Switzerland's Implenia AG misses 2025 revenue estimates

Implenia AG

04/03/2026 05:31

Overview

Swiss construction firm's 2025 revenue declined, missing analyst expectations

Order book grew 24.7% to CHF 8.5 bln, indicating future revenue growth

Proposed dividend increase to CHF 1.40 per share, up 56%

Outlook

Implenia expects 2026 EBIT of ~CHF 150 mln before growth investments

Company anticipates further EBIT increase from 2027 onwards

Implenia maintains mid-term targets: equity ratio of 25%, EBIT margin >4.5%

Result Drivers

ORDER BOOK GROWTH - Order book increased by 24.7% to CHF 8.5 bln, indicating future revenue growth

CIVIL ENGINEERING CONTRIBUTION - Division Civil Engineering's EBIT rose to CHF 55 mln, driven by major infrastructure contracts

BUILDINGS DIVISION STABILITY - Buildings Division maintained stable EBIT through real estate transactions and Cham Swiss Properties

Company press release: ID:nEQ9gpytLa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
FY Revenue
Miss
CHF 3.47 bln
CHF 3.61 bln (5 Analysts)
FY Net Income
CHF 84.65 mln
FY EBIT
CHF 140.46 mln
FY Free Cash Flow
CHF 125.34 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 2 "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 Implenia AG is CHF90.00, about 28.4% above its March 3 closing price of CHF70.10

The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 12 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(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.)