EQS-News: Semi-Annual Report 2026: STRABAG SE increases earnings and raises 2026 guidance

EQS-News: STRABAG SE / Key word(s): Half Year Results
Semi-Annual Report 2026: STRABAG SE increases earnings and raises 2026
guidance

28.08.2026 / 07:00 CET/CEST
The issuer is solely responsible for the content of this announcement.

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Semi-Annual Report 2026: STRABAG SE increases earnings and raises 2026
guidance

• Output up 12%, reaching € 10 billion at half-year mark for first time
• Order backlog at record level of € 36 billion, plus of 27%
• EBIT of € 174 million (+35%), net income at € 119 million (+25%)
• 2026 guidance raised: output close to € 23 billion, EBIT margin of
5.5–6%

STRABAG SE 6M/2026 6M/2025 Δ %
Output volume 9,982.67 8,905.19 12
Order backlog 35,985.22 28,366.22 27
Employees (FTE) 80,923 79,159 2

NORTH + WEST 6M/2026 6M/2025 Δ %
Output volume 4,291.83 3,640.49 18
Order backlog 14,748.44 12,999.89 13
Employees (FTE) 23,837 23,070 3

SOUTH + EAST 6M/2026 6M/2025 Δ %
Output volume 3,367.08 3,184.46 6
Order backlog 8,671.74 8,534.95 2
Employees (FTE) 25,316 25,538 -1

INTERNATIONAL + SPECIAL DIVISIONS 6M/2026 6M/2025 Δ %
Output volume 2,233.34 1,992.65 12
Order backlog 12,538.22 6,811.49 84
Employees (FTE) 23,492 22,610 4

OTHER 6M/2026 6M/2025 Δ %
Output volume 90.42 87.59 3
Order backlog 26.82 19.89 35
Employees (FTE) 8,278 7,941 4

Output / order backlog in € million

The publicly listed European technology group for construction services
STRABAG SE today announced its figures for the first six months of
2026. „While road construction projects got off to a later start in the
first quarter due to the cold weather, momentum picked up significantly in
the second quarter, allowing us to report output of € 10 billion at the
half-year mark for the first time. Strong demand for infrastructure
construction, particularly in Germany and in our international markets,
drove the order backlog to a new record of € 36 billion. At the same time,
our profitable growth continues, resulting in a further increase in
earnings. On this basis, we are raising our guidance for the 2026
financial year“, explains Stefan Kratochwill, CEO of STRABAG SE.

Output volume and revenue
STRABAG SE increased its output volume significantly in the first half of
2026 with a plus of 12% to € 9,982.67 million. While transportation
infrastructure projects started later in the first quarter due to
prolonged periods of cold weather in Europe, output rose strongly in the
second quarter. The largest increase was recorded in Germany, particularly
in energy infrastructure and railway construction. Significant growth in
output volume was also achieved in the United Kingdom, partly as a result
of the acquisition of Van Elle, as well as in the Czech Republic and
Croatia. Consolidated revenue increased by 15%, slightly faster than
output. As a result, the ratio of revenue to output rose from 89% to 92%
year on year.

Order backlog
STRABAG SE’s order backlog once again grew substantially in the first half
of 2026, reaching € 35,985.22 million as at 30 June 2026. This represents
an increase of 27% compared with the same date in the previous year and
15% compared with year-end 2025. The largest increases were recorded in
Germany, the Americas, Australia, Austria and the core markets of Eastern
Europe, particularly Poland and the Czech Republic.

Major orders received in the first half of 2026 included large-scale
infrastructure contracts in Germany, among them several contract packages
for the construction of the Pfaffensteig Tunnel, the replacement new build
of the Erlangen lock and, in railway construction, the general
refurbishment of the Lehrte–Oebisfelde section of the Hanover–Berlin
high-speed line. Mining contracts worth around € 800 million contributed
to the order backlog in Chile, while major railway construction contracts
worth approximately € 490 million were secured in Australia. In Austria,
notable orders included residential construction and energy infrastructure
projects, while large-scale mobility infrastructure contracts were won in
Eastern Europe.

Financial performance
Earnings before interest, taxes, depreciation and amortisation (EBITDA)
increased by 30% to € 560.09 million in the first half of 2026. Despite
the higher revenue, the combined share of expenses for materials and
services and employee benefits expense in revenue was reduced from 93% to
92%. Depreciation of property, plant and equipment and amortisation of
intangible assets increased year on year to € 385.66 million (6M/2025: €
301.44 million). Unlike in the previous year, this figure includes a € 50
million impairment loss on goodwill in connection with an acquisition.
Earnings before interest and taxes (EBIT) increased significantly by 35%
to € 174.43 million.

The North + West segment achieved a significant improvement in earnings
from an already high level. Earnings in the South + East segment remained
negative due to the higher proportion of transportation infrastructure
projects in the first half of the year; despite the colder weather in the
first quarter, however, this figure was less negative than in the previous
year. The International + Special Divisions segment delivered a solid
earnings contribution despite the impact of the aforementioned impairment
loss on goodwill.

Net interest income increased to € 29.43 million, compared with € 15.38
million in the first half of 2025. While net interest income in the
previous year was adversely affected by exchange rate differences of €
-13.04 million, these had virtually no impact in the reporting period,
amounting to € 0.1 million. In addition, the higher level of liquidity
compared with the previous year resulted in higher interest income.

Earnings before taxes (EBT) therefore amounted to € 203.86 million,
significantly above the previous year’s figure of € 144.75 million. Income
tax expense came to € -83.99 million (6M/2025: € -47.68 million),
increasing the effective income tax rate to 41%. The year-on-year increase
was primarily attributable to the aforementioned impairment loss on
goodwill, which is not deductible for tax purposes. This resulted in net
income of € 119.87 million, compared with € 97.07 million in the first
half of 2025.

The earnings attributable to non-controlling interests amounted to € 0.81
million and were therefore at a similar level to the previous year in
absolute terms. Overall, net income after minorities amounted to € 119.06
million (6M/2025: € 94.89 million). Based on a weighted average of
115,442,696 shares outstanding in the first half of 2026, earnings per
share amounted to € 1.03 (6M/2025: € 0.82).

Financial position and cash flows
The balance sheet total (total assets) amounted to € 16.8 billion as at 30
June 2026, 6% above the figure at year-end 2025. The main changes on the
assets side resulted from the seasonal increase in inventories and
contract assets, which was accompanied by a decline in cash and cash
equivalents.

Compared with year-end 2025, the equity ratio decreased to 32.7% but
remained at a high level (31 December 2025: 35.9%). This development was
primarily attributable to the payment of the dividend for the 2025
financial year in the first half of 2026.

STRABAG continues to report a solid net cash position. Compared with
year-end 2025, this decreased from € 3,518.26 million to € 2,606.26
million due to the seasonality typical of the construction business and
the associated build-up of working capital, as well as investments made in
the first half of the year.

Cash flow from operating activities returned to positive territory at €
11.16 million (6M/2025: € -284.44 million). This development was
attributable to higher cash flow from earnings as well as a smaller
year-on-year build-up of working capital.

Cash flow from investing activities amounted to € -677.99 million
(6M/2025: € -430.31 million). The higher cash outflow compared with the
previous year is in line with the implementation of Strategy 2030 and was
primarily attributable to the acquisitions of WTE, Van Elle and Stumpp.

Cash flow from financing activities amounted to € -245.07 million in the
first half of 2026 (6M/2025: € -261.75 million). The cash outflow was
therefore lower despite a higher dividend payment compared with the
previous year. This was primarily due to the raising of nonrecourse
liabilities to refinance the expansion of the Hold Estate portfolio.

Employees
STRABAG had an average of 80,923 employees (FTE) in the first half of
2026, an increase of 2% compared to the same period of the previous year.
The largest increases resulted from the acquisitions of Van Elle and the
WTE Group as well as from the expansion of capacity to execute major
projects in the United Kingdom and Germany. In the Americas, the number of
employees declined as major projects progressed towards completion.

Outlook for 2026
Based on the continued strong growth in the order backlog and the
significant increase in output in the second quarter, the Management Board
has updated its outlook for the 2026 financial year. It now expects output
volume to approach € 23 billion, compared with the previous estimate of
around € 22 billion. In view of the positive earnings development in the
first half of the year, the EBIT margin for the full year 2026 is now
expected to be between 5.5% and 6%, compared with the original forecast of
between 5% and 5.5%. Net investments, defined as cash flow from investing
activities, are still expected to amount to no more than € 1.5 billion.

STRABAG SE is a European-based technology group for construction services,
a leader in innovation and financial strength. Our activities span all
areas of the construction industry and cover the entire construction value
chain. We create added value for our clients by taking an end-to-end view
of construction over the entire life cycle – from planning and design to
construction, operation and facility management to redevelopment or
demolition. In all of our work, we accept responsibility for people and
the environment: We are shaping the future of construction and are making
significant investments in our portfolio of more than 250 innovation and
400 sustainability projects. Through the hard work and dedication of our
approximately 89,000 employees, we generate an annual output volume of
around € 20 billion.

Our dense network of subsidiaries in various European countries and on
other continents extends our area of operation far beyond the borders of
Austria and Germany. Working together with strong partners, we are
pursuing a clear goal: to design, build and operate construction projects
in a way that protects the climate and conserves resources.

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28.08.2026 CET/CEST This Corporate News was distributed by [1]EQS Group

View original content: [2]EQS News

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Language: English
Company: STRABAG SE
Donau-City-Straße 9
1220 Vienna
Austria
Phone: +43 1 22422 – 1089
Fax: +43 1 22422 – 1177
E-mail: investor.relations@strabag.com
Internet: www.strabag.com
ISIN: AT000000STR1
Listed: Vienna Stock Exchange (Official Market)
LEI Code: 529900TYYSRJH2VJSP60
EQS News ID: 2388988

End of News EQS News Service

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