The consolidated group

The consolidated semi-annual financial statements as at 30 June 2026 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).

The number of consolidated companies changed in the first six months of 2026 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 Stumpp Group, Germany

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, sewer construction and utility installation. The company also operates asphalt mixing plants and holds interests in gravel works. In the 2025 financial year, its nearly 300 employees generated revenue of around € 60 million. The transaction closed on 28 April 2026.

Additions to assets and liabilities from the first-time consolidation of Gebr. Stumpp GmbH & Co. KG are provisionally comprised as follows:

Acquisition of WTE Group, Germany

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 and expands its existing water technology business to include integrated water management. This will increase STRABAG’s annual output in the water infrastructure sector by approximately € 300 million. The transaction closed on 2 March 2026.

Additions to assets and liabilities from the first-time consolidation of WTE Wassertechnik GmbH are provisionally comprised as follows:

Acquisition of Van Elle Group, United Kingdom

On 15 June 2026, STRABAG acquired the listed company Van Elle Holdings plc, now Van Elle Holdings Limited, Nottinghamshire, one of the largest ground engineering contractors in the United Kingdom. Van Elle has an established market position as a leading UK specialist in ground engineering and geotechnical services. Complementary customer bases and end markets, particularly in building construction, water and energy, offer attractive opportunities to combine STRABAG’s civil engineering expertise with existing ground engineering capabilities. Van Elle generated revenue of around € 150 million in 2025 and employs more than 600 people. Following approval of the proposed transaction by a majority of shareholders, STRABAG UK completed the full acquisition of the company.

Additions to assets and liabilities from the first-time consolidation of Van Elle Holdings Limited are provisionally comprised as follows:

The other first-time consolidations had only an insignificant impact on assets and liabilities.

In the first six months of the year, the companies consolidated for the first time contributed a total of T€ 65,166 to the consolidated revenue and accounted for a loss of T€ 62,331 in net income after minorities.

Assuming a theoretical first-time consolidation on 1 January 2026 for all new acquisitions, they would contribute T€ 209,968 to consolidated revenue and a loss of T€ 67,096 to net income after minorities.

Acquisitions after the reporting period

Under a transfer agreement dated 2 April 2026, STRABAG acquired Cermont Sp. z o.o., Wola Krzysztoporska, Poland. The company operates as a general contractor for logistics, industrial and commercial buildings and has its own steel structure production facilities. In the 2025 financial year, Cermont generated revenue of around € 51 million with approximately 190 employees. The acquisition strengthens STRABAG’s position in commercial and industrial construction in Poland and expands its capabilities through in-house structural steelwork and manufacturing capacities. Upon closing on 3 July 2026, STRABAG acquired 80% of the shares. The acquisition of the remaining 20% of the shares is contractually scheduled for 2029.

Under a transfer agreement dated 11 June 2026, STRABAG agreed to acquire 100% of the shares in BAWI Construction SRL, Bucharest, Romania. With this transaction, the Group is taking a further step towards strengthening its position in the European rail infrastructure business. BAWI is an established provider in the rail infrastructure sector with comprehensive expertise spanning the entire value chain – from construction and modernisation services through to specialised works and in-house component production. The company employs around 240 people and generated revenue of approximately € 60 million in 2025. The planned acquisition will allow STRABAG to further expand its activities in one of South-East Europe’s most important growth markets. Completion of the transaction remains subject to the customary regulatory approvals. The transaction is expected to close in the second half of 2026.

In June 2026, STRABAG signed an agreement to acquire 100% of the shares in Daroconstruct SRL, Iași, Romania. The company operates in building construction as well as road, bridge and utility construction. In the 2025 financial year, Daroconstruct generated revenue of around € 70 million with approximately 400 employees. The planned acquisition will strengthen STRABAG’s regional presence in eastern Romania and expand its construction capacities. Completion of the transaction remains subject to customary regulatory approvals and is expected in the second half of 2026.

Disposals from the consolidated group

As at 30 June 2026, the following companies were no longer included in the scope of consolidation: