Strong infrastructure markets drive double-digit increase in sales, profit for Hochtief

The Germany-based group, which is majority-owned by Spanish firm ACS, has a presence in North America, Asia Pacific, and Europe via operating companies including Turner, CIMIC, Hochtief Europe, FlatironDragados, and Abertis.

It reported a 20% increase in group sales to €33.3 billion (US$34.7 billion) in 2024 and a 13% rise in operational net profit to €625 million, which exceeded the top end of the guidance range of €560-€610 million.

The company’s order book stands at a record level of €67.6 billion, up €12.2 billion or 22% year on year.

New orders rose by €41.8 billion during the year, up 14%.

Hochtief CEO Juan Santamariá said, “We recorded substantially higher sales and profits backed by another strong performance in cash flow generation. In parallel Hochtief was able to further strengthen its leading positions in the growth markets of data centres, advanced technology, energy and social infrastructure.”

The company pointed to contract wins during the year including a deal with Meta to build a ‘mega data centre campus’ worth more than US$10 billion in Louisiana, USA.

Hochtief CEO Juan Santamaría Cases (Image: Hochtief)

Other deals in what Hochtief has identified as strategic growth markets included buying the development rights for the 700MW Cobbora Solar Farm and associated large-scale battery energy storage system (BESS) in New South Wales, Australia. It also secured a three-year, full-service mining contract in Ontario, Canada, in the country’s nickel and copper industry.

In transport infrastructure, Turner in the US is leading a US$2.6 billion project to transform San Francisco International Airport, and Hochtief is preferred bidder on a €1 billion project to build the A15 PPP highway project in the Netherlands, while it is also executing a €2.6 billion hospital expansion in Hong Kong.

Juan Santamariá added, “Infrastructure sector investment is undergoing an unprecedented, and multi-year transformation, driven by digitalisation, demographics, decarbonization and deglobalisation. Hochtief is very well placed as a leading infrastructure and services provider to meet the rising demand that is being driven by these megatrends.”

Last year ACS and Hochtief merged their North American subsidiaries Flatiron and Dragados, making the combined business the second largest civil engineering and construction company in the United States.

ACS Group owns 61.8% of the combined entity, while Hochtief holds the other 38.2%.