Financial position and cash flows
Balance sheet
€ mn | 31.12.2025 | % of balance sheet total | 31.12.2024 | % of balance sheet total |
Non-current assets | 6,267 | 40 | 5,822 | 40 |
Current assets | 9,579 | 60 | 8,853 | 60 |
Equity | 5,684 | 36 | 5,000 | 34 |
Non-current liabilities | 2,352 | 15 | 2,288 | 16 |
Current liabilities | 7,810 | 49 | 7,387 | 50 |
Balance sheet total | 15,846 | 100 | 14,675 | 100 |
The total of assets and liabilities of STRABAG SE increased by 8% year on year to € 15,845.94 million. On the assets side of the balance sheet, the increase is attributable, among other factors, to higher cash and cash equivalents, property, plant and equipment, and inventories. As a result of corporate acquisitions in line with Strategy 2030, goodwill also rose. Investment property increased as expected due to the expansion of the STRABAG Hold Estate portfolio – the long-term, strategic holding of real estate.
35.9%
Equity ratio
Equity amounted to € 5,684.02 million as at 31 December 2025, corresponding to an equity ratio of 35.9%. Not least due to the higher-than-expected earnings, the equity ratio increased significantly year on year and remains comfortably above the Group’s minimum target of 25%. With this equity base, STRABAG is positioned among the leading European construction groups.
Key balance sheet figures
31.12.2021 | 31.12.2022 | 31.12.2023 | 31.12.2024 | 31.12.2025 | |
Equity ratio (%) | 33.3 | 31.7 | 32.2 | 34.1 | 35.9 |
Net debt (€ mn) | -1,937.18 | -1,927.70 | -2,643.24 | -2,905.25 | -3,518.26 |
Gearing ratio (%) | -47.6 | -47.9 | -59.9 | -58.1 | -61.9 |
Capital employed (€ mn) | 5,750.63 | 5,407.37 | 5,726.41 | 6,331.38 | 6,888.47 |
€3.5billion
Net cash position
As at 31 December 2025, STRABAG SE again reported a net cash position, which increased significantly to € 3,518.26 million due to higher cash and cash equivalents.
Calculation of net debt1
€ mn | 31.12.2021 | 31.12.2022 | 31.12.2023 | 31.12.2024 | 31.12.2025 |
Financial obligations | 1,193.62 | 957.20 | 898.93 | 927.27 | 828.87 |
Severance provisions | 108.36 | 91.38 | 98.27 | 99.34 | 113.90 |
Pension provisions | 376.83 | 333.55 | 319.85 | 304.40 | 261.68 |
Non-recourse liabilities | -652.74 | -607.97 | -509.67 | -512.57 | -399.45 |
Cash and cash equivalents | -2,963.25 | -2,701.85 | -3,450.62 | -3,723.70 | -4,323.26 |
Total | -1,937.18 | -1,927.70 | -2,643.24 | -2,905.25 | -3,518.26 |
Cash flow from operating activities increased during the reporting period to € 1,802.66 million, compared with € 1,387.21 million in the previous year. This development is attributable on the one hand to higher cash flow from earnings and on the other hand to an unexpected reduction in working capital. Advance payments remained stable year on year.
Cash flow from investing activities amounted to € -813.35 million (2024: € -749.54 million) due to higher investments in line with Strategy 2030, and was therefore slightly more negative, but remained below the projected peak of € 1,400 million for 2025 due to timing shifts in M&A projects. Increases were recorded in investment property (STRABAG Hold Estate) as well as in investments in financial assets and corporate acquisitions – including in the areas of building solutions, circular economy and through the acquisition in Australia.
Cash flow from financing activities amounted to € -409.58 million, compared with € -353.69 million in the previous year. This development is attributable, among other factors, to the repayment of liabilities and to higher dividend distributions compared with the previous year.
Report on own shares
As at 31 December 2025, the company held 2,779,006 own shares (2.4% of the share capital). A subsidiary held a further 280 shares as at 31 December 2025. The rights attached to these 2,779,286 no-par value shares are therefore now suspended in accordance with Section 65 Para 5 of the Austrian Stock Corporation Act (AktG).
Further details can be found in the management report under Disclosures under Section 243a Para 1 UGB.