Other notes
The core shareholders of STRABAG SE are the Haselsteiner Group as well as the Raiffeisen Holding NÖ-Wien Group and the UNIQA Group. A syndicate agreement was concluded between the core shareholders on 18 August 2022.
The shares of minority shareholder MKAO “Rasperia Trading Limited” (“Rasperia”) were frozen on 8 April 2022 following inclusion of Oleg Deripaska on the EU sanctions list (“asset freeze”), as Oleg Deripaska controlled Rasperia at that time. Since that date, Rasperia no longer constitutes a related party. Subsequently, Rasperia itself was added by name to the sanctions list of the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) on 15 April 2024 and to the EU sanctions list on 28 June 2024 by Council Implementing Regulation (EU) 2024/1842.
Due to the existing asset freeze affecting Rasperia’s 24.1% shareholding, Rasperia is currently unable to exercise any shareholder rights, including but not limited to the right to participate in General Meetings of STRABAG SE or to exercise voting rights. The two actions for annulment initiated by Rasperia in this context against resolutions of the Annual General Meeting in 2022, as well as the review proceedings initiated by Rasperia before the Takeover Commission, are still pending.
A dividend of € 2.50 per share was approved at the Annual General Meeting of 13 June 2025. As the dividend claims from the shares held by Rasperia are frozen due to the sanctions imposed, the dividend attributable to Rasperia less capital gains tax in the amount of T€ 51,656 was, as in previous years, not paid out. As at 31 December 2025, unpaid dividend claims amounting to T€ 179,764 (2024: T€ 128,108) are therefore reported as other current financial liabilities.
The distribution entitlement attributable to Rasperia from the capital reduction resolved at the 2023 Annual General Meeting, amounting to T€ 257,925, is recognised as other current financing liabilities and will also continue to be withheld due to the existing sanctions.
In the 2025 financial year, as in the previous year, there were no business relationships with companies attributable to Rasperia (or Oleg Deripaska).
In August 2024, Rasperia filed a lawsuit with the Kaliningrad Commercial Court against STRABAG SE, its core shareholders and AO Raiffeisenbank, claiming damages for the de facto worthlessness of its STRABAG shares (including dividend entitlements for the financial years 2021, 2022 and 2023) as a result of sanctions compliance on the part of STRABAG SE and the core shareholders. The court awarded Rasperia € 1.87 billion plus interest, which was collected from AO Raiffeisenbank in Russia. The judgment has since become final and binding.
In August 2025, Rasperia filed another lawsuit with the Kaliningrad Commercial Court against STRABAG SE, its core shareholders and AO Raiffeisenbank. The claim seeks further damages of € 326 million plus interest. The subject of the claim is the frozen distribution from the capital measures resolved by the 2023 Annual General Meeting and the dividend entitlements for the 2024 financial year. The claim has already been upheld at two levels of appeal. It is therefore final, even though the defendants are contesting the ruling with a further appeal.
The action brought in October 2024 before an arbitral tribunal in Amsterdam by STRABAG’s core shareholders against Rasperia concerning the rights of first refusal under the (former) syndicate agreement was withdrawn by the core shareholders in the 2025 financial year following a penalised cease-and-desist application filed by Rasperia with the Kaliningrad Commercial Court in June 2025. Proceedings relating to this cease-and-desist application – which seeks to prohibit STRABAG SE, its core shareholders, Raiffeisen Bank International (RBI) and AO Raiffeisenbank from initiating or continuing legal proceedings against Rasperia before courts outside the Russian Federation and, in the event of non-compliance, to impose lump-sum damages of € 1.09 billion – are still pending.
Raiffeisen Holding NÖ-Wien Group / UNIQA Group
Arm’s-length finance and insurance transactions exist with the Raiffeisen Holding NÖ-Wien Group and the UNIQA Group. Construction services are provided on an individual basis.
The receivables on 31 December 2025 to the Raiffeisen Group relating to current accounts and investments amounted to T€ 492,752 (2024: T€ 466,276), the payables on 31 December 2025 to the Raiffeisen Group relating to financing and current accounts amounted to T€ 0 (2024: T€ 0). The interest income in the 2025 financial year amounted to T€ 11,880 (2024: T€ 18,421), and the interest expense amounted to T€ 1,535 (2024: T€ 11).
Premiums for insurance contracts with the UNIQA Group were recognised as an expense in the amount of T€ 1,154 (2024: T€ 1,703).
Haselsteiner Group
The Haselsteiner Group holds 5.1% of STRABAG Real Estate GmbH, Cologne. The earnings from this company is reported under income attributable to non-controlling interests with an amount of T€ -365 (2024: T€ 855). The distribution from the aforementioned company amounted to T€ 3,060 in the 2025 financial year (2024: T€ 0).
The business relations between STRABAG SE and the companies of the Haselsteiner Group during the financial year, including joint investments, mainly relate to construction services and are presented as below.
T€ | 2025 | 2024 |
Work and services performed | 6,076 | 23,095 |
Work and services received | 2,368 | 4,817 |
Receivables as at 31.12. | 7,372 | 14,018 |
Liabilities as at 31.12. | 882 | 1,332 |
IDAG
IDAG Immobilienbeteiligung u. -Development GmbH is entirely held by private foundations whose beneficiaries are the Haselsteiner Group and the Raiffeisen-Holding NÖ-Wien Group. It is the business purpose of IDAG Immobilienbeteiligung u. -Development GmbH to develop property and to participate in property projects.
STRABAG’s headquarters in Vienna and office buildings in Graz are held in the real estate portfolio of subsidiaries of IDAG Immobilienbeteiligung u. -Development GmbH. The buildings are let to the STRABAG SE Group at the usual market conditions. Rental costs arising from both buildings in the 2025 financial year amounted to T€ 10,465 (2024: T€ 10,279). Under IFRS 16, these leases are recognised as right-of-use assets and lease liabilities. The consolidated financial statements as at 31 December 2025 show right-of-use assets of T€ 39,388 (2024: T€ 48,432) and lease liabilities of T€ 26,270 (2024: T€ 31,142). The lease liabilities are presented less the rental deposits of T€ 15,450 (2024: T€ 19,717). Other services in the amount of T€ 0 (2024: T€ 41) were obtained from the IDAG Group.
Furthermore, revenues of T€ 3,367 (2024: T€ 1,454) were made with the IDAG Group in the 2025 financial year. In the 2025 financial year, a dividend from an investment of the IDAG Group, in which the STRABAG SE Group holds a minority interest, in the amount of T€ 0 (2024: T€ 2,000) was recognised as investment income.
Investments in equity-accounted investments
Holcim Cement CE Holding GmbH bundles the cement activities of Holcim, a market leader in construction materials manufacturing, and STRABAG in the countries of Central Europe. The joint activities aim at maintaining a commensurate cement supply in the Group’s core countries. In 2025, STRABAG procured cement services worth T€ 48,461 (2024: T€ 36,963). At the balance sheet date, there were liabilities to Holcim Cement CE Holding GmbH Group in the amount of T€ 3,342 (2024: T€ 955).
The business transactions with the other equity-accounted investments can be presented as follows:
T€ | 2025 | 2024 |
Work and services performed | 135,080 | 103,780 |
Work and services received | 61,146 | 65,087 |
Receivables as at 31.12. | 17,418 | 16,520 |
Liabilities as at 31.12. | 17,879 | 13,989 |
Financing receivables as at 31.12. | 86,255 | 98,380 |
For information about consortia we refer to item (18) Notes on consortia.
Management
Concerning business transactions with the Management Board members and employees of the first management level (management in key positions) and with their family members and companies which are controlled by the management in key positions or decisively influenced by them in the reporting period, services worth T€ 23 (2024: T€ 7) were provided and services worth T€ 36 (2024: T€ 57) were procured. As at 31 December 2025, there were receivables in the amount of T€ 0 (2024: T€ 0) and liabilities in the amount of T€ 2 (2024: T€ 0) out of these business relations.
In the 2025 financial year, services amounting to T€ 207 (2024: T€ 0) were provided to members of the Supervisory Board or to companies over which significant influence is exercised. Services on arm’s-length terms amounting to T€ 6,012 (2024: T€ 585) were received from companies in which members of the Supervisory Board hold a governing position or have an interest. As at the balance sheet date, receivables from these business relationships amounted to T€ 4 (2024: T€ 0) and liabilities to T€ 36 (2024: T€ 0).
The total remuneration including any severance and pension payments, as well as other long-term payments for employees of the first management level, amounted to T€ 30,924 (2024: T€ 23,687) in the reporting period. Of this amount, T€ 30,768 (2024: T€ 23,488) is attributable to the current remuneration, which includes fixed and variable remuneration for the previous financial year, and T€ 156 (2024: T€ 199) to severance and pension payments. As at 31 December 2025, obligations from variable remuneration amounted to T€ 27,499 (2024: T€ 23,118). These include the provisions for profit-sharing for the financial year as well as retentions from variable remuneration.
Management Board
Klemens Haselsteiner, BBA, BF (CEO until 17 January 2025)
Dipl.-Ing. Stefan Kratochwill (CEO since 19 February 2025)
Mag. Christian Harder
Dipl.-Ing. (FH) Jörg Rösler
Dipl.-Ing. (FH) Péter Glöckler (since 11 August 2025)
Dipl.-Ing. Siegfried Wanker
Dipl.-Ing. (FH) Alfred Watzl (until 6 August 2025)
Supervisory Board
Mag. Kerstin Gelbmann (Chairman)
Mag. Erwin Hameseder (Vice Chairman)
Dr. Andreas Brandstetter
Dr. Valerie Hackl
Dipl.-Ing. Sebastian Haselsteiner (since 13 June 2025)
Mag. Gabriele Schallegger
Dipl.-Ing. Andreas Batke (works council)
Karl Gerdes (works council)
Magdolna P. Gyulainé (works council)
Georg Hinterschuster (works council)
Daniel Riesenberg (works council) (since 1 September 2025)
The total salaries of the Management Board members in the financial year amount to T€ 10,420 (2024: T€ 9,953). The severance payments for Management Board members amount to T€ 142 (2024: T€ 127). As at 31 December 2025, obligations exist from variable remuneration amounted to T€ 11,345 (2024: T€ 8,428). These include the provisions for profit-sharing for the financial year as well as retentions from variable remuneration.
The remunerations for the Supervisory Board members in 2025 amounted to T€ 257 (2024: T€ 238). Neither the Management Board members nor the Supervisory Board members of STRABAG SE received advances or loans.
The expenses for the auditor, PwC Wirtschaftsprüfung GmbH and its network partners, incurred in the financial year amount to T€ 2,442 (2024: T€ 2,158) of which T€ 1,733 (2024: T€ 1,607) were for the audit of the consolidated financial statements (including the audit of separate financial statements of group companies) and T€ 709 (2024: T€ 551) for other services.
On 28 February 2026, the United States and Israel launched air strikes on Iran, prompting Iranian counterattacks in the region. STRABAG does not operate in Iran, but it is active in Qatar, the United Arab Emirates and Oman. Following the acquisition of WTE Wassertechnik GmbH, the Group now also has operations in Bahrain and Kuwait. At the time this report was being prepared, no damage to the company’s facilities had been recorded in these regions. In line with official recommendations, activities were temporarily suspended or significantly reduced. The medium-term impact of the conflict, particularly as a result of rising energy and raw material prices, cannot yet be assessed at the time of preparing the consolidated financial statements due to the uncertain duration of the war.
The Management Board proposes to pay out a dividend in the amount of € 2.90 per dividend-bearing share for the 2025 financial year.
In Austria, the consolidated financial statements for a Societas Europaea (SE) are prepared by the Management Board and approved by the Supervisory Board. The STRABAG SE Supervisory Board meeting for the approval of the consolidated financial statements for the year ended 31 December 2025 will take place on 21 April 2026.
Villach, 3 April 2026
The Management Board
Dipl.-Ing. Stefan Kratochwill
CEO
Central Staff Divisions and
Central Divisions BMTI, CML, SID, TPA, ZT
Mag. Christian Harder
CFO
Central Division BRVZ
Dipl.-Ing. (FH) Jörg Rösler
Member of the Management Board
Segment North + West
Dipl.-Ing. (FH) Péter Glöckler
Member of the Management Board
Segment South + East
Dipl.-Ing. Siegfried Wanker
Member of the Management Board
Segment International + Special Divisions