Obrascón Huarte Lain, S.A. Q2 2026 Earnings Recap

Shares fell 3.0% following the earnings release, reflecting investor concern over the cautious outlook and the extraordinary nonrecurring impact related to the Flaggers case, which suppressed net results despite improved operational earnings.

Key Takeaways

• EBITDA from ongoing activities reached EUR 116.9 million, a 39% increase year-over-year, with a margin of 6.7%.
• Reported EBITDA, including service sales classified as activities for sale, was EUR 103.6 million, up 20.3%, at a 5.1% margin.
• Attributable net income was EUR 0.5 million, severely impacted by a nonrecurring extraordinary expense related to the Flaggers case; excluding this, net income would have been EUR 27.1 million.
• The group’s liquidity improved to EUR 711.3 million, driven by EUR 96.4 million cash generated in Q2, offsetting seasonal cash consumption earlier in the year.
• Book-to-bill ratio remained below 1 at 0.9, with total backlog slightly higher year-over-year (+2.6%) and construction division backlog extending to 28.3 months of sales.