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Germany's Hochtief 9M sales rise on AI, defense demand 

By Reuters News


Overview

  • Germany construction group's 9M 2026 sales rose 14% yr/yr, operational net profit up 40%

  • Company reported record order backlog, up 29% yr/yr to EUR 90 bln

  • Growth driven by demand in AI, energy, defense, and critical minerals sectors


Outlook

  • Hochtief reiterates 2026 operational net profit guidance of EUR 1,025 mln to EUR 1,100 mln

  • Company expects continued demand in AI, digital, energy, defense, and critical minerals sectors

  • Company cites record order backlog and strong cash generation as supporting future growth


Result Drivers

  • STRATEGIC SECTORS - Co said growth was driven by increased demand in AI, digital, technology, energy, nuclear, security, defense, and critical minerals sectors

  • ORDER MOMENTUM - Record new orders and backlog, with 65% of new orders in strategic growth verticals, contributed to results

  • CASH GENERATION - Accelerated operating cash flow and improved net cash position supported performance


Company press release: Full Story


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

9M Sales

EUR 32.05 bln

9M Operational Net Profit

EUR 751.60 mln

9M EBITDA

EUR 1.87 bln

9M Orders

EUR 48.61 bln


Analyst Coverage

  • The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 7 "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 Hochtief AG is €493.00, about 35.6% above its November 4 closing price of €363.60

  • The stock recently traded at 20 times the next 12-month earnings vs. a P/E of 27 three months ago


Reuters Recommended Reads

  • Nov 5 - Sweden's Skanska Q3 revenue beats on construction segment growth

  • Nov 5 - France's Bouygues 9M sales stable, net profit drops on TF1 impairment

  • Nov 5 - Skanska wary of newcomers as AI data centre boom gathers pace


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.)

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