The Implenia Group recorded an increase in profitability and a strengthening of cash discipline in the first half of 2026. Implenia CEO Jens Vollmar emphasised the successes in strategy implementation and attributed the positive development to the focus on attractive market segments as well as digitalisation. A significant strengthening of future positioning is underlined by the considerably increased order book and the improved pre-calculated project margin.
The company increased EBIT to CHF 60.4 million in the first half of 2026, up from CHF 57.0 million in the same period last year. This led to an increase in the EBIT margin to 3.4%, compared to 3.1% in the first half of 2025. All divisions contributed to this result as planned, demonstrating Implenia’s resilience to geopolitical and macroeconomic uncertainties. Revenue was CHF 1,767 million, after CHF 1,856 million in the previous year. The order book increased by 9.6% to CHF 8,524 million (HY1.2025: CHF 7,778 million). The pre-calculated project margin in the order book improved from 7.5% to 7.9%, confirming the high quality of the project portfolio and the efficiency of the Value Assurance approach.
The Buildings Division achieved an EBIT of CHF 37.5 million. The building construction business developed positively with an EBIT contribution of CHF 23.5 million, while the contribution from Real Estate Development was CHF 14.0 million. The book value of Implenia’s Real Estate portfolio increased to CHF 194 million. The division’s order book rose significantly to CHF 3,010 million. Significant new orders included MEP fit-out for a data centre project and projects in Germany, particularly in the defence and education sectors. The modernisation of existing properties also saw important contract wins. The Civil Engineering Division improved its EBIT to CHF 18.8 million. The division’s revenue was CHF 926 million, with the temporary decline due to lower-revenue initial phases of large infrastructure projects. The order book increased to CHF 5,445 million, including a complex infrastructure project in Gothenburg and bridge projects in Germany and Norway.
The Service Solutions Division increased its EBIT to CHF 11.7 million on revenue of CHF 121 million. Wincasa’s assets under management rose to CHF 85.7 billion. The acquisition of zigmo engineering, a structural and object planner in Germany, underpins the strategic positioning as a leading engineering and planning service provider. Wincasa also won mandates such as the management of Fondiaria SICAV’s portfolio and services for the TX Group. The seasonally negative free cash flow improved significantly to -CHF 118 million, reflecting consistent cash discipline and progress in working capital management. The equity ratio increased to 23.4%.
Strategically, the group is focusing on market segments with structurally high demand and growth potential. These include healthcare and education properties, data and logistics centres, and transport and energy infrastructure. The announced growth investments of CHF 10-20 million for strategy implementation will mainly take effect in the second half of the year and serve to build up teams in relevant segments and regions. In parallel, efficiency improvement initiatives are being driven forward through digitalisation, the use of artificial intelligence, and the further development of operational processes to sustainably improve productivity and profitability.
