The €1.7 million net profit is particularly noteworthy considering that the year’s results still reflect the costs associated with the Recapitalisation Plan, launched in 2024 and completed in February 2025, which involved expenses of nearly €21 million.

In 2025, the strong performance of OHLA’s Construction Division stood out, with EBITDA soaring to €232.8 million, representing an increase of around 47.4% versus the previous year. This progress is largely explained by the improvement in the Division’s margin, which reached 7.0%, compared with 4.7% in 2024. The positive evolution is driven by the steady strengthening of a more profitable, higher‑quality backlog, together with the successful implementation of the Group’s Efficiency Improvement Plan, focused on optimising overhead costs.

In this regard, it is worth remembering that in May, under its 2025–2029 Strategic Plan, OHLA announced a comprehensive reduction of its overhead structure with the aim of improving the efficient use of the Group’s capabilities, targeting annual cost savings of €40 million.

Within this context, the Construction Division significantly strengthened its international positioning in 2025, securing and adding to its backlog several strategically important projects, including the Port of Miami (United States), the Lo Ruiz Tunnel (Chile) and improvement works on the Pan-American Highway in Panama, among others.

At year‑end 2025, the Group’s leverage ratio also showed a notable improvement, standing at 1.7x, far below the 11.1x recorded just five years earlier. This substantial progress stems from the significant deleveraging effort undertaken since 2020, during which OHLA has repaid a total of €563 million in debt.

Uncertainties resolved

In 2025, OHLA successfully resolved the main uncertainty that had weighed on the Group over the past decade. The decision issued in the Sidra arbitration brings an end to a prolonged period of inherited disputes and restores full visibility over the Group’s future performance. The final impact of the procedure was reduced to just €0.5 million, following the addendum released in December by the International Chamber of Commerce.

In parallel, in February the International Chamber of Commerce also issued a favourable award in the arbitration related to the Doha Major Stations contract. The ruling orders Qatar Railways Company to pay the joint venture, of which OHLA holds a 30% stake, a total of €314.9 million, from which OHLA will benefit proportionally.