Capital expenditures

STRABAG had forecast net investments (cash flow from investing activities) of up to € 1,400 million for the 2025 financial year. Ultimately, this figure came in lower than expected at € 813.35 million due to timing shifts in M&A projects.

Composition of CapEx

Gross investments (CapEx) without deducting inflows from asset disposals amounted to € 932.01 million. This figure includes investments in intangible assets, in property, plant and equipment, and in investment property, excluding non-cash additions of right-of-use assets from lease arrangements, in the amount of € 676.82 million, the acquisition of financial assets totalling € 122.63 million, and € 132.56 million resulting from changes in the scope of consolidation.

Capital expenditures were driven in particular by maintenance expenditures at our permanent establishments in Germany, the Czech Republic, Austria and Poland. Additional investments focused primarily on the building materials network, railway construction and ground engineering in various countries.

In the reporting year, investments in intangible assets and in property, plant and equipment were offset by depreciation and amortisation amounting to € 635.59 million. As in the previous year, no impairments of goodwill or write-ups of investment property were recorded.