Essen-based construction and infrastructure group HOCHTIEF further accelerated its growth trajectory in profitability, cash flow, and order intake in the first nine months of the 2026 financial year. A key driver of this performance was sustained strong demand in core technological and infrastructure segments, such as artificial intelligence, digitisation, energy including the nuclear sector, as well as security and defence infrastructure. Operational group profit in the reporting period up to 30 September rose by 40 per cent year-on-year to EUR 752 million, representing an increase of 42 per cent adjusted for currency effects.
Alongside the increase in operational earnings, the group demonstrated strong cash generation. Cash flow from operating activities before factoring totalled EUR 2.7 billion over the past twelve months, exceeding the previous year's figure by EUR 686 million. Operational net cash flow before factoring reached EUR 2.0 billion, representing a rise of EUR 637 million. As a result, net financial assets improved by EUR 1.0 billion year-on-year. Rating agency S&P recognised this financial progress and upgraded HOCHTIEF's credit rating to BBB with a stable outlook.
Order backlog reaches historic record level
Order intake rose by 33 per cent to EUR 48.6 billion in the first nine months of 2026 (up 35 per cent adjusted for currency effects), representing 1.4 times the work done. Around 65 per cent of new orders stemmed from defined strategic future fields. Consequently, the group's total order backlog rose to a record high of EUR 90 billion, representing an increase of EUR 20 billion or 29 per cent compared to the prior-year period. The existing volume of orders secures capacity utilisation for an arithmetical period of around 24 months.
The division for artificial intelligence and digitisation developed with particular momentum, with its order backlog expanding by more than 90 per cent. A substantial contribution to growth was delivered by US subsidiary Turner: the company lifted its revenue by 24 per cent adjusted for currency effects, whilst operational profit before tax stood at EUR 891 million, up 47 per cent on a currency-adjusted basis compared to the corresponding period last year.
- —Construction of high-performance data centres across Europe, North America, and Asia
- —Modernisation and construction work at the Museum für Naturkunde in Berlin
- —Complex engineering services at the Sellafield nuclear site in the United Kingdom, alongside design work for the Barroso lithium project in Portugal
- —Expansion of power transmission grids in Australia, as well as the implementation of military testing facilities in the United States
Full-year earnings guidance raised
Juan Santamaría, Chief Executive Officer of HOCHTIEF, explained that the group is purposefully translating the opportunities of the global investment cycle into profitable growth. Management continues to focus on disciplined project selection, stringent risk management, and a comprehensive range of solutions across the entire life cycle of complex engineering projects.
For the full year 2026, HOCHTIEF anticipates an operational group profit in the range of EUR 1,025 million to EUR 1,100 million. This corresponds to a forecast rise of approximately 30 to 40 per cent compared to the previous year and underlines the company's solid foundation for the coming quarters.
