OHLA’s solid operational performance has been largely driven by its Construction division, which remains the Group’s main growth engine. Sales in this segment reached €1.59 billion in the first half of the year, up +4.3% compared to the same period in 2024, with 76% of activity carried out internationally.

The division’s EBITDA reached €108 million, a +68% increase over the first half of the previous year, raising the EBITDA margin to 6.8%, compared to 4.2% in 2024. This significant improvement reaffirms the Group’s ability to generate value in its core markets. The Construction backlog stands at €7.572 billion, above the December 2024 level, representing 26 months of sales coverage—more than two years.

During the first six months of the year, two major international arbitration proceedings—related to the Doha Metro and Sidra Hospital projects in Qatar—were resolved favorably for the company. These resolutions eliminate any significant uncertainty that could impact OHLA’s financial position in the future.

As a result, the company reports that its auditor has removed two emphasis-of-matter paragraphs from its financial statements: one regarding the material uncertainty related to going concern, and another concerning the potential effects of the Sidra Hospital arbitration, which had been the Group’s most significant risk for nearly a decade.

The net attributable result for the first half stands at -€29 million, a figure impacted by two factors: non-recurring financial expenses associated with the recapitalization completed in February 2025, and negative foreign exchange differences recorded during the period. Excluding these impacts, the result would be close to break-even.