HOCHTIEF (+) : Q126 results beat; guidance unchanged (but increasingly conservative)

研报英文原文证据摘录

HOCHTIEF (+) : Q126 results beat; guidance unchanged (but increasingly conservative)

EQUITIES

TRANSPORT & INFRA.

HOCHTIEF OUTPERFORMPRICE* EUR549.0  TARGET PRICE EUR469 (DOWNSIDE 15%)

FLASH NOTE

Q126 results beat; guidance unchanged (but increasingly conservative)

11 MAY 2026 Securities Research Report Production time: 12:47* (London time)

Research Analyst & Publishing Entities

Dario Maglione BNP Paribas London Branch (+44) 203 430 8551 dario.maglione@uk.bnpparibas.com

What happened?

Hochtief reported Q126 results and reiterated guidance for 2026.

BNPP View:

Results were good. Operating Net Income was +5% versus company-compiled consensus (and +8% vs. BNPP), with

YoY growth of +30% YoY (+41% yoy FX adjusted), which is at the very top end of the guidance for FY growth of +20%

to +30% despite that Q1 was a tough comp due to unfavourable FX. Cash flow generation was good, helped also by

better working capital movements versus Q125. Order intake was strong (+27% yoy FX adjusted) and importantly, it

was strong especially for data centres, which we understand from management continues doubling YoY. The guidance

for FY26 is unchanged, as we expected, but appears increasingly conservative to us. Hochtief shares are down 3%

today at the time of writing, which, despite a strong run in the past few weeks, we think is slightly unfair based on very

solid Q1 results.

In more detail:

Turner showed a strong performance, with Operational PBT of EUR246m (vs. BNPP EUR248m). YoY growth in USD

was +56% yoy, which is significantly ahead of guidance for FY26 of +25% to +30% yoy. The Op. PBT margin at 3.8%

was higher than expected and confirms our thesis that margin expansion of this segment is under-appreciated.

Hochtief’s backlog reached an all-time high of EUR79.3bn (vs.