Half-year results 2026: Implenia increases profitability, order book and free cash flow

Operating profit (EBIT) increases by 6.0% to CHF 60.4 million Order book grows by 9.6% to CHF 8.5 billion Free cash flow up by CHF 50.7 million; equity ratio improves to 23.4% (+2.2 ppt) Growth and differentiation strategy implemented consistently Full-year 2026 EBIT target of CHF ~150 million before growth investments confirmed,  further increase from 2027 onwards

Glattpark (Opfikon), 19 August 2026

“Implenia further improved its profitability, strengthened its cash discipline and made significant progress in implementing its strategy in the first half of the year,” states Jens Vollmar, CEO of Implenia. “Our focus on attractive market segments in specialised, high-margin segments, together with the steady digitalisation of our operations, is delivering results. The significant increase in the order book and the further improvement in the pre-calculated margin of our project portfolio strengthen the Group’s positioning for future growth.” All Divisions achieve operational progress Implenia increased its EBIT in the first half of 2026 to CHF 60.4 million (HY1.2025: CHF 57.0 million) and improved its EBIT margin to 3.4% (HY1.2025: 3.1%). All Divisions delivered their planned contributions to the Group’s earnings. This demonstrates Implenia’s resilience against the backdrop of geopolitical and macroeconomic uncertainty. Revenue amounted to CHF 1,767 million (HY1.2025: CHF 1,856 million). The order book increased by 9.6% to CHF 8,524 million (HY1.2025: CHF 7,778 million). At the same time, the pre-calculated margin of the projects in the order book rose to 7.9% (HY1.2025: 7.5%). This confirms the high quality of the project portfolio and the effectiveness of the Group-wide Value Assurance approach, Implenia’s risk management.

Division Buildings generated EBIT of CHF 37.5 million (HY1.2025: CHF 41.5 million). With an EBIT contribution of CHF 23.5 million (HY1.2025: CHF 20.7 million), the building construction business performed well. Real Estate Development contributed EBIT of CHF 14.0 million (HY1.2025: CHF 20.8 million). The book value of Implenia’s Real Estate portfolio was CHF 194 million (HY1.2025: CHF 172 million). Several acquisitions and one divestment were completed during the first half of the year. Revenue of CHF 859 million (HY1.2025: CHF 871 million) was broadly in line with the previous year. By contrast, the order book increased significantly to CHF 3,010 million (HY1.2025: CHF 2,570 million).

Major new orders included an additional order for MEP (mechanical, electrical, plumbing) fit-out works at a  data centre project already underway, as well as project wins in Germany, particular in the defence and education sectors. Significant new contracts were also secured in the area of modernisation of existing buildings. The Division continues to benefit from its focus on complex real estate projects in the areas of healthcare, life sciences, education, data and logistics centres, and defence infrastructure – all of which offer attractive growth and margin prospects.

Division Civil Engineering improved its EBIT to CHF 18.8 million (HY1.2025: CHF 15.9 million). Divisional revenue amounted to CHF 926 million (HY1.2025: CHF 1,008 million), which was below the prior-year level. The temporary decline was due to the lower revenue contribution typically associated with the early phases of major infrastructure projects that are currently underway. The order book increased to CHF 5,445 million (HY1.2025: CHF 5,153 million).

Key new orders included a complex infrastructure project in Gothenburg under a cost-plus reimbursement model, as well as four major bridge projects in Germany and Norway. These orders underline the growing importance of collaborative contract models as well as the Division’s strong market position in the infrastructure sector.

Division Service Solutions increased its EBIT to CHF 11.7 million (HY1.2025: CHF 9.3 million). At CHF 121 million (HY1.2025: CHF 123 million), revenue was slightly below the prior-year level. Wincasa’s assets under management increased to CHF 85.7 billion (HY1.2025: CHF 82.8 billion).

The acquisition of German structural engineering and building design firm zigmo engineering, signed in the first half of the year, supports the Division’s strategy of establishing itself as a leading engineering and planning services provider in Germany and Switzerland. Wincasa also secured major new mandates, including the management of Fondiaria SICAV’s entire portfolio, additional services for TX Group as well as the management of the INSIDE Volketswil shopping centre. BCL, Planovita and Encira also acquired new orders. Significant improvement in free cash flow; equity ratio increases to 23.4% Seasonally negative free cash flow improved considerably to CHF -118 million (HY1.2025: CHF -168 million). This reflects continued cash discipline and further progress in working capital management. As of 30 June 2026, all syndicated credit limits, totalling CHF 400 million, were available to the company alongside other bilateral credit lines.

The financial result was in line with the prior-year period. The equity ratio increased to 23.4% as at 30 June 2026 (HY1.2025: 21.3%, adjusted for short-term time deposits from the bond).

Growth and differentiation strategy implemented consistently
Strategically, the Group continues to focus on market segments characterised by structurally strong demand and attractive growth potential. These include real estate for healthcare and education, data and logistics centres, defence infrastructure, and transport and energy infrastructure as strategic growth areas.

The previously announced extraordinary growth investments of CHF 10-20 million for strategy implementation will largely take effect in the second half of the year. These investments will primarily be used to build teams in the data centre, healthcare and life sciences real estate markets in Germany and Western Switzerland, as well as in the defence infrastructure sector. In addition, the Group will continue to optimise selected areas of the organisation and prepare targeted acquisitions in high-margin business areas.

At the same time, Implenia is pursuing a range of initiatives to improve efficiency. These include ongoing digitalisation and the expanded use of artificial intelligence, the continuous improvement of operational processes and initiatives in the areas of innovation, safety, culture and employee engagement. The aim is to further increase productivity and deliver sustainable improvements in profitability.

The forecasts for the Group’s key market segments remain positive. Megatrends such as population growth and urbanisation, macroeconomic volatility, the energy transition and sustainability, digitalisation and industrialisation, together with substantial public investment programmes, continue to provide attractive long-term growth prospects.

During the first half of the year, the Group published a primer document containing comprehensive information for investors and analysts on the Group’s strategy, market environment and financial profile.
Link:  Implenia Primer Full-year 2026 EBIT target of CHF ~150 million before growth investments confirmed, further increase from 2027 onwards Implenia confirms its full-year 2026 EBIT target of approximately CHF 150 million, before the previously announced extraordinary growth investments of CHF 10-20 million for strategy implementation. At the same time, the Group expects to further increase its operating profit (EBIT) to more than CHF 150 million from 2027 onwards. In the short to medium term, Implenia aims to increase revenue by up to CHF 1 billion, while achieving an EBIT margin of 4.5% and an equity ratio of 25%.

Key figures Group

	1.1.–30.06.2026	1.1.–30.06.2025	?	?
	in TCHF	in TCHF		like-for-like1
Group revenue	1,766,812	1,855,863	(4.8%)	(4.1%)
EBIT	60,404	56,968
in % of revenue	3.4%	3.1%
Consolidated profit	35,567	33,313
in % of revenue	2.0%	1.8%
Free cash flow excl. IFRS 16	(150,508)	(204,371)
Free cash flow	(117,718)	(168,418)
Equity (as at 30.6.)	755,250	660,995	14.3%	14.6%
Equity ratio in % (excl. short-term time deposits from issue proceeds in 2025)	23.4%	21.3%
Order book (as at 30.6.)	8,523,812	7,778,433	9.6%	9.8%
Production output	2,085,960	2,114,647	(1.4%)	(1.1%)
Employees (FTE; as at 30.6.)	8,152	8,597	(5.2%)
Earnings per share, undiluted (in CHF)	1.81	1.80
1 Foreign currency adjusted

 

Contact for media:
Corporate Communications, T +41 58 474 74 77, communication@implenia.com 

Contact for Investors and Analysts:
Investor Relations, T +41 58 474 35 04, ir@implenia.com 

Half-Year Report 2026:
You can access and download the Half-Year Report 2026 via this link.

Analysts and Media Conference:
An Analysts and Media Conference will take place today in the form of a webcast from 12 noon to 1 p.m. There will be an opportunity to ask questions.

Implenia primer:
Use this link to access and download the primer.

Dates for Investors:
3 March 2027: Annual results 2026, Analysts and Media Conference
31 March 2027: Annual General Meetin

As Switzerland’s leading construction and real estate service provider, Implenia develops, builds and manages homes, workplaces and infrastructure for future generations in Switzerland and Germany. It also offers tunnelling and related infrastructure services in other markets. Formed in 2006, the company can look back on around 160 years of construction tradition. Implenia brings together the know-how of its highly skilled consultancy, development, planning and execution units under the umbrella of an integrated multinational construction and real estate service provider. With its broad offering and the expertise of its specialists, the Group realises large, complex projects and provides client-centric support across the entire life cycle of a building or structure. It focuses on client needs and on striking a sustainable balance between commercial success and social and environmental responsibility. Implenia, with its headquarters in Opfikon near Zurich, employs more than 8,000 people (FTEs) across Europe and posted revenue of CHF 3.5 billion in 2025. The company is listed on the SIX Swiss Exchange (IMPN, CH0023868554). More information can be found at implenia.com.