Investor Relations

STRABAG SE has been listed in the Vienna Stock Exchange’s top Prime Market segment since 2007. Represented in the ATX Top Dividend price index, STRABAG SE’s shares are among the ATX Prime’s top stocks with the highest dividend yield.

STRABAG SE share

2024 was a successful year on the stock market overall, particularly for investors focusing on technology stocks and thematic investments such as Artificial Intelligence (AI) and renewable energies. In addition, monetary easing by the European Central Bank (ECB) and the US Federal Reserve (Fed) brought some relief on the markets. The European and Chinese economies presented a mixed picture, however, and the markets continued to be influenced by geopolitical tensions such as the conflict in the Middle East. Germany’s DAX index recorded an annual performance of +19%, marginally outperforming the MSCI World Index of global equities, which rose by 17%. Other European stock markets also closed with gains: the EURO STOXX 50 gained 8%, while the UK’s leading index, the FTSE 100, was up by a good 6%. The Dow Jones index of blue-chip industrial stocks achieved double-digit growth (+13%) thanks to a stable US economy and the Federal Reserve’s relaxed monetary policy.

In Vienna, the Austrian benchmark index ATX recorded an annual performance of just under +7%, with bank stocks in particular contributing to the positive development. The sector index STOXX Europe 600 Construction & Materials ended the 2024 trading year with a slightly lower plus of 4%.

The capital measures approved at the 19^th Annual General Meeting were finally implemented in 2024. Following implementation of the ordinary non-cash capital increase, the shares listed under the temporary ISIN AT0000A36HH9 (“STRABAG SE – Distribution Share-Based Option”), which were available for trading in the Prime Market segment of the Vienna Stock Exchange from 6 October 2023 to 26 March 2024, were rebooked back to the regular ISIN AT000000STR1. The newly issued shares were then listed under the separate ISIN AT0000A36HJ5 (“STRABAG SE – Capital Increase 2024”). These could be traded in auction on the Vienna Stock Exchange (standard market auction segment) from 28 March 2024 to 26 September 2024. The merger with the regular ISIN AT000000STR1 took place on 1 October 2024 after the capital measures became legally effective and binding in September 2024. The cash distribution to the holders of the value rights (“Wertrechte”) (ISIN AT0000A36HK3), with the exception of MKAO “Rasperia Trading Limited” (Rasperia), was completed on 3 December 2024.

Key share indicators

Shareholder structure

The shareholder structure of STRABAG SE changed significantly in the 2024 financial year. With entry of the ordinary non-cash capital increase in the commercial register in March 2024 and the resulting increase in the share capital from the original € 102,600,00 to the current € 118,221,982, the shareholder structure as at 31 December 2024 is as shown below. To our knowledge, no investor other than the core shareholders holds more than 5% of the company.

• Haselsteiner family: 30.7%
• Raiffeisen/UNIQA: 31.9%
• MKAO “Rasperia Trading Limited”: 24.1%
• Free float: 10.9%
• Treasury stock: 2.4%

On 18 March 2025, the Haselsteiner family (Haselsteiner Familien-Privatstiftung) sold 2,000,000 STRABAG shares to institutional investors in a private placement by means of an accelerated bookbuilding process. Following the settlement of the transaction on 21 March 2025, the Haselsteiner family holds a stake of approximately 29% in STRABAG SE, while the free float has increased to around 12.6%. The holdings of the other shareholder groups remained unchanged.

In January 2025, we commissioned a shareholder ID to determine the composition of the free float. Compared to the previous year, the percentage of retail investors fell from 5.8% to 5.0% and the percentage of institutional investors from 3.8% to 3.2%. these declines are mainly due to the higher proportion of the share capital held by the Austrian core shareholders as a result of the capital measures implemented to reduce the stake held by MKAO “Rasperia Trading Limited”. In regional terms, the focus is on Austria (1.0%), followed by continental Europe (0.9%). Investors from the UK and Ireland continue to play a minor role, accounting for 0.2%.

Oleg Deripaska was added to the EU sanctions list on 8 April 2022 and is subject to Council Regulation (EU) No 269/2014 of 17 March 2014 concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine (EU Sanctions Regulation). As a consequence, all funds and economic resources belonging to, owned, held or controlled by Oleg Deripaska or by natural or legal persons associated with him are to be frozen (“asset freeze”). This asset freeze must also be ensured with regard to the STRABAG SE shares held by MKAO “Rasperia Trading Limited” (Rasperia), which was controlled by Oleg Deripaska at this time. Rasperia has therefore since 8 April 2022 been excluded from exercising control (voting rights, right to information, right to participate, right to propose resolutions) and asset rights (e.g. dividend distribution) in connection with the shares of STRABAG SE until the sanctions cease to apply. Rasperia was placed on the U.S. sanctions list by the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) on 15 April 2024. On 28 June 2024, the Council of the European Union included Rasperia on the EU sanctions list (no. 477) by means of Council Implementing Regulation (EU) 2024/1842.

In March 2024, the company was informed by Oleg Deripaska and Iliadis JSC, by means of major holdings notifications pursuant to Sections 130ff of the Austrian Stock Exchange Act (BörseG), that Rasperia had had been transferred to Iliadis. In May 2024, Raiffeisen Bank International AG (RBI) announced that it would not pursue the acquisition of Rasperia’s block of shares in STRABAG as had had been previously communicated in December 2023. According to announcement, RBI was unable to obtain the “required comfort” from the relevant authorities in order to proceed with the planned transaction.

Also in May 2024, STRABAG SE learned from a notice by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) that both the shareholder Rasperia as well as Iliadis had been placed on the U.S. sanctions list. Through Council Implementing Regulation (EU) 2024/1842 published in June, STRABAG SE learned that the European Union had also sanctioned Rasperia and Iliadis. The inclusion of Rasperia on the respective sanctions lists did not result in any changes at STRABAG SE itself or in the company’s handling of the share package held by Rasperia, as Rasperia’s shares in STRABAG SE have been frozen ever since the imposition of sanctions against Oleg Deripaska by the EU.

In close coordination with STRABAG SE, the Austrian core shareholders in October 2024 filed a claim with a court of arbitration in Amsterdam to assert their rights of first refusal under the 2007 syndicate agreement. The syndicate agreement concluded in 2007 between the Austrian core shareholders and Rasperia regulates, among other things, the nomination of Supervisory Board members and the coordination of voting results at the Annual General Meeting. In the event of a change of control affecting one shareholder, the agreement also grants rights of first refusal to the other syndicate partners. The court of arbitration in Amsterdam specified in the syndicate agreement must now clarify whether the right of first refusal remains valid following termination of the syndicate agreement on 31 December 2022. The court must also determine whether the sale of the Rasperia shares to Iliadis has resulted in a change of control that would require Rasperia to tender its shares in STRABAG to the Austrian core shareholders or to transfer these accordingly.

STRABAG expects a ruling from the court of arbitration in 2026. Several questions must still be clarified before a ruling can be enforced, however. Among other things, clarification is required with the relevant national and international authorities as to whether and how the right of first refusal can be implemented in compliance with the sanctions regimes.

In December 2024, STRABAG SE received major holdings notifications from Iliadis and MKAO Valtoura Holdings Limited (Valtoura) stating that the STRABAG shareholder Rasperia had been transferred back to its former parent company Valtoura. STRABAG does not expect the renewed change of ownership to have any immediate impact on STRABAG SE, as Rasperia itself is subject to sanctions by both the EU and the US and the STRABAG shares held by Rasperia will remain frozen in any case.

Further information can be found in the management report under “Disclosures pursuant to Section 243a Para 1 UGB”.

Dividend

Past General Meetings

The agenda of the 20^th Annual General Meeting on 14 June 2024 included eleven items, all of which were approved by the requisite majority. Among other things, the Annual General Meeting approved the payment of a dividend of € 2.20 per share and designated PwC Wirtschaftsprüfung GmbH, Vienna, as auditor of the financial statements for the 2024 financial year.

The capital measures unanimously approved at the 19^th Annual General Meeting to reduce the share held by MKAO “Rasperia Trading Limited” (Rasperia) were fully implemented in 2024. The final step, entry of the implementation of the ordinary non-cash capital increase in the commercial register, took place in March 2024. This reduced Rasperia’s stake in STRABAG SE from around 27.8% to roughly 24.1%. Rasperia had initially challenged the resolutions, but its appeal was dismissed by the Higher Regional Court of Graz. As Rasperia decided not to file a challenge with the Supreme Court of Justice, the legal proceedings were conclusively brought to an end in September 2024 and the capital measures are now legally effective and binding.

The action brought by Rasperia against the resolutions of the 18^th Annual General Meeting of 24 June 2022, as well as the action brought by Rasperia against the resolutions of the Extraordinary General Meeting of 5 May 2022 are still pending.

Annual General Meeting 2025

The next Annual General Meeting will be held on 13 June 2025. The record date for confirmation of shareholding is 3 June 2025. Details regarding the correct procedure can be found on the website of STRABAG SE.

Corporate credit rating

Investor Relations

In addition to the mandatory semi-annual reporting and the trading statements for the first and third quarters, we informed 115 capital market participants (2023: 72) in 40 one-on-ones (2023: 38) and in group talks last year. We took part in five (2023: three) roadshows and investor conferences organised by Erste Group, Kepler Cheuvreux, Baader Bank, ODDO BHF, Raiffeisen Bank International and the Vienna Stock Exchange.

Our corporate calendar contains all the dates for upcoming earnings announcements and the Annual General Meeting. The calendar is available on the website of STRABAG SE.

Information about STRABAG SE

STRABAG SE’s Investor Relations department reports directly to the CEO and sees itself as the service department for existing and potential private shareholders, institutional investors and analysts, as well as the point of contact for capital market issues for the Group’s operating units. For us, quick response times, comprehensive information and a constant dialogue with the capital market and the general public are a matter of course. We place great importance on informing all shareholder groups quickly and simultaneously. Our aim is to keep our investor relations activities strong with a steady flow of information and to support the analysts in correctly evaluating the STRABAG SE shares. If you would like to receive investor information from us as well, please register for the Investor Relations newsletter on the website of STRABAG SE or give us a call.

STRABAG SE
Investor Relations

Marco Reiter
Head of Investor Relations

Donau-City-Str. 9, 1220 Vienna / Austria
IR-Hotline: +43 800 880 890 (toll-free in Austria)
@ investor.relations@strabag.com