Hochtief with Profit Increase – US Business and Highway Concessions Provide Momentum

In the world of construction conglomerates, a positive picture is emerging for Hochtief: The company recorded an increase in profits in the first quarter of 2024 thanks to flourishing businesses in the United States and in the motorway operator sector. The subsidiary Turner and the stake in the Spanish motorway operator Abertis, in which Hochtief can claim a 20 percent stake, made significant contributions to this result. According to the latest information, the group's profit, adjusted for special effects, increased by 3.4 percent to 142.2 million euros. Excluding the results of Ventia, which was sold in the previous year, the adjusted profit growth is even an impressive 16 percent. The positive development should help Hochtief to achieve its targets for the current year. Thanks to a healthy order backlog, the group's management expects an adjusted net profit between 560 and 610 million euros – an optimistic outlook that is based on a profit increase of 6.1 percent recorded last year, which corresponds to an adjusted amount of just over 553 million euros. Not just adjusted for special effects, but also in the overall picture, Hochtief presents itself as a winner: The total profit realized by the company in the first quarter amounts to 132.8 million euros, which is 4.2 percent above the level of the previous year. On the revenue side, the upward trend is supported by an increase of 9.2 percent to approximately 6.76 billion euros. The Essen-based company now reports on its business divisions in a three-part segment structure: "Integrated Solutions" encompassing Turner and Cimic, the "Engineering & Construction" sector including Hochtief Europe and Flatiron, and the "Infrastructure" segment, which includes Abertis, Hochtief PPP Solutions, and Pacific Partnerships.