This article first appeared on GuruFocus.
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Revenue: Increased by 6.6% to CHF1.9 billion in the first half of 2025.
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EBITDA: Increased by almost 13% to CHF57 million.
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Order Backlog: Reached a record CHF7.8 billion, a 14.6% increase compared to the end of 2024.
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EBIT Margin: 3.1%, an increase of 0.2 percentage points compared to the previous year.
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Net Profit: Increased by 26.1% to CHF33.3 million.
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Free Cash Flow: Negative CHF168 million, influenced by higher operating results and lower trade payables.
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Cash and Cash Equivalents: CHF272 million, up CHF54 million from the previous year.
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Equity: Increased to CHF661 million, with an equity ratio of 21.3% as of June 30, 2025.
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Bond Refinancing: CHF220 million bond issued with a 2.5% interest rate, replacing a maturing CHF175 million bond.
Release Date: August 20, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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Implenia AG (XSWX:IMPN) reported a 13% increase in EBITDA to CHF 57 million, showcasing strong operational performance.
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The company’s order backlog reached a record high of CHF 7.8 billion, marking a 14.6% increase compared to the previous year.
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Revenue increased by 6.6% to CHF 1.9 billion in the first half of 2025, indicating robust business growth.
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Implenia AG successfully refinanced a CHF 175 million bond ahead of schedule, strengthening its financial structure.
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The company has a diversified business model with a focus on specialized segments like tunneling, healthcare, and data centers, providing a competitive advantage in a fragmented market.
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Free cash flow was negative at CHF 168 million, influenced by higher operating results and negative development of networking capital.
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Cash and cash equivalents decreased to CHF 272 million, which is lower than usual for the season.
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The equity ratio, adjusted for the fixed-term deposit from the bond, was 21.3%, which is below the medium-term target of 25%.
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The construction industry is noted as being unproductive and inefficient, with digitalization and AI still in early stages of implementation.
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The company faces challenges in improving margins in civil engineering, with current margins not meeting expectations.
Q: Are there plans for mergers and acquisitions in the service solutions sector, and what is the financial framework for such activities? A: Stefan Baumgaertner, CFO, stated that while inorganic growth is a possibility, any potential acquisitions must align with Implenia’s expertise and portfolio. Currently, there are no plans to increase capital for M&A activities.
