The consolidated group

The consolidated financial statements as at 31 December 2025 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 2025 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 2025, is identical with the calendar year.

The number of consolidated companies changed in the 2024 and 2025 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.

Acquisition of Georgiou Group in Australia

Under a purchase agreement from 30 December 2024, STRABAG acquired 100% of the shares in Georgiou Group Pty Ltd., Perth. The Western Australia-based company, a specialist in road and infrastructure construction with 875 employees, generates an annual revenue of around AUD 1.3 billion, the equivalent of € 787 million. 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.

Additions to assets and liabilities from the first-time consolidation of Georgiou Group Pty Ltd. are provisionally comprised as follows:

Acquisitions in Building Solutions in the Czech Republic

In December 2024, STRABAG acquired 100% of the shares in B2 Assets s.r.o., Prague. The company specialises in technical facility management (TFM) and generates an annual revenue equivalent to approximately € 12 million with a workforce of around 80 employees. With this acquisition, STRABAG continues to expand its capabilities as an integrated service provider and Building Solutions expert, while strengthening its presence in the Czech Republic.

Under a purchase agreement dated 11 March 2025, STRABAG acquired 100% of the shares in INSTALACE Praha, spol. s r.o., Prague. Closing took place on 7 April 2025. The company offers a wide range of services, particularly in the field of mechanical and electrical engineering (M&E), along with comprehensive technical facility management services. INSTALACE has some 300 employees across the Czech Republic and generated revenue of approximately € 72 million in the 2024 financial year. With this acquisition, STRABAG gains a recognised expert in the delivery of complex M&E projects.

Additions to assets and liabilities from the first-time consolidation of the Building Solutions in the Czech Republic are provisionally comprised as follows:

Acquisitions in construction and recycling in Austria

Under a transfer agreement dated 4 April 2025, STRABAG acquired 100% of the shares in Lederer-Grabner Baugesellschaft mbH, Graz. Closing took place on 15 May 2025. The company focuses on Reconstruction, Conversion & Refurbishment and has particular expertise in the renovation of existing buildings, the revitalisation of historic city-centre properties, thermal energy retrofitting and the restoration of listed buildings. In addition, the company acts as a general contractor for turnkey building construction projects. Last year, it generated annual revenue of approximately € 90 million.

As part of an asset deal, STRABAG acquired the assets of Kovanda Group, including the operation of two concrete mixing plants and a soil excavation landfill in Gerasdorf, along with the associated land, employees, equipment, vehicle fleet and extraction rights for certain gravel, sand and crushed stone deposits, as well as the permits for a planned recycling facility. Closing took place on 30 June 2025.

Additions to assets and liabilities from the first-time consolidation of the acquisitions in construction and recycling in Austria are provisionally comprised as follows:

Acquisition in construction operation in Poland

Under a transfer agreement dated 18 April 2025, STRABAG acquired 99.7% of the shares in ZABERD Sp. z o.o., Wrocław. This acquisition enables STRABAG to enter the rapidly growing road maintenance market in Poland, complementing its existing range of services in the country. In 2024, ZABERD generated revenue of approximately € 72 million and employed around 300 people.

Additions to assets and liabilities from the first-time consolidation of ZABERD Sp. z o.o. are provisionally comprised as follows:

Acquisition in India

Under a transfer agreement dated 24 December 2025, STRABAG acquired Orbittal Electromech Engineering Projects Pvt. Ltd., Pune, India. The company operates in the M&E segment with its own production facilities, generating annual revenue of approximately € 45 million and employing around 260 people. In a first step, STRABAG acquired 60% of the shares. The acquisition of the remaining 40% of the shares is scheduled for 1 January 2027 and 1 January 2028. The company is already being presented as fully consolidated at 100%, however, as STRABAG is already considered the economic owner. The purchase price liability for the remaining 40% is recognised under other non-current financial liabilities.

Additions to assets and liabilities from the first-time consolidation of Orbittal Electromech Engineering Projects Pvt. Ltd. are provisionally 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 2025 contributed T€ 644,486 (thereof Georgiou Group: T€ 436,854) to revenue and with a profit of T€ 4,522 to net income after minorities.

Assuming a theoretical first-time consolidation on 1 January 2025 for all new acquisitions, they would contribute T€ 881,444 to consolidated revenue and a profit of T€ 13,821 to net income.

Acquisitions after the reporting period

Under a transfer agreement dated 18 June 2025, STRABAG acquired 100% of the shares in WTE Wassertechnik GmbH, Essen. The WTE Group plans, finances, builds and operates projects in the fields of wastewater management, water supply, sewage sludge treatment and energy recovery across Europe and the Middle East. With the acquisition of WTE, STRABAG becomes a full-service provider for water infrastructure, covering the entire value chain. The acquisition is in line with the objectives of Strategy 2030 and expands STRABAG’s existing business in the field of water technology to include integrated water management. The combined portfolio in this business segment will generate annual output of around € 400 million. The fixed purchase price amounts to € 100 million; variable purchase price adjustments as well as the assumption of liabilities and guarantees are included in the transaction scope. Closing of the transaction took place on 2 March 2026. As full financial information is not yet available, no detailed disclosures on initial consolidation and purchase price allocation can be made.

Under a transfer agreement dated 17 July 2025, STRABAG acquired 100% of the shares in Gebr. Stumpp GmbH & Co. KG, Balingen. The Stumpp Group specialises in road construction and civil engineering, including earthworks as well as sewer and pipeline construction. The company also operates asphalt mixing plants and holds interests in gravel works. In the past financial year, it generated annual output of around € 90 million with just under 300 employees. In a decision dated 2 March 2026, the Federal Cartel Office approved the acquisition, subject to the condition precedent that an asphalt mixing plant be sold within a period of six months. The transaction is expected to close in the second half of 2026.

Disposals from the consolidated group

As at 31 December 2025, 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€ 0 (2024: T€ 1,207) and losses in the amount of T€ 1,225 (2024: T€ 34,746) are recognised in profit or loss under other operating income or other operating expense. The losses for the previous year include the recycling result arising from foreign currency translation.

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. Revenue of T€ 3,791 was recognised from the sale of AMFI HOLDING Kft., Budapest.

Non-controlling interests

As at 31 December 2025, the amount of the non-controlling interests stood at T€ 21,076 (2024: T€ 22,400) in the STRABAG SE Group and is thus immaterial. The non-controlling interests comprise several smaller subsidiaries.

The ownership stakes in the subsidiaries remained unchanged during the financial year.

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
• 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 transaction. 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€ 31,863 (2024: T€ 23,072) were recognised directly in equity in the financial year. Due to deconsolidations, currency differences in the amount of T€ T€ -2,125 (2024: T€ -38,642) that had been recognised directly in equity in previous years were reclassified from equity to profit and loss (recycling).