Obrascón Huarte Lain, S.A.

For first-half 2026, OHLA reported sales of EUR 2.035 billion, up 3.4% year over year. Reported EBITDA was EUR 103.6 million, up 20.3%, with a 5.1% margin; recurring EBITDA excluding the extraordinary Flaggers impact was EUR 116.9 million, up 39%, with a 6.7% margin. Recurrent EBIT was EUR 78.7 million and attributable net result was EUR 0.5 million, or EUR 27.1 million excluding Flaggers. Liquidity stood at EUR 711.3 million at June 30, after EUR 96.4 million of cash generation in Q2. For the balance of 2026, management reiterated its full-year guidance, said it expects to achieve 85% of planned cost savings by year-end, and indicated it is working on refinancing alternatives for the bonds between late 2026 and 1H27.

Tomás Ruiz framed the half as evidence of improved operational solidity, better margins, and progress in the company’s transformation. He emphasized that OHLA is reducing historical uncertainties, citing the Flaggers resolution, prior favorable rulings in Sidra Hospital and Doha subway, and the later M-12 court dismissal as steps that improve visibility. His tone was confident and repeatedly tied execution, discipline, and risk reduction to the company’s ability to meet its 2026 plan.

Victor Pastor focused on the cash and legal items. He said the Flaggers payment of EUR 45.2 million was made in July using subsidiary Judlau’s own financial resources and did not impact the parent company, while the June accounting impact was EUR 20.8 million. He also confirmed that Doha subway collections of EUR 440 million were received in May, and said the company is evaluating refinancing alternatives for the bonds between the end of 2026 and the first half of 2027.

Analysts asked mainly about the Flaggers case, bond refinancing, Central Canalejas, and remaining litigation. Management said it hopes to recover the Flaggers amount within 6 to 12 months and that the M-12 ruling removed claims worth EUR 212 million plus EUR 71 million in interest. On Grupo Villar Mir, Victor Pastor said litigation may continue in September after an unsuccessful attempt to resolve it, and management said Central Canalejas could be sold toward the end of 2026 or in 1H27, while current guidance remains unchanged.