The consolidated group

The consolidated financial statements as at 31 December 2024 include STRABAG SE as well as all major domestic and foreign subsidiaries over which STRABAG SE either directly or indirectly has control. Associates and joint ventures are reported in the balance sheet using the equity method (equity-accounted investments).

Group companies which are of minor importance for the purpose of giving a true and fair view of the financial position, financial performance and cash flows of the Group are not consolidated. The decision to include an entity in the consolidated group is based on quantitative and qualitative considerations.

Subsidiaries and equity-accounted investments included in the 2024 consolidated financial statements are given in the list of investments.

The financial year for all consolidated and associated companies, with the exception of the following companies that are included in the consolidated group on the basis of an interim report effective 31 December 2024, is identical with the calendar year.

The number of consolidated companies changed in the 2023 and 2024 financial years as follows:

Additions to the consolidated group

The following companies formed part of the consolidated group for the first time in the reporting period:

Companies included for the first time were consolidated at the date of acquisition or the next reporting date, provided this had no significant difference to an inclusion at the date of acquisition.

STRABAG acquired 100% of Climtech GmbH, Berlin, by way of an assignment agreement dated 28 February 2024. Climtech is a M&E enterprise (mechanical and electrical engineering services) with expertise in the main building engineering segments (heating, cooling, ventilation, sanitary and electrical). Instrumentation and control engineering services and their downstream maintenance round off the service portfolio. The company and its 123 employees generated an output volume of around € 31 million in 2023.

The acquisition will expand STRABAG’s service and customer portfolio in Brandenburg, Germany, while also increasing the depth of the Group’s property and facility services business. The transaction was completed on 7 May 2024.

Additions to assets and liabilities from the first-time consolidation of Climtech GmbH are comprised as follows:

In a contract dated 19 April 2024, STRABAG acquired the ELCO Group, consisting of the main companies ELCO S.A. and ELCO SERVITEC S.A., based in Kehlen, Luxembourg. The ELCO Group is a leading multi-technology provider in Luxembourg. The company has around 450 employees and in 2023 generated revenue of around € 59 million.

The service portfolio in the field of mechanical and electrical engineering services (M&E) covers all technical trades from planning to the installation of heating, cooling, air conditioning, ventilation and sanitary systems through to fire alarm technology. ELCO also offers medium-voltage and renewable energy services, such as the installation of photovoltaic systems and charging stations, as well as comprehensive industrial services and telecommunications network services.

The acquisition is aimed at penetrating the market in Luxembourg, enabling STRABAG to offer integrated facility management services there in the future. The deal was closed on 30 April 2024.

Additions to assets and liabilities from the first-time consolidation of the ELCO Group are comprised as follows:

The other first-time consolidations had only an insignificant impact on assets and liabilities.

All companies which were consolidated for the first time in 2024 contributed T€ 93,040 to revenue and with a profit of T€ 6,724 to net income after minorities.

Assuming a theoretical first-time consolidation on 1 January 2024 for all new acquisitions, they would contribute T€ 116,502 to consolidated revenue and a profit of T€ 8,909 to net income.

Acquisitions after the reporting period

In May 2024, STRABAG SE, acting through a joint holding company together with PORR AG, has signed an assignment agreement for parts of VAMED Group. The object of the acquisition are VAMED-KMB Krankenhausmanagement und Betriebsführungsges.m.b.H. (VKMB) and VAMED Standortentwicklung und Engineering GmbH (VSG), comprising the technical operations management and construction projects of Vienna General Hospital (AKH Wien), the Austrian project development business and VAMED’s spa holdings in Austria. The transaction is subject to regulatory approval, including approval by the relevant competition authorities. As of the balance sheet date, approval had not yet been granted. The acquired parts of VAMED Group generated an output volume of around € 270 million. The purchase price for 100% of the shares amounts to approximately € 90 million. Due to the ongoing review by the competition authorities, STRABAG has no access to the financial data and for this reason is unable to provide any information regarding first-time consolidation and purchase price allocation.

The agreement could not be finalised by the contractually agreed date. In March 2025, the STRABAG-PORR consortium therefore entered into supplementary negotiations with the seller in relation to the purchase agreement.

Under a purchase agreement from 30 December 2024, STRABAG acquired 100% of the shares in Georgiou Group Pty Ltd. The Perth-based company, a specialist in road and infrastructure construction with 875 employees, generates an annual output of around AUD 1.3 billion, the equivalent of € 787 million. The purchase price equivalent of € 126 million will be financed through existing cash and cash equivalents. To ensure a resilient position in the long term, the acquisition also forms part of the company’s push to diversify the country portfolio outside Europe. The request for approval by Australia’s Foreign Investment Review Board (FIRB) was granted on 18 December 2024. The closing of the transaction took place on 21 March 2025. On the basis of the available financial information, the transaction will result in goodwill in the high double-digit millions. Since the financial information is not yet complete, the accounting for the merger has not yet been finalised, and no detailed information on the first-time consolidation and purchase price allocation can be provided.

Disposals from the consolidated group

As at 31 December 2024, the following companies were no longer included in the consolidated group:

The disposals of assets and liabilities from deconsolidations are composed as follows:

Resulting profit in the amount of T€ 1,207 (2023: T€ 7,600) and losses in the amount of T€ 34,746 (2023: T€ 7,226) are recognised in profit or loss under other operating income or other operating expense. The deconsolidation earnings of companies whose functional currency differs from the euro also includes the recycled earnings of the currency translation differences recognised directly in equity up to the date of deconsolidation.

One of the STRABAG SE Group’s business fields is real estate project development. When project developments are sold as share deals, the disposal profit is not presented as a deconsolidation gain but - from an economic point of view - is recognised as revenues from the project development. No project companies were sold in 2024 and 2023.

Non-controlling interests

As at 31 December 2024, the amount of the non-controlling interests stood at T€ 22,400 (2023: T€ 18,443) in the STRABAG SE Group and is thus immaterial. The non-controlling interests comprise several smaller subsidiaries.

Besides the above-mentioned investments, the ownership interests in subsidiaries in the financial year changed only insignificantly or had insignificant impact. The changes are represented in the list of investments, which is included in the annual financial report.

Currency translation

The items contained in the financial statements of each Group entity are measured on the basis of the currency corresponding to the currency of the primary economic environment in which the entity operates (functional currency).

The functional currency of STRABAG’s subsidiaries is the respective local currency, with the exception of the following companies, whose functional currency is the euro:

• AKA Zrt., Budapest
• AMFI HOLDING Kft., Budapest
• BHK KRAKÓW JOINT VENTURE Sp. z o.o., Warsaw
• EXP HOLDING Kft., Budapest

The consolidated financial statements are prepared in euro, STRABAG’s reporting currency.

Foreign currency transactions are translated into the functional currency at the foreign exchange rate on the day of the trans-action. On the reporting date, monetary items are translated at the closing rate, while non-monetary items are translated at the rate on the day of the transaction. Exchange differences are recognised in profit or loss.

Assets and liabilities of Group entities whose functional currency is not the euro are translated from the respective local currency into euro at the average exchange rate on the reporting date. As well as the corresponding profit for the period, the income statements of foreign Group entities whose functional currency is not the euro are translated at the average exchange rate for the reporting period. The differences resulting from the use of both rates are reported outside profit or loss.

Monetary items in form of receivables or payables which settlement is neither planned nor likely to occur in the foreseeable future are, in substance, a part of an entity’s net investment in a foreign operation. Currency translation differences arising on such monetary items are initially recognised in other comprehensive income and reclassified from equity to profit and loss on disposal of the net investment.

The most important currencies, including their average exchange rates, are listed under item (36) Financial instruments. Currency translation differences of T€ 23,072 (2023: T€ 3,645) were recognised directly in equity in the financial year. Due to deconsolidations, currency differences in the amount of T€ -38,642 (2023: T€ 2,115) that had been recognised directly in equity in previous years were reclassified from equity to profit and loss (recycling).