HOCHTIEF Aktiengesellschaft
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5-year stock timeline
2026 H1 — Strong results, record backlog; guidance raised
HOCHTIEF reported a robust first half of 2026 with strong revenue, profit and order intake. Management raised full-year operational net profit guidance for 2026. Investor perception shifted toward a reinforced growth story driven by scale in strategic verticals (data centers, infrastructure) and an enlarged backlog. The market treated HOCHTIEF more as a high-quality growth and operational-leverage play within construction peers.
H1 2026 sales reached €20.1 billion. Operational net profit for H1 2026 was €480 million, up 35% year-over-year. Backlog stood at approximately €85 billion, up 23% year-over-year. Full-year 2026 operational net profit guidance was raised to €1,025–€1,100 million, implying roughly 30–40% year-over-year growth [2][11].
2025 — Record operational performance and cash generation
HOCHTIEF published full-year 2024 results in early 2025 showing strong nominal net profit, record backlog and robust cash flow. Management set a 2025 target of further profit growth. Market narrative consolidated around improved profitability and cash conversion, reinforcing confidence in HOCHTIEF's ability to scale earnings and use cash for deleveraging and growth. The stock profile leaned toward quality growth with capital discipline.
Nominal net profit for full-year 2024 was reported at €776 million, up roughly 48% versus the prior year. The company stated record backlog up roughly 22% and indicated guidance for further net profit increase in 2025, published 19 February 2025 [1].
2024 — Continued organic growth, Turner contributes; new-order momentum supports guidance
HOCHTIEF reported continued growth in 2024 with improved operational net profit and new-orders growth supporting guidance into 2025. Investors increasingly viewed the Turner (U.S.) business and high-tech infrastructure projects as durable earnings drivers. Stock narrative emphasized diversification of risk across geographies and verticals rather than reliance on single markets.
Operational net profit for 2023 (reported during the 2024 reporting cycle) was €553 million. The company cited 2024 guidance supporting up to roughly 10% further increase [13].
2023 — Earnings progress, Turner awards and orderbook growth
HOCHTIEF reported 2023 operational net profit growth and a material pickup in new orders, including significant awards to Turner in the U.S. Market perception shifted from recovery mode (post-pandemic) to sustained growth, with Turner's U.S. market position increasingly seen as a key profit engine. Investors began to ascribe higher multiple support given recurring large-scale contracts and improving margins.
Operational net profit for 2023 was €553 million, up 11% year-over-year. Management guided 2024 net profit to increase by up to roughly 10% with new orders up roughly 27% supporting that view [13].
2022 Q1–Q2 — Integration move: takeover and full ownership of CIMIC
HOCHTIEF launched and completed an unconditional takeover offer for the remaining free-float shares of CIMIC Group (the company's Asia Pacific business), moving from a roughly 78.6% stake to 100% ownership by 10 June 2022. CIMIC was delisted from the ASX after HOCHTIEF reached roughly 96% before a squeeze-out completed the full integration. Investors saw the move as a strategic simplification and consolidation step that removed minority-interest complexity and allowed full consolidation of CIMIC's earnings and cashflows. Reaction included attention to the cash cost of the offer and potential upside from tighter group control over Australia and Asia operations.
The offer price for remaining CIMIC shares was A$22 per share. HOCHTIEF reached 100% ownership of CIMIC on 10 June 2022. The process unfolded as follows: takeover offer launched 23 February 2022; suspension and delisting in May after achieving roughly 96% [16][21][23].
2021 — Return-to-growth after pandemic-year volatility; guidance confirmed
HOCHTIEF reported H1 2021 improved results with nominal net profit and new orders increased. The company confirmed group guidance for full-year 2021 operational net profit in the range €410–€460 million. Investor perception moved from pandemic-era caution toward a return-to-growth thesis. Improved order intake and confirmed guidance reduced "COVID hangover" risk and recast HOCHTIEF as resuming a steady operational recovery.
H1 2021 nominal net profit was €195 million, up roughly 29% year-over-year. New orders for H1 2021 reached €14.3 billion, up 47% year-over-year. Operational net profit guidance for full-year 2021 was €410–€460 million [29][25].
2020–early 2021 — Pandemic disruption and subsequent recovery signals
The pandemic depressed activity in 2020. By 2021 HOCHTIEF showed recovery in orders and operating profit, laying the foundation for the subsequent multi-year rebound. Stock narrative shifted from risk and uncertainty toward recovery and reconstruction exposure. Investors began re-rating HOCHTIEF as a more predictable industrial compounder rather than pandemic-impacted cyclicality.
Operational net profit for 2020 was €359 million on a like-for-like basis. The company targeted roughly €410–€460 operational net profit for 2021 [25][28].
Key risks and downside factors
HOCHTIEF operates as a leading international construction and infrastructure contractor, with particular strength in civil engineering, transport infrastructure, and concessions work. Its competitive landscape includes large global construction groups and engineering contractors—both European peers and major international players—all competing for substantial public works contracts, transport concessions, and public-private partnerships. The business carries meaningful structural risks. Public infrastructure spending moves in cycles, creating revenue volatility. Project execution presents ongoing exposure to cost overruns and schedule delays. The company's revenue base concentrates in large, complex projects and long-duration concession arrangements, which amplifies the impact of individual setbacks. Competition from state-backed firms, particularly Chinese groups operating at lower cost structures, pressures margins on international bids. Concession financing introduces additional layers of regulatory complexity and credit risk, while bonding requirements for large contracts create working capital demands that fluctuate with the project pipeline.
- Project execution risk encompasses cost overruns, delays, and claims on large infrastructure projects—each of which can erode margins and constrain cashflow.
- Competition from large, low-cost state-backed contractors—particularly Chinese groups—alongside aggressive global peers is putting sustained pressure on pricing.
- Concession and financing risk arise when traffic or usage falls short of projections, when debt requires refinancing at less favorable terms, or when regulatory changes alter the economics of a project. Any of these can meaningfully reduce returns on public-private partnership or concession assets [1].
- Government infrastructure spending cycles, interest rate movements, and construction demand fluctuations create material headwinds for backlog and revenue. When public spending contracts, rates rise, or construction demand softens, the impact flows directly through to both.
Competitive landscape
HOCHTIEF is a major European construction and infrastructure services group with deep expertise in large-scale civil engineering, transport, and energy projects, alongside a growing presence in hyperscale data-centre work. It competes against large global contractors and European peers who overlap across concessions, civil works, and international project delivery. The business faces material headwinds: execution risk on complex projects, margin compression from raw-material and labour cost inflation, concentration in cyclical growth markets (particularly US data centres), and regulatory and geopolitical exposure across multiple jurisdictions where it operates.
| Company | Ticker |
|---|---|
| AECOM (Aecom Holdings Inc.) | ACM.NYSE |
Private competitors
- Bechtel (private)
- China Communications Construction Company subsidiaries (private/state-owned competitor units)
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Start Free TrialPerformance Figures of HOCHTIEF Aktiengesellschaft
Relative Performance vs Benchmarks
| Period | HOCHTIEF Aktiengesellschaft | vs DAX | vs S&P 500 (SPY) |
|---|---|---|---|
| 1M | -7.41% | -3.38% | -7.29% |
| 3M | -20.45% | -18.96% | -23.31% |
| 6M | -3.21% | -11.98% | -20.32% |
| 1Y | +72.60% | +67.08% | +56.65% |
| 3Y | +342.99% | +279.22% | +257.62% |
| 5Y | +564.52% | +498.26% | +476.36% |
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Start Free TrialHistorical valuation trends
How the company’s key valuation ratios (P/E, P/S, P/B and P/CF) have evolved over time compared to today.
| Period | P/E Ratio | P/S Ratio | P/B Ratio | P/CF Ratio |
|---|---|---|---|---|
| Current | 33.3 | 0.7 | 22.8 | 12.8 |
| 1Y ago | 20.1 | 0.4 | 22.8 | 8.3 |
| 3Y ago | 14.3 | 0.3 | 6.4 | 7.3 |
| 5Y ago | 11.4 | 0.2 | 6.2 | 6.3 |
Frequently Asked Questions
Where is the HOCHTIEF Aktiengesellschaft stock traded?
What does HOCHTIEF Aktiengesellschaft do?
What are the key metrics for HOT.XETRA?
How has HOCHTIEF Aktiengesellschaft's stock price performed?
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Does HOT.XETRA pay dividends?
What are the key risks when investing in HOT.XETRA?
- Project execution risk encompasses cost overruns, delays, and claims on large infrastructure projects—each of which can erode margins and constrain cashflow.
- Competition from large, low-cost state-backed contractors—particularly Chinese groups—alongside aggressive global peers is putting sustained pressure on pricing.
- Concession and financing risk arise when traffic or usage falls short of projections, when debt requires refinancing at less favorable terms, or when regulatory changes alter the economics of a project. Any of these can meaningfully reduce returns on public-private partnership or concession assets [1].
- Government infrastructure spending cycles, interest rate movements, and construction demand fluctuations create material headwinds for backlog and revenue. When public spending contracts, rates rise, or construction demand softens, the impact flows directly through to both.
Who are the main competitors of HOCHTIEF Aktiengesellschaft?
- AECOM (Aecom Holdings Inc.) (ACM.NYSE)
When does HOCHTIEF Aktiengesellschaft report earnings?
Key Metrics
Valuation Metrics
Profitability Metrics
Growth Metrics
Dividend history
Long-term record of paid dividends (amount per share and dividend yield at the time of payment).
| Year | Dividend | Yield at payment | Avg. yield |
|---|---|---|---|
| 2026 | 6.60 EUR | 1.47% | 3.3% |
| 2025 | 5.23 EUR | 3.08% | |
| 2024 | 4.40 EUR | 4.36% | |
| 2023 | 4.00 EUR | 4.96% | |
| 2022 | 1.91 EUR | 3.20% | |
| 2021 | 3.93 EUR | 4.97% | |
| 2020 | 5.80 EUR | 7.91% | |
| 2019 | 4.98 EUR | 4.07% | |
| 2018 | 3.38 EUR | 2.21% | |
| 2017 | 2.60 EUR | 1.52% | |
| 2016 | 2.00 EUR | 1.76% | |
| 2015 | 1.90 EUR | 2.81% | |
| 2014 | 1.50 EUR | 2.22% | |
| 2013 | 1.00 EUR | 1.77% | |
| 2011 | 2.00 EUR | 3.23% |
Earnings history & estimates
Historical earnings performance shows how consistently the company meets or exceeds analyst expectations. Forward estimates provide insight into expected profitability and growth trajectory.
Historical earnings performance
Upcoming earnings report
Analyst estimates for upcoming periods
Key financial figures
Selected income statement, balance sheet and cash flow figures. Annual and quarterly, based on reported IFRS/GAAP financials.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 38.24B | 33.30B | 27.76B | 26.22B | 21.38B |
| Operating income (EBIT) | 993.84M | 569.87M | 890.67M | 816.22M | 582.20M |
| Net income | 902.33M | 775.63M | 522.75M | 481.77M | 293.40M |
| Free cash flow | 1.61B | 1.66B | 1.12B | 863.28M | 307.96M |
| Total assets | 24.94B | 24.65B | 19.01B | 18.30B | 16.24B |
| Equity | 1.27B | 1.07B | 1.24B | 1.13B | 801.00M |
| Net debt | 1.97B | 2.76B | 350.88M | 1.31B | 820.73M |
PWP Leeway UG (haftungsbeschränkt)
