18 Equity-accounted investments

As at 31 December 2025, provisions amounting to T€ 4,000 (2024: T€ 4,000) and impairment allowances on receivables in connection with equity-accounted investments in the amount of T€ 10,702 (2024: T€ 10,477) were recognised. Changes in provisions and impairments recognised in profit or loss are reported under income or expenses from equity-accounted investments.

Notes on significant equity-accounted investments

Holcim Cement CE Holding GmbH, Vienna, is a significant associate. The group’s share of the capital and voting rights amounts to 30%. The company is accounted for using the equity method. We also refer to item (39) Notes on related parties.

The following financial information concerns the preliminary consolidated financial statements prepared in accordance with IFRS.

The financial information presented here can be transferred to the equity carrying amount of the Holcim Cement CE Holding GmbH in the consolidated financial statements as follows:

Another significant associate is CMBlu Energy AG, Alzenau. The company is active in the field of research and development of large-scale battery storage systems using organic solid-flow batteries. As at 31 December 2025, the STRABAG SE Group holds 24.94% of the shares. In addition, STRABAG has the right to appoint a member to the company’s Supervisory Board.

In the 2025 financial year, 6.27% of the shares were again sold due to obligations in connection with the shares acquired in December 2024.

The following financial information concerns the preliminary consolidated financial statements prepared in accordance with IFRS.

The financial information presented here can be transferred to the equity carrying amount of CMBlu Energy AG in the consolidated financial statements as follows:

Cascade Infrastructure Holdings Limited, Manchester, was established by articles of association dated 14 May 2025. The company is the project company for a major water infrastructure project in the United Kingdom. Under a concession agreement, the company was commissioned with planning, construction, building and financing. The STRABAG SE Group holds 50% of the voting rights in the company, which therefore represents an significant joint venture.

The following financial information concerns the preliminary consolidated financial statements prepared in accordance with IFRS.

The financial information presented here can be transferred to the equity carrying amount of Cascade Infrastructure Holdings Limited in the consolidated financial statements as follows:

Notes on associates

The following table arranges in aggregate form the carrying amount and the group’s share of the profit and other comprehensive income from associates that would be immaterial by themselves:

Notes on joint ventures

The following table arranges in aggregate form the carrying amount and the group’s share of the profit and other comprehensive income from joint ventures that would be immaterial by themselves:

Notes on accumulated losses from equity-accounted investments

Proportionate losses from equity-accounted investments in the amount of T€ 4,070 (2024: T€ 3,914) were not recognised in profit or loss, as the carrying amounts of these investments already are T€ 0.

Notes on consortia

The group classifies construction consortia as joint ventures and records their earnings under share of profit or loss of equity-accounted investments. The following table shows the group’s ten most important consortia with regard to the output volume in the 2025 financial year.

The financial information in the 2025 financial year on these consortia is presented 100% and before consolidation and valuation approaches deviating from the consortia balance sheet if applicable.

In the 2025 financial year, the share of profit or loss of equity-accounted investments recorded for the above-mentioned consortia included T€ 74,422 in profits from consortia and T€ 22,698 in losses from consortia including impending losses.

The financial information in the 2024 financial year on these consortia is presented 100% and before consolidation and valuation approaches deviating from the consortia balance sheet if applicable.

In the 2024 financial year, the share of profit or loss of equity-accounted investments recorded for the above-mentioned consortia included T€ 49,200 in profits from consortia and T€ 7,523 in losses from consortia including impending losses.

The business transactions with the consortia in the financial year can be presented as follows: