australia and Europe
CASH FLOW AND WORKING CAPITAL - Co said improved cash flow and net cash position were supported by working capital discipline and strong operating performance

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
H1 Sales
 
EUR 20.14 bln
 
H1 Operational Net Profit
 
EUR 479.70 mln
 
H1 Orders
 
EUR 31.50 bln
 

Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 8 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the construction & engineering peer group is "buy."
Wall Street's median 12-month price target for Hochtief AG is €508.00, about 13.5% above its July 24 closing price of €447.40
The stock recently traded at 28 times the next 12-month earnings vs. a P/E of 27 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)