OHLA closed the first quarter of 2025 with an EBITDA of €26.7 million, representing a 36.9% increase compared to the same period last year (€19.5 million).

This growth was mainly driven by the strong performance of the Construction business, which continues to be the Group’s main engine of results. This division, accounting for 93.4% of total revenues, recorded a 4.9% increase in turnover, reaching €731.4 million. Its EBITDA stands at €32.2 million, equivalent to a margin of 4.4%, compared to 3.4% the previous year.

Total Group revenues amounted to €783.1 million, in line with the figure recorded in the first quarter of 2024. In this context, the overall EBITDA margin on revenues reached 3.4%, an improvement of 0.9 percentage points compared to the same period last year.

At the end of the first quarter, excluding the non-recurring effect of the abusive and arbitrary execution of guarantees related to the litigation over the Jamal Abdul Nasser Street project (Kuwait), which took place last March, cash consumption from operations improved by 12% compared to the same period in the previous year. In this regard, the recent capital increase — successfully closed with strong oversubscription — significantly strengthened the company’s liquidity position.

During the first quarter, it is also worth noting that OHLA successfully completed the Recapitalization operation announced to the market in 2024, thereby bringing the Group’s operating metrics in line with the broader market and securing the support of all its key stakeholders (i.e., relationship banks, bondholders, and shareholders).

As a result of achieving all its objectives, OHLA now has solid fundamentals, no material debt maturities until December 2029, and a leverage ratio close to 2x (down from over 11x in 2019).

Strategic Plan

In this context of financial and operational strengthening, last May OHLA presented its new 2025–2029 Strategic Plan, aiming to reach over €5 billion in revenues by 2029, representing a growth of nearly 20% compared to 2024. This trajectory will be supported by a significant improvement in profitability, with an estimated EBITDA of over €300 million — equivalent to 6% of revenues — driven by an optimized business mix.

The Plan is structured around five growth pillars — concessions, construction, developments, industrial, and services — with construction as the main cash generator, supported by a selective strategy and strong presence in key geographies. The concessions area is positioned as a key lever for financial growth, with a focus on markets such as the United States, Chile, and Central Europe. This activity mix will also enable the Group to double its cash generation compared to 2024, consolidating its profitable and sustainable growth path.

To achieve these objectives, OHLA has launched an ambitious organizational transformation plan focused on operational efficiency and strengthening key capabilities. Key measures include simplifying structures, streamlining the Services area, and consolidating support functions, with an estimated cost improvement impact of around €40 million — equivalent to a structural cost reduction of 1% based on 2024 revenues. These initiatives will enable more cohesive, agile management aligned with the strategy defined for the new growth cycle.