OHLA - comments

With OHLA having completed the recapitalisation in 25Q1, the FY24 results are a sideshow, but were ahead of our expectations. Our focus will be on the sale of assets like Canalejas and the settlement of legal disputes, but a solid operational performance is a pleasant relief. Revenue of €3.6bn was in line, but EBITDA of €142m (3.9%) was well ahead of the €114m we modelled. The order book is >€9bn, which is very healthy. Company guidance for FY 2025 is Revenue of €4.2bn with an EBITDA margin of 4%, which seems achievable. The call is at 1200CET, and we will update you all afterwards.