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olivLaw · European equity research

STRABAG SE STR.VI

Austria · Wiener Börse · ISIN AT000000STR1 · Vertical: Listed companies from Austria

102.40EUR−1.73% · 1 dayClose 03 Nov 2026

STRABAG SE is a European construction group covering practically every construction field, from buildings and roads to tunnels and energy, with activity concentrated in Central and Northern Europe and international projects. In 2025 the group increased its activity volume and built a record order backlog, and for 2026 management expects output to rise to around 22 billion EUR.

At the close of 03 Nov 2026, STRABAG SE (STR.VI) stock was 102.40 EUR (−1.73% on the day), with market capitalisation 11.8 bn EUR, P/E 12.9 on diluted EPS of 7.94 EUR over the last 12 months, dividend yield 2.06%, beta 1.10, 52-week range 65.00–108.80 EUR.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
11.8 bn EUR
shares as of 31 Dec 2025
P/E (TTM)
12.9
Diluted EPS TTM 7.94 · TTM to 31 Dec 2025
E/P (TTM)
7.75%
TTM to 31 Dec 2025
Dividend yield
2.06%
DPS 12m 2.11
Beta (2y)
1.10
Volatility (1y) 36%
52-week range
65.00108.80

Price history

Loading chart…

Technical reading

RSI (14)
52.0
neutral
Bollinger (20, 2)
98.28 – 105.25
in the upper half of the band · %B 0.59 · band width 6.8%
SMA 50 / 200
101.06 / 91.69
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
0.13 / 0.12
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month−1.0%−1.0%+0.0 pp—
3 months+19.6%−3.9%+23.5 pp—
6 months+11.2%+7.2%+4.0 pp—
Year to date+26.4%+6.6%+19.9 pp—
1 year+47.8%+9.1%+38.7 pp+4.1%
3 years+164.9%+47.9%+117.0 pp+5.5%
5 years+171.6%+43.3%+128.3 pp—
Max drawdown (1y)
−15.7%
18 Feb 2026 → 27 Jul 2026
Max drawdown (5y)
−28.8%
19 Aug 2025 → 07 Nov 2025
Compound annual growth (5y)
+22.1%
EURO STOXX 50 +7.5%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 100 percentile of its own 2-quarter history (min 5.4, median 7.8, max 10.2; quarters with earnings only).

Fiscal years

Fiscal year20242025
Revenue17.4 bn18.7 bn
Revenue YoYunavailable+7.4%
Net income823.0 m916.3 m
Net income YoYunavailable+11.3%
Diluted EPS7.357.94
Diluted EPS YoYunavailable+8.0%
net %4.7%4.9%
Free cash flowunavailableunavailable

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
4.3 bn EUR
Financial debt
unavailable EUR
Net debt
unavailable EUR
Equity
5.7 bn EUR
Total assets
15.8 bn EUR
Debt / equity
unavailable
Current ratio
1.23x
ROE
17.2%
ROA
6.0%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (EUR)

Margins

Income statement · EUR

Revenue
2024
17.4 bn
2025
18.7 bn

esef· 29 Apr 2026verified

Operating income
2024
1.1 bn
2025
1.2 bn

esef· 29 Apr 2026verified

Interest expense
2024
69.4 m
2025
65.0 m

esef· 29 Apr 2026verified

Pre-tax income
2024
1.1 bn
2025
1.3 bn

esef· 29 Apr 2026verified

Income tax
2024
309.0 m
2025
367.2 m

esef· 29 Apr 2026verified

Net income
2024
823.0 m
2025
916.3 m

esef· 29 Apr 2026verified

Diluted EPS
2024
7.35
2025
7.94

esef· 29 Apr 2026verified

Dividend per share
2024
1.87
2025
2.11

esef· 29 Apr 2026derived

Balance sheet · EUR

Cash
2024
3.7 bn
2025
4.3 bn

esef· 29 Apr 2026verified

Inventories
2024
1.6 bn
2025
1.7 bn

esef· 29 Apr 2026verified

Current assets
2024
8.9 bn
2025
9.6 bn

esef· 29 Apr 2026verified

Property, plant & equipment, net
2024
3.0 bn
2025
3.2 bn

esef· 29 Apr 2026verified

Goodwill
2024
555.8 m
2025
738.7 m

esef· 29 Apr 2026verified

Total assets
2024
14.7 bn
2025
15.8 bn

esef· 29 Apr 2026verified

Current liabilities
2024
7.4 bn
2025
7.8 bn

esef· 29 Apr 2026verified

Equity
2024
5.0 bn
2025
5.7 bn

esef· 29 Apr 2026verified

Shares outstanding at year end
2024
112.0 m
2025
115.4 m

esef· 29 Apr 2026derived

Cash flow · EUR

Operating cash flow
2024
1.4 bn
2025
1.8 bn

esef· 29 Apr 2026verified

Investing cash flow
2024
-749.5 m
2025
-813.3 m

esef· 29 Apr 2026verified

Financing cash flow
2024
-353.7 m
2025
-409.6 m

esef· 29 Apr 2026verified

Dividends paid
2024
209.6 m
2025
242.9 m

esef· 29 Apr 2026verified

Computed indicators

Growth

Revenue growth (YoY)
7.4%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
17.5%
computed by olivLawFY 2025
Net income growth (YoY)
11.3%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
8.0%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
6.7%
computed by olivLawFY 2025
Net margin
4.9%
computed by olivLawFY 2025
FCF margin
unavailable
input data missing

Returns

ROE
17.2%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
6.0%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
15.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
26.5%
computed by olivLawFY 2025
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
19.2x
computed by olivLawFY 2025

Liquidity

Current ratio
1.2x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
1.0x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.6x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
1.8 bn EUR
computed by olivLawFY 2025
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
11.8 bn EUR
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
unavailable
input data missing
Market cap / net income TTM
12.9x
computed by olivLawFY 2025
P/E (TTM)
12.9x
computed by olivLawFY 2025
Earnings yield
7.8%
computed by olivLawFY 2025
P/B
2.1x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
0.6x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
2.1%
computed by olivLawFY 2025
Shareholder yield (distributions)
2.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 5 of at least 6
  • score weight coverage: 33.3% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

102.40 EUR

03 Nov 2026Source: olivLaw, closing series

Market cap: 11.8 bn EUR

Key indicators

Market capitalisation
11.8 bn EUR
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
12.9x
computed by olivLawFY 2025
P/B
2.1x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
17.2%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
4.9%
computed by olivLawFY 2025
Revenue growth (YoY)
7.4%
computed by olivLawFY 2025
Dividend yield
2.1%
computed by olivLawFY 2025

Coverage and freshness

21/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: esefpublished 29 Apr 2026
verified 41derived 4

Score by group

33% · Insufficient data

Estimated value range

Low
58.19
EUR per share
Mid
81.65
EUR per share
High
105.05
EUR per share
Price: 102.40 EUR
The price is within the range
Potential to the central value: -20.3% (value / price − 1)
Margin of safety: -25.4% (1 − price / value)
Agreement between methods: low · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 28.63 – 171.07 EUR.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (EUR per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/E87.75 – 171.07 (Mid 130.26)
    24 companies used · median multiple 16.4x · quartiles 11.1x – 21.5x
    1AST.VI, ACAG.VI, AMAG.VI, ANDR.VI, BMAG.VI, CPI.VI, DOC.VI, ETS.VI, EVN.VI, FAA.VI, FACC.VI, FQT.VI, MMK.VI, OMV.VI, POS.VI, POST.VI, PYT.VI, ROS.VI, SBO.VI, SWUT.VI, TKA.VI, VER.VI, VOE.VI, WIE.VI
  • Dividend discount (DDM)28.63 – 39.04 (Mid 33.03)

Assumptions (illustrative, editorial)

Risk-free rate
3.0%
Equity risk premium
5.5%
Beta (default)
1.00
Cost of equity
8.5%
Terminal growth
2.0%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality4.9%69 (vs peers)19%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet19.2x100 (on a fixed band)19%
Current ratio · Balance sheet1.2x36 (on a fixed band)13%
P/E (TTM) · Valuation12.9x65 (vs peers)31%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returns2.1%29 (on a fixed band)19%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet74/100 · 2/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality· partial69/100 · 1/3 factors with a value
  • Returns· partial29/100 · 1/2 factors with a value
  • Valuation· partial65/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

STRABAG SE (STR.VI). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 18.7 bn EUR in 2025; YoY growth 7.4%; net margin 4.9%; ROE 17.2%.

The estimated value range is 58.19–105.05 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 81.65 EUR, the price of 102.40 EUR leaves a potential of -20.3% (value / price − 1) and a margin of safety of -25.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Interest coverage: 19.2x

What contradicts it

  • Shareholder yield (distributions): 2.1%
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).

Versus the vertical median

Listed companies from Austria · same country · compared with 39 companies

Multiples and returns vs the median

P/E
12.9x
vertical median 16.8x
below median (−23.3%)
EV/EBITDA
—
vertical median 5.1x
P/S
0.6x
vertical median 0.7x
below median (−5.0%)
P/B
2.1x
vertical median 1.5x
above median (+42.5%)
ROE
17.2%
vertical median 7.1%
above median (+140.4%)
Net margin
4.9%
vertical median 3.5%
above median (+40.6%)
EBIT margin
6.7%
vertical median 5.7%
above median (+17.1%)
Revenue YoY
7.4%
vertical median -2.1%
above median
Net debt/EBITDA
—
vertical median 0.6x
Dividend yield
2.1%
vertical median 2.8%
below median (−27.3%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
OMV.VIOmv Aktiengesellschaft35.6 bn23.48.9%6.3%−7.2%+53% / +86%
VER.VIVerbund AG24.1 bn16.214.7%18.6%−2.8%+9% / −21%
STR.VIStrabag Se11.8 bn12.917.2%4.9%+7.4%+33% / +170%
ANDR.VIAndritz AG8.0 bn17.519.3%5.8%−5.2%+31% / +64%
VOE.VIvoestalpine AG7.1 bn17.05.7%2.8%−4.3%+12% / +61%
EVN.VIEvn AG5.3 bn12.26.9%14.6%+3.8%+13% / +11%
ATS.VIAT & S Austria Technologie & Systemtechnik Aktiengesellschaft3.2 bn—-2.4%-1.4%+12.7%+323% / +458%
DOC.VIDO & CO Aktiengesellschaft2.3 bn21.424.0%4.3%+7.1%+8% / +64%
CPI.VICPI Europe AG2.1 bn4.212.2%68.2%−6.7%−0% / −18%
POST.VIÖsterreichische Post Aktiengesellschaft2.1 bn16.218.3%4.3%−2.6%+4% / +1%
WIE.VIWienerberger AG1.9 bn11.25.9%3.6%+1.2%−42% / −35%
LNZ.VILenzing Aktiengesellschaft1.6 bn—-11.8%-5.2%−2.3%−53% / −68%
MMK.VIMayr-Melnhof Karton Aktiengesellschaft1.3 bn17.03.6%1.9%−4.8%−21% / −42%
POS.VIPorr AG1.2 bn10.612.9%1.8%+1.7%+5% / +165%
AMAG.VIAMAG Austria Metall AG1.1 bn33.64.7%2.3%+2.1%+35% / +20%
BMAG.VIPIERER Mobility AG1.1 bn1.9638.9%58.9%−46.3%+87% / −47%
FQT.VIFrequentis AG866.5 m30.815.5%4.9%+20.8%−5% / +131%
ETS.VIEuroTeleSites AG730.3 m21.98.8%11.9%+3.7%−7% / +31%
AGR.VIAGRANA Beteiligungs-Aktiengesellschaft713.5 m—-3.6%-1.2%−7.9%−4% / −16%
FACC.VIFacc AG616.2 m29.19.1%2.2%+11.3%+25% / +133%
ROS.VIRosenbauer International AG604.5 m12.117.4%3.5%+9.4%+38% / +109%
1AST.VIASTA Energy Solutions AG499.7 m16.642.3%4.3%+8.3%unavailable / unavailable
SBO.VISbo AG453.4 m19.25.2%5.2%−18.8%+5% / −30%
SEM.VISemperit Aktiengesellschaft Holding360.2 m857.50.1%0.1%−2.1%+32% / +21%
ACAG.VIAustriacard Holdings AG348.9 m25.711.4%4.1%−8.2%+77% / +65%

1- and 3-year price returns: for STR.VI from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (EUR)

Estimated priceBearBaseBull
1 years
62.30
Total return -37% · Per year -37%
109.99
Total return 10% · Per year 10%
165.48
Total return 64% · Per year 64%
3 years
64.06
Total return -32% · Per year -12%
126.91
Total return 31% · Per year 9%
209.12
Total return 113% · Per year 29%
5 years
65.87
Total return -27% · Per year -6%
146.44
Total return 56% · Per year 9%
264.27
Total return 175% · Per year 22%
What moves the 3-year price the most
  • Exit P/E± 31.73
  • Net margin± 22.21
  • Annual revenue growth± 17.74
  • Annual dilution± 1.87

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

STRABAG SE is a European construction group covering practically every construction field, from buildings and roads to tunnels and energy, with activity concentrated in Central and Northern Europe and international projects. In 2025 the group increased its activity volume and built a record order backlog, and for 2026 management expects output to rise to around 22 billion EUR 1.

SWOT

Strengths

  • The group covers the entire construction value chain, from buildings to infrastructure, energy and materials, giving it a diversified base 1.
  • The order backlog grew in every segment during 2025, providing visibility for future activity 1.
  • The North + West segment delivered a high EBIT margin, indicating efficient project execution in its core markets 1.

Weaknesses

  • Margins in the South + East segment fell significantly, and results in Austria and Hungary were below the prior year 1.
  • The International + Special Divisions segment has volatile results due to large projects and charges in international business 1.
  • The shareholder structure, with voting rights suspended for a significant block of shares, may create governance uncertainty 1.

Opportunities

  • Investment in rail and road infrastructure in Germany, the Czech Republic and Poland could support demand growth in the coming years 1.
  • The energy transition and data centre construction open new opportunities, especially in Austria and Germany 1.
  • Recent acquisitions in Australia and the United Kingdom could extend the group's role in large infrastructure projects 1.

Threats

  • Price pressure and intense competition in Germany, the Benelux countries and South-East Europe could compress margins 1.
  • Limited municipal budgets and austerity measures could delay public tenders in several countries 1.
  • Political risks, including interruptions or expropriations in politically unstable countries, could affect the group's activity 1.

Risks

  • Operational and project riskhigh

    Complex projects can generate unforeseen costs, and a poorly assessed project could weigh on the results of an entire segment 1.

  • Political riskmedium

    In countries with political instability, interruptions of construction, restrictions on foreign investors and expropriations are possible 1.

  • Governance and sanctions riskmedium

    Shares held by a shareholder subject to EU sanctions have suspended rights, which can complicate shareholder decision-making 1.

  • Workforce riskmedium

    Shortages of skilled staff and employee turnover could affect the ability to execute projects, especially in international expansion 1.

  • Compliance risklow

    Corruption and anti-competitive conduct are inherent risks in the sector, and failures to comply could bring penalties and reputational damage 1.

Investment thesis

What would need to be true (bull case)

  • If public investment in Germany and Central Europe accelerates, the record order backlog could support sustained growth in output and revenue 1.
  • High margins in North + West and the improved results in International + Special Divisions could strengthen group profitability 1.
  • Geographic and service diversification could reduce the impact of weaker demand in any single market 1.

What would break the thesis

  • If price pressure persists, margins in the South + East and North + West segments could fall below current levels 1.
  • Frozen EU funds in Hungary and constrained municipal budgets in Austria could delay expected revenue from these markets 1.
  • Volatile results in the international segment and dependence on large projects could make profit hard to forecast from year to year 1.

What to watch

  • Delivery of the guided output of around 22 billion EUR and the EBIT margin range of 5% to 5.5%2026
  • Development of the EBIT margin in South + East, particularly in Austria and Hungary2026
  • Timing of when the German off-budget infrastructure fund begins to show up in construction demandend of 2026
  • Integration of Georgiou Group within International + Special Divisions and its contribution to marginsnext 10-K

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

According to the annual report for the year ended 31 December 2025, STRABAG SE is organised into four segments: North + West, South + East, International + Special Divisions and Other, which comprises the central divisions 1. Segments are organised mainly geographically, while specialist activities such as tunnelling are offered worldwide. The group covers practically the entire construction value chain, from housing and public buildings to infrastructure, energy and construction materials 1. The company is listed on the Vienna Stock Exchange, and its main shareholdings are held by shareholder groups that have concluded a syndicate agreement 1.

Revenue and profitability are unevenly spread across segments. North + West posted the highest EBIT margin, at 11.2%, while South + East had a margin of 3.7% due to weaker results in Austria and Hungary 1. International + Special Divisions returned to profit with a 4.6% margin, after the acquisition of Georgiou Group in Australia and strong order growth in the United Kingdom 1.

Segments

North + West

The segment covers Germany, Switzerland, the Benelux countries and Scandinavia, plus ground engineering. Output rose 4% in 2025 and revenue followed the same trend, while the order backlog reached 13,413.69 million EUR, driven mainly by infrastructure and energy projects in Germany 1. Management expects significant output growth in 2026 1.

South + East

The segment includes Austria, Poland, the Czech Republic, Slovakia, Hungary, Romania, South-East Europe and the construction materials division. Output rose 3% in 2025, with strong results in Poland and the Czech Republic, while the EBIT margin fell to 3.7% due to constrained municipal budgets in Austria and frozen EU funds in Hungary 1. A solid output increase is expected in 2026 on the basis of the high order backlog 1.

International + Special Divisions

The segment comprises non-European business, global tunnelling, infrastructure and real estate development, energy and building solutions. Output rose 23% in 2025, mainly due to the Georgiou Group acquisition, and the order backlog grew 81%, to 9,981.89 million EUR, driven mainly by projects in the United Kingdom and Australia 1. Substantial output growth is expected for 2026 1.

Market context

In Germany the construction industry shows signs of recovery across all areas for the first time in five years, supported by Deutsche Bahn investments and the federal roads budget, although price pressure and limited municipal budgets remain major challenges 1. In Central and South-East Europe demand varies by country. Poland benefits from EU funds, the Czech Republic from a rising volume of rail tenders, while Austria remains under pressure from a weak residential market and constrained municipal budgets 1.

In the Benelux countries competition remains intense, and the group takes a highly selective approach to tendering, focusing on industrial construction linked to the energy transition 1. In Scandinavia the consolidation continues with medium-sized projects, and in Switzerland demand is stable 1. Competition from outside Europe, notably China and Turkey, is increasing in South-East Europe 1.

Trends

  • German off-budget infrastructure fundtailwind

    The 500 billion EUR off-budget infrastructure fund made available by the Federal Government could lead to a noticeable increase in demand, at the earliest towards the end of 2026, if planning and approval procedures are accelerated 1.

  • Constrained municipal budgetsheadwind

    Limited municipal budgets in Germany and Austria and government austerity measures could further reduce tendering activity for transport projects 1.

  • Energy transition and data centrestailwind

    Investment in energy infrastructure, data centres and battery technology creates new opportunities, especially in Germany, Austria and Hungary 1.

Competitive position

The group operates in markets with strong competition from local and regional companies. In the Benelux countries competitive pressure is particularly high, and in Germany prices are heavily contested 1. In South-East Europe the group faces a growing number of competitors from outside Europe, notably China and Turkey 1.

Additional pressure came from the cartel proceedings in Austria, now brought to a legally binding close, which burdened the South + East segment 1. The group responds with selective tendering and geographic and product diversification 1.

  • Regional and local construction companies in Central Europe

    The sources do not name the competitors; the group cites local competitors across its markets, without a confirmed US ticker.

  • Chinese construction companies

    The report mentions competitors from China active in South-East Europe, without naming them.

  • Turkish construction companies

    Competition from Turkey is cited for South-East European markets, without names or tickers.

  • Benelux construction competitors

    The source describes intense competition in the Benelux countries without identifying the companies.

News & filings

In the press

Annual reports (ESEF)

Sources

  1. [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / STRABAG SE · 31 Dec 2025

Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.

STRABAG SE (STR.VI): stock, results, valuation and forecast · olivLaw