Obrascón Huarte Lain, S.A.

For first-half 2026, OHLA reported revenue of EUR 2.035 billion, up 3.4% year over year; reported EBITDA of EUR 103.6 million, up 20.3%, with a 5.1% margin; recurring EBITDA of EUR 116.9 million, up 39%, with a 6.7% margin; and recurrent EBIT of EUR 78.7 million, with a 4.5% margin. Attributable net income was EUR 0.5 million, or EUR 27.1 million excluding the Flaggers effect. Liquidity was EUR 711.3 million at June 30, versus EUR 613 million at the end of Q1, and Q2 cash generation was EUR 96.4 million. The company reiterated its 2026 objectives, expects to reach 85% of the announced cost savings by year-end 2026, and said it is working to refinance bonds between the end of 2026 and the first half of 2027.

Tomás Ruiz framed the half as evidence that OHLA’s transformation is working, emphasizing better operating margins, higher profitability and a stronger, more predictable business. He highlighted the removal of major uncertainties, especially the Flaggers ruling, the favorable M-12 decision and prior progress on Sidra Hospital and the Doha subway, saying these developments improve visibility and support the business plan. His tone was confident and defensive of the company’s execution, repeatedly stressing discipline, prudence and value creation.

Victor Pastor focused on the balance-sheet and legal items. He said the Flaggers payment was EUR 45.2 million, paid in July using Judlau’s own financial resources and not affecting the parent company, and that the June accounting impact booked was EUR 20.8 million. He also said the company will likely pursue litigation to recover pending amounts from Grupo Villar Mir starting around September, while management continues to assess the best window to refinance bonds between end-2026 and 1H27.

Analysts asked about the Flaggers case, including the impact, recovery timing and cash effects; management said the case was an extraordinary temporary impact, paid in July, and that OHLA expects to seek recovery over a 6- to 12-month period. They also asked about bond refinancing, and management said it is evaluating alternatives to refinance between end-2026 and 1H27. On Canalejas, management said the asset is now fully segregated, in ramp-up, and could be partially disinvested by late 2026 or 1H27. Management also confirmed Doha subway cash collection of EUR 440 million in May and said there were no audit exceptions.