The STRABAG\u00a0SE Group is a leading European technology group for construction services. STRABAG\u00a0SE has its headquarters in Triglavstra\u00dfe 9, 9500 Villach, Austria. STRABAG\u00a0SE is the ultimate parent company of the group. From its core markets of Austria and Germany, STRABAG is present via its numerous subsidiaries in all countries of Eastern and South-East Europe, in selected markets in North and Western Europe and the Arabian Peninsula, Australia, as well as in the project business in Africa, Asia and the Americas. STRABAG\u2019s activities span the entire construction industry (Building Construction & Civil Engineering, Transportation Infrastructures, Tunnelling, construction-related services) and cover the entire value-added chain in the field of construction.
The consolidated financial statements of STRABAG\u00a0SE, at the reporting date 31\u00a0December\u00a02025, were drawn up under application of Section 245a Paragraph 2 of the Austrian Commercial Code (UGB) in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), including the interpretations of the International Financial Reporting Interpretations Committee (IFRIC).
Applied were exclusively those standards and interpretations adopted by the European Commission before the reporting deadline and published in the Official Journal of the European Union. Further reporting requirements of Section 245a Paragraph 1 of the Austrian Commercial Code (UGB) were fulfilled as well.
In addition to a statement of total comprehensive income and the consolidated balance sheet, the financial statements include a cash flow statement in accordance with IAS 7 and a statement of changes in equity (IAS 1). The disclosures in the Notes also contain a segment reporting section in accordance with IFRS 8.
In order to improve the clarity of the representation, various items in the balance sheet and the income statement have been combined. These items have been shown separately and are explained in the Notes. The income statement has been drawn up in accordance with the nature of expense method.
There have been no changes in accounting policies during the financial year.
The preparation of the consolidated financial statements was based on the assumption that the company will continue as a going concern.
The consolidated financial statements were prepared in T\u20ac. The presentation in T\u20ac may result in rounding differences.
The IASB has made the following amendments to the existing IFRS and passed several new IFRS and IFRIC, which have also been adopted by the European Commission. Application thus became mandatory on 1\u00a0January\u00a02025.
| \n \n \n \n | \n \n \n Application for financial years which begin on or after (according to IASB)\n \n | \n \n \n Application for financial years which begin on or after (according to EU endorsement)\n \n | \n
| \n \n Amendments to IAS 21 \u2013 Lack of Exchangeability\n \n | \n \n \n 1.1.2025\n \n | \n \n \n 1.1.2025\n \n | \n
The first-time adoption of the IFRS standards had minor impact on the consolidated financial statements as at 31\u00a0December\u00a02025.
The IASB and the IFRIC approved further standards and interpretations. However, these were neither required to be applied in the 2025 financial year nor adopted by the European Commission. The amendments affect the following standards and interpretations:
| \n \n \n \n | \n \n \n Application for financial years which begin on or after (according to IASB)\n \n | \n \n \n Application for financial years which begin on or after (according to EU endorsement)\n \n | \n \n \n Impact on the consolidated financial statements\n \n | \n
| \n \n Annual Improvements Volume 11\n \n | \n \n \n 1.1.2026\n \n | \n \n \n 1.1.2026\n \n | \n \n \n minor\n \n | \n
| \n \n Amendments to IFRS 9 and IFRS 7 \u2013 Classification and Measurement of Financial Instruments\n \n | \n \n \n 1.1.2026\n \n | \n \n \n 1.1.2026\n \n | \n \n \n minor\n \n | \n
| \n \n Amendments to IFRS 9 and IFRS 7 \u2013 Contracts Referencing Nature-dependent Electricity\n \n | \n \n \n 1.1.2026\n \n | \n \n \n 1.1.2026\n \n | \n \n \n is being analysed\n \n | \n
| \n \n IFRS 18 Presentation and Disclosure in Financial Statements\n \n | \n \n \n 1.1.2027\n \n | \n \n \n 1.1.2027\n \n | \n \n \n is being analysed\n \n | \n
| \n \n IFRS 19 Subsidiaries without Public Accountability: Disclosure\n \n | \n \n \n 1.1.2027\n \n | \n \n \n n. a.1\n \n | \n \n \n not applicable\n \n | \n
| \n \n Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures\n \n | \n \n \n 1.1.2027\n \n | \n \n \n n. a.1\n \n | \n \n \n not applicable\n \n | \n
| \n \n Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates \u2013 Translation to a Hyperinflationary Presentation Currency\n \n | \n \n \n 1.1.2027\n \n | \n \n \n n. a.1\n \n | \n \n \n minor\n \n | \n
\n 1n. a. \u2013 endorsement process is still in progress\n
\nSTRABAG currently has no significant power purchase agreements under\u00a0IFRS 9 for nature-dependent electricity. In view of the sustainability targets and Strategy 2030, however, it can be assumed that such agreements may be concluded in the future. Any such contracts would then have to be assessed on a case-by-case basis.
STRABAG will be affected by IFRS 18 with regard to the presentation of the income statement and the statement of cash flows. The key change relates to the presentation of earnings from equity-accounted investments, including the earnings from construction consortia, which may no longer be recognised as part of operating income but must be presented in the investing category. Consequently, the earnings from equity-accounted investments and the income from investments will be presented after operating income. As these figures are, however, a material component of the operating business, a management-defined performance measure (MPM) will be introduced in the consolidated income statement, consisting of the sum of operating income and income from investments. The intermediate subtotal EBITDA previously presented in the consolidated income statement will be discontinued and shown exclusively as an MPM in the annual report. Net interest income, presented as the balance of interest and similar income and interest expense and similar charges, will also no longer be shown, as interest must be split between investing and financing.
The presentation applies analogously to the statement of cash flows, in which an intermediate subtotal for cash flow from net investments excluding inflows from equity-accounted investments and investments will be introduced.
\n IFRS 18 governs presentation only and does not impact profit or loss in the consolidated financial statements.
Early application of the new standards and interpretations is not planned.
The financial statements of the domestic and foreign companies included in the consolidated group are drawn up in accordance with uniform methods of accounting and valuation. The annual financial statements of the domestic and foreign Group companies are adapted accordingly.
Entities whose financial and operating policies are controlled by the Group constitute subsidiaries.
The consolidated financial statements include the financial statements of the parent and entities (including structured entities) over which the Group has control. An entity is considered to be under control if the following criteria are met:
Control over an entity is reassessed if facts and circumstances indicate that there are changes to one or more of the three elements of control discussed above.
Owning a majority of the voting rights is not always necessary to have power and control over an investee. Control can be achieved through other rights or contractual agreements which give the parent the possibility to affect the returns of the investee.
A subsidiary is included in the consolidated financial statements from the date on which the parent acquired control. Conversely, the entity is deconsolidated when control ends.
Capital consolidation is performed in accordance with IFRS 3 using the acquisition method. The acquisition costs of the subsidiary are measured as the sum of the fair values of assets given, equity instruments issued and liabilities assumed. Contingent considerations are also measured at their fair value from the date of the business combination. Later deviations from this value are recognised in profit or loss. Transaction costs are also recognised immediately in profit or loss.
Non-controlling interests are recognised based on their proportional interest in the net assets of the acquired entity (partial goodwill method). The option of recognising non-controlling interests at fair value is not used.
In business combinations achieved in stages (step acquisitions), the existing equity interest of the entity is remeasured at fair value from the date of acquisition. The resulting profit or loss is recognised in the income statement.
The acquisition costs, contingent considerations, existing equity interests and non-controlling interests are to be compared with all identifiable assets and liabilities of the subsidiary measured at fair value. Any remaining difference on the assets side is classified as goodwill. Differences arising from the capital consolidation on the liabilities side are recognised immediately in profit or loss following another review. Goodwill is subjected to impairment testing in accordance with IAS 36 at least once a year.
In the 2025 financial year, T\u20ac 178,942 (2024: T\u20ac 65,636) in goodwill arising from capital consolidation was recognised as assets. Impairment losses on goodwill in the amount of T\u20ac 0 (2024: T\u20ac 0) were recognised.
Differences arising from the acquisition or disposal of investments in affiliated entities without acquisition or loss of control are recognised in full in equity outside profit or loss.
When control over a subsidiary is lost, the assets and liabilities of the former subsidiary are derecognised. The resulting profit or loss attributable to the former controlling interest is recognised in profit or loss. The amounts recognised in other comprehensive income are reclassified to the income statement or recognised directly against profit or loss brought forward. The profit or loss from deconsolidation is recognised as an amount in other operating income or expense.
When control over a subsidiary is lost, any remaining investment is remeasured at fair value. The difference to the existing carrying amounts is recognised in profit or loss. Associates, joint arrangements or financial assets are initially recognised at this fair value. All previous amounts recognised to date in other income are accounted for as if the assets and liabilities of the affected entities had been sold directly.
When a real estate project company is deconsolidated and sold under a share deal in the course of the project development business, the disposal profit is not presented as a deconsolidation gain but \u2013 from an economic point of view \u2013 as gross revenue and expenses from the project development. This ensures that asset deals and share deals are presented in the same way in the project development business.
Structured entities are entities that are not controlled by voting rights, but mainly through contractual arrangements for a specific business purpose. The business purpose is usually restricted to a narrow field of activity. Structured entities typically have little equity capital and rely on owner financing. There are no structured entities within the STRABAG\u00a0SE Group.
Entities in which the Group exercises significant influence constitute associates. This is generally the case with a holding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method and recognised in the item equity-accounted investments. The acquired investment is initially measured at cost. Any differences that arise are treated according to the principles of consolidation. In subsequent years, the carrying amount of the investment increases or decreases in proportion to the share of profit or loss and/or the investee\u2019s other income. Distributions reduce the carrying amount of the investment. As soon as the Group\u2019s share of losses equals or exceeds the interest in the associate, no further losses are recognised unless the Group is liable for the associate\u2019s losses.
At the end of every accounting period, the Group determines whether there are any indications for an impairment of the investment in the associate. If there are, then the difference between the carrying amount and the recoverable amount is recognised as an impairment expense in the share of profit or loss of equity-accounted investments in the income statement.
In the year under review, the initial equity measurement of newly acquired entities and of additional interest acquired in existing entities resulted in goodwill in the amount of T\u20ac 0 (2024: T\u20ac 6,191), which is reported under equity-accounted investments.
Joint ventures are entities over which the Group exercises joint control together with a third entity. Joint control exists when the determination of the financial and operating policies requires the unanimous consent of all parties to the joint control. STRABAG accounts for joint ventures using the equity method and these are recognised in the item equity-accounted investments.
Consortia are quite common in the construction industry in Austria and Germany. According to the Institute of Public Auditors in Germany (IDW) and a statement by the Austrian Financial Reporting and Auditing Committee (AFRAC), the typical German and Austrian construction consortium meets the requirements to be classified as a joint venture. Earnings from construction consortia are presented proportionately under share of profit or loss of equity-accounted investments. The receivables from and payables to construction consortia include mainly in- and outflows of cash, charges resulting from services as well as proportional contract results and are recorded under trade receivables and trade payables.
Joint arrangements for the execution of construction work in the remaining countries are accounted for either as joint ventures or as joint operations depending on the substance of the arrangement.
In Australia in particular, it is common practice to execute joint construction contracts in the form of joint operations. Joint operations are recognised in the consolidated financial statements by proportionately including the assets, liabilities, income and expenses attributable to the STRABAG SE Group.
The five largest joint operations in terms of proportionate output in the financial year are as follows:
| \n \n Joint Operation\n \n | \n \n \n Country\n \n | \n \n \n Segment\n \n | \n \n \n Stake in %\n \n | \n \n \n Proportionate revenue\n\u20ac mn\n \n | \n |
| \n \n 2025\n \n | \n \n \n 2024\n \n | \n ||||
| \n \n HS2 high-speed rail line\n \n | \n \n \n United Kingdom\n \n | \n \n \n I+S\n \n | \n \n \n 32.0\n \n | \n \n \n 337.0\n \n | \n \n \n 448.2\n \n | \n
| \n \n Coomera Connectors Stage 1 North\n \n | \n \n \n Australia\n \n | \n \n \n I+S\n \n | \n \n \n 40.0\n \n | \n \n \n 36.9\n \n | \n \n \n -\n \n | \n
| \n \n Air Base 57\n \n | \n \n \n Romania\n \n | \n \n \n S+E\n \n | \n \n \n 50.0\n \n | \n \n \n 26.1\n \n | \n \n \n 16.7\n \n | \n
| \n \n M12 Motorway (West)\n \n | \n \n \n Australia\n \n | \n \n \n I+S\n \n | \n \n \n 50.0\n \n | \n \n \n 26.0\n \n | \n \n \n -\n \n | \n
| \n \n Tonkin Highway Extension and Thomas Road Upgrade\n \n | \n \n \n Australia\n \n | \n \n \n I+S\n \n | \n \n \n 41.5\n \n | \n \n \n 25.3\n \n | \n \n \n -\n \n | \n
In accordance with IFRS 9, investments which do not constitute subsidiaries, joint ventures or associates are recognised at fair value through profit or loss and are stated under other investments.
Subsidiaries, joint ventures and associates which, being immaterial, are not consolidated or accounted for using the equity method are measured at amortised cost and reported under other investments.
As part of the consolidation of intercompany balances, any trade receivables, loans and other receivables existing within the Group are set off against the corresponding liabilities and provisions of the subsidiaries included in the consolidated financial statements.
Expenses and revenues from intra-group transactions are eliminated. Results incurred from intra-group transactions that are recognised in the non-current and current assets are eliminated if they are material.
Unrealised profits from transactions between Group entities and associates are eliminated in proportion to the Group\u2019s share in the associate.
Non-controlling interests in equity and profits of companies controlled by the parent are shown separately in the consolidated financial statements.
The necessary tax deferrals are made for consolidation procedures.
The consolidated financial statements as at 31\u00a0December\u00a02025 include STRABAG\u00a0SE as well as all major domestic and foreign subsidiaries over which STRABAG\u00a0SE 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\u00a0December\u00a02025, is identical with the calendar year.
| \n \n Companies\n \n | \n \n \n Reporting date\n \n | \n \n \n Method of inclusion\n \n | \n
| \n \n EFKON INDIA Pvt. Ltd., Mumbai\n \n | \n \n \n 31.3.\n \n | \n \n \n consolidation\n \n | \n
| \n \n Orbittal Electromech Engineering Projects Private Limited, Pune\n \n | \n \n \n 31.3.\n \n | \n \n \n consolidation\n \n | \n
| \n \n Th\u00fcringer Stra\u00dfenwartungs- und Instandhaltungsgesellschaft mbH & Co. KG, Apfelst\u00e4dt\n \n | \n \n \n 30.9.\n \n | \n \n \n equity-accounted investment\n \n | \n
The number of consolidated companies changed in the 2024 and 2025 financial years as follows:
| \n \n \n \n | \n \n \n Consolidation\n \n | \n \n \n Equity method\n \n | \n
| \n \n Balance as at 31.12.2023\n \n | \n \n \n 261\n \n | \n \n \n 23\n \n | \n
| \n \n First-time inclusions in the reporting period\n \n | \n \n \n 14\n \n | \n \n \n 0\n \n | \n
| \n \n First-time inclusions in the reporting period due to merger/accrual of assets\n \n | \n \n \n 3\n \n | \n \n \n 0\n \n | \n
| \n \n Merger/Accrual of assets in the reporting period\n \n | \n \n \n -7\n \n | \n \n \n 0\n \n | \n
| \n \n Exclusions in the reporting period\n \n | \n \n \n -7\n \n | \n \n \n -1\n \n | \n
| \n \n Balance as at 31.12.2024\n \n | \n \n \n 264\n \n | \n \n \n 22\n \n | \n
| \n \n First-time inclusions in the reporting period\n \n | \n \n \n 15\n \n | \n \n \n 2\n \n | \n
| \n \n First-time inclusions in the reporting period due to merger/accrual of assets\n \n | \n \n \n 12\n \n | \n \n \n 0\n \n | \n
| \n \n Merger/Accrual of assets in the reporting period\n \n | \n \n \n -16\n \n | \n \n \n 0\n \n | \n
| \n \n Exclusions in the reporting period\n \n | \n \n \n -2\n \n | \n \n \n -7\n \n | \n
| \n \n Balance as at 31.12.2025\n \n | \n \n \n 273\n \n | \n \n \n 17\n \n | \n
The following companies formed part of the consolidated group for the first time in the reporting period:
| \n \n Consolidation\n \n | \n \n \n Direct stake\n%\n \n | \n \n \n Date of acquisition\nor foundation\n \n | \n
| \n \n A-WAY Zrt., \u00dajharty\u00e1n\n \n | \n \n \n 100.00\n \n | \n \n \n 1.1.20251\n \n | \n
| \n \n B2 Assets s.r.o., Prague\n \n | \n \n \n 100.00\n \n | \n \n \n 1.1.20251\n \n | \n
| \n \n GEORGIOU AUSTRALIA PTY LTD, Western Australia\n \n | \n \n \n 100.00\n \n | \n \n \n 21.3.2025\n \n | \n
| \n \n GEORGIOU BUILDING PTY LTD, Western Australia\n \n | \n \n \n 100.00\n \n | \n \n \n 21.3.2025\n \n | \n
| \n \n GEORGIOU GROUP PTY LTD, Western Australia\n \n | \n \n \n 100.00\n \n | \n \n \n 21.3.2025\n \n | \n
| \n \n INSTALACE Praha, spol. s r.o., Prague\n \n | \n \n \n 100.00\n \n | \n \n \n 7.4.2025\n \n | \n
| \n \n Lederer-Grabner Baugesellschaft mbH, Graz\n \n | \n \n \n 100.00\n \n | \n \n \n 15.5.2025\n \n | \n
| \n \n Orbittal Electromech Engineering Projects Private Limited, Pune\n \n | \n \n \n 100.00\n \n | \n \n \n 24.12.2025\n \n | \n
| \n \n STRABAG AUSTRALIA PTY LTD, Queensland\n \n | \n \n \n 100.00\n \n | \n \n \n 1.1.20251\n \n | \n
| \n \n STRABAG HARP HoldCo GmbH, Spittal an der Drau\n \n | \n \n \n 100.00\n \n | \n \n \n 4.4.2025\n \n | \n
| \n \n STRABAG Hold Estate Itzehoe GmbH & Co. KG, Cologne\n \n | \n \n \n 100.00\n \n | \n \n \n 1.1.20251\n \n | \n
| \n \n STRABAG Vorrat Neunzehn GmbH & Co KG, Vienna\n \n | \n \n \n 100.00\n \n | \n \n \n 1.1.20251\n \n | \n
| \n \n STRABAG Vorrat Neunzehn GmbH, Vienna\n \n | \n \n \n 100.00\n \n | \n \n \n 1.1.20251\n \n | \n
| \n \n WEST CAPE PTY LTD, Western Australia\n \n | \n \n \n 100.00\n \n | \n \n \n 21.3.2025\n \n | \n
| \n \n ZABERD Sp. z o.o., Wroc\u0142aw\n \n | \n \n \n 99.70\n \n | \n \n \n 18.4.2025\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Merger/Accrual of assets\n \n | \n \n \n Direct stake\n%\n \n | \n \n \n Date of Merger/Accrual of assets\n \n | \n
| \n \n ADOMUS Facility-Management GmbH, Frankfurt am Main\n \n | \n \n \n 100.00\n \n | \n \n \n 22.8.20252\n \n | \n
| \n \n E.F.G. S.A., Kehlen\n \n | \n \n \n 100.00\n \n | \n \n \n 11.7.20252\n \n | \n
| \n \n F 101 Projekt GmbH & Co. KG, Cologne\n \n | \n \n \n 100.00\n \n | \n \n \n 11.8.20252\n \n | \n
| \n \n F 101 Verwaltungs GmbH, Cologne\n \n | \n \n \n 100.00\n \n | \n \n \n 11.8.20252\n \n | \n
| \n \n gr\u00fcnraum GmbH, Schwanenstadt\n \n | \n \n \n 100.00\n \n | \n \n \n 7.10.20252\n \n | \n
| \n \n Koch GmbH, Kreuztal\n \n | \n \n \n 100.00\n \n | \n \n \n 21.8.20252\n \n | \n
| \n \n Koscheinz & Partner Ingenieurgesellschaft mbH, Ruhstorf a.d. Rott\n \n | \n \n \n 100.00\n \n | \n \n \n 5.8.20252\n \n | \n
| \n \n Obermayr Dach+Fassade GmbH, Schwanenstadt\n \n | \n \n \n 100.00\n \n | \n \n \n 7.10.20252\n \n | \n
| \n \n Projekt Lohsepark Beteiligungsgesellschaft mbH, Hamburg\n \n | \n \n \n 100.00\n \n | \n \n \n 18.8.20252\n \n | \n
| \n \n Projekt Lohsepark GmbH & Co. KG, Hamburg\n \n | \n \n \n 100.00\n \n | \n \n \n 29.8.20252\n \n | \n
| \n \n SAT SLOVENSKO s.r.o., Bratislava\n \n | \n \n \n 100.00\n \n | \n \n \n 1.1.20252\n \n | \n
| \n \n SAT \u00datjav\u00edt\u00f3 Kft., Budapest\n \n | \n \n \n 100.00\n \n | \n \n \n 31.3.20252\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Equity-accounted investments\n \n | \n \n \n Direct stake\n%\n \n | \n \n \n Date of acquisition\nor foundation\n \n | \n
| \n \n Autostrada Wielkopolska II S.A., Pozna\u0144\n \n | \n \n \n 20.00\n \n | \n \n \n 28.5.2025\n \n | \n
| \n \n Cascade Infrastructure Holdings Limited, Manchester\n \n | \n \n \n 50.00\n \n | \n \n \n 14.5.2025\n \n | \n
\n 1Due to its increased business volumes, the companies were included in the consolidated group for the first time effective 1 January. The foundation/acquisition of the companies occurred before 1 January 2025.\n
\n\n 2The companies listed under Merger/Accrual of assets were merged with/accrued on already consolidated companies and as such are simultaneously represented as additions \nto and removals from the consolidated group.\n
\nCompanies 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.
\n 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 \u20ac 787 million. To ensure a resilient position in the long term, the acquisition also forms part of the company\u2019s push to diversify the country portfolio outside Europe. The request for approval by Australia\u2019s 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\u00a0first-time consolidation of Georgiou Group Pty Ltd. are provisionally comprised as follows:
| \n \n T\u20ac\n \n | \n \n \n First-time consolidation\n \n | \n
| \n \n Assets and liabilities acquired\n \n | \n \n \n \n \n | \n
| \n \n Goodwill\n \n | \n \n \n 90,697\n \n | \n
| \n \n Other non-current assets\n \n | \n \n \n 48,792\n \n | \n
| \n \n Current assets\n \n | \n \n \n 173,108\n \n | \n
| \n \n Non-current liabilities\n \n | \n \n \n -32,114\n \n | \n
| \n \n Current liabilities\n \n | \n \n \n -159,577\n \n | \n
| \n \n Consideration (purchase price)\n \n | \n \n \n 120,906\n \n | \n
| \n \n Cash and cash equivalents acquired\n \n | \n \n \n -91,707\n \n | \n
| \n \n Net cash outflow from acquisition\n \n | \n \n \n 29,199\n \n | \n
\n Acquisitions in Building Solutions in the Czech Republic
\n 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 \u20ac 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 \u20ac 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:
| \n \n T\u20ac\n \n | \n \n \n First-time consolidation\n \n | \n
| \n \n Assets and liabilities acquired\n \n | \n \n \n \n \n | \n
| \n \n Goodwill\n \n | \n \n \n 18,345\n \n | \n
| \n \n Other non-current assets\n \n | \n \n \n 7,845\n \n | \n
| \n \n Current assets\n \n | \n \n \n 23,149\n \n | \n
| \n \n Non-current liabilities\n \n | \n \n \n -3,576\n \n | \n
| \n \n Current liabilities\n \n | \n \n \n -16,723\n \n | \n
| \n \n Consideration (purchase price)1\n \n | \n \n \n 29,040\n \n | \n
| \n \n Non-cash effective future purchase price component\n \n | \n \n \n -1,771\n \n | \n
| \n \n Cash and cash equivalents acquired\n \n | \n \n \n -2,913\n \n | \n
| \n \n Net cash outflow from acquisition\n \n | \n \n \n 24,356\n \n | \n
\n 1\u20ac 10.4 million of the purchase price had already been paid by the end of 2024.\n
\n\n 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 \u20ac 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:
| \n \n T\u20ac\n \n | \n \n \n First-time consolidation\n \n | \n
| \n \n Assets and liabilities acquired\n \n | \n \n \n \n \n | \n
| \n \n Goodwill\n \n | \n \n \n 28,503\n \n | \n
| \n \n Other non-current assets\n \n | \n \n \n 27,710\n \n | \n
| \n \n Current assets\n \n | \n \n \n 32,942\n \n | \n
| \n \n Non-current liabilities\n \n | \n \n \n -4,833\n \n | \n
| \n \n Current liabilities\n \n | \n \n \n -29,120\n \n | \n
| \n \n Consideration (purchase price)\n \n | \n \n \n 55,202\n \n | \n
| \n \n Cash and cash equivalents acquired\n \n | \n \n \n -1,744\n \n | \n
| \n \n Net cash outflow from acquisition\n \n | \n \n \n 53,458\n \n | \n
\n 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., Wroc\u0142aw. 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 \u20ac 72 million and employed around 300 people.
Additions to assets and liabilities from the first-time consolidation of ZABERD Sp. z o.o. are\u00a0provisionally comprised as follows:
| \n \n T\u20ac\n \n | \n \n \n First-time consolidation\n \n | \n
| \n \n Assets and liabilities acquired\n \n | \n \n \n \n \n | \n
| \n \n Goodwill\n \n | \n \n \n 18,337\n \n | \n
| \n \n Other non-current assets\n \n | \n \n \n 20,124\n \n | \n
| \n \n Current assets\n \n | \n \n \n 21,762\n \n | \n
| \n \n Non-current liabilities\n \n | \n \n \n -9,564\n \n | \n
| \n \n Current liabilities\n \n | \n \n \n -16,143\n \n | \n
| \n \n Consideration (purchase price)\n \n | \n \n \n 34,516\n \n | \n
| \n \n Non-cash effective future purchase price component\n \n | \n \n \n -4,963\n \n | \n
| \n \n Cash and cash equivalents acquired\n \n | \n \n \n -1,606\n \n | \n
| \n \n Net cash outflow from acquisition\n \n | \n \n \n 27,947\n \n | \n
\n 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 \u20ac 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:
| \n \n T\u20ac\n \n | \n \n \n First-time consolidation\n \n | \n
| \n \n Assets and liabilities acquired\n \n | \n \n \n \n \n | \n
| \n \n Goodwill\n \n | \n \n \n 18,745\n \n | \n
| \n \n Other non-current assets\n \n | \n \n \n 6,370\n \n | \n
| \n \n Current assets\n \n | \n \n \n 16,219\n \n | \n
| \n \n Non-current liabilities\n \n | \n \n \n -1,544\n \n | \n
| \n \n Current liabilities\n \n | \n \n \n -8,859\n \n | \n
| \n \n Consideration (purchase price)\n \n | \n \n \n 30,931\n \n | \n
| \n \n Non-cash effective future purchase price component\n \n | \n \n \n -15,508\n \n | \n
| \n \n Cash and cash equivalents acquired\n \n | \n \n \n -3,354\n \n | \n
| \n \n Net cash outflow from acquisition\n \n | \n \n \n 12,069\n \n | \n
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\u20ac 644,486\u00a0(thereof Georgiou Group: T\u20ac 436,854) to revenue and with a profit of T\u20ac 4,522 to net income after minorities.
Assuming a theoretical first-time consolidation on 1\u00a0January\u00a02025 for all new acquisitions, they would contribute T\u20ac 881,444 to consolidated revenue and a profit of T\u20ac 13,821 to net income.
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\u2019s 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 \u20ac 400 million. The fixed purchase price amounts to \u20ac 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 \u20ac 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.
As at 31\u00a0December\u00a02025, the following companies were no longer included in the consolidated group:
| \n \n Disposals from the consolidated group\n \n | \n \n \n \n \n | \n
| \n \n AMFI HOLDING Kft., Budapest\n \n | \n \n \n Sale\n \n | \n
| \n \n Z\u00fcblin Chimney and Refractory GmbH, Cologne\n \n | \n \n \n Sale\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n
| \n \n Merger/Accrual of assets1\n \n | \n \n \n \n \n | \n
| \n \n ADOMUS Facility-Management GmbH, Frankfurt am Main\n \n | \n \n \n Merger\n \n | \n
| \n \n Bockholdt GmbH, L\u00fcbeck\n \n | \n \n \n Merger\n \n | \n
| \n \n E.F.G. S.A., Kehlen\n \n | \n \n \n Merger\n \n | \n
| \n \n ELCO-SERVITEC S.A., Kehlen\n \n | \n \n \n Merger\n \n | \n
| \n \n F 101 Projekt GmbH & Co. KG, Cologne\n \n | \n \n \n Accrual of assets\n \n | \n
| \n \n F 101 Verwaltungs GmbH, Cologne\n \n | \n \n \n Merger\n \n | \n
| \n \n gr\u00fcnraum GmbH, Schwanenstadt\n \n | \n \n \n Merger\n \n | \n
| \n \n Koch GmbH, Kreuztal\n \n | \n \n \n Merger\n \n | \n
| \n \n Koscheinz & Partner Ingenieurgesellschaft mbH, Ruhstorf a.d. Rott\n \n | \n \n \n Merger\n \n | \n
| \n \n NE Sander Immobilien GmbH, Sande\n \n | \n \n \n Merger\n \n | \n
| \n \n Obermayr Dach+Fassade GmbH, Schwanenstadt\n \n | \n \n \n Merger\n \n | \n
| \n \n Projekt Lohsepark Beteiligungsgesellschaft mbH, Hamburg\n \n | \n \n \n Merger\n \n | \n
| \n \n Projekt Lohsepark GmbH & Co. KG, Hamburg\n \n | \n \n \n Accrual of assets\n \n | \n
| \n \n SAT SLOVENSKO s.r.o., Bratislava\n \n | \n \n \n Merger\n \n | \n
| \n \n SAT \u00datjav\u00edt\u00f3 Kft., Budapest\n \n | \n \n \n Merger\n \n | \n
| \n \n Z\u00dcBLIN Timber Gaildorf GmbH, Gaildorf\n \n | \n \n \n Merger\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n
| \n \n Equity-accounted investments\n \n | \n \n \n \n \n | \n
| \n \n A-Lanes A15 Holding B.V., Nieuwegein\n \n | \n \n \n Fell below material level\n \n | \n
| \n \n AMB Asphaltmischwerke Bodensee GmbH & Co. KG, Waldshut-Tiengen\n \n | \n \n \n Fell below material level\n \n | \n
| \n \n Bodensee - Mor\u00e4nekies Gesellschaft mit beschr\u00e4nkter Haftung & Co. Kommanditgesellschaft Tettnang, Tettnang\n \n | \n \n \n Fell below material level\n \n | \n
| \n \n FLARE Living GmbH & Co. KG, Cologne\n \n | \n \n \n Fell below material level\n \n | \n
| \n \n Kieswerke Schray GmbH & Co. KG, Stei\u00dflingen\n \n | \n \n \n Fell below material level\n \n | \n
| \n \n Natursteinwerke im Nordschwarzwald NSN GmbH & Co. KG, M\u00fchlacker\n \n | \n \n \n Fell below material level\n \n | \n
| \n \n PANSUEVIA Service GmbH & Co. KG, Jettingen-Scheppach\n \n | \n \n \n Fell below material level\n \n | \n
\n 1The companies listed under Merger/Accrual of assets were merged with already consolidated companies or, as a result of accrual of assets, formed part of consolidated companies.\n
\nThe disposals of assets and liabilities from deconsolidations are composed as follows:
| \n \n T\u20ac\n \n | \n \n \n Disposals from the consolidated group\n \n | \n
| \n \n Assets and liabilities disposed of\n \n | \n \n \n \n \n | \n
| \n \n Other non-current assets\n \n | \n \n \n -547\n \n | \n
| \n \n Current assets\n \n | \n \n \n -5,544\n \n | \n
| \n \n Non-current liabilities\n \n | \n \n \n 1,047\n \n | \n
| \n \n Current liabilities\n \n | \n \n \n 3,819\n \n | \n
| \n \n Loss on deconsolidations recognised in profit or loss\n \n | \n \n \n 1,225\n \n | \n
| \n \n Consideration received (purchase price)\n \n | \n \n \n 0\n \n | \n
| \n \n Cash and cash equivalents disposed of\n \n | \n \n \n 1,427\n \n | \n
| \n \n Net cash outflow from deconsolidation\n \n | \n \n \n 1,427\n \n | \n
Resulting profit in the amount of T\u20ac 0 (2024: T\u20ac 1,207) and losses in the amount of T\u20ac 1,225 (2024: T\u20ac 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\u00a0SE Group\u2019s 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 \u2013 from an economic point of view \u2013 is recognised as revenues from the project development.\u00a0Revenue of T\u20ac 3,791 was recognised from the sale of AMFI HOLDING Kft., Budapest.
As at 31\u00a0December\u00a02025, the amount of the non-controlling interests stood at T\u20ac 21,076 (2024: T\u20ac 22,400) in the STRABAG\u00a0SE 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.
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\u2019s subsidiaries is the respective local currency, with the exception of the following companies, whose functional currency is the euro:
The consolidated financial statements are prepared in euro, STRABAG\u2019s 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\u2019s 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\u20ac 31,863 (2024: T\u20ac 23,072) were recognised directly in equity in the financial year. Due to deconsolidations, currency differences in the amount of T\u20ac T\u20ac -2,125 (2024: T\u20ac -38,642) that had been recognised directly in equity in previous years were reclassified from equity to profit and loss (recycling).
Goodwill from a business combination is initially measured at cost. This is calculated as the excess of the consideration transferred over the identifiable assets acquired and liabilities assumed. Subsequent to initial recognition, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised, rather, it is subjected to annual impairment testing in accordance with IAS 36. The Group conducts its annual test for goodwill impairment at year\u2019s end (31 December). Testing is also performed if events or circumstances indicate that the figure could be impaired. For the purpose of the impairment testing, goodwill is assigned to one or more of the Group\u2019s cash-generating units that should benefit from the synergy effects of the combination. The recoverability of goodwill is determined by comparing the carrying amount of the respective cash-generating unit (CGU) or units with the recoverable amount. If the goodwill is impaired, an impairment loss is recognised. A reversal of impairment losses once the reasons for the impairment no longer apply is not foreseen for goodwill.
Service concession arrangements between the STRABAG\u00a0SE Group and the public sector to build, operate, maintain and finance infrastructure facilities are treated in accordance with the requirements of IFRIC 12.
A right from a concession arrangement is recognised if the consideration does not represent an enforceable right to payment, but instead a right to charge a usage fee is granted.
The right from the concession arrangement is accounted for at the fair value of the consideration and subsequently recognised less depreciation over the period of the concession and impairment losses. If the reasons for the previously recognised impairment loss no longer apply, these assets are written back through profit or loss. The amount may not exceed the carrying amount that would have resulted if no impairment loss had been recognised in previous periods.
Acquired intangible assets are recognised at their initial costs less amortisation and impairment losses if applicable.
Development costs for an internally generated intangible asset are capitalised if the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for internal use or sale and if it can demonstrate the intent to complete the intangible asset and use or sell it. The Group must also demonstrate that the intangible asset will generate probable future economic benefits, that it has adequate resources to complete the asset and that it is able to reliably measure the expense attributable to the asset during its development. The construction costs for these assets comprise all construction costs directly attributable to the construction process as well as production-related overheads. Borrowing costs are capitalised for qualified assets. Research costs which do not fulfil these criteria are recognised as an expense in the period in which they are incurred. Costs that have already been recognised as an expense are not capitalised in a subsequent period.
The subsequent measurement of intangible assets with definite useful lives is performed at cost less accumulated amortisation and impairment losses.
The following useful lives were assumed for intangible assets for amortisation using the straight-line method:
| \n \n Intangible assets\n \n | \n \n \n Useful life in years\n \n | \n
| \n \n Property rights, utilisation rights and other rights\n \n | \n \n \n 3\u201350\n \n | \n
| \n \n Software\n \n | \n \n \n 2\u20135\n \n | \n
| \n \n Patents and licences\n \n | \n \n \n 3\u201310\n \n | \n
Intangible assets with indefinite useful lives are tested for impairment annually at the year\u2019s end (31 December). An impairment test is also performed whenever events or circumstances indicate that the asset may be impaired. For more information, see the explanations on the impairment of non-financial assets.
Property, plant and equipment is initially recognised at cost. STRABAG performs subsequent measurements using the cost model \u2013 cost less accumulated depreciation and impairment losses. If the reasons for a previously recognised impairment loss no longer apply, these assets are written back through profit or loss. The amount may not exceed the carrying amount that would have resulted if no impairment loss had been recognised in the previous periods.
Subsequent acquisition costs are capitalised if it is probable that future economic benefits will flow to the Group and if the costs can be reliably determined. Repair and maintenance costs which do not constitute significant maintenance expense are recognised as expenses in the period in which they are incurred.
Depreciable property, plant and equipment is generally depreciated using the straight-line method over the expected useful life. In individual cases, output-based depreciation is applied. If there is an indication that an asset may be impaired and if the present values of the future cash inflow surpluses are below the carrying amounts, the amount is revalued to the lower recoverable amount in accordance with IAS 36.
The following useful lives were assumed for property, plant and equipment:
| \n \n Property, plant and equipment\n \n | \n \n \n Useful life in years\n \n | \n
| \n \n Buildings\n \n | \n \n \n 10\u201350\n \n | \n
| \n \n Investments in third-party buildings\n \n | \n \n \n 5\u201340\n \n | \n
| \n \n Machinery\n \n | \n \n \n 3\u201315\n \n | \n
| \n \n Office equipment/furniture and fixtures\n \n | \n \n \n 3\u201310\n \n | \n
| \n \n Vehicles\n \n | \n \n \n 4\u20139\n \n | \n
Investment property is property held to earn rental income or for the purpose of capital gains. Investment property is initially measured at cost. STRABAG uses the cost model for subsequent measurements, i.e. the measurement is performed at cost less accumulated depreciation and impairment losses. If the present values of the future cash inflow surpluses are below the carrying amounts, the amount is revalued to the lower recoverable amount in accordance with IAS 36. The fair value of this investment property is disclosed separately. The fair value is determined using recognised methods such as derivation from the current market price of comparable properties or the discounted cash flow method.
The useful life of investment property varies between 10 and 40 years. Investment property is depreciated using the straight-line method.
A lease is a contractual arrangement in which the lessor (owner) grants the lessee (user) the right to use an identified asset for a specified period of time in exchange for a consideration.
The STRABAG\u00a0SE Group is a\u00a0lessee of real estate properties (offices, storage spaces, etc.). A large number of the contracts are stand-alone contracts with comparatively low annual rental payments, of both limited and unlimited duration and with ordinary termination rights.
Leases are to be presented as a right-of-use asset and a corresponding lease liability in the balance sheet. The lease payments are split into a financing and a principal component. The finance costs are recognised in profit or loss over the term of the lease, resulting in a constant periodic interest rate on the remaining amount of the liability for each period. The right-of-use asset is amortised on a straight-line basis over the shorter of the two periods of useful life or term of lease.
Lease payments are made at the Group\u2019s incremental borrowing rate, i.e. the rate of interest that the Group would have to pay to borrow the funds necessary to obtain an asset of a similar value and at similar terms in a similar economic environment.
Payments for short-term leases and leases for which the underlying asset is of low value are recognised as an expense. Short-term leases are leases with a term of up to twelve months.
To a minor extent, the Group also acts as a lessor. This essentially involves office space, in particular the TECH GATE VIENNA in Vienna. These leases are to be classified as operating leases. Rental income from these leases is shown in other operating income.
Government subsidies and investment grants are offset against the cost of the assets and amortised in proportion to their useful lives. A government grant is recognised when there is reasonable assurance that the grant will be received, and the Group complies with the necessary conditions for receiving the grant.
Borrowing costs that are directly attributable to the acquisition or production of a qualifying asset are recognised as part of the cost of that asset. Qualifying assets are assets that necessarily take a substantial period of time (over six months) to get ready for their intended use or sale. Other borrowing costs are recognised as an expense in the period in which they are incurred.
Assets that are subject to depreciation or amortisation, as well as other investments and associates, are tested for impairment whenever events or changes in circumstances indicate that their carrying amount may no longer be recoverable. Assets that have an indefinite useful life, such as goodwill or intangible assets, are tested for impairment annually as such assets are not subject to depreciation or amortisation.
To identify the need for an impairment loss, the recoverable amount is determined. The recoverable amount is the higher of fair value of the asset less costs to sell and value in use. If it is not possible to determine the recoverable amount for an individual asset, then the recoverable amount is determined for the smallest identifiable group of assets (cash-generating unit) to which the asset in question can be assigned.
Considering that, as a rule, market prices are not available for individual units, the present value of net cash inflows is used to determine the fair value less costs to sell. The forecast of the cash flows is based on STRABAG\u2019s latest planning, with a planning horizon of at least four years. The last detailed planning year forms the basis for calculating the perpetuity if applicable legislation and legal requirements do not limit the usability of the cash-generating unit to a shorter period of time.
For the purpose of determining the fair value less costs to sell, the cash-generating unit is measured from the viewpoint of an independent market participant. In calculating the value in use of an asset, on the other hand, the cash flows are considered based on the previous use. For the net cash inflows beyond the detailed planning period, individual growth rates derived from market information are determined based on long-term business expectations in both methods of calculation.
Net cash inflows are discounted at the cost of capital, which is calculated as the weighted average cost of equity and debt. Consideration is given to the different yield and risk profiles of STRABAG\u2019s various areas of expertise by determining the individual costs of capital using comparison companies. The cost of equity corresponds to the required rate of return for investors, while the cost of debt is based on the long-term financing conditions available to comparison companies. Both components are derived from capital market information.
The following table shows the parameters growth rate and cost of capital for impairment testing:
| \n \n %\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Growth rate\n \n | \n \n \n 0.0\u20130.5\n \n | \n \n \n 0.0\u20130.5\n \n | \n
| \n \n Cost of capital (after tax)\n \n | \n \n \n 7.5\u201310.7\n \n | \n \n \n 8.0\u201311.2\n \n | \n
| \n \n Cost of capital (before tax)\n \n | \n \n \n 9.4\u201312.4\n \n | \n \n \n 10.6\u201313.9\n \n | \n
The Management Board has calculated the budgeted gross margin based on past developments and on expectations for future market development.
If the recoverable amount of an asset is lower than the carrying amount, an impairment loss is recognised immediately in profit or loss. In the case of impairment losses related to cash-generating units which contain goodwill, existing goodwill is initially reduced. If the impairment loss exceeds the carrying amount of the goodwill, the difference is generally apportioned proportionally over the remaining non-current assets of the cash-generating unit.
With the exception of goodwill, non-financial assets for which an impairment loss was charged in the past are reviewed at every balance sheet date to determine whether the impairment loss should be reversed.
Financial assets are recognised in the consolidated balance sheet if STRABAG has a contractual right to receive cash or other financial assets from another party. Regular way purchases and sales of financial assets are recognised using settlement date; the trade date is used for derivatives.
Financial assets that are not measured at fair value through profit or loss are initially recognised at fair value plus transaction costs which are directly attributable to the acquisition.
Transaction costs which arise upon the acquisition of financial assets measured at fair value through profit or loss are immediately recognised as an expense.
Receivables bearing no interest or interest below the market rate are initially recognised at the present value of the expected future cash flows.
For purposes of subsequent measurement, financial assets are classified in one of the following categories in accordance with IFRS 9, with each category having its own measurement requirements. The classification is determined at initial recognition.
For measurement and accounting purposes, financial assets are to be assigned to one of the following categories:
Financial assets in this category are measured at amortised cost if the objective of the business model is to hold the financial asset to collect the contractual cash flows, and the contractual terms of the instrument give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. These are classified as current financial assets if they mature within twelve months after the reporting date or within the usual business cycle. Otherwise they are classified as non-current financial assets. As part of the subsequent measurement, financial assets measured at amortised cost are valued using the effective interest method. When applying the effective interest method, all directly attributable fees, fees paid or received, transaction costs and other premiums or discounts included in the calculation of the effective interest rate are amortised over the expected life of the financial instrument. Interest income from the application of the effective interest method is recognised through profit or loss under interest income from financial instruments.
Trade receivables, receivables from consortia, receivables from subsidiaries and receivables from affiliated companies, as well as other financial assets, are measured at amortised cost less impairment allowances for expected credit losses.
Trade receivables also include receivables from consortia.
Trade receivables and receivables from consortia are recognised in the consolidated balance sheet if STRABAG has a contractual right to receive cash or other financial assets from another party. Recognition is made on the settlement date.
Receivables bearing no interest or interest below the market rate are initially recognised at the present value of the expected future cash flows.
Subsequent measurement of trade receivables and receivables from consortia is at amortised cost less impairment losses for expected credit losses (see the section \u201cImpairment of financial assets and contract assets\u201d).
These are classified as current financial assets if they mature within twelve months after the reporting date or within the usual business cycle. Otherwise, they are classified as non-current financial assets.
A financial asset that is to be classified as a debt instrument under IAS 32 is measured at fair value through profit or loss if it is held for trading purposes, the cash flow criteria are not met, or it is designated as at FVPL at initial recognition. A financial asset at STRABAG is assigned to this category if it was principally acquired with an intention to sell in the short term. Derivatives also belong to this category if they do not qualify as hedging instruments. Assets in this category are recognised as current assets if the asset is expected to be realised within twelve months or within the normal operating cycle. All other assets are classified as non-current. Value changes of financial assets measured at fair value through profit or loss are recognised through profit or loss.
This category includes securities reported under non-current financial assets and interest-bearing financing receivables related to the construction of concession projects.
The fair value option may be elected for financial assets which, based on the underlying business model and the contractual cash flows, are classified as measured at amortised cost if doing so eliminates or significantly reduces a measurement or recognition inconsistency. The fair value option is not elected at STRABAG.
Financial assets which represent equity instruments under IAS 32 are also measured at fair value through profit or loss. Value changes are recognised through profit or loss in the income statement.
This category contains mainly investments below 20% that are held under other investments.
Upon initial recognition of equity instruments measured at fair value, there exists an irrevocable option to recognise value changes in other comprehensive income rather than in the income statement, provided the equity instrument is not held for trading purposes. Equity investments recognised in the other comprehensive income may not be later reclassified to the income statement. The option is not exercised at STRABAG.
For the recognition of impairment losses, STRABAG allows for expected credit losses under IFRS 9. The expected loss impairment model is used for debt instruments for which subsequent measurement is made at amortised cost. The impairment requirements under IFRS 9 are also applied to non-financial contract assets.
Equity instruments measured at fair value through profit or loss or through other comprehensive income are not within the scope of the IFRS 9 impairment requirements.
\n IFRS 9 outlines a three-stage model to determine the scope of the risk provision, requiring expected credit losses to be measured from initial recognition at an amount equal to the twelve-month expected credit losses or, if the credit risk has worsened significantly, the full expected credit losses over the remaining life of the financial instrument. The general impairment model (general approach) is used for receivables from concession arrangements and for current and non-current other financial assets in the Group. Besides the general impairment model, the simplified impairment model (simplified approach) is used for trade receivables and for contract assets under IFRS 15. The simplified impairment model requires a risk provision equal to the expected losses over the full remaining life of the financial instrument to be recognised for trade receivables or contract assets regardless of the respective credit quality.
Application of the 30-days-past-due criterion is not useful in the construction sector, on the one hand because of incomplete performance recognition, and on the other hand because contracts are often fulfilled for public-sector clients, whose internal processes to release payment may be lengthy but usually result in full and complete payment.
To determine the expected credit losses, trade receivables and contract assets are grouped into different portfolios with similar risk characteristics. In establishing the portfolios, STRABAG also considers the underlying country risk and the creditworthiness.
During the initial recognition of financial assets, STRABAG takes into consideration the probability of defaults and continually monitors the development of the credit risk in each reporting period, taking into account all reasonable and supportable information and forecasts. This includes especially the following indicators:
Macroeconomic information (such as market interest rates) and other forecasts are included in the assessment of the credit risk.
Besides the application of the general and the simplified impairment approach, financial assets are considered impaired if there is objective evidence of credit default indicators. STRABAG recognises such impairments if the debtor has significant financial difficulty; if there is a high probability that insolvency proceedings will be commenced against the debtor; if a breach of contract and payment default has occurred; or if the issuer\u2019s technological, economic, legal and market environment changes substantially.
Impairment losses lower the carrying amount of the financial assets.\u00a0If the reasons for the previously recognised impairment loss no longer apply, these assets are written back through profit or loss. The impairment losses or reversals of impairment losses resulting from the application of the impairment requirements is recognised through profit or loss in the other operating expense or income.
A financial asset defaults if bankruptcy proceedings have been started or it is highly probable that there is no reasonable expectation for repayment. These financial assets are then derecognised. When derecognising financial assets, STRABAG continues to undertake enforcement measures to attempt to recover the receivables that are due.
During the reporting period, there were no changes with regard to the impairment approaches and criteria that were applied.
Financial assets are derecognised when the contractual rights to receive payment from the financial assets no longer exist or if the financial assets are transferred along with all substantial risks and rewards. An asset is also derecognised if the substantial risks and rewards of ownership of the asset are neither transferred nor retained but control is relinquished. If control is retained, such transferred financial assets are recognised to the extent of the continuing involvement.
Financial assets and financial liabilities are offset and the net amount is presented in the balance sheet when there is a legally enforceable right to offset the recognised amounts and the settlement is on a net basis. This concerns, to a minor extent, the settlement of trade receivables and payables as well as offsetting the receivables from rental deposits against the corresponding lease liabilities.
Derivative financial instruments are employed essentially to mitigate risks arising from movements in currency exchange rates, interest rates and raw material prices. The utilisation of financial derivatives is subject to internal guidelines and controls.
Derivative financial instruments are classified as financial assets measured at fair value through profit and loss or as derivatives used for hedging purposes at the date of contract conclusion. Derivative financial instruments are measured at fair value both on initial recognition and in subsequent periods.\u00a0Unrealised gains or losses on the measurement are recognised in the income statement if the conditions for hedge accounting under IFRS 9 are not met. Derivative financial instruments are stated under other financial assets or other financial liabilities.
Derivative financial instruments are measured based on observable market data (e.g. interest and exchange rates) and non- observable market data (the counterparty\u2019s credit rating). The fair value is determined using generally accepted methods of mathematical finance.
On application of the hedge accounting requirements, the Group designates derivative financial instruments as hedging instruments to:
In the case of fair value hedge accounting, the change in the fair value of the hedged item that is attributable to the hedged risk and the change in the fair value of the hedging derivative are recognised in the income statement. Fair value hedging is not used in the STRABAG\u00a0SE Group.
If, however, a derivative financial instrument is used as a hedging instrument in a cash flow hedge, the effective unrealised gains or losses from the hedging instrument are initially accounted for under other comprehensive income. They are reclassified to profit or loss when the hedged item affects profit or loss. Any changes resulting from the ineffectiveness of these financial instruments are recognised immediately in profit or loss in the income statement.
When concluding a hedging transaction, STRABAG documents the clear hedging relationship between the hedging instrument and the hedged item, the objective of its risk management, and the underlying strategy. It is also established that there exists an economic relationship between the hedged item and the hedging instrument and that credit risk does not dominate the resulting value changes. The hedging relationship\u2019s hedging ratio reflects the ratio between the designated nominal amount of the hedged item actually used by STRABAG and the designated nominal amount actually designated by STRABAG to hedge the nominal amount of the hedged item. An assessment is made at the beginning of the hedging relationship, with documentation provided continually thereafter, of whether the derivatives used in the hedge are effective or not in offsetting the changes in fair value or cash flow of the hedged item. Hedging relationships are adjusted when there are changes in the hedged item.
The critical term match method is used to determine the prospective hedge effectiveness. The retrospective determination of hedge ineffectiveness is made on the basis of the dollar offset method.
Service concession arrangements between the STRABAG\u00a0SE Group and the public sector to build, operate, maintain and finance infrastructure facilities are treated in accordance with the requirements of IFRIC 12.
Service concession agreements which provide an absolute contractual right to receive payment are recognised as financial assets. All receivables from concession arrangements are accounted for under the special balance sheet item receivables from concession arrangements. The receivables are carried at the present value of the payments to be made. The accumulation amount calculated annually using the effective interest method is recognised in revenue. Impairment allowances are made for expected credit losses.
The income tax payables and receivables contain mainly rights and obligations regarding domestic and foreign income taxes. These comprise the rights and obligations from the current year as well as possible rights and obligations from previous years. The receivables/payables are calculated based on the tax regulations in the respective countries.
Deferred tax is measured using the balance sheet liability method for all temporary differences between the valuation of the balance sheet items in the IFRS financial statements and the existing tax value at the individual companies. Furthermore, any realisable tax advantage from existing losses carried forward will be included in the calculation. Exceptions to this comprehensive tax deferral are balances from non-tax-deductible goodwill.
Deferred tax assets may only be recognised if the associated tax advantage is likely to be realisable. The calculation of the tax deferral is based on the usual income tax rate in the respective country at the point of the predicted reversal.
Recognition is made of deferred tax liabilities arising from temporary differences in relation to investments in subsidiaries, joint ventures and associates unless the timing of the reversal of the temporary differences in the Group can be determined and the temporary differences are unlikely to reverse in response to this influence in the foreseeable future.
Inventory costs are required to be stated at the lower of cost and net realisable value.
This item mainly includes undeveloped land as well as finished and unfinished buildings sold in the course of the project development business but for which there is not yet a specific investor.
Production costs include all direct costs as well as appropriate parts of overhead arising in the production. Distribution costs, as well as costs for general administration, are not included in the production costs. Borrowing costs related to production are recognised for inventories which are to be classified as qualifying assets.
Regarding construction contracts with customers, revenue is recognised over time as required by IFRS 15, as the construction projects are built on the customers\u2019 properties and the customers thus always control the assets that are created or enhanced.
Construction is performed based on stand-alone contracts. The allocation of the transaction price to each performance obligation is made on the basis of the work estimate for the respective stand-alone item. If significant integration services are provided, a separate performance obligation is assumed. Transaction prices for construction contracts in the STRABAG\u00a0SE Group are determined on the basis of the contract value agreed with the customer. Contractual penalties or bonus payments during the construction period may lead to amendments of the transaction price. These are carried with the most probable value by reason and amount on the basis of the project controlling.
Revenue recognition over time is made using the output-oriented method on the basis of the work performed. The actual work performed, and the corresponding revenue are determined at the level of the individual item according to the work estimate. Because of unforeseen deviations in the budgeted costs, the best indicator here is the percentage of completion as derived directly from the actual work performed. The performance completed to date, one of the key corporate governance figures, must be directly determined by the construction site team on a monthly basis.
The contract asset represents the Group\u2019s right to consideration from construction contracts with customers. If the value of a contract asset of a construction contract exceeds the payments received for it, then this is shown on the assets side under contract assets. In the opposite case, the figure is reported on the equity and liabilities side under contract liabilities.
Payments for construction contracts are usually made parallel to the performance on the basis of regular invoicing. Payments of advance consideration before the actual performance are common practice, especially in building construction. Agreements covering extended terms of payment or staggered invoicing of performance completed are made only on a case-by-case basis with special approval by the Management Board of STRABAG\u00a0SE.
If it is probable that the costs exceed the recoverable proceeds, an onerous contract provision is recognised in accordance with IAS 37. Any costs directly attributable to the contract are taken into account to determine the costs. The onerous contract provision, considered individually, is recognised at the amount that is required for the completion of the obligation from the construction contract. Up to the value of the contract asset, an impairment loss is recognised. If the value of the respective contract asset is exceeded, an onerous contract provision is recognised on the equity and liabilities side under the current provisions.
With regard to impairment losses, see the section \u201cImpairment of financial assets and contract assets\u201d.
Inventories that have not yet been used in the construction process but are already present on the construction sites are no longer accounted for as a separate asset but are instead assigned to the respective contract and recognised as a contract asset.
Claims and variation orders in connection with construction contracts involve any modification or change (actual construction progress) to the contractually agreed scope of work (agreed specifications). Due to the existing contractual agreements, these modifications to the work to be performed cannot be invoiced until the client approves the changes or agrees to their invoiceability.
Modifications or changes to the work to be performed include agreed changes to the work to be performed as well as disputed claims for additional costs due to disruption or due to changes in the scope of work.
In the event of agreed changes to the work to be performed, the client actively intervenes in the construction process and changes the scope of work. Changes to the work to be performed are regularly commissioned by the contractor before execution. In this case, a contract modification as defined by IFRS 15.18 exists in which all parties to the contract have agreed to the change in the scope of work and/or price. As a rule, the contract modification is accounted for as part of the original contract in accordance with IFRS 15.21(b), as the changes in the work to be performed are not distinct from the order before contract modification and the contract remains a single performance obligation.
Claims for additional costs arising from disruption are incurred when adjustments must be made to the construction process due to disruptions that lie within the client\u2019s sphere of influence. Claims for additional costs also arise in the case of changes ordered by the client who believes these do not result in additional costs, due e.g. to guarantees for completeness, but which, in the opinion of the contractor, are not included in the scope of the contract. The complexity of construction contracts often leads to different legal views regarding the existence of a legal claim between the client and the contractor, which often results in protracted legal disputes.
In accordance with IFRS 15.19, the disputed claims for additional costs involve contract modifications for which the parties to the contract have not yet reached a final agreement with regard to the scope and/or price of the contract. The variable consideration from these contract modifications is therefore estimated in accordance with the provisions of IFRS 15.50\u201359 and recognised as revenue as part of the original contract in accordance with IFRS 15.21(b).
The estimate is based on qualitative and quantitative criteria. The large number of individual claims and variation orders in a construction project, the uncertainty over a long period of time, the individuality of the circumstances, the legal enforceability of the claim and the quality of the documentation are taken into account when estimating the variable consideration. The variable consideration is measured in such a way that there is highly probable no reversal of previously recognised revenue in subsequent periods.
The corresponding expense is recognised in profit or loss immediately when it is incurred.
The consideration for revenue from project developments\u00a0which, on the basis of the work performed by the reporting date, are realised over time, is recorded under contract assets. The contract asset represents the Group\u2019s right to considerations from project developments.
Revenue is recognised over time if a contractual agreement excludes the possibility of any alternative use and there exists a right to payment including a profit margin on the work performed. These conditions are always met if real estate projects are already sold prior to their completion.
In these cases, the revenue is recognised pro rata based on the degree of completion of the work. If the real estate projects are only partially sold, for example, in the case of owner-occupied flats, the revenue is recognised pro rata only for those parts already sold. The project is then presented pro rata under contract assets. Unsold portions are held as inventories measured at cost.
The advances received are offset against the cost of the contract asset. If the advances received exceed the value of the contract asset, presentation is made on the equity and liabilities side under contract liabilities.
The notes on construction contracts with customers apply by analogy.
Non-financial assets are carried at cost. These primarily comprise receivables from taxes other than income tax, accruals, and advances paid to subcontractors.
The cash and cash equivalents include all liquid financial assets which at the date of acquisition or investment have a remaining term of less than three months. This comprises bank deposits, time deposits and cash on hand. Cash and cash equivalents are measured at amortised cost.
Cash and cash equivalents where availability is restricted by foreign exchange restrictions or other legal constraints are not part of the cash and cash equivalents for the cash flow statement.
The following defined benefit plans for which provisions must be recognised exist within the Group.
The company\u2019s obligation relating to defined benefit plans consists in fulfilling the promised benefits to current and former employees.
Defined contribution plans in the form of financing through third-party support funds exist for employees of Austrian subsidiaries whose employment began after 1\u00a0January\u00a02003. The severance payments obligations are funded by the regular payment of contributions into the employee provident fund.
The Group is legally required to provide an one-off severance payment to employees of Austrian subsidiaries in the case of termination or at the date of retirement if their employment began before 1\u00a0January\u00a02003. The level of this payment depends on the number of years at the company and amount due at the date of severance and comes to between two and twelve monthly salaries. A provision is made for this obligation.
Additionally, the severance payment rights in other countries in the case of termination or retirement amount from one to eleven monthly salaries. The Provisions for severance payments arising from these obligations are determined simplified using financial mathematical methods.
The provisions for pensions are formed for obligations from the right to future pension payments and current payments to present and past employees and their dependents. The Group\u2019s pension promises in Germany, Austria, Belgium and the Netherlands\u00a0exist on the basis of individual contracts or internal labour-management agreements. The obligations are based on a number of different pension arrangements. The number of different employee benefit plans is the result of the Group\u2019s enterprise acquisitions primarily in Germany. New agreements are not concluded within the Group.
As a rule, the pension promises foresee the granting of monthly old age, invalidity and survivors\u2019 benefits. With some promises, the pension arrangement foresees benefits to be paid in the form of a capital payment.
The benefit plans exist in various designs. The range of plan structures includes specified benefit systems (e.g. specified amount per year of employment), dynamic systems (e.g. % per year of employment) and benefit promises (e.g. specified promise). Plans also exist with or without survivors\u2019 benefits.
In Switzerland, the legal regulations governing pension plans require payments to be made into pension foundations. One half of the contributions are made by the employer, the other half by the employee. The employee contributions depend on the amount of insured income as well as on age and are treated as reduction of the service cost. At retirement, employees can choose to receive an one-off severance payment, regular monthly pension payments or a hybrid of the two options.
As restructuring contributions are required if the pension foundation has insufficient funds for coverage, the promises are categorised as defined benefit plans in accordance with IAS 19.
Within the STRABAG\u00a0SE Group, the obligations of the pension funds are reinsured.
The Group\u2019s obligations relating to defined benefit plans are determined separately for each plan using actuarial principles in accordance with the projected unit credit method. The projected unit credit method is used to determine the discounted pension entitlements acquired up to the end of the accounting period. The existing plan assets measured at their fair value are subtracted from the defined benefit obligations. This yields the defined benefit liability (asset) to be recognised.
Determination of the net defined benefit liability at the end of the reporting year is based on an actuarial report from a certified actuarial analyst.
The rate used to discount severance and pension provisions is determined on the basis of market yields at the end of the respective reporting period on high-quality fixed-interest industrial bonds with a comparable term.
The assumptions relating to discounting, pay rises and fluctuation that are used to calculate the severance and pension provisions vary in proportion to the economic situation of each specific country. Life expectancy is calculated according to the respective country\u2019s mortality tables.
Actuarial gains and losses are recognised in equity outside profit or loss. The service cost is stated in employee benefits expense, while the interest component of the allocation to the provision is reported in the net interest income.
If the present value of a defined benefit obligation changes in response to plan amendments, the resulting effects are recognised in profit or loss as past service cost in the year of the amendment. Any income resulting from a settlement is also recognised directly in the income statement.
The company is exposed to various risks in relation to the defined contribution severance and pension plans. Besides the general actuarial risks such as the longevity risk and the interest rate risk, the Group is also exposed to currency risk as well as to capital market risk or investment risk.
More information concerning the risks is available in the sensitivity analysis under item (28) Provisions.
The other provisions take into consideration all realisable risks and uncertain obligations. They are recognised at the respective amount which, according to commercial judgement, is necessary at the balance sheet date to cover future payment obligations of the Group. Hereby the respective amount which arises as the most probable on careful examination of the facts is recognised.
Long-term provisions are, as far as they are not immaterial, entered into the accounts at their discounted discharge amount as at the balance sheet date. The discharge amount also includes the cost increases to be considered on the reporting date.
Provisions which arise from the obligation to recultivate quarries, gravel pits and landfills, as well as obligations to decommission or remove an asset located on third-party property, are recognised at the full amount to be paid, taking into account cost increases, and discounted to the value on the reporting date.
Non-financial liabilities are carried at the repayment amount. Contract liabilities under IFRS 15 are qualified as non-financial liabilities.
The other non-financial liabilities include payables to social security institutions and staff, liabilities from taxes other than income tax, and accruals.
The financial liabilities at STRABAG comprise non-derivative liabilities and derivatives with a negative fair value on the reporting date.
For\u00a0accounting and measurement purposes, financial liabilities are to be assigned to one of the following categories:
Non-derivative financial liabilities are recognised in the consolidated balance sheet if STRABAG has a contractual obligation to transfer cash or other financial assets to another party. Initial recognition of non-derivative financial liabilities is made at fair value. Financial liabilities that are not measured at fair value through profit or loss are initially recognised at fair value including transaction costs, which are directly attributable to the acquisition.
A financial liability is classified as current\u00a0provided the company does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period.
During subsequent measurement of non-derivative financial liabilities carried at amortised cost, any premiums or discounts between the amount received and the repayment amount are spread over the financing term using the effective interest method and recognised in interest expense on an accrual basis.
A financial liability is only measured at fair value through profit or loss if it is held for trading purposes or designated as such at initial recognition. Derivatives with negative market value also belong to this category if they are not designated as hedging instruments.
Transaction costs which arise upon the acquisition of financial liabilities measured at fair value through profit or loss are immediately recognised as an expense.
The fair value option\u00a0was not exercised for financial liabilities.
Financial liabilities are derecognised if the contractual obligations are discharged, cancelled or have expired. Costs related to the issue of corporate bonds are offset over the term using the effective interest method.
Trade payables also include payables from consortia. For accounting and measurement purposes, these are classified as financial liabilities measured at amortised cost.
Non-derivative financial liabilities are recognised in the consolidated balance sheet if STRABAG has a contractual obligation to transfer cash or other financial assets to another party. Initial recognition of non-derivative financial liabilities is made at fair value.
Trade payables are classified as current\u00a0provided the company does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period or within the normal business cycle.
Contingent liabilities are present or possible future obligations for which an outflow of resources is not probable. They are \u2013 as long as IFRS 3 does not require recognition on acquisition \u2013 not reflected in the balance sheet.
STRABAG only provides financial guarantees for the benefit of third parties in the case of payables from its own subsidiaries or associates for which no commissions are agreed. The financial guarantees are recognised at fair value at the time of commitment and subsequently adjusted in accordance with IFRS 9.
Contingent assets are assets whose actual occurrence depends on future uncertain events that are not under the company\u2019s control. These must be disclosed in the notes if an inflow of economic benefits is not unlikely. Recognition in the financial statements is not permitted as this would result in the recognition of income that may never be realised.
The revenue within the STRABAG\u00a0SE Group comprises revenue from construction contracts with customers, which regularly account for more than 80% of the total revenue, revenue from project developments, revenue from construction materials, revenue from Building Solutions (technical and infrastructure facility management, building services, property management, industrial services) and other revenue.
The revenue from construction contracts with customers\u00a0is recognised over time as required by IFRS 15. Revenue recognition over time is made using the output-oriented method on the basis of the work performed at the reporting date.
For further information, please see the notes on contract assets.
The recognition of revenue from construction contracts performed in consortia is made over time corresponding to the actual work performed by the reporting date. Impending losses arising from further construction work are accounted for by means of appropriate depreciation.
The revenue from project developments\u00a0is recognised at a point in time after the performance obligation is satisfied by the STRABAG\u00a0SE Group and after the customer assumes control and has the opportunity to derive benefit from the project.
Alternatively, the revenue is recognised over time on the basis of the work performed by the reporting date if a contractual agreement for the STRABAG\u00a0SE Group excludes the possibility of any alternative use and the contractual agreement foresees a right to payment including the profit margin on the work performed.
For real estate projects that are sold already prior to their completion, the revenue is therefore recognised pro rata and the right to payment including the profit margin is presented under the contract assets.
For further information, please see the notes on contract assets.
The revenue from construction materials, the revenue from Building Solutions, and the other revenue\u00a0are recognised with satisfaction of the performance obligation upon obtainment of control by the customer.
Interest income is recognised as it accrues using the effective interest method. Interest related to concession models and default interest are part of the transaction price of contracts with customers and are therefore recognised under revenue.
Other income, such as insurance compensation\u00a0or expenses passed through, is stated on the basis of the amount accrued in accordance with the respective agreements.
The revenue from dividends and the share of profits from investments are recognised if a legal right to payment exists.
Net interest income includes interest income and interest expense as well as foreign exchange gains and losses on financing, as these are not part of the operating business. Changes in value as well as gains and losses on disposals of securities are also included in net interest income.
The market environment in the construction industry showed solid development in mobility and energy infrastructure in 2025, as well as initial signs of stabilisation in building construction following the interest rate turnaround. Regional developments varied.
As a result of the federal elections, the provisional budget management in Germany lasting until October led to a decline in municipal road construction. Positive momentum came from energy transition projects and the establishment of high-tech industries. Initial projects from \u201cSonderverm\u00f6gen Infrastruktur\u201d, a new off-budget infrastructure fund, are expected from the end of 2026. In Austria, the financial situation of local municipalities remains strained; in addition, the state budget deficit could weigh on tendering activity in transportation infrastructure. Residential construction stabilised slightly due to falling mortgage interest rates. Markets in Eastern and South-East Europe developed positively overall, particularly in railway construction. In Hungary, the situation remains tense due to frozen EU funds.
In Australia, where STRABAG has been active since March following the acquisition of Georgiou Group, demand remained stable, supported by solid public budgets, especially in transportation infrastructure.
The need to decarbonise the building stock also led to positive developments in Building Solutions (facility management and M&E).
As an energy- and resource-intensive industry, the construction sector plays a key role and has significant leverage to contribute to sustainable transformation.
Within the STRABAG SE Group, fossil fuels are used along the entire value chain to operate the production plants (concrete plants, asphalt mixing plants, quarries and gravel pits), construction machinery and the vehicle fleet. In the 2024 financial year, STRABAG joined the Science Based Targets initiative (SBTi) and adopted a transformation plan.
Stricter regulations and higher prices resulting from CO2 pricing present the risk of volatile and higher energy and commodity prices that cannot be fully passed on to customers.
Stricter environmental protection regulations and additional expenses for climate-friendly business processes are expected to lead to cost increases and a further rise in construction prices.
The risk exists that fewer contracts will be awarded, particularly for the construction of new roads, due to a change in public investment habits and stricter zoning laws, which will have to be compensated for by contracts in other business areas.
Public sector clients are starting to issue tenders that include sustainability as an evaluation criterion.\u00a0This will lead to an increased demand for sustainable building materials, which, however, do not yet exist or are not yet available in sufficient quantities.
The increase in extreme weather events will lead to construction delays and increased insurance costs.
The building solutions business will increasingly offer green services using sustainable cleaning agents and environmentally friendly equipment in the future. The higher average temperatures are expected to result in an increased need for refurbishment and modernisation at IT locations for telecommunications and at data centres.
In the field of project development services, more projects related to renewable energies will be put out to tender in the future.
When preparing the consolidated financial statements, possible risks from climate change must be taken into account, especially in the valuation of goodwill, property, plant and equipment, inventories and provisions.
Significant goodwill at the STRABAG\u00a0SE Group is reported under item (13) Goodwill. Even if an additional risk premium is applied for possible delays or the non-awarding of individual construction projects, especially in road construction, no impairment of goodwill is required. The sensitivity analyses carried out for this purpose show that the changes to the key assumptions considered possible by management do not require an impairment to be made.
Property, plant and equipment consists largely of construction equipment, machinery and the vehicle fleet with short useful lives, which are utilised on a decentralised basis for a wide variety of construction projects. Temperature increases or severe weather will not have any significant impact on property, plant and equipment in the future. The future need for environmentally friendly technology and equipment was taken into account when determining the useful life and residual values. As part of replacement investments, passenger cars and commercial vehicles are being converted to renewable energy sources. Where technically feasible and economically viable, construction machinery, heavy goods vehicles, asphalt mixing plants, concrete plants, and stone and gravel works are to be converted in the medium term as well.
The necessary conversion of heating systems at asphalt mixing plants and concrete plants to renewable energy sources, as well as the environmental optimisation of the Group\u2019s buildings, could result in additional investment requirements.
In the case of inventories, particularly real estate projects without an investor, relevant environmental aspects such as energy efficiency, EU Taxonomy alignment, etc. were taken into account when determining the net sales proceeds. Risks here include but are not limited to the fact that ongoing changes to laws and regulations at the time of sale have resulted in new requirements that had not yet been foreseeable in the planning phase. These aspects are taken into account in the measurement. This also applies to the formation of provisions.
This does not, however, give rise to any risks that could jeopardise the continuation of the company as a going concern.
Structures are built with the objective of providing a long service life, of being used efficiently from an ecological perspective during their operational phase, and of being capable of reuse or dismantling at the end of their life cycle. Increasing demand for circular construction, refurbishment and expertise in the energy sector for the generation and use of renewable energy is regarded as a key opportunity for the construction industry.
As part of the sustainability strategy adopted in the 2021 financial year, STRABAG has set itself the goal of achieving climate neutrality along the entire value chain by the year 2040. (see sustainability report) When designing and building construction projects, the company focuses on ecologically compatible, sustainable construction methods as well as on the efficient use of resources and their recycling in order to limit any negative impact of construction on the environment as far as possible.
The preparation of financial statements in conformity with IFRS requires estimates and assumptions to be made that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities and the reported amounts of revenue and expenses.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
The Group conducts an annual test to determine whether its goodwill is impaired in accordance with the accounting policies described in the section \u201cImpairment of non-financial assets\u201d. The recoverable amount of the CGUs was determined using fair value less costs of disposal. These calculations are based on assumptions about the expected business development and the recoverable margin. Estimates about the expected business development are based on the facts and circumstances prevailing at the time of preparation of the consolidated financial statements as well as on realistic assumptions about the future development of the global and industry-specific environment. In response to changes in these underlying conditions which deviate from the assumptions and are beyond the Management Board\u2019s control, actual values may deviate from the estimated values.
All other things remaining equal, an annual 5% decrease of the free cash flow used to calculate the recoverable amount would result in a total impairment loss of all goodwill of T\u20ac 5,889 (2024: T\u20ac 1,338), while an isolated increase of the cost of capital by 1\u00a0percentage point would lead to an impairment of goodwill of T\u20ac 2,385 (2024: T\u20ac 3,195). These two effects together would trigger an impairment loss of T\u20ac 10,197 (2024: T\u20ac 7,372).
An extended sensitivity analysis was performed due to the current uncertainties in the economic environment and the associated price increases and supply bottlenecks. Due to the large number of different types of orders and the fact that a large part of the work included in the planning has not yet been commissioned, a worst-case scenario was determined with regard to the achievable cash flows. An annual and sustained decrease of 15% in the recoverable free cash flows and a simultaneous increase of 3 percentage points in the weighted average cost of capital would result in an impairment loss of T\u20ac 57,948 (2024: T\u20ac 40,770).
The impairments would affect several companies in different countries and business areas and would be allocated to the segments as follows: in the South + East segment in the amount of T\u20ac 41,171\u00a0(2024: T\u20ac 14,814), in the North + West segment in the amount of T\u20ac 1,894 (2024: T\u20ac 1,800), in the International + Special Divisions segment in the amount of T\u20ac 14,883 (2024: T\u20ac 24,156).
Other non-current financial assets include US dollar receivables from a Chilean project company. One part of this receivable, Lien 1 Loan, carries a fixed interest rate. The second part of this receivable, Lien 2 Loan, is equipped with additional variable components.
The carrying amounts of non-current receivables, which arose from the financial restructuring of a supplier credit from a large Chilean project (power plant), were recognised at fair value. The measurement was made on the basis of the cash flows that can be generated in the future using planned data from the project company, taking into account generally available data on electricity price and hydrological developments as well as the current interest rate environment.
Tunnel collapses led to a shutdown of the power plant since 2023, why impairments were therefore recognised on these non-current receivables in previous years.
In the arbitration proceedings initiated in 2023 with regard to the key issues of (i) whether substantial completion has been achieved and (ii) who is to bear the remediation costs based on the causes of the collapses, a partial arbitral award was issued in the 2025 financial year:
The proceedings determined that STRABAG has not achieved substantial completion. This triggered a penalty, which, however, following the calling of a guarantee, had already been paid and fully recognised as an expense in 2023.
The tribunal attributed responsibility for the collapses to STRABAG. The damages determined in the partial award for the period up to July 2024 (or up to March 2025, depending on the category of damage) amount to USD 21 million and, including interest and arbitration costs, were paid in full in the 2025 financial year \u2013 with the exception of a remaining disputed amount of approximately USD 10.2 million.
The final award in the present arbitration proceedings is not expected until 2027. Further (future) arbitration proceedings relating to disputed issues cannot currently be ruled out.
Remediation of the collapses and repair of further damage to the inner lining in certain sections of the tunnel system are not expected to be completed before the end of 2026.
Due to the continued difficulty in determining the final remediation and upgrade costs and the complex second phase of the arbitration proceedings (and possible further arbitration proceedings),\u00a0the provisions for renovation and warranty formed in the previous year were re-evaluated and adjusted in amount.
Disclosure of the impairments and provisions existing as at 31 December 2025 has been omitted due to the ongoing arbitration proceedings in order to avoid the possibility of seriously prejudicing STRABAG within the meaning of IAS 37.
Due to the unclear cause of the damages, the complex legal circumstances and the long terms to maturity, the actual returns and the actual claim may deviate from the reported values.
The revenue from construction contracts with customers is recognised over time. The Group estimates the work performed by the reporting date as a percentage of the total volume of the order backlog as well as the remaining contract cost to be incurred. If it is probable that the production costs will exceed the recoverable proceeds, an impairment is recognised up to the value of the contract asset; if the value of the respective contract asset is exceeded, an onerous contract provision is recognised. Technically complex and demanding projects, in particular, involve the risk that the estimate of the total cost deviates considerably from the actual cost incurred.
In the event of changes to the contract\u2019s scope and/or price that remain disputed between the parties to the contract (claims and variation orders), revenue from claims and variation orders is estimated in accordance with the provisions on variable consideration under IFRS 15.50ff for the respective project. The estimate is based on qualitative and quantitative criteria.
The following factors must be taken into account when estimating the variable consideration:
The actual claims arising from claims and variation orders may therefore differ from the estimated amount, especially in the case of complex construction projects with a large number of different claims and variation orders as well as counterclaims of the client.
The above also applies to over-time recognition of revenue from project developments.
The carrying amount of the equity-accounted investments amounted to T\u20ac 595,282 on 31 December 2025 (2024: T\u20ac 525,671).
This includes the 30% stake in\u00a0Holcim Cement CE Holding GmbH. Holcim operates cement works in Austria, Hungary, the Czech Republic and Slovenia. The carrying amount of the investment amounted to T\u20ac 202,528 on 31\u00a0December\u00a02025 (2024: T\u20ac 198,312). As earnings developed according to plan and because of the ongoing distributions, an impairment test was not required.
The Group also holds a 24.94% stake in CmBlu Energy AG. The company is active in the research and development of large-scale battery storage systems using organic solid-flow batteries. The carrying amount of the investment amounted to\u00a0T\u20ac 93,784 on 31 December 2025\u00a0(2024: T\u20ac 111,826). Due to a financing round carried out in December 2025 and the company valuation on which it was based, there was no need to carry out an impairment test.
Deviations from the expected business development as well as developments in the economic environment that are beyond the Management Board\u2019s control may influence the value of the investments.
STRABAG has to calculate the actual income tax expected for each taxable entity and must assess the temporary differences arising from the different treatment of certain balance sheet items in the IFRS consolidated financial statements and the statutory financial statements required for tax purposes. The existence of temporary differences usually results in the recognition of deferred tax assets and liabilities in the consolidated financial statements.
The management must make assessments in the calculation of current and deferred tax. Deferred tax assets are recognised to the extent that their use is probable. The use of deferred tax assets depends on the possibility of realising sufficient taxable income under the respective tax type and jurisdiction under consideration of any possible legal restrictions regarding the maximum loss carry forward period. A number of different factors are used to assess the probability of the future usability of deferred tax assets, such as the past financial performance, operational planning, loss carry forward periods and tax planning strategies. If the actual results deviate from these estimates, or if these estimates must be adjusted in future periods, this could have a negative impact on the financial position, financial performance and cash flows. In the event of a changed assessment of the recoverability of deferred tax assets, the deferred tax assets which have been recognised are written down in profit or loss or, depending on their original formation, outside profit or loss; impaired deferred tax assets are similarly recognised either in profit or loss or outside profit or loss.
The fair value of financial instruments that are not traded in an active market is determined by using suitable valuation techniques selected from among a number of different methods. The assumptions used are mainly based on market conditions existing at the balance sheet date. The Group uses present value techniques to determine the fair value of a number of financial assets that are not traded in an active market.
Within the STRABAG\u00a0SE Group, a large number of the contracts are lease contracts with comparatively low annual rental expenses, of both limited and indefinite duration and with ordinary termination rights. The lease liability is determined by estimating the most likely duration in consideration of extension options and termination rights. All economic aspects for exercising or not exercising the options are taken into account. Deviations between the actual lease terms and these assumptions have an impact on the respective carrying amounts. The risk is reduced by the large number of stand-alone contracts, however.
The present value of the severance and pension obligations depends on a number of different factors based on actuarial assumptions. One of the assumptions used to determine the net expenses or income for pensions is the discount rate. Any change to these assumptions will influence the carrying amount of the pension obligation.
The Group determines the appropriate discount rate at the end of every year. The discount rate is the interest rate used to determine the present value of future cash flows required to settle the obligation. For the purpose of determining the discount rate, the Group employs the interest rate of highest-grade industrial bonds in the same currency in which the benefits are paid and which have terms to maturity equivalent to those of the pension obligations.
Additional substantial assumptions relating to severance and pension obligations are based in part on market conditions. Further information and sensitivity analyses can be found in item (28) Provisions.
Other construction-related provisions, in particular, involve the risk that in individual cases the actual costs for warranty obligations or remaining performance obligations will turn out higher or lower than expected. The balance sheet item other construction-related provisions is composed of several individual projects together, however, as a result of which the risk is reduced to the individual consideration of the projects. This also applies to provisions for recultivation and decommissioning obligations with regard to estimates of future costs and the measures prescribed by the various authorities in the individual countries that are not specified until the time of recultivation.
In October 2021, following an acknowledgement of the facts by the Group companies STRABAG AG and F. Lang u. K. Menhofer Baugesellschaft m.b.H. & Co. KG, the Vienna Commercial Court as the Cartel Court imposed a fine of \u20ac 45.37 million. This was in connection with the criminal and competition law investigations initiated in spring 2017 against STRABAG AG and F. Lang u. K. Menhofer Baugesellschaft m.b.H. & Co. KG, as well as numerous other construction companies, on suspicion of anti-competitive agreements in construction projects in Austria between 2002 and 2017.
In July\u00a02022, the Federal Competition Authority requested a review of the Cartel Court\u2019s final decision regarding the imposed fine. In its decision from October\u00a02022, the Cartel Court rejected the Federal Competition Authority\u2019s application as inadmissible and upheld the view of STRABAG\u00a0AG. The Federal Competition Authority appealed against this decision to the Austrian Supreme Court (OGH), which granted the appeal in a decision on 25\u00a0May\u00a02023 on the grounds that the formal rejection of the Federal Competition Authority\u2019s application without a substantive review by the Higher Regional Court was inadmissible.
On 11 March 2026, STRABAG AG, by means of a settlement, brought to a legally binding close the modification proceedings initiated by the Federal Competition Authority seeking judicial review of the final fine decision of 21 October 2021 for a \u20ac 45.37 million penalty. Following a thorough assessment of the factual and legal situation, the company agreed to a \u20ac 100.63 million increase in the fine to avoid further lengthy court proceedings. The increase in the fine is recognised in the consolidated financial statements under \u201cOther provisions\u201d.
Notwithstanding the concessions made as part of the settlement and the loss of its leniency status, the fact remains that STRABAG AG cooperated extensively with the Federal Competition Authority and made a significant contribution to clarifying the facts of the case. In addition, STRABAG has since worked intensively on the further development of its Business Compliance Management System and is now the first Austrian company operating internationally to obtain group-wide certification under ISO 37001 und ISO 37301.
Several affected clients have asserted claims for damages against STRABAG. Settlement discussions are being conducted with some major clients with a view to reaching an out-of-court resolution. Other clients have already pursued their claims through the courts. Appropriate provisions for potential claims arising from the cartel infringements have been recognised in the consolidated financial statements. The provision was adjusted in the 2025 financial year based on insights gained from the settlement negotiations regarding the claims for damages.
The specific amount of the provision cannot be disclosed due to the ongoing proceedings and negotiations in order to avoid the possibility of seriously prejudicing the position of STRABAG within the meaning of IAS 37. The final financial impact on STRABAG is extremely difficult to estimate due to the complexity of the matter (long period, large number of projects, different clients, heterogeneous structures, etc.). The actual amounts may therefore differ from the amount provided.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93570-2": { "value": "The STRABAG\u00a0SE Group is a leading European technology group for construction services. STRABAG\u00a0SE has its headquarters in Triglavstra\u00dfe 9, 9500 Villach, Austria. STRABAG\u00a0SE is the ultimate parent company of the group. From its core markets of Austria and Germany, STRABAG is present via its numerous subsidiaries in all countries of Eastern and South-East Europe, in selected markets in North and Western Europe and the Arabian Peninsula, Australia, as well as in the project business in Africa, Asia and the Americas. STRABAG\u2019s activities span the entire construction industry (Building Construction & Civil Engineering, Transportation Infrastructures, Tunnelling, construction-related services) and cover the entire value-added chain in the field of construction.
The consolidated financial statements of STRABAG\u00a0SE, at the reporting date 31\u00a0December\u00a02025, were drawn up under application of Section 245a Paragraph 2 of the Austrian Commercial Code (UGB) in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), including the interpretations of the International Financial Reporting Interpretations Committee (IFRIC).
Applied were exclusively those standards and interpretations adopted by the European Commission before the reporting deadline and published in the Official Journal of the European Union. Further reporting requirements of Section 245a Paragraph 1 of the Austrian Commercial Code (UGB) were fulfilled as well.
In addition to a statement of total comprehensive income and the consolidated balance sheet, the financial statements include a cash flow statement in accordance with IAS 7 and a statement of changes in equity (IAS 1). The disclosures in the Notes also contain a segment reporting section in accordance with IFRS 8.
In order to improve the clarity of the representation, various items in the balance sheet and the income statement have been combined. These items have been shown separately and are explained in the Notes. The income statement has been drawn up in accordance with the nature of expense method.
There have been no changes in accounting policies during the financial year.
The preparation of the consolidated financial statements was based on the assumption that the company will continue as a going concern.
The consolidated financial statements were prepared in T\u20ac. The presentation in T\u20ac may result in rounding differences.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93570-3": { "value": "STRABAG\u00a0SE", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93570-4": { "value": "SE", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93570-5": { "value": "Triglavstra\u00dfe 9, 9500 Villach, Austria.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93570-6": { "value": "Villach", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93570-7": { "value": "Villach", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93570-8": { "value": "Austria", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93570-9": { "value": "STRABAG\u00a0SE is the ultimate parent company of the group. ", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93570-10": { "value": "STRABAG\u00a0SE is the ultimate parent company of the group. ", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93570-11": { "value": "STRABAG\u2019s activities span the entire construction industry (Building Construction & Civil Engineering, Transportation Infrastructures, Tunnelling, construction-related services) and cover the entire value-added chain in the field of construction.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93570-12": { "value": "The consolidated financial statements of STRABAG\u00a0SE, at the reporting date 31\u00a0December\u00a02025, were drawn up under application of Section 245a Paragraph 2 of the Austrian Commercial Code (UGB) in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), including the interpretations of the International Financial Reporting Interpretations Committee (IFRIC).
Applied were exclusively those standards and interpretations adopted by the European Commission before the reporting deadline and published in the Official Journal of the European Union. Further reporting requirements of Section 245a Paragraph 1 of the Austrian Commercial Code (UGB) were fulfilled as well.
In addition to a statement of total comprehensive income and the consolidated balance sheet, the financial statements include a cash flow statement in accordance with IAS 7 and a statement of changes in equity (IAS 1). The disclosures in the Notes also contain a segment reporting section in accordance with IFRS 8.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93570-13": { "value": "The consolidated financial statements of STRABAG\u00a0SE, at the reporting date 31\u00a0December\u00a02025, were drawn up under application of Section 245a Paragraph 2 of the Austrian Commercial Code (UGB) in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), including the interpretations of the International Financial Reporting Interpretations Committee (IFRIC).
Applied were exclusively those standards and interpretations adopted by the European Commission before the reporting deadline and published in the Official Journal of the European Union. Further reporting requirements of Section 245a Paragraph 1 of the Austrian Commercial Code (UGB) were fulfilled as well.
In addition to a statement of total comprehensive income and the consolidated balance sheet, the financial statements include a cash flow statement in accordance with IAS 7 and a statement of changes in equity (IAS 1). The disclosures in the Notes also contain a segment reporting section in accordance with IFRS 8.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93570-14": { "value": "There have been no changes in accounting policies during the financial year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93570-15": { "value": "The preparation of the consolidated financial statements was based on the assumption that the company will continue as a going concern.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93484-1": { "value": "The IASB has made the following amendments to the existing IFRS and passed several new IFRS and IFRIC, which have also been adopted by the European Commission. Application thus became mandatory on 1\u00a0January\u00a02025.
| \n \n \n \n | \n \n \n Application for financial years which begin on or after (according to IASB)\n \n | \n \n \n Application for financial years which begin on or after (according to EU endorsement)\n \n | \n
| \n \n Amendments to IAS 21 \u2013 Lack of Exchangeability\n \n | \n \n \n 1.1.2025\n \n | \n \n \n 1.1.2025\n \n | \n
The first-time adoption of the IFRS standards had minor impact on the consolidated financial statements as at 31\u00a0December\u00a02025.
The IASB and the IFRIC approved further standards and interpretations. However, these were neither required to be applied in the 2025 financial year nor adopted by the European Commission. The amendments affect the following standards and interpretations:
| \n \n \n \n | \n \n \n Application for financial years which begin on or after (according to IASB)\n \n | \n \n \n Application for financial years which begin on or after (according to EU endorsement)\n \n | \n \n \n Impact on the consolidated financial statements\n \n | \n
| \n \n Annual Improvements Volume 11\n \n | \n \n \n 1.1.2026\n \n | \n \n \n 1.1.2026\n \n | \n \n \n minor\n \n | \n
| \n \n Amendments to IFRS 9 and IFRS 7 \u2013 Classification and Measurement of Financial Instruments\n \n | \n \n \n 1.1.2026\n \n | \n \n \n 1.1.2026\n \n | \n \n \n minor\n \n | \n
| \n \n Amendments to IFRS 9 and IFRS 7 \u2013 Contracts Referencing Nature-dependent Electricity\n \n | \n \n \n 1.1.2026\n \n | \n \n \n 1.1.2026\n \n | \n \n \n is being analysed\n \n | \n
| \n \n IFRS 18 Presentation and Disclosure in Financial Statements\n \n | \n \n \n 1.1.2027\n \n | \n \n \n 1.1.2027\n \n | \n \n \n is being analysed\n \n | \n
| \n \n IFRS 19 Subsidiaries without Public Accountability: Disclosure\n \n | \n \n \n 1.1.2027\n \n | \n \n \n n. a.1\n \n | \n \n \n not applicable\n \n | \n
| \n \n Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures\n \n | \n \n \n 1.1.2027\n \n | \n \n \n n. a.1\n \n | \n \n \n not applicable\n \n | \n
| \n \n Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates \u2013 Translation to a Hyperinflationary Presentation Currency\n \n | \n \n \n 1.1.2027\n \n | \n \n \n n. a.1\n \n | \n \n \n minor\n \n | \n
\n 1n. a. \u2013 endorsement process is still in progress\n
\nSTRABAG currently has no significant power purchase agreements under\u00a0IFRS 9 for nature-dependent electricity. In view of the sustainability targets and Strategy 2030, however, it can be assumed that such agreements may be concluded in the future. Any such contracts would then have to be assessed on a case-by-case basis.
STRABAG will be affected by IFRS 18 with regard to the presentation of the income statement and the statement of cash flows. The key change relates to the presentation of earnings from equity-accounted investments, including the earnings from construction consortia, which may no longer be recognised as part of operating income but must be presented in the investing category. Consequently, the earnings from equity-accounted investments and the income from investments will be presented after operating income. As these figures are, however, a material component of the operating business, a management-defined performance measure (MPM) will be introduced in the consolidated income statement, consisting of the sum of operating income and income from investments. The intermediate subtotal EBITDA previously presented in the consolidated income statement will be discontinued and shown exclusively as an MPM in the annual report. Net interest income, presented as the balance of interest and similar income and interest expense and similar charges, will also no longer be shown, as interest must be split between investing and financing.
The presentation applies analogously to the statement of cash flows, in which an intermediate subtotal for cash flow from net investments excluding inflows from equity-accounted investments and investments will be introduced.
\n IFRS 18 governs presentation only and does not impact profit or loss in the consolidated financial statements.
Early application of the new standards and interpretations is not planned.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93571-1": { "value": "The financial statements of the domestic and foreign companies included in the consolidated group are drawn up in accordance with uniform methods of accounting and valuation. The annual financial statements of the domestic and foreign Group companies are adapted accordingly.
As part of the consolidation of intercompany balances, any trade receivables, loans and other receivables existing within the Group are set off against the corresponding liabilities and provisions of the subsidiaries included in the consolidated financial statements.
Expenses and revenues from intra-group transactions are eliminated. Results incurred from intra-group transactions that are recognised in the non-current and current assets are eliminated if they are material.
Unrealised profits from transactions between Group entities and associates are eliminated in proportion to the Group\u2019s share in the associate.
Non-controlling interests in equity and profits of companies controlled by the parent are shown separately in the consolidated financial statements.
The necessary tax deferrals are made for consolidation procedures.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93571-2": { "value": "Entities whose financial and operating policies are controlled by the Group constitute subsidiaries.
The consolidated financial statements include the financial statements of the parent and entities (including structured entities) over which the Group has control. An entity is considered to be under control if the following criteria are met:
The parent has power over the investee. The parent is exposed to variable returns on the investment. The parent has the ability to affect the returns from the investment through its power over the investee.Control over an entity is reassessed if facts and circumstances indicate that there are changes to one or more of the three elements of control discussed above.
Owning a majority of the voting rights is not always necessary to have power and control over an investee. Control can be achieved through other rights or contractual agreements which give the parent the possibility to affect the returns of the investee.
A subsidiary is included in the consolidated financial statements from the date on which the parent acquired control. Conversely, the entity is deconsolidated when control ends.
Capital consolidation is performed in accordance with IFRS 3 using the acquisition method. The acquisition costs of the subsidiary are measured as the sum of the fair values of assets given, equity instruments issued and liabilities assumed. Contingent considerations are also measured at their fair value from the date of the business combination. Later deviations from this value are recognised in profit or loss. Transaction costs are also recognised immediately in profit or loss.
Non-controlling interests are recognised based on their proportional interest in the net assets of the acquired entity (partial goodwill method). The option of recognising non-controlling interests at fair value is not used.
In business combinations achieved in stages (step acquisitions), the existing equity interest of the entity is remeasured at fair value from the date of acquisition. The resulting profit or loss is recognised in the income statement.
The acquisition costs, contingent considerations, existing equity interests and non-controlling interests are to be compared with all identifiable assets and liabilities of the subsidiary measured at fair value. Any remaining difference on the assets side is classified as goodwill. Differences arising from the capital consolidation on the liabilities side are recognised immediately in profit or loss following another review. Goodwill is subjected to impairment testing in accordance with IAS 36 at least once a year.
In the 2025 financial year, T\u20ac 178,942 (2024: T\u20ac 65,636) in goodwill arising from capital consolidation was recognised as assets. Impairment losses on goodwill in the amount of T\u20ac 0 (2024: T\u20ac 0) were recognised.
When control over a subsidiary is lost, the assets and liabilities of the former subsidiary are derecognised. The resulting profit or loss attributable to the former controlling interest is recognised in profit or loss. The amounts recognised in other comprehensive income are reclassified to the income statement or recognised directly against profit or loss brought forward. The profit or loss from deconsolidation is recognised as an amount in other operating income or expense.
When control over a subsidiary is lost, any remaining investment is remeasured at fair value. The difference to the existing carrying amounts is recognised in profit or loss. Associates, joint arrangements or financial assets are initially recognised at this fair value. All previous amounts recognised to date in other income are accounted for as if the assets and liabilities of the affected entities had been sold directly.
When a real estate project company is deconsolidated and sold under a share deal in the course of the project development business, the disposal profit is not presented as a deconsolidation gain but \u2013 from an economic point of view \u2013 as gross revenue and expenses from the project development. This ensures that asset deals and share deals are presented in the same way in the project development business.
Structured entities are entities that are not controlled by voting rights, but mainly through contractual arrangements for a specific business purpose. The business purpose is usually restricted to a narrow field of activity. Structured entities typically have little equity capital and rely on owner financing. There are no structured entities within the STRABAG\u00a0SE Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93571-3": { "value": "A subsidiary is included in the consolidated financial statements from the date on which the parent acquired control. Conversely, the entity is deconsolidated when control ends.
Capital consolidation is performed in accordance with IFRS 3 using the acquisition method. The acquisition costs of the subsidiary are measured as the sum of the fair values of assets given, equity instruments issued and liabilities assumed. Contingent considerations are also measured at their fair value from the date of the business combination. Later deviations from this value are recognised in profit or loss. Transaction costs are also recognised immediately in profit or loss.
Non-controlling interests are recognised based on their proportional interest in the net assets of the acquired entity (partial goodwill method). The option of recognising non-controlling interests at fair value is not used.
In business combinations achieved in stages (step acquisitions), the existing equity interest of the entity is remeasured at fair value from the date of acquisition. The resulting profit or loss is recognised in the income statement.
The acquisition costs, contingent considerations, existing equity interests and non-controlling interests are to be compared with all identifiable assets and liabilities of the subsidiary measured at fair value. Any remaining difference on the assets side is classified as goodwill. Differences arising from the capital consolidation on the liabilities side are recognised immediately in profit or loss following another review. Goodwill is subjected to impairment testing in accordance with IAS 36 at least once a year.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93571-4": { "value": "A subsidiary is included in the consolidated financial statements from the date on which the parent acquired control. Conversely, the entity is deconsolidated when control ends.
Capital consolidation is performed in accordance with IFRS 3 using the acquisition method. The acquisition costs of the subsidiary are measured as the sum of the fair values of assets given, equity instruments issued and liabilities assumed. Contingent considerations are also measured at their fair value from the date of the business combination. Later deviations from this value are recognised in profit or loss. Transaction costs are also recognised immediately in profit or loss.
Non-controlling interests are recognised based on their proportional interest in the net assets of the acquired entity (partial goodwill method). The option of recognising non-controlling interests at fair value is not used.
In business combinations achieved in stages (step acquisitions), the existing equity interest of the entity is remeasured at fair value from the date of acquisition. The resulting profit or loss is recognised in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93571-5": { "value": "Differences arising from the acquisition or disposal of investments in affiliated entities without acquisition or loss of control are recognised in full in equity outside profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93571-6": { "value": "Entities in which the Group exercises significant influence constitute associates. This is generally the case with a holding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method and recognised in the item equity-accounted investments. The acquired investment is initially measured at cost. Any differences that arise are treated according to the principles of consolidation. In subsequent years, the carrying amount of the investment increases or decreases in proportion to the share of profit or loss and/or the investee\u2019s other income. Distributions reduce the carrying amount of the investment. As soon as the Group\u2019s share of losses equals or exceeds the interest in the associate, no further losses are recognised unless the Group is liable for the associate\u2019s losses.
At the end of every accounting period, the Group determines whether there are any indications for an impairment of the investment in the associate. If there are, then the difference between the carrying amount and the recoverable amount is recognised as an impairment expense in the share of profit or loss of equity-accounted investments in the income statement.
In the year under review, the initial equity measurement of newly acquired entities and of additional interest acquired in existing entities resulted in goodwill in the amount of T\u20ac 0 (2024: T\u20ac 6,191), which is reported under equity-accounted investments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93571-7": { "value": "Entities in which the Group exercises significant influence constitute associates. This is generally the case with a holding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method and recognised in the item equity-accounted investments. The acquired investment is initially measured at cost. Any differences that arise are treated according to the principles of consolidation. In subsequent years, the carrying amount of the investment increases or decreases in proportion to the share of profit or loss and/or the investee\u2019s other income. Distributions reduce the carrying amount of the investment. As soon as the Group\u2019s share of losses equals or exceeds the interest in the associate, no further losses are recognised unless the Group is liable for the associate\u2019s losses.
At the end of every accounting period, the Group determines whether there are any indications for an impairment of the investment in the associate. If there are, then the difference between the carrying amount and the recoverable amount is recognised as an impairment expense in the share of profit or loss of equity-accounted investments in the income statement.
In the year under review, the initial equity measurement of newly acquired entities and of additional interest acquired in existing entities resulted in goodwill in the amount of T\u20ac 0 (2024: T\u20ac 6,191), which is reported under equity-accounted investments.
Joint ventures are entities over which the Group exercises joint control together with a third entity. Joint control exists when the determination of the financial and operating policies requires the unanimous consent of all parties to the joint control. STRABAG accounts for joint ventures using the equity method and these are recognised in the item equity-accounted investments.
Consortia are quite common in the construction industry in Austria and Germany. According to the Institute of Public Auditors in Germany (IDW) and a statement by the Austrian Financial Reporting and Auditing Committee (AFRAC), the typical German and Austrian construction consortium meets the requirements to be classified as a joint venture. Earnings from construction consortia are presented proportionately under share of profit or loss of equity-accounted investments. The receivables from and payables to construction consortia include mainly in- and outflows of cash, charges resulting from services as well as proportional contract results and are recorded under trade receivables and trade payables.
Joint arrangements for the execution of construction work in the remaining countries are accounted for either as joint ventures or as joint operations depending on the substance of the arrangement.
In Australia in particular, it is common practice to execute joint construction contracts in the form of joint operations. Joint operations are recognised in the consolidated financial statements by proportionately including the assets, liabilities, income and expenses attributable to the STRABAG SE Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93571-8": { "value": "Joint ventures are entities over which the Group exercises joint control together with a third entity. Joint control exists when the determination of the financial and operating policies requires the unanimous consent of all parties to the joint control. STRABAG accounts for joint ventures using the equity method and these are recognised in the item equity-accounted investments.
Consortia are quite common in the construction industry in Austria and Germany. According to the Institute of Public Auditors in Germany (IDW) and a statement by the Austrian Financial Reporting and Auditing Committee (AFRAC), the typical German and Austrian construction consortium meets the requirements to be classified as a joint venture. Earnings from construction consortia are presented proportionately under share of profit or loss of equity-accounted investments. The receivables from and payables to construction consortia include mainly in- and outflows of cash, charges resulting from services as well as proportional contract results and are recorded under trade receivables and trade payables.
Joint arrangements for the execution of construction work in the remaining countries are accounted for either as joint ventures or as joint operations depending on the substance of the arrangement.
In Australia in particular, it is common practice to execute joint construction contracts in the form of joint operations. Joint operations are recognised in the consolidated financial statements by proportionately including the assets, liabilities, income and expenses attributable to the STRABAG SE Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93571-9": { "value": "The five largest joint operations in terms of proportionate output in the financial year are as follows:
| \n \n Joint Operation\n \n | \n \n \n Country\n \n | \n \n \n Segment\n \n | \n \n \n Stake in %\n \n | \n \n \n Proportionate revenue\n\u20ac mn\n \n | \n |
| \n \n 2025\n \n | \n \n \n 2024\n \n | \n ||||
| \n \n HS2 high-speed rail line\n \n | \n \n \n United Kingdom\n \n | \n \n \n I+S\n \n | \n \n \n 32.0\n \n | \n \n \n 337.0\n \n | \n \n \n 448.2\n \n | \n
| \n \n Coomera Connectors Stage 1 North\n \n | \n \n \n Australia\n \n | \n \n \n I+S\n \n | \n \n \n 40.0\n \n | \n \n \n 36.9\n \n | \n \n \n -\n \n | \n
| \n \n Air Base 57\n \n | \n \n \n Romania\n \n | \n \n \n S+E\n \n | \n \n \n 50.0\n \n | \n \n \n 26.1\n \n | \n \n \n 16.7\n \n | \n
| \n \n M12 Motorway (West)\n \n | \n \n \n Australia\n \n | \n \n \n I+S\n \n | \n \n \n 50.0\n \n | \n \n \n 26.0\n \n | \n \n \n -\n \n | \n
| \n \n Tonkin Highway Extension and Thomas Road Upgrade\n \n | \n \n \n Australia\n \n | \n \n \n I+S\n \n | \n \n \n 41.5\n \n | \n \n \n 25.3\n \n | \n \n \n -\n \n | \n
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Income from equity-accounted investments\n \n | \n \n \n 55,731\n \n | \n \n \n 50,447\n \n | \n
| \n \n Expenses arising from equity-accounted investments\n \n | \n \n \n -30,892\n \n | \n \n \n -13,314\n \n | \n
| \n \n Gains on the disposal of equity-accounted investments\n \n | \n \n \n 148\n \n | \n \n \n 0\n \n | \n
| \n \n Profit from construction consortia\n \n | \n \n \n 199,924\n \n | \n \n \n 190,983\n \n | \n
| \n \n Losses from construction consortia\n \n | \n \n \n -61,057\n \n | \n \n \n -79,401\n \n | \n
| \n \n Share of profit or loss of equity-accounted investments\n \n | \n \n \n 163,854\n \n | \n \n \n 148,715\n \n | \n
\n Cascade Infrastructure Holdings Limited, Manchester, was established by articles of association dated 14 May 2025. The company is the project company for a major water infrastructure project in the United Kingdom. Under a concession agreement, the company was commissioned with planning, construction, building and financing. The STRABAG SE Group holds 50% of the voting rights in the company, which therefore represents an significant joint venture.
The following financial information concerns the preliminary consolidated financial statements prepared in accordance with IFRS.
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n
| \n \n Net income from continuing operations\n \n | \n \n \n -15,562\n \n | \n
| \n \n Other comprehensive income\n \n | \n \n \n -14,278\n \n | \n
| \n \n Total comprehensive income\n \n | \n \n \n -29,840\n \n | \n
| \n \n attributable to: non-controlling interests\n \n | \n \n \n 0\n \n | \n
| \n \n attributable to: equity holders of the parent\n \n | \n \n \n -29,840\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n
| \n \n \n \n | \n \n \n 31.12.2025\n \n | \n
| \n \n Current assets\n \n | \n \n \n 222,771\n \n | \n
| \n \n Non-current liabilities\n \n | \n \n \n -64,504\n \n | \n
| \n \n Current liabilities\n \n | \n \n \n -19,603\n \n | \n
| \n \n Net assets\n \n | \n \n \n 138,664\n \n | \n
| \n \n attributable to: non-controlling interests\n \n | \n \n \n 0\n \n | \n
| \n \n attributable to: equity holders of the parent\n \n | \n \n \n 138,664\n \n | \n
The financial information presented here can be transferred to the equity carrying amount of\u00a0Cascade Infrastructure Holdings Limited\u00a0in the consolidated financial statements as follows:
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n
| \n \n Group's share of net assets as at 1.1.\n \n | \n \n \n 0\n \n | \n
| \n \n Capital contribution\n \n | \n \n \n 84,252\n \n | \n
| \n \n Group's share of net income from continuing operations\n \n | \n \n \n -7,781\n \n | \n
| \n \n Group's share of other comprehensive income\n \n | \n \n \n -7,139\n \n | \n
| \n \n Group's share of total comprehensive income\n \n | \n \n \n -14,920\n \n | \n
| \n \n Group's share of net assets as at 31.12.\n \n | \n \n \n 69,332\n \n | \n
| \n \n Equity-method carrying amount as at 31.12.\n \n | \n \n \n 69,332\n \n | \n
The following table arranges in aggregate form the carrying amount and the group\u2019s share of the profit and other comprehensive income from joint ventures that would be immaterial by themselves:
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Total of equity-method carrying amounts as at 31.12.\n \n | \n \n \n 112,477\n \n | \n \n \n 117,626\n \n | \n
| \n \n Group's share of net income from continuing operations\n \n | \n \n \n 7,527\n \n | \n \n \n 19,207\n \n | \n
| \n \n Group's share of other comprehensive income\n \n | \n \n \n -460\n \n | \n \n \n -1,569\n \n | \n
| \n \n Group's share of total comprehensive income\n \n | \n \n \n 7,068\n \n | \n \n \n 17,638\n \n | \n
The group classifies construction consortia as joint ventures and records their earnings under share of profit or loss of equity-accounted investments. The following table shows the group\u2019s ten most important consortia with regard to the output volume in the 2025 financial year.
| \n \n Construction consortia\n \n | \n \n \n Stake in %\n \n | \n
| \n \n ARGE HAUS DER STATISTIK HDS, Germany (HDS)\n \n | \n \n \n 50.00\n \n | \n
| \n \n ARGE JVA M\u00dcNSTER LOS 1 PLANUNG UND BAU, Germany (JVA L1)\n \n | \n \n \n 50.00\n \n | \n
| \n \n ARGE NGP BAU 36 MB SINDELFINGEN, Germany (MB36)\n \n | \n \n \n 65.00\n \n | \n
| \n \n ARGE SCHLEUSE KRIEGENBRUNN, Germany (KRIE)\n \n | \n \n \n 80.00\n \n | \n
| \n \n ARGE U2 17-21, Austria (U2)\n \n | \n \n \n 50.00\n \n | \n
| \n \n ARGE U5 OST LOS 1, Germany (U5L1)\n \n | \n \n \n 50.00\n \n | \n
| \n \n ARGE U5-OST HAMBURG LOS2, Germany (U5L2)\n \n | \n \n \n 70.00\n \n | \n
| \n \n ARGE US-KLINIK WEILERBACH, Germany (WEIL)\n \n | \n \n \n 75.00\n \n | \n
| \n \n BAU-ARGE \u00d6PP BAB A49 SLW, Germany (A49)\n \n | \n \n \n 50.00\n \n | \n
| \n \n COMBINATIE HEREPOORT VOF, the Netherlands (HER)\n \n | \n \n \n 46.04\n \n | \n
The financial information in the 2025 financial year on these consortia is presented 100% and before consolidation and valuation approaches deviating from the consortia balance sheet if applicable.
| \n \n T\u20ac\n \n | \n \n \n Revenue\n \n | \n \n \n Non-current assets\n \n | \n \n \n Current assets\n \n | \n \n \n thereof cash and cash equivalents\n \n | \n \n \n Current liabilities\n \n | \n
| \n \n WEIL\n \n | \n \n \n 204,590\n \n | \n \n \n 26\n \n | \n \n \n 125,778\n \n | \n \n \n 112,965\n \n | \n \n \n 125,804\n \n | \n
| \n \n U5 L2\n \n | \n \n \n 111,978\n \n | \n \n \n 6,635\n \n | \n \n \n 58,750\n \n | \n \n \n 34,407\n \n | \n \n \n 65,385\n \n | \n
| \n \n U2\n \n | \n \n \n 104,983\n \n | \n \n \n 13,654\n \n | \n \n \n 56,534\n \n | \n \n \n 10,287\n \n | \n \n \n 70,188\n \n | \n
| \n \n JVA L1\n \n | \n \n \n 96,674\n \n | \n \n \n 170\n \n | \n \n \n 32,300\n \n | \n \n \n 18,324\n \n | \n \n \n 32,470\n \n | \n
| \n \n MB36\n \n | \n \n \n 90,035\n \n | \n \n \n 0\n \n | \n \n \n 131,523\n \n | \n \n \n 39,429\n \n | \n \n \n 131,523\n \n | \n
| \n \n A49\n \n | \n \n \n 70,446\n \n | \n \n \n 465\n \n | \n \n \n 37,180\n \n | \n \n \n 25,143\n \n | \n \n \n 37,645\n \n | \n
| \n \n U5 L1\n \n | \n \n \n 67,340\n \n | \n \n \n 150\n \n | \n \n \n 44,729\n \n | \n \n \n 17,319\n \n | \n \n \n 44,879\n \n | \n
| \n \n HER\n \n | \n \n \n 62,739\n \n | \n \n \n 0\n \n | \n \n \n 9,816\n \n | \n \n \n 9,616\n \n | \n \n \n 9,816\n \n | \n
| \n \n HDS\n \n | \n \n \n 62,005\n \n | \n \n \n 0\n \n | \n \n \n 52,187\n \n | \n \n \n 17,004\n \n | \n \n \n 52,187\n \n | \n
| \n \n KRIE\n \n | \n \n \n 54,856\n \n | \n \n \n 6,419\n \n | \n \n \n 24,442\n \n | \n \n \n 21,830\n \n | \n \n \n 30,861\n \n | \n
In the 2025 financial year, the share of profit or loss of equity-accounted investments recorded for the above-mentioned consortia included T\u20ac 74,422 in profits from consortia and T\u20ac 22,698 in losses from consortia including impending losses.
The financial information in the 2024 financial year on these consortia is presented 100% and before consolidation and valuation approaches deviating from the consortia balance sheet if applicable.
| \n \n T\u20ac\n \n | \n \n \n Revenue\n \n | \n \n \n Non-current assets\n \n | \n \n \n Current assets\n \n | \n \n \n thereof cash and cash equivalents\n \n | \n \n \n Current liabilities\n \n | \n
| \n \n WEIL\n \n | \n \n \n 181,091\n \n | \n \n \n 38\n \n | \n \n \n 70,754\n \n | \n \n \n 38,185\n \n | \n \n \n 70,792\n \n | \n
| \n \n U5 L2\n \n | \n \n \n 82,722\n \n | \n \n \n 5,840\n \n | \n \n \n 39,214\n \n | \n \n \n 38,902\n \n | \n \n \n 45,054\n \n | \n
| \n \n U2\n \n | \n \n \n 111,593\n \n | \n \n \n 17,358\n \n | \n \n \n 37,183\n \n | \n \n \n 2,081\n \n | \n \n \n 54,541\n \n | \n
| \n \n JVA L1\n \n | \n \n \n 52,476\n \n | \n \n \n 191\n \n | \n \n \n 18,200\n \n | \n \n \n 695\n \n | \n \n \n 18,391\n \n | \n
| \n \n MB36\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n
| \n \n A49\n \n | \n \n \n 188,679\n \n | \n \n \n 3,294\n \n | \n \n \n 110,470\n \n | \n \n \n 51,011\n \n | \n \n \n 113,764\n \n | \n
| \n \n U5 L1\n \n | \n \n \n 93,445\n \n | \n \n \n 90\n \n | \n \n \n 43,412\n \n | \n \n \n 15,038\n \n | \n \n \n 43,502\n \n | \n
| \n \n HER\n \n | \n \n \n 67,195\n \n | \n \n \n 69\n \n | \n \n \n 7,811\n \n | \n \n \n 1,624\n \n | \n \n \n 7,880\n \n | \n
| \n \n HDS\n \n | \n \n \n 51,516\n \n | \n \n \n 0\n \n | \n \n \n 33,079\n \n | \n \n \n 22,958\n \n | \n \n \n 33,079\n \n | \n
| \n \n KRIE\n \n | \n \n \n 15,845\n \n | \n \n \n 516\n \n | \n \n \n 17,921\n \n | \n \n \n 15,413\n \n | \n \n \n 18,437\n \n | \n
In the 2024 financial year, the share of profit or loss of equity-accounted investments recorded for the above-mentioned consortia included T\u20ac 49,200 in profits from consortia and T\u20ac 7,523 in losses from consortia including impending losses.
The business transactions with the consortia in the financial year can be presented as follows:
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Work and services performed\n \n | \n \n \n 1,009,634\n \n | \n \n \n 947,783\n \n | \n
| \n \n Work and services received\n \n | \n \n \n 23,610\n \n | \n \n \n 35,286\n \n | \n
| \n \n Receivables as at 31.12.\n \n | \n \n \n 460,201\n \n | \n \n \n 455,494\n \n | \n
| \n \n Liabilities as at 31.12.\n \n | \n \n \n 417,516\n \n | \n \n \n 400,047\n \n | \n
The following list shows the equity accounted joint ventures included in the consolidated financial statement:
| \n \n Company\nEquity accounted joint venture\n \n | \n \n \n Residence\n \n | \n \n \n Country\n \n | \n \n \n Direct stake %\n \n | \n \n \n \n \n | \n
| \n \n Innsbrucker Nordkettenbahnen Betriebs GmbH\n \n | \n \n \n Innsbruck\n \n | \n \n \n Austria\n \n | \n \n \n 51.00\n \n | \n \n \n 4\n \n | \n
| \n \n A 49 Autobahngesellschaft mbH & Co. KG\n \n | \n \n \n Schwalmstadt\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Messe City K\u00f6ln GmbH & Co. KG\n \n | \n \n \n Hamburg\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n NWM Nordwestdeutsche Mischwerke GmbH & Co. KG\n \n | \n \n \n Gro\u00dfenkneten\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Silenos Energy Geothermie Garching a.d. Alz GmbH & Co. KG\n \n | \n \n \n Garching a.d.Alz\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n SRE-ECE-JV General\u00fcbernehmer GmbH & Co. KG\n \n | \n \n \n Oststeinbek\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Th\u00fcringer Stra\u00dfenwartungs- und Instandhaltungsgesellschaft mbH & Co. KG\n \n | \n \n \n Apfelst\u00e4dt\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Autocesta Zagreb-Macelj d.o.o.\n \n | \n \n \n Zagreb\n \n | \n \n \n Croatia\n \n | \n \n \n 51.00\n \n | \n \n \n 4\n \n | \n
| \n \n Cascade Infrastructure Holdings Limited\n \n | \n \n \n Manchester\n \n | \n \n \n United Kingdom\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
\n 4There are contractual provisions regarding joint control in place that deviate from the equity interest.\n
\nIn accordance with IFRS 9, investments which do not constitute subsidiaries, joint ventures or associates are recognised at fair value through profit or loss and are stated under other investments.
Subsidiaries, joint ventures and associates which, being immaterial, are not consolidated or accounted for using the equity method are measured at amortised cost and reported under other investments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93572-1": { "value": "The number of consolidated companies changed in the 2024 and 2025 financial years as follows:
| \n \n \n \n | \n \n \n Consolidation\n \n | \n \n \n Equity method\n \n | \n
| \n \n Balance as at 31.12.2023\n \n | \n \n \n 261\n \n | \n \n \n 23\n \n | \n
| \n \n First-time inclusions in the reporting period\n \n | \n \n \n 14\n \n | \n \n \n 0\n \n | \n
| \n \n First-time inclusions in the reporting period due to merger/accrual of assets\n \n | \n \n \n 3\n \n | \n \n \n 0\n \n | \n
| \n \n Merger/Accrual of assets in the reporting period\n \n | \n \n \n -7\n \n | \n \n \n 0\n \n | \n
| \n \n Exclusions in the reporting period\n \n | \n \n \n -7\n \n | \n \n \n -1\n \n | \n
| \n \n Balance as at 31.12.2024\n \n | \n \n \n 264\n \n | \n \n \n 22\n \n | \n
| \n \n First-time inclusions in the reporting period\n \n | \n \n \n 15\n \n | \n \n \n 2\n \n | \n
| \n \n First-time inclusions in the reporting period due to merger/accrual of assets\n \n | \n \n \n 12\n \n | \n \n \n 0\n \n | \n
| \n \n Merger/Accrual of assets in the reporting period\n \n | \n \n \n -16\n \n | \n \n \n 0\n \n | \n
| \n \n Exclusions in the reporting period\n \n | \n \n \n -2\n \n | \n \n \n -7\n \n | \n
| \n \n Balance as at 31.12.2025\n \n | \n \n \n 273\n \n | \n \n \n 17\n \n | \n
The following companies formed part of the consolidated group for the first time in the reporting period:
| \n \n Consolidation\n \n | \n \n \n Direct stake\n%\n \n | \n \n \n Date of acquisition\nor foundation\n \n | \n
| \n \n A-WAY Zrt., \u00dajharty\u00e1n\n \n | \n \n \n 100.00\n \n | \n \n \n 1.1.20251\n \n | \n
| \n \n B2 Assets s.r.o., Prague\n \n | \n \n \n 100.00\n \n | \n \n \n 1.1.20251\n \n | \n
| \n \n GEORGIOU AUSTRALIA PTY LTD, Western Australia\n \n | \n \n \n 100.00\n \n | \n \n \n 21.3.2025\n \n | \n
| \n \n GEORGIOU BUILDING PTY LTD, Western Australia\n \n | \n \n \n 100.00\n \n | \n \n \n 21.3.2025\n \n | \n
| \n \n GEORGIOU GROUP PTY LTD, Western Australia\n \n | \n \n \n 100.00\n \n | \n \n \n 21.3.2025\n \n | \n
| \n \n INSTALACE Praha, spol. s r.o., Prague\n \n | \n \n \n 100.00\n \n | \n \n \n 7.4.2025\n \n | \n
| \n \n Lederer-Grabner Baugesellschaft mbH, Graz\n \n | \n \n \n 100.00\n \n | \n \n \n 15.5.2025\n \n | \n
| \n \n Orbittal Electromech Engineering Projects Private Limited, Pune\n \n | \n \n \n 100.00\n \n | \n \n \n 24.12.2025\n \n | \n
| \n \n STRABAG AUSTRALIA PTY LTD, Queensland\n \n | \n \n \n 100.00\n \n | \n \n \n 1.1.20251\n \n | \n
| \n \n STRABAG HARP HoldCo GmbH, Spittal an der Drau\n \n | \n \n \n 100.00\n \n | \n \n \n 4.4.2025\n \n | \n
| \n \n STRABAG Hold Estate Itzehoe GmbH & Co. KG, Cologne\n \n | \n \n \n 100.00\n \n | \n \n \n 1.1.20251\n \n | \n
| \n \n STRABAG Vorrat Neunzehn GmbH & Co KG, Vienna\n \n | \n \n \n 100.00\n \n | \n \n \n 1.1.20251\n \n | \n
| \n \n STRABAG Vorrat Neunzehn GmbH, Vienna\n \n | \n \n \n 100.00\n \n | \n \n \n 1.1.20251\n \n | \n
| \n \n WEST CAPE PTY LTD, Western Australia\n \n | \n \n \n 100.00\n \n | \n \n \n 21.3.2025\n \n | \n
| \n \n ZABERD Sp. z o.o., Wroc\u0142aw\n \n | \n \n \n 99.70\n \n | \n \n \n 18.4.2025\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Merger/Accrual of assets\n \n | \n \n \n Direct stake\n%\n \n | \n \n \n Date of Merger/Accrual of assets\n \n | \n
| \n \n ADOMUS Facility-Management GmbH, Frankfurt am Main\n \n | \n \n \n 100.00\n \n | \n \n \n 22.8.20252\n \n | \n
| \n \n E.F.G. S.A., Kehlen\n \n | \n \n \n 100.00\n \n | \n \n \n 11.7.20252\n \n | \n
| \n \n F 101 Projekt GmbH & Co. KG, Cologne\n \n | \n \n \n 100.00\n \n | \n \n \n 11.8.20252\n \n | \n
| \n \n F 101 Verwaltungs GmbH, Cologne\n \n | \n \n \n 100.00\n \n | \n \n \n 11.8.20252\n \n | \n
| \n \n gr\u00fcnraum GmbH, Schwanenstadt\n \n | \n \n \n 100.00\n \n | \n \n \n 7.10.20252\n \n | \n
| \n \n Koch GmbH, Kreuztal\n \n | \n \n \n 100.00\n \n | \n \n \n 21.8.20252\n \n | \n
| \n \n Koscheinz & Partner Ingenieurgesellschaft mbH, Ruhstorf a.d. Rott\n \n | \n \n \n 100.00\n \n | \n \n \n 5.8.20252\n \n | \n
| \n \n Obermayr Dach+Fassade GmbH, Schwanenstadt\n \n | \n \n \n 100.00\n \n | \n \n \n 7.10.20252\n \n | \n
| \n \n Projekt Lohsepark Beteiligungsgesellschaft mbH, Hamburg\n \n | \n \n \n 100.00\n \n | \n \n \n 18.8.20252\n \n | \n
| \n \n Projekt Lohsepark GmbH & Co. KG, Hamburg\n \n | \n \n \n 100.00\n \n | \n \n \n 29.8.20252\n \n | \n
| \n \n SAT SLOVENSKO s.r.o., Bratislava\n \n | \n \n \n 100.00\n \n | \n \n \n 1.1.20252\n \n | \n
| \n \n SAT \u00datjav\u00edt\u00f3 Kft., Budapest\n \n | \n \n \n 100.00\n \n | \n \n \n 31.3.20252\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Equity-accounted investments\n \n | \n \n \n Direct stake\n%\n \n | \n \n \n Date of acquisition\nor foundation\n \n | \n
| \n \n Autostrada Wielkopolska II S.A., Pozna\u0144\n \n | \n \n \n 20.00\n \n | \n \n \n 28.5.2025\n \n | \n
| \n \n Cascade Infrastructure Holdings Limited, Manchester\n \n | \n \n \n 50.00\n \n | \n \n \n 14.5.2025\n \n | \n
\n 1Due to its increased business volumes, the companies were included in the consolidated group for the first time effective 1 January. The foundation/acquisition of the companies occurred before 1 January 2025.\n
\n\n 2The companies listed under Merger/Accrual of assets were merged with/accrued on already consolidated companies and as such are simultaneously represented as additions \nto and removals from the consolidated group.\n
\nCompanies 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.
\n 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 \u20ac 787 million. To ensure a resilient position in the long term, the acquisition also forms part of the company\u2019s push to diversify the country portfolio outside Europe. The request for approval by Australia\u2019s 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\u00a0first-time consolidation of Georgiou Group Pty Ltd. are provisionally comprised as follows:
| \n \n T\u20ac\n \n | \n \n \n First-time consolidation\n \n | \n
| \n \n Assets and liabilities acquired\n \n | \n \n \n \n \n | \n
| \n \n Goodwill\n \n | \n \n \n 90,697\n \n | \n
| \n \n Other non-current assets\n \n | \n \n \n 48,792\n \n | \n
| \n \n Current assets\n \n | \n \n \n 173,108\n \n | \n
| \n \n Non-current liabilities\n \n | \n \n \n -32,114\n \n | \n
| \n \n Current liabilities\n \n | \n \n \n -159,577\n \n | \n
| \n \n Consideration (purchase price)\n \n | \n \n \n 120,906\n \n | \n
| \n \n Cash and cash equivalents acquired\n \n | \n \n \n -91,707\n \n | \n
| \n \n Net cash outflow from acquisition\n \n | \n \n \n 29,199\n \n | \n
\n Acquisitions in Building Solutions in the Czech Republic
\n 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 \u20ac 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 \u20ac 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:
| \n \n T\u20ac\n \n | \n \n \n First-time consolidation\n \n | \n
| \n \n Assets and liabilities acquired\n \n | \n \n \n \n \n | \n
| \n \n Goodwill\n \n | \n \n \n 18,345\n \n | \n
| \n \n Other non-current assets\n \n | \n \n \n 7,845\n \n | \n
| \n \n Current assets\n \n | \n \n \n 23,149\n \n | \n
| \n \n Non-current liabilities\n \n | \n \n \n -3,576\n \n | \n
| \n \n Current liabilities\n \n | \n \n \n -16,723\n \n | \n
| \n \n Consideration (purchase price)1\n \n | \n \n \n 29,040\n \n | \n
| \n \n Non-cash effective future purchase price component\n \n | \n \n \n -1,771\n \n | \n
| \n \n Cash and cash equivalents acquired\n \n | \n \n \n -2,913\n \n | \n
| \n \n Net cash outflow from acquisition\n \n | \n \n \n 24,356\n \n | \n
\n 1\u20ac 10.4 million of the purchase price had already been paid by the end of 2024.\n
\n\n 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 \u20ac 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:
| \n \n T\u20ac\n \n | \n \n \n First-time consolidation\n \n | \n
| \n \n Assets and liabilities acquired\n \n | \n \n \n \n \n | \n
| \n \n Goodwill\n \n | \n \n \n 28,503\n \n | \n
| \n \n Other non-current assets\n \n | \n \n \n 27,710\n \n | \n
| \n \n Current assets\n \n | \n \n \n 32,942\n \n | \n
| \n \n Non-current liabilities\n \n | \n \n \n -4,833\n \n | \n
| \n \n Current liabilities\n \n | \n \n \n -29,120\n \n | \n
| \n \n Consideration (purchase price)\n \n | \n \n \n 55,202\n \n | \n
| \n \n Cash and cash equivalents acquired\n \n | \n \n \n -1,744\n \n | \n
| \n \n Net cash outflow from acquisition\n \n | \n \n \n 53,458\n \n | \n
\n 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., Wroc\u0142aw. 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 \u20ac 72 million and employed around 300 people.
Additions to assets and liabilities from the first-time consolidation of ZABERD Sp. z o.o. are\u00a0provisionally comprised as follows:
| \n \n T\u20ac\n \n | \n \n \n First-time consolidation\n \n | \n
| \n \n Assets and liabilities acquired\n \n | \n \n \n \n \n | \n
| \n \n Goodwill\n \n | \n \n \n 18,337\n \n | \n
| \n \n Other non-current assets\n \n | \n \n \n 20,124\n \n | \n
| \n \n Current assets\n \n | \n \n \n 21,762\n \n | \n
| \n \n Non-current liabilities\n \n | \n \n \n -9,564\n \n | \n
| \n \n Current liabilities\n \n | \n \n \n -16,143\n \n | \n
| \n \n Consideration (purchase price)\n \n | \n \n \n 34,516\n \n | \n
| \n \n Non-cash effective future purchase price component\n \n | \n \n \n -4,963\n \n | \n
| \n \n Cash and cash equivalents acquired\n \n | \n \n \n -1,606\n \n | \n
| \n \n Net cash outflow from acquisition\n \n | \n \n \n 27,947\n \n | \n
\n 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 \u20ac 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:
| \n \n T\u20ac\n \n | \n \n \n First-time consolidation\n \n | \n
| \n \n Assets and liabilities acquired\n \n | \n \n \n \n \n | \n
| \n \n Goodwill\n \n | \n \n \n 18,745\n \n | \n
| \n \n Other non-current assets\n \n | \n \n \n 6,370\n \n | \n
| \n \n Current assets\n \n | \n \n \n 16,219\n \n | \n
| \n \n Non-current liabilities\n \n | \n \n \n -1,544\n \n | \n
| \n \n Current liabilities\n \n | \n \n \n -8,859\n \n | \n
| \n \n Consideration (purchase price)\n \n | \n \n \n 30,931\n \n | \n
| \n \n Non-cash effective future purchase price component\n \n | \n \n \n -15,508\n \n | \n
| \n \n Cash and cash equivalents acquired\n \n | \n \n \n -3,354\n \n | \n
| \n \n Net cash outflow from acquisition\n \n | \n \n \n 12,069\n \n | \n
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\u20ac 644,486\u00a0(thereof Georgiou Group: T\u20ac 436,854) to revenue and with a profit of T\u20ac 4,522 to net income after minorities.
Assuming a theoretical first-time consolidation on 1\u00a0January\u00a02025 for all new acquisitions, they would contribute T\u20ac 881,444 to consolidated revenue and a profit of T\u20ac 13,821 to net income.
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\u2019s 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 \u20ac 400 million. The fixed purchase price amounts to \u20ac 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 \u20ac 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93572-2": { "value": "As at 31\u00a0December\u00a02025, the amount of the non-controlling interests stood at T\u20ac 21,076 (2024: T\u20ac 22,400) in the STRABAG\u00a0SE 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93572-3": { "value": "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\u2019s subsidiaries is the respective local currency, with the exception of the following companies, whose functional currency is the euro:
AKA Zrt., Budapest BHK KRAK\u00d3W JOINT VENTURE Sp. z o.o., Warsaw EXP HOLDING Kft., BudapestThe consolidated financial statements are prepared in euro, STRABAG\u2019s reporting currency.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93572-4": { "value": "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\u2019s 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\u20ac 31,863 (2024: T\u20ac 23,072) were recognised directly in equity in the financial year. Due to deconsolidations, currency differences in the amount of T\u20ac T\u20ac -2,125 (2024: T\u20ac -38,642) that had been recognised directly in equity in previous years were reclassified from equity to profit and loss (recycling).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93572-5": { "value": "Currency translation differences of T\u20ac 31,863 (2024: T\u20ac 23,072) were recognised directly in equity in the financial year", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93472-1": { "value": "Goodwill from a business combination is initially measured at cost. This is calculated as the excess of the consideration transferred over the identifiable assets acquired and liabilities assumed. Subsequent to initial recognition, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised, rather, it is subjected to annual impairment testing in accordance with IAS 36. The Group conducts its annual test for goodwill impairment at year\u2019s end (31 December). Testing is also performed if events or circumstances indicate that the figure could be impaired. For the purpose of the impairment testing, goodwill is assigned to one or more of the Group\u2019s cash-generating units that should benefit from the synergy effects of the combination. The recoverability of goodwill is determined by comparing the carrying amount of the respective cash-generating unit (CGU) or units with the recoverable amount. If the goodwill is impaired, an impairment loss is recognised. A reversal of impairment losses once the reasons for the impairment no longer apply is not foreseen for goodwill.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93472-2": { "value": "Goodwill from a business combination is initially measured at cost. This is calculated as the excess of the consideration transferred over the identifiable assets acquired and liabilities assumed. Subsequent to initial recognition, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised, rather, it is subjected to annual impairment testing in accordance with IAS 36. The Group conducts its annual test for goodwill impairment at year\u2019s end (31 December). Testing is also performed if events or circumstances indicate that the figure could be impaired. For the purpose of the impairment testing, goodwill is assigned to one or more of the Group\u2019s cash-generating units that should benefit from the synergy effects of the combination. The recoverability of goodwill is determined by comparing the carrying amount of the respective cash-generating unit (CGU) or units with the recoverable amount. If the goodwill is impaired, an impairment loss is recognised. A reversal of impairment losses once the reasons for the impairment no longer apply is not foreseen for goodwill.
Service concession arrangements between the STRABAG\u00a0SE Group and the public sector to build, operate, maintain and finance infrastructure facilities are treated in accordance with the requirements of IFRIC 12.
A right from a concession arrangement is recognised if the consideration does not represent an enforceable right to payment, but instead a right to charge a usage fee is granted.
The right from the concession arrangement is accounted for at the fair value of the consideration and subsequently recognised less depreciation over the period of the concession and impairment losses. If the reasons for the previously recognised impairment loss no longer apply, these assets are written back through profit or loss. The amount may not exceed the carrying amount that would have resulted if no impairment loss had been recognised in previous periods.
Acquired intangible assets are recognised at their initial costs less amortisation and impairment losses if applicable.
Development costs for an internally generated intangible asset are capitalised if the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for internal use or sale and if it can demonstrate the intent to complete the intangible asset and use or sell it. The Group must also demonstrate that the intangible asset will generate probable future economic benefits, that it has adequate resources to complete the asset and that it is able to reliably measure the expense attributable to the asset during its development. The construction costs for these assets comprise all construction costs directly attributable to the construction process as well as production-related overheads. Borrowing costs are capitalised for qualified assets. Research costs which do not fulfil these criteria are recognised as an expense in the period in which they are incurred. Costs that have already been recognised as an expense are not capitalised in a subsequent period.
The subsequent measurement of intangible assets with definite useful lives is performed at cost less accumulated amortisation and impairment losses.
The following useful lives were assumed for intangible assets for amortisation using the straight-line method:
| \n \n Intangible assets\n \n | \n \n \n Useful life in years\n \n | \n
| \n \n Property rights, utilisation rights and other rights\n \n | \n \n \n 3\u201350\n \n | \n
| \n \n Software\n \n | \n \n \n 2\u20135\n \n | \n
| \n \n Patents and licences\n \n | \n \n \n 3\u201310\n \n | \n
Service concession arrangements between the STRABAG\u00a0SE Group and the public sector to build, operate, maintain and finance infrastructure facilities are treated in accordance with the requirements of IFRIC 12.
A right from a concession arrangement is recognised if the consideration does not represent an enforceable right to payment, but instead a right to charge a usage fee is granted.
The right from the concession arrangement is accounted for at the fair value of the consideration and subsequently recognised less depreciation over the period of the concession and impairment losses. If the reasons for the previously recognised impairment loss no longer apply, these assets are written back through profit or loss. The amount may not exceed the carrying amount that would have resulted if no impairment loss had been recognised in previous periods.
Acquired intangible assets are recognised at their initial costs less amortisation and impairment losses if applicable.
Development costs for an internally generated intangible asset are capitalised if the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for internal use or sale and if it can demonstrate the intent to complete the intangible asset and use or sell it. The Group must also demonstrate that the intangible asset will generate probable future economic benefits, that it has adequate resources to complete the asset and that it is able to reliably measure the expense attributable to the asset during its development. The construction costs for these assets comprise all construction costs directly attributable to the construction process as well as production-related overheads. Borrowing costs are capitalised for qualified assets. Research costs which do not fulfil these criteria are recognised as an expense in the period in which they are incurred. Costs that have already been recognised as an expense are not capitalised in a subsequent period.
The subsequent measurement of intangible assets with definite useful lives is performed at cost less accumulated amortisation and impairment losses.
The following useful lives were assumed for intangible assets for amortisation using the straight-line method:
| \n \n Intangible assets\n \n | \n \n \n Useful life in years\n \n | \n
| \n \n Property rights, utilisation rights and other rights\n \n | \n \n \n 3\u201350\n \n | \n
| \n \n Software\n \n | \n \n \n 2\u20135\n \n | \n
| \n \n Patents and licences\n \n | \n \n \n 3\u201310\n \n | \n
Intangible assets with indefinite useful lives are tested for impairment annually at the year\u2019s end (31 December). An impairment test is also performed whenever events or circumstances indicate that the asset may be impaired. For more information, see the explanations on the impairment of non-financial assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93472-4": { "value": "Service concession arrangements between the STRABAG\u00a0SE Group and the public sector to build, operate, maintain and finance infrastructure facilities are treated in accordance with the requirements of IFRIC 12.
A right from a concession arrangement is recognised if the consideration does not represent an enforceable right to payment, but instead a right to charge a usage fee is granted.
The right from the concession arrangement is accounted for at the fair value of the consideration and subsequently recognised less depreciation over the period of the concession and impairment losses. If the reasons for the previously recognised impairment loss no longer apply, these assets are written back through profit or loss. The amount may not exceed the carrying amount that would have resulted if no impairment loss had been recognised in previous periods.
Service concession arrangements between the STRABAG\u00a0SE Group and the public sector to build, operate, maintain and finance infrastructure facilities are treated in accordance with the requirements of IFRIC 12.
Service concession agreements which provide an absolute contractual right to receive payment are recognised as financial assets. All receivables from concession arrangements are accounted for under the special balance sheet item receivables from concession arrangements. The receivables are carried at the present value of the payments to be made. The accumulation amount calculated annually using the effective interest method is recognised in revenue. Impairment allowances are made for expected credit losses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForServiceConcessionArrangementsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93472-5": { "value": "Development costs for an internally generated intangible asset are capitalised if the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for internal use or sale and if it can demonstrate the intent to complete the intangible asset and use or sell it. The Group must also demonstrate that the intangible asset will generate probable future economic benefits, that it has adequate resources to complete the asset and that it is able to reliably measure the expense attributable to the asset during its development. The construction costs for these assets comprise all construction costs directly attributable to the construction process as well as production-related overheads. Borrowing costs are capitalised for qualified assets. Research costs which do not fulfil these criteria are recognised as an expense in the period in which they are incurred. Costs that have already been recognised as an expense are not capitalised in a subsequent period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93472-6": { "value": "| \n \n Intangible assets\n \n | \n \n \n Useful life in years\n \n | \n
| \n \n Property rights, utilisation rights and other rights\n \n | \n \n \n 3\u201350\n \n | \n
| \n \n Software\n \n | \n \n \n 2\u20135\n \n | \n
| \n \n Patents and licences\n \n | \n \n \n 3\u201310\n \n | \n
| \n \n Property, plant and equipment\n \n | \n \n \n Useful life in years\n \n | \n
| \n \n Buildings\n \n | \n \n \n 10\u201350\n \n | \n
| \n \n Investments in third-party buildings\n \n | \n \n \n 5\u201340\n \n | \n
| \n \n Machinery\n \n | \n \n \n 3\u201315\n \n | \n
| \n \n Office equipment/furniture and fixtures\n \n | \n \n \n 3\u201310\n \n | \n
| \n \n Vehicles\n \n | \n \n \n 4\u20139\n \n | \n
Property, plant and equipment is initially recognised at cost. STRABAG performs subsequent measurements using the cost model \u2013 cost less accumulated depreciation and impairment losses. If the reasons for a previously recognised impairment loss no longer apply, these assets are written back through profit or loss. The amount may not exceed the carrying amount that would have resulted if no impairment loss had been recognised in the previous periods.
Subsequent acquisition costs are capitalised if it is probable that future economic benefits will flow to the Group and if the costs can be reliably determined. Repair and maintenance costs which do not constitute significant maintenance expense are recognised as expenses in the period in which they are incurred.
Depreciable property, plant and equipment is generally depreciated using the straight-line method over the expected useful life. In individual cases, output-based depreciation is applied. If there is an indication that an asset may be impaired and if the present values of the future cash inflow surpluses are below the carrying amounts, the amount is revalued to the lower recoverable amount in accordance with IAS 36.
The following useful lives were assumed for property, plant and equipment:
| \n \n Property, plant and equipment\n \n | \n \n \n Useful life in years\n \n | \n
| \n \n Buildings\n \n | \n \n \n 10\u201350\n \n | \n
| \n \n Investments in third-party buildings\n \n | \n \n \n 5\u201340\n \n | \n
| \n \n Machinery\n \n | \n \n \n 3\u201315\n \n | \n
| \n \n Office equipment/furniture and fixtures\n \n | \n \n \n 3\u201310\n \n | \n
| \n \n Vehicles\n \n | \n \n \n 4\u20139\n \n | \n
Investment property is property held to earn rental income or for the purpose of capital gains. Investment property is initially measured at cost. STRABAG uses the cost model for subsequent measurements, i.e. the measurement is performed at cost less accumulated depreciation and impairment losses. If the present values of the future cash inflow surpluses are below the carrying amounts, the amount is revalued to the lower recoverable amount in accordance with IAS 36. The fair value of this investment property is disclosed separately. The fair value is determined using recognised methods such as derivation from the current market price of comparable properties or the discounted cash flow method.
The useful life of investment property varies between 10 and 40 years. Investment property is depreciated using the straight-line method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93472-9": { "value": "A lease is a contractual arrangement in which the lessor (owner) grants the lessee (user) the right to use an identified asset for a specified period of time in exchange for a consideration.
The STRABAG\u00a0SE Group is a\u00a0lessee of real estate properties (offices, storage spaces, etc.). A large number of the contracts are stand-alone contracts with comparatively low annual rental payments, of both limited and unlimited duration and with ordinary termination rights.
Leases are to be presented as a right-of-use asset and a corresponding lease liability in the balance sheet. The lease payments are split into a financing and a principal component. The finance costs are recognised in profit or loss over the term of the lease, resulting in a constant periodic interest rate on the remaining amount of the liability for each period. The right-of-use asset is amortised on a straight-line basis over the shorter of the two periods of useful life or term of lease.
Lease payments are made at the Group\u2019s incremental borrowing rate, i.e. the rate of interest that the Group would have to pay to borrow the funds necessary to obtain an asset of a similar value and at similar terms in a similar economic environment.
Payments for short-term leases and leases for which the underlying asset is of low value are recognised as an expense. Short-term leases are leases with a term of up to twelve months.
To a minor extent, the Group also acts as a lessor. This essentially involves office space, in particular the TECH GATE VIENNA in Vienna. These leases are to be classified as operating leases. Rental income from these leases is shown in other operating income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93472-10": { "value": "Government subsidies and investment grants are offset against the cost of the assets and amortised in proportion to their useful lives. A government grant is recognised when there is reasonable assurance that the grant will be received, and the Group complies with the necessary conditions for receiving the grant.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93472-11": { "value": "Government subsidies and investment grants are offset against the cost of the assets and amortised in proportion to their useful lives. A government grant is recognised when there is reasonable assurance that the grant will be received, and the Group complies with the necessary conditions for receiving the grant.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93472-12": { "value": "Borrowing costs that are directly attributable to the acquisition or production of a qualifying asset are recognised as part of the cost of that asset. Qualifying assets are assets that necessarily take a substantial period of time (over six months) to get ready for their intended use or sale. Other borrowing costs are recognised as an expense in the period in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93472-13": { "value": "Assets that are subject to depreciation or amortisation, as well as other investments and associates, are tested for impairment whenever events or changes in circumstances indicate that their carrying amount may no longer be recoverable. Assets that have an indefinite useful life, such as goodwill or intangible assets, are tested for impairment annually as such assets are not subject to depreciation or amortisation.
To identify the need for an impairment loss, the recoverable amount is determined. The recoverable amount is the higher of fair value of the asset less costs to sell and value in use. If it is not possible to determine the recoverable amount for an individual asset, then the recoverable amount is determined for the smallest identifiable group of assets (cash-generating unit) to which the asset in question can be assigned.
Considering that, as a rule, market prices are not available for individual units, the present value of net cash inflows is used to determine the fair value less costs to sell. The forecast of the cash flows is based on STRABAG\u2019s latest planning, with a planning horizon of at least four years. The last detailed planning year forms the basis for calculating the perpetuity if applicable legislation and legal requirements do not limit the usability of the cash-generating unit to a shorter period of time.
For the purpose of determining the fair value less costs to sell, the cash-generating unit is measured from the viewpoint of an independent market participant. In calculating the value in use of an asset, on the other hand, the cash flows are considered based on the previous use. For the net cash inflows beyond the detailed planning period, individual growth rates derived from market information are determined based on long-term business expectations in both methods of calculation.
Net cash inflows are discounted at the cost of capital, which is calculated as the weighted average cost of equity and debt. Consideration is given to the different yield and risk profiles of STRABAG\u2019s various areas of expertise by determining the individual costs of capital using comparison companies. The cost of equity corresponds to the required rate of return for investors, while the cost of debt is based on the long-term financing conditions available to comparison companies. Both components are derived from capital market information.
The following table shows the parameters growth rate and cost of capital for impairment testing:
| \n \n %\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Growth rate\n \n | \n \n \n 0.0\u20130.5\n \n | \n \n \n 0.0\u20130.5\n \n | \n
| \n \n Cost of capital (after tax)\n \n | \n \n \n 7.5\u201310.7\n \n | \n \n \n 8.0\u201311.2\n \n | \n
| \n \n Cost of capital (before tax)\n \n | \n \n \n 9.4\u201312.4\n \n | \n \n \n 10.6\u201313.9\n \n | \n
The Management Board has calculated the budgeted gross margin based on past developments and on expectations for future market development.
If the recoverable amount of an asset is lower than the carrying amount, an impairment loss is recognised immediately in profit or loss. In the case of impairment losses related to cash-generating units which contain goodwill, existing goodwill is initially reduced. If the impairment loss exceeds the carrying amount of the goodwill, the difference is generally apportioned proportionally over the remaining non-current assets of the cash-generating unit.
With the exception of goodwill, non-financial assets for which an impairment loss was charged in the past are reviewed at every balance sheet date to determine whether the impairment loss should be reversed.
For the recognition of impairment losses, STRABAG allows for expected credit losses under IFRS 9. The expected loss impairment model is used for debt instruments for which subsequent measurement is made at amortised cost. The impairment requirements under IFRS 9 are also applied to non-financial contract assets.
Equity instruments measured at fair value through profit or loss or through other comprehensive income are not within the scope of the IFRS 9 impairment requirements.
\n IFRS 9 outlines a three-stage model to determine the scope of the risk provision, requiring expected credit losses to be measured from initial recognition at an amount equal to the twelve-month expected credit losses or, if the credit risk has worsened significantly, the full expected credit losses over the remaining life of the financial instrument. The general impairment model (general approach) is used for receivables from concession arrangements and for current and non-current other financial assets in the Group. Besides the general impairment model, the simplified impairment model (simplified approach) is used for trade receivables and for contract assets under IFRS 15. The simplified impairment model requires a risk provision equal to the expected losses over the full remaining life of the financial instrument to be recognised for trade receivables or contract assets regardless of the respective credit quality.
Application of the 30-days-past-due criterion is not useful in the construction sector, on the one hand because of incomplete performance recognition, and on the other hand because contracts are often fulfilled for public-sector clients, whose internal processes to release payment may be lengthy but usually result in full and complete payment.
To determine the expected credit losses, trade receivables and contract assets are grouped into different portfolios with similar risk characteristics. In establishing the portfolios, STRABAG also considers the underlying country risk and the creditworthiness.
During the initial recognition of financial assets, STRABAG takes into consideration the probability of defaults and continually monitors the development of the credit risk in each reporting period, taking into account all reasonable and supportable information and forecasts. This includes especially the following indicators:
internal estimate of creditworthiness by the client external information on creditworthiness based on the corresponding country riskMacroeconomic information (such as market interest rates) and other forecasts are included in the assessment of the credit risk.
Besides the application of the general and the simplified impairment approach, financial assets are considered impaired if there is objective evidence of credit default indicators. STRABAG recognises such impairments if the debtor has significant financial difficulty; if there is a high probability that insolvency proceedings will be commenced against the debtor; if a breach of contract and payment default has occurred; or if the issuer\u2019s technological, economic, legal and market environment changes substantially.
Impairment losses lower the carrying amount of the financial assets.\u00a0If the reasons for the previously recognised impairment loss no longer apply, these assets are written back through profit or loss. The impairment losses or reversals of impairment losses resulting from the application of the impairment requirements is recognised through profit or loss in the other operating expense or income.
A financial asset defaults if bankruptcy proceedings have been started or it is highly probable that there is no reasonable expectation for repayment. These financial assets are then derecognised. When derecognising financial assets, STRABAG continues to undertake enforcement measures to attempt to recover the receivables that are due.
During the reporting period, there were no changes with regard to the impairment approaches and criteria that were applied.
Financial assets are derecognised when the contractual rights to receive payment from the financial assets no longer exist or if the financial assets are transferred along with all substantial risks and rewards. An asset is also derecognised if the substantial risks and rewards of ownership of the asset are neither transferred nor retained but control is relinquished. If control is retained, such transferred financial assets are recognised to the extent of the continuing involvement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93472-14": { "value": "Assets that are subject to depreciation or amortisation, as well as other investments and associates, are tested for impairment whenever events or changes in circumstances indicate that their carrying amount may no longer be recoverable. Assets that have an indefinite useful life, such as goodwill or intangible assets, are tested for impairment annually as such assets are not subject to depreciation or amortisation.
To identify the need for an impairment loss, the recoverable amount is determined. The recoverable amount is the higher of fair value of the asset less costs to sell and value in use. If it is not possible to determine the recoverable amount for an individual asset, then the recoverable amount is determined for the smallest identifiable group of assets (cash-generating unit) to which the asset in question can be assigned.
Considering that, as a rule, market prices are not available for individual units, the present value of net cash inflows is used to determine the fair value less costs to sell. The forecast of the cash flows is based on STRABAG\u2019s latest planning, with a planning horizon of at least four years. The last detailed planning year forms the basis for calculating the perpetuity if applicable legislation and legal requirements do not limit the usability of the cash-generating unit to a shorter period of time.
For the purpose of determining the fair value less costs to sell, the cash-generating unit is measured from the viewpoint of an independent market participant. In calculating the value in use of an asset, on the other hand, the cash flows are considered based on the previous use. For the net cash inflows beyond the detailed planning period, individual growth rates derived from market information are determined based on long-term business expectations in both methods of calculation.
Net cash inflows are discounted at the cost of capital, which is calculated as the weighted average cost of equity and debt. Consideration is given to the different yield and risk profiles of STRABAG\u2019s various areas of expertise by determining the individual costs of capital using comparison companies. The cost of equity corresponds to the required rate of return for investors, while the cost of debt is based on the long-term financing conditions available to comparison companies. Both components are derived from capital market information.
The following table shows the parameters growth rate and cost of capital for impairment testing:
| \n \n %\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Growth rate\n \n | \n \n \n 0.0\u20130.5\n \n | \n \n \n 0.0\u20130.5\n \n | \n
| \n \n Cost of capital (after tax)\n \n | \n \n \n 7.5\u201310.7\n \n | \n \n \n 8.0\u201311.2\n \n | \n
| \n \n Cost of capital (before tax)\n \n | \n \n \n 9.4\u201312.4\n \n | \n \n \n 10.6\u201313.9\n \n | \n
The Management Board has calculated the budgeted gross margin based on past developments and on expectations for future market development.
If the recoverable amount of an asset is lower than the carrying amount, an impairment loss is recognised immediately in profit or loss. In the case of impairment losses related to cash-generating units which contain goodwill, existing goodwill is initially reduced. If the impairment loss exceeds the carrying amount of the goodwill, the difference is generally apportioned proportionally over the remaining non-current assets of the cash-generating unit.
With the exception of goodwill, non-financial assets for which an impairment loss was charged in the past are reviewed at every balance sheet date to determine whether the impairment loss should be reversed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93472-15": { "value": "Financial assets are recognised in the consolidated balance sheet if STRABAG has a contractual right to receive cash or other financial assets from another party. Regular way purchases and sales of financial assets are recognised using settlement date; the trade date is used for derivatives.
Financial assets that are not measured at fair value through profit or loss are initially recognised at fair value plus transaction costs which are directly attributable to the acquisition.
Transaction costs which arise upon the acquisition of financial assets measured at fair value through profit or loss are immediately recognised as an expense.
Receivables bearing no interest or interest below the market rate are initially recognised at the present value of the expected future cash flows.
For purposes of subsequent measurement, financial assets are classified in one of the following categories in accordance with IFRS 9, with each category having its own measurement requirements. The classification is determined at initial recognition.
For measurement and accounting purposes, financial assets are to be assigned to one of the following categories:
Financial assets measured at amortised cost (AC) Financial assets measured at fair value through profit or loss (FVPL) Financial assets, classified as equity instruments under IAS 32, measured at fair value through other comprehensive income (FVOCI-equity) Financial assets, classified as debt instruments under IAS 32, measured at fair value through other comprehensive income (FVOCI-debt)", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93472-16": { "value": "Financial assets are recognised in the consolidated balance sheet if STRABAG has a contractual right to receive cash or other financial assets from another party. Regular way purchases and sales of financial assets are recognised using settlement date; the trade date is used for derivatives.
Financial assets that are not measured at fair value through profit or loss are initially recognised at fair value plus transaction costs which are directly attributable to the acquisition.
Transaction costs which arise upon the acquisition of financial assets measured at fair value through profit or loss are immediately recognised as an expense.
Receivables bearing no interest or interest below the market rate are initially recognised at the present value of the expected future cash flows.
For purposes of subsequent measurement, financial assets are classified in one of the following categories in accordance with IFRS 9, with each category having its own measurement requirements. The classification is determined at initial recognition.
For measurement and accounting purposes, financial assets are to be assigned to one of the following categories:
Financial assets measured at amortised cost (AC) Financial assets measured at fair value through profit or loss (FVPL) Financial assets, classified as equity instruments under IAS 32, measured at fair value through other comprehensive income (FVOCI-equity) Financial assets, classified as debt instruments under IAS 32, measured at fair value through other comprehensive income (FVOCI-debt)Financial assets in this category are measured at amortised cost if the objective of the business model is to hold the financial asset to collect the contractual cash flows, and the contractual terms of the instrument give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. These are classified as current financial assets if they mature within twelve months after the reporting date or within the usual business cycle. Otherwise they are classified as non-current financial assets. As part of the subsequent measurement, financial assets measured at amortised cost are valued using the effective interest method. When applying the effective interest method, all directly attributable fees, fees paid or received, transaction costs and other premiums or discounts included in the calculation of the effective interest rate are amortised over the expected life of the financial instrument. Interest income from the application of the effective interest method is recognised through profit or loss under interest income from financial instruments.
Trade receivables, receivables from consortia, receivables from subsidiaries and receivables from affiliated companies, as well as other financial assets, are measured at amortised cost less impairment allowances for expected credit losses.
Trade receivables also include receivables from consortia.
Trade receivables and receivables from consortia are recognised in the consolidated balance sheet if STRABAG has a contractual right to receive cash or other financial assets from another party. Recognition is made on the settlement date.
Receivables bearing no interest or interest below the market rate are initially recognised at the present value of the expected future cash flows.
Subsequent measurement of trade receivables and receivables from consortia is at amortised cost less impairment losses for expected credit losses (see the section \u201cImpairment of financial assets and contract assets\u201d).
These are classified as current financial assets if they mature within twelve months after the reporting date or within the usual business cycle. Otherwise, they are classified as non-current financial assets.
A financial asset that is to be classified as a debt instrument under IAS 32 is measured at fair value through profit or loss if it is held for trading purposes, the cash flow criteria are not met, or it is designated as at FVPL at initial recognition. A financial asset at STRABAG is assigned to this category if it was principally acquired with an intention to sell in the short term. Derivatives also belong to this category if they do not qualify as hedging instruments. Assets in this category are recognised as current assets if the asset is expected to be realised within twelve months or within the normal operating cycle. All other assets are classified as non-current. Value changes of financial assets measured at fair value through profit or loss are recognised through profit or loss.
This category includes securities reported under non-current financial assets and interest-bearing financing receivables related to the construction of concession projects.
The fair value option may be elected for financial assets which, based on the underlying business model and the contractual cash flows, are classified as measured at amortised cost if doing so eliminates or significantly reduces a measurement or recognition inconsistency. The fair value option is not elected at STRABAG.
Financial assets which represent equity instruments under IAS 32 are also measured at fair value through profit or loss. Value changes are recognised through profit or loss in the income statement.
This category contains mainly investments below 20% that are held under other investments.
Upon initial recognition of equity instruments measured at fair value, there exists an irrevocable option to recognise value changes in other comprehensive income rather than in the income statement, provided the equity instrument is not held for trading purposes. Equity investments recognised in the other comprehensive income may not be later reclassified to the income statement. The option is not exercised at STRABAG.
For the recognition of impairment losses, STRABAG allows for expected credit losses under IFRS 9. The expected loss impairment model is used for debt instruments for which subsequent measurement is made at amortised cost. The impairment requirements under IFRS 9 are also applied to non-financial contract assets.
Equity instruments measured at fair value through profit or loss or through other comprehensive income are not within the scope of the IFRS 9 impairment requirements.
\n IFRS 9 outlines a three-stage model to determine the scope of the risk provision, requiring expected credit losses to be measured from initial recognition at an amount equal to the twelve-month expected credit losses or, if the credit risk has worsened significantly, the full expected credit losses over the remaining life of the financial instrument. The general impairment model (general approach) is used for receivables from concession arrangements and for current and non-current other financial assets in the Group. Besides the general impairment model, the simplified impairment model (simplified approach) is used for trade receivables and for contract assets under IFRS 15. The simplified impairment model requires a risk provision equal to the expected losses over the full remaining life of the financial instrument to be recognised for trade receivables or contract assets regardless of the respective credit quality.
Application of the 30-days-past-due criterion is not useful in the construction sector, on the one hand because of incomplete performance recognition, and on the other hand because contracts are often fulfilled for public-sector clients, whose internal processes to release payment may be lengthy but usually result in full and complete payment.
To determine the expected credit losses, trade receivables and contract assets are grouped into different portfolios with similar risk characteristics. In establishing the portfolios, STRABAG also considers the underlying country risk and the creditworthiness.
During the initial recognition of financial assets, STRABAG takes into consideration the probability of defaults and continually monitors the development of the credit risk in each reporting period, taking into account all reasonable and supportable information and forecasts. This includes especially the following indicators:
internal estimate of creditworthiness by the client external information on creditworthiness based on the corresponding country riskMacroeconomic information (such as market interest rates) and other forecasts are included in the assessment of the credit risk.
Besides the application of the general and the simplified impairment approach, financial assets are considered impaired if there is objective evidence of credit default indicators. STRABAG recognises such impairments if the debtor has significant financial difficulty; if there is a high probability that insolvency proceedings will be commenced against the debtor; if a breach of contract and payment default has occurred; or if the issuer\u2019s technological, economic, legal and market environment changes substantially.
Impairment losses lower the carrying amount of the financial assets.\u00a0If the reasons for the previously recognised impairment loss no longer apply, these assets are written back through profit or loss. The impairment losses or reversals of impairment losses resulting from the application of the impairment requirements is recognised through profit or loss in the other operating expense or income.
A financial asset defaults if bankruptcy proceedings have been started or it is highly probable that there is no reasonable expectation for repayment. These financial assets are then derecognised. When derecognising financial assets, STRABAG continues to undertake enforcement measures to attempt to recover the receivables that are due.
During the reporting period, there were no changes with regard to the impairment approaches and criteria that were applied.
Financial assets are derecognised when the contractual rights to receive payment from the financial assets no longer exist or if the financial assets are transferred along with all substantial risks and rewards. An asset is also derecognised if the substantial risks and rewards of ownership of the asset are neither transferred nor retained but control is relinquished. If control is retained, such transferred financial assets are recognised to the extent of the continuing involvement.
Financial assets and financial liabilities are offset and the net amount is presented in the balance sheet when there is a legally enforceable right to offset the recognised amounts and the settlement is on a net basis. This concerns, to a minor extent, the settlement of trade receivables and payables as well as offsetting the receivables from rental deposits against the corresponding lease liabilities.
Derivative financial instruments are employed essentially to mitigate risks arising from movements in currency exchange rates, interest rates and raw material prices. The utilisation of financial derivatives is subject to internal guidelines and controls.
Derivative financial instruments are classified as financial assets measured at fair value through profit and loss or as derivatives used for hedging purposes at the date of contract conclusion. Derivative financial instruments are measured at fair value both on initial recognition and in subsequent periods.\u00a0Unrealised gains or losses on the measurement are recognised in the income statement if the conditions for hedge accounting under IFRS 9 are not met. Derivative financial instruments are stated under other financial assets or other financial liabilities.
Derivative financial instruments are measured based on observable market data (e.g. interest and exchange rates) and non- observable market data (the counterparty\u2019s credit rating). The fair value is determined using generally accepted methods of mathematical finance.
On application of the hedge accounting requirements, the Group designates derivative financial instruments as hedging instruments to:
either hedge the exposure to changes in the fair value of a recognised asset or liability (fair value hedge), or to hedge the exposure to variability in cash flows (cash flow hedge).In the case of fair value hedge accounting, the change in the fair value of the hedged item that is attributable to the hedged risk and the change in the fair value of the hedging derivative are recognised in the income statement. Fair value hedging is not used in the STRABAG\u00a0SE Group.
If, however, a derivative financial instrument is used as a hedging instrument in a cash flow hedge, the effective unrealised gains or losses from the hedging instrument are initially accounted for under other comprehensive income. They are reclassified to profit or loss when the hedged item affects profit or loss. Any changes resulting from the ineffectiveness of these financial instruments are recognised immediately in profit or loss in the income statement.
When concluding a hedging transaction, STRABAG documents the clear hedging relationship between the hedging instrument and the hedged item, the objective of its risk management, and the underlying strategy. It is also established that there exists an economic relationship between the hedged item and the hedging instrument and that credit risk does not dominate the resulting value changes. The hedging relationship\u2019s hedging ratio reflects the ratio between the designated nominal amount of the hedged item actually used by STRABAG and the designated nominal amount actually designated by STRABAG to hedge the nominal amount of the hedged item. An assessment is made at the beginning of the hedging relationship, with documentation provided continually thereafter, of whether the derivatives used in the hedge are effective or not in offsetting the changes in fair value or cash flow of the hedged item. Hedging relationships are adjusted when there are changes in the hedged item.
The critical term match method is used to determine the prospective hedge effectiveness. The retrospective determination of hedge ineffectiveness is made on the basis of the dollar offset method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93472-17": { "value": "Trade receivables also include receivables from consortia.
Trade receivables and receivables from consortia are recognised in the consolidated balance sheet if STRABAG has a contractual right to receive cash or other financial assets from another party. Recognition is made on the settlement date.
Receivables bearing no interest or interest below the market rate are initially recognised at the present value of the expected future cash flows.
Subsequent measurement of trade receivables and receivables from consortia is at amortised cost less impairment losses for expected credit losses (see the section \u201cImpairment of financial assets and contract assets\u201d).
These are classified as current financial assets if they mature within twelve months after the reporting date or within the usual business cycle. Otherwise, they are classified as non-current financial assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93472-18": { "value": "A financial asset that is to be classified as a debt instrument under IAS 32 is measured at fair value through profit or loss if it is held for trading purposes, the cash flow criteria are not met, or it is designated as at FVPL at initial recognition. A financial asset at STRABAG is assigned to this category if it was principally acquired with an intention to sell in the short term. Derivatives also belong to this category if they do not qualify as hedging instruments. Assets in this category are recognised as current assets if the asset is expected to be realised within twelve months or within the normal operating cycle. All other assets are classified as non-current. Value changes of financial assets measured at fair value through profit or loss are recognised through profit or loss.
This category includes securities reported under non-current financial assets and interest-bearing financing receivables related to the construction of concession projects.
The fair value option may be elected for financial assets which, based on the underlying business model and the contractual cash flows, are classified as measured at amortised cost if doing so eliminates or significantly reduces a measurement or recognition inconsistency. The fair value option is not elected at STRABAG.
Financial assets which represent equity instruments under IAS 32 are also measured at fair value through profit or loss. Value changes are recognised through profit or loss in the income statement.
This category contains mainly investments below 20% that are held under other investments.
Upon initial recognition of equity instruments measured at fair value, there exists an irrevocable option to recognise value changes in other comprehensive income rather than in the income statement, provided the equity instrument is not held for trading purposes. Equity investments recognised in the other comprehensive income may not be later reclassified to the income statement. The option is not exercised at STRABAG.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93472-19": { "value": "For the recognition of impairment losses, STRABAG allows for expected credit losses under IFRS 9. The expected loss impairment model is used for debt instruments for which subsequent measurement is made at amortised cost. The impairment requirements under IFRS 9 are also applied to non-financial contract assets.
Equity instruments measured at fair value through profit or loss or through other comprehensive income are not within the scope of the IFRS 9 impairment requirements.
\n IFRS 9 outlines a three-stage model to determine the scope of the risk provision, requiring expected credit losses to be measured from initial recognition at an amount equal to the twelve-month expected credit losses or, if the credit risk has worsened significantly, the full expected credit losses over the remaining life of the financial instrument. The general impairment model (general approach) is used for receivables from concession arrangements and for current and non-current other financial assets in the Group. Besides the general impairment model, the simplified impairment model (simplified approach) is used for trade receivables and for contract assets under IFRS 15. The simplified impairment model requires a risk provision equal to the expected losses over the full remaining life of the financial instrument to be recognised for trade receivables or contract assets regardless of the respective credit quality.
Application of the 30-days-past-due criterion is not useful in the construction sector, on the one hand because of incomplete performance recognition, and on the other hand because contracts are often fulfilled for public-sector clients, whose internal processes to release payment may be lengthy but usually result in full and complete payment.
To determine the expected credit losses, trade receivables and contract assets are grouped into different portfolios with similar risk characteristics. In establishing the portfolios, STRABAG also considers the underlying country risk and the creditworthiness.
During the initial recognition of financial assets, STRABAG takes into consideration the probability of defaults and continually monitors the development of the credit risk in each reporting period, taking into account all reasonable and supportable information and forecasts. This includes especially the following indicators:
internal estimate of creditworthiness by the client external information on creditworthiness based on the corresponding country riskMacroeconomic information (such as market interest rates) and other forecasts are included in the assessment of the credit risk.
Besides the application of the general and the simplified impairment approach, financial assets are considered impaired if there is objective evidence of credit default indicators. STRABAG recognises such impairments if the debtor has significant financial difficulty; if there is a high probability that insolvency proceedings will be commenced against the debtor; if a breach of contract and payment default has occurred; or if the issuer\u2019s technological, economic, legal and market environment changes substantially.
Impairment losses lower the carrying amount of the financial assets.\u00a0If the reasons for the previously recognised impairment loss no longer apply, these assets are written back through profit or loss. The impairment losses or reversals of impairment losses resulting from the application of the impairment requirements is recognised through profit or loss in the other operating expense or income.
A financial asset defaults if bankruptcy proceedings have been started or it is highly probable that there is no reasonable expectation for repayment. These financial assets are then derecognised. When derecognising financial assets, STRABAG continues to undertake enforcement measures to attempt to recover the receivables that are due.
During the reporting period, there were no changes with regard to the impairment approaches and criteria that were applied.
Financial assets are derecognised when the contractual rights to receive payment from the financial assets no longer exist or if the financial assets are transferred along with all substantial risks and rewards. An asset is also derecognised if the substantial risks and rewards of ownership of the asset are neither transferred nor retained but control is relinquished. If control is retained, such transferred financial assets are recognised to the extent of the continuing involvement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93472-20": { "value": "Financial assets are derecognised when the contractual rights to receive payment from the financial assets no longer exist or if the financial assets are transferred along with all substantial risks and rewards. An asset is also derecognised if the substantial risks and rewards of ownership of the asset are neither transferred nor retained but control is relinquished. If control is retained, such transferred financial assets are recognised to the extent of the continuing involvement.
Financial liabilities are derecognised if the contractual obligations are discharged, cancelled or have expired. Costs related to the issue of corporate bonds are offset over the term using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93472-21": { "value": "Financial assets and financial liabilities are offset and the net amount is presented in the balance sheet when there is a legally enforceable right to offset the recognised amounts and the settlement is on a net basis. This concerns, to a minor extent, the settlement of trade receivables and payables as well as offsetting the receivables from rental deposits against the corresponding lease liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93472-22": { "value": "Derivative financial instruments are employed essentially to mitigate risks arising from movements in currency exchange rates, interest rates and raw material prices. The utilisation of financial derivatives is subject to internal guidelines and controls.
Derivative financial instruments are classified as financial assets measured at fair value through profit and loss or as derivatives used for hedging purposes at the date of contract conclusion. Derivative financial instruments are measured at fair value both on initial recognition and in subsequent periods.\u00a0Unrealised gains or losses on the measurement are recognised in the income statement if the conditions for hedge accounting under IFRS 9 are not met. Derivative financial instruments are stated under other financial assets or other financial liabilities.
Derivative financial instruments are measured based on observable market data (e.g. interest and exchange rates) and non- observable market data (the counterparty\u2019s credit rating). The fair value is determined using generally accepted methods of mathematical finance.
On application of the hedge accounting requirements, the Group designates derivative financial instruments as hedging instruments to:
either hedge the exposure to changes in the fair value of a recognised asset or liability (fair value hedge), or to hedge the exposure to variability in cash flows (cash flow hedge).In the case of fair value hedge accounting, the change in the fair value of the hedged item that is attributable to the hedged risk and the change in the fair value of the hedging derivative are recognised in the income statement. Fair value hedging is not used in the STRABAG\u00a0SE Group.
If, however, a derivative financial instrument is used as a hedging instrument in a cash flow hedge, the effective unrealised gains or losses from the hedging instrument are initially accounted for under other comprehensive income. They are reclassified to profit or loss when the hedged item affects profit or loss. Any changes resulting from the ineffectiveness of these financial instruments are recognised immediately in profit or loss in the income statement.
When concluding a hedging transaction, STRABAG documents the clear hedging relationship between the hedging instrument and the hedged item, the objective of its risk management, and the underlying strategy. It is also established that there exists an economic relationship between the hedged item and the hedging instrument and that credit risk does not dominate the resulting value changes. The hedging relationship\u2019s hedging ratio reflects the ratio between the designated nominal amount of the hedged item actually used by STRABAG and the designated nominal amount actually designated by STRABAG to hedge the nominal amount of the hedged item. An assessment is made at the beginning of the hedging relationship, with documentation provided continually thereafter, of whether the derivatives used in the hedge are effective or not in offsetting the changes in fair value or cash flow of the hedged item. Hedging relationships are adjusted when there are changes in the hedged item.
The critical term match method is used to determine the prospective hedge effectiveness. The retrospective determination of hedge ineffectiveness is made on the basis of the dollar offset method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93472-23": { "value": "Derivative financial instruments are employed essentially to mitigate risks arising from movements in currency exchange rates, interest rates and raw material prices. The utilisation of financial derivatives is subject to internal guidelines and controls.
Derivative financial instruments are classified as financial assets measured at fair value through profit and loss or as derivatives used for hedging purposes at the date of contract conclusion. Derivative financial instruments are measured at fair value both on initial recognition and in subsequent periods.\u00a0Unrealised gains or losses on the measurement are recognised in the income statement if the conditions for hedge accounting under IFRS 9 are not met. Derivative financial instruments are stated under other financial assets or other financial liabilities.
Derivative financial instruments are measured based on observable market data (e.g. interest and exchange rates) and non- observable market data (the counterparty\u2019s credit rating). The fair value is determined using generally accepted methods of mathematical finance.
On application of the hedge accounting requirements, the Group designates derivative financial instruments as hedging instruments to:
either hedge the exposure to changes in the fair value of a recognised asset or liability (fair value hedge), or to hedge the exposure to variability in cash flows (cash flow hedge).In the case of fair value hedge accounting, the change in the fair value of the hedged item that is attributable to the hedged risk and the change in the fair value of the hedging derivative are recognised in the income statement. Fair value hedging is not used in the STRABAG\u00a0SE Group.
If, however, a derivative financial instrument is used as a hedging instrument in a cash flow hedge, the effective unrealised gains or losses from the hedging instrument are initially accounted for under other comprehensive income. They are reclassified to profit or loss when the hedged item affects profit or loss. Any changes resulting from the ineffectiveness of these financial instruments are recognised immediately in profit or loss in the income statement.
When concluding a hedging transaction, STRABAG documents the clear hedging relationship between the hedging instrument and the hedged item, the objective of its risk management, and the underlying strategy. It is also established that there exists an economic relationship between the hedged item and the hedging instrument and that credit risk does not dominate the resulting value changes. The hedging relationship\u2019s hedging ratio reflects the ratio between the designated nominal amount of the hedged item actually used by STRABAG and the designated nominal amount actually designated by STRABAG to hedge the nominal amount of the hedged item. An assessment is made at the beginning of the hedging relationship, with documentation provided continually thereafter, of whether the derivatives used in the hedge are effective or not in offsetting the changes in fair value or cash flow of the hedged item. Hedging relationships are adjusted when there are changes in the hedged item.
The critical term match method is used to determine the prospective hedge effectiveness. The retrospective determination of hedge ineffectiveness is made on the basis of the dollar offset method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93472-24": { "value": "Derivative financial instruments are employed essentially to mitigate risks arising from movements in currency exchange rates, interest rates and raw material prices. The utilisation of financial derivatives is subject to internal guidelines and controls.
Derivative financial instruments are classified as financial assets measured at fair value through profit and loss or as derivatives used for hedging purposes at the date of contract conclusion. Derivative financial instruments are measured at fair value both on initial recognition and in subsequent periods.\u00a0Unrealised gains or losses on the measurement are recognised in the income statement if the conditions for hedge accounting under IFRS 9 are not met. Derivative financial instruments are stated under other financial assets or other financial liabilities.
Derivative financial instruments are measured based on observable market data (e.g. interest and exchange rates) and non- observable market data (the counterparty\u2019s credit rating). The fair value is determined using generally accepted methods of mathematical finance.
On application of the hedge accounting requirements, the Group designates derivative financial instruments as hedging instruments to:
either hedge the exposure to changes in the fair value of a recognised asset or liability (fair value hedge), or to hedge the exposure to variability in cash flows (cash flow hedge).In the case of fair value hedge accounting, the change in the fair value of the hedged item that is attributable to the hedged risk and the change in the fair value of the hedging derivative are recognised in the income statement. Fair value hedging is not used in the STRABAG\u00a0SE Group.
If, however, a derivative financial instrument is used as a hedging instrument in a cash flow hedge, the effective unrealised gains or losses from the hedging instrument are initially accounted for under other comprehensive income. They are reclassified to profit or loss when the hedged item affects profit or loss. Any changes resulting from the ineffectiveness of these financial instruments are recognised immediately in profit or loss in the income statement.
When concluding a hedging transaction, STRABAG documents the clear hedging relationship between the hedging instrument and the hedged item, the objective of its risk management, and the underlying strategy. It is also established that there exists an economic relationship between the hedged item and the hedging instrument and that credit risk does not dominate the resulting value changes. The hedging relationship\u2019s hedging ratio reflects the ratio between the designated nominal amount of the hedged item actually used by STRABAG and the designated nominal amount actually designated by STRABAG to hedge the nominal amount of the hedged item. An assessment is made at the beginning of the hedging relationship, with documentation provided continually thereafter, of whether the derivatives used in the hedge are effective or not in offsetting the changes in fair value or cash flow of the hedged item. Hedging relationships are adjusted when there are changes in the hedged item.
The critical term match method is used to determine the prospective hedge effectiveness. The retrospective determination of hedge ineffectiveness is made on the basis of the dollar offset method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93472-25": { "value": "The income tax payables and receivables contain mainly rights and obligations regarding domestic and foreign income taxes. These comprise the rights and obligations from the current year as well as possible rights and obligations from previous years. The receivables/payables are calculated based on the tax regulations in the respective countries.
Deferred tax is measured using the balance sheet liability method for all temporary differences between the valuation of the balance sheet items in the IFRS financial statements and the existing tax value at the individual companies. Furthermore, any realisable tax advantage from existing losses carried forward will be included in the calculation. Exceptions to this comprehensive tax deferral are balances from non-tax-deductible goodwill.
Deferred tax assets may only be recognised if the associated tax advantage is likely to be realisable. The calculation of the tax deferral is based on the usual income tax rate in the respective country at the point of the predicted reversal.
Recognition is made of deferred tax liabilities arising from temporary differences in relation to investments in subsidiaries, joint ventures and associates unless the timing of the reversal of the temporary differences in the Group can be determined and the temporary differences are unlikely to reverse in response to this influence in the foreseeable future.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93472-26": { "value": "Deferred tax is measured using the balance sheet liability method for all temporary differences between the valuation of the balance sheet items in the IFRS financial statements and the existing tax value at the individual companies. Furthermore, any realisable tax advantage from existing losses carried forward will be included in the calculation. Exceptions to this comprehensive tax deferral are balances from non-tax-deductible goodwill.
Deferred tax assets may only be recognised if the associated tax advantage is likely to be realisable. The calculation of the tax deferral is based on the usual income tax rate in the respective country at the point of the predicted reversal.
Recognition is made of deferred tax liabilities arising from temporary differences in relation to investments in subsidiaries, joint ventures and associates unless the timing of the reversal of the temporary differences in the Group can be determined and the temporary differences are unlikely to reverse in response to this influence in the foreseeable future.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93472-27": { "value": "Inventory costs are required to be stated at the lower of cost and net realisable value.
This item mainly includes undeveloped land as well as finished and unfinished buildings sold in the course of the project development business but for which there is not yet a specific investor.
Production costs include all direct costs as well as appropriate parts of overhead arising in the production. Distribution costs, as well as costs for general administration, are not included in the production costs. Borrowing costs related to production are recognised for inventories which are to be classified as qualifying assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93472-28": { "value": "The cash and cash equivalents include all liquid financial assets which at the date of acquisition or investment have a remaining term of less than three months. This comprises bank deposits, time deposits and cash on hand. Cash and cash equivalents are measured at amortised cost.
Cash and cash equivalents where availability is restricted by foreign exchange restrictions or other legal constraints are not part of the cash and cash equivalents for the cash flow statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93472-29": { "value": "The following defined benefit plans for which provisions must be recognised exist within the Group.
The company\u2019s obligation relating to defined benefit plans consists in fulfilling the promised benefits to current and former employees.
Defined contribution plans in the form of financing through third-party support funds exist for employees of Austrian subsidiaries whose employment began after 1\u00a0January\u00a02003. The severance payments obligations are funded by the regular payment of contributions into the employee provident fund.
The Group is legally required to provide an one-off severance payment to employees of Austrian subsidiaries in the case of termination or at the date of retirement if their employment began before 1\u00a0January\u00a02003. The level of this payment depends on the number of years at the company and amount due at the date of severance and comes to between two and twelve monthly salaries. A provision is made for this obligation.
Additionally, the severance payment rights in other countries in the case of termination or retirement amount from one to eleven monthly salaries. The Provisions for severance payments arising from these obligations are determined simplified using financial mathematical methods.
The provisions for pensions are formed for obligations from the right to future pension payments and current payments to present and past employees and their dependents. The Group\u2019s pension promises in Germany, Austria, Belgium and the Netherlands\u00a0exist on the basis of individual contracts or internal labour-management agreements. The obligations are based on a number of different pension arrangements. The number of different employee benefit plans is the result of the Group\u2019s enterprise acquisitions primarily in Germany. New agreements are not concluded within the Group.
As a rule, the pension promises foresee the granting of monthly old age, invalidity and survivors\u2019 benefits. With some promises, the pension arrangement foresees benefits to be paid in the form of a capital payment.
The benefit plans exist in various designs. The range of plan structures includes specified benefit systems (e.g. specified amount per year of employment), dynamic systems (e.g. % per year of employment) and benefit promises (e.g. specified promise). Plans also exist with or without survivors\u2019 benefits.
In Switzerland, the legal regulations governing pension plans require payments to be made into pension foundations. One half of the contributions are made by the employer, the other half by the employee. The employee contributions depend on the amount of insured income as well as on age and are treated as reduction of the service cost. At retirement, employees can choose to receive an one-off severance payment, regular monthly pension payments or a hybrid of the two options.
As restructuring contributions are required if the pension foundation has insufficient funds for coverage, the promises are categorised as defined benefit plans in accordance with IAS 19.
Within the STRABAG\u00a0SE Group, the obligations of the pension funds are reinsured.
The Group\u2019s obligations relating to defined benefit plans are determined separately for each plan using actuarial principles in accordance with the projected unit credit method. The projected unit credit method is used to determine the discounted pension entitlements acquired up to the end of the accounting period. The existing plan assets measured at their fair value are subtracted from the defined benefit obligations. This yields the defined benefit liability (asset) to be recognised.
Determination of the net defined benefit liability at the end of the reporting year is based on an actuarial report from a certified actuarial analyst.
The rate used to discount severance and pension provisions is determined on the basis of market yields at the end of the respective reporting period on high-quality fixed-interest industrial bonds with a comparable term.
The assumptions relating to discounting, pay rises and fluctuation that are used to calculate the severance and pension provisions vary in proportion to the economic situation of each specific country. Life expectancy is calculated according to the respective country\u2019s mortality tables.
Actuarial gains and losses are recognised in equity outside profit or loss. The service cost is stated in employee benefits expense, while the interest component of the allocation to the provision is reported in the net interest income.
If the present value of a defined benefit obligation changes in response to plan amendments, the resulting effects are recognised in profit or loss as past service cost in the year of the amendment. Any income resulting from a settlement is also recognised directly in the income statement.
The company is exposed to various risks in relation to the defined contribution severance and pension plans. Besides the general actuarial risks such as the longevity risk and the interest rate risk, the Group is also exposed to currency risk as well as to capital market risk or investment risk.
More information concerning the risks is available in the sensitivity analysis under item (28) Provisions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93472-30": { "value": "The following defined benefit plans for which provisions must be recognised exist within the Group.
The company\u2019s obligation relating to defined benefit plans consists in fulfilling the promised benefits to current and former employees.
Defined contribution plans in the form of financing through third-party support funds exist for employees of Austrian subsidiaries whose employment began after 1\u00a0January\u00a02003. The severance payments obligations are funded by the regular payment of contributions into the employee provident fund.
The Group is legally required to provide an one-off severance payment to employees of Austrian subsidiaries in the case of termination or at the date of retirement if their employment began before 1\u00a0January\u00a02003. The level of this payment depends on the number of years at the company and amount due at the date of severance and comes to between two and twelve monthly salaries. A provision is made for this obligation.
Additionally, the severance payment rights in other countries in the case of termination or retirement amount from one to eleven monthly salaries. The Provisions for severance payments arising from these obligations are determined simplified using financial mathematical methods.
The provisions for pensions are formed for obligations from the right to future pension payments and current payments to present and past employees and their dependents. The Group\u2019s pension promises in Germany, Austria, Belgium and the Netherlands\u00a0exist on the basis of individual contracts or internal labour-management agreements. The obligations are based on a number of different pension arrangements. The number of different employee benefit plans is the result of the Group\u2019s enterprise acquisitions primarily in Germany. New agreements are not concluded within the Group.
As a rule, the pension promises foresee the granting of monthly old age, invalidity and survivors\u2019 benefits. With some promises, the pension arrangement foresees benefits to be paid in the form of a capital payment.
The benefit plans exist in various designs. The range of plan structures includes specified benefit systems (e.g. specified amount per year of employment), dynamic systems (e.g. % per year of employment) and benefit promises (e.g. specified promise). Plans also exist with or without survivors\u2019 benefits.
In Switzerland, the legal regulations governing pension plans require payments to be made into pension foundations. One half of the contributions are made by the employer, the other half by the employee. The employee contributions depend on the amount of insured income as well as on age and are treated as reduction of the service cost. At retirement, employees can choose to receive an one-off severance payment, regular monthly pension payments or a hybrid of the two options.
As restructuring contributions are required if the pension foundation has insufficient funds for coverage, the promises are categorised as defined benefit plans in accordance with IAS 19.
Within the STRABAG\u00a0SE Group, the obligations of the pension funds are reinsured.
The Group\u2019s obligations relating to defined benefit plans are determined separately for each plan using actuarial principles in accordance with the projected unit credit method. The projected unit credit method is used to determine the discounted pension entitlements acquired up to the end of the accounting period. The existing plan assets measured at their fair value are subtracted from the defined benefit obligations. This yields the defined benefit liability (asset) to be recognised.
Determination of the net defined benefit liability at the end of the reporting year is based on an actuarial report from a certified actuarial analyst.
The rate used to discount severance and pension provisions is determined on the basis of market yields at the end of the respective reporting period on high-quality fixed-interest industrial bonds with a comparable term.
The assumptions relating to discounting, pay rises and fluctuation that are used to calculate the severance and pension provisions vary in proportion to the economic situation of each specific country. Life expectancy is calculated according to the respective country\u2019s mortality tables.
Actuarial gains and losses are recognised in equity outside profit or loss. The service cost is stated in employee benefits expense, while the interest component of the allocation to the provision is reported in the net interest income.
If the present value of a defined benefit obligation changes in response to plan amendments, the resulting effects are recognised in profit or loss as past service cost in the year of the amendment. Any income resulting from a settlement is also recognised directly in the income statement.
The company is exposed to various risks in relation to the defined contribution severance and pension plans. Besides the general actuarial risks such as the longevity risk and the interest rate risk, the Group is also exposed to currency risk as well as to capital market risk or investment risk.
More information concerning the risks is available in the sensitivity analysis under item (28) Provisions.
The other provisions take into consideration all realisable risks and uncertain obligations. They are recognised at the respective amount which, according to commercial judgement, is necessary at the balance sheet date to cover future payment obligations of the Group. Hereby the respective amount which arises as the most probable on careful examination of the facts is recognised.
Long-term provisions are, as far as they are not immaterial, entered into the accounts at their discounted discharge amount as at the balance sheet date. The discharge amount also includes the cost increases to be considered on the reporting date.
Provisions which arise from the obligation to recultivate quarries, gravel pits and landfills, as well as obligations to decommission or remove an asset located on third-party property, are recognised at the full amount to be paid, taking into account cost increases, and discounted to the value on the reporting date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93472-31": { "value": "The following defined benefit plans for which provisions must be recognised exist within the Group.
The company\u2019s obligation relating to defined benefit plans consists in fulfilling the promised benefits to current and former employees.
Defined contribution plans in the form of financing through third-party support funds exist for employees of Austrian subsidiaries whose employment began after 1\u00a0January\u00a02003. The severance payments obligations are funded by the regular payment of contributions into the employee provident fund.
The Group is legally required to provide an one-off severance payment to employees of Austrian subsidiaries in the case of termination or at the date of retirement if their employment began before 1\u00a0January\u00a02003. The level of this payment depends on the number of years at the company and amount due at the date of severance and comes to between two and twelve monthly salaries. A provision is made for this obligation.
Additionally, the severance payment rights in other countries in the case of termination or retirement amount from one to eleven monthly salaries. The Provisions for severance payments arising from these obligations are determined simplified using financial mathematical methods.
The provisions for pensions are formed for obligations from the right to future pension payments and current payments to present and past employees and their dependents. The Group\u2019s pension promises in Germany, Austria, Belgium and the Netherlands\u00a0exist on the basis of individual contracts or internal labour-management agreements. The obligations are based on a number of different pension arrangements. The number of different employee benefit plans is the result of the Group\u2019s enterprise acquisitions primarily in Germany. New agreements are not concluded within the Group.
As a rule, the pension promises foresee the granting of monthly old age, invalidity and survivors\u2019 benefits. With some promises, the pension arrangement foresees benefits to be paid in the form of a capital payment.
The benefit plans exist in various designs. The range of plan structures includes specified benefit systems (e.g. specified amount per year of employment), dynamic systems (e.g. % per year of employment) and benefit promises (e.g. specified promise). Plans also exist with or without survivors\u2019 benefits.
In Switzerland, the legal regulations governing pension plans require payments to be made into pension foundations. One half of the contributions are made by the employer, the other half by the employee. The employee contributions depend on the amount of insured income as well as on age and are treated as reduction of the service cost. At retirement, employees can choose to receive an one-off severance payment, regular monthly pension payments or a hybrid of the two options.
As restructuring contributions are required if the pension foundation has insufficient funds for coverage, the promises are categorised as defined benefit plans in accordance with IAS 19.
Within the STRABAG\u00a0SE Group, the obligations of the pension funds are reinsured.
The Group\u2019s obligations relating to defined benefit plans are determined separately for each plan using actuarial principles in accordance with the projected unit credit method. The projected unit credit method is used to determine the discounted pension entitlements acquired up to the end of the accounting period. The existing plan assets measured at their fair value are subtracted from the defined benefit obligations. This yields the defined benefit liability (asset) to be recognised.
Determination of the net defined benefit liability at the end of the reporting year is based on an actuarial report from a certified actuarial analyst.
The rate used to discount severance and pension provisions is determined on the basis of market yields at the end of the respective reporting period on high-quality fixed-interest industrial bonds with a comparable term.
The assumptions relating to discounting, pay rises and fluctuation that are used to calculate the severance and pension provisions vary in proportion to the economic situation of each specific country. Life expectancy is calculated according to the respective country\u2019s mortality tables.
Actuarial gains and losses are recognised in equity outside profit or loss. The service cost is stated in employee benefits expense, while the interest component of the allocation to the provision is reported in the net interest income.
If the present value of a defined benefit obligation changes in response to plan amendments, the resulting effects are recognised in profit or loss as past service cost in the year of the amendment. Any income resulting from a settlement is also recognised directly in the income statement.
The company is exposed to various risks in relation to the defined contribution severance and pension plans. Besides the general actuarial risks such as the longevity risk and the interest rate risk, the Group is also exposed to currency risk as well as to capital market risk or investment risk.
More information concerning the risks is available in the sensitivity analysis under item (28) Provisions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93472-32": { "value": "Provisions which arise from the obligation to recultivate quarries, gravel pits and landfills, as well as obligations to decommission or remove an asset located on third-party property, are recognised at the full amount to be paid, taking into account cost increases, and discounted to the value on the reporting date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93472-33": { "value": "The financial liabilities at STRABAG comprise non-derivative liabilities and derivatives with a negative fair value on the reporting date.
For\u00a0accounting and measurement purposes, financial liabilities are to be assigned to one of the following categories:
Financial liabilities measured at amortised cost (FlaC) Financial liabilities measured at fair value through profit or loss (FVPL)Non-derivative financial liabilities are recognised in the consolidated balance sheet if STRABAG has a contractual obligation to transfer cash or other financial assets to another party. Initial recognition of non-derivative financial liabilities is made at fair value. Financial liabilities that are not measured at fair value through profit or loss are initially recognised at fair value including transaction costs, which are directly attributable to the acquisition.
A financial liability is classified as current\u00a0provided the company does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period.
During subsequent measurement of non-derivative financial liabilities carried at amortised cost, any premiums or discounts between the amount received and the repayment amount are spread over the financing term using the effective interest method and recognised in interest expense on an accrual basis.
A financial liability is only measured at fair value through profit or loss if it is held for trading purposes or designated as such at initial recognition. Derivatives with negative market value also belong to this category if they are not designated as hedging instruments.
Transaction costs which arise upon the acquisition of financial liabilities measured at fair value through profit or loss are immediately recognised as an expense.
The fair value option\u00a0was not exercised for financial liabilities.
Financial liabilities are derecognised if the contractual obligations are discharged, cancelled or have expired. Costs related to the issue of corporate bonds are offset over the term using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93472-34": { "value": "The financial liabilities at STRABAG comprise non-derivative liabilities and derivatives with a negative fair value on the reporting date.
For\u00a0accounting and measurement purposes, financial liabilities are to be assigned to one of the following categories:
Financial liabilities measured at amortised cost (FlaC) Financial liabilities measured at fair value through profit or loss (FVPL)Non-derivative financial liabilities are recognised in the consolidated balance sheet if STRABAG has a contractual obligation to transfer cash or other financial assets to another party. Initial recognition of non-derivative financial liabilities is made at fair value. Financial liabilities that are not measured at fair value through profit or loss are initially recognised at fair value including transaction costs, which are directly attributable to the acquisition.
A financial liability is classified as current\u00a0provided the company does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period.
During subsequent measurement of non-derivative financial liabilities carried at amortised cost, any premiums or discounts between the amount received and the repayment amount are spread over the financing term using the effective interest method and recognised in interest expense on an accrual basis.
A financial liability is only measured at fair value through profit or loss if it is held for trading purposes or designated as such at initial recognition. Derivatives with negative market value also belong to this category if they are not designated as hedging instruments.
Transaction costs which arise upon the acquisition of financial liabilities measured at fair value through profit or loss are immediately recognised as an expense.
The fair value option\u00a0was not exercised for financial liabilities.
Financial liabilities are derecognised if the contractual obligations are discharged, cancelled or have expired. Costs related to the issue of corporate bonds are offset over the term using the effective interest method.
Trade payables also include payables from consortia. For accounting and measurement purposes, these are classified as financial liabilities measured at amortised cost.
Non-derivative financial liabilities are recognised in the consolidated balance sheet if STRABAG has a contractual obligation to transfer cash or other financial assets to another party. Initial recognition of non-derivative financial liabilities is made at fair value.
Trade payables are classified as current\u00a0provided the company does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period or within the normal business cycle.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93472-35": { "value": "Trade payables also include payables from consortia. For accounting and measurement purposes, these are classified as financial liabilities measured at amortised cost.
Non-derivative financial liabilities are recognised in the consolidated balance sheet if STRABAG has a contractual obligation to transfer cash or other financial assets to another party. Initial recognition of non-derivative financial liabilities is made at fair value.
Trade payables are classified as current\u00a0provided the company does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period or within the normal business cycle.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93472-36": { "value": "Contingent liabilities are present or possible future obligations for which an outflow of resources is not probable. They are \u2013 as long as IFRS 3 does not require recognition on acquisition \u2013 not reflected in the balance sheet.
Contingent assets are assets whose actual occurrence depends on future uncertain events that are not under the company\u2019s control. These must be disclosed in the notes if an inflow of economic benefits is not unlikely. Recognition in the financial statements is not permitted as this would result in the recognition of income that may never be realised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93472-37": { "value": "STRABAG only provides financial guarantees for the benefit of third parties in the case of payables from its own subsidiaries or associates for which no commissions are agreed. The financial guarantees are recognised at fair value at the time of commitment and subsequently adjusted in accordance with IFRS 9.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93472-38": { "value": "The revenue within the STRABAG\u00a0SE Group comprises revenue from construction contracts with customers, which regularly account for more than 80% of the total revenue, revenue from project developments, revenue from construction materials, revenue from Building Solutions (technical and infrastructure facility management, building services, property management, industrial services) and other revenue.
The revenue from construction contracts with customers\u00a0is recognised over time as required by IFRS 15. Revenue recognition over time is made using the output-oriented method on the basis of the work performed at the reporting date.
For further information, please see the notes on contract assets.
The recognition of revenue from construction contracts performed in consortia is made over time corresponding to the actual work performed by the reporting date. Impending losses arising from further construction work are accounted for by means of appropriate depreciation.
The revenue from project developments\u00a0is recognised at a point in time after the performance obligation is satisfied by the STRABAG\u00a0SE Group and after the customer assumes control and has the opportunity to derive benefit from the project.
Alternatively, the revenue is recognised over time on the basis of the work performed by the reporting date if a contractual agreement for the STRABAG\u00a0SE Group excludes the possibility of any alternative use and the contractual agreement foresees a right to payment including the profit margin on the work performed.
For real estate projects that are sold already prior to their completion, the revenue is therefore recognised pro rata and the right to payment including the profit margin is presented under the contract assets.
For further information, please see the notes on contract assets.
The revenue from construction materials, the revenue from Building Solutions, and the other revenue\u00a0are recognised with satisfaction of the performance obligation upon obtainment of control by the customer.
Interest income is recognised as it accrues using the effective interest method. Interest related to concession models and default interest are part of the transaction price of contracts with customers and are therefore recognised under revenue.
Other income, such as insurance compensation\u00a0or expenses passed through, is stated on the basis of the amount accrued in accordance with the respective agreements.
The revenue from dividends and the share of profits from investments are recognised if a legal right to payment exists.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93472-39": { "value": "The revenue from dividends and the share of profits from investments are recognised if a legal right to payment exists.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93472-40": { "value": "Net interest income includes interest income and interest expense as well as foreign exchange gains and losses on financing, as these are not part of the operating business. Changes in value as well as gains and losses on disposals of securities are also included in net interest income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93472-41": { "value": "Net interest income includes interest income and interest expense as well as foreign exchange gains and losses on financing, as these are not part of the operating business. Changes in value as well as gains and losses on disposals of securities are also included in net interest income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93472-42": { "value": "Net interest income includes interest income and interest expense as well as foreign exchange gains and losses on financing, as these are not part of the operating business. Changes in value as well as gains and losses on disposals of securities are also included in net interest income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93472-43": { "value": "As an energy- and resource-intensive industry, the construction sector plays a key role and has significant leverage to contribute to sustainable transformation.
Within the STRABAG SE Group, fossil fuels are used along the entire value chain to operate the production plants (concrete plants, asphalt mixing plants, quarries and gravel pits), construction machinery and the vehicle fleet. In the 2024 financial year, STRABAG joined the Science Based Targets initiative (SBTi) and adopted a transformation plan.
Stricter regulations and higher prices resulting from CO2 pricing present the risk of volatile and higher energy and commodity prices that cannot be fully passed on to customers.
Stricter environmental protection regulations and additional expenses for climate-friendly business processes are expected to lead to cost increases and a further rise in construction prices.
The risk exists that fewer contracts will be awarded, particularly for the construction of new roads, due to a change in public investment habits and stricter zoning laws, which will have to be compensated for by contracts in other business areas.
Public sector clients are starting to issue tenders that include sustainability as an evaluation criterion.\u00a0This will lead to an increased demand for sustainable building materials, which, however, do not yet exist or are not yet available in sufficient quantities.
The increase in extreme weather events will lead to construction delays and increased insurance costs.
The building solutions business will increasingly offer green services using sustainable cleaning agents and environmentally friendly equipment in the future. The higher average temperatures are expected to result in an increased need for refurbishment and modernisation at IT locations for telecommunications and at data centres.
In the field of project development services, more projects related to renewable energies will be put out to tender in the future.
When preparing the consolidated financial statements, possible risks from climate change must be taken into account, especially in the valuation of goodwill, property, plant and equipment, inventories and provisions.
Significant goodwill at the STRABAG\u00a0SE Group is reported under item (13) Goodwill. Even if an additional risk premium is applied for possible delays or the non-awarding of individual construction projects, especially in road construction, no impairment of goodwill is required. The sensitivity analyses carried out for this purpose show that the changes to the key assumptions considered possible by management do not require an impairment to be made.
Property, plant and equipment consists largely of construction equipment, machinery and the vehicle fleet with short useful lives, which are utilised on a decentralised basis for a wide variety of construction projects. Temperature increases or severe weather will not have any significant impact on property, plant and equipment in the future. The future need for environmentally friendly technology and equipment was taken into account when determining the useful life and residual values. As part of replacement investments, passenger cars and commercial vehicles are being converted to renewable energy sources. Where technically feasible and economically viable, construction machinery, heavy goods vehicles, asphalt mixing plants, concrete plants, and stone and gravel works are to be converted in the medium term as well.
The necessary conversion of heating systems at asphalt mixing plants and concrete plants to renewable energy sources, as well as the environmental optimisation of the Group\u2019s buildings, could result in additional investment requirements.
In the case of inventories, particularly real estate projects without an investor, relevant environmental aspects such as energy efficiency, EU Taxonomy alignment, etc. were taken into account when determining the net sales proceeds. Risks here include but are not limited to the fact that ongoing changes to laws and regulations at the time of sale have resulted in new requirements that had not yet been foreseeable in the planning phase. These aspects are taken into account in the measurement. This also applies to the formation of provisions.
This does not, however, give rise to any risks that could jeopardise the continuation of the company as a going concern.
Structures are built with the objective of providing a long service life, of being used efficiently from an ecological perspective during their operational phase, and of being capable of reuse or dismantling at the end of their life cycle. Increasing demand for circular construction, refurbishment and expertise in the energy sector for the generation and use of renewable energy is regarded as a key opportunity for the construction industry.
As part of the sustainability strategy adopted in the 2021 financial year, STRABAG has set itself the goal of achieving climate neutrality along the entire value chain by the year 2040. (see sustainability report) When designing and building construction projects, the company focuses on ecologically compatible, sustainable construction methods as well as on the efficient use of resources and their recycling in order to limit any negative impact of construction on the environment as far as possible.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93472-44": { "value": "The preparation of financial statements in conformity with IFRS requires estimates and assumptions to be made that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities and the reported amounts of revenue and expenses.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
The Group conducts an annual test to determine whether its goodwill is impaired in accordance with the accounting policies described in the section \u201cImpairment of non-financial assets\u201d. The recoverable amount of the CGUs was determined using fair value less costs of disposal. These calculations are based on assumptions about the expected business development and the recoverable margin. Estimates about the expected business development are based on the facts and circumstances prevailing at the time of preparation of the consolidated financial statements as well as on realistic assumptions about the future development of the global and industry-specific environment. In response to changes in these underlying conditions which deviate from the assumptions and are beyond the Management Board\u2019s control, actual values may deviate from the estimated values.
All other things remaining equal, an annual 5% decrease of the free cash flow used to calculate the recoverable amount would result in a total impairment loss of all goodwill of T\u20ac 5,889 (2024: T\u20ac 1,338), while an isolated increase of the cost of capital by 1\u00a0percentage point would lead to an impairment of goodwill of T\u20ac 2,385 (2024: T\u20ac 3,195). These two effects together would trigger an impairment loss of T\u20ac 10,197 (2024: T\u20ac 7,372).
An extended sensitivity analysis was performed due to the current uncertainties in the economic environment and the associated price increases and supply bottlenecks. Due to the large number of different types of orders and the fact that a large part of the work included in the planning has not yet been commissioned, a worst-case scenario was determined with regard to the achievable cash flows. An annual and sustained decrease of 15% in the recoverable free cash flows and a simultaneous increase of 3 percentage points in the weighted average cost of capital would result in an impairment loss of T\u20ac 57,948 (2024: T\u20ac 40,770).
The impairments would affect several companies in different countries and business areas and would be allocated to the segments as follows: in the South + East segment in the amount of T\u20ac 41,171\u00a0(2024: T\u20ac 14,814), in the North + West segment in the amount of T\u20ac 1,894 (2024: T\u20ac 1,800), in the International + Special Divisions segment in the amount of T\u20ac 14,883 (2024: T\u20ac 24,156).
Other non-current financial assets include US dollar receivables from a Chilean project company. One part of this receivable, Lien 1 Loan, carries a fixed interest rate. The second part of this receivable, Lien 2 Loan, is equipped with additional variable components.
The carrying amounts of non-current receivables, which arose from the financial restructuring of a supplier credit from a large Chilean project (power plant), were recognised at fair value. The measurement was made on the basis of the cash flows that can be generated in the future using planned data from the project company, taking into account generally available data on electricity price and hydrological developments as well as the current interest rate environment.
Tunnel collapses led to a shutdown of the power plant since 2023, why impairments were therefore recognised on these non-current receivables in previous years.
In the arbitration proceedings initiated in 2023 with regard to the key issues of (i) whether substantial completion has been achieved and (ii) who is to bear the remediation costs based on the causes of the collapses, a partial arbitral award was issued in the 2025 financial year:
The proceedings determined that STRABAG has not achieved substantial completion. This triggered a penalty, which, however, following the calling of a guarantee, had already been paid and fully recognised as an expense in 2023.
The tribunal attributed responsibility for the collapses to STRABAG. The damages determined in the partial award for the period up to July 2024 (or up to March 2025, depending on the category of damage) amount to USD 21 million and, including interest and arbitration costs, were paid in full in the 2025 financial year \u2013 with the exception of a remaining disputed amount of approximately USD 10.2 million.
The final award in the present arbitration proceedings is not expected until 2027. Further (future) arbitration proceedings relating to disputed issues cannot currently be ruled out.
Remediation of the collapses and repair of further damage to the inner lining in certain sections of the tunnel system are not expected to be completed before the end of 2026.
Due to the continued difficulty in determining the final remediation and upgrade costs and the complex second phase of the arbitration proceedings (and possible further arbitration proceedings),\u00a0the provisions for renovation and warranty formed in the previous year were re-evaluated and adjusted in amount.
Disclosure of the impairments and provisions existing as at 31 December 2025 has been omitted due to the ongoing arbitration proceedings in order to avoid the possibility of seriously prejudicing STRABAG within the meaning of IAS 37.
Due to the unclear cause of the damages, the complex legal circumstances and the long terms to maturity, the actual returns and the actual claim may deviate from the reported values.
The revenue from construction contracts with customers is recognised over time. The Group estimates the work performed by the reporting date as a percentage of the total volume of the order backlog as well as the remaining contract cost to be incurred. If it is probable that the production costs will exceed the recoverable proceeds, an impairment is recognised up to the value of the contract asset; if the value of the respective contract asset is exceeded, an onerous contract provision is recognised. Technically complex and demanding projects, in particular, involve the risk that the estimate of the total cost deviates considerably from the actual cost incurred.
In the event of changes to the contract\u2019s scope and/or price that remain disputed between the parties to the contract (claims and variation orders), revenue from claims and variation orders is estimated in accordance with the provisions on variable consideration under IFRS 15.50ff for the respective project. The estimate is based on qualitative and quantitative criteria.
The following factors must be taken into account when estimating the variable consideration:
The amount of consideration is susceptible to external factors such as the actions of third parties or court rulings. There are different legal views regarding the contractually agreed claims. The uncertainty about the amount of consideration remains over a longer period of time. The company\u2019s experience from similar construction projects is limited by the individual nature of the projects. Due to the large number of individual claims and variation orders in a construction project, a contract will have a broad range of possible consideration amounts.The actual claims arising from claims and variation orders may therefore differ from the estimated amount, especially in the case of complex construction projects with a large number of different claims and variation orders as well as counterclaims of the client.
The above also applies to over-time recognition of revenue from project developments.
The carrying amount of the equity-accounted investments amounted to T\u20ac 595,282 on 31 December 2025 (2024: T\u20ac 525,671).
This includes the 30% stake in\u00a0Holcim Cement CE Holding GmbH. Holcim operates cement works in Austria, Hungary, the Czech Republic and Slovenia. The carrying amount of the investment amounted to T\u20ac 202,528 on 31\u00a0December\u00a02025 (2024: T\u20ac 198,312). As earnings developed according to plan and because of the ongoing distributions, an impairment test was not required.
The Group also holds a 24.94% stake in CmBlu Energy AG. The company is active in the research and development of large-scale battery storage systems using organic solid-flow batteries. The carrying amount of the investment amounted to\u00a0T\u20ac 93,784 on 31 December 2025\u00a0(2024: T\u20ac 111,826). Due to a financing round carried out in December 2025 and the company valuation on which it was based, there was no need to carry out an impairment test.
Deviations from the expected business development as well as developments in the economic environment that are beyond the Management Board\u2019s control may influence the value of the investments.
STRABAG has to calculate the actual income tax expected for each taxable entity and must assess the temporary differences arising from the different treatment of certain balance sheet items in the IFRS consolidated financial statements and the statutory financial statements required for tax purposes. The existence of temporary differences usually results in the recognition of deferred tax assets and liabilities in the consolidated financial statements.
The management must make assessments in the calculation of current and deferred tax. Deferred tax assets are recognised to the extent that their use is probable. The use of deferred tax assets depends on the possibility of realising sufficient taxable income under the respective tax type and jurisdiction under consideration of any possible legal restrictions regarding the maximum loss carry forward period. A number of different factors are used to assess the probability of the future usability of deferred tax assets, such as the past financial performance, operational planning, loss carry forward periods and tax planning strategies. If the actual results deviate from these estimates, or if these estimates must be adjusted in future periods, this could have a negative impact on the financial position, financial performance and cash flows. In the event of a changed assessment of the recoverability of deferred tax assets, the deferred tax assets which have been recognised are written down in profit or loss or, depending on their original formation, outside profit or loss; impaired deferred tax assets are similarly recognised either in profit or loss or outside profit or loss.
The fair value of financial instruments that are not traded in an active market is determined by using suitable valuation techniques selected from among a number of different methods. The assumptions used are mainly based on market conditions existing at the balance sheet date. The Group uses present value techniques to determine the fair value of a number of financial assets that are not traded in an active market.
Within the STRABAG\u00a0SE Group, a large number of the contracts are lease contracts with comparatively low annual rental expenses, of both limited and indefinite duration and with ordinary termination rights. The lease liability is determined by estimating the most likely duration in consideration of extension options and termination rights. All economic aspects for exercising or not exercising the options are taken into account. Deviations between the actual lease terms and these assumptions have an impact on the respective carrying amounts. The risk is reduced by the large number of stand-alone contracts, however.
The present value of the severance and pension obligations depends on a number of different factors based on actuarial assumptions. One of the assumptions used to determine the net expenses or income for pensions is the discount rate. Any change to these assumptions will influence the carrying amount of the pension obligation.
The Group determines the appropriate discount rate at the end of every year. The discount rate is the interest rate used to determine the present value of future cash flows required to settle the obligation. For the purpose of determining the discount rate, the Group employs the interest rate of highest-grade industrial bonds in the same currency in which the benefits are paid and which have terms to maturity equivalent to those of the pension obligations.
Additional substantial assumptions relating to severance and pension obligations are based in part on market conditions. Further information and sensitivity analyses can be found in item (28) Provisions.
Other construction-related provisions, in particular, involve the risk that in individual cases the actual costs for warranty obligations or remaining performance obligations will turn out higher or lower than expected. The balance sheet item other construction-related provisions is composed of several individual projects together, however, as a result of which the risk is reduced to the individual consideration of the projects. This also applies to provisions for recultivation and decommissioning obligations with regard to estimates of future costs and the measures prescribed by the various authorities in the individual countries that are not specified until the time of recultivation.
In October 2021, following an acknowledgement of the facts by the Group companies STRABAG AG and F. Lang u. K. Menhofer Baugesellschaft m.b.H. & Co. KG, the Vienna Commercial Court as the Cartel Court imposed a fine of \u20ac 45.37 million. This was in connection with the criminal and competition law investigations initiated in spring 2017 against STRABAG AG and F. Lang u. K. Menhofer Baugesellschaft m.b.H. & Co. KG, as well as numerous other construction companies, on suspicion of anti-competitive agreements in construction projects in Austria between 2002 and 2017.
In July\u00a02022, the Federal Competition Authority requested a review of the Cartel Court\u2019s final decision regarding the imposed fine. In its decision from October\u00a02022, the Cartel Court rejected the Federal Competition Authority\u2019s application as inadmissible and upheld the view of STRABAG\u00a0AG. The Federal Competition Authority appealed against this decision to the Austrian Supreme Court (OGH), which granted the appeal in a decision on 25\u00a0May\u00a02023 on the grounds that the formal rejection of the Federal Competition Authority\u2019s application without a substantive review by the Higher Regional Court was inadmissible.
On 11 March 2026, STRABAG AG, by means of a settlement, brought to a legally binding close the modification proceedings initiated by the Federal Competition Authority seeking judicial review of the final fine decision of 21 October 2021 for a \u20ac 45.37 million penalty. Following a thorough assessment of the factual and legal situation, the company agreed to a \u20ac 100.63 million increase in the fine to avoid further lengthy court proceedings. The increase in the fine is recognised in the consolidated financial statements under \u201cOther provisions\u201d.
Notwithstanding the concessions made as part of the settlement and the loss of its leniency status, the fact remains that STRABAG AG cooperated extensively with the Federal Competition Authority and made a significant contribution to clarifying the facts of the case. In addition, STRABAG has since worked intensively on the further development of its Business Compliance Management System and is now the first Austrian company operating internationally to obtain group-wide certification under ISO 37001 und ISO 37301.
Several affected clients have asserted claims for damages against STRABAG. Settlement discussions are being conducted with some major clients with a view to reaching an out-of-court resolution. Other clients have already pursued their claims through the courts. Appropriate provisions for potential claims arising from the cartel infringements have been recognised in the consolidated financial statements. The provision was adjusted in the 2025 financial year based on insights gained from the settlement negotiations regarding the claims for damages.
The specific amount of the provision cannot be disclosed due to the ongoing proceedings and negotiations in order to avoid the possibility of seriously prejudicing the position of STRABAG within the meaning of IAS 37. The final financial impact on STRABAG is extremely difficult to estimate due to the complexity of the matter (long period, large number of projects, different clients, heterogeneous structures, etc.). The actual amounts may therefore differ from the amount provided.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93472-45": { "value": "The preparation of financial statements in conformity with IFRS requires estimates and assumptions to be made that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities and the reported amounts of revenue and expenses.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
The Group conducts an annual test to determine whether its goodwill is impaired in accordance with the accounting policies described in the section \u201cImpairment of non-financial assets\u201d. The recoverable amount of the CGUs was determined using fair value less costs of disposal. These calculations are based on assumptions about the expected business development and the recoverable margin. Estimates about the expected business development are based on the facts and circumstances prevailing at the time of preparation of the consolidated financial statements as well as on realistic assumptions about the future development of the global and industry-specific environment. In response to changes in these underlying conditions which deviate from the assumptions and are beyond the Management Board\u2019s control, actual values may deviate from the estimated values.
All other things remaining equal, an annual 5% decrease of the free cash flow used to calculate the recoverable amount would result in a total impairment loss of all goodwill of T\u20ac 5,889 (2024: T\u20ac 1,338), while an isolated increase of the cost of capital by 1\u00a0percentage point would lead to an impairment of goodwill of T\u20ac 2,385 (2024: T\u20ac 3,195). These two effects together would trigger an impairment loss of T\u20ac 10,197 (2024: T\u20ac 7,372).
An extended sensitivity analysis was performed due to the current uncertainties in the economic environment and the associated price increases and supply bottlenecks. Due to the large number of different types of orders and the fact that a large part of the work included in the planning has not yet been commissioned, a worst-case scenario was determined with regard to the achievable cash flows. An annual and sustained decrease of 15% in the recoverable free cash flows and a simultaneous increase of 3 percentage points in the weighted average cost of capital would result in an impairment loss of T\u20ac 57,948 (2024: T\u20ac 40,770).
The impairments would affect several companies in different countries and business areas and would be allocated to the segments as follows: in the South + East segment in the amount of T\u20ac 41,171\u00a0(2024: T\u20ac 14,814), in the North + West segment in the amount of T\u20ac 1,894 (2024: T\u20ac 1,800), in the International + Special Divisions segment in the amount of T\u20ac 14,883 (2024: T\u20ac 24,156).
Other non-current financial assets include US dollar receivables from a Chilean project company. One part of this receivable, Lien 1 Loan, carries a fixed interest rate. The second part of this receivable, Lien 2 Loan, is equipped with additional variable components.
The carrying amounts of non-current receivables, which arose from the financial restructuring of a supplier credit from a large Chilean project (power plant), were recognised at fair value. The measurement was made on the basis of the cash flows that can be generated in the future using planned data from the project company, taking into account generally available data on electricity price and hydrological developments as well as the current interest rate environment.
Tunnel collapses led to a shutdown of the power plant since 2023, why impairments were therefore recognised on these non-current receivables in previous years.
In the arbitration proceedings initiated in 2023 with regard to the key issues of (i) whether substantial completion has been achieved and (ii) who is to bear the remediation costs based on the causes of the collapses, a partial arbitral award was issued in the 2025 financial year:
The proceedings determined that STRABAG has not achieved substantial completion. This triggered a penalty, which, however, following the calling of a guarantee, had already been paid and fully recognised as an expense in 2023.
The tribunal attributed responsibility for the collapses to STRABAG. The damages determined in the partial award for the period up to July 2024 (or up to March 2025, depending on the category of damage) amount to USD 21 million and, including interest and arbitration costs, were paid in full in the 2025 financial year \u2013 with the exception of a remaining disputed amount of approximately USD 10.2 million.
The final award in the present arbitration proceedings is not expected until 2027. Further (future) arbitration proceedings relating to disputed issues cannot currently be ruled out.
Remediation of the collapses and repair of further damage to the inner lining in certain sections of the tunnel system are not expected to be completed before the end of 2026.
Due to the continued difficulty in determining the final remediation and upgrade costs and the complex second phase of the arbitration proceedings (and possible further arbitration proceedings),\u00a0the provisions for renovation and warranty formed in the previous year were re-evaluated and adjusted in amount.
Disclosure of the impairments and provisions existing as at 31 December 2025 has been omitted due to the ongoing arbitration proceedings in order to avoid the possibility of seriously prejudicing STRABAG within the meaning of IAS 37.
Due to the unclear cause of the damages, the complex legal circumstances and the long terms to maturity, the actual returns and the actual claim may deviate from the reported values.
The revenue from construction contracts with customers is recognised over time. The Group estimates the work performed by the reporting date as a percentage of the total volume of the order backlog as well as the remaining contract cost to be incurred. If it is probable that the production costs will exceed the recoverable proceeds, an impairment is recognised up to the value of the contract asset; if the value of the respective contract asset is exceeded, an onerous contract provision is recognised. Technically complex and demanding projects, in particular, involve the risk that the estimate of the total cost deviates considerably from the actual cost incurred.
In the event of changes to the contract\u2019s scope and/or price that remain disputed between the parties to the contract (claims and variation orders), revenue from claims and variation orders is estimated in accordance with the provisions on variable consideration under IFRS 15.50ff for the respective project. The estimate is based on qualitative and quantitative criteria.
The following factors must be taken into account when estimating the variable consideration:
The amount of consideration is susceptible to external factors such as the actions of third parties or court rulings. There are different legal views regarding the contractually agreed claims. The uncertainty about the amount of consideration remains over a longer period of time. The company\u2019s experience from similar construction projects is limited by the individual nature of the projects. Due to the large number of individual claims and variation orders in a construction project, a contract will have a broad range of possible consideration amounts.The actual claims arising from claims and variation orders may therefore differ from the estimated amount, especially in the case of complex construction projects with a large number of different claims and variation orders as well as counterclaims of the client.
The above also applies to over-time recognition of revenue from project developments.
The carrying amount of the equity-accounted investments amounted to T\u20ac 595,282 on 31 December 2025 (2024: T\u20ac 525,671).
This includes the 30% stake in\u00a0Holcim Cement CE Holding GmbH. Holcim operates cement works in Austria, Hungary, the Czech Republic and Slovenia. The carrying amount of the investment amounted to T\u20ac 202,528 on 31\u00a0December\u00a02025 (2024: T\u20ac 198,312). As earnings developed according to plan and because of the ongoing distributions, an impairment test was not required.
The Group also holds a 24.94% stake in CmBlu Energy AG. The company is active in the research and development of large-scale battery storage systems using organic solid-flow batteries. The carrying amount of the investment amounted to\u00a0T\u20ac 93,784 on 31 December 2025\u00a0(2024: T\u20ac 111,826). Due to a financing round carried out in December 2025 and the company valuation on which it was based, there was no need to carry out an impairment test.
Deviations from the expected business development as well as developments in the economic environment that are beyond the Management Board\u2019s control may influence the value of the investments.
STRABAG has to calculate the actual income tax expected for each taxable entity and must assess the temporary differences arising from the different treatment of certain balance sheet items in the IFRS consolidated financial statements and the statutory financial statements required for tax purposes. The existence of temporary differences usually results in the recognition of deferred tax assets and liabilities in the consolidated financial statements.
The management must make assessments in the calculation of current and deferred tax. Deferred tax assets are recognised to the extent that their use is probable. The use of deferred tax assets depends on the possibility of realising sufficient taxable income under the respective tax type and jurisdiction under consideration of any possible legal restrictions regarding the maximum loss carry forward period. A number of different factors are used to assess the probability of the future usability of deferred tax assets, such as the past financial performance, operational planning, loss carry forward periods and tax planning strategies. If the actual results deviate from these estimates, or if these estimates must be adjusted in future periods, this could have a negative impact on the financial position, financial performance and cash flows. In the event of a changed assessment of the recoverability of deferred tax assets, the deferred tax assets which have been recognised are written down in profit or loss or, depending on their original formation, outside profit or loss; impaired deferred tax assets are similarly recognised either in profit or loss or outside profit or loss.
The fair value of financial instruments that are not traded in an active market is determined by using suitable valuation techniques selected from among a number of different methods. The assumptions used are mainly based on market conditions existing at the balance sheet date. The Group uses present value techniques to determine the fair value of a number of financial assets that are not traded in an active market.
Within the STRABAG\u00a0SE Group, a large number of the contracts are lease contracts with comparatively low annual rental expenses, of both limited and indefinite duration and with ordinary termination rights. The lease liability is determined by estimating the most likely duration in consideration of extension options and termination rights. All economic aspects for exercising or not exercising the options are taken into account. Deviations between the actual lease terms and these assumptions have an impact on the respective carrying amounts. The risk is reduced by the large number of stand-alone contracts, however.
The present value of the severance and pension obligations depends on a number of different factors based on actuarial assumptions. One of the assumptions used to determine the net expenses or income for pensions is the discount rate. Any change to these assumptions will influence the carrying amount of the pension obligation.
The Group determines the appropriate discount rate at the end of every year. The discount rate is the interest rate used to determine the present value of future cash flows required to settle the obligation. For the purpose of determining the discount rate, the Group employs the interest rate of highest-grade industrial bonds in the same currency in which the benefits are paid and which have terms to maturity equivalent to those of the pension obligations.
Additional substantial assumptions relating to severance and pension obligations are based in part on market conditions. Further information and sensitivity analyses can be found in item (28) Provisions.
Other construction-related provisions, in particular, involve the risk that in individual cases the actual costs for warranty obligations or remaining performance obligations will turn out higher or lower than expected. The balance sheet item other construction-related provisions is composed of several individual projects together, however, as a result of which the risk is reduced to the individual consideration of the projects. This also applies to provisions for recultivation and decommissioning obligations with regard to estimates of future costs and the measures prescribed by the various authorities in the individual countries that are not specified until the time of recultivation.
In October 2021, following an acknowledgement of the facts by the Group companies STRABAG AG and F. Lang u. K. Menhofer Baugesellschaft m.b.H. & Co. KG, the Vienna Commercial Court as the Cartel Court imposed a fine of \u20ac 45.37 million. This was in connection with the criminal and competition law investigations initiated in spring 2017 against STRABAG AG and F. Lang u. K. Menhofer Baugesellschaft m.b.H. & Co. KG, as well as numerous other construction companies, on suspicion of anti-competitive agreements in construction projects in Austria between 2002 and 2017.
In July\u00a02022, the Federal Competition Authority requested a review of the Cartel Court\u2019s final decision regarding the imposed fine. In its decision from October\u00a02022, the Cartel Court rejected the Federal Competition Authority\u2019s application as inadmissible and upheld the view of STRABAG\u00a0AG. The Federal Competition Authority appealed against this decision to the Austrian Supreme Court (OGH), which granted the appeal in a decision on 25\u00a0May\u00a02023 on the grounds that the formal rejection of the Federal Competition Authority\u2019s application without a substantive review by the Higher Regional Court was inadmissible.
On 11 March 2026, STRABAG AG, by means of a settlement, brought to a legally binding close the modification proceedings initiated by the Federal Competition Authority seeking judicial review of the final fine decision of 21 October 2021 for a \u20ac 45.37 million penalty. Following a thorough assessment of the factual and legal situation, the company agreed to a \u20ac 100.63 million increase in the fine to avoid further lengthy court proceedings. The increase in the fine is recognised in the consolidated financial statements under \u201cOther provisions\u201d.
Notwithstanding the concessions made as part of the settlement and the loss of its leniency status, the fact remains that STRABAG AG cooperated extensively with the Federal Competition Authority and made a significant contribution to clarifying the facts of the case. In addition, STRABAG has since worked intensively on the further development of its Business Compliance Management System and is now the first Austrian company operating internationally to obtain group-wide certification under ISO 37001 und ISO 37301.
Several affected clients have asserted claims for damages against STRABAG. Settlement discussions are being conducted with some major clients with a view to reaching an out-of-court resolution. Other clients have already pursued their claims through the courts. Appropriate provisions for potential claims arising from the cartel infringements have been recognised in the consolidated financial statements. The provision was adjusted in the 2025 financial year based on insights gained from the settlement negotiations regarding the claims for damages.
The specific amount of the provision cannot be disclosed due to the ongoing proceedings and negotiations in order to avoid the possibility of seriously prejudicing the position of STRABAG within the meaning of IAS 37. The final financial impact on STRABAG is extremely difficult to estimate due to the complexity of the matter (long period, large number of projects, different clients, heterogeneous structures, etc.). The actual amounts may therefore differ from the amount provided.
", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93562-1": { "value": "Revenue is represented as follows:
| \n \n T\u20ac\n \n | \n \n \n North + West\n \n | \n \n \n South + East\n \n | \n \n \n International + \nSpecial Divisions\n \n | \n \n \n Other\n \n | \n \n \n Group\n \n | \n
| \n \n Business\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Construction\n \n | \n \n \n 7,207,903\n \n | \n \n \n 6,433,303\n \n | \n \n \n 2,366,998\n \n | \n \n \n 0\n \n | \n \n \n 16,008,204\n \n | \n
| \n \n Germany\n \n | \n \n \n 6,683,327\n \n | \n \n \n 299,008\n \n | \n \n \n 104,104\n \n | \n \n \n 0\n \n | \n \n \n 7,086,439\n \n | \n
| \n \n Austria\n \n | \n \n \n 22,677\n \n | \n \n \n 1,959,212\n \n | \n \n \n 176,426\n \n | \n \n \n 0\n \n | \n \n \n 2,158,315\n \n | \n
| \n \n Poland\n \n | \n \n \n 3,800\n \n | \n \n \n 1,627,486\n \n | \n \n \n 1,908\n \n | \n \n \n 0\n \n | \n \n \n 1,633,194\n \n | \n
| \n \n Czech Republic\n \n | \n \n \n 814\n \n | \n \n \n 906,140\n \n | \n \n \n 27,601\n \n | \n \n \n 0\n \n | \n \n \n 934,555\n \n | \n
| \n \n United Kingdom\n \n | \n \n \n 4,234\n \n | \n \n \n 0\n \n | \n \n \n 633,944\n \n | \n \n \n 0\n \n | \n \n \n 638,178\n \n | \n
| \n \n Romania\n \n | \n \n \n 35,560\n \n | \n \n \n 387,559\n \n | \n \n \n 21,600\n \n | \n \n \n 0\n \n | \n \n \n 444,719\n \n | \n
| \n \n Australia\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 439,110\n \n | \n \n \n 0\n \n | \n \n \n 439,110\n \n | \n
| \n \n Other countries, each below \u20ac\u00a0400\u00a0million\n \n | \n \n \n 457,491\n \n | \n \n \n 1,253,898\n \n | \n \n \n 962,305\n \n | \n \n \n 0\n \n | \n \n \n 2,673,694\n \n | \n
| \n \n Construction materials\n \n | \n \n \n 204,581\n \n | \n \n \n 629,440\n \n | \n \n \n 2,073\n \n | \n \n \n 0\n \n | \n \n \n 836,094\n \n | \n
| \n \n Building Solutions\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 996,947\n \n | \n \n \n 0\n \n | \n \n \n 996,947\n \n | \n
| \n \n Project development\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 447,166\n \n | \n \n \n 0\n \n | \n \n \n 447,166\n \n | \n
| \n \n Other\n \n | \n \n \n 99,381\n \n | \n \n \n 175,720\n \n | \n \n \n 131,687\n \n | \n \n \n 19,082\n \n | \n \n \n 425,870\n \n | \n
| \n \n Total\n \n | \n \n \n 7,511,865\n \n | \n \n \n 7,238,463\n \n | \n \n \n 3,944,871\n \n | \n \n \n 19,082\n \n | \n \n \n 18,714,281\n \n | \n
| \n \n T\u20ac\n \n | \n \n \n North + West\n \n | \n \n \n South + East\n \n | \n \n \n International + \nSpecial Divisions\n \n | \n \n \n Other\n \n | \n \n \n Group\n \n | \n
| \n \n Business\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Construction\n \n | \n \n \n 6,930,695\n \n | \n \n \n 6,275,844\n \n | \n \n \n 1,819,299\n \n | \n \n \n 0\n \n | \n \n \n 15,025,838\n \n | \n
| \n \n Germany\n \n | \n \n \n 6,454,798\n \n | \n \n \n 277,717\n \n | \n \n \n 48,618\n \n | \n \n \n 0\n \n | \n \n \n 6,781,133\n \n | \n
| \n \n Austria\n \n | \n \n \n 22,558\n \n | \n \n \n 2,119,469\n \n | \n \n \n 77,006\n \n | \n \n \n 0\n \n | \n \n \n 2,219,033\n \n | \n
| \n \n Poland\n \n | \n \n \n 0\n \n | \n \n \n 1,486,868\n \n | \n \n \n 69\n \n | \n \n \n 0\n \n | \n \n \n 1,486,937\n \n | \n
| \n \n Czech Republic\n \n | \n \n \n 0\n \n | \n \n \n 836,277\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 836,277\n \n | \n
| \n \n United Kingdom\n \n | \n \n \n 8,802\n \n | \n \n \n 294\n \n | \n \n \n 816,126\n \n | \n \n \n 0\n \n | \n \n \n 825,222\n \n | \n
| \n \n Hungary\n \n | \n \n \n 0\n \n | \n \n \n 374,724\n \n | \n \n \n -887\n \n | \n \n \n 0\n \n | \n \n \n 373,837\n \n | \n
| \n \n Romania\n \n | \n \n \n 30,049\n \n | \n \n \n 356,676\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 386,725\n \n | \n
| \n \n Chile\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 369,997\n \n | \n \n \n 0\n \n | \n \n \n 369,997\n \n | \n
| \n \n Other countries, each below \u20ac\u00a0300\u00a0million\n \n | \n \n \n 414,488\n \n | \n \n \n 823,819\n \n | \n \n \n 508,370\n \n | \n \n \n 0\n \n | \n \n \n 1,746,677\n \n | \n
| \n \n Construction materials\n \n | \n \n \n 191,419\n \n | \n \n \n 682,618\n \n | \n \n \n 4,655\n \n | \n \n \n 0\n \n | \n \n \n 878,692\n \n | \n
| \n \n Building Solutions\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 892,440\n \n | \n \n \n 0\n \n | \n \n \n 892,440\n \n | \n
| \n \n Project development\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 226,135\n \n | \n \n \n 0\n \n | \n \n \n 226,135\n \n | \n
| \n \n Other\n \n | \n \n \n 99,159\n \n | \n \n \n 165,293\n \n | \n \n \n 116,739\n \n | \n \n \n 17,923\n \n | \n \n \n 399,114\n \n | \n
| \n \n Total\n \n | \n \n \n 7,221,273\n \n | \n \n \n 7,123,755\n \n | \n \n \n 3,059,268\n \n | \n \n \n 17,923\n \n | \n \n \n 17,422,219\n \n | \n
Service concession arrangements to develop, design, build, operate and finance infrastructure facilities are part of the operating business of STRABAG\u00a0SE. Interest income from these concession arrangements is therefore recognised in revenue from project development amounting to T\u20ac 73,092 (2024: T\u20ac 108,256).
The interest income is calculated using the effective interest method.
STRABAG\u2019s operational portfolio also includes long-term, strategic real estate assets. These were in part constructed by STRABAG itself or acquired (STRABAG Hold Estate). From the 2025 financial year onwards, rental income from investment property is recognised as revenue, as this activity is regarded as an extension of the value chain. This allows the full life cycle of buildings to be covered. Revenue from Hold Estate business activities amounts to T\u20ac 15,372 (2024: T\u20ac 5,464).
All values presented under revenue involve revenue from contracts with customers.
In the 2025 financial year, revenue from approved claims in the amount of T\u20ac 199,285 (2024: T\u20ac 292,872) was recognised. The costs were already recognised in profit or loss in previous periods. The claims and variation orders relate to around 1,500 individual projects, mostly involving small amounts. Due to the complexity of construction projects, there can be numerous claims, some of which are approved during the construction process while others are negotiated only after project completion. During the execution of a construction project, therefore, new claims may arise on an ongoing basis while existing claims from previous periods may be approved. Up to 100 individual claims are quite common in a medium-sized construction project. It is therefore not possible to clearly allocate the costs to the approved claims, so that assumptions must be made when determining the value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93562-2": { "value": "Revenue is represented as follows:
| \n \n T\u20ac\n \n | \n \n \n North + West\n \n | \n \n \n South + East\n \n | \n \n \n International + \nSpecial Divisions\n \n | \n \n \n Other\n \n | \n \n \n Group\n \n | \n
| \n \n Business\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Construction\n \n | \n \n \n 7,207,903\n \n | \n \n \n 6,433,303\n \n | \n \n \n 2,366,998\n \n | \n \n \n 0\n \n | \n \n \n 16,008,204\n \n | \n
| \n \n Germany\n \n | \n \n \n 6,683,327\n \n | \n \n \n 299,008\n \n | \n \n \n 104,104\n \n | \n \n \n 0\n \n | \n \n \n 7,086,439\n \n | \n
| \n \n Austria\n \n | \n \n \n 22,677\n \n | \n \n \n 1,959,212\n \n | \n \n \n 176,426\n \n | \n \n \n 0\n \n | \n \n \n 2,158,315\n \n | \n
| \n \n Poland\n \n | \n \n \n 3,800\n \n | \n \n \n 1,627,486\n \n | \n \n \n 1,908\n \n | \n \n \n 0\n \n | \n \n \n 1,633,194\n \n | \n
| \n \n Czech Republic\n \n | \n \n \n 814\n \n | \n \n \n 906,140\n \n | \n \n \n 27,601\n \n | \n \n \n 0\n \n | \n \n \n 934,555\n \n | \n
| \n \n United Kingdom\n \n | \n \n \n 4,234\n \n | \n \n \n 0\n \n | \n \n \n 633,944\n \n | \n \n \n 0\n \n | \n \n \n 638,178\n \n | \n
| \n \n Romania\n \n | \n \n \n 35,560\n \n | \n \n \n 387,559\n \n | \n \n \n 21,600\n \n | \n \n \n 0\n \n | \n \n \n 444,719\n \n | \n
| \n \n Australia\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 439,110\n \n | \n \n \n 0\n \n | \n \n \n 439,110\n \n | \n
| \n \n Other countries, each below \u20ac\u00a0400\u00a0million\n \n | \n \n \n 457,491\n \n | \n \n \n 1,253,898\n \n | \n \n \n 962,305\n \n | \n \n \n 0\n \n | \n \n \n 2,673,694\n \n | \n
| \n \n Construction materials\n \n | \n \n \n 204,581\n \n | \n \n \n 629,440\n \n | \n \n \n 2,073\n \n | \n \n \n 0\n \n | \n \n \n 836,094\n \n | \n
| \n \n Building Solutions\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 996,947\n \n | \n \n \n 0\n \n | \n \n \n 996,947\n \n | \n
| \n \n Project development\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 447,166\n \n | \n \n \n 0\n \n | \n \n \n 447,166\n \n | \n
| \n \n Other\n \n | \n \n \n 99,381\n \n | \n \n \n 175,720\n \n | \n \n \n 131,687\n \n | \n \n \n 19,082\n \n | \n \n \n 425,870\n \n | \n
| \n \n Total\n \n | \n \n \n 7,511,865\n \n | \n \n \n 7,238,463\n \n | \n \n \n 3,944,871\n \n | \n \n \n 19,082\n \n | \n \n \n 18,714,281\n \n | \n
| \n \n T\u20ac\n \n | \n \n \n North + West\n \n | \n \n \n South + East\n \n | \n \n \n International + \nSpecial Divisions\n \n | \n \n \n Other\n \n | \n \n \n Group\n \n | \n
| \n \n Business\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Construction\n \n | \n \n \n 6,930,695\n \n | \n \n \n 6,275,844\n \n | \n \n \n 1,819,299\n \n | \n \n \n 0\n \n | \n \n \n 15,025,838\n \n | \n
| \n \n Germany\n \n | \n \n \n 6,454,798\n \n | \n \n \n 277,717\n \n | \n \n \n 48,618\n \n | \n \n \n 0\n \n | \n \n \n 6,781,133\n \n | \n
| \n \n Austria\n \n | \n \n \n 22,558\n \n | \n \n \n 2,119,469\n \n | \n \n \n 77,006\n \n | \n \n \n 0\n \n | \n \n \n 2,219,033\n \n | \n
| \n \n Poland\n \n | \n \n \n 0\n \n | \n \n \n 1,486,868\n \n | \n \n \n 69\n \n | \n \n \n 0\n \n | \n \n \n 1,486,937\n \n | \n
| \n \n Czech Republic\n \n | \n \n \n 0\n \n | \n \n \n 836,277\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 836,277\n \n | \n
| \n \n United Kingdom\n \n | \n \n \n 8,802\n \n | \n \n \n 294\n \n | \n \n \n 816,126\n \n | \n \n \n 0\n \n | \n \n \n 825,222\n \n | \n
| \n \n Hungary\n \n | \n \n \n 0\n \n | \n \n \n 374,724\n \n | \n \n \n -887\n \n | \n \n \n 0\n \n | \n \n \n 373,837\n \n | \n
| \n \n Romania\n \n | \n \n \n 30,049\n \n | \n \n \n 356,676\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 386,725\n \n | \n
| \n \n Chile\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 369,997\n \n | \n \n \n 0\n \n | \n \n \n 369,997\n \n | \n
| \n \n Other countries, each below \u20ac\u00a0300\u00a0million\n \n | \n \n \n 414,488\n \n | \n \n \n 823,819\n \n | \n \n \n 508,370\n \n | \n \n \n 0\n \n | \n \n \n 1,746,677\n \n | \n
| \n \n Construction materials\n \n | \n \n \n 191,419\n \n | \n \n \n 682,618\n \n | \n \n \n 4,655\n \n | \n \n \n 0\n \n | \n \n \n 878,692\n \n | \n
| \n \n Building Solutions\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 892,440\n \n | \n \n \n 0\n \n | \n \n \n 892,440\n \n | \n
| \n \n Project development\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 226,135\n \n | \n \n \n 0\n \n | \n \n \n 226,135\n \n | \n
| \n \n Other\n \n | \n \n \n 99,159\n \n | \n \n \n 165,293\n \n | \n \n \n 116,739\n \n | \n \n \n 17,923\n \n | \n \n \n 399,114\n \n | \n
| \n \n Total\n \n | \n \n \n 7,221,273\n \n | \n \n \n 7,123,755\n \n | \n \n \n 3,059,268\n \n | \n \n \n 17,923\n \n | \n \n \n 17,422,219\n \n | \n
Service concession arrangements to develop, design, build, operate and finance infrastructure facilities are part of the operating business of STRABAG\u00a0SE. Interest income from these concession arrangements is therefore recognised in revenue from project development amounting to T\u20ac 73,092 (2024: T\u20ac 108,256).
The interest income is calculated using the effective interest method.
STRABAG\u2019s operational portfolio also includes long-term, strategic real estate assets. These were in part constructed by STRABAG itself or acquired (STRABAG Hold Estate). From the 2025 financial year onwards, rental income from investment property is recognised as revenue, as this activity is regarded as an extension of the value chain. This allows the full life cycle of buildings to be covered. Revenue from Hold Estate business activities amounts to T\u20ac 15,372 (2024: T\u20ac 5,464).
All values presented under revenue involve revenue from contracts with customers.
In the 2025 financial year, revenue from approved claims in the amount of T\u20ac 199,285 (2024: T\u20ac 292,872) was recognised. The costs were already recognised in profit or loss in previous periods. The claims and variation orders relate to around 1,500 individual projects, mostly involving small amounts. Due to the complexity of construction projects, there can be numerous claims, some of which are approved during the construction process while others are negotiated only after project completion. During the execution of a construction project, therefore, new claims may arise on an ongoing basis while existing claims from previous periods may be approved. Up to 100 individual claims are quite common in a medium-sized construction project. It is therefore not possible to clearly allocate the costs to the approved claims, so that assumptions must be made when determining the value.
Other operating income includes insurance compensation and indemnification in the amount of T\u20ac 79,301 (2024: T\u20ac 66,345), exchange rate gains from currency fluctuations in the amount of T\u20ac 4,999 (2024: T\u20ac 7,816) as well as gains from the disposal of fixed assets without financial assets in the amount of T\u20ac 66,374 (2024: T\u20ac 71,213).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93436-1": { "value": "STRABAG\u2019s operational portfolio also includes long-term, strategic real estate assets. These were in part constructed by STRABAG itself or acquired (STRABAG Hold Estate). From the 2025 financial year onwards, rental income from investment property is recognised as revenue, as this activity is regarded as an extension of the value chain. This allows the full life cycle of buildings to be covered. Revenue from Hold Estate business activities amounts to T\u20ac 15,372 (2024: T\u20ac 5,464).
STRABAG\u2019s range of services also includes the management of long-term, strategic real estate holdings (STRABAG Hold Estate), allowing the Group to cover the full building life cycle. The focus is on investments in the office, residential, hotel and mixed-use asset classes. The real estate portfolio is currently being built up through the purchase of new construction projects and redevelopments in Germany, Austria, Benelux and CEE with the aim to ensure the value retention and/or appreciation of the properties. ESG compliance and EU Taxonomy alignment are criteria in all purchases.
The development of investment property is as follows:
| \n \n T\u20ac\n \n | \n \n \n Land and buildings\n \n | \n \n \n Ad\u00advances paid and build\u00adings un\u00adder con\u00adstruc\u00adtion\n \n | \n \n \n Total\n \n | \n
| \n \n Acquisition and production cost\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Balance as at 1.1.2025\n \n | \n \n \n 111,200\n \n | \n \n \n 116,643\n \n | \n \n \n 227,843\n \n | \n
| \n \n Currency translation\n \n | \n \n \n -477\n \n | \n \n \n 0\n \n | \n \n \n -477\n \n | \n
| \n \n Additions\n \n | \n \n \n 79,434\n \n | \n \n \n 34,340\n \n | \n \n \n 113,774\n \n | \n
| \n \n Transfers\n \n | \n \n \n 116,643\n \n | \n \n \n -116,643\n \n | \n \n \n 0\n \n | \n
| \n \n Balance as at 31.12.2025\n \n | \n \n \n 306,800\n \n | \n \n \n 34,340\n \n | \n \n \n 341,140\n \n | \n
| \n \n Accumulated depreciation, amortisation and impairment\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Balance as at 1.1.2025\n \n | \n \n \n 5,541\n \n | \n \n \n 0\n \n | \n \n \n 5,541\n \n | \n
| \n \n Currency translation\n \n | \n \n \n -16\n \n | \n \n \n 0\n \n | \n \n \n -16\n \n | \n
| \n \n Additions\n \n | \n \n \n 5,867\n \n | \n \n \n 0\n \n | \n \n \n 5,867\n \n | \n
| \n \n Balance as at 31.12.2025\n \n | \n \n \n 11,392\n \n | \n \n \n 0\n \n | \n \n \n 11,392\n \n | \n
| \n \n Carrying amount as at 31.12.2025\n \n | \n \n \n 295,408\n \n | \n \n \n 34,340\n \n | \n \n \n 329,748\n \n | \n
| \n \n T\u20ac\n \n | \n \n \n Land and buildings\n \n | \n \n \n Ad\u00advances paid and build\u00adings un\u00adder con\u00adstruc\u00adtion\n \n | \n \n \n Total\n \n | \n
| \n \n Acquisition and production cost\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Balance as at 1.1.2024\n \n | \n \n \n 153,180\n \n | \n \n \n 0\n \n | \n \n \n 153,180\n \n | \n
| \n \n Currency translation\n \n | \n \n \n -28\n \n | \n \n \n 0\n \n | \n \n \n -28\n \n | \n
| \n \n Additions\n \n | \n \n \n 88,919\n \n | \n \n \n 116,643\n \n | \n \n \n 205,562\n \n | \n
| \n \n Disposals\n \n | \n \n \n 130,871\n \n | \n \n \n 0\n \n | \n \n \n 130,871\n \n | \n
| \n \n Balance as at 31.12.2024\n \n | \n \n \n 111,200\n \n | \n \n \n 116,643\n \n | \n \n \n 227,843\n \n | \n
| \n \n Accumulated depreciation, amortisation and impairment\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Balance as at 1.1.2024\n \n | \n \n \n 116,226\n \n | \n \n \n 0\n \n | \n \n \n 116,226\n \n | \n
| \n \n Additions\n \n | \n \n \n 1,837\n \n | \n \n \n 0\n \n | \n \n \n 1,837\n \n | \n
| \n \n Disposals\n \n | \n \n \n 112,522\n \n | \n \n \n 0\n \n | \n \n \n 112,522\n \n | \n
| \n \n Balance as at 31.12.2024\n \n | \n \n \n 5,541\n \n | \n \n \n 0\n \n | \n \n \n 5,541\n \n | \n
| \n \n Carrying amount as at 31.12.2024\n \n | \n \n \n 105,659\n \n | \n \n \n 116,643\n \n | \n \n \n 222,302\n \n | \n
In the 2025 financial year, \u20ac 114 million\u00a0were added to the real estate portfolio. This primarily relates to the acquisition of two office buildings in Cologne. One project is still under construction and is therefore recognised under \u201cAssets under construction\u201d. A purchase agreement for a rented office building in Frankfurt was concluded and the purchase price was paid at the end of 2024. The transfer was scheduled to take effect on 1 January 2025. The purchase price payment was presented as an advance payment made in 2024 and was reclassified to \u201cLand and buildings\u201d in 2025.
The fair value of investment property as at 31\u00a0December\u00a02025 amounts to T\u20ac 363,283 (2024: T\u20ac 238,769).
The fair value of undeveloped properties was set using market prices. For real estate projects, the fair value was determined by discounting net cash flows using recognised valuation methods. Budgeted cash flows are defined by management based on past and future developments.
The cost of capital is calculated as the weighted average cost of equity and debt, with consideration given to the different risk profiles in the individual countries where STRABAG operates. The cost of equity corresponds to the required rate of return for investors, while the cost of debt is based on the long-term financing conditions available to comparison companies. Both components are derived from capital market information.
The results of the discounted cash flow method are validated using the buying and selling factors that can be observed on the market.
The valuation methods used are considered Level 3 measurements and are not based on observable market data.
The rental income from investment property in the 2025 financial year amounted to T\u20ac 15,372 (2024: T\u20ac 5,464) and direct operating expenses totalled T\u20ac 4,794 (2024: T\u20ac 2,516), as well as depreciation of T\u20ac 5,867 (2024: T\u20ac 1,837). Due to the expansion of the Hold Estate portfolio, rental income will increase in the next year and in the following five years; rental income from existing projects will remain more or less constant.
In the financial year, as in the year before, no direct expenses were incurred from unlet investment property. Gains from asset disposals in the amount of T\u20ac 0 (2024: T\u20ac 0) and losses from asset disposals in the amount of T\u20ac 0 (2024: T\u20ac 222) were generated.
A reversal of impairment losses in the amount of T\u20ac 0 was made in the 2025 financial year (2024: T\u20ac 0).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93620-1": { "value": "Other operating income includes insurance compensation and indemnification in the amount of T\u20ac 79,301 (2024: T\u20ac 66,345), exchange rate gains from currency fluctuations in the amount of T\u20ac 4,999 (2024: T\u20ac 7,816) as well as gains from the disposal of fixed assets without financial assets in the amount of T\u20ac 66,374 (2024: T\u20ac 71,213).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93620-2": { "value": "Other operating income includes insurance compensation and indemnification in the amount of T\u20ac 79,301 (2024: T\u20ac 66,345), exchange rate gains from currency fluctuations in the amount of T\u20ac 4,999 (2024: T\u20ac 7,816) as well as gains from the disposal of fixed assets without financial assets in the amount of T\u20ac 66,374 (2024: T\u20ac 71,213).
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Travel costs\n \n | \n \n \n 139,753\n \n | \n \n \n 129,384\n \n | \n
| \n \n Administrative costs\n \n | \n \n \n 128,568\n \n | \n \n \n 127,524\n \n | \n
| \n \n Damages\n \n | \n \n \n 126,964\n \n | \n \n \n 151,392\n \n | \n
| \n \n Insurance premiums\n \n | \n \n \n 112,371\n \n | \n \n \n 116,035\n \n | \n
| \n \n Impairment of receivables\n \n | \n \n \n 33,832\n \n | \n \n \n 54,635\n \n | \n
| \n \n Legal and advisory costs\n \n | \n \n \n 117,947\n \n | \n \n \n 109,143\n \n | \n
| \n \n Rental and lease costs\n \n | \n \n \n 76,520\n \n | \n \n \n 73,298\n \n | \n
| \n \n Other taxes and levies\n \n | \n \n \n 60,996\n \n | \n \n \n 60,963\n \n | \n
| \n \n Advertising costs\n \n | \n \n \n 61,759\n \n | \n \n \n 59,686\n \n | \n
| \n \n IT costs\n \n | \n \n \n 65,351\n \n | \n \n \n 61,502\n \n | \n
| \n \n Other\n \n | \n \n \n 166,258\n \n | \n \n \n 171,722\n \n | \n
| \n \n Other operating expense\n \n | \n \n \n 1,090,319\n \n | \n \n \n 1,115,284\n \n | \n
Other operating expense includes losses from exchange rate differences from currency fluctuations in the amount of T\u20ac 12,935 (2024: T\u20ac 48,272).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93545-1": { "value": "| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Construction materials, consumables\n \n | \n \n \n 3,473,415\n \n | \n \n \n 3,194,695\n \n | \n
| \n \n Services used\n \n | \n \n \n 7,695,238\n \n | \n \n \n 7,268,318\n \n | \n
| \n \n Construction materials, consumables and services used\n \n | \n \n \n 11,168,653\n \n | \n \n \n 10,463,013\n \n | \n
Services used are mainly attributed to services of subcontractors and professional craftsmen as well as planning services, short-term rentals for equipment and third-party repairs. The change of provisions for onerous contracts arising from construction contracts is included in this item.
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Wages\n \n | \n \n \n 1,785,812\n \n | \n \n \n 1,765,937\n \n | \n
| \n \n Salaries\n \n | \n \n \n 2,512,848\n \n | \n \n \n 2,277,854\n \n | \n
| \n \n Social security and related costs\n \n | \n \n \n 851,639\n \n | \n \n \n 783,020\n \n | \n
| \n \n Expenses for severance payments and contributions to employee provident fund\n \n | \n \n \n 36,103\n \n | \n \n \n 23,911\n \n | \n
| \n \n Expenses for pensions and similar obligations\n \n | \n \n \n 6,834\n \n | \n \n \n 5,873\n \n | \n
| \n \n Other social expense\n \n | \n \n \n 50,417\n \n | \n \n \n 48,902\n \n | \n
| \n \n Employee benefits expense\n \n | \n \n \n 5,243,653\n \n | \n \n \n 4,905,497\n \n | \n
The expenses for severance payments and contributions to the employee provident fund and expenses for pensions and similar obligations include the expenses for service costs and indemnity claims resulting from old age part-time claims in the business year. The proportions of interest included in the expenses for severance payments as well as for pensions and similar obligations are recognised in the item net interest income.
Expenses from defined contribution plans amounted to T\u20ac 31,764 (2024: T\u20ac 21,326).
The average number of employees with the proportional inclusion of all subsidiaries and associates is as follows:
| \n \n Average number of employees (FTE)\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n White-collar workers\n \n | \n \n \n 36,061\n \n | \n \n \n 34,277\n \n | \n
| \n \n Blue-collar workers\n \n | \n \n \n 44,150\n \n | \n \n \n 43,897\n \n | \n
| \n \n Total\n \n | \n \n \n 80,211\n \n | \n \n \n 78,174\n \n | \n
A total of 3,269\u00a0(2024: 3,238) employees (FTE) are attributable to subsidiaries and associates not included in the full scope of consolidation.
The expenses for construction materials, consumables and services used as well as the employee benefits expense also include spending on research and development for specific competitive projects, for solving new types of technical problems and for the introduction of building processes to the market.
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Travel costs\n \n | \n \n \n 139,753\n \n | \n \n \n 129,384\n \n | \n
| \n \n Administrative costs\n \n | \n \n \n 128,568\n \n | \n \n \n 127,524\n \n | \n
| \n \n Damages\n \n | \n \n \n 126,964\n \n | \n \n \n 151,392\n \n | \n
| \n \n Insurance premiums\n \n | \n \n \n 112,371\n \n | \n \n \n 116,035\n \n | \n
| \n \n Impairment of receivables\n \n | \n \n \n 33,832\n \n | \n \n \n 54,635\n \n | \n
| \n \n Legal and advisory costs\n \n | \n \n \n 117,947\n \n | \n \n \n 109,143\n \n | \n
| \n \n Rental and lease costs\n \n | \n \n \n 76,520\n \n | \n \n \n 73,298\n \n | \n
| \n \n Other taxes and levies\n \n | \n \n \n 60,996\n \n | \n \n \n 60,963\n \n | \n
| \n \n Advertising costs\n \n | \n \n \n 61,759\n \n | \n \n \n 59,686\n \n | \n
| \n \n IT costs\n \n | \n \n \n 65,351\n \n | \n \n \n 61,502\n \n | \n
| \n \n Other\n \n | \n \n \n 166,258\n \n | \n \n \n 171,722\n \n | \n
| \n \n Other operating expense\n \n | \n \n \n 1,090,319\n \n | \n \n \n 1,115,284\n \n | \n
Other operating expense includes losses from exchange rate differences from currency fluctuations in the amount of T\u20ac 12,935 (2024: T\u20ac 48,272).
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93545-2": { "value": "| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Construction materials, consumables\n \n | \n \n \n 3,473,415\n \n | \n \n \n 3,194,695\n \n | \n
| \n \n Services used\n \n | \n \n \n 7,695,238\n \n | \n \n \n 7,268,318\n \n | \n
| \n \n Construction materials, consumables and services used\n \n | \n \n \n 11,168,653\n \n | \n \n \n 10,463,013\n \n | \n
Services used are mainly attributed to services of subcontractors and professional craftsmen as well as planning services, short-term rentals for equipment and third-party repairs. The change of provisions for onerous contracts arising from construction contracts is included in this item.
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Wages\n \n | \n \n \n 1,785,812\n \n | \n \n \n 1,765,937\n \n | \n
| \n \n Salaries\n \n | \n \n \n 2,512,848\n \n | \n \n \n 2,277,854\n \n | \n
| \n \n Social security and related costs\n \n | \n \n \n 851,639\n \n | \n \n \n 783,020\n \n | \n
| \n \n Expenses for severance payments and contributions to employee provident fund\n \n | \n \n \n 36,103\n \n | \n \n \n 23,911\n \n | \n
| \n \n Expenses for pensions and similar obligations\n \n | \n \n \n 6,834\n \n | \n \n \n 5,873\n \n | \n
| \n \n Other social expense\n \n | \n \n \n 50,417\n \n | \n \n \n 48,902\n \n | \n
| \n \n Employee benefits expense\n \n | \n \n \n 5,243,653\n \n | \n \n \n 4,905,497\n \n | \n
The expenses for severance payments and contributions to the employee provident fund and expenses for pensions and similar obligations include the expenses for service costs and indemnity claims resulting from old age part-time claims in the business year. The proportions of interest included in the expenses for severance payments as well as for pensions and similar obligations are recognised in the item net interest income.
Expenses from defined contribution plans amounted to T\u20ac 31,764 (2024: T\u20ac 21,326).
The average number of employees with the proportional inclusion of all subsidiaries and associates is as follows:
| \n \n Average number of employees (FTE)\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n White-collar workers\n \n | \n \n \n 36,061\n \n | \n \n \n 34,277\n \n | \n
| \n \n Blue-collar workers\n \n | \n \n \n 44,150\n \n | \n \n \n 43,897\n \n | \n
| \n \n Total\n \n | \n \n \n 80,211\n \n | \n \n \n 78,174\n \n | \n
A total of 3,269\u00a0(2024: 3,238) employees (FTE) are attributable to subsidiaries and associates not included in the full scope of consolidation.
The expenses for construction materials, consumables and services used as well as the employee benefits expense also include spending on research and development for specific competitive projects, for solving new types of technical problems and for the introduction of building processes to the market.
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Travel costs\n \n | \n \n \n 139,753\n \n | \n \n \n 129,384\n \n | \n
| \n \n Administrative costs\n \n | \n \n \n 128,568\n \n | \n \n \n 127,524\n \n | \n
| \n \n Damages\n \n | \n \n \n 126,964\n \n | \n \n \n 151,392\n \n | \n
| \n \n Insurance premiums\n \n | \n \n \n 112,371\n \n | \n \n \n 116,035\n \n | \n
| \n \n Impairment of receivables\n \n | \n \n \n 33,832\n \n | \n \n \n 54,635\n \n | \n
| \n \n Legal and advisory costs\n \n | \n \n \n 117,947\n \n | \n \n \n 109,143\n \n | \n
| \n \n Rental and lease costs\n \n | \n \n \n 76,520\n \n | \n \n \n 73,298\n \n | \n
| \n \n Other taxes and levies\n \n | \n \n \n 60,996\n \n | \n \n \n 60,963\n \n | \n
| \n \n Advertising costs\n \n | \n \n \n 61,759\n \n | \n \n \n 59,686\n \n | \n
| \n \n IT costs\n \n | \n \n \n 65,351\n \n | \n \n \n 61,502\n \n | \n
| \n \n Other\n \n | \n \n \n 166,258\n \n | \n \n \n 171,722\n \n | \n
| \n \n Other operating expense\n \n | \n \n \n 1,090,319\n \n | \n \n \n 1,115,284\n \n | \n
Other operating expense includes losses from exchange rate differences from currency fluctuations in the amount of T\u20ac 12,935 (2024: T\u20ac 48,272).
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93550-1": { "value": "| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Wages\n \n | \n \n \n 1,785,812\n \n | \n \n \n 1,765,937\n \n | \n
| \n \n Salaries\n \n | \n \n \n 2,512,848\n \n | \n \n \n 2,277,854\n \n | \n
| \n \n Social security and related costs\n \n | \n \n \n 851,639\n \n | \n \n \n 783,020\n \n | \n
| \n \n Expenses for severance payments and contributions to employee provident fund\n \n | \n \n \n 36,103\n \n | \n \n \n 23,911\n \n | \n
| \n \n Expenses for pensions and similar obligations\n \n | \n \n \n 6,834\n \n | \n \n \n 5,873\n \n | \n
| \n \n Other social expense\n \n | \n \n \n 50,417\n \n | \n \n \n 48,902\n \n | \n
| \n \n Employee benefits expense\n \n | \n \n \n 5,243,653\n \n | \n \n \n 4,905,497\n \n | \n
The expenses for severance payments and contributions to the employee provident fund and expenses for pensions and similar obligations include the expenses for service costs and indemnity claims resulting from old age part-time claims in the business year. The proportions of interest included in the expenses for severance payments as well as for pensions and similar obligations are recognised in the item net interest income.
Expenses from defined contribution plans amounted to T\u20ac 31,764 (2024: T\u20ac 21,326).
| \n \n T\u20ac\n \n | \n \n \n Balance \nas at \n1.1.2025\n \n | \n \n \n Currency\ntran\u00adsla\u00adtion/Trans\u00adfers1\n \n | \n \n \n Changes \nin the \nconsoli-\ndated\n group\n \n | \n \n \n Added\n \n | \n \n \n Used\n \n | \n \n \n Balance \nas at \n31.12.2025\n \n | \n
| \n \n Provisions for severance payments\n \n | \n \n \n 99,338\n \n | \n \n \n 14,992\n \n | \n \n \n 75\n \n | \n \n \n 0\n \n | \n \n \n 504\n \n | \n \n \n 113,901\n \n | \n
| \n \n Provisions for pensions\n \n | \n \n \n 304,404\n \n | \n \n \n 0\n \n | \n \n \n -1,027\n \n | \n \n \n 0\n \n | \n \n \n 41,698\n \n | \n \n \n 261,679\n \n | \n
| \n \n Construction-related provisions\n \n | \n \n \n 589,779\n \n | \n \n \n 10,274\n \n | \n \n \n 125\n \n | \n \n \n 85,747\n \n | \n \n \n 52,133\n \n | \n \n \n 633,792\n \n | \n
| \n \n Personnel-related provisions\n \n | \n \n \n 8,441\n \n | \n \n \n 0\n \n | \n \n \n -19\n \n | \n \n \n 845\n \n | \n \n \n 2,122\n \n | \n \n \n 7,145\n \n | \n
| \n \n Other provisions\n \n | \n \n \n 336,779\n \n | \n \n \n 2,572\n \n | \n \n \n 13\n \n | \n \n \n 19,177\n \n | \n \n \n 95,584\n \n | \n \n \n 262,957\n \n | \n
| \n \n Non-current provisions\n \n | \n \n \n 1,338,741\n \n | \n \n \n 27,838\n \n | \n \n \n -833\n \n | \n \n \n 105,769\n \n | \n \n \n 192,041\n \n | \n \n \n 1,279,474\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Construction-related provisions\n \n | \n \n \n 852,381\n \n | \n \n \n 2,132\n \n | \n \n \n 445\n \n | \n \n \n 887,447\n \n | \n \n \n 852,520\n \n | \n \n \n 889,885\n \n | \n
| \n \n Personnel-related provisions\n \n | \n \n \n 253,162\n \n | \n \n \n -15,556\n \n | \n \n \n 5,096\n \n | \n \n \n 265,732\n \n | \n \n \n 242,853\n \n | \n \n \n 265,581\n \n | \n
| \n \n Other provisions\n \n | \n \n \n 207,731\n \n | \n \n \n -534\n \n | \n \n \n 16,241\n \n | \n \n \n 323,330\n \n | \n \n \n 223,444\n \n | \n \n \n 323,324\n \n | \n
| \n \n Current provisions\n \n | \n \n \n 1,313,274\n \n | \n \n \n -13,958\n \n | \n \n \n 21,782\n \n | \n \n \n 1,476,509\n \n | \n \n \n 1,318,817\n \n | \n \n \n 1,478,790\n \n | \n
| \n \n Total\n \n | \n \n \n 2,652,015\n \n | \n \n \n 13,880\n \n | \n \n \n 20,949\n \n | \n \n \n 1,582,278\n \n | \n \n \n 1,510,858\n \n | \n \n \n 2,758,264\n \n | \n
\n 1Includes transfers to provisions for severance payments amounting to T\u20ac 15,306 that in the previous year were reported under current personnel-related provisions.\n
\nThe actuarial assumptions as at 31\u00a0December\u00a02025 used to calculate provisions for severance payments and pensions are represented as follows:
| \n \n \n \n | \n \n \n Severance payments\n \n | \n \n \n Pension obligations Germany/Austria\n \n | \n \n \n Pension obligations Switzerland\n \n | \n \n \n Pension obligations the Netherlands\n \n | \n \n \n Pension obligations \nBelgium\n \n | \n
| \n \n Actuarial tables\n \n | \n \n \n AV\u00d6 2018-P\n \n | \n \n \n Dr. Klaus Heubeck 2018G/AV\u00d6 2018-P\n \n | \n \n \n BVG 2020G\n \n | \n \n \n Projection Life Table AG2024\n \n | \n \n \n Standard Belgium MR/FR -5year correction 1992\n \n | \n
| \n \n Discount rate (%)\n \n | \n \n \n 3.85\n \n | \n \n \n 3.85\n \n | \n \n \n 1.18\n \n | \n \n \n 3.85\n \n | \n \n \n 3.85\n \n | \n
| \n \n \n \n | \n \n \n (2024: 3.33)\n \n | \n \n \n (2024: 3.33)\n \n | \n \n \n (2024: 0.97)\n \n | \n \n \n (2024: 3.33)\n \n | \n \n \n (2024: 3.33)\n \n | \n
| \n \n Salary increase (%)\n \n | \n \n \n 3.00\n \n | \n \n \n -\n \n | \n \n \n 1.30\n \n | \n \n \n -\n \n | \n \n \n 3.60\n \n | \n
| \n \n \n \n | \n \n \n (2024: 3.00)\n \n | \n \n \n (2024: -)\n \n | \n \n \n (2024: 1.50)\n \n | \n \n \n (2024: -)\n \n | \n \n \n (2024: 3.50)\n \n | \n
| \n \n Pension increase (%)\n \n | \n \n \n -\n \n | \n \n \n 2.10\n \n | \n \n \n 0.00\n \n | \n \n \n 2.10\n \n | \n \n \n 2.10\n \n | \n
| \n \n \n \n | \n \n \n -\n \n | \n \n \n (2024: 3.00)\n \n | \n \n \n (2024: 0.00)\n \n | \n \n \n (2024: 1.30)\n \n | \n \n \n (2024: 2.00)\n \n | \n
| \n \n Retirement age for men\n \n | \n \n \n 65\n \n | \n \n \n 63\u201367\n \n | \n \n \n 65\n \n | \n \n \n 65\n \n | \n \n \n 65\n \n | \n
| \n \n \n \n | \n \n \n (2024: 65)\n \n | \n \n \n (2024: 63\u201367)\n \n | \n \n \n (2024: 65)\n \n | \n \n \n (2024: 65)\n \n | \n \n \n (2024: 65)\n \n | \n
| \n \n Retirement age for women\n \n | \n \n \n 60\u201365\n \n | \n \n \n 60\u201367\n \n | \n \n \n 65\n \n | \n \n \n 65\n \n | \n \n \n 65\n \n | \n
| \n \n \n \n | \n \n \n (2024: 60\u201365)\n \n | \n \n \n (2024: 60\u201367)\n \n | \n \n \n (2024: 65)\n \n | \n \n \n (2024: 65)\n \n | \n \n \n (2024: 65)\n \n | \n
All other parameters remaining equal, a change in the discount rate by +/\u2212 0.5\u00a0percentage points, a change in the salary increase by + 1.0\u00a0percentage points as well as a change in the pension increase by + 1.0\u00a0percentage points would have the following impact on the amount of the provisions for severance payments and pension obligations as at 31\u00a0December\u00a02025:
| \n \n T\u20ac\n \n | \n \n \n Change in discount rate\n \n | \n \n \n Change in salary increase\n \n | \n \n \n Change in future pension increase\n \n | \n |
| \n \n Change1\n \n | \n \n \n -0.5 %-points\n \n | \n \n \n +0.5 %-points\n \n | \n \n \n +1.0 %-points\n \n | \n \n \n +1.0 %-points\n \n | \n
| \n \n Severance payments\n \n | \n \n \n -3,364\n \n | \n \n \n 3,166\n \n | \n \n \n -6,932\n \n | \n \n \n -\n \n | \n
| \n \n Pension obligations\n \n | \n \n \n -25,193\n \n | \n \n \n 22,858\n \n | \n \n \n -1,806\n \n | \n \n \n -33,332\n \n | \n
\n 1Sign: - increase in obligation, + decrease in obligation\n
\n\n Provisions for severance payments\u00a0show the following development:
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Present value of the defined benefit obligation as at 1.1.\n \n | \n \n \n 99,338\n \n | \n \n \n 98,268\n \n | \n
| \n \n Changes in the consolidated group/currency translation/Transfers1\n \n | \n \n \n 15,067\n \n | \n \n \n -59\n \n | \n
| \n \n Current service cost\n \n | \n \n \n 3,198\n \n | \n \n \n 3,502\n \n | \n
| \n \n Interest cost\n \n | \n \n \n 2,794\n \n | \n \n \n 2,626\n \n | \n
| \n \n Severance payments\n \n | \n \n \n -5,791\n \n | \n \n \n -5,017\n \n | \n
| \n \n Actuarial gains/losses arising from experience adjustments\n \n | \n \n \n -3,501\n \n | \n \n \n -1,639\n \n | \n
| \n \n Actuarial gains/losses arising from change in the discount rate\n \n | \n \n \n -1,400\n \n | \n \n \n 975\n \n | \n
| \n \n Actuarial gains/losses arising from demographic changes\n \n | \n \n \n 4,196\n \n | \n \n \n 682\n \n | \n
| \n \n Present value of the defined benefit obligation as at 31.12.\n \n | \n \n \n 113,901\n \n | \n \n \n 99,338\n \n | \n
\n 1Transfers relate to provisions for severance payments that in the previous year were reported under current personnel-related provisions.\n
\nThe development of the provisions for pensions\u00a0is shown below:
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Present value of the defined benefit obligation as at 1.1.\n \n | \n \n \n 496,978\n \n | \n \n \n 497,405\n \n | \n
| \n \n Changes in the consolidated group/currency translation\n \n | \n \n \n 1,109\n \n | \n \n \n 2,945\n \n | \n
| \n \n Current service cost\n \n | \n \n \n 8,236\n \n | \n \n \n 7,536\n \n | \n
| \n \n Interest cost\n \n | \n \n \n 12,018\n \n | \n \n \n 12,876\n \n | \n
| \n \n Pension payments\n \n | \n \n \n -31,870\n \n | \n \n \n -31,726\n \n | \n
| \n \n Actuarial gains/losses arising from experience adjustments\n \n | \n \n \n -7,810\n \n | \n \n \n 5,008\n \n | \n
| \n \n Actuarial gains/losses arising from change in the discount rate\n \n | \n \n \n -34,233\n \n | \n \n \n 2,956\n \n | \n
| \n \n Actuarial gains/losses arising from demographic changes\n \n | \n \n \n -78\n \n | \n \n \n -22\n \n | \n
| \n \n Present value of the defined benefit obligation as at 31.12.\n \n | \n \n \n 444,350\n \n | \n \n \n 496,978\n \n | \n
The plan assets for pension provisions\u00a0developed as follows in the reporting period:
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Fair value of the plan assets as at 1.1.\n \n | \n \n \n 192,574\n \n | \n \n \n 177,551\n \n | \n
| \n \n Changes in the consolidated group/currency translation\n \n | \n \n \n 2,136\n \n | \n \n \n 2,098\n \n | \n
| \n \n Return on plan assets\n \n | \n \n \n 2,562\n \n | \n \n \n 3,240\n \n | \n
| \n \n Contributions\n \n | \n \n \n 8,285\n \n | \n \n \n 7,805\n \n | \n
| \n \n Pension payments\n \n | \n \n \n -9,762\n \n | \n \n \n -9,146\n \n | \n
| \n \n Actuarial gains/losses\n \n | \n \n \n 258\n \n | \n \n \n 2,454\n \n | \n
| \n \n Assets not included according to IFRIC 14\n \n | \n \n \n 0\n \n | \n \n \n 15,329\n \n | \n
| \n \n Reclassification assets\n \n | \n \n \n -13,382\n \n | \n \n \n -6,757\n \n | \n
| \n \n Fair value of the plan assets as at 31.12.\n \n | \n \n \n 182,671\n \n | \n \n \n 192,574\n \n | \n
The plan assets\u00a0consist of the following risk groups:
| \n \n T\u20ac\n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2024\n \n | \n
| \n \n Shares1\n \n | \n \n \n 43,715\n \n | \n \n \n 30,780\n \n | \n
| \n \n Bonds1\n \n | \n \n \n 40,229\n \n | \n \n \n 45,262\n \n | \n
| \n \n Cash\n \n | \n \n \n 3,195\n \n | \n \n \n 7,660\n \n | \n
| \n \n Investment funds\n \n | \n \n \n 10,694\n \n | \n \n \n 11,241\n \n | \n
| \n \n Real estate\n \n | \n \n \n 19,305\n \n | \n \n \n 18,918\n \n | \n
| \n \n Liability insurance\n \n | \n \n \n 62,921\n \n | \n \n \n 65,194\n \n | \n
| \n \n Other assets\n \n | \n \n \n 44,278\n \n | \n \n \n 41,803\n \n | \n
| \n \n thereof reclassified assets\n \n | \n \n \n -41,666\n \n | \n \n \n -28,284\n \n | \n
| \n \n Total\n \n | \n \n \n 182,671\n \n | \n \n \n 192,574\n \n | \n
\n 1All shares and bonds are traded in an active market.\n
\nThe plan assets involve almost exclusively the assets of the pension foundation of STRABAG\u00a0AG, Switzerland. Any investments in this regard are subject to the applicable laws and regulations governing the supervision of foundations. Capital investments are to be chosen by trained experts in such a way as to guarantee the investment goal of revenue-generating and risk-minimising asset management while taking into consideration security, risk distribution, returns and the liquidity to fulfil the pension purposes. The investment strategy can be adjusted on an annual basis in order to reflect market changes. Currently the split is 40% in nominal value assets and 60% in tangible assets.
In the 2025 financial year, STRABAG\u00a0AG, Switzerland, had a surplus of plan assets over the pension liability in the amount of\u00a0T\u20ac 41,666 (2024:\u00a0T\u20ac 28,284). This surplus is reported under other non-current financial assets.
The expected contributions to pension foundations in the following year will amount to T\u20ac 4,040 (2024: T\u20ac 3,916).
The actual income from plan assets amounted to T\u20ac 2,511 in the 2025 financial year (2024:\u00a0T\u20ac 5,359).
Pension payments in Switzerland are provided by pension foundations with funds dedicated to this purpose, while payments in Austria, Germany, Belgium and the Netherlands are covered by readily available cash and cash equivalents as well as securities.
The following amounts for severance and pension provisions were recognised in the income statement:
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Current service cost\n \n | \n \n \n 11,434\n \n | \n \n \n 11,038\n \n | \n
| \n \n Interest cost\n \n | \n \n \n 14,812\n \n | \n \n \n 15,502\n \n | \n
| \n \n Return on plan assets\n \n | \n \n \n 2,562\n \n | \n \n \n 3,240\n \n | \n
The development of the net defined benefit obligation\u00a0for\u00a0severance and pension provisions was as follows:
| \n \n T\u20ac\n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2024\n \n | \n
| \n \n Net obligation for severance provisions\n \n | \n \n \n 113,901\n \n | \n \n \n 99,338\n \n | \n
| \n \n Present value of the defined benefit obligation (pension provisions)\n \n | \n \n \n 444,350\n \n | \n \n \n 496,978\n \n | \n
| \n \n Fair value of plan assets (pension provisions)\n \n | \n \n \n -182,671\n \n | \n \n \n -192,574\n \n | \n
| \n \n Net obligation for pension provisions\n \n | \n \n \n 261,679\n \n | \n \n \n 304,404\n \n | \n
| \n \n Net obligation total\n \n | \n \n \n 375,580\n \n | \n \n \n 403,742\n \n | \n
The maturity profile\u00a0of the benefit payments from the net defined benefit liability as at 31\u00a0December\u00a02025 was as follows:
| \n \n T\u20ac\n \n | \n \n \n < 1 year\n \n | \n \n \n 1\u20135 years\n \n | \n \n \n 6\u201310 years\n \n | \n \n \n 11\u201320 years\n \n | \n \n \n > 20 years\n \n | \n
| \n \n Provisions for severance payments\n \n | \n \n \n 3,618\n \n | \n \n \n 34,279\n \n | \n \n \n 37,143\n \n | \n \n \n 38,262\n \n | \n \n \n 1,635\n \n | \n
| \n \n Provisions for pensions\n \n | \n \n \n 29,920\n \n | \n \n \n 116,442\n \n | \n \n \n 89,034\n \n | \n \n \n 108,873\n \n | \n \n \n 65,817\n \n | \n
The maturity profile\u00a0of the benefit payments from the net defined benefit liability as at 31\u00a0December\u00a02024 was as follows:
| \n \n T\u20ac\n \n | \n \n \n < 1 year\n \n | \n \n \n 1\u20135 years\n \n | \n \n \n 6\u201310 years\n \n | \n \n \n 11\u201320 years\n \n | \n \n \n > 20 years\n \n | \n
| \n \n Provisions for severance payments\n \n | \n \n \n 3,107\n \n | \n \n \n 31,737\n \n | \n \n \n 36,812\n \n | \n \n \n 41,356\n \n | \n \n \n 3,896\n \n | \n
| \n \n Provisions for pensions\n \n | \n \n \n 30,001\n \n | \n \n \n 121,747\n \n | \n \n \n 98,636\n \n | \n \n \n 128,392\n \n | \n \n \n 86,914\n \n | \n
The durations\u00a0(weighted average term) are shown in the following table.
| \n \n Years\n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2024\n \n | \n
| \n \n Severance payments Austria\n \n | \n \n \n 7.75\n \n | \n \n \n 7.35\n \n | \n
| \n \n Pension obligations Austria\n \n | \n \n \n 5.10\n \n | \n \n \n 5.24\n \n | \n
| \n \n Pension obligations Germany\n \n | \n \n \n 8.43\n \n | \n \n \n 9.42\n \n | \n
| \n \n Pension obligations Switzerland\n \n | \n \n \n 13.40\n \n | \n \n \n 14.20\n \n | \n
| \n \n Pension obligations the Netherlands\n \n | \n \n \n 12.60\n \n | \n \n \n 12.60\n \n | \n
| \n \n Pension obligations Belgium\n \n | \n \n \n 5.80\n \n | \n \n \n 6.60\n \n | \n
The average number of employees with the proportional inclusion of all subsidiaries and associates is as follows:
| \n \n Average number of employees (FTE)\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n White-collar workers\n \n | \n \n \n 36,061\n \n | \n \n \n 34,277\n \n | \n
| \n \n Blue-collar workers\n \n | \n \n \n 44,150\n \n | \n \n \n 43,897\n \n | \n
| \n \n Total\n \n | \n \n \n 80,211\n \n | \n \n \n 78,174\n \n | \n
A total of 3,269\u00a0(2024: 3,238) employees (FTE) are attributable to subsidiaries and associates not included in the full scope of consolidation.
The expenses for construction materials, consumables and services used as well as the employee benefits expense also include spending on research and development for specific competitive projects, for solving new types of technical problems and for the introduction of building processes to the market.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93431-1": { "value": "| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Travel costs\n \n | \n \n \n 139,753\n \n | \n \n \n 129,384\n \n | \n
| \n \n Administrative costs\n \n | \n \n \n 128,568\n \n | \n \n \n 127,524\n \n | \n
| \n \n Damages\n \n | \n \n \n 126,964\n \n | \n \n \n 151,392\n \n | \n
| \n \n Insurance premiums\n \n | \n \n \n 112,371\n \n | \n \n \n 116,035\n \n | \n
| \n \n Impairment of receivables\n \n | \n \n \n 33,832\n \n | \n \n \n 54,635\n \n | \n
| \n \n Legal and advisory costs\n \n | \n \n \n 117,947\n \n | \n \n \n 109,143\n \n | \n
| \n \n Rental and lease costs\n \n | \n \n \n 76,520\n \n | \n \n \n 73,298\n \n | \n
| \n \n Other taxes and levies\n \n | \n \n \n 60,996\n \n | \n \n \n 60,963\n \n | \n
| \n \n Advertising costs\n \n | \n \n \n 61,759\n \n | \n \n \n 59,686\n \n | \n
| \n \n IT costs\n \n | \n \n \n 65,351\n \n | \n \n \n 61,502\n \n | \n
| \n \n Other\n \n | \n \n \n 166,258\n \n | \n \n \n 171,722\n \n | \n
| \n \n Other operating expense\n \n | \n \n \n 1,090,319\n \n | \n \n \n 1,115,284\n \n | \n
Other operating expense includes losses from exchange rate differences from currency fluctuations in the amount of T\u20ac 12,935 (2024: T\u20ac 48,272).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93639-1": { "value": "| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Income from equity-accounted investments\n \n | \n \n \n 55,731\n \n | \n \n \n 50,447\n \n | \n
| \n \n Expenses arising from equity-accounted investments\n \n | \n \n \n -30,892\n \n | \n \n \n -13,314\n \n | \n
| \n \n Gains on the disposal of equity-accounted investments\n \n | \n \n \n 148\n \n | \n \n \n 0\n \n | \n
| \n \n Profit from construction consortia\n \n | \n \n \n 199,924\n \n | \n \n \n 190,983\n \n | \n
| \n \n Losses from construction consortia\n \n | \n \n \n -61,057\n \n | \n \n \n -79,401\n \n | \n
| \n \n Share of profit or loss of equity-accounted investments\n \n | \n \n \n 163,854\n \n | \n \n \n 148,715\n \n | \n
\n Holcim Cement CE Holding GmbH, Vienna, is a significant associate. The group\u2019s share of the capital and voting rights amounts to 30%. The company is accounted for using the equity method. We also refer to item (39) Notes on related parties.
The following financial information concerns the preliminary consolidated financial statements prepared in accordance with IFRS.
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Revenue\n \n | \n \n \n 319,828\n \n | \n \n \n 343,369\n \n | \n
| \n \n Net income from continuing operations\n \n | \n \n \n 41,103\n \n | \n \n \n 38,981\n \n | \n
| \n \n Other comprehensive income\n \n | \n \n \n 13,923\n \n | \n \n \n -8,077\n \n | \n
| \n \n Total comprehensive income\n \n | \n \n \n 55,026\n \n | \n \n \n 30,904\n \n | \n
| \n \n attributable to: non-controlling interests\n \n | \n \n \n -29\n \n | \n \n \n -87\n \n | \n
| \n \n attributable to: equity holders of the parent\n \n | \n \n \n 55,055\n \n | \n \n \n 30,991\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n \n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2024\n \n | \n
| \n \n Non-current assets\n \n | \n \n \n 562,361\n \n | \n \n \n 540,535\n \n | \n
| \n \n Current assets\n \n | \n \n \n 128,084\n \n | \n \n \n 143,604\n \n | \n
| \n \n Non-current liabilities\n \n | \n \n \n -143,530\n \n | \n \n \n -146,545\n \n | \n
| \n \n Current liabilities\n \n | \n \n \n -158,204\n \n | \n \n \n -162,910\n \n | \n
| \n \n Net assets\n \n | \n \n \n 388,711\n \n | \n \n \n 374,684\n \n | \n
| \n \n attributable to: non-controlling interests\n \n | \n \n \n 3,893\n \n | \n \n \n 3,922\n \n | \n
| \n \n attributable to: equity holders of the parent\n \n | \n \n \n 384,818\n \n | \n \n \n 370,762\n \n | \n
The financial information presented here can be transferred to the equity carrying amount of the Holcim Cement CE Holding\u00a0GmbH in the consolidated financial statements as follows:
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Group's share of net assets as at 1.1.\n \n | \n \n \n 111,228\n \n | \n \n \n 114,896\n \n | \n
| \n \n Group's share of net income from continuing operations\n \n | \n \n \n 12,174\n \n | \n \n \n 11,530\n \n | \n
| \n \n Group's share of other comprehensive income\n \n | \n \n \n 4,342\n \n | \n \n \n -2,233\n \n | \n
| \n \n Group's share of total comprehensive income\n \n | \n \n \n 16,516\n \n | \n \n \n 9,297\n \n | \n
| \n \n Dividends received\n \n | \n \n \n -12,300\n \n | \n \n \n -12,965\n \n | \n
| \n \n Group's share of net assets as at 31.12.\n \n | \n \n \n 115,444\n \n | \n \n \n 111,228\n \n | \n
| \n \n Goodwill\n \n | \n \n \n 87,084\n \n | \n \n \n 87,084\n \n | \n
| \n \n Equity-method carrying amount as at 31.12.\n \n | \n \n \n 202,528\n \n | \n \n \n 198,312\n \n | \n
Another significant associate is CMBlu Energy AG, Alzenau.\u00a0The company is active in the field of research and development of large-scale battery storage systems using organic solid-flow batteries. As at 31 December 2025, the STRABAG SE Group holds 24.94% of the shares. In addition, STRABAG has the right to appoint a member to the company\u2019s Supervisory Board.
In the 2025 financial year, 6.27% of the shares were again sold due to obligations in connection with the shares acquired in December 2024.
The following financial information concerns the preliminary consolidated financial statements prepared in accordance with IFRS.
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Net income from continuing operations\n \n | \n \n \n -48,023\n \n | \n \n \n -33,240\n \n | \n
| \n \n Other comprehensive income\n \n | \n \n \n 328\n \n | \n \n \n -69\n \n | \n
| \n \n Total comprehensive income\n \n | \n \n \n -47,695\n \n | \n \n \n -33,309\n \n | \n
| \n \n attributable to: non-controlling interests\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n
| \n \n attributable to: equity holders of the parent\n \n | \n \n \n -47,695\n \n | \n \n \n -33,333\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n \n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2024\n \n | \n
| \n \n Non-current assets\n \n | \n \n \n 18,925\n \n | \n \n \n 18,082\n \n | \n
| \n \n Current assets\n \n | \n \n \n 15,161\n \n | \n \n \n 66,059\n \n | \n
| \n \n Non-current liabilities\n \n | \n \n \n -3,610\n \n | \n \n \n -7,413\n \n | \n
| \n \n Current liabilities\n \n | \n \n \n -7,548\n \n | \n \n \n -7,500\n \n | \n
| \n \n Net assets\n \n | \n \n \n 22,928\n \n | \n \n \n 69,228\n \n | \n
| \n \n attributable to: non-controlling interests\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n
| \n \n attributable to: equity holders of the parent\n \n | \n \n \n 22,928\n \n | \n \n \n 69,228\n \n | \n
The financial information presented here can be transferred to the equity carrying amount of CMBlu Energy\u00a0AG in the consolidated financial statements as follows:
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Group's share of net assets as at 1.1.\n \n | \n \n \n 21,605\n \n | \n \n \n 15,190\n \n | \n
| \n \n Group's share of net income from continuing operations\n \n | \n \n \n -12,089\n \n | \n \n \n -5,259\n \n | \n
| \n \n Group's share of other comprehensive income\n \n | \n \n \n 82\n \n | \n \n \n -21\n \n | \n
| \n \n Group's share of total comprehensive income\n \n | \n \n \n -12,007\n \n | \n \n \n -5,280\n \n | \n
| \n \n Dilution of shares\n \n | \n \n \n 0\n \n | \n \n \n -432\n \n | \n
| \n \n Disposal of shares\n \n | \n \n \n -3,879\n \n | \n \n \n 0\n \n | \n
| \n \n Acquisition of shares\n \n | \n \n \n 0\n \n | \n \n \n 12,127\n \n | \n
| \n \n Group's share of net assets as at 31.12.\n \n | \n \n \n 5,719\n \n | \n \n \n 21,605\n \n | \n
| \n \n Goodwill\n \n | \n \n \n 88,065\n \n | \n \n \n 90,221\n \n | \n
| \n \n Equity-method carrying amount as at 31.12.\n \n | \n \n \n 93,784\n \n | \n \n \n 111,826\n \n | \n
The following table arranges in aggregate form the carrying amount and the group\u2019s share of the profit and other comprehensive income from associates that would be immaterial by themselves:
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Total of equity-method carrying amounts as at 31.12.\n \n | \n \n \n 117,161\n \n | \n \n \n 97,907\n \n | \n
| \n \n Group's share of net income from continuing operations\n \n | \n \n \n 25,008\n \n | \n \n \n 11,655\n \n | \n
| \n \n Group's share of other comprehensive income\n \n | \n \n \n -1,687\n \n | \n \n \n 250\n \n | \n
| \n \n Group's share of total comprehensive income\n \n | \n \n \n 23,321\n \n | \n \n \n 11,905\n \n | \n
Proportionate losses from equity-accounted investments in the amount of T\u20ac 4,070 (2024: T\u20ac 3,914) were not recognised in profit or loss, as the carrying amounts of these investments already are T\u20ac 0.
The following list shows the equity accounted associates included in the consolidated financial statement:
| \n \n Company\nEquity accounted associate\n \n | \n \n \n Residence\n \n | \n \n \n Country\n \n | \n \n \n Direct stake %\n \n | \n \n \n \n \n | \n
| \n \n Holcim Cement CE Holding GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 30.00\n \n | \n \n \n \n \n | \n
| \n \n Bayerische Asphaltmischwerke GmbH & Co. Kommanditgesellschaft f\u00fcr Stra\u00dfenbaustoffe\n \n | \n \n \n Hofolding\n \n | \n \n \n Germany\n \n | \n \n \n 48.33\n \n | \n \n \n \n \n | \n
| \n \n CMBlu Energy AG\n \n | \n \n \n Alzenau\n \n | \n \n \n Germany\n \n | \n \n \n 24.94\n \n | \n \n \n \n \n | \n
| \n \n DESARROLLO VIAL AL MAR S.A.S.\n \n | \n \n \n Medell\u00edn\n \n | \n \n \n Colombia\n \n | \n \n \n 37.50\n \n | \n \n \n \n \n | \n
| \n \n Autostrada Wielkopolska II S.A.\n \n | \n \n \n Poznan\n \n | \n \n \n Poland\n \n | \n \n \n 20.00\n \n | \n \n \n \n \n | \n
| \n \n Z\u00fcblin International Qatar LLC\n \n | \n \n \n Doha\n \n | \n \n \n Qatar\n \n | \n \n \n 49.00\n \n | \n \n \n \n \n | \n
| \n \n SOCIETATEA COMPANIILOR HOTELIERE GRAND SRL\n \n | \n \n \n Bucharest\n \n | \n \n \n Romania\n \n | \n \n \n 35.32\n \n | \n \n \n \n \n | \n
| \n \n MAK Mecsek Autopalya Koncesszios Zrt.\n \n | \n \n \n Budapest\n \n | \n \n \n Hungary\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Income from equity-accounted investments\n \n | \n \n \n 55,731\n \n | \n \n \n 50,447\n \n | \n
| \n \n Expenses arising from equity-accounted investments\n \n | \n \n \n -30,892\n \n | \n \n \n -13,314\n \n | \n
| \n \n Gains on the disposal of equity-accounted investments\n \n | \n \n \n 148\n \n | \n \n \n 0\n \n | \n
| \n \n Profit from construction consortia\n \n | \n \n \n 199,924\n \n | \n \n \n 190,983\n \n | \n
| \n \n Losses from construction consortia\n \n | \n \n \n -61,057\n \n | \n \n \n -79,401\n \n | \n
| \n \n Share of profit or loss of equity-accounted investments\n \n | \n \n \n 163,854\n \n | \n \n \n 148,715\n \n | \n
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Carrying amount as at 1.1.\n \n | \n \n \n 525,671\n \n | \n \n \n 541,026\n \n | \n
| \n \n Acquisitions/contributions\n \n | \n \n \n 109,726\n \n | \n \n \n 17,886\n \n | \n
| \n \n Income and expenses from equity-accounted investments\n \n | \n \n \n 24,839\n \n | \n \n \n 37,133\n \n | \n
| \n \n Distributions received\n \n | \n \n \n -43,534\n \n | \n \n \n -49,467\n \n | \n
| \n \n Repayments of capital\n \n | \n \n \n 0\n \n | \n \n \n -12,511\n \n | \n
| \n \n Disposals of carrying values\n \n | \n \n \n -6,035\n \n | \n \n \n 0\n \n | \n
| \n \n Transfers of carrying values\n \n | \n \n \n -10,748\n \n | \n \n \n 0\n \n | \n
| \n \n Share of other comprehensive income\n \n | \n \n \n -4,862\n \n | \n \n \n -3,573\n \n | \n
| \n \n Adjustment for income and expenses not covered by the equity-method carrying amount\n \n | \n \n \n 225\n \n | \n \n \n -4,823\n \n | \n
| \n \n Carrying amount as at 31.12.\n \n | \n \n \n 595,282\n \n | \n \n \n 525,671\n \n | \n
As at 31 December 2025, provisions amounting to T\u20ac 4,000 (2024: T\u20ac 4,000) and impairment allowances on receivables in connection with equity-accounted investments in the amount of T\u20ac 10,702 (2024: T\u20ac 10,477) were recognised. Changes in provisions and impairments recognised in profit or loss are reported under income or expenses from equity-accounted investments.
\n Holcim Cement CE Holding GmbH, Vienna, is a significant associate. The group\u2019s share of the capital and voting rights amounts to 30%. The company is accounted for using the equity method. We also refer to item (39) Notes on related parties.
The following financial information concerns the preliminary consolidated financial statements prepared in accordance with IFRS.
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Revenue\n \n | \n \n \n 319,828\n \n | \n \n \n 343,369\n \n | \n
| \n \n Net income from continuing operations\n \n | \n \n \n 41,103\n \n | \n \n \n 38,981\n \n | \n
| \n \n Other comprehensive income\n \n | \n \n \n 13,923\n \n | \n \n \n -8,077\n \n | \n
| \n \n Total comprehensive income\n \n | \n \n \n 55,026\n \n | \n \n \n 30,904\n \n | \n
| \n \n attributable to: non-controlling interests\n \n | \n \n \n -29\n \n | \n \n \n -87\n \n | \n
| \n \n attributable to: equity holders of the parent\n \n | \n \n \n 55,055\n \n | \n \n \n 30,991\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n \n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2024\n \n | \n
| \n \n Non-current assets\n \n | \n \n \n 562,361\n \n | \n \n \n 540,535\n \n | \n
| \n \n Current assets\n \n | \n \n \n 128,084\n \n | \n \n \n 143,604\n \n | \n
| \n \n Non-current liabilities\n \n | \n \n \n -143,530\n \n | \n \n \n -146,545\n \n | \n
| \n \n Current liabilities\n \n | \n \n \n -158,204\n \n | \n \n \n -162,910\n \n | \n
| \n \n Net assets\n \n | \n \n \n 388,711\n \n | \n \n \n 374,684\n \n | \n
| \n \n attributable to: non-controlling interests\n \n | \n \n \n 3,893\n \n | \n \n \n 3,922\n \n | \n
| \n \n attributable to: equity holders of the parent\n \n | \n \n \n 384,818\n \n | \n \n \n 370,762\n \n | \n
The financial information presented here can be transferred to the equity carrying amount of the Holcim Cement CE Holding\u00a0GmbH in the consolidated financial statements as follows:
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Group's share of net assets as at 1.1.\n \n | \n \n \n 111,228\n \n | \n \n \n 114,896\n \n | \n
| \n \n Group's share of net income from continuing operations\n \n | \n \n \n 12,174\n \n | \n \n \n 11,530\n \n | \n
| \n \n Group's share of other comprehensive income\n \n | \n \n \n 4,342\n \n | \n \n \n -2,233\n \n | \n
| \n \n Group's share of total comprehensive income\n \n | \n \n \n 16,516\n \n | \n \n \n 9,297\n \n | \n
| \n \n Dividends received\n \n | \n \n \n -12,300\n \n | \n \n \n -12,965\n \n | \n
| \n \n Group's share of net assets as at 31.12.\n \n | \n \n \n 115,444\n \n | \n \n \n 111,228\n \n | \n
| \n \n Goodwill\n \n | \n \n \n 87,084\n \n | \n \n \n 87,084\n \n | \n
| \n \n Equity-method carrying amount as at 31.12.\n \n | \n \n \n 202,528\n \n | \n \n \n 198,312\n \n | \n
Another significant associate is CMBlu Energy AG, Alzenau.\u00a0The company is active in the field of research and development of large-scale battery storage systems using organic solid-flow batteries. As at 31 December 2025, the STRABAG SE Group holds 24.94% of the shares. In addition, STRABAG has the right to appoint a member to the company\u2019s Supervisory Board.
In the 2025 financial year, 6.27% of the shares were again sold due to obligations in connection with the shares acquired in December 2024.
The following financial information concerns the preliminary consolidated financial statements prepared in accordance with IFRS.
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Net income from continuing operations\n \n | \n \n \n -48,023\n \n | \n \n \n -33,240\n \n | \n
| \n \n Other comprehensive income\n \n | \n \n \n 328\n \n | \n \n \n -69\n \n | \n
| \n \n Total comprehensive income\n \n | \n \n \n -47,695\n \n | \n \n \n -33,309\n \n | \n
| \n \n attributable to: non-controlling interests\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n
| \n \n attributable to: equity holders of the parent\n \n | \n \n \n -47,695\n \n | \n \n \n -33,333\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n \n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2024\n \n | \n
| \n \n Non-current assets\n \n | \n \n \n 18,925\n \n | \n \n \n 18,082\n \n | \n
| \n \n Current assets\n \n | \n \n \n 15,161\n \n | \n \n \n 66,059\n \n | \n
| \n \n Non-current liabilities\n \n | \n \n \n -3,610\n \n | \n \n \n -7,413\n \n | \n
| \n \n Current liabilities\n \n | \n \n \n -7,548\n \n | \n \n \n -7,500\n \n | \n
| \n \n Net assets\n \n | \n \n \n 22,928\n \n | \n \n \n 69,228\n \n | \n
| \n \n attributable to: non-controlling interests\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n
| \n \n attributable to: equity holders of the parent\n \n | \n \n \n 22,928\n \n | \n \n \n 69,228\n \n | \n
The financial information presented here can be transferred to the equity carrying amount of CMBlu Energy\u00a0AG in the consolidated financial statements as follows:
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Group's share of net assets as at 1.1.\n \n | \n \n \n 21,605\n \n | \n \n \n 15,190\n \n | \n
| \n \n Group's share of net income from continuing operations\n \n | \n \n \n -12,089\n \n | \n \n \n -5,259\n \n | \n
| \n \n Group's share of other comprehensive income\n \n | \n \n \n 82\n \n | \n \n \n -21\n \n | \n
| \n \n Group's share of total comprehensive income\n \n | \n \n \n -12,007\n \n | \n \n \n -5,280\n \n | \n
| \n \n Dilution of shares\n \n | \n \n \n 0\n \n | \n \n \n -432\n \n | \n
| \n \n Disposal of shares\n \n | \n \n \n -3,879\n \n | \n \n \n 0\n \n | \n
| \n \n Acquisition of shares\n \n | \n \n \n 0\n \n | \n \n \n 12,127\n \n | \n
| \n \n Group's share of net assets as at 31.12.\n \n | \n \n \n 5,719\n \n | \n \n \n 21,605\n \n | \n
| \n \n Goodwill\n \n | \n \n \n 88,065\n \n | \n \n \n 90,221\n \n | \n
| \n \n Equity-method carrying amount as at 31.12.\n \n | \n \n \n 93,784\n \n | \n \n \n 111,826\n \n | \n
\n Cascade Infrastructure Holdings Limited, Manchester, was established by articles of association dated 14 May 2025. The company is the project company for a major water infrastructure project in the United Kingdom. Under a concession agreement, the company was commissioned with planning, construction, building and financing. The STRABAG SE Group holds 50% of the voting rights in the company, which therefore represents an significant joint venture.
The following financial information concerns the preliminary consolidated financial statements prepared in accordance with IFRS.
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n
| \n \n Net income from continuing operations\n \n | \n \n \n -15,562\n \n | \n
| \n \n Other comprehensive income\n \n | \n \n \n -14,278\n \n | \n
| \n \n Total comprehensive income\n \n | \n \n \n -29,840\n \n | \n
| \n \n attributable to: non-controlling interests\n \n | \n \n \n 0\n \n | \n
| \n \n attributable to: equity holders of the parent\n \n | \n \n \n -29,840\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n
| \n \n \n \n | \n \n \n 31.12.2025\n \n | \n
| \n \n Current assets\n \n | \n \n \n 222,771\n \n | \n
| \n \n Non-current liabilities\n \n | \n \n \n -64,504\n \n | \n
| \n \n Current liabilities\n \n | \n \n \n -19,603\n \n | \n
| \n \n Net assets\n \n | \n \n \n 138,664\n \n | \n
| \n \n attributable to: non-controlling interests\n \n | \n \n \n 0\n \n | \n
| \n \n attributable to: equity holders of the parent\n \n | \n \n \n 138,664\n \n | \n
The financial information presented here can be transferred to the equity carrying amount of\u00a0Cascade Infrastructure Holdings Limited\u00a0in the consolidated financial statements as follows:
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n
| \n \n Group's share of net assets as at 1.1.\n \n | \n \n \n 0\n \n | \n
| \n \n Capital contribution\n \n | \n \n \n 84,252\n \n | \n
| \n \n Group's share of net income from continuing operations\n \n | \n \n \n -7,781\n \n | \n
| \n \n Group's share of other comprehensive income\n \n | \n \n \n -7,139\n \n | \n
| \n \n Group's share of total comprehensive income\n \n | \n \n \n -14,920\n \n | \n
| \n \n Group's share of net assets as at 31.12.\n \n | \n \n \n 69,332\n \n | \n
| \n \n Equity-method carrying amount as at 31.12.\n \n | \n \n \n 69,332\n \n | \n
The following table arranges in aggregate form the carrying amount and the group\u2019s share of the profit and other comprehensive income from associates that would be immaterial by themselves:
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Total of equity-method carrying amounts as at 31.12.\n \n | \n \n \n 117,161\n \n | \n \n \n 97,907\n \n | \n
| \n \n Group's share of net income from continuing operations\n \n | \n \n \n 25,008\n \n | \n \n \n 11,655\n \n | \n
| \n \n Group's share of other comprehensive income\n \n | \n \n \n -1,687\n \n | \n \n \n 250\n \n | \n
| \n \n Group's share of total comprehensive income\n \n | \n \n \n 23,321\n \n | \n \n \n 11,905\n \n | \n
The following table arranges in aggregate form the carrying amount and the group\u2019s share of the profit and other comprehensive income from joint ventures that would be immaterial by themselves:
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Total of equity-method carrying amounts as at 31.12.\n \n | \n \n \n 112,477\n \n | \n \n \n 117,626\n \n | \n
| \n \n Group's share of net income from continuing operations\n \n | \n \n \n 7,527\n \n | \n \n \n 19,207\n \n | \n
| \n \n Group's share of other comprehensive income\n \n | \n \n \n -460\n \n | \n \n \n -1,569\n \n | \n
| \n \n Group's share of total comprehensive income\n \n | \n \n \n 7,068\n \n | \n \n \n 17,638\n \n | \n
Proportionate losses from equity-accounted investments in the amount of T\u20ac 4,070 (2024: T\u20ac 3,914) were not recognised in profit or loss, as the carrying amounts of these investments already are T\u20ac 0.
The group classifies construction consortia as joint ventures and records their earnings under share of profit or loss of equity-accounted investments. The following table shows the group\u2019s ten most important consortia with regard to the output volume in the 2025 financial year.
| \n \n Construction consortia\n \n | \n \n \n Stake in %\n \n | \n
| \n \n ARGE HAUS DER STATISTIK HDS, Germany (HDS)\n \n | \n \n \n 50.00\n \n | \n
| \n \n ARGE JVA M\u00dcNSTER LOS 1 PLANUNG UND BAU, Germany (JVA L1)\n \n | \n \n \n 50.00\n \n | \n
| \n \n ARGE NGP BAU 36 MB SINDELFINGEN, Germany (MB36)\n \n | \n \n \n 65.00\n \n | \n
| \n \n ARGE SCHLEUSE KRIEGENBRUNN, Germany (KRIE)\n \n | \n \n \n 80.00\n \n | \n
| \n \n ARGE U2 17-21, Austria (U2)\n \n | \n \n \n 50.00\n \n | \n
| \n \n ARGE U5 OST LOS 1, Germany (U5L1)\n \n | \n \n \n 50.00\n \n | \n
| \n \n ARGE U5-OST HAMBURG LOS2, Germany (U5L2)\n \n | \n \n \n 70.00\n \n | \n
| \n \n ARGE US-KLINIK WEILERBACH, Germany (WEIL)\n \n | \n \n \n 75.00\n \n | \n
| \n \n BAU-ARGE \u00d6PP BAB A49 SLW, Germany (A49)\n \n | \n \n \n 50.00\n \n | \n
| \n \n COMBINATIE HEREPOORT VOF, the Netherlands (HER)\n \n | \n \n \n 46.04\n \n | \n
The financial information in the 2025 financial year on these consortia is presented 100% and before consolidation and valuation approaches deviating from the consortia balance sheet if applicable.
| \n \n T\u20ac\n \n | \n \n \n Revenue\n \n | \n \n \n Non-current assets\n \n | \n \n \n Current assets\n \n | \n \n \n thereof cash and cash equivalents\n \n | \n \n \n Current liabilities\n \n | \n
| \n \n WEIL\n \n | \n \n \n 204,590\n \n | \n \n \n 26\n \n | \n \n \n 125,778\n \n | \n \n \n 112,965\n \n | \n \n \n 125,804\n \n | \n
| \n \n U5 L2\n \n | \n \n \n 111,978\n \n | \n \n \n 6,635\n \n | \n \n \n 58,750\n \n | \n \n \n 34,407\n \n | \n \n \n 65,385\n \n | \n
| \n \n U2\n \n | \n \n \n 104,983\n \n | \n \n \n 13,654\n \n | \n \n \n 56,534\n \n | \n \n \n 10,287\n \n | \n \n \n 70,188\n \n | \n
| \n \n JVA L1\n \n | \n \n \n 96,674\n \n | \n \n \n 170\n \n | \n \n \n 32,300\n \n | \n \n \n 18,324\n \n | \n \n \n 32,470\n \n | \n
| \n \n MB36\n \n | \n \n \n 90,035\n \n | \n \n \n 0\n \n | \n \n \n 131,523\n \n | \n \n \n 39,429\n \n | \n \n \n 131,523\n \n | \n
| \n \n A49\n \n | \n \n \n 70,446\n \n | \n \n \n 465\n \n | \n \n \n 37,180\n \n | \n \n \n 25,143\n \n | \n \n \n 37,645\n \n | \n
| \n \n U5 L1\n \n | \n \n \n 67,340\n \n | \n \n \n 150\n \n | \n \n \n 44,729\n \n | \n \n \n 17,319\n \n | \n \n \n 44,879\n \n | \n
| \n \n HER\n \n | \n \n \n 62,739\n \n | \n \n \n 0\n \n | \n \n \n 9,816\n \n | \n \n \n 9,616\n \n | \n \n \n 9,816\n \n | \n
| \n \n HDS\n \n | \n \n \n 62,005\n \n | \n \n \n 0\n \n | \n \n \n 52,187\n \n | \n \n \n 17,004\n \n | \n \n \n 52,187\n \n | \n
| \n \n KRIE\n \n | \n \n \n 54,856\n \n | \n \n \n 6,419\n \n | \n \n \n 24,442\n \n | \n \n \n 21,830\n \n | \n \n \n 30,861\n \n | \n
In the 2025 financial year, the share of profit or loss of equity-accounted investments recorded for the above-mentioned consortia included T\u20ac 74,422 in profits from consortia and T\u20ac 22,698 in losses from consortia including impending losses.
The financial information in the 2024 financial year on these consortia is presented 100% and before consolidation and valuation approaches deviating from the consortia balance sheet if applicable.
| \n \n T\u20ac\n \n | \n \n \n Revenue\n \n | \n \n \n Non-current assets\n \n | \n \n \n Current assets\n \n | \n \n \n thereof cash and cash equivalents\n \n | \n \n \n Current liabilities\n \n | \n
| \n \n WEIL\n \n | \n \n \n 181,091\n \n | \n \n \n 38\n \n | \n \n \n 70,754\n \n | \n \n \n 38,185\n \n | \n \n \n 70,792\n \n | \n
| \n \n U5 L2\n \n | \n \n \n 82,722\n \n | \n \n \n 5,840\n \n | \n \n \n 39,214\n \n | \n \n \n 38,902\n \n | \n \n \n 45,054\n \n | \n
| \n \n U2\n \n | \n \n \n 111,593\n \n | \n \n \n 17,358\n \n | \n \n \n 37,183\n \n | \n \n \n 2,081\n \n | \n \n \n 54,541\n \n | \n
| \n \n JVA L1\n \n | \n \n \n 52,476\n \n | \n \n \n 191\n \n | \n \n \n 18,200\n \n | \n \n \n 695\n \n | \n \n \n 18,391\n \n | \n
| \n \n MB36\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n
| \n \n A49\n \n | \n \n \n 188,679\n \n | \n \n \n 3,294\n \n | \n \n \n 110,470\n \n | \n \n \n 51,011\n \n | \n \n \n 113,764\n \n | \n
| \n \n U5 L1\n \n | \n \n \n 93,445\n \n | \n \n \n 90\n \n | \n \n \n 43,412\n \n | \n \n \n 15,038\n \n | \n \n \n 43,502\n \n | \n
| \n \n HER\n \n | \n \n \n 67,195\n \n | \n \n \n 69\n \n | \n \n \n 7,811\n \n | \n \n \n 1,624\n \n | \n \n \n 7,880\n \n | \n
| \n \n HDS\n \n | \n \n \n 51,516\n \n | \n \n \n 0\n \n | \n \n \n 33,079\n \n | \n \n \n 22,958\n \n | \n \n \n 33,079\n \n | \n
| \n \n KRIE\n \n | \n \n \n 15,845\n \n | \n \n \n 516\n \n | \n \n \n 17,921\n \n | \n \n \n 15,413\n \n | \n \n \n 18,437\n \n | \n
In the 2024 financial year, the share of profit or loss of equity-accounted investments recorded for the above-mentioned consortia included T\u20ac 49,200 in profits from consortia and T\u20ac 7,523 in losses from consortia including impending losses.
The business transactions with the consortia in the financial year can be presented as follows:
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Work and services performed\n \n | \n \n \n 1,009,634\n \n | \n \n \n 947,783\n \n | \n
| \n \n Work and services received\n \n | \n \n \n 23,610\n \n | \n \n \n 35,286\n \n | \n
| \n \n Receivables as at 31.12.\n \n | \n \n \n 460,201\n \n | \n \n \n 455,494\n \n | \n
| \n \n Liabilities as at 31.12.\n \n | \n \n \n 417,516\n \n | \n \n \n 400,047\n \n | \n
The following list shows the equity accounted associates included in the consolidated financial statement:
| \n \n Company\nEquity accounted associate\n \n | \n \n \n Residence\n \n | \n \n \n Country\n \n | \n \n \n Direct stake %\n \n | \n \n \n \n \n | \n
| \n \n Holcim Cement CE Holding GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 30.00\n \n | \n \n \n \n \n | \n
| \n \n Bayerische Asphaltmischwerke GmbH & Co. Kommanditgesellschaft f\u00fcr Stra\u00dfenbaustoffe\n \n | \n \n \n Hofolding\n \n | \n \n \n Germany\n \n | \n \n \n 48.33\n \n | \n \n \n \n \n | \n
| \n \n CMBlu Energy AG\n \n | \n \n \n Alzenau\n \n | \n \n \n Germany\n \n | \n \n \n 24.94\n \n | \n \n \n \n \n | \n
| \n \n DESARROLLO VIAL AL MAR S.A.S.\n \n | \n \n \n Medell\u00edn\n \n | \n \n \n Colombia\n \n | \n \n \n 37.50\n \n | \n \n \n \n \n | \n
| \n \n Autostrada Wielkopolska II S.A.\n \n | \n \n \n Poznan\n \n | \n \n \n Poland\n \n | \n \n \n 20.00\n \n | \n \n \n \n \n | \n
| \n \n Z\u00fcblin International Qatar LLC\n \n | \n \n \n Doha\n \n | \n \n \n Qatar\n \n | \n \n \n 49.00\n \n | \n \n \n \n \n | \n
| \n \n SOCIETATEA COMPANIILOR HOTELIERE GRAND SRL\n \n | \n \n \n Bucharest\n \n | \n \n \n Romania\n \n | \n \n \n 35.32\n \n | \n \n \n \n \n | \n
| \n \n MAK Mecsek Autopalya Koncesszios Zrt.\n \n | \n \n \n Budapest\n \n | \n \n \n Hungary\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
The following list shows the equity accounted joint ventures included in the consolidated financial statement:
| \n \n Company\nEquity accounted joint venture\n \n | \n \n \n Residence\n \n | \n \n \n Country\n \n | \n \n \n Direct stake %\n \n | \n \n \n \n \n | \n
| \n \n Innsbrucker Nordkettenbahnen Betriebs GmbH\n \n | \n \n \n Innsbruck\n \n | \n \n \n Austria\n \n | \n \n \n 51.00\n \n | \n \n \n 4\n \n | \n
| \n \n A 49 Autobahngesellschaft mbH & Co. KG\n \n | \n \n \n Schwalmstadt\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Messe City K\u00f6ln GmbH & Co. KG\n \n | \n \n \n Hamburg\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n NWM Nordwestdeutsche Mischwerke GmbH & Co. KG\n \n | \n \n \n Gro\u00dfenkneten\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Silenos Energy Geothermie Garching a.d. Alz GmbH & Co. KG\n \n | \n \n \n Garching a.d.Alz\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n SRE-ECE-JV General\u00fcbernehmer GmbH & Co. KG\n \n | \n \n \n Oststeinbek\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Th\u00fcringer Stra\u00dfenwartungs- und Instandhaltungsgesellschaft mbH & Co. KG\n \n | \n \n \n Apfelst\u00e4dt\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Autocesta Zagreb-Macelj d.o.o.\n \n | \n \n \n Zagreb\n \n | \n \n \n Croatia\n \n | \n \n \n 51.00\n \n | \n \n \n 4\n \n | \n
| \n \n Cascade Infrastructure Holdings Limited\n \n | \n \n \n Manchester\n \n | \n \n \n United Kingdom\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
\n 4There are contractual provisions regarding joint control in place that deviate from the equity interest.\n
\n| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Income from investments\n \n | \n \n \n 66,386\n \n | \n \n \n 79,357\n \n | \n
| \n \n Expenses arising from investments\n \n | \n \n \n -13,305\n \n | \n \n \n -15,377\n \n | \n
| \n \n Gains on the disposal of investments\n \n | \n \n \n 2,576\n \n | \n \n \n 27,739\n \n | \n
| \n \n Impairment losses and reversal of impairment losses on investments\n \n | \n \n \n -14,095\n \n | \n \n \n -14,458\n \n | \n
| \n \n Losses on the disposal of investments\n \n | \n \n \n -75\n \n | \n \n \n -34\n \n | \n
| \n \n Net income from investments\n \n | \n \n \n 41,487\n \n | \n \n \n 77,227\n \n | \n
The Management Board proposes to pay out a dividend in the amount of \u20ac 2.90 per dividend-bearing share for the 2025 financial year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93619-1": { "value": "\n Depreciation and amortisation comprise scheduled amortisation of intangible assets and of rights from concession arrangements, depreciation of investment property and of property, plant and equipment, and impairment losses as well as reversals of impairment losses. Impairment losses on goodwill are also included in this item. Scheduled depreciation and amortisation amounted to T\u20ac 632,647 in the financial year (2024: T\u20ac 580,015). In the reporting period impairments on intangible assets and on property, plant and equipment to the amount of T\u20ac 2,938 (2024: T\u20ac 2,277) and reversal of impairment losses in the amount of T\u20ac 0 (2024: T\u20ac 0) were made. Impairment on goodwill amounts to T\u20ac 0 (2024: T\u20ac 0). For goodwill impairments we refer to the details under item (13) Goodwill.
Scheduled depreciation and amortisation includes depreciation and amortisation of right-of-use assets for leases in the amount of T\u20ac 80,508 (2024: T\u20ac 74,215).
Impairment losses totalling T\u20ac 2,938 and reversal of impairment losses of T\u20ac 0 were recognised in 2025.
Impairment losses totalling T\u20ac 2,277\u00a0and reversal of impairment losses of T\u20ac 0 were recognised in 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93619-2": { "value": "Depreciation and amortisation comprise scheduled amortisation of intangible assets and of rights from concession arrangements, depreciation of investment property and of property, plant and equipment,Scheduled depreciation and amortisation includes depreciation and amortisation of right-of-use assets for leases in the amount of T\u20ac 80,508 (2024: T\u20ac 74,215).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93565-1": { "value": "| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Interest and similar income\n \n | \n \n \n 105,959\n \n | \n \n \n 144,845\n \n | \n
| \n \n Interest expense and similar charges\n \n | \n \n \n -64,989\n \n | \n \n \n -69,429\n \n | \n
| \n \n Net interest income\n \n | \n \n \n 40,970\n \n | \n \n \n 75,416\n \n | \n
Included in interest and similar income are exchange rate gains amounting to T\u20ac 1,691 (2024: T\u20ac 9,247) and interest portions from the plan assets for pension provisions in the amount of T\u20ac 2,562 (2024: T\u20ac 3,240).
Included in interest expense and similar charges are interest components from the allocation of severance payment and pension provisions amounting to T\u20ac 14,812 (2024: T\u20ac 15,502) as well as currency losses of T\u20ac 12,483 (2024: T\u20ac 9,654).
Interest from leases in the amount of T\u20ac 12,113 (2024: T\u20ac 9,664) is included in the interest expense and similar charges.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93565-2": { "value": "| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Interest and similar income\n \n | \n \n \n 105,959\n \n | \n \n \n 144,845\n \n | \n
| \n \n Interest expense and similar charges\n \n | \n \n \n -64,989\n \n | \n \n \n -69,429\n \n | \n
| \n \n Net interest income\n \n | \n \n \n 40,970\n \n | \n \n \n 75,416\n \n | \n
Included in interest and similar income are exchange rate gains amounting to T\u20ac 1,691 (2024: T\u20ac 9,247) and interest portions from the plan assets for pension provisions in the amount of T\u20ac 2,562 (2024: T\u20ac 3,240).
Included in interest expense and similar charges are interest components from the allocation of severance payment and pension provisions amounting to T\u20ac 14,812 (2024: T\u20ac 15,502) as well as currency losses of T\u20ac 12,483 (2024: T\u20ac 9,654).
Interest from leases in the amount of T\u20ac 12,113 (2024: T\u20ac 9,664) is included in the interest expense and similar charges.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93565-3": { "value": "| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Interest and similar income\n \n | \n \n \n 105,959\n \n | \n \n \n 144,845\n \n | \n
| \n \n Interest expense and similar charges\n \n | \n \n \n -64,989\n \n | \n \n \n -69,429\n \n | \n
| \n \n Net interest income\n \n | \n \n \n 40,970\n \n | \n \n \n 75,416\n \n | \n
Included in interest expense and similar charges are interest components from the allocation of severance payment and pension provisions amounting to T\u20ac 14,812 (2024: T\u20ac 15,502) as well as currency losses of T\u20ac 12,483 (2024: T\u20ac 9,654).
Interest from leases in the amount of T\u20ac 12,113 (2024: T\u20ac 9,664) is included in the interest expense and similar charges.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93565-4": { "value": "| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Interest and similar income\n \n | \n \n \n 105,959\n \n | \n \n \n 144,845\n \n | \n
| \n \n Interest expense and similar charges\n \n | \n \n \n -64,989\n \n | \n \n \n -69,429\n \n | \n
| \n \n Net interest income\n \n | \n \n \n 40,970\n \n | \n \n \n 75,416\n \n | \n
Included in interest and similar income are exchange rate gains amounting to T\u20ac 1,691 (2024: T\u20ac 9,247) and interest portions from the plan assets for pension provisions in the amount of T\u20ac 2,562 (2024: T\u20ac 3,240).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93565-5": { "value": "| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Interest and similar income\n \n | \n \n \n 105,959\n \n | \n \n \n 144,845\n \n | \n
| \n \n Interest expense and similar charges\n \n | \n \n \n -64,989\n \n | \n \n \n -69,429\n \n | \n
| \n \n Net interest income\n \n | \n \n \n 40,970\n \n | \n \n \n 75,416\n \n | \n
Included in interest expense and similar charges are interest components from the allocation of severance payment and pension provisions amounting to T\u20ac 14,812 (2024: T\u20ac 15,502) as well as currency losses of T\u20ac 12,483 (2024: T\u20ac 9,654).
Interest from leases in the amount of T\u20ac 12,113 (2024: T\u20ac 9,664) is included in the interest expense and similar charges.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93565-6": { "value": "| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Interest and similar income\n \n | \n \n \n 105,959\n \n | \n \n \n 144,845\n \n | \n
| \n \n Interest expense and similar charges\n \n | \n \n \n -64,989\n \n | \n \n \n -69,429\n \n | \n
| \n \n Net interest income\n \n | \n \n \n 40,970\n \n | \n \n \n 75,416\n \n | \n
Included in interest and similar income are exchange rate gains amounting to T\u20ac 1,691 (2024: T\u20ac 9,247) and interest portions from the plan assets for pension provisions in the amount of T\u20ac 2,562 (2024: T\u20ac 3,240).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93469-1": { "value": "Income tax includes taxes paid in the individual companies or owed on income, as well as deferred tax and the payments of additional tax payments resulting from tax audits:
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Current tax\n \n | \n \n \n 260,445\n \n | \n \n \n 272,566\n \n | \n
| \n \n Deferred tax\n \n | \n \n \n 106,796\n \n | \n \n \n 36,407\n \n | \n
| \n \n Income tax expense\n \n | \n \n \n 367,241\n \n | \n \n \n 308,973\n \n | \n
Due to the provisions of the Pillar II rules, Hungarian trade tax and innovation contributions totalling T\u20ac 9,673\u00a0(2024: T\u20ac 7,974) were also recognised under income tax.
The following tax components are recognised directly in equity in the statement of total comprehensive income:
| \n \n T\u20ac1\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Change in hedging reserves\n \n | \n \n \n 209\n \n | \n \n \n -3,638\n \n | \n
| \n \n Actuarial gains/losses\n \n | \n \n \n 16,895\n \n | \n \n \n 2,052\n \n | \n
| \n \n Total\n \n | \n \n \n 17,104\n \n | \n \n \n -1,586\n \n | \n
\n 1Sign: - increases equity, + decreases equity\n
\nThe reasons for the difference between the Austrian corporate income tax rate of 23% valid in 2025 and the actual consolidated tax rate are as follows:
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n EBT\n \n | \n \n \n 1,288,204\n \n | \n \n \n 1,137,306\n \n | \n
| \n \n Theoretical tax expense 23%\n \n | \n \n \n 296,287\n \n | \n \n \n 261,580\n \n | \n
| \n \n Differences against foreign tax rates\n \n | \n \n \n 35,492\n \n | \n \n \n 21,354\n \n | \n
| \n \n Changes in tax rates\n \n | \n \n \n -2,021\n \n | \n \n \n -546\n \n | \n
| \n \n Non-tax-deductible expense\n \n | \n \n \n 54,466\n \n | \n \n \n 33,929\n \n | \n
| \n \n Tax-free income\n \n | \n \n \n -38,797\n \n | \n \n \n -27,696\n \n | \n
| \n \n Additional tax payments/tax refunds\n \n | \n \n \n -6,365\n \n | \n \n \n -817\n \n | \n
| \n \n Change in valuation allowances on deferred tax assets\n \n | \n \n \n 21,263\n \n | \n \n \n 10,846\n \n | \n
| \n \n Other\n \n | \n \n \n 6,916\n \n | \n \n \n 10,323\n \n | \n
| \n \n Recognised income tax expense\n \n | \n \n \n 367,241\n \n | \n \n \n 308,973\n \n | \n
The basic earnings per share are calculated by dividing the consolidated profit or loss by the weighted average number of ordinary shares. As there are no stock options at the STRABAG\u00a0SE Group, the diluted earnings per share equal the basic earnings per share.
| \n \n \n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Number of shares outstanding as at 1.1.\n \n | \n \n \n 115,442,976\n \n | \n \n \n 99,820,994\n \n | \n
| \n \n Number of shares from the capital increase as at 21.3.2024\n \n | \n \n \n 0\n \n | \n \n \n 15,621,982\n \n | \n
| \n \n Acquisition of own shares by acquisition of wholly owned subsidiary on 15.5.2025\n \n | \n \n \n -280\n \n | \n \n \n -\n \n | \n
| \n \n Number of shares outstanding as at 31.12.\n \n | \n \n \n 115,442,696\n \n | \n \n \n 115,442,976\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Profit or loss attributable to equity holders of the parent (consolidated profit/loss) T\u20ac\n \n | \n \n \n 916,284\n \n | \n \n \n 823,004\n \n | \n
| \n \n Weighted number of shares outstanding during the year\n \n | \n \n \n 115,442,800\n \n | \n \n \n 111,985,652\n \n | \n
| \n \n Earnings per share \u20ac\n \n | \n \n \n 7.94\n \n | \n \n \n 7.35\n \n | \n
| \n \n \n \n | \n \n \n Acquisition and production cost\n \n | \n \n \n \n \n | \n \n \n \n \n | \n |||||
| \n \n T\u20ac\n \n | \n \n \n Balance\nas at\n1.1.2025\n \n | \n \n \n Additions\nto the\nconsolidated\ngroup\n \n | \n \n \n Disposals\nfrom the\nconsolidated\ngroup\n \n | \n \n \n Currency translation\n \n | \n \n \n Additions\n \n | \n \n \n Transfers\n \n | \n \n \n Disposals\n \n | \n \n \n Balance\nas at 31.12.2025\n \n | \n
| \n \n I. Goodwill\n \n | \n \n \n 806,755\n \n | \n \n \n 178,942\n \n | \n \n \n 8,632\n \n | \n \n \n 4,741\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 981,806\n \n | \n
| \n \n II. Rights from concession arrangements\n \n | \n \n \n 551,793\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 551,793\n \n | \n
| \n \n III. Other intangible assets\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n 1. Concessions, software, licences, rights\n \n | \n \n \n 143,970\n \n | \n \n \n 42,010\n \n | \n \n \n 68\n \n | \n \n \n 97\n \n | \n \n \n 1,389\n \n | \n \n \n 0\n \n | \n \n \n 22,053\n \n | \n \n \n 165,345\n \n | \n
| \n \n 2. Advances paid\n \n | \n \n \n 25\n \n | \n \n \n 2\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 193\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 220\n \n | \n
| \n \n Total\n \n | \n \n \n 143,995\n \n | \n \n \n 42,012\n \n | \n \n \n 68\n \n | \n \n \n 97\n \n | \n \n \n 1,582\n \n | \n \n \n 0\n \n | \n \n \n 22,053\n \n | \n \n \n 165,565\n \n | \n
| \n \n IV. Property, plant and equipment\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n 1. Land and buildings\n \n | \n \n \n 1,879,897\n \n | \n \n \n 7,487\n \n | \n \n \n 0\n \n | \n \n \n 5,570\n \n | \n \n \n 43,836\n \n | \n \n \n 43,292\n \n | \n \n \n 11,632\n \n | \n \n \n 1,968,450\n \n | \n
| \n \n 2. Right-of-use assets\n \n | \n \n \n 659,018\n \n | \n \n \n 25,696\n \n | \n \n \n 1,122\n \n | \n \n \n -136\n \n | \n \n \n 73,385\n \n | \n \n \n 0\n \n | \n \n \n 135,932\n \n | \n \n \n 620,909\n \n | \n
| \n \n 3. Technical equipment and machinery\n \n | \n \n \n 3,397,962\n \n | \n \n \n 31,575\n \n | \n \n \n 2,313\n \n | \n \n \n 1,561\n \n | \n \n \n 278,701\n \n | \n \n \n 19,236\n \n | \n \n \n 171,166\n \n | \n \n \n 3,555,556\n \n | \n
| \n \n 4. Other facilities, furniture and fixtures and office equipment\n \n | \n \n \n 1,675,536\n \n | \n \n \n 62,805\n \n | \n \n \n 533\n \n | \n \n \n 3,717\n \n | \n \n \n 269,056\n \n | \n \n \n 2,194\n \n | \n \n \n 141,489\n \n | \n \n \n 1,871,286\n \n | \n
| \n \n 5. Advances paid and assets under construction\n \n | \n \n \n 102,289\n \n | \n \n \n 5\n \n | \n \n \n 0\n \n | \n \n \n 199\n \n | \n \n \n 71,789\n \n | \n \n \n -64,722\n \n | \n \n \n 2,748\n \n | \n \n \n 106,812\n \n | \n
| \n \n Total\n \n | \n \n \n 7,714,702\n \n | \n \n \n 127,568\n \n | \n \n \n 3,968\n \n | \n \n \n 10,911\n \n | \n \n \n 736,767\n \n | \n \n \n 0\n \n | \n \n \n 462,967\n \n | \n \n \n 8,123,013\n \n | \n
| \n \n \n \n | \n \n \n Accumulated depreciation, amortisation and impairment\n \n | \n \n \n \n \n | \n ||||||||
| \n \n T\u20ac\n \n | \n \n \n Balance\nas at\n1.1.2025\n \n | \n \n \n Additions\nto the\nconsolidated\ngroup\n \n | \n \n \n Disposals\nfrom the\nconsolidated\ngroup\n \n | \n \n \n Currency translation\n \n | \n \n \n Additions\n \n | \n \n \n Transfers\n \n | \n \n \n Disposals\n \n | \n \n \n Balance\nas at 31.12.2025\n \n | \n \n \n Carrying amount \nas at 31.12.2025\n \n | \n \n \n Carrying amount \nas at 31.12.2024\n \n | \n
| \n \n I.\n \n | \n \n \n 250,962\n \n | \n \n \n 0\n \n | \n \n \n 8,632\n \n | \n \n \n 731\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 243,061\n \n | \n \n \n 738,745\n \n | \n \n \n 555,793\n \n | \n
| \n \n II.\n \n | \n \n \n 119,901\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 22,003\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 141,904\n \n | \n \n \n 409,889\n \n | \n \n \n 431,892\n \n | \n
| \n \n III.\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n 1.\n \n | \n \n \n 114,844\n \n | \n \n \n 551\n \n | \n \n \n 68\n \n | \n \n \n 191\n \n | \n \n \n 19,455\n \n | \n \n \n 0\n \n | \n \n \n 22,019\n \n | \n \n \n 112,954\n \n | \n \n \n 52,391\n \n | \n \n \n 29,126\n \n | \n
| \n \n 2.\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 220\n \n | \n \n \n 25\n \n | \n
| \n \n \n \n | \n \n \n 114,844\n \n | \n \n \n 551\n \n | \n \n \n 68\n \n | \n \n \n 191\n \n | \n \n \n 19,455\n \n | \n \n \n 0\n \n | \n \n \n 22,019\n \n | \n \n \n 112,954\n \n | \n \n \n 52,611\n \n | \n \n \n 29,151\n \n | \n
| \n \n IV.\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n 1.\n \n | \n \n \n 805,816\n \n | \n \n \n 584\n \n | \n \n \n 0\n \n | \n \n \n 1,873\n \n | \n \n \n 44,098\n \n | \n \n \n 0\n \n | \n \n \n 7,786\n \n | \n \n \n 844,585\n \n | \n \n \n 1,123,865\n \n | \n \n \n 1,074,081\n \n | \n
| \n \n 2.\n \n | \n \n \n 259,822\n \n | \n \n \n 9,023\n \n | \n \n \n 88\n \n | \n \n \n 141\n \n | \n \n \n 80,508\n \n | \n \n \n 0\n \n | \n \n \n 90,158\n \n | \n \n \n 259,248\n \n | \n \n \n 361,661\n \n | \n \n \n 399,196\n \n | \n
| \n \n 3.\n \n | \n \n \n 2,610,454\n \n | \n \n \n 12,458\n \n | \n \n \n 1,885\n \n | \n \n \n 3,834\n \n | \n \n \n 263,551\n \n | \n \n \n 11\n \n | \n \n \n 164,950\n \n | \n \n \n 2,723,473\n \n | \n \n \n 832,083\n \n | \n \n \n 787,508\n \n | \n
| \n \n 4.\n \n | \n \n \n 1,037,319\n \n | \n \n \n 34,009\n \n | \n \n \n 414\n \n | \n \n \n 3,025\n \n | \n \n \n 200,103\n \n | \n \n \n -11\n \n | \n \n \n 129,950\n \n | \n \n \n 1,144,081\n \n | \n \n \n 727,205\n \n | \n \n \n 638,217\n \n | \n
| \n \n 5.\n \n | \n \n \n 2,229\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 2,229\n \n | \n \n \n 0\n \n | \n \n \n 106,812\n \n | \n \n \n 100,060\n \n | \n
| \n \n \n \n | \n \n \n 4,715,640\n \n | \n \n \n 56,074\n \n | \n \n \n 2,387\n \n | \n \n \n 8,873\n \n | \n \n \n 588,260\n \n | \n \n \n 0\n \n | \n \n \n 395,073\n \n | \n \n \n 4,971,387\n \n | \n \n \n 3,151,626\n \n | \n \n \n 2,999,062\n \n | \n
Impairment losses totalling T\u20ac 2,938 and reversal of impairment losses of T\u20ac 0 were recognised in 2025.
| \n \n \n \n | \n \n \n Acquisition and production cost\n \n | \n \n \n \n \n | \n \n \n \n \n | \n |||||
| \n \n T\u20ac\n \n | \n \n \n Balance\nas at\n1.1.2024\n \n | \n \n \n Additions\nto the\nconsolidated\ngroup\n \n | \n \n \n Disposals\nfrom the\nconsolidated\ngroup\n \n | \n \n \n Currency translation\n \n | \n \n \n Additions\n \n | \n \n \n Transfers\n \n | \n \n \n Disposals\n \n | \n \n \n Balance\nas at\n31.12.2024\n \n | \n
| \n \n I. Goodwill\n \n | \n \n \n 742,080\n \n | \n \n \n 65,636\n \n | \n \n \n 0\n \n | \n \n \n -961\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 806,755\n \n | \n
| \n \n II. Rights from concession arrangements\n \n | \n \n \n 551,793\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 551,793\n \n | \n
| \n \n III. Other intangible assets\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n 1. Concessions, software, licences, rights\n \n | \n \n \n 147,771\n \n | \n \n \n 183\n \n | \n \n \n 0\n \n | \n \n \n -160\n \n | \n \n \n 2,382\n \n | \n \n \n 407\n \n | \n \n \n 6,613\n \n | \n \n \n 143,970\n \n | \n
| \n \n 2. Advances paid\n \n | \n \n \n 432\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n -407\n \n | \n \n \n 0\n \n | \n \n \n 25\n \n | \n
| \n \n Total\n \n | \n \n \n 148,203\n \n | \n \n \n 183\n \n | \n \n \n 0\n \n | \n \n \n -160\n \n | \n \n \n 2,382\n \n | \n \n \n 0\n \n | \n \n \n 6,613\n \n | \n \n \n 143,995\n \n | \n
| \n \n IV. Property, plant and equipment\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n 1. Land and buildings\n \n | \n \n \n 1,813,533\n \n | \n \n \n 535\n \n | \n \n \n 16,319\n \n | \n \n \n -2,518\n \n | \n \n \n 73,679\n \n | \n \n \n 34,958\n \n | \n \n \n 23,971\n \n | \n \n \n 1,879,897\n \n | \n
| \n \n 2. Right-of-use assets\n \n | \n \n \n 606,732\n \n | \n \n \n 4,108\n \n | \n \n \n 0\n \n | \n \n \n -607\n \n | \n \n \n 111,945\n \n | \n \n \n 0\n \n | \n \n \n 63,160\n \n | \n \n \n 659,018\n \n | \n
| \n \n 3. Technical equipment and machinery\n \n | \n \n \n 3,291,977\n \n | \n \n \n 5,359\n \n | \n \n \n 1,349\n \n | \n \n \n -17,347\n \n | \n \n \n 239,657\n \n | \n \n \n 20,084\n \n | \n \n \n 140,419\n \n | \n \n \n 3,397,962\n \n | \n
| \n \n 4. Other facilities, furniture and fixtures and office equipment\n \n | \n \n \n 1,565,280\n \n | \n \n \n 4,330\n \n | \n \n \n 2,953\n \n | \n \n \n -4,490\n \n | \n \n \n 256,346\n \n | \n \n \n 2,193\n \n | \n \n \n 145,170\n \n | \n \n \n 1,675,536\n \n | \n
| \n \n 5. Advances paid and assets under construction\n \n | \n \n \n 88,842\n \n | \n \n \n 868\n \n | \n \n \n 794\n \n | \n \n \n -930\n \n | \n \n \n 72,510\n \n | \n \n \n -57,235\n \n | \n \n \n 972\n \n | \n \n \n 102,289\n \n | \n
| \n \n Total\n \n | \n \n \n 7,366,364\n \n | \n \n \n 15,200\n \n | \n \n \n 21,415\n \n | \n \n \n -25,892\n \n | \n \n \n 754,137\n \n | \n \n \n 0\n \n | \n \n \n 373,692\n \n | \n \n \n 7,714,702\n \n | \n
| \n \n \n \n | \n \n \n Accumulated depreciation, amortisation and impairment\n \n | \n \n \n \n \n | \n \n \n \n \n | \n |||||||
| \n \n T\u20ac\n \n | \n \n \n Balance\nas at\n1.1.2024\n \n | \n \n \n Additions\nto the\nconsolidated\ngroup\n \n | \n \n \n Disposals\nfrom the\nconsolidated\ngroup\n \n | \n \n \n Currency translation\n \n | \n \n \n Additions\n \n | \n \n \n Transfers\n \n | \n \n \n Disposals\n \n | \n \n \n Balance\nas at\n31.12.2024\n \n | \n \n \n Carrying amount \nas at 31.12.2024\n \n | \n \n \n Carrying amount \nas at 31.12.2023\n \n | \n
| \n \n I.\n \n | \n \n \n 251,342\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n -380\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 250,962\n \n | \n \n \n 555,793\n \n | \n \n \n 490,738\n \n | \n
| \n \n II.\n \n | \n \n \n 98,943\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 20,958\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 119,901\n \n | \n \n \n 431,892\n \n | \n \n \n 452,850\n \n | \n
| \n \n III.\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n 1.\n \n | \n \n \n 114,976\n \n | \n \n \n 141\n \n | \n \n \n 0\n \n | \n \n \n -187\n \n | \n \n \n 6,490\n \n | \n \n \n 0\n \n | \n \n \n 6,576\n \n | \n \n \n 114,844\n \n | \n \n \n 29,126\n \n | \n \n \n 32,795\n \n | \n
| \n \n 2.\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 25\n \n | \n \n \n 432\n \n | \n
| \n \n \n \n | \n \n \n 114,976\n \n | \n \n \n 141\n \n | \n \n \n 0\n \n | \n \n \n -187\n \n | \n \n \n 6,490\n \n | \n \n \n 0\n \n | \n \n \n 6,576\n \n | \n \n \n 114,844\n \n | \n \n \n 29,151\n \n | \n \n \n 33,227\n \n | \n
| \n \n IV.\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n 1.\n \n | \n \n \n 775,556\n \n | \n \n \n 386\n \n | \n \n \n 16,319\n \n | \n \n \n -1,117\n \n | \n \n \n 60,550\n \n | \n \n \n -8\n \n | \n \n \n 13,232\n \n | \n \n \n 805,816\n \n | \n \n \n 1,074,081\n \n | \n \n \n 1,037,977\n \n | \n
| \n \n 2.\n \n | \n \n \n 227,869\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n -425\n \n | \n \n \n 74,215\n \n | \n \n \n 0\n \n | \n \n \n 41,837\n \n | \n \n \n 259,822\n \n | \n \n \n 399,196\n \n | \n \n \n 378,863\n \n | \n
| \n \n 3.\n \n | \n \n \n 2,518,544\n \n | \n \n \n 2,450\n \n | \n \n \n 1,203\n \n | \n \n \n -12,426\n \n | \n \n \n 238,298\n \n | \n \n \n 162\n \n | \n \n \n 135,371\n \n | \n \n \n 2,610,454\n \n | \n \n \n 787,508\n \n | \n \n \n 773,433\n \n | \n
| \n \n 4.\n \n | \n \n \n 996,958\n \n | \n \n \n 1,876\n \n | \n \n \n 2,644\n \n | \n \n \n -3,314\n \n | \n \n \n 177,715\n \n | \n \n \n -154\n \n | \n \n \n 133,118\n \n | \n \n \n 1,037,319\n \n | \n \n \n 638,217\n \n | \n \n \n 568,322\n \n | \n
| \n \n 5.\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 2,229\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 2,229\n \n | \n \n \n 100,060\n \n | \n \n \n 88,842\n \n | \n
| \n \n \n \n | \n \n \n 4,518,927\n \n | \n \n \n 4,712\n \n | \n \n \n 20,166\n \n | \n \n \n -17,282\n \n | \n \n \n 553,007\n \n | \n \n \n 0\n \n | \n \n \n 323,558\n \n | \n \n \n 4,715,640\n \n | \n \n \n 2,999,062\n \n | \n \n \n 2,847,437\n \n | \n
Impairment losses totalling T\u20ac 2,277\u00a0and reversal of impairment losses of T\u20ac 0 were recognised in 2024.
The composition of and changes in property, plant and equipment are shown under item (12) Consolidated statement of changes in fixed assets.
As in the previous year, no borrowing costs were capitalised for property, plant and equipment in the reporting period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93442-2": { "value": "| \n \n \n \n | \n \n \n Acquisition and production cost\n \n | \n \n \n \n \n | \n \n \n \n \n | \n |||||
| \n \n T\u20ac\n \n | \n \n \n Balance\nas at\n1.1.2025\n \n | \n \n \n Additions\nto the\nconsolidated\ngroup\n \n | \n \n \n Disposals\nfrom the\nconsolidated\ngroup\n \n | \n \n \n Currency translation\n \n | \n \n \n Additions\n \n | \n \n \n Transfers\n \n | \n \n \n Disposals\n \n | \n \n \n Balance\nas at 31.12.2025\n \n | \n
| \n \n I. Goodwill\n \n | \n \n \n 806,755\n \n | \n \n \n 178,942\n \n | \n \n \n 8,632\n \n | \n \n \n 4,741\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 981,806\n \n | \n
| \n \n II. Rights from concession arrangements\n \n | \n \n \n 551,793\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 551,793\n \n | \n
| \n \n III. Other intangible assets\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n 1. Concessions, software, licences, rights\n \n | \n \n \n 143,970\n \n | \n \n \n 42,010\n \n | \n \n \n 68\n \n | \n \n \n 97\n \n | \n \n \n 1,389\n \n | \n \n \n 0\n \n | \n \n \n 22,053\n \n | \n \n \n 165,345\n \n | \n
| \n \n 2. Advances paid\n \n | \n \n \n 25\n \n | \n \n \n 2\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 193\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 220\n \n | \n
| \n \n Total\n \n | \n \n \n 143,995\n \n | \n \n \n 42,012\n \n | \n \n \n 68\n \n | \n \n \n 97\n \n | \n \n \n 1,582\n \n | \n \n \n 0\n \n | \n \n \n 22,053\n \n | \n \n \n 165,565\n \n | \n
| \n \n IV. Property, plant and equipment\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n 1. Land and buildings\n \n | \n \n \n 1,879,897\n \n | \n \n \n 7,487\n \n | \n \n \n 0\n \n | \n \n \n 5,570\n \n | \n \n \n 43,836\n \n | \n \n \n 43,292\n \n | \n \n \n 11,632\n \n | \n \n \n 1,968,450\n \n | \n
| \n \n 2. Right-of-use assets\n \n | \n \n \n 659,018\n \n | \n \n \n 25,696\n \n | \n \n \n 1,122\n \n | \n \n \n -136\n \n | \n \n \n 73,385\n \n | \n \n \n 0\n \n | \n \n \n 135,932\n \n | \n \n \n 620,909\n \n | \n
| \n \n 3. Technical equipment and machinery\n \n | \n \n \n 3,397,962\n \n | \n \n \n 31,575\n \n | \n \n \n 2,313\n \n | \n \n \n 1,561\n \n | \n \n \n 278,701\n \n | \n \n \n 19,236\n \n | \n \n \n 171,166\n \n | \n \n \n 3,555,556\n \n | \n
| \n \n 4. Other facilities, furniture and fixtures and office equipment\n \n | \n \n \n 1,675,536\n \n | \n \n \n 62,805\n \n | \n \n \n 533\n \n | \n \n \n 3,717\n \n | \n \n \n 269,056\n \n | \n \n \n 2,194\n \n | \n \n \n 141,489\n \n | \n \n \n 1,871,286\n \n | \n
| \n \n 5. Advances paid and assets under construction\n \n | \n \n \n 102,289\n \n | \n \n \n 5\n \n | \n \n \n 0\n \n | \n \n \n 199\n \n | \n \n \n 71,789\n \n | \n \n \n -64,722\n \n | \n \n \n 2,748\n \n | \n \n \n 106,812\n \n | \n
| \n \n Total\n \n | \n \n \n 7,714,702\n \n | \n \n \n 127,568\n \n | \n \n \n 3,968\n \n | \n \n \n 10,911\n \n | \n \n \n 736,767\n \n | \n \n \n 0\n \n | \n \n \n 462,967\n \n | \n \n \n 8,123,013\n \n | \n
| \n \n \n \n | \n \n \n Accumulated depreciation, amortisation and impairment\n \n | \n \n \n \n \n | \n ||||||||
| \n \n T\u20ac\n \n | \n \n \n Balance\nas at\n1.1.2025\n \n | \n \n \n Additions\nto the\nconsolidated\ngroup\n \n | \n \n \n Disposals\nfrom the\nconsolidated\ngroup\n \n | \n \n \n Currency translation\n \n | \n \n \n Additions\n \n | \n \n \n Transfers\n \n | \n \n \n Disposals\n \n | \n \n \n Balance\nas at 31.12.2025\n \n | \n \n \n Carrying amount \nas at 31.12.2025\n \n | \n \n \n Carrying amount \nas at 31.12.2024\n \n | \n
| \n \n I.\n \n | \n \n \n 250,962\n \n | \n \n \n 0\n \n | \n \n \n 8,632\n \n | \n \n \n 731\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 243,061\n \n | \n \n \n 738,745\n \n | \n \n \n 555,793\n \n | \n
| \n \n II.\n \n | \n \n \n 119,901\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 22,003\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 141,904\n \n | \n \n \n 409,889\n \n | \n \n \n 431,892\n \n | \n
| \n \n III.\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n 1.\n \n | \n \n \n 114,844\n \n | \n \n \n 551\n \n | \n \n \n 68\n \n | \n \n \n 191\n \n | \n \n \n 19,455\n \n | \n \n \n 0\n \n | \n \n \n 22,019\n \n | \n \n \n 112,954\n \n | \n \n \n 52,391\n \n | \n \n \n 29,126\n \n | \n
| \n \n 2.\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 220\n \n | \n \n \n 25\n \n | \n
| \n \n \n \n | \n \n \n 114,844\n \n | \n \n \n 551\n \n | \n \n \n 68\n \n | \n \n \n 191\n \n | \n \n \n 19,455\n \n | \n \n \n 0\n \n | \n \n \n 22,019\n \n | \n \n \n 112,954\n \n | \n \n \n 52,611\n \n | \n \n \n 29,151\n \n | \n
| \n \n IV.\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n 1.\n \n | \n \n \n 805,816\n \n | \n \n \n 584\n \n | \n \n \n 0\n \n | \n \n \n 1,873\n \n | \n \n \n 44,098\n \n | \n \n \n 0\n \n | \n \n \n 7,786\n \n | \n \n \n 844,585\n \n | \n \n \n 1,123,865\n \n | \n \n \n 1,074,081\n \n | \n
| \n \n 2.\n \n | \n \n \n 259,822\n \n | \n \n \n 9,023\n \n | \n \n \n 88\n \n | \n \n \n 141\n \n | \n \n \n 80,508\n \n | \n \n \n 0\n \n | \n \n \n 90,158\n \n | \n \n \n 259,248\n \n | \n \n \n 361,661\n \n | \n \n \n 399,196\n \n | \n
| \n \n 3.\n \n | \n \n \n 2,610,454\n \n | \n \n \n 12,458\n \n | \n \n \n 1,885\n \n | \n \n \n 3,834\n \n | \n \n \n 263,551\n \n | \n \n \n 11\n \n | \n \n \n 164,950\n \n | \n \n \n 2,723,473\n \n | \n \n \n 832,083\n \n | \n \n \n 787,508\n \n | \n
| \n \n 4.\n \n | \n \n \n 1,037,319\n \n | \n \n \n 34,009\n \n | \n \n \n 414\n \n | \n \n \n 3,025\n \n | \n \n \n 200,103\n \n | \n \n \n -11\n \n | \n \n \n 129,950\n \n | \n \n \n 1,144,081\n \n | \n \n \n 727,205\n \n | \n \n \n 638,217\n \n | \n
| \n \n 5.\n \n | \n \n \n 2,229\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 2,229\n \n | \n \n \n 0\n \n | \n \n \n 106,812\n \n | \n \n \n 100,060\n \n | \n
| \n \n \n \n | \n \n \n 4,715,640\n \n | \n \n \n 56,074\n \n | \n \n \n 2,387\n \n | \n \n \n 8,873\n \n | \n \n \n 588,260\n \n | \n \n \n 0\n \n | \n \n \n 395,073\n \n | \n \n \n 4,971,387\n \n | \n \n \n 3,151,626\n \n | \n \n \n 2,999,062\n \n | \n
Impairment losses totalling T\u20ac 2,938 and reversal of impairment losses of T\u20ac 0 were recognised in 2025.
| \n \n \n \n | \n \n \n Acquisition and production cost\n \n | \n \n \n \n \n | \n \n \n \n \n | \n |||||
| \n \n T\u20ac\n \n | \n \n \n Balance\nas at\n1.1.2024\n \n | \n \n \n Additions\nto the\nconsolidated\ngroup\n \n | \n \n \n Disposals\nfrom the\nconsolidated\ngroup\n \n | \n \n \n Currency translation\n \n | \n \n \n Additions\n \n | \n \n \n Transfers\n \n | \n \n \n Disposals\n \n | \n \n \n Balance\nas at\n31.12.2024\n \n | \n
| \n \n I. Goodwill\n \n | \n \n \n 742,080\n \n | \n \n \n 65,636\n \n | \n \n \n 0\n \n | \n \n \n -961\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 806,755\n \n | \n
| \n \n II. Rights from concession arrangements\n \n | \n \n \n 551,793\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 551,793\n \n | \n
| \n \n III. Other intangible assets\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n 1. Concessions, software, licences, rights\n \n | \n \n \n 147,771\n \n | \n \n \n 183\n \n | \n \n \n 0\n \n | \n \n \n -160\n \n | \n \n \n 2,382\n \n | \n \n \n 407\n \n | \n \n \n 6,613\n \n | \n \n \n 143,970\n \n | \n
| \n \n 2. Advances paid\n \n | \n \n \n 432\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n -407\n \n | \n \n \n 0\n \n | \n \n \n 25\n \n | \n
| \n \n Total\n \n | \n \n \n 148,203\n \n | \n \n \n 183\n \n | \n \n \n 0\n \n | \n \n \n -160\n \n | \n \n \n 2,382\n \n | \n \n \n 0\n \n | \n \n \n 6,613\n \n | \n \n \n 143,995\n \n | \n
| \n \n IV. Property, plant and equipment\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n 1. Land and buildings\n \n | \n \n \n 1,813,533\n \n | \n \n \n 535\n \n | \n \n \n 16,319\n \n | \n \n \n -2,518\n \n | \n \n \n 73,679\n \n | \n \n \n 34,958\n \n | \n \n \n 23,971\n \n | \n \n \n 1,879,897\n \n | \n
| \n \n 2. Right-of-use assets\n \n | \n \n \n 606,732\n \n | \n \n \n 4,108\n \n | \n \n \n 0\n \n | \n \n \n -607\n \n | \n \n \n 111,945\n \n | \n \n \n 0\n \n | \n \n \n 63,160\n \n | \n \n \n 659,018\n \n | \n
| \n \n 3. Technical equipment and machinery\n \n | \n \n \n 3,291,977\n \n | \n \n \n 5,359\n \n | \n \n \n 1,349\n \n | \n \n \n -17,347\n \n | \n \n \n 239,657\n \n | \n \n \n 20,084\n \n | \n \n \n 140,419\n \n | \n \n \n 3,397,962\n \n | \n
| \n \n 4. Other facilities, furniture and fixtures and office equipment\n \n | \n \n \n 1,565,280\n \n | \n \n \n 4,330\n \n | \n \n \n 2,953\n \n | \n \n \n -4,490\n \n | \n \n \n 256,346\n \n | \n \n \n 2,193\n \n | \n \n \n 145,170\n \n | \n \n \n 1,675,536\n \n | \n
| \n \n 5. Advances paid and assets under construction\n \n | \n \n \n 88,842\n \n | \n \n \n 868\n \n | \n \n \n 794\n \n | \n \n \n -930\n \n | \n \n \n 72,510\n \n | \n \n \n -57,235\n \n | \n \n \n 972\n \n | \n \n \n 102,289\n \n | \n
| \n \n Total\n \n | \n \n \n 7,366,364\n \n | \n \n \n 15,200\n \n | \n \n \n 21,415\n \n | \n \n \n -25,892\n \n | \n \n \n 754,137\n \n | \n \n \n 0\n \n | \n \n \n 373,692\n \n | \n \n \n 7,714,702\n \n | \n
| \n \n \n \n | \n \n \n Accumulated depreciation, amortisation and impairment\n \n | \n \n \n \n \n | \n \n \n \n \n | \n |||||||
| \n \n T\u20ac\n \n | \n \n \n Balance\nas at\n1.1.2024\n \n | \n \n \n Additions\nto the\nconsolidated\ngroup\n \n | \n \n \n Disposals\nfrom the\nconsolidated\ngroup\n \n | \n \n \n Currency translation\n \n | \n \n \n Additions\n \n | \n \n \n Transfers\n \n | \n \n \n Disposals\n \n | \n \n \n Balance\nas at\n31.12.2024\n \n | \n \n \n Carrying amount \nas at 31.12.2024\n \n | \n \n \n Carrying amount \nas at 31.12.2023\n \n | \n
| \n \n I.\n \n | \n \n \n 251,342\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n -380\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 250,962\n \n | \n \n \n 555,793\n \n | \n \n \n 490,738\n \n | \n
| \n \n II.\n \n | \n \n \n 98,943\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 20,958\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 119,901\n \n | \n \n \n 431,892\n \n | \n \n \n 452,850\n \n | \n
| \n \n III.\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n 1.\n \n | \n \n \n 114,976\n \n | \n \n \n 141\n \n | \n \n \n 0\n \n | \n \n \n -187\n \n | \n \n \n 6,490\n \n | \n \n \n 0\n \n | \n \n \n 6,576\n \n | \n \n \n 114,844\n \n | \n \n \n 29,126\n \n | \n \n \n 32,795\n \n | \n
| \n \n 2.\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 25\n \n | \n \n \n 432\n \n | \n
| \n \n \n \n | \n \n \n 114,976\n \n | \n \n \n 141\n \n | \n \n \n 0\n \n | \n \n \n -187\n \n | \n \n \n 6,490\n \n | \n \n \n 0\n \n | \n \n \n 6,576\n \n | \n \n \n 114,844\n \n | \n \n \n 29,151\n \n | \n \n \n 33,227\n \n | \n
| \n \n IV.\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n 1.\n \n | \n \n \n 775,556\n \n | \n \n \n 386\n \n | \n \n \n 16,319\n \n | \n \n \n -1,117\n \n | \n \n \n 60,550\n \n | \n \n \n -8\n \n | \n \n \n 13,232\n \n | \n \n \n 805,816\n \n | \n \n \n 1,074,081\n \n | \n \n \n 1,037,977\n \n | \n
| \n \n 2.\n \n | \n \n \n 227,869\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n -425\n \n | \n \n \n 74,215\n \n | \n \n \n 0\n \n | \n \n \n 41,837\n \n | \n \n \n 259,822\n \n | \n \n \n 399,196\n \n | \n \n \n 378,863\n \n | \n
| \n \n 3.\n \n | \n \n \n 2,518,544\n \n | \n \n \n 2,450\n \n | \n \n \n 1,203\n \n | \n \n \n -12,426\n \n | \n \n \n 238,298\n \n | \n \n \n 162\n \n | \n \n \n 135,371\n \n | \n \n \n 2,610,454\n \n | \n \n \n 787,508\n \n | \n \n \n 773,433\n \n | \n
| \n \n 4.\n \n | \n \n \n 996,958\n \n | \n \n \n 1,876\n \n | \n \n \n 2,644\n \n | \n \n \n -3,314\n \n | \n \n \n 177,715\n \n | \n \n \n -154\n \n | \n \n \n 133,118\n \n | \n \n \n 1,037,319\n \n | \n \n \n 638,217\n \n | \n \n \n 568,322\n \n | \n
| \n \n 5.\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 2,229\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 2,229\n \n | \n \n \n 100,060\n \n | \n \n \n 88,842\n \n | \n
| \n \n \n \n | \n \n \n 4,518,927\n \n | \n \n \n 4,712\n \n | \n \n \n 20,166\n \n | \n \n \n -17,282\n \n | \n \n \n 553,007\n \n | \n \n \n 0\n \n | \n \n \n 323,558\n \n | \n \n \n 4,715,640\n \n | \n \n \n 2,999,062\n \n | \n \n \n 2,847,437\n \n | \n
Impairment losses totalling T\u20ac 2,277\u00a0and reversal of impairment losses of T\u20ac 0 were recognised in 2024.
STRABAG has held 100% of PANSUEVIA\u00a0GmbH & Co. KG, Jettingen-Scheppach, since 28\u00a0September\u00a02018.
The company concluded a concession arrangement with the Federal Republic of Germany to design, build and finance a section of the A8 motorway and to maintain and operate a section of the A8 motorway between Ulm and Augsburg.
In exchange, PANSUEVIA receives the right to charge trucks an uniform toll rate per kilometre on an approx. 57 km long concession section. The toll may be adapted annually. The term of the concession arrangement is set at 30 years and ends on 30\u00a0June\u00a02041.
The development of the concession right can be found under item (12) Consolidated statement of changes in fixed assets. The concession right is amortised over the term of 30 years on the basis of the planned use of the concession section. The annual income from the toll collections is recognised as revenue.
The right from the concession arrangement is offset by variable and fixed interest rate non-recourse financing in the amount of T\u20ac 310,062 (2024: T\u20ac 325,617) classified either as a current or non-current financial obligations depending on the term to maturity. The resulting interest expense is recognised under other operating expense. The interest risk based on variable interest was hedged through the conclusion of interest rate swap agreements that satisfy the requirements for presentation as a cash flow hedge. The changes in the value of the interest rate swap are therefore recognised in the other comprehensive income.
The composition of and changes in other intangible assets are shown under item (12) Consolidated statement of changes in fixed assets.
No borrowing costs were capitalised for other intangible assets in the reporting period.
A total of T\u20ac 17,595 (2024: T\u20ac 18,960) in research and development costs incurred in the 2025 financial year were recorded as expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93442-3": { "value": "| \n \n \n \n | \n \n \n Acquisition and production cost\n \n | \n \n \n \n \n | \n \n \n \n \n | \n |||||
| \n \n T\u20ac\n \n | \n \n \n Balance\nas at\n1.1.2025\n \n | \n \n \n Additions\nto the\nconsolidated\ngroup\n \n | \n \n \n Disposals\nfrom the\nconsolidated\ngroup\n \n | \n \n \n Currency translation\n \n | \n \n \n Additions\n \n | \n \n \n Transfers\n \n | \n \n \n Disposals\n \n | \n \n \n Balance\nas at 31.12.2025\n \n | \n
| \n \n I. Goodwill\n \n | \n \n \n 806,755\n \n | \n \n \n 178,942\n \n | \n \n \n 8,632\n \n | \n \n \n 4,741\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 981,806\n \n | \n
| \n \n II. Rights from concession arrangements\n \n | \n \n \n 551,793\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 551,793\n \n | \n
| \n \n III. Other intangible assets\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n 1. Concessions, software, licences, rights\n \n | \n \n \n 143,970\n \n | \n \n \n 42,010\n \n | \n \n \n 68\n \n | \n \n \n 97\n \n | \n \n \n 1,389\n \n | \n \n \n 0\n \n | \n \n \n 22,053\n \n | \n \n \n 165,345\n \n | \n
| \n \n 2. Advances paid\n \n | \n \n \n 25\n \n | \n \n \n 2\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 193\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 220\n \n | \n
| \n \n Total\n \n | \n \n \n 143,995\n \n | \n \n \n 42,012\n \n | \n \n \n 68\n \n | \n \n \n 97\n \n | \n \n \n 1,582\n \n | \n \n \n 0\n \n | \n \n \n 22,053\n \n | \n \n \n 165,565\n \n | \n
| \n \n IV. Property, plant and equipment\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n 1. Land and buildings\n \n | \n \n \n 1,879,897\n \n | \n \n \n 7,487\n \n | \n \n \n 0\n \n | \n \n \n 5,570\n \n | \n \n \n 43,836\n \n | \n \n \n 43,292\n \n | \n \n \n 11,632\n \n | \n \n \n 1,968,450\n \n | \n
| \n \n 2. Right-of-use assets\n \n | \n \n \n 659,018\n \n | \n \n \n 25,696\n \n | \n \n \n 1,122\n \n | \n \n \n -136\n \n | \n \n \n 73,385\n \n | \n \n \n 0\n \n | \n \n \n 135,932\n \n | \n \n \n 620,909\n \n | \n
| \n \n 3. Technical equipment and machinery\n \n | \n \n \n 3,397,962\n \n | \n \n \n 31,575\n \n | \n \n \n 2,313\n \n | \n \n \n 1,561\n \n | \n \n \n 278,701\n \n | \n \n \n 19,236\n \n | \n \n \n 171,166\n \n | \n \n \n 3,555,556\n \n | \n
| \n \n 4. Other facilities, furniture and fixtures and office equipment\n \n | \n \n \n 1,675,536\n \n | \n \n \n 62,805\n \n | \n \n \n 533\n \n | \n \n \n 3,717\n \n | \n \n \n 269,056\n \n | \n \n \n 2,194\n \n | \n \n \n 141,489\n \n | \n \n \n 1,871,286\n \n | \n
| \n \n 5. Advances paid and assets under construction\n \n | \n \n \n 102,289\n \n | \n \n \n 5\n \n | \n \n \n 0\n \n | \n \n \n 199\n \n | \n \n \n 71,789\n \n | \n \n \n -64,722\n \n | \n \n \n 2,748\n \n | \n \n \n 106,812\n \n | \n
| \n \n Total\n \n | \n \n \n 7,714,702\n \n | \n \n \n 127,568\n \n | \n \n \n 3,968\n \n | \n \n \n 10,911\n \n | \n \n \n 736,767\n \n | \n \n \n 0\n \n | \n \n \n 462,967\n \n | \n \n \n 8,123,013\n \n | \n
| \n \n \n \n | \n \n \n Accumulated depreciation, amortisation and impairment\n \n | \n \n \n \n \n | \n ||||||||
| \n \n T\u20ac\n \n | \n \n \n Balance\nas at\n1.1.2025\n \n | \n \n \n Additions\nto the\nconsolidated\ngroup\n \n | \n \n \n Disposals\nfrom the\nconsolidated\ngroup\n \n | \n \n \n Currency translation\n \n | \n \n \n Additions\n \n | \n \n \n Transfers\n \n | \n \n \n Disposals\n \n | \n \n \n Balance\nas at 31.12.2025\n \n | \n \n \n Carrying amount \nas at 31.12.2025\n \n | \n \n \n Carrying amount \nas at 31.12.2024\n \n | \n
| \n \n I.\n \n | \n \n \n 250,962\n \n | \n \n \n 0\n \n | \n \n \n 8,632\n \n | \n \n \n 731\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 243,061\n \n | \n \n \n 738,745\n \n | \n \n \n 555,793\n \n | \n
| \n \n II.\n \n | \n \n \n 119,901\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 22,003\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 141,904\n \n | \n \n \n 409,889\n \n | \n \n \n 431,892\n \n | \n
| \n \n III.\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n 1.\n \n | \n \n \n 114,844\n \n | \n \n \n 551\n \n | \n \n \n 68\n \n | \n \n \n 191\n \n | \n \n \n 19,455\n \n | \n \n \n 0\n \n | \n \n \n 22,019\n \n | \n \n \n 112,954\n \n | \n \n \n 52,391\n \n | \n \n \n 29,126\n \n | \n
| \n \n 2.\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 220\n \n | \n \n \n 25\n \n | \n
| \n \n \n \n | \n \n \n 114,844\n \n | \n \n \n 551\n \n | \n \n \n 68\n \n | \n \n \n 191\n \n | \n \n \n 19,455\n \n | \n \n \n 0\n \n | \n \n \n 22,019\n \n | \n \n \n 112,954\n \n | \n \n \n 52,611\n \n | \n \n \n 29,151\n \n | \n
| \n \n IV.\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n 1.\n \n | \n \n \n 805,816\n \n | \n \n \n 584\n \n | \n \n \n 0\n \n | \n \n \n 1,873\n \n | \n \n \n 44,098\n \n | \n \n \n 0\n \n | \n \n \n 7,786\n \n | \n \n \n 844,585\n \n | \n \n \n 1,123,865\n \n | \n \n \n 1,074,081\n \n | \n
| \n \n 2.\n \n | \n \n \n 259,822\n \n | \n \n \n 9,023\n \n | \n \n \n 88\n \n | \n \n \n 141\n \n | \n \n \n 80,508\n \n | \n \n \n 0\n \n | \n \n \n 90,158\n \n | \n \n \n 259,248\n \n | \n \n \n 361,661\n \n | \n \n \n 399,196\n \n | \n
| \n \n 3.\n \n | \n \n \n 2,610,454\n \n | \n \n \n 12,458\n \n | \n \n \n 1,885\n \n | \n \n \n 3,834\n \n | \n \n \n 263,551\n \n | \n \n \n 11\n \n | \n \n \n 164,950\n \n | \n \n \n 2,723,473\n \n | \n \n \n 832,083\n \n | \n \n \n 787,508\n \n | \n
| \n \n 4.\n \n | \n \n \n 1,037,319\n \n | \n \n \n 34,009\n \n | \n \n \n 414\n \n | \n \n \n 3,025\n \n | \n \n \n 200,103\n \n | \n \n \n -11\n \n | \n \n \n 129,950\n \n | \n \n \n 1,144,081\n \n | \n \n \n 727,205\n \n | \n \n \n 638,217\n \n | \n
| \n \n 5.\n \n | \n \n \n 2,229\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 2,229\n \n | \n \n \n 0\n \n | \n \n \n 106,812\n \n | \n \n \n 100,060\n \n | \n
| \n \n \n \n | \n \n \n 4,715,640\n \n | \n \n \n 56,074\n \n | \n \n \n 2,387\n \n | \n \n \n 8,873\n \n | \n \n \n 588,260\n \n | \n \n \n 0\n \n | \n \n \n 395,073\n \n | \n \n \n 4,971,387\n \n | \n \n \n 3,151,626\n \n | \n \n \n 2,999,062\n \n | \n
Impairment losses totalling T\u20ac 2,938 and reversal of impairment losses of T\u20ac 0 were recognised in 2025.
| \n \n \n \n | \n \n \n Acquisition and production cost\n \n | \n \n \n \n \n | \n \n \n \n \n | \n |||||
| \n \n T\u20ac\n \n | \n \n \n Balance\nas at\n1.1.2024\n \n | \n \n \n Additions\nto the\nconsolidated\ngroup\n \n | \n \n \n Disposals\nfrom the\nconsolidated\ngroup\n \n | \n \n \n Currency translation\n \n | \n \n \n Additions\n \n | \n \n \n Transfers\n \n | \n \n \n Disposals\n \n | \n \n \n Balance\nas at\n31.12.2024\n \n | \n
| \n \n I. Goodwill\n \n | \n \n \n 742,080\n \n | \n \n \n 65,636\n \n | \n \n \n 0\n \n | \n \n \n -961\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 806,755\n \n | \n
| \n \n II. Rights from concession arrangements\n \n | \n \n \n 551,793\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 551,793\n \n | \n
| \n \n III. Other intangible assets\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n 1. Concessions, software, licences, rights\n \n | \n \n \n 147,771\n \n | \n \n \n 183\n \n | \n \n \n 0\n \n | \n \n \n -160\n \n | \n \n \n 2,382\n \n | \n \n \n 407\n \n | \n \n \n 6,613\n \n | \n \n \n 143,970\n \n | \n
| \n \n 2. Advances paid\n \n | \n \n \n 432\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n -407\n \n | \n \n \n 0\n \n | \n \n \n 25\n \n | \n
| \n \n Total\n \n | \n \n \n 148,203\n \n | \n \n \n 183\n \n | \n \n \n 0\n \n | \n \n \n -160\n \n | \n \n \n 2,382\n \n | \n \n \n 0\n \n | \n \n \n 6,613\n \n | \n \n \n 143,995\n \n | \n
| \n \n IV. Property, plant and equipment\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n 1. Land and buildings\n \n | \n \n \n 1,813,533\n \n | \n \n \n 535\n \n | \n \n \n 16,319\n \n | \n \n \n -2,518\n \n | \n \n \n 73,679\n \n | \n \n \n 34,958\n \n | \n \n \n 23,971\n \n | \n \n \n 1,879,897\n \n | \n
| \n \n 2. Right-of-use assets\n \n | \n \n \n 606,732\n \n | \n \n \n 4,108\n \n | \n \n \n 0\n \n | \n \n \n -607\n \n | \n \n \n 111,945\n \n | \n \n \n 0\n \n | \n \n \n 63,160\n \n | \n \n \n 659,018\n \n | \n
| \n \n 3. Technical equipment and machinery\n \n | \n \n \n 3,291,977\n \n | \n \n \n 5,359\n \n | \n \n \n 1,349\n \n | \n \n \n -17,347\n \n | \n \n \n 239,657\n \n | \n \n \n 20,084\n \n | \n \n \n 140,419\n \n | \n \n \n 3,397,962\n \n | \n
| \n \n 4. Other facilities, furniture and fixtures and office equipment\n \n | \n \n \n 1,565,280\n \n | \n \n \n 4,330\n \n | \n \n \n 2,953\n \n | \n \n \n -4,490\n \n | \n \n \n 256,346\n \n | \n \n \n 2,193\n \n | \n \n \n 145,170\n \n | \n \n \n 1,675,536\n \n | \n
| \n \n 5. Advances paid and assets under construction\n \n | \n \n \n 88,842\n \n | \n \n \n 868\n \n | \n \n \n 794\n \n | \n \n \n -930\n \n | \n \n \n 72,510\n \n | \n \n \n -57,235\n \n | \n \n \n 972\n \n | \n \n \n 102,289\n \n | \n
| \n \n Total\n \n | \n \n \n 7,366,364\n \n | \n \n \n 15,200\n \n | \n \n \n 21,415\n \n | \n \n \n -25,892\n \n | \n \n \n 754,137\n \n | \n \n \n 0\n \n | \n \n \n 373,692\n \n | \n \n \n 7,714,702\n \n | \n
| \n \n \n \n | \n \n \n Accumulated depreciation, amortisation and impairment\n \n | \n \n \n \n \n | \n \n \n \n \n | \n |||||||
| \n \n T\u20ac\n \n | \n \n \n Balance\nas at\n1.1.2024\n \n | \n \n \n Additions\nto the\nconsolidated\ngroup\n \n | \n \n \n Disposals\nfrom the\nconsolidated\ngroup\n \n | \n \n \n Currency translation\n \n | \n \n \n Additions\n \n | \n \n \n Transfers\n \n | \n \n \n Disposals\n \n | \n \n \n Balance\nas at\n31.12.2024\n \n | \n \n \n Carrying amount \nas at 31.12.2024\n \n | \n \n \n Carrying amount \nas at 31.12.2023\n \n | \n
| \n \n I.\n \n | \n \n \n 251,342\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n -380\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 250,962\n \n | \n \n \n 555,793\n \n | \n \n \n 490,738\n \n | \n
| \n \n II.\n \n | \n \n \n 98,943\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 20,958\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 119,901\n \n | \n \n \n 431,892\n \n | \n \n \n 452,850\n \n | \n
| \n \n III.\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n 1.\n \n | \n \n \n 114,976\n \n | \n \n \n 141\n \n | \n \n \n 0\n \n | \n \n \n -187\n \n | \n \n \n 6,490\n \n | \n \n \n 0\n \n | \n \n \n 6,576\n \n | \n \n \n 114,844\n \n | \n \n \n 29,126\n \n | \n \n \n 32,795\n \n | \n
| \n \n 2.\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 25\n \n | \n \n \n 432\n \n | \n
| \n \n \n \n | \n \n \n 114,976\n \n | \n \n \n 141\n \n | \n \n \n 0\n \n | \n \n \n -187\n \n | \n \n \n 6,490\n \n | \n \n \n 0\n \n | \n \n \n 6,576\n \n | \n \n \n 114,844\n \n | \n \n \n 29,151\n \n | \n \n \n 33,227\n \n | \n
| \n \n IV.\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n 1.\n \n | \n \n \n 775,556\n \n | \n \n \n 386\n \n | \n \n \n 16,319\n \n | \n \n \n -1,117\n \n | \n \n \n 60,550\n \n | \n \n \n -8\n \n | \n \n \n 13,232\n \n | \n \n \n 805,816\n \n | \n \n \n 1,074,081\n \n | \n \n \n 1,037,977\n \n | \n
| \n \n 2.\n \n | \n \n \n 227,869\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n -425\n \n | \n \n \n 74,215\n \n | \n \n \n 0\n \n | \n \n \n 41,837\n \n | \n \n \n 259,822\n \n | \n \n \n 399,196\n \n | \n \n \n 378,863\n \n | \n
| \n \n 3.\n \n | \n \n \n 2,518,544\n \n | \n \n \n 2,450\n \n | \n \n \n 1,203\n \n | \n \n \n -12,426\n \n | \n \n \n 238,298\n \n | \n \n \n 162\n \n | \n \n \n 135,371\n \n | \n \n \n 2,610,454\n \n | \n \n \n 787,508\n \n | \n \n \n 773,433\n \n | \n
| \n \n 4.\n \n | \n \n \n 996,958\n \n | \n \n \n 1,876\n \n | \n \n \n 2,644\n \n | \n \n \n -3,314\n \n | \n \n \n 177,715\n \n | \n \n \n -154\n \n | \n \n \n 133,118\n \n | \n \n \n 1,037,319\n \n | \n \n \n 638,217\n \n | \n \n \n 568,322\n \n | \n
| \n \n 5.\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 2,229\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 2,229\n \n | \n \n \n 100,060\n \n | \n \n \n 88,842\n \n | \n
| \n \n \n \n | \n \n \n 4,518,927\n \n | \n \n \n 4,712\n \n | \n \n \n 20,166\n \n | \n \n \n -17,282\n \n | \n \n \n 553,007\n \n | \n \n \n 0\n \n | \n \n \n 323,558\n \n | \n \n \n 4,715,640\n \n | \n \n \n 2,999,062\n \n | \n \n \n 2,847,437\n \n | \n
Impairment losses totalling T\u20ac 2,277\u00a0and reversal of impairment losses of T\u20ac 0 were recognised in 2024.
The composition of and changes in goodwill is shown under item (12)\u00a0consolidated statement of changes in fixed assets.
The goodwill at the balance sheet date is composed as follows:
| \n \n T\u20ac\n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2024\n \n | \n
| \n \n STRABAG Cologne (N+W)\n \n | \n \n \n 131,118\n \n | \n \n \n 131,118\n \n | \n
| \n \n STRABAG Cologne (S+E)\n \n | \n \n \n 61,105\n \n | \n \n \n 61,105\n \n | \n
| \n \n Georgiou Group (I+S)\n \n | \n \n \n 90,697\n \n | \n \n \n -\n \n | \n
| \n \n Czech Republic (S+E)\n \n | \n \n \n 75,059\n \n | \n \n \n 72,233\n \n | \n
| \n \n STRABAG PFS Germany (I+S)\n \n | \n \n \n 70,728\n \n | \n \n \n 68,679\n \n | \n
| \n \n STRABAG Poland (S+E)\n \n | \n \n \n 62,260\n \n | \n \n \n 61,473\n \n | \n
| \n \n ELCO S.A. (I+S)\n \n | \n \n \n 52,574\n \n | \n \n \n 52,574\n \n | \n
| \n \n Other Building Solutions (I+S)\n \n | \n \n \n 46,180\n \n | \n \n \n 27,763\n \n | \n
| \n \n Germany (various CGUs; N+W)\n \n | \n \n \n 24,944\n \n | \n \n \n 22,679\n \n | \n
| \n \n Lederer-Grabner Baugesellschaft mbH (S+E)\n \n | \n \n \n 23,695\n \n | \n \n \n -\n \n | \n
| \n \n Austria (various CGUs; S+E)\n \n | \n \n \n 22,600\n \n | \n \n \n 22,600\n \n | \n
| \n \n Orbittal Electromech Engineering Projects Private Limited (I+S)\n \n | \n \n \n 18,745\n \n | \n \n \n -\n \n | \n
| \n \n ZABERD Sp. z o.o. (S+E)\n \n | \n \n \n 18,322\n \n | \n \n \n -\n \n | \n
| \n \n Ed. Z\u00fcblin AG (N+W)\n \n | \n \n \n 17,057\n \n | \n \n \n 17,057\n \n | \n
| \n \n Construction materials (various CGUs; S+E)\n \n | \n \n \n 14,163\n \n | \n \n \n 9,077\n \n | \n
| \n \n Other\n \n | \n \n \n 9,498\n \n | \n \n \n 9,435\n \n | \n
| \n \n Total goodwill\n \n | \n \n \n 738,745\n \n | \n \n \n 555,793\n \n | \n
The comparison of the carrying amounts with the recoverable amounts of the cash-generating units determined by the annual impairment testing showed a need to recognise an impairment loss of T\u20ac 0 (2024: T\u20ac 0) on goodwill. This figure is shown under depreciation and amortisation. The recoverable amount of the impaired cash-generating units amounts to T\u20ac 0 (2024: T\u20ac 0).
The recoverable amount of these cash-generating units (CGUs) corresponds to their fair value less cost to sell.
The methods of measurement are explained in the section \u201cAccounting policies\u201d (Impairment of non-financial assets). The method applied here is a Level 3 measurement.
Regarding the sensitivity analysis of goodwill, we refer to our notes under \u201cEstimates - (a) Recoverability of goodwill\u201d.
The following table presents the key assumptions\u00a0used in calculating the recoverable amount for significant goodwill.
There were no intangible assets with indefinite useful lives allocated to the CGUs listed below.
| \n \n \n \n | \n \n \n Carrying amount\n \n | \n \n \n Methodology\n \n | \n \n \n Detailed planning period\n \n | \n \n \n Growth rate\n \n | \n \n \n Discount rate after tax\n \n | \n
| \n \n T\u20ac\n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2025\n \n | \n
| \n \n STRABAG Cologne (N+W)\n \n | \n \n \n 131,118\n \n | \n \n \n FV less cost of disposal (Level 3)\n[2024: FV less cost of disposal (Level 3)]\n \n | \n \n \n 4 (2024: 4)\n \n | \n \n \n 0 (2024: 0)\n \n | \n \n \n 7.97%\n(2024: 8.71%)\n \n | \n
| \n \n STRABAG Cologne (S+E)\n \n | \n \n \n 61,105\n \n | \n \n \n FV less cost of disposal (Level 3)\n[2024: FV less cost of disposal (Level 3)]\n \n | \n \n \n 4 (2024: 4)\n \n | \n \n \n 0 (2024: 0)\n \n | \n \n \n 8.30%\n(2024: 9.86%)\n \n | \n
| \n \n Georgiou Group (I+S)\n \n | \n \n \n 90,697\n \n | \n \n \n FV less cost of disposal (Level 3)\n[2024: -]\n \n | \n \n \n 4 (2024: -)\n \n | \n \n \n 0 (2024: -)\n \n | \n \n \n 8.28%\n(2024: -)\n \n | \n
| \n \n Czech Republic (S+E)\n \n | \n \n \n 75,059\n \n | \n \n \n FV less cost of disposal (Level 3)\n[2024: FV less cost of disposal (Level 3)]\n \n | \n \n \n 4 (2024: 4)\n \n | \n \n \n 0 (2024: 0)\n \n | \n \n \n 8.69%\n(2024: 9.44%)\n \n | \n
| \n \n STRABAG PFS Germany (I+S)\n \n | \n \n \n 70,728\n \n | \n \n \n FV less cost of disposal (Level 3)\n[2024: FV less cost of disposal (Level 3)]\n \n | \n \n \n 4 (2024: 4)\n \n | \n \n \n 0 (2024: 0)\n \n | \n \n \n 7.97%\n(2024: 8.71%)\n \n | \n
| \n \n STRABAG Poland (S+E)\n \n | \n \n \n 62,260\n \n | \n \n \n FV less cost of disposal (Level 3)\n[2024: FV less cost of disposal (Level 3)]\n \n | \n \n \n 4 (2024: 4)\n \n | \n \n \n 0 (2024: 0)\n \n | \n \n \n 9.53%\n(2024: 11.20%)\n \n | \n
The method used is a discounted cash flow model based on recognised valuation techniques, with the forecast of the cash flows calculated by the management on the basis of experience. The key assumptions used to determine the recoverable amount were future cash flows and the cost of capital. Management does not consider that any reasonably possible change in the key assumptions would cause the carrying amount of the CGU which contains the above-mentioned goodwill to exceed its recoverable amount.
The sensitivity analyses described in the section \u201cEstimates \u2013 (a) Recoverability of goodwill\u201d did not lead to an impairment loss of the above-mentioned significant goodwill in any of the analysed cases.
STRABAG has held 100% of PANSUEVIA\u00a0GmbH & Co. KG, Jettingen-Scheppach, since 28\u00a0September\u00a02018.
The company concluded a concession arrangement with the Federal Republic of Germany to design, build and finance a section of the A8 motorway and to maintain and operate a section of the A8 motorway between Ulm and Augsburg.
In exchange, PANSUEVIA receives the right to charge trucks an uniform toll rate per kilometre on an approx. 57 km long concession section. The toll may be adapted annually. The term of the concession arrangement is set at 30 years and ends on 30\u00a0June\u00a02041.
The development of the concession right can be found under item (12) Consolidated statement of changes in fixed assets. The concession right is amortised over the term of 30 years on the basis of the planned use of the concession section. The annual income from the toll collections is recognised as revenue.
The right from the concession arrangement is offset by variable and fixed interest rate non-recourse financing in the amount of T\u20ac 310,062 (2024: T\u20ac 325,617) classified either as a current or non-current financial obligations depending on the term to maturity. The resulting interest expense is recognised under other operating expense. The interest risk based on variable interest was hedged through the conclusion of interest rate swap agreements that satisfy the requirements for presentation as a cash flow hedge. The changes in the value of the interest rate swap are therefore recognised in the other comprehensive income.
The composition of and changes in other intangible assets are shown under item (12) Consolidated statement of changes in fixed assets.
No borrowing costs were capitalised for other intangible assets in the reporting period.
A total of T\u20ac 17,595 (2024: T\u20ac 18,960) in research and development costs incurred in the 2025 financial year were recorded as expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93442-4": { "value": "| \n \n \n \n | \n \n \n Acquisition and production cost\n \n | \n \n \n \n \n | \n \n \n \n \n | \n |||||
| \n \n T\u20ac\n \n | \n \n \n Balance\nas at\n1.1.2025\n \n | \n \n \n Additions\nto the\nconsolidated\ngroup\n \n | \n \n \n Disposals\nfrom the\nconsolidated\ngroup\n \n | \n \n \n Currency translation\n \n | \n \n \n Additions\n \n | \n \n \n Transfers\n \n | \n \n \n Disposals\n \n | \n \n \n Balance\nas at 31.12.2025\n \n | \n
| \n \n I. Goodwill\n \n | \n \n \n 806,755\n \n | \n \n \n 178,942\n \n | \n \n \n 8,632\n \n | \n \n \n 4,741\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 981,806\n \n | \n
| \n \n II. Rights from concession arrangements\n \n | \n \n \n 551,793\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 551,793\n \n | \n
| \n \n III. Other intangible assets\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n 1. Concessions, software, licences, rights\n \n | \n \n \n 143,970\n \n | \n \n \n 42,010\n \n | \n \n \n 68\n \n | \n \n \n 97\n \n | \n \n \n 1,389\n \n | \n \n \n 0\n \n | \n \n \n 22,053\n \n | \n \n \n 165,345\n \n | \n
| \n \n 2. Advances paid\n \n | \n \n \n 25\n \n | \n \n \n 2\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 193\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 220\n \n | \n
| \n \n Total\n \n | \n \n \n 143,995\n \n | \n \n \n 42,012\n \n | \n \n \n 68\n \n | \n \n \n 97\n \n | \n \n \n 1,582\n \n | \n \n \n 0\n \n | \n \n \n 22,053\n \n | \n \n \n 165,565\n \n | \n
| \n \n IV. Property, plant and equipment\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n 1. Land and buildings\n \n | \n \n \n 1,879,897\n \n | \n \n \n 7,487\n \n | \n \n \n 0\n \n | \n \n \n 5,570\n \n | \n \n \n 43,836\n \n | \n \n \n 43,292\n \n | \n \n \n 11,632\n \n | \n \n \n 1,968,450\n \n | \n
| \n \n 2. Right-of-use assets\n \n | \n \n \n 659,018\n \n | \n \n \n 25,696\n \n | \n \n \n 1,122\n \n | \n \n \n -136\n \n | \n \n \n 73,385\n \n | \n \n \n 0\n \n | \n \n \n 135,932\n \n | \n \n \n 620,909\n \n | \n
| \n \n 3. Technical equipment and machinery\n \n | \n \n \n 3,397,962\n \n | \n \n \n 31,575\n \n | \n \n \n 2,313\n \n | \n \n \n 1,561\n \n | \n \n \n 278,701\n \n | \n \n \n 19,236\n \n | \n \n \n 171,166\n \n | \n \n \n 3,555,556\n \n | \n
| \n \n 4. Other facilities, furniture and fixtures and office equipment\n \n | \n \n \n 1,675,536\n \n | \n \n \n 62,805\n \n | \n \n \n 533\n \n | \n \n \n 3,717\n \n | \n \n \n 269,056\n \n | \n \n \n 2,194\n \n | \n \n \n 141,489\n \n | \n \n \n 1,871,286\n \n | \n
| \n \n 5. Advances paid and assets under construction\n \n | \n \n \n 102,289\n \n | \n \n \n 5\n \n | \n \n \n 0\n \n | \n \n \n 199\n \n | \n \n \n 71,789\n \n | \n \n \n -64,722\n \n | \n \n \n 2,748\n \n | \n \n \n 106,812\n \n | \n
| \n \n Total\n \n | \n \n \n 7,714,702\n \n | \n \n \n 127,568\n \n | \n \n \n 3,968\n \n | \n \n \n 10,911\n \n | \n \n \n 736,767\n \n | \n \n \n 0\n \n | \n \n \n 462,967\n \n | \n \n \n 8,123,013\n \n | \n
| \n \n \n \n | \n \n \n Accumulated depreciation, amortisation and impairment\n \n | \n \n \n \n \n | \n ||||||||
| \n \n T\u20ac\n \n | \n \n \n Balance\nas at\n1.1.2025\n \n | \n \n \n Additions\nto the\nconsolidated\ngroup\n \n | \n \n \n Disposals\nfrom the\nconsolidated\ngroup\n \n | \n \n \n Currency translation\n \n | \n \n \n Additions\n \n | \n \n \n Transfers\n \n | \n \n \n Disposals\n \n | \n \n \n Balance\nas at 31.12.2025\n \n | \n \n \n Carrying amount \nas at 31.12.2025\n \n | \n \n \n Carrying amount \nas at 31.12.2024\n \n | \n
| \n \n I.\n \n | \n \n \n 250,962\n \n | \n \n \n 0\n \n | \n \n \n 8,632\n \n | \n \n \n 731\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 243,061\n \n | \n \n \n 738,745\n \n | \n \n \n 555,793\n \n | \n
| \n \n II.\n \n | \n \n \n 119,901\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 22,003\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 141,904\n \n | \n \n \n 409,889\n \n | \n \n \n 431,892\n \n | \n
| \n \n III.\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n 1.\n \n | \n \n \n 114,844\n \n | \n \n \n 551\n \n | \n \n \n 68\n \n | \n \n \n 191\n \n | \n \n \n 19,455\n \n | \n \n \n 0\n \n | \n \n \n 22,019\n \n | \n \n \n 112,954\n \n | \n \n \n 52,391\n \n | \n \n \n 29,126\n \n | \n
| \n \n 2.\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 220\n \n | \n \n \n 25\n \n | \n
| \n \n \n \n | \n \n \n 114,844\n \n | \n \n \n 551\n \n | \n \n \n 68\n \n | \n \n \n 191\n \n | \n \n \n 19,455\n \n | \n \n \n 0\n \n | \n \n \n 22,019\n \n | \n \n \n 112,954\n \n | \n \n \n 52,611\n \n | \n \n \n 29,151\n \n | \n
| \n \n IV.\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n 1.\n \n | \n \n \n 805,816\n \n | \n \n \n 584\n \n | \n \n \n 0\n \n | \n \n \n 1,873\n \n | \n \n \n 44,098\n \n | \n \n \n 0\n \n | \n \n \n 7,786\n \n | \n \n \n 844,585\n \n | \n \n \n 1,123,865\n \n | \n \n \n 1,074,081\n \n | \n
| \n \n 2.\n \n | \n \n \n 259,822\n \n | \n \n \n 9,023\n \n | \n \n \n 88\n \n | \n \n \n 141\n \n | \n \n \n 80,508\n \n | \n \n \n 0\n \n | \n \n \n 90,158\n \n | \n \n \n 259,248\n \n | \n \n \n 361,661\n \n | \n \n \n 399,196\n \n | \n
| \n \n 3.\n \n | \n \n \n 2,610,454\n \n | \n \n \n 12,458\n \n | \n \n \n 1,885\n \n | \n \n \n 3,834\n \n | \n \n \n 263,551\n \n | \n \n \n 11\n \n | \n \n \n 164,950\n \n | \n \n \n 2,723,473\n \n | \n \n \n 832,083\n \n | \n \n \n 787,508\n \n | \n
| \n \n 4.\n \n | \n \n \n 1,037,319\n \n | \n \n \n 34,009\n \n | \n \n \n 414\n \n | \n \n \n 3,025\n \n | \n \n \n 200,103\n \n | \n \n \n -11\n \n | \n \n \n 129,950\n \n | \n \n \n 1,144,081\n \n | \n \n \n 727,205\n \n | \n \n \n 638,217\n \n | \n
| \n \n 5.\n \n | \n \n \n 2,229\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 2,229\n \n | \n \n \n 0\n \n | \n \n \n 106,812\n \n | \n \n \n 100,060\n \n | \n
| \n \n \n \n | \n \n \n 4,715,640\n \n | \n \n \n 56,074\n \n | \n \n \n 2,387\n \n | \n \n \n 8,873\n \n | \n \n \n 588,260\n \n | \n \n \n 0\n \n | \n \n \n 395,073\n \n | \n \n \n 4,971,387\n \n | \n \n \n 3,151,626\n \n | \n \n \n 2,999,062\n \n | \n
Impairment losses totalling T\u20ac 2,938 and reversal of impairment losses of T\u20ac 0 were recognised in 2025.
| \n \n \n \n | \n \n \n Acquisition and production cost\n \n | \n \n \n \n \n | \n \n \n \n \n | \n |||||
| \n \n T\u20ac\n \n | \n \n \n Balance\nas at\n1.1.2024\n \n | \n \n \n Additions\nto the\nconsolidated\ngroup\n \n | \n \n \n Disposals\nfrom the\nconsolidated\ngroup\n \n | \n \n \n Currency translation\n \n | \n \n \n Additions\n \n | \n \n \n Transfers\n \n | \n \n \n Disposals\n \n | \n \n \n Balance\nas at\n31.12.2024\n \n | \n
| \n \n I. Goodwill\n \n | \n \n \n 742,080\n \n | \n \n \n 65,636\n \n | \n \n \n 0\n \n | \n \n \n -961\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 806,755\n \n | \n
| \n \n II. Rights from concession arrangements\n \n | \n \n \n 551,793\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 551,793\n \n | \n
| \n \n III. Other intangible assets\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n 1. Concessions, software, licences, rights\n \n | \n \n \n 147,771\n \n | \n \n \n 183\n \n | \n \n \n 0\n \n | \n \n \n -160\n \n | \n \n \n 2,382\n \n | \n \n \n 407\n \n | \n \n \n 6,613\n \n | \n \n \n 143,970\n \n | \n
| \n \n 2. Advances paid\n \n | \n \n \n 432\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n -407\n \n | \n \n \n 0\n \n | \n \n \n 25\n \n | \n
| \n \n Total\n \n | \n \n \n 148,203\n \n | \n \n \n 183\n \n | \n \n \n 0\n \n | \n \n \n -160\n \n | \n \n \n 2,382\n \n | \n \n \n 0\n \n | \n \n \n 6,613\n \n | \n \n \n 143,995\n \n | \n
| \n \n IV. Property, plant and equipment\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n 1. Land and buildings\n \n | \n \n \n 1,813,533\n \n | \n \n \n 535\n \n | \n \n \n 16,319\n \n | \n \n \n -2,518\n \n | \n \n \n 73,679\n \n | \n \n \n 34,958\n \n | \n \n \n 23,971\n \n | \n \n \n 1,879,897\n \n | \n
| \n \n 2. Right-of-use assets\n \n | \n \n \n 606,732\n \n | \n \n \n 4,108\n \n | \n \n \n 0\n \n | \n \n \n -607\n \n | \n \n \n 111,945\n \n | \n \n \n 0\n \n | \n \n \n 63,160\n \n | \n \n \n 659,018\n \n | \n
| \n \n 3. Technical equipment and machinery\n \n | \n \n \n 3,291,977\n \n | \n \n \n 5,359\n \n | \n \n \n 1,349\n \n | \n \n \n -17,347\n \n | \n \n \n 239,657\n \n | \n \n \n 20,084\n \n | \n \n \n 140,419\n \n | \n \n \n 3,397,962\n \n | \n
| \n \n 4. Other facilities, furniture and fixtures and office equipment\n \n | \n \n \n 1,565,280\n \n | \n \n \n 4,330\n \n | \n \n \n 2,953\n \n | \n \n \n -4,490\n \n | \n \n \n 256,346\n \n | \n \n \n 2,193\n \n | \n \n \n 145,170\n \n | \n \n \n 1,675,536\n \n | \n
| \n \n 5. Advances paid and assets under construction\n \n | \n \n \n 88,842\n \n | \n \n \n 868\n \n | \n \n \n 794\n \n | \n \n \n -930\n \n | \n \n \n 72,510\n \n | \n \n \n -57,235\n \n | \n \n \n 972\n \n | \n \n \n 102,289\n \n | \n
| \n \n Total\n \n | \n \n \n 7,366,364\n \n | \n \n \n 15,200\n \n | \n \n \n 21,415\n \n | \n \n \n -25,892\n \n | \n \n \n 754,137\n \n | \n \n \n 0\n \n | \n \n \n 373,692\n \n | \n \n \n 7,714,702\n \n | \n
| \n \n \n \n | \n \n \n Accumulated depreciation, amortisation and impairment\n \n | \n \n \n \n \n | \n \n \n \n \n | \n |||||||
| \n \n T\u20ac\n \n | \n \n \n Balance\nas at\n1.1.2024\n \n | \n \n \n Additions\nto the\nconsolidated\ngroup\n \n | \n \n \n Disposals\nfrom the\nconsolidated\ngroup\n \n | \n \n \n Currency translation\n \n | \n \n \n Additions\n \n | \n \n \n Transfers\n \n | \n \n \n Disposals\n \n | \n \n \n Balance\nas at\n31.12.2024\n \n | \n \n \n Carrying amount \nas at 31.12.2024\n \n | \n \n \n Carrying amount \nas at 31.12.2023\n \n | \n
| \n \n I.\n \n | \n \n \n 251,342\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n -380\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 250,962\n \n | \n \n \n 555,793\n \n | \n \n \n 490,738\n \n | \n
| \n \n II.\n \n | \n \n \n 98,943\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 20,958\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 119,901\n \n | \n \n \n 431,892\n \n | \n \n \n 452,850\n \n | \n
| \n \n III.\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n 1.\n \n | \n \n \n 114,976\n \n | \n \n \n 141\n \n | \n \n \n 0\n \n | \n \n \n -187\n \n | \n \n \n 6,490\n \n | \n \n \n 0\n \n | \n \n \n 6,576\n \n | \n \n \n 114,844\n \n | \n \n \n 29,126\n \n | \n \n \n 32,795\n \n | \n
| \n \n 2.\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 25\n \n | \n \n \n 432\n \n | \n
| \n \n \n \n | \n \n \n 114,976\n \n | \n \n \n 141\n \n | \n \n \n 0\n \n | \n \n \n -187\n \n | \n \n \n 6,490\n \n | \n \n \n 0\n \n | \n \n \n 6,576\n \n | \n \n \n 114,844\n \n | \n \n \n 29,151\n \n | \n \n \n 33,227\n \n | \n
| \n \n IV.\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n 1.\n \n | \n \n \n 775,556\n \n | \n \n \n 386\n \n | \n \n \n 16,319\n \n | \n \n \n -1,117\n \n | \n \n \n 60,550\n \n | \n \n \n -8\n \n | \n \n \n 13,232\n \n | \n \n \n 805,816\n \n | \n \n \n 1,074,081\n \n | \n \n \n 1,037,977\n \n | \n
| \n \n 2.\n \n | \n \n \n 227,869\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n -425\n \n | \n \n \n 74,215\n \n | \n \n \n 0\n \n | \n \n \n 41,837\n \n | \n \n \n 259,822\n \n | \n \n \n 399,196\n \n | \n \n \n 378,863\n \n | \n
| \n \n 3.\n \n | \n \n \n 2,518,544\n \n | \n \n \n 2,450\n \n | \n \n \n 1,203\n \n | \n \n \n -12,426\n \n | \n \n \n 238,298\n \n | \n \n \n 162\n \n | \n \n \n 135,371\n \n | \n \n \n 2,610,454\n \n | \n \n \n 787,508\n \n | \n \n \n 773,433\n \n | \n
| \n \n 4.\n \n | \n \n \n 996,958\n \n | \n \n \n 1,876\n \n | \n \n \n 2,644\n \n | \n \n \n -3,314\n \n | \n \n \n 177,715\n \n | \n \n \n -154\n \n | \n \n \n 133,118\n \n | \n \n \n 1,037,319\n \n | \n \n \n 638,217\n \n | \n \n \n 568,322\n \n | \n
| \n \n 5.\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 2,229\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 2,229\n \n | \n \n \n 100,060\n \n | \n \n \n 88,842\n \n | \n
| \n \n \n \n | \n \n \n 4,518,927\n \n | \n \n \n 4,712\n \n | \n \n \n 20,166\n \n | \n \n \n -17,282\n \n | \n \n \n 553,007\n \n | \n \n \n 0\n \n | \n \n \n 323,558\n \n | \n \n \n 4,715,640\n \n | \n \n \n 2,999,062\n \n | \n \n \n 2,847,437\n \n | \n
Impairment losses totalling T\u20ac 2,277\u00a0and reversal of impairment losses of T\u20ac 0 were recognised in 2024.
The composition of and changes in goodwill is shown under item (12)\u00a0consolidated statement of changes in fixed assets.
The goodwill at the balance sheet date is composed as follows:
| \n \n T\u20ac\n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2024\n \n | \n
| \n \n STRABAG Cologne (N+W)\n \n | \n \n \n 131,118\n \n | \n \n \n 131,118\n \n | \n
| \n \n STRABAG Cologne (S+E)\n \n | \n \n \n 61,105\n \n | \n \n \n 61,105\n \n | \n
| \n \n Georgiou Group (I+S)\n \n | \n \n \n 90,697\n \n | \n \n \n -\n \n | \n
| \n \n Czech Republic (S+E)\n \n | \n \n \n 75,059\n \n | \n \n \n 72,233\n \n | \n
| \n \n STRABAG PFS Germany (I+S)\n \n | \n \n \n 70,728\n \n | \n \n \n 68,679\n \n | \n
| \n \n STRABAG Poland (S+E)\n \n | \n \n \n 62,260\n \n | \n \n \n 61,473\n \n | \n
| \n \n ELCO S.A. (I+S)\n \n | \n \n \n 52,574\n \n | \n \n \n 52,574\n \n | \n
| \n \n Other Building Solutions (I+S)\n \n | \n \n \n 46,180\n \n | \n \n \n 27,763\n \n | \n
| \n \n Germany (various CGUs; N+W)\n \n | \n \n \n 24,944\n \n | \n \n \n 22,679\n \n | \n
| \n \n Lederer-Grabner Baugesellschaft mbH (S+E)\n \n | \n \n \n 23,695\n \n | \n \n \n -\n \n | \n
| \n \n Austria (various CGUs; S+E)\n \n | \n \n \n 22,600\n \n | \n \n \n 22,600\n \n | \n
| \n \n Orbittal Electromech Engineering Projects Private Limited (I+S)\n \n | \n \n \n 18,745\n \n | \n \n \n -\n \n | \n
| \n \n ZABERD Sp. z o.o. (S+E)\n \n | \n \n \n 18,322\n \n | \n \n \n -\n \n | \n
| \n \n Ed. Z\u00fcblin AG (N+W)\n \n | \n \n \n 17,057\n \n | \n \n \n 17,057\n \n | \n
| \n \n Construction materials (various CGUs; S+E)\n \n | \n \n \n 14,163\n \n | \n \n \n 9,077\n \n | \n
| \n \n Other\n \n | \n \n \n 9,498\n \n | \n \n \n 9,435\n \n | \n
| \n \n Total goodwill\n \n | \n \n \n 738,745\n \n | \n \n \n 555,793\n \n | \n
The comparison of the carrying amounts with the recoverable amounts of the cash-generating units determined by the annual impairment testing showed a need to recognise an impairment loss of T\u20ac 0 (2024: T\u20ac 0) on goodwill. This figure is shown under depreciation and amortisation. The recoverable amount of the impaired cash-generating units amounts to T\u20ac 0 (2024: T\u20ac 0).
The recoverable amount of these cash-generating units (CGUs) corresponds to their fair value less cost to sell.
The methods of measurement are explained in the section \u201cAccounting policies\u201d (Impairment of non-financial assets). The method applied here is a Level 3 measurement.
Regarding the sensitivity analysis of goodwill, we refer to our notes under \u201cEstimates - (a) Recoverability of goodwill\u201d.
The following table presents the key assumptions\u00a0used in calculating the recoverable amount for significant goodwill.
There were no intangible assets with indefinite useful lives allocated to the CGUs listed below.
| \n \n \n \n | \n \n \n Carrying amount\n \n | \n \n \n Methodology\n \n | \n \n \n Detailed planning period\n \n | \n \n \n Growth rate\n \n | \n \n \n Discount rate after tax\n \n | \n
| \n \n T\u20ac\n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2025\n \n | \n
| \n \n STRABAG Cologne (N+W)\n \n | \n \n \n 131,118\n \n | \n \n \n FV less cost of disposal (Level 3)\n[2024: FV less cost of disposal (Level 3)]\n \n | \n \n \n 4 (2024: 4)\n \n | \n \n \n 0 (2024: 0)\n \n | \n \n \n 7.97%\n(2024: 8.71%)\n \n | \n
| \n \n STRABAG Cologne (S+E)\n \n | \n \n \n 61,105\n \n | \n \n \n FV less cost of disposal (Level 3)\n[2024: FV less cost of disposal (Level 3)]\n \n | \n \n \n 4 (2024: 4)\n \n | \n \n \n 0 (2024: 0)\n \n | \n \n \n 8.30%\n(2024: 9.86%)\n \n | \n
| \n \n Georgiou Group (I+S)\n \n | \n \n \n 90,697\n \n | \n \n \n FV less cost of disposal (Level 3)\n[2024: -]\n \n | \n \n \n 4 (2024: -)\n \n | \n \n \n 0 (2024: -)\n \n | \n \n \n 8.28%\n(2024: -)\n \n | \n
| \n \n Czech Republic (S+E)\n \n | \n \n \n 75,059\n \n | \n \n \n FV less cost of disposal (Level 3)\n[2024: FV less cost of disposal (Level 3)]\n \n | \n \n \n 4 (2024: 4)\n \n | \n \n \n 0 (2024: 0)\n \n | \n \n \n 8.69%\n(2024: 9.44%)\n \n | \n
| \n \n STRABAG PFS Germany (I+S)\n \n | \n \n \n 70,728\n \n | \n \n \n FV less cost of disposal (Level 3)\n[2024: FV less cost of disposal (Level 3)]\n \n | \n \n \n 4 (2024: 4)\n \n | \n \n \n 0 (2024: 0)\n \n | \n \n \n 7.97%\n(2024: 8.71%)\n \n | \n
| \n \n STRABAG Poland (S+E)\n \n | \n \n \n 62,260\n \n | \n \n \n FV less cost of disposal (Level 3)\n[2024: FV less cost of disposal (Level 3)]\n \n | \n \n \n 4 (2024: 4)\n \n | \n \n \n 0 (2024: 0)\n \n | \n \n \n 9.53%\n(2024: 11.20%)\n \n | \n
The method used is a discounted cash flow model based on recognised valuation techniques, with the forecast of the cash flows calculated by the management on the basis of experience. The key assumptions used to determine the recoverable amount were future cash flows and the cost of capital. Management does not consider that any reasonably possible change in the key assumptions would cause the carrying amount of the CGU which contains the above-mentioned goodwill to exceed its recoverable amount.
The sensitivity analyses described in the section \u201cEstimates \u2013 (a) Recoverability of goodwill\u201d did not lead to an impairment loss of the above-mentioned significant goodwill in any of the analysed cases.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93635-1": { "value": "STRABAG has held 100% of PANSUEVIA\u00a0GmbH & Co. KG, Jettingen-Scheppach, since 28\u00a0September\u00a02018.
The company concluded a concession arrangement with the Federal Republic of Germany to design, build and finance a section of the A8 motorway and to maintain and operate a section of the A8 motorway between Ulm and Augsburg.
In exchange, PANSUEVIA receives the right to charge trucks an uniform toll rate per kilometre on an approx. 57 km long concession section. The toll may be adapted annually. The term of the concession arrangement is set at 30 years and ends on 30\u00a0June\u00a02041.
The development of the concession right can be found under item (12) Consolidated statement of changes in fixed assets. The concession right is amortised over the term of 30 years on the basis of the planned use of the concession section. The annual income from the toll collections is recognised as revenue.
The right from the concession arrangement is offset by variable and fixed interest rate non-recourse financing in the amount of T\u20ac 310,062 (2024: T\u20ac 325,617) classified either as a current or non-current financial obligations depending on the term to maturity. The resulting interest expense is recognised under other operating expense. The interest risk based on variable interest was hedged through the conclusion of interest rate swap agreements that satisfy the requirements for presentation as a cash flow hedge. The changes in the value of the interest rate swap are therefore recognised in the other comprehensive income.
STRABAG has a 100% interest in the Hungarian M5 motorway concession company, AKA Alf\u00f6ld Koncesszi\u00f3s Aut\u00f3p\u00e1lya Zrt., Budapest (AKA).
In the concession arrangement with the Hungarian state, AKA committed to develop, plan, finance and to build and operate the M5 motorway. The motorway itself is the property of the state; all vehicles and equipment necessary for motorway operation are to be transferred to the state free of charge following the end of the concession period.
In exchange, AKA will regularly receive an availability fee, independent of transit volume, from the Hungarian state for making the motorway available to the public. AKA bears the operator\u2019s risk of motorway closure and non-compliance of contractually agreed roadway criteria.
The route totals 156.5 km and was built in three phases. The concession period runs until 2031. A one-time extension for up to 17.5 years is possible.
All services provided under this concession arrangement are accounted for under the separate balance sheet item receivables from concession arrangements. The receivables in the amount of T\u20ac 369,570 (2024: T\u20ac 427,630) are carried at the present value of the payment to be made by the state. The annual accumulation amount is recognised in revenue.
The contract also includes interest adjustment payments to be made by the Hungarian state. As a result, the state bears the interest risk from the financing of AKA. These interest adjustment payments represent a separate hedging transaction. Presentation is made as a cash flow hedge; as a result, changes in the fair value of the interest rate swap are recognised in other comprehensive income.
The financing was repaid in full in June 2024, thereby eliminating the interest adjustment payment obligations and allowing the interest rate swap to expire.
The interest expense until June 2024 was recognised in other operating expense.
", "dimensions": { "concept": "ifrs-full:DisclosureOfServiceConcessionArrangementsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93623-1": { "value": "A total of T\u20ac 17,595 (2024: T\u20ac 18,960) in research and development costs incurred in the 2025 financial year were recorded as expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93638-1": { "value": "As in the previous year, no borrowing costs were capitalised for property, plant and equipment in the reporting period.
For qualifying assets, interest on borrowings was recognised in the amount of T\u20ac 423 (2024: T\u20ac 986).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93638-2": { "value": "The development of right-of-use assets from leases is shown under item (12) Consolidated statement of changes in fixed assets.
The cash outflows from leases in the 2025 financial year break down as follows:
| \n \n T\u20ac\n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2024\n \n | \n
| \n \n Interest expense on lease liabilities\n \n | \n \n \n 12,113\n \n | \n \n \n 9,664\n \n | \n
| \n \n Repayment of lease liabilities\n \n | \n \n \n 76,524\n \n | \n \n \n 67,864\n \n | \n
| \n \n Variable lease payments\n \n | \n \n \n 7,106\n \n | \n \n \n 7,469\n \n | \n
| \n \n Payments for short-term equipment rentals\n \n | \n \n \n 200,970\n \n | \n \n \n 194,298\n \n | \n
| \n \n Payments for other short-term leases\n \n | \n \n \n 6,066\n \n | \n \n \n 6,498\n \n | \n
| \n \n Total lease payments\n \n | \n \n \n 302,779\n \n | \n \n \n 285,793\n \n | \n
To a minor extent, the STRABAG\u00a0SE Group also rents office space to third parties and thus acts as a lessor. This particularly involves the TECH GATE VIENNA in Vienna. The annual rental income amounts to T\u20ac 2,354 (2024: T\u20ac 2,475) and is shown in other operating income.
The carrying amount of this building as at 31\u00a0December\u00a02025 is T\u20ac 58,411 (2024: T\u20ac 60,019) and is recorded under property, plant and equipment (properties and buildings). Rental income in the next year and the following five years will remain roughly constant. All leases are classified as operating leases.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93638-3": { "value": "As at the balance sheet date there was T\u20ac 111,268 (2024: T\u20ac 110,005) in contractual commitments for acquisition of property, plant and equipment which were not considered in the consolidated financial statements.
In the construction industry, it is customary and necessary to provide various types of guarantees to secure the contractual obligations. These guarantees are usually issued by banks or credit insurers and most commonly comprise bid, contract performance, prepayment and warranty guarantees. In the event these guarantees are called upon, the relevant banks have a contractual right of recourse against the Group. The risk that such guarantees are utilised and that a right of recourse arises materialises only if the primary contractual obligations are not properly performed.
Obligations and possible risks from such guarantees are recognised in the balance sheet as\u00a0liabilities or provisions.
Not included in the balance sheet or the contingent liabilities as at 31\u00a0December\u00a02025 are performance bonds in the amount of \u20ac 3.6 billion (2024: \u20ac 2.9 billion) of which an outflow of resources is unlikely.
Contract fulfilment guarantees issued by the Group for nonconsolidated subsidiaries or investees are to be classified as insurance contracts in accordance with IFRS 17. No fee is charged for these guarantees. As at 31\u00a0December\u00a02025, guarantees amounting to T\u20ac 14,007 (2024: T\u20ac 12,873) had been issued.
As is customary in the industry, STRABAG\u00a0SE shares liability with the other partners of consortia in which companies of the STRABAG\u00a0SE Group hold a share interest.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93466-1": { "value": "| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Carrying amount as at 1.1.\n \n | \n \n \n 525,671\n \n | \n \n \n 541,026\n \n | \n
| \n \n Acquisitions/contributions\n \n | \n \n \n 109,726\n \n | \n \n \n 17,886\n \n | \n
| \n \n Income and expenses from equity-accounted investments\n \n | \n \n \n 24,839\n \n | \n \n \n 37,133\n \n | \n
| \n \n Distributions received\n \n | \n \n \n -43,534\n \n | \n \n \n -49,467\n \n | \n
| \n \n Repayments of capital\n \n | \n \n \n 0\n \n | \n \n \n -12,511\n \n | \n
| \n \n Disposals of carrying values\n \n | \n \n \n -6,035\n \n | \n \n \n 0\n \n | \n
| \n \n Transfers of carrying values\n \n | \n \n \n -10,748\n \n | \n \n \n 0\n \n | \n
| \n \n Share of other comprehensive income\n \n | \n \n \n -4,862\n \n | \n \n \n -3,573\n \n | \n
| \n \n Adjustment for income and expenses not covered by the equity-method carrying amount\n \n | \n \n \n 225\n \n | \n \n \n -4,823\n \n | \n
| \n \n Carrying amount as at 31.12.\n \n | \n \n \n 595,282\n \n | \n \n \n 525,671\n \n | \n
As at 31 December 2025, provisions amounting to T\u20ac 4,000 (2024: T\u20ac 4,000) and impairment allowances on receivables in connection with equity-accounted investments in the amount of T\u20ac 10,702 (2024: T\u20ac 10,477) were recognised. Changes in provisions and impairments recognised in profit or loss are reported under income or expenses from equity-accounted investments.
\n Holcim Cement CE Holding GmbH, Vienna, is a significant associate. The group\u2019s share of the capital and voting rights amounts to 30%. The company is accounted for using the equity method. We also refer to item (39) Notes on related parties.
The following financial information concerns the preliminary consolidated financial statements prepared in accordance with IFRS.
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Revenue\n \n | \n \n \n 319,828\n \n | \n \n \n 343,369\n \n | \n
| \n \n Net income from continuing operations\n \n | \n \n \n 41,103\n \n | \n \n \n 38,981\n \n | \n
| \n \n Other comprehensive income\n \n | \n \n \n 13,923\n \n | \n \n \n -8,077\n \n | \n
| \n \n Total comprehensive income\n \n | \n \n \n 55,026\n \n | \n \n \n 30,904\n \n | \n
| \n \n attributable to: non-controlling interests\n \n | \n \n \n -29\n \n | \n \n \n -87\n \n | \n
| \n \n attributable to: equity holders of the parent\n \n | \n \n \n 55,055\n \n | \n \n \n 30,991\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n \n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2024\n \n | \n
| \n \n Non-current assets\n \n | \n \n \n 562,361\n \n | \n \n \n 540,535\n \n | \n
| \n \n Current assets\n \n | \n \n \n 128,084\n \n | \n \n \n 143,604\n \n | \n
| \n \n Non-current liabilities\n \n | \n \n \n -143,530\n \n | \n \n \n -146,545\n \n | \n
| \n \n Current liabilities\n \n | \n \n \n -158,204\n \n | \n \n \n -162,910\n \n | \n
| \n \n Net assets\n \n | \n \n \n 388,711\n \n | \n \n \n 374,684\n \n | \n
| \n \n attributable to: non-controlling interests\n \n | \n \n \n 3,893\n \n | \n \n \n 3,922\n \n | \n
| \n \n attributable to: equity holders of the parent\n \n | \n \n \n 384,818\n \n | \n \n \n 370,762\n \n | \n
The financial information presented here can be transferred to the equity carrying amount of the Holcim Cement CE Holding\u00a0GmbH in the consolidated financial statements as follows:
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Group's share of net assets as at 1.1.\n \n | \n \n \n 111,228\n \n | \n \n \n 114,896\n \n | \n
| \n \n Group's share of net income from continuing operations\n \n | \n \n \n 12,174\n \n | \n \n \n 11,530\n \n | \n
| \n \n Group's share of other comprehensive income\n \n | \n \n \n 4,342\n \n | \n \n \n -2,233\n \n | \n
| \n \n Group's share of total comprehensive income\n \n | \n \n \n 16,516\n \n | \n \n \n 9,297\n \n | \n
| \n \n Dividends received\n \n | \n \n \n -12,300\n \n | \n \n \n -12,965\n \n | \n
| \n \n Group's share of net assets as at 31.12.\n \n | \n \n \n 115,444\n \n | \n \n \n 111,228\n \n | \n
| \n \n Goodwill\n \n | \n \n \n 87,084\n \n | \n \n \n 87,084\n \n | \n
| \n \n Equity-method carrying amount as at 31.12.\n \n | \n \n \n 202,528\n \n | \n \n \n 198,312\n \n | \n
Another significant associate is CMBlu Energy AG, Alzenau.\u00a0The company is active in the field of research and development of large-scale battery storage systems using organic solid-flow batteries. As at 31 December 2025, the STRABAG SE Group holds 24.94% of the shares. In addition, STRABAG has the right to appoint a member to the company\u2019s Supervisory Board.
In the 2025 financial year, 6.27% of the shares were again sold due to obligations in connection with the shares acquired in December 2024.
The following financial information concerns the preliminary consolidated financial statements prepared in accordance with IFRS.
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Net income from continuing operations\n \n | \n \n \n -48,023\n \n | \n \n \n -33,240\n \n | \n
| \n \n Other comprehensive income\n \n | \n \n \n 328\n \n | \n \n \n -69\n \n | \n
| \n \n Total comprehensive income\n \n | \n \n \n -47,695\n \n | \n \n \n -33,309\n \n | \n
| \n \n attributable to: non-controlling interests\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n
| \n \n attributable to: equity holders of the parent\n \n | \n \n \n -47,695\n \n | \n \n \n -33,333\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n \n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2024\n \n | \n
| \n \n Non-current assets\n \n | \n \n \n 18,925\n \n | \n \n \n 18,082\n \n | \n
| \n \n Current assets\n \n | \n \n \n 15,161\n \n | \n \n \n 66,059\n \n | \n
| \n \n Non-current liabilities\n \n | \n \n \n -3,610\n \n | \n \n \n -7,413\n \n | \n
| \n \n Current liabilities\n \n | \n \n \n -7,548\n \n | \n \n \n -7,500\n \n | \n
| \n \n Net assets\n \n | \n \n \n 22,928\n \n | \n \n \n 69,228\n \n | \n
| \n \n attributable to: non-controlling interests\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n
| \n \n attributable to: equity holders of the parent\n \n | \n \n \n 22,928\n \n | \n \n \n 69,228\n \n | \n
The financial information presented here can be transferred to the equity carrying amount of CMBlu Energy\u00a0AG in the consolidated financial statements as follows:
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Group's share of net assets as at 1.1.\n \n | \n \n \n 21,605\n \n | \n \n \n 15,190\n \n | \n
| \n \n Group's share of net income from continuing operations\n \n | \n \n \n -12,089\n \n | \n \n \n -5,259\n \n | \n
| \n \n Group's share of other comprehensive income\n \n | \n \n \n 82\n \n | \n \n \n -21\n \n | \n
| \n \n Group's share of total comprehensive income\n \n | \n \n \n -12,007\n \n | \n \n \n -5,280\n \n | \n
| \n \n Dilution of shares\n \n | \n \n \n 0\n \n | \n \n \n -432\n \n | \n
| \n \n Disposal of shares\n \n | \n \n \n -3,879\n \n | \n \n \n 0\n \n | \n
| \n \n Acquisition of shares\n \n | \n \n \n 0\n \n | \n \n \n 12,127\n \n | \n
| \n \n Group's share of net assets as at 31.12.\n \n | \n \n \n 5,719\n \n | \n \n \n 21,605\n \n | \n
| \n \n Goodwill\n \n | \n \n \n 88,065\n \n | \n \n \n 90,221\n \n | \n
| \n \n Equity-method carrying amount as at 31.12.\n \n | \n \n \n 93,784\n \n | \n \n \n 111,826\n \n | \n
\n Cascade Infrastructure Holdings Limited, Manchester, was established by articles of association dated 14 May 2025. The company is the project company for a major water infrastructure project in the United Kingdom. Under a concession agreement, the company was commissioned with planning, construction, building and financing. The STRABAG SE Group holds 50% of the voting rights in the company, which therefore represents an significant joint venture.
The following financial information concerns the preliminary consolidated financial statements prepared in accordance with IFRS.
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n
| \n \n Net income from continuing operations\n \n | \n \n \n -15,562\n \n | \n
| \n \n Other comprehensive income\n \n | \n \n \n -14,278\n \n | \n
| \n \n Total comprehensive income\n \n | \n \n \n -29,840\n \n | \n
| \n \n attributable to: non-controlling interests\n \n | \n \n \n 0\n \n | \n
| \n \n attributable to: equity holders of the parent\n \n | \n \n \n -29,840\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n
| \n \n \n \n | \n \n \n 31.12.2025\n \n | \n
| \n \n Current assets\n \n | \n \n \n 222,771\n \n | \n
| \n \n Non-current liabilities\n \n | \n \n \n -64,504\n \n | \n
| \n \n Current liabilities\n \n | \n \n \n -19,603\n \n | \n
| \n \n Net assets\n \n | \n \n \n 138,664\n \n | \n
| \n \n attributable to: non-controlling interests\n \n | \n \n \n 0\n \n | \n
| \n \n attributable to: equity holders of the parent\n \n | \n \n \n 138,664\n \n | \n
The financial information presented here can be transferred to the equity carrying amount of\u00a0Cascade Infrastructure Holdings Limited\u00a0in the consolidated financial statements as follows:
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n
| \n \n Group's share of net assets as at 1.1.\n \n | \n \n \n 0\n \n | \n
| \n \n Capital contribution\n \n | \n \n \n 84,252\n \n | \n
| \n \n Group's share of net income from continuing operations\n \n | \n \n \n -7,781\n \n | \n
| \n \n Group's share of other comprehensive income\n \n | \n \n \n -7,139\n \n | \n
| \n \n Group's share of total comprehensive income\n \n | \n \n \n -14,920\n \n | \n
| \n \n Group's share of net assets as at 31.12.\n \n | \n \n \n 69,332\n \n | \n
| \n \n Equity-method carrying amount as at 31.12.\n \n | \n \n \n 69,332\n \n | \n
The following table arranges in aggregate form the carrying amount and the group\u2019s share of the profit and other comprehensive income from associates that would be immaterial by themselves:
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Total of equity-method carrying amounts as at 31.12.\n \n | \n \n \n 117,161\n \n | \n \n \n 97,907\n \n | \n
| \n \n Group's share of net income from continuing operations\n \n | \n \n \n 25,008\n \n | \n \n \n 11,655\n \n | \n
| \n \n Group's share of other comprehensive income\n \n | \n \n \n -1,687\n \n | \n \n \n 250\n \n | \n
| \n \n Group's share of total comprehensive income\n \n | \n \n \n 23,321\n \n | \n \n \n 11,905\n \n | \n
The following table arranges in aggregate form the carrying amount and the group\u2019s share of the profit and other comprehensive income from joint ventures that would be immaterial by themselves:
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Total of equity-method carrying amounts as at 31.12.\n \n | \n \n \n 112,477\n \n | \n \n \n 117,626\n \n | \n
| \n \n Group's share of net income from continuing operations\n \n | \n \n \n 7,527\n \n | \n \n \n 19,207\n \n | \n
| \n \n Group's share of other comprehensive income\n \n | \n \n \n -460\n \n | \n \n \n -1,569\n \n | \n
| \n \n Group's share of total comprehensive income\n \n | \n \n \n 7,068\n \n | \n \n \n 17,638\n \n | \n
Proportionate losses from equity-accounted investments in the amount of T\u20ac 4,070 (2024: T\u20ac 3,914) were not recognised in profit or loss, as the carrying amounts of these investments already are T\u20ac 0.
The group classifies construction consortia as joint ventures and records their earnings under share of profit or loss of equity-accounted investments. The following table shows the group\u2019s ten most important consortia with regard to the output volume in the 2025 financial year.
| \n \n Construction consortia\n \n | \n \n \n Stake in %\n \n | \n
| \n \n ARGE HAUS DER STATISTIK HDS, Germany (HDS)\n \n | \n \n \n 50.00\n \n | \n
| \n \n ARGE JVA M\u00dcNSTER LOS 1 PLANUNG UND BAU, Germany (JVA L1)\n \n | \n \n \n 50.00\n \n | \n
| \n \n ARGE NGP BAU 36 MB SINDELFINGEN, Germany (MB36)\n \n | \n \n \n 65.00\n \n | \n
| \n \n ARGE SCHLEUSE KRIEGENBRUNN, Germany (KRIE)\n \n | \n \n \n 80.00\n \n | \n
| \n \n ARGE U2 17-21, Austria (U2)\n \n | \n \n \n 50.00\n \n | \n
| \n \n ARGE U5 OST LOS 1, Germany (U5L1)\n \n | \n \n \n 50.00\n \n | \n
| \n \n ARGE U5-OST HAMBURG LOS2, Germany (U5L2)\n \n | \n \n \n 70.00\n \n | \n
| \n \n ARGE US-KLINIK WEILERBACH, Germany (WEIL)\n \n | \n \n \n 75.00\n \n | \n
| \n \n BAU-ARGE \u00d6PP BAB A49 SLW, Germany (A49)\n \n | \n \n \n 50.00\n \n | \n
| \n \n COMBINATIE HEREPOORT VOF, the Netherlands (HER)\n \n | \n \n \n 46.04\n \n | \n
The financial information in the 2025 financial year on these consortia is presented 100% and before consolidation and valuation approaches deviating from the consortia balance sheet if applicable.
| \n \n T\u20ac\n \n | \n \n \n Revenue\n \n | \n \n \n Non-current assets\n \n | \n \n \n Current assets\n \n | \n \n \n thereof cash and cash equivalents\n \n | \n \n \n Current liabilities\n \n | \n
| \n \n WEIL\n \n | \n \n \n 204,590\n \n | \n \n \n 26\n \n | \n \n \n 125,778\n \n | \n \n \n 112,965\n \n | \n \n \n 125,804\n \n | \n
| \n \n U5 L2\n \n | \n \n \n 111,978\n \n | \n \n \n 6,635\n \n | \n \n \n 58,750\n \n | \n \n \n 34,407\n \n | \n \n \n 65,385\n \n | \n
| \n \n U2\n \n | \n \n \n 104,983\n \n | \n \n \n 13,654\n \n | \n \n \n 56,534\n \n | \n \n \n 10,287\n \n | \n \n \n 70,188\n \n | \n
| \n \n JVA L1\n \n | \n \n \n 96,674\n \n | \n \n \n 170\n \n | \n \n \n 32,300\n \n | \n \n \n 18,324\n \n | \n \n \n 32,470\n \n | \n
| \n \n MB36\n \n | \n \n \n 90,035\n \n | \n \n \n 0\n \n | \n \n \n 131,523\n \n | \n \n \n 39,429\n \n | \n \n \n 131,523\n \n | \n
| \n \n A49\n \n | \n \n \n 70,446\n \n | \n \n \n 465\n \n | \n \n \n 37,180\n \n | \n \n \n 25,143\n \n | \n \n \n 37,645\n \n | \n
| \n \n U5 L1\n \n | \n \n \n 67,340\n \n | \n \n \n 150\n \n | \n \n \n 44,729\n \n | \n \n \n 17,319\n \n | \n \n \n 44,879\n \n | \n
| \n \n HER\n \n | \n \n \n 62,739\n \n | \n \n \n 0\n \n | \n \n \n 9,816\n \n | \n \n \n 9,616\n \n | \n \n \n 9,816\n \n | \n
| \n \n HDS\n \n | \n \n \n 62,005\n \n | \n \n \n 0\n \n | \n \n \n 52,187\n \n | \n \n \n 17,004\n \n | \n \n \n 52,187\n \n | \n
| \n \n KRIE\n \n | \n \n \n 54,856\n \n | \n \n \n 6,419\n \n | \n \n \n 24,442\n \n | \n \n \n 21,830\n \n | \n \n \n 30,861\n \n | \n
In the 2025 financial year, the share of profit or loss of equity-accounted investments recorded for the above-mentioned consortia included T\u20ac 74,422 in profits from consortia and T\u20ac 22,698 in losses from consortia including impending losses.
The financial information in the 2024 financial year on these consortia is presented 100% and before consolidation and valuation approaches deviating from the consortia balance sheet if applicable.
| \n \n T\u20ac\n \n | \n \n \n Revenue\n \n | \n \n \n Non-current assets\n \n | \n \n \n Current assets\n \n | \n \n \n thereof cash and cash equivalents\n \n | \n \n \n Current liabilities\n \n | \n
| \n \n WEIL\n \n | \n \n \n 181,091\n \n | \n \n \n 38\n \n | \n \n \n 70,754\n \n | \n \n \n 38,185\n \n | \n \n \n 70,792\n \n | \n
| \n \n U5 L2\n \n | \n \n \n 82,722\n \n | \n \n \n 5,840\n \n | \n \n \n 39,214\n \n | \n \n \n 38,902\n \n | \n \n \n 45,054\n \n | \n
| \n \n U2\n \n | \n \n \n 111,593\n \n | \n \n \n 17,358\n \n | \n \n \n 37,183\n \n | \n \n \n 2,081\n \n | \n \n \n 54,541\n \n | \n
| \n \n JVA L1\n \n | \n \n \n 52,476\n \n | \n \n \n 191\n \n | \n \n \n 18,200\n \n | \n \n \n 695\n \n | \n \n \n 18,391\n \n | \n
| \n \n MB36\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n
| \n \n A49\n \n | \n \n \n 188,679\n \n | \n \n \n 3,294\n \n | \n \n \n 110,470\n \n | \n \n \n 51,011\n \n | \n \n \n 113,764\n \n | \n
| \n \n U5 L1\n \n | \n \n \n 93,445\n \n | \n \n \n 90\n \n | \n \n \n 43,412\n \n | \n \n \n 15,038\n \n | \n \n \n 43,502\n \n | \n
| \n \n HER\n \n | \n \n \n 67,195\n \n | \n \n \n 69\n \n | \n \n \n 7,811\n \n | \n \n \n 1,624\n \n | \n \n \n 7,880\n \n | \n
| \n \n HDS\n \n | \n \n \n 51,516\n \n | \n \n \n 0\n \n | \n \n \n 33,079\n \n | \n \n \n 22,958\n \n | \n \n \n 33,079\n \n | \n
| \n \n KRIE\n \n | \n \n \n 15,845\n \n | \n \n \n 516\n \n | \n \n \n 17,921\n \n | \n \n \n 15,413\n \n | \n \n \n 18,437\n \n | \n
In the 2024 financial year, the share of profit or loss of equity-accounted investments recorded for the above-mentioned consortia included T\u20ac 49,200 in profits from consortia and T\u20ac 7,523 in losses from consortia including impending losses.
The business transactions with the consortia in the financial year can be presented as follows:
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Work and services performed\n \n | \n \n \n 1,009,634\n \n | \n \n \n 947,783\n \n | \n
| \n \n Work and services received\n \n | \n \n \n 23,610\n \n | \n \n \n 35,286\n \n | \n
| \n \n Receivables as at 31.12.\n \n | \n \n \n 460,201\n \n | \n \n \n 455,494\n \n | \n
| \n \n Liabilities as at 31.12.\n \n | \n \n \n 417,516\n \n | \n \n \n 400,047\n \n | \n
The following list shows the equity accounted associates included in the consolidated financial statement:
| \n \n Company\nEquity accounted associate\n \n | \n \n \n Residence\n \n | \n \n \n Country\n \n | \n \n \n Direct stake %\n \n | \n \n \n \n \n | \n
| \n \n Holcim Cement CE Holding GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 30.00\n \n | \n \n \n \n \n | \n
| \n \n Bayerische Asphaltmischwerke GmbH & Co. Kommanditgesellschaft f\u00fcr Stra\u00dfenbaustoffe\n \n | \n \n \n Hofolding\n \n | \n \n \n Germany\n \n | \n \n \n 48.33\n \n | \n \n \n \n \n | \n
| \n \n CMBlu Energy AG\n \n | \n \n \n Alzenau\n \n | \n \n \n Germany\n \n | \n \n \n 24.94\n \n | \n \n \n \n \n | \n
| \n \n DESARROLLO VIAL AL MAR S.A.S.\n \n | \n \n \n Medell\u00edn\n \n | \n \n \n Colombia\n \n | \n \n \n 37.50\n \n | \n \n \n \n \n | \n
| \n \n Autostrada Wielkopolska II S.A.\n \n | \n \n \n Poznan\n \n | \n \n \n Poland\n \n | \n \n \n 20.00\n \n | \n \n \n \n \n | \n
| \n \n Z\u00fcblin International Qatar LLC\n \n | \n \n \n Doha\n \n | \n \n \n Qatar\n \n | \n \n \n 49.00\n \n | \n \n \n \n \n | \n
| \n \n SOCIETATEA COMPANIILOR HOTELIERE GRAND SRL\n \n | \n \n \n Bucharest\n \n | \n \n \n Romania\n \n | \n \n \n 35.32\n \n | \n \n \n \n \n | \n
| \n \n MAK Mecsek Autopalya Koncesszios Zrt.\n \n | \n \n \n Budapest\n \n | \n \n \n Hungary\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
The following list shows the equity accounted joint ventures included in the consolidated financial statement:
| \n \n Company\nEquity accounted joint venture\n \n | \n \n \n Residence\n \n | \n \n \n Country\n \n | \n \n \n Direct stake %\n \n | \n \n \n \n \n | \n
| \n \n Innsbrucker Nordkettenbahnen Betriebs GmbH\n \n | \n \n \n Innsbruck\n \n | \n \n \n Austria\n \n | \n \n \n 51.00\n \n | \n \n \n 4\n \n | \n
| \n \n A 49 Autobahngesellschaft mbH & Co. KG\n \n | \n \n \n Schwalmstadt\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Messe City K\u00f6ln GmbH & Co. KG\n \n | \n \n \n Hamburg\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n NWM Nordwestdeutsche Mischwerke GmbH & Co. KG\n \n | \n \n \n Gro\u00dfenkneten\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Silenos Energy Geothermie Garching a.d. Alz GmbH & Co. KG\n \n | \n \n \n Garching a.d.Alz\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n SRE-ECE-JV General\u00fcbernehmer GmbH & Co. KG\n \n | \n \n \n Oststeinbek\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Th\u00fcringer Stra\u00dfenwartungs- und Instandhaltungsgesellschaft mbH & Co. KG\n \n | \n \n \n Apfelst\u00e4dt\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Autocesta Zagreb-Macelj d.o.o.\n \n | \n \n \n Zagreb\n \n | \n \n \n Croatia\n \n | \n \n \n 51.00\n \n | \n \n \n 4\n \n | \n
| \n \n Cascade Infrastructure Holdings Limited\n \n | \n \n \n Manchester\n \n | \n \n \n United Kingdom\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
\n 4There are contractual provisions regarding joint control in place that deviate from the equity interest.\n
\nThe following list shows the not consolidated subsidiaries:
| \n \n Company\nSubsidiaries not consolidated\n \n | \n \n \n Residence\n \n | \n \n \n Country\n \n | \n \n \n Direct stake %\n \n | \n \n \n \n \n | \n
|---|---|---|---|---|
| \n \n \u201cDOMIZIL\u201d Bautr\u00e4ger GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n A.S.T. Bauschuttverwertung GmbH\n \n | \n \n \n Klagenfurt\n \n | \n \n \n Austria\n \n | \n \n \n 66.67\n \n | \n \n \n \n \n | \n
| \n \n A.S.T. Bauschuttverwertung GmbH & Co KG\n \n | \n \n \n Klagenfurt\n \n | \n \n \n Austria\n \n | \n \n \n 66.67\n \n | \n \n \n \n \n | \n
| \n \n Asphaltmischwerk Rieder Vomperbach GmbH\n \n | \n \n \n Zirl\n \n | \n \n \n Austria\n \n | \n \n \n 60.00\n \n | \n \n \n \n \n | \n
| \n \n Asphaltmischwerk Rieder Vomperbach GmbH & Co KG\n \n | \n \n \n Zirl\n \n | \n \n \n Austria\n \n | \n \n \n 60.00\n \n | \n \n \n \n \n | \n
| \n \n Asphaltmischwerk Roppen GmbH\n \n | \n \n \n Roppen\n \n | \n \n \n Austria\n \n | \n \n \n 70.00\n \n | \n \n \n \n \n | \n
| \n \n Asphaltmischwerk Roppen GmbH & Co KG\n \n | \n \n \n Roppen\n \n | \n \n \n Austria\n \n | \n \n \n 70.00\n \n | \n \n \n \n \n | \n
| \n \n Asphaltmischwerk Zeltweg Gesellschaft m.b.H.\n \n | \n \n \n Steyr\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n AUSTRIA ASPHALT GmbH\n \n | \n \n \n Spittal an der Drau\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n BAUER SPEZIALTIEFBAU Gesellschaft m.b.H.\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Baugesellschaft \u201cNegrelli\u201d Ges.m.b.H.\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Bitumen Handelsgesellschaft m.b.H.\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n BLUMENFELD Liegenschaftsverwaltungs GmbH in Liqu.\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n BrennerWasser GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Bug-AluTechnic GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Campus Eggenberg Immobilienprojekt GmbH in Liqu.\n \n | \n \n \n Graz\n \n | \n \n \n Austria\n \n | \n \n \n 60.00\n \n | \n \n \n \n \n | \n
| \n \n CML Construction Services GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Die Haustechniker Technisches B\u00fcro GmbH\n \n | \n \n \n Jennersdorf\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Eckstein Holding GmbH\n \n | \n \n \n Spittal an der Drau\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Elektro-Kagerer GmbH & Co KG\n \n | \n \n \n Pasching\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Erlaaer Stra\u00dfe Liegenschaftsverwertungs-GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Erste Nordsee-Offshore-Holding GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 51.00\n \n | \n \n \n \n \n | \n
| \n \n Ertl Gesellschaft m.b.H.\n \n | \n \n \n Oftering\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Fanny von Lehnert Stra\u00dfe 4 Komplement\u00e4r GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Fanny von Lehnert Stra\u00dfe 4 Projektentwicklung GmbH & Co KG\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n FUSSENEGGER Hochbau und Holzindustrie GmbH\n \n | \n \n \n Dornbirn\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n GBZ - Baurestmassen GmbH\n \n | \n \n \n Graz\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n GTE-Geb\u00e4ude-Technik-Energie-Betriebs- und Verwaltungsgesellschaft m.b.H.\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 61.00\n \n | \n \n \n \n \n | \n
| \n \n GTE-Geb\u00e4ude-Technik-Energie-Betriebs- und Verwaltungsgesellschaft m.b.H. & Co. KG\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 62.00\n \n | \n \n \n \n \n | \n
| \n \n igecos GmbH\n \n | \n \n \n Trumau\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n InfoSys Informationssysteme GmbH\n \n | \n \n \n Spittal an der Drau\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n KAB Stra\u00dfensanierung GmbH\n \n | \n \n \n Spittal an der Drau\n \n | \n \n \n Austria\n \n | \n \n \n 50.60\n \n | \n \n \n \n \n | \n
| \n \n Kagerer-Services GmbH\n \n | \n \n \n Pasching\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Krems Sunside Living Projektentwicklung GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Lieferasphalt Gesellschaft m.b.H. & Co OG, Viecht\n \n | \n \n \n Viecht\n \n | \n \n \n Austria\n \n | \n \n \n 66.50\n \n | \n \n \n \n \n | \n
| \n \n Lieferasphalt Gesellschaft m.b.H. & Co. OG\n \n | \n \n \n Maria Gail\n \n | \n \n \n Austria\n \n | \n \n \n 60.00\n \n | \n \n \n \n \n | \n
| \n \n MHA Projekt GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Mischek Leasing eins Gesellschaft m.b.H.\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n MSO Mischanlagen GmbH Ilz & Co KG\n \n | \n \n \n Ilz\n \n | \n \n \n Austria\n \n | \n \n \n 52.81\n \n | \n \n \n \n \n | \n
| \n \n MSO Mischanlagen GmbH Pinkafeld & Co KG\n \n | \n \n \n Pinkafeld\n \n | \n \n \n Austria\n \n | \n \n \n 52.67\n \n | \n \n \n \n \n | \n
| \n \n NAPORO Klima D\u00e4mmstoff GmbH\n \n | \n \n \n Haugsdorf\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Nottendorfer Gasse 13 GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n OBZ Oberk\u00e4rntner Baurestmassenzentrum GmbH\n \n | \n \n \n Spittal an der Drau\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Passivhaus Kammelweg Bautr\u00e4ger GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n RE Klitschgasse Errichtungs GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 67.00\n \n | \n \n \n \n \n | \n
| \n \n R\u00f6\u00dflergasse Bauteil Sechs GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n RZZ Recyclingzentrum Zweikirchen GmbH\n \n | \n \n \n Spittal an der Drau\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n S.U.S. Abflussdienst Gesellschaft m.b.H.\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Sakela Beteiligungsverwaltungs GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n SCHOTTERWERK EDLING GESELLSCHAFT M.B.H.\n \n | \n \n \n Spittal an der Drau\n \n | \n \n \n Austria\n \n | \n \n \n 74.00\n \n | \n \n \n \n \n | \n
| \n \n SILO DREI Komplement\u00e4rgesellschaft m.b.H.\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n SILO II Komplement\u00e4rgesellschaft m.b.H.\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 51.00\n \n | \n \n \n \n \n | \n
| \n \n SILO ZWEI Beteiligungsverwaltungs GmbH & Co KG\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n SPK - Errichtungs- und Betriebsges.m.b.H.\n \n | \n \n \n Spittal an der Drau\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Anlagentechnik GmbH\n \n | \n \n \n Thalgau\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG BahnLogistik GmbH\n \n | \n \n \n Gerasdorf bei Wien\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Bau GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Bedachungsgesellschaft m.b.H. in Liqu.\n \n | \n \n \n Salzburg\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Krankenhaus Errichtungs- und BetriebsgmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 99.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Motorway GmbH\n \n | \n \n \n Spittal an der Drau\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Venture Capital GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Vorrat Achtzehn GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Vorrat Achtzehn GmbH & Co KG\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Vorrat Dreiundzwanzig GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Vorrat Dreiundzwanzig GmbH & Co KG\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Vorrat Dreizehn GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG VORRAT Dreizehn GMBH & CO KG\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Vorrat Einundzwanzig GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Vorrat Einundzwanzig GmbH & Co KG\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Vorrat Elf GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Vorrat Elf Gmbh & Co KG\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Vorrat F\u00fcnfundzwanzig GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Vorrat F\u00fcnfundzwanzig GmbH & Co KG\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Vorrat Neun GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Vorrat Neun GmbH & Co KG\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Vorrat Sechsundzwanzig GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Vorrat Sechsundzwanzig GmbH & Co KG\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Vorrat Sieben GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Vorrat Sieben GmbH & Co KG\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Vorrat Zwanzig GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Vorrat Zwanzig GmbH & Co KG\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Vorrat Zweiundzwanzig GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Vorrat Zweiundzwanzig GmbH & Co KG\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Vorrat Zw\u00f6lf GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Vorrat Zw\u00f6lf GmbH & Co KG\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Treuhandbeteiligung B\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Triburuzek M\u00fcck Haustechnik GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Universit\u00e4tszentrum Althanstra\u00dfe Erweiterungsgesellschaft m.b.H.\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n VAM - Valentiner Asphaltmischwerk Gesellschaft m.b.H.\n \n | \n \n \n Linz\n \n | \n \n \n Austria\n \n | \n \n \n 75.00\n \n | \n \n \n \n \n | \n
| \n \n VAM-Valentiner Asphaltmischwerk Gesellschaft m.b.H. & Co.KG\n \n | \n \n \n Linz\n \n | \n \n \n Austria\n \n | \n \n \n 75.00\n \n | \n \n \n \n \n | \n
| \n \n VIOLA PARK Immobilienprojekt GmbH in Liqu.\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 75.00\n \n | \n \n \n \n \n | \n
| \n \n Wohnen am Krautgarten Bautr\u00e4ger GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Z\u00fcblin Holding GesmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Zweite Nordsee-Offshore-Holding GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 51.00\n \n | \n \n \n \n \n | \n
| \n \n A 1 Autobahn Verwaltungsgesellschaft mbH\n \n | \n \n \n Bad Hersfeld\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n A 1 Autobahngesellschaft mbH & Co. KG\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n A-Modell Ulm-Augsburg Verwaltungsgesellschaft mbH\n \n | \n \n \n Jettingen-Scheppach\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n AMW Westsachsen Verwaltung GmbH\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Asphaltmischwerk Westsachsen GmbH & Co. KG\n \n | \n \n \n Oberwiera\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Asphaltmischwerke Gesellschaft mit beschr\u00e4nkter Haftung\n \n | \n \n \n Nehren\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n AWN Asphaltmischwerke GmbH & Co. KG\n \n | \n \n \n Nehren\n \n | \n \n \n Germany\n \n | \n \n \n 52.00\n \n | \n \n \n \n \n | \n
| \n \n AWN Beteiligungs GbR\n \n | \n \n \n Nehren\n \n | \n \n \n Germany\n \n | \n \n \n 52.00\n \n | \n \n \n \n \n | \n
| \n \n B+P Baustoffpr\u00fcfung Ingenieurgesellschaft mbH\n \n | \n \n \n Hohenlinden\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n B+R K\u00f6ln GmbH\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n BBS Baustoffbetriebe Sachsen GmbH\n \n | \n \n \n Hartmannsdorf\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Bockholdt Verwaltungs GmbH i.L.\n \n | \n \n \n L\u00fcbeck\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Center Systems Deutschland GmbH i.L.\n \n | \n \n \n Berlin\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n DYWIDAG Schl\u00fcsselfertig und Ingenieurbau GmbH\n \n | \n \n \n Munich\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n EBERHARDT Baugesellschaft mbH Deutschland\n \n | \n \n \n Berlin\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n ECS European Construction Services GmbH i.L.\n \n | \n \n \n M\u00f6rfelden-Walldorf\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Elektro Briese GmbH\n \n | \n \n \n Seddiner See\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Fachmarktzentrum Kielce Projekt GmbH\n \n | \n \n \n Berlin\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Forum Mittelrhein Beteiligungsgesellschaft mbH\n \n | \n \n \n Hamburg\n \n | \n \n \n Germany\n \n | \n \n \n 51.00\n \n | \n \n \n \n \n | \n
| \n \n Freo Projektentwicklung Berlin GmbH i.L.\n \n | \n \n \n Berlin\n \n | \n \n \n Germany\n \n | \n \n \n 50.10\n \n | \n \n \n \n \n | \n
| \n \n gwd system GmbH\n \n | \n \n \n Illingen\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n IBV - Immobilien Besitz- und Verwaltungsgesellschaft mbH Werder i. L.\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 99.00\n \n | \n \n \n \n \n | \n
| \n \n iCOR INTELLIGENT CORROSION CONTROL GmbH\n \n | \n \n \n M\u00f6nchengladbach\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n IQ Plan Beteiligung GmbH\n \n | \n \n \n Oststeinbek\n \n | \n \n \n Germany\n \n | \n \n \n 75.00\n \n | \n \n \n \n \n | \n
| \n \n IQ Plan GmbH & Co. KG\n \n | \n \n \n Hamburg\n \n | \n \n \n Germany\n \n | \n \n \n 75.00\n \n | \n \n \n \n \n | \n
| \n \n Kieswerk Diersheim GmbH\n \n | \n \n \n Rheinau/Baden\n \n | \n \n \n Germany\n \n | \n \n \n 60.00\n \n | \n \n \n \n \n | \n
| \n \n Kieswerk Ohr GmbH\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Kieswerk Ziegelheim GmbH\n \n | \n \n \n Nobitz\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Kirchner PPP Service GmbH\n \n | \n \n \n Bad Hersfeld\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Kuhwald 55 Projekt GmbH & Co. KG\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Leonhard Moll Tiefbau GmbH\n \n | \n \n \n Munich\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Lift-Off GmbH & Co. KG\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n List Bau- und Verwaltungsgesellschaft mit beschr\u00e4nkter Haftung i.L.\n \n | \n \n \n Reutlingen\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Ludwig Voss GmbH\n \n | \n \n \n Cuxhaven\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Mitterhofer Projekt GmbH & Co. KG\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Northern Energy GAIA I. GmbH\n \n | \n \n \n Aurich\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Northern Energy GAIA II. GmbH\n \n | \n \n \n Aurich\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Northern Energy GAIA III. GmbH\n \n | \n \n \n Aurich\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Northern Energy GAIA IV. GmbH\n \n | \n \n \n Aurich\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Northern Energy GAIA V. GmbH\n \n | \n \n \n Aurich\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Northern Energy SeaStorm I. GmbH\n \n | \n \n \n Aurich\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Northern Energy SeaStorm II. GmbH\n \n | \n \n \n Aurich\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Northern Energy SeaWind I. GmbH\n \n | \n \n \n Aurich\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Northern Energy SeaWind II. GmbH\n \n | \n \n \n Aurich\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Northern Energy SeaWind III GmbH\n \n | \n \n \n Aurich\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Northern Energy SeaWind IV. GmbH\n \n | \n \n \n Aurich\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n NR Bau- u. Immobilienverwertung GmbH\n \n | \n \n \n Berlin\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n OBIT GmbH\n \n | \n \n \n Berlin\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n PGA Projekt GmbH\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n PH Bau Erfurt GmbH\n \n | \n \n \n Erfurt\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n PPP Management GmbH\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n PPP Schulen Monheim am Rhein GmbH\n \n | \n \n \n Bad Hersfeld\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n PPP SchulManagement Witten GmbH & Co. KG\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n PPP SeeCampus Niederlausitz GmbH\n \n | \n \n \n Bad Hersfeld\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n PVA Bruck GmbH & Co. KG\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 75.13\n \n | \n \n \n \n \n | \n
| \n \n ReDirect GmbH\n \n | \n \n \n Stuttgart\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n RGL Rekultivierungsgesellschaft Langentrog mbH\n \n | \n \n \n Langenargen\n \n | \n \n \n Germany\n \n | \n \n \n 80.00\n \n | \n \n \n \n \n | \n
| \n \n RM Asphalt Verwaltungs GmbH\n \n | \n \n \n Sprendlingen\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n RST Rail Systems and Technologies GmbH\n \n | \n \n \n Barleben\n \n | \n \n \n Germany\n \n | \n \n \n 82.00\n \n | \n \n \n \n \n | \n
| \n \n Sandkamp Tiefbau GmbH\n \n | \n \n \n Gronau\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Schotter- und Kies-Union GmbH & Co. KG\n \n | \n \n \n Leipzig\n \n | \n \n \n Germany\n \n | \n \n \n 57.90\n \n | \n \n \n \n \n | \n
| \n \n Schotter- und Kies-Union Verwaltungsgesellschaft mbH\n \n | \n \n \n Leipzig\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n SEI Rackwitz GmbH\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n SEI Verwaltungs GmbH\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n SENSOR Dichtungs-Kontroll-Systeme GmbH\n \n | \n \n \n Bremen\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n SF-BAU-Grundst\u00fccksgesellschaft \u201cABC-Bogen\u201d mbH\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Silenos Energy Geothermie Gauting Interkommunal GmbH & Co. KG\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Silenos Energy GmbH & Co. KG\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Silenos Energy Verwaltungs GmbH\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Baustoffaufbereitung und Recycling GmbH\n \n | \n \n \n Duesseldorf\n \n | \n \n \n Germany\n \n | \n \n \n 51.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG BMTI Rail Service GmbH\n \n | \n \n \n Berlin\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG BMTI Verwaltung GmbH\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG BRVZ Verwaltung GmbH\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Hold Estate Geesthacht GmbH & Co. KG\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Hold Estate GmbH\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Hold Estate Neum\u00fcnster GmbH & Co. KG\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Hold Estate Zweite Vorrats GmbH & Co. KG\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG PPP Hochbau GmbH\n \n | \n \n \n Bad Hersfeld\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Rail Elektroanlagen GmbH\n \n | \n \n \n Werder (Havel)\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Rail Operations GmbH\n \n | \n \n \n Berlin\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Residential Property Services GmbH\n \n | \n \n \n Berlin\n \n | \n \n \n Germany\n \n | \n \n \n 99.51\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Versicherungsvermittlung GmbH\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Wertstoff und Recycling GmbH\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABIL STRABAG Bildung im Lauenburgischen GmbH\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n S\u00fcdprojekt A-Modell GmbH & Co. KG\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n S\u00fcdprojekt A-Modell Verwaltung GmbH\n \n | \n \n \n Bad Hersfeld\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Verwaltung Forum Mittelrhein Koblenz General\u00fcbernehmergesellschaft mbH\n \n | \n \n \n Oststeinbek\n \n | \n \n \n Germany\n \n | \n \n \n 51.00\n \n | \n \n \n \n \n | \n
| \n \n Wertstoff und Recycling Gablenz GmbH & Co. KG\n \n | \n \n \n Crimmitschau\n \n | \n \n \n Germany\n \n | \n \n \n 60.00\n \n | \n \n \n \n \n | \n
| \n \n Wertstoff und Recycling Gablenz Verwaltungs GmbH\n \n | \n \n \n Crimmitschau\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Wohnbautr\u00e4gergesellschaft Objekt \u201cFreising - Westlich der Jagdstra\u00dfe\u201d mbH\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n ZDE Siebte Verm\u00f6gensverwaltung GmbH\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n ZTI Zentrale Technik International GmbH\n \n | \n \n \n Stuttgart\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Z\u00fcblin Projektentwicklung GmbH\n \n | \n \n \n Stuttgart\n \n | \n \n \n Germany\n \n | \n \n \n 94.88\n \n | \n \n \n \n \n | \n
| \n \n ZWEIUNDSIEBZIGSTE BESS GmbH\n \n | \n \n \n Halle (Saale)\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Z\u00fcblin Egypt LLC under Liquidation\n \n | \n \n \n Cairo\n \n | \n \n \n Egypt\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n EUROTEC ANGOLA, LDA\n \n | \n \n \n Luanda\n \n | \n \n \n Angola\n \n | \n \n \n 99.00\n \n | \n \n \n \n \n | \n
| \n \n GEORGIOU ENGINEERING PTY LTD\n \n | \n \n \n Western Australia\n \n | \n \n \n Australia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Z\u00fcblin Australia Pty Ltd\n \n | \n \n \n Perth\n \n | \n \n \n Australia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n CML Construction Services\n \n | \n \n \n Antwerpen\n \n | \n \n \n Belgium\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n EFKON Belgium BV\n \n | \n \n \n Antwerpen\n \n | \n \n \n Belgium\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG BMTI BV\n \n | \n \n \n Antwerpen\n \n | \n \n \n Belgium\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG BRVZ BV\n \n | \n \n \n Antwerpen\n \n | \n \n \n Belgium\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Development Belgium NV\n \n | \n \n \n Antwerpen\n \n | \n \n \n Belgium\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Strabag RS d.o.o.\n \n | \n \n \n Banja Luka\n \n | \n \n \n Bosnia and Herzegovina\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n \u201cMineral 2000\u201d EOOD\n \n | \n \n \n Sofia\n \n | \n \n \n Bulgaria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n \u201cSTRABAG REAL ESTATE\u201d EOOD\n \n | \n \n \n Sofia\n \n | \n \n \n Bulgaria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n CML Construction Services EOOD\n \n | \n \n \n Sofia\n \n | \n \n \n Bulgaria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG BRVZ EOOD\n \n | \n \n \n Sofia\n \n | \n \n \n Bulgaria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n TPA EOOD\n \n | \n \n \n Sofia\n \n | \n \n \n Bulgaria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Z-Design EOOD\n \n | \n \n \n Sofia\n \n | \n \n \n Bulgaria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Z\u00fcblin Bulgaria EOOD\n \n | \n \n \n Sofia\n \n | \n \n \n Bulgaria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n CML CHILE SPA\n \n | \n \n \n Vitacura\n \n | \n \n \n Chile\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n CML Construction Services A/S\n \n | \n \n \n Trige\n \n | \n \n \n Denmark\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG BRVZ A/S\n \n | \n \n \n Trige\n \n | \n \n \n Denmark\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Oy\n \n | \n \n \n Helsinki\n \n | \n \n \n Finland\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG India Private Limited\n \n | \n \n \n Mumbai\n \n | \n \n \n India\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG INFRASTRUCTURE AND SAFETY SOLUTIONS Pvt. Ltd.\n \n | \n \n \n Haryana\n \n | \n \n \n India\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n EFKON IRELAND LIMITED\n \n | \n \n \n Dublin\n \n | \n \n \n Ireland\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n CML CONSTRUCTION SERVICES S.R.L.\n \n | \n \n \n Bologna\n \n | \n \n \n Italy\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG BRVZ SRL\n \n | \n \n \n Bologna\n \n | \n \n \n Italy\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n CML CONSTRUCTION SERVICES LIMITED\n \n | \n \n \n Mississauga, Ontario\n \n | \n \n \n Canada\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Z\u00fcblin Inc.\n \n | \n \n \n Saint John/New Brunswick\n \n | \n \n \n Canada\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG KENYA LIMITED\n \n | \n \n \n Nairobi\n \n | \n \n \n Kenya\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Infraestructura y Prosperidad S.A.S.\n \n | \n \n \n Bogot\u00e1, D.C.\n \n | \n \n \n Colombia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG ENERGY S.A.S.\n \n | \n \n \n Bogot\u00e0 D.C.\n \n | \n \n \n Colombia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Trema Engineering 2 Sh.p.k.\n \n | \n \n \n Pristina\n \n | \n \n \n Kosovo\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n BHG Bitumen Adria d.o.o.\n \n | \n \n \n Zagreb\n \n | \n \n \n Croatia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n CML CONSTRUCTION SERVICES d.o.o.\n \n | \n \n \n Zagreb\n \n | \n \n \n Croatia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n SAT saniranje cesta d.o.o.\n \n | \n \n \n Zagreb\n \n | \n \n \n Croatia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG BMTI d.o.o.\n \n | \n \n \n Zagreb\n \n | \n \n \n Croatia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG SIA i.L.\n \n | \n \n \n Milzkalne\n \n | \n \n \n Latvia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG LUXEMBOURG SARL\n \n | \n \n \n Belvaux\n \n | \n \n \n Luxembourg\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Al-Hani General Construction Inc.\n \n | \n \n \n Tripolis\n \n | \n \n \n Libya\n \n | \n \n \n 60.00\n \n | \n \n \n \n \n | \n
| \n \n EFKON ASIA SDN. BHD.\n \n | \n \n \n Kuala Lumpur\n \n | \n \n \n Malaysia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Z\u00fcblin International Malaysia Sdn. Bhd.\n \n | \n \n \n Kuala Lumpur\n \n | \n \n \n Malaysia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n I.C.S. \u201cSTRABAG\u201d S.R.L.\n \n | \n \n \n Chisinau\n \n | \n \n \n Moldavia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG DOOEL Skopje\n \n | \n \n \n Skopje\n \n | \n \n \n North Macedonia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n TolLink Pakistan (Private) Limited\n \n | \n \n \n Islamabad\n \n | \n \n \n Pakistan\n \n | \n \n \n 60.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG PERU S.A.C.\n \n | \n \n \n Lima\n \n | \n \n \n Peru\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n \u201cRE PROJECT DEVELOPMENT\u201d Sp. z o.o. W LIKWIDACJI\n \n | \n \n \n Warsaw\n \n | \n \n \n Poland\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n CML CONSTRUCTION SERVICES Sp. z o.o.\n \n | \n \n \n Pruszkow\n \n | \n \n \n Poland\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n EVOLUTION GAMMA Sp. z o.o.\n \n | \n \n \n Warsaw\n \n | \n \n \n Poland\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n EVOLUTION ONE Sp. z o.o.\n \n | \n \n \n Warsaw\n \n | \n \n \n Poland\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n EVOLUTION TWO Sp. z o.o. W LIKWIDACJI\n \n | \n \n \n Warsaw\n \n | \n \n \n Poland\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Mazowieckie Asfalty Sp.z o.o.\n \n | \n \n \n Pruszkow\n \n | \n \n \n Poland\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n PRZEDSIEBIORSTWO ROBOT DROGOWYCH Sp.z o.o. W LIKWIDACJI\n \n | \n \n \n Choszczno\n \n | \n \n \n Poland\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG DROGI WOJEWODZKIE Sp. z o.o.\n \n | \n \n \n Pruszkow\n \n | \n \n \n Poland\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG-PROJEKT 2 Sp.z o.o.\n \n | \n \n \n Pruszkow\n \n | \n \n \n Poland\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG-PROJEKT Sp.z o.o.\n \n | \n \n \n Pruszkow\n \n | \n \n \n Poland\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n SZYBKI TRAMWAY Sp. z o.o.\n \n | \n \n \n Pruszkow\n \n | \n \n \n Poland\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n WMB Drogbud Sp. z o.o.\n \n | \n \n \n Lubojenka\n \n | \n \n \n Poland\n \n | \n \n \n 51.00\n \n | \n \n \n \n \n | \n
| \n \n Constrovia Construcao Civil e Obras Publicas Lda.\n \n | \n \n \n Lissabon\n \n | \n \n \n Portugal\n \n | \n \n \n 95.00\n \n | \n \n \n \n \n | \n
| \n \n Strabag Qatar W.L.L.\n \n | \n \n \n Doha\n \n | \n \n \n Qatar\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n BHG COMERCIALIZARE BITUM SRL\n \n | \n \n \n Bucharest\n \n | \n \n \n Romania\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n BITUNOVA Romania SRL\n \n | \n \n \n Bucharest\n \n | \n \n \n Romania\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n DYWIDAG ROMANIA SRL\n \n | \n \n \n Bucharest\n \n | \n \n \n Romania\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n FLOWER CITY SRL\n \n | \n \n \n Bucharest\n \n | \n \n \n Romania\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG CONSTRUCTII FEROVIARE S.R.L.\n \n | \n \n \n Bucharest\n \n | \n \n \n Romania\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n CML OOO\n \n | \n \n \n Moscow\n \n | \n \n \n Russia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n OOO STRASTROI\n \n | \n \n \n Moscow\n \n | \n \n \n Russia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Ranita OOO\n \n | \n \n \n Moscow\n \n | \n \n \n Russia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG AO\n \n | \n \n \n Moscow\n \n | \n \n \n Russia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG BRVZ OOO\n \n | \n \n \n Moscow\n \n | \n \n \n Russia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Infrastruktur Development OOO\n \n | \n \n \n Moscow\n \n | \n \n \n Russia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n TPA OOO\n \n | \n \n \n Moscow\n \n | \n \n \n Russia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Saudi Arabia LLC\n \n | \n \n \n Riyadh\n \n | \n \n \n Saudi Arabia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Zublin Saudi Arabia LLC\n \n | \n \n \n Riyadh\n \n | \n \n \n Saudi Arabia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n CML Construction Services AB\n \n | \n \n \n Stockholm\n \n | \n \n \n Sweden\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Nimab Support AB\n \n | \n \n \n Sj\u00f6bo\n \n | \n \n \n Sweden\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG AB\n \n | \n \n \n Stockholm\n \n | \n \n \n Sweden\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Projektutveckling AB\n \n | \n \n \n Stockholm\n \n | \n \n \n Sweden\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Rail AB\n \n | \n \n \n Kumla\n \n | \n \n \n Sweden\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n AZP Aushubzentrum Pfaffnau GmbH\n \n | \n \n \n Pfaffnau\n \n | \n \n \n Switzerland\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Beton AG B\u00fcrglen\n \n | \n \n \n B\u00fcrglen TG\n \n | \n \n \n Switzerland\n \n | \n \n \n 67.63\n \n | \n \n \n \n \n | \n
| \n \n CML Construction Services GmbH\n \n | \n \n \n Schlieren\n \n | \n \n \n Switzerland\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Infrastructure & Safety Solutions GmbH\n \n | \n \n \n Erstfeld\n \n | \n \n \n Switzerland\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n TPA Gesellschaft f\u00fcr Qualit\u00e4tssicherung und Innovation GmbH\n \n | \n \n \n Erstfeld\n \n | \n \n \n Switzerland\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n CML Construction Services d.o.o. Beograd\n \n | \n \n \n Belgrad\n \n | \n \n \n Serbia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n MINERAL RS d.o.o. BEOGRAD\n \n | \n \n \n Novi Beograd\n \n | \n \n \n Serbia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG BMTI D.O.O. BEOGRAD\n \n | \n \n \n Novi Beograd\n \n | \n \n \n Serbia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG BRVZ d.o.o. BEOGRAD\n \n | \n \n \n Novi Beograd\n \n | \n \n \n Serbia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n BHG SK s.r.o.\n \n | \n \n \n Bratislava\n \n | \n \n \n Slovakia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n CML CONSTRUCTION SERVICES s. r. o.\n \n | \n \n \n Bratislava\n \n | \n \n \n Slovakia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n OAT spol. s r.o.\n \n | \n \n \n Bratislava\n \n | \n \n \n Slovakia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Rezidencie Machnac, s.r.o.\n \n | \n \n \n Bratislava\n \n | \n \n \n Slovakia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG BMTI s.r.o.\n \n | \n \n \n Bratislava\n \n | \n \n \n Slovakia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Property and Facility Services s.r.o.\n \n | \n \n \n Bratislava\n \n | \n \n \n Slovakia\n \n | \n \n \n 55.00\n \n | \n \n \n \n \n | \n
| \n \n CML CONSTRUCTION SERVICES d.o.o.\n \n | \n \n \n Ljubljana\n \n | \n \n \n Slovenia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n DRP, d.o.o.\n \n | \n \n \n Ljubljana\n \n | \n \n \n Slovenia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STHOI Co., Ltd.\n \n | \n \n \n Bangkok\n \n | \n \n \n Thailand\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Construction Co., Ltd.\n \n | \n \n \n Bangkok\n \n | \n \n \n Thailand\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Industries (Thailand) Co.,Ltd. i.L.\n \n | \n \n \n Bangkok\n \n | \n \n \n Thailand\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Z\u00fcblin (Thailand) Co. Ltd. i.L.\n \n | \n \n \n Bangkok\n \n | \n \n \n Thailand\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Z\u00fcblin Holding (Thailand) Co. Ltd.\n \n | \n \n \n Bangkok\n \n | \n \n \n Thailand\n \n | \n \n \n 79.35\n \n | \n \n \n \n \n | \n
| \n \n CML CONSTRUCTION SERVICES s.r.o.\n \n | \n \n \n Prague\n \n | \n \n \n Czech Republic\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Hotel Na Belidle s.r.o.\n \n | \n \n \n Prague\n \n | \n \n \n Czech Republic\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Hrusecka obalovna, s.r.o.\n \n | \n \n \n Hrusky\n \n | \n \n \n Czech Republic\n \n | \n \n \n 80.00\n \n | \n \n \n \n \n | \n
| \n \n Na Belidle s.r.o.\n \n | \n \n \n Prague\n \n | \n \n \n Czech Republic\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n OAT,s.r.o.\n \n | \n \n \n Prague\n \n | \n \n \n Czech Republic\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Obalovna Sokolov s.r.o.\n \n | \n \n \n Sobeslav\n \n | \n \n \n Czech Republic\n \n | \n \n \n 51.00\n \n | \n \n \n \n \n | \n
| \n \n BHG Bitumen Kft.\n \n | \n \n \n Budapest\n \n | \n \n \n Hungary\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Centrum Aszfalt Kft.\n \n | \n \n \n Budapest\n \n | \n \n \n Hungary\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n CML Construction Services Zrt.\n \n | \n \n \n Budapest\n \n | \n \n \n Hungary\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n E.S.T.M. KFT\n \n | \n \n \n Budapest\n \n | \n \n \n Hungary\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Frisspumpa Kft.\n \n | \n \n \n Budapest\n \n | \n \n \n Hungary\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Kelet Aszfalt Kft.\n \n | \n \n \n Budapest\n \n | \n \n \n Hungary\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Nyugat Aszfalt Kft.\n \n | \n \n \n Budapest\n \n | \n \n \n Hungary\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n OAT Kft.\n \n | \n \n \n Budapest\n \n | \n \n \n Hungary\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Logisztika Kft.\n \n | \n \n \n Budapest\n \n | \n \n \n Hungary\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Sportl\u00e9tes\u00edtm\u00e9nyek Kft.\n \n | \n \n \n Budapest\n \n | \n \n \n Hungary\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG V\u00edz\u00e9p\u00edt\u00f6 Kft.\n \n | \n \n \n Budapest\n \n | \n \n \n Hungary\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Treuhandbeteiligung Q\n \n | \n \n \n Budapest\n \n | \n \n \n Hungary\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n CML CONSTRUCTION SERVICES LIMITED\n \n | \n \n \n London\n \n | \n \n \n United Kingdom\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG ABU DHABI LLC\n \n | \n \n \n Abu Dhabi\n \n | \n \n \n United Arab Emirates\n \n | \n \n \n 60.00\n \n | \n \n \n \n \n | \n
| \n \n Z\u00fcblin Ground and Civil Engineering LLC\n \n | \n \n \n Dubai\n \n | \n \n \n United Arab Emirates\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
The following list shows the not consolidated investee companies:
| \n \n Company\nInvestee companies not consolidated\n \n | \n \n \n Residence\n \n | \n \n \n Country\n \n | \n \n \n Direct stake %\n \n | \n \n \n \n \n | \n
|---|---|---|---|---|
| \n \n \u201ckabelwerk\u201d bautr\u00e4ger gmbh\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 25.00\n \n | \n \n \n \n \n | \n
| \n \n ABO Asphalt-Bau Oeynhausen GmbH.\n \n | \n \n \n Oeynhausen\n \n | \n \n \n Austria\n \n | \n \n \n 22.50\n \n | \n \n \n \n \n | \n
| \n \n AMB Asphalt-Mischanlagen Betriebsgesellschaft m.b.H.\n \n | \n \n \n Zistersdorf\n \n | \n \n \n Austria\n \n | \n \n \n 40.00\n \n | \n \n \n \n \n | \n
| \n \n AMB Asphalt-Mischanlagen Betriebsgesellschaft m.b.H.& Co.KG\n \n | \n \n \n Zistersdorf\n \n | \n \n \n Austria\n \n | \n \n \n 40.00\n \n | \n \n \n \n \n | \n
| \n \n AMG - Asphaltmischwerk Gunskirchen Gesellschaft m.b.H.\n \n | \n \n \n Linz\n \n | \n \n \n Austria\n \n | \n \n \n 33.33\n \n | \n \n \n \n \n | \n
| \n \n AMG-Asphaltmischwerk Gunskirchen Gesellschaft m.b.H. & Co.KG\n \n | \n \n \n Linz\n \n | \n \n \n Austria\n \n | \n \n \n 33.33\n \n | \n \n \n \n \n | \n
| \n \n AMS-Asphaltmischwerk S\u00fcd Gesellschaft m.b.H.\n \n | \n \n \n Linz\n \n | \n \n \n Austria\n \n | \n \n \n 35.00\n \n | \n \n \n \n \n | \n
| \n \n Anton Beirer Hartsteinwerke GmbH & Co KG\n \n | \n \n \n Pinswang\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n ASF Fr\u00e4stechnik GmbH\n \n | \n \n \n Kematen\n \n | \n \n \n Austria\n \n | \n \n \n 40.00\n \n | \n \n \n \n \n | \n
| \n \n ASF Fr\u00e4stechnik GmbH & Co KG\n \n | \n \n \n Kematen\n \n | \n \n \n Austria\n \n | \n \n \n 40.00\n \n | \n \n \n \n \n | \n
| \n \n Asphaltmischwerk Betriebsgesellschaft m.b.H.\n \n | \n \n \n Rauchenwarth\n \n | \n \n \n Austria\n \n | \n \n \n 20.00\n \n | \n \n \n \n \n | \n
| \n \n Asphaltmischwerk Betriebsgesellschaft m.b.H. & Co KG\n \n | \n \n \n Rauchenwarth\n \n | \n \n \n Austria\n \n | \n \n \n 20.00\n \n | \n \n \n \n \n | \n
| \n \n Asphaltmischwerk Greinsfurth GmbH\n \n | \n \n \n Amstetten\n \n | \n \n \n Austria\n \n | \n \n \n 33.33\n \n | \n \n \n \n \n | \n
| \n \n Asphaltmischwerk Greinsfurth GmbH & Co OG\n \n | \n \n \n Amstetten\n \n | \n \n \n Austria\n \n | \n \n \n 33.33\n \n | \n \n \n \n \n | \n
| \n \n Asphaltmischwerk Kundl GmbH\n \n | \n \n \n Kundl\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Asphaltmischwerk Kundl GmbH & Co KG\n \n | \n \n \n Kundl\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n ASTRA - BAU Gesellschaft m.b.H. Nfg. OG\n \n | \n \n \n Bergheim\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n AWM Asphaltwerk M\u00f6tschendorf Gesellschaft m.b.H.\n \n | \n \n \n Graz\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n AWM Asphaltwerk M\u00f6tschendorf GmbH & Co.KG\n \n | \n \n \n Graz\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n CAPE 10 Errichtung & Betrieb GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 26.00\n \n | \n \n \n \n \n | \n
| \n \n DC Waterline GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Donau City Residential GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Eisen Blasy Reutte GmbH\n \n | \n \n \n Pflach\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Franck4tel Komplement\u00e4r Acht GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Franck4tel Komplement\u00e4r Drei GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Franck4tel Komplement\u00e4r Eins GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Franck4tel Komplement\u00e4r F\u00fcnf GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Franck4tel Komplement\u00e4r Sechs GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Franck4tel Komplement\u00e4r Sieben GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Franck4tel Komplement\u00e4r Vier GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Franck4tel Komplement\u00e4r Zwei GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Franck4tel Projektabwicklung GmbH & Co KG\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Franck4tel Projektentwicklung Drei GmbH & Co KG\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Franck4tel Projektentwicklung Eins GmbH & Co KG\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Franck4tel Projektentwicklung F\u00fcnf GmbH & Co KG\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Franck4tel Projektentwicklung Sechs GmbH & Co KG\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Franck4tel Projektentwicklung Sieben GmbH & Co KG\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Franck4tel Projektentwicklung Vier GmbH & Co KG\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Franck4tel Projektentwicklung Zwei GmbH & Co KG\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n H S Hartsteinwerke GmbH\n \n | \n \n \n Pinswang\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n KAB K\u00e4rntner Abfallbewirtschaftung GmbH\n \n | \n \n \n Klagenfurt\n \n | \n \n \n Austria\n \n | \n \n \n 36.25\n \n | \n \n \n \n \n | \n
| \n \n Klinik f\u00fcr Psychosomatik und psychiatrische Rehabilitation GmbH\n \n | \n \n \n Spittal an der Drau\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n KSH Kalkstein Heiterwang GmbH\n \n | \n \n \n Pinswang\n \n | \n \n \n Austria\n \n | \n \n \n 30.00\n \n | \n \n \n \n \n | \n
| \n \n KSH Kalkstein Heiterwang GmbH & Co KG\n \n | \n \n \n Pinswang\n \n | \n \n \n Austria\n \n | \n \n \n 30.00\n \n | \n \n \n \n \n | \n
| \n \n Lieferasphalt Gesellschaft m.b.H.\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Lieferasphalt Gesellschaft m.b.H. & Co. OG, Zirl\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Linzer Schlackenaufbereitungs- und vertriebsgesellschaft m.b.H.\n \n | \n \n \n Linz\n \n | \n \n \n Austria\n \n | \n \n \n 33.33\n \n | \n \n \n \n \n | \n
| \n \n LISAG Linzer Splitt- und Asphaltwerk GmbH.\n \n | \n \n \n Linz\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n LISAG Linzer Splitt- und Asphaltwerk GmbH. & CO KG in Liqu.\n \n | \n \n \n Linz\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n MIGU-Asphalt-Baugesellschaft m.b.H.\n \n | \n \n \n Lustenau\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n MSO Mischanlagen GmbH\n \n | \n \n \n Ilz\n \n | \n \n \n Austria\n \n | \n \n \n 33.33\n \n | \n \n \n \n \n | \n
| \n \n PAM Pongauer Asphaltmischanlagen GmbH\n \n | \n \n \n St. Johann im Pongau\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n PAM Pongauer Asphaltmischanlagen GmbH & Co KG\n \n | \n \n \n St. Johann im Pongau\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n PPP Campus AM + SEEA GmbH\n \n | \n \n \n St. P\u00f6lten\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n PPP Campus AM + SEEA GmbH & Co KG\n \n | \n \n \n St. P\u00f6lten\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n PPP Campus RAP + LGG GmbH\n \n | \n \n \n St. P\u00f6lten\n \n | \n \n \n Austria\n \n | \n \n \n 45.00\n \n | \n \n \n \n \n | \n
| \n \n PPP Campus RAP + LGG GmbH & Co KG\n \n | \n \n \n St. P\u00f6lten\n \n | \n \n \n Austria\n \n | \n \n \n 45.00\n \n | \n \n \n \n \n | \n
| \n \n Prottelith Produktionsgesellschaft mbH\n \n | \n \n \n Liebenfels\n \n | \n \n \n Austria\n \n | \n \n \n 24.00\n \n | \n \n \n \n \n | \n
| \n \n RFM Asphaltmischwerk GmbH & Co KG\n \n | \n \n \n Traiskirchen\n \n | \n \n \n Austria\n \n | \n \n \n 46.00\n \n | \n \n \n \n \n | \n
| \n \n RFM Asphaltmischwerk GmbH.\n \n | \n \n \n Traiskirchen\n \n | \n \n \n Austria\n \n | \n \n \n 46.00\n \n | \n \n \n \n \n | \n
| \n \n Rieder Asphaltgesellschaft m.b.H.\n \n | \n \n \n Ried im Zillertal\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Rieder Asphaltgesellschaft m.b.H. & Co. KG.\n \n | \n \n \n Ried im Zillertal\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Salzburger Lieferasphalt GmbH & Co OG\n \n | \n \n \n Sulzau\n \n | \n \n \n Austria\n \n | \n \n \n 20.00\n \n | \n \n \n \n \n | \n
| \n \n Sappho dreiundneunzigste Holding GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 40.00\n \n | \n \n \n \n \n | \n
| \n \n SG Kies GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n SG Kies GmbH & Co KG\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n SHKK-Rehabilitations GmbH\n \n | \n \n \n Baden\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n SRK Kliniken Beteiligungs GmbH\n \n | \n \n \n Baden\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Syrena Immobilien Holding Aktiengesellschaft\n \n | \n \n \n Spittal an der Drau\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Triplus Beton GmbH\n \n | \n \n \n Zell am See\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Triplus Beton GmbH & Co KG\n \n | \n \n \n Zell am See\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Unterst\u00fctzungseinrichtung f\u00fcr die Angestellten der ehemaligen Bau-Aktiengesellschaft \u201cNegrelli\u201d Gesellschaft m.b.H.\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 55.00\n \n | \n \n \n \n \n | \n
| \n \n Vereinigte Asphaltmischwerke Gesellschaft m.b.H.\n \n | \n \n \n Spittal an der Drau\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Vereinigte Asphaltmischwerke Gesellschaft m.b.H. & Co KG\n \n | \n \n \n Spittal an der Drau\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n VIANOVA - Bitumenemulsionen GmbH\n \n | \n \n \n F\u00fcrnitz\n \n | \n \n \n Austria\n \n | \n \n \n 24.90\n \n | \n \n \n \n \n | \n
| \n \n VKG - Valentiner Kieswerk Gesellschaft m.b.H.\n \n | \n \n \n Linz\n \n | \n \n \n Austria\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n WMW Weinviertler Mischwerk Gesellschaft m.b.H.\n \n | \n \n \n Zistersdorf\n \n | \n \n \n Austria\n \n | \n \n \n 33.33\n \n | \n \n \n \n \n | \n
| \n \n WMW Weinviertler Mischwerk Gesellschaft m.b.H. & Co KG\n \n | \n \n \n Zistersdorf\n \n | \n \n \n Austria\n \n | \n \n \n 33.33\n \n | \n \n \n \n \n | \n
| \n \n A 1 Lohne-Bramsche GmbH & Co. KG\n \n | \n \n \n Neuenkirchen-V\u00f6rden\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n AGS Asphaltgesellschaft Stuttgart GmbH & Co. - Kommanditgesellschaft -\n \n | \n \n \n Stuttgart\n \n | \n \n \n Germany\n \n | \n \n \n 40.00\n \n | \n \n \n \n \n | \n
| \n \n AGS Asphaltgesellschaft Stuttgart Verwaltungs-GmbH\n \n | \n \n \n Stuttgart\n \n | \n \n \n Germany\n \n | \n \n \n 40.00\n \n | \n \n \n \n \n | \n
| \n \n AMB Asphaltmischwerke Bodensee GmbH & Co. KG\n \n | \n \n \n Waldshut-Tiengen\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n AMH Asphaltmischwerk Hauneck GmbH & Co. KG\n \n | \n \n \n Hauneck\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n AMH Asphaltmischwerk Hauneck Verwaltungs GmbH\n \n | \n \n \n Hauneck\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n AMSS Asphaltmischwerke S\u00e4chsische Schweiz GmbH & Co. KG\n \n | \n \n \n Dresden\n \n | \n \n \n Germany\n \n | \n \n \n 24.00\n \n | \n \n \n \n \n | \n
| \n \n AMSS Asphaltmischwerke S\u00e4chsische Schweiz Verwaltungs GmbH\n \n | \n \n \n Dresden\n \n | \n \n \n Germany\n \n | \n \n \n 24.00\n \n | \n \n \n \n \n | \n
| \n \n ASB Transportbeton GmbH & Co. KG\n \n | \n \n \n S\u00fclzetal\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Asphaltmischwerke Bodensee Verwaltungs-GmbH\n \n | \n \n \n Singen Hohentwiel\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n AUT Grundst\u00fccksverwaltungsgesellschaft mbH\n \n | \n \n \n Stuttgart\n \n | \n \n \n Germany\n \n | \n \n \n 40.00\n \n | \n \n \n \n \n | \n
| \n \n Bayerische Asphaltmischwerke Gesellschaft mit beschr\u00e4nkter Haftung\n \n | \n \n \n Hofolding\n \n | \n \n \n Germany\n \n | \n \n \n 48.29\n \n | \n \n \n \n \n | \n
| \n \n BBO Bauschuttaufbereitung Verwaltungsgesellschaft mbH\n \n | \n \n \n Stei\u00dflingen\n \n | \n \n \n Germany\n \n | \n \n \n 33.33\n \n | \n \n \n \n \n | \n
| \n \n BBO Bodensee/Hegau Bauschuttaufbereitung GmbH & Co. KG\n \n | \n \n \n Stei\u00dflingen\n \n | \n \n \n Germany\n \n | \n \n \n 22.22\n \n | \n \n \n \n \n | \n
| \n \n BBO Bodenseekreis Bauschuttaufbereitung GmbH & Co. KG\n \n | \n \n \n Stei\u00dflingen\n \n | \n \n \n Germany\n \n | \n \n \n 25.00\n \n | \n \n \n \n \n | \n
| \n \n BLU Beteiligungs-GmbH\n \n | \n \n \n Karlsruhe\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n BLU GmbH & Co. KG\n \n | \n \n \n Karlsruhe\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Bodensee - Mor\u00e4nekies Gesellschaft mit beschr\u00e4nkter Haftung & Co. Kommanditgesellschaft Tettnang\n \n | \n \n \n Tettnang\n \n | \n \n \n Germany\n \n | \n \n \n 33.33\n \n | \n \n \n \n \n | \n
| \n \n CSE Centrum-Stadtentwicklung GmbH i.L.\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n DAM Deutzer Asphaltmischwerke GmbH & Co. KG\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 40.44\n \n | \n \n \n \n \n | \n
| \n \n DAM Deutzer Asphaltmischwerke Verwaltungs-GmbH\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 40.44\n \n | \n \n \n \n \n | \n
| \n \n Deponie Westk\u00fcste GmbH & Co. KG\n \n | \n \n \n Nindorf\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Deponie Westk\u00fcste Verwaltungs-GmbH\n \n | \n \n \n Nindorf\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Diabaswerk Nesselgrund GmbH & Co. KG\n \n | \n \n \n Floh-Seligenthal\n \n | \n \n \n Germany\n \n | \n \n \n 20.00\n \n | \n \n \n \n \n | \n
| \n \n Diabaswerk Nesselgrund Verwaltungs-GmbH\n \n | \n \n \n Floh-Seligenthal\n \n | \n \n \n Germany\n \n | \n \n \n 20.00\n \n | \n \n \n \n \n | \n
| \n \n FBW Frischbetonwerk GmbH & Co. KG\n \n | \n \n \n Reutlingen\n \n | \n \n \n Germany\n \n | \n \n \n 42.39\n \n | \n \n \n \n \n | \n
| \n \n FLARE Grundst\u00fcck Verwaltungs GmbH\n \n | \n \n \n Berlin\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n FLARE Living GmbH & Co. KG\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Frischbetonwerk-Beteiligungs GbR\n \n | \n \n \n Reutlingen\n \n | \n \n \n Germany\n \n | \n \n \n 42.39\n \n | \n \n \n \n \n | \n
| \n \n Glasklar Glas- und Geb\u00e4udereinigung GmbH\n \n | \n \n \n Bad Segeberg\n \n | \n \n \n Germany\n \n | \n \n \n 25.00\n \n | \n \n \n \n \n | \n
| \n \n GuS Gu\u00dfasphaltwerk GmbH & Co. KG\n \n | \n \n \n Stuttgart\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n GuS Gu\u00dfasphaltwerk-Verwaltungsgesellschaft mbH\n \n | \n \n \n Stuttgart\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Heideasphalt GmbH & Co. KG\n \n | \n \n \n Wittingen\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n HK-Rohstoff & Umwelttechnik GmbH & Co. KG\n \n | \n \n \n Hildesheim\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n IQ Office Beteiligungsgesellschaft mbH\n \n | \n \n \n Hamburg\n \n | \n \n \n Germany\n \n | \n \n \n 49.00\n \n | \n \n \n \n \n | \n
| \n \n IQ Office GmbH & Co. KG\n \n | \n \n \n Hamburg\n \n | \n \n \n Germany\n \n | \n \n \n 49.00\n \n | \n \n \n \n \n | \n
| \n \n IQ Residential Beteiligungsgesellschaft mbH\n \n | \n \n \n Hamburg\n \n | \n \n \n Germany\n \n | \n \n \n 49.00\n \n | \n \n \n \n \n | \n
| \n \n IQ Residential GmbH & Co. KG\n \n | \n \n \n Hamburg\n \n | \n \n \n Germany\n \n | \n \n \n 49.00\n \n | \n \n \n \n \n | \n
| \n \n IQ Tower Beteiligungsgesellschaft mbH\n \n | \n \n \n Hamburg\n \n | \n \n \n Germany\n \n | \n \n \n 49.00\n \n | \n \n \n \n \n | \n
| \n \n IQ Tower GmbH & Co. KG\n \n | \n \n \n Hamburg\n \n | \n \n \n Germany\n \n | \n \n \n 49.00\n \n | \n \n \n \n \n | \n
| \n \n Kiesabbau G\u00e4mmerler-H\u00fctwohl GmbH & Co. Aug Kommanditgesellschaft\n \n | \n \n \n K\u00f6nigsdorf\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Kiesabbau G\u00e4mmerler-H\u00fctwohl GmbH & Co. KG Grube Grafing\n \n | \n \n \n K\u00f6nigsdorf-Wiesen\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Kiesabbau G\u00e4mmerler-H\u00fctwohl GmbH & Co. KG Grube Leitzinger Au\n \n | \n \n \n K\u00f6nigsdorf\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Kiesabbau G\u00e4mmerler-H\u00fctwohl Verwaltungs- GmbH\n \n | \n \n \n K\u00f6nigsdorf\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Kiesgesellschaft Karsee Beteiligungs-GmbH\n \n | \n \n \n Immenstaad am Bodensee\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Kiesgesellschaft Karsee GmbH & Co. KG\n \n | \n \n \n Immenstaad am Bodensee\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Kieswerk Rheinbach Gesellschaft mit beschr\u00e4nkter Haftung\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Kieswerk Rheinbach GmbH & Co. KG\n \n | \n \n \n Rheinbach\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Kieswerke Schray GmbH & Co. KG\n \n | \n \n \n Stei\u00dflingen\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Kieswerke Schray Verwaltungs GmbH\n \n | \n \n \n Stei\u00dflingen\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Koch Carbon Consulting GmbH\n \n | \n \n \n Kreuztal\n \n | \n \n \n Germany\n \n | \n \n \n 49.00\n \n | \n \n \n \n \n | \n
| \n \n Messe City K\u00f6ln Beteiligungsgesellschaft mbH\n \n | \n \n \n Hamburg\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Milet Ditzingen Beteiligungsgesellschaft mbH\n \n | \n \n \n Heidelberg\n \n | \n \n \n Germany\n \n | \n \n \n 49.00\n \n | \n \n \n \n \n | \n
| \n \n MLT Maschinen Logistik Technik GmbH & Co. KG\n \n | \n \n \n Nesse-Apfelst\u00e4dt\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n MLT Verwaltungs GmbH\n \n | \n \n \n Nesse-Apfelst\u00e4dt\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n M\u00fcritz-Klinikum Service GmbH i.L.\n \n | \n \n \n Waren (M\u00fcritz)\n \n | \n \n \n Germany\n \n | \n \n \n 49.00\n \n | \n \n \n \n \n | \n
| \n \n Natursteinwerke im Nordschwarzwald NSN GmbH & Co. KG\n \n | \n \n \n M\u00fchlacker\n \n | \n \n \n Germany\n \n | \n \n \n 25.00\n \n | \n \n \n \n \n | \n
| \n \n Natursteinwerke im Nordschwarzwald NSN Verwaltungsgesellschaft mit beschr\u00e4nkter Haftung\n \n | \n \n \n M\u00fchlacker\n \n | \n \n \n Germany\n \n | \n \n \n 25.00\n \n | \n \n \n \n \n | \n
| \n \n NELCON GmbH & Co. KG\n \n | \n \n \n Stuttgart\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n novoRock GmbH & Co. KG\n \n | \n \n \n Kupferzell\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n PANSUEVIA Service GmbH & Co. KG\n \n | \n \n \n Jettingen-Scheppach\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n REMEX Coesfeld GmbH\n \n | \n \n \n D\u00fclmen-Buldern\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n ROBA-Neuland Beton GmbH & Co. KG\n \n | \n \n \n Hamburg\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Rohstoff & Umwelttechnik Verwaltungs GmbH\n \n | \n \n \n Hildesheim\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Ronald Brockmann Glas- und Geb\u00e4udereinigung GmbH\n \n | \n \n \n G\u00fcstrow\n \n | \n \n \n Germany\n \n | \n \n \n 25.47\n \n | \n \n \n \n \n | \n
| \n \n RSV Rheinische Schlacke Verwertungs GmbH\n \n | \n \n \n Leverkusen\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n SAT Spezialbau GmbH\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n SAV S\u00fcdnieders\u00e4chsische Aufbereitung und Verwertung GmbH & Co. KG\n \n | \n \n \n Hildesheim\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n SAV S\u00fcdnieders\u00e4chsische Aufbereitung und Verwertung Verwaltungs GmbH\n \n | \n \n \n Hildesheim\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Schlackenkontor Bremen GmbH\n \n | \n \n \n Bremen\n \n | \n \n \n Germany\n \n | \n \n \n 33.35\n \n | \n \n \n \n \n | \n
| \n \n SeniVita Social Estate AG\n \n | \n \n \n Bayreuth\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n SMB Construction International GmbH\n \n | \n \n \n Sengenthal\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n STA Asphaltmischwerk Strahlungen GmbH\n \n | \n \n \n Strahlungen\n \n | \n \n \n Germany\n \n | \n \n \n 24.90\n \n | \n \n \n \n \n | \n
| \n \n stahl + verbundbau gesellschaft f\u00fcr industrielles bauen m.b.H.\n \n | \n \n \n Dreieich\n \n | \n \n \n Germany\n \n | \n \n \n 30.00\n \n | \n \n \n \n \n | \n
| \n \n Steinbruch Spittergrund GmbH\n \n | \n \n \n Erfurt\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Stephan Beratungs-GmbH\n \n | \n \n \n Linz am Rhein\n \n | \n \n \n Germany\n \n | \n \n \n 30.00\n \n | \n \n \n \n \n | \n
| \n \n TDE Mitteldeutsche Bergbau Service GmbH\n \n | \n \n \n Espenhain\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n TSI VERWALTUNGS GMBH\n \n | \n \n \n Nesse-Apfelst\u00e4dt\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Verwaltung QMP General\u00fcbernehmer GmbH\n \n | \n \n \n Oststeinbek\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Verwaltungsgesellschaft ROBA-Neuland Beton m.b.H.\n \n | \n \n \n Hamburg\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n SHUSHICA HYDROPOWER sh p.k.\n \n | \n \n \n Tirana\n \n | \n \n \n Albania\n \n | \n \n \n 33.00\n \n | \n \n \n \n \n | \n
| \n \n ASG INVEST N.V.\n \n | \n \n \n Genk\n \n | \n \n \n Belgium\n \n | \n \n \n 25.00\n \n | \n \n \n \n \n | \n
| \n \n Satellic NV\n \n | \n \n \n Groot-Bijgaarden\n \n | \n \n \n Belgium\n \n | \n \n \n 24.00\n \n | \n \n \n \n \n | \n
| \n \n Tierra Chuquicamata SpA\n \n | \n \n \n Santiago de Chile\n \n | \n \n \n Chile\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Straktor Bau Aktien Gesellschaft\n \n | \n \n \n Kifisia\n \n | \n \n \n Greece\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n A-WAY LAGAN INFRASTRUCTURE SERVICES LIMITED\n \n | \n \n \n Kilcloony, Ballinasloe, Galway\n \n | \n \n \n Ireland\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n DIRECTROUTE (FERMOY) CONSTRUCTION LIMITED\n \n | \n \n \n Dublin\n \n | \n \n \n Ireland\n \n | \n \n \n 25.00\n \n | \n \n \n \n \n | \n
| \n \n DIRECTROUTE (LIMERICK) CONSTRUCTION LIMITED\n \n | \n \n \n Dublin\n \n | \n \n \n Ireland\n \n | \n \n \n 40.00\n \n | \n \n \n \n \n | \n
| \n \n DIRECTROUTE (TUAM) CONSTRUCTION LIMITED\n \n | \n \n \n Dublin\n \n | \n \n \n Ireland\n \n | \n \n \n 33.00\n \n | \n \n \n \n \n | \n
| \n \n TORONTO TUNNEL PARTNERS 401 RER INC.\n \n | \n \n \n London, Ontario\n \n | \n \n \n Canada\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n FOTOSFERA ENERGIAS RENOVABLES S.A.S. E.S.P.\n \n | \n \n \n Cali\n \n | \n \n \n Colombia\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n HELIOS GUAMO S.A.S.\n \n | \n \n \n Bogota\n \n | \n \n \n Colombia\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n HELIOS LANCEROS S.A.S.\n \n | \n \n \n Bogot\u00e1\n \n | \n \n \n Colombia\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n IS PARQUE SOLARES S.A.S.\n \n | \n \n \n Bogota\n \n | \n \n \n Colombia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n VERDNET S.A.S.\n \n | \n \n \n Medellin\n \n | \n \n \n Colombia\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Z.I.P.O.S. d.o.o.\n \n | \n \n \n Antunovac\n \n | \n \n \n Croatia\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Industrial Engineering and Contracting Co. S.A.R.L. (INDECO) i.L.\n \n | \n \n \n Beirut\n \n | \n \n \n Lebanon\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG ARCHIRODON LTD.\n \n | \n \n \n Port Louis\n \n | \n \n \n Mauritius\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n A-Lanes A15 Holding B.V.\n \n | \n \n \n Nieuwegein\n \n | \n \n \n The Netherlands\n \n | \n \n \n 24.00\n \n | \n \n \n \n \n | \n
| \n \n Philman Holdings Co.\n \n | \n \n \n Manila\n \n | \n \n \n Philippines\n \n | \n \n \n 20.00\n \n | \n \n \n \n \n | \n
| \n \n Walter Group International Philippines, Inc.\n \n | \n \n \n Manila\n \n | \n \n \n Philippines\n \n | \n \n \n 26.00\n \n | \n \n \n \n \n | \n
| \n \n A2 ROUTE Sp. z o.o.\n \n | \n \n \n Pruszkow\n \n | \n \n \n Poland\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n ODRA-ASFALT Sp. z o.o.\n \n | \n \n \n Szeczecin\n \n | \n \n \n Poland\n \n | \n \n \n 33.33\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Gorz\u00f3w Wielkopolski Sp. z o.o.\n \n | \n \n \n Gorz\u00f3w Wielkopolski\n \n | \n \n \n Poland\n \n | \n \n \n 49.00\n \n | \n \n \n \n \n | \n
| \n \n AL SRAIYA - STRABAG Road & Infrastructure WLL\n \n | \n \n \n Doha\n \n | \n \n \n Qatar\n \n | \n \n \n 49.00\n \n | \n \n \n \n \n | \n
| \n \n Grandemar SA\n \n | \n \n \n Cluj-Napoca\n \n | \n \n \n Romania\n \n | \n \n \n 41.27\n \n | \n \n \n \n \n | \n
| \n \n SIFEE TERRA HEAT SRL\n \n | \n \n \n Selimbar\n \n | \n \n \n Romania\n \n | \n \n \n 25.00\n \n | \n \n \n \n \n | \n
| \n \n Betun Cadi SA\n \n | \n \n \n Trun\n \n | \n \n \n Switzerland\n \n | \n \n \n 35.00\n \n | \n \n \n \n \n | \n
| \n \n Kies- und Betonwerk AG Sedrun\n \n | \n \n \n Sedrun\n \n | \n \n \n Switzerland\n \n | \n \n \n 35.00\n \n | \n \n \n \n \n | \n
| \n \n Obal'ovna Bratislava s.r.o.\n \n | \n \n \n Bratislava\n \n | \n \n \n Slovakia\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n VIANOVA SLOVENIJA d.o.o.\n \n | \n \n \n Logatec\n \n | \n \n \n Slovenia\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n BETON Pisek, spol. s r.o.\n \n | \n \n \n Pisek\n \n | \n \n \n Czech Republic\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Brnenska obalovna, s.r.o.\n \n | \n \n \n Brno\n \n | \n \n \n Czech Republic\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n JCO s.r.o.\n \n | \n \n \n Plana\n \n | \n \n \n Czech Republic\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Liberecka Obalovna s.r.o.\n \n | \n \n \n Liberec\n \n | \n \n \n Czech Republic\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n Obalovna B\u00ffchovice s.r.o.\n \n | \n \n \n Praha 10\n \n | \n \n \n Czech Republic\n \n | \n \n \n 25.00\n \n | \n \n \n \n \n | \n
| \n \n Obalovna Slovice s.r.o.\n \n | \n \n \n Sob\u00ffslav\n \n | \n \n \n Czech Republic\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n TBG Cesk\u00e9 Budejovice spol. s r.o.\n \n | \n \n \n Budweis\n \n | \n \n \n Czech Republic\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
| \n \n VCO - Vychodoceska obalovna, s.r.o.\n \n | \n \n \n Hradec Kralove\n \n | \n \n \n Czech Republic\n \n | \n \n \n 33.33\n \n | \n \n \n \n \n | \n
| \n \n BASALT-K\u00d6Z\u00c9PK\u00d6 Kft\n \n | \n \n \n Uzsa\n \n | \n \n \n Hungary\n \n | \n \n \n 25.14\n \n | \n \n \n \n \n | \n
| \n \n Mecsek Autopalya-\u00fczemeltet\u00f6 Zrt.\n \n | \n \n \n Budapest\n \n | \n \n \n Hungary\n \n | \n \n \n 25.00\n \n | \n \n \n \n \n | \n
| \n \n MAC ZT Vietnam Co. Ltd.\n \n | \n \n \n Ho Chi Minh City\n \n | \n \n \n Vietnam\n \n | \n \n \n 50.00\n \n | \n \n \n \n \n | \n
The other investments in companies include investments in subsidiaries, associated companies, joint ventures and other investments which, being immaterial, are reported as not consolidated and are not included at equity in the consolidated financial statements. Detailed information on the group\u2019s investments (shares of more than 20%) can be found in the list of investments, which is included in the annual financial report.
The development of the other investments in the financial year was as follows:
| \n \n T\u20ac\n \n | \n \n \n Balance \nas at \n1.1.2025\n \n | \n \n \n Currency translation\n \n | \n \n \n Changes in the consoli\u00addated group\n \n | \n \n \n Additions\n \n | \n \n \n Transfers\n \n | \n \n \n Disposals\n \n | \n \n \n Impair\u00adment losses/ Reversal of impairment losses\n \n | \n \n \n Balance\nas at\n31.12.2025\n \n | \n
| \n \n Investments in subsidiaries\n \n | \n \n \n 105,209\n \n | \n \n \n 36\n \n | \n \n \n -24,630\n \n | \n \n \n 24,198\n \n | \n \n \n 534\n \n | \n \n \n -2,722\n \n | \n \n \n -3,403\n \n | \n \n \n 99,222\n \n | \n
| \n \n Investments\n \n | \n \n \n 126,557\n \n | \n \n \n 223\n \n | \n \n \n 0\n \n | \n \n \n 1,794\n \n | \n \n \n 10,214\n \n | \n \n \n -17,063\n \n | \n \n \n -10,692\n \n | \n \n \n 111,033\n \n | \n
| \n \n Other investments\n \n | \n \n \n 231,766\n \n | \n \n \n 259\n \n | \n \n \n -24,630\n \n | \n \n \n 25,992\n \n | \n \n \n 10,748\n \n | \n \n \n -19,785\n \n | \n \n \n -14,095\n \n | \n \n \n 210,255\n \n | \n
The development of the other investments in the previous financial year was as follows:
| \n \n T\u20ac\n \n | \n \n \n Balance \nas at \n1.1.2024\n \n | \n \n \n Currency translation\n \n | \n \n \n Changes in the consoli\u00addated group\n \n | \n \n \n Additions\n \n | \n \n \n Transfers\n \n | \n \n \n Disposals\n \n | \n \n \n Impair\u00adment losses/ Reversal of impair\u00adment losses\n \n | \n \n \n Balance\nas at\n31.12.2024\n \n | \n
| \n \n Investments in subsidiaries\n \n | \n \n \n 96,430\n \n | \n \n \n -138\n \n | \n \n \n 4,033\n \n | \n \n \n 15,614\n \n | \n \n \n 97\n \n | \n \n \n -2,657\n \n | \n \n \n -8,170\n \n | \n \n \n 105,209\n \n | \n
| \n \n Investments\n \n | \n \n \n 122,150\n \n | \n \n \n -188\n \n | \n \n \n 11\n \n | \n \n \n 14,887\n \n | \n \n \n -97\n \n | \n \n \n -3,918\n \n | \n \n \n -6,288\n \n | \n \n \n 126,557\n \n | \n
| \n \n Other investments\n \n | \n \n \n 218,580\n \n | \n \n \n -326\n \n | \n \n \n 4,044\n \n | \n \n \n 30,501\n \n | \n \n \n 0\n \n | \n \n \n -6,575\n \n | \n \n \n -14,458\n \n | \n \n \n 231,766\n \n | \n
Tax accruals and deferrals recognised in the balance sheet on temporary differences between the amounts stated in the IFRS financial statements and the respective tax amounts as well as on losses carried forward developed as follows:
| \n \n T\u20ac\n \n | \n \n \n Balance \nas at \n1.1.2025\n \n | \n \n \n Currency translation\n \n | \n \n \n Changes in \nthe consoli-\ndated group\n \n | \n \n \n Other changes\n \n | \n \n \n Balance\nas at\n31.12.2025\n \n | \n
| \n \n Intangible assets and property, plant and equipment\n \n | \n \n \n 69,086\n \n | \n \n \n 15\n \n | \n \n \n -136\n \n | \n \n \n 1,579\n \n | \n \n \n 70,544\n \n | \n
| \n \n Financial assets\n \n | \n \n \n 10,273\n \n | \n \n \n 8\n \n | \n \n \n 0\n \n | \n \n \n 13,392\n \n | \n \n \n 23,673\n \n | \n
| \n \n Inventories\n \n | \n \n \n 41,924\n \n | \n \n \n -652\n \n | \n \n \n 0\n \n | \n \n \n 1,986\n \n | \n \n \n 43,258\n \n | \n
| \n \n Trade receivables/payables, contract assets/liabilities\n \n | \n \n \n 51,037\n \n | \n \n \n -2,738\n \n | \n \n \n -19\n \n | \n \n \n 10,766\n \n | \n \n \n 59,046\n \n | \n
| \n \n Provisions\n \n | \n \n \n 246,183\n \n | \n \n \n -309\n \n | \n \n \n 6,131\n \n | \n \n \n -2,714\n \n | \n \n \n 249,291\n \n | \n
| \n \n Other receivables/liabilities\n \n | \n \n \n 16,758\n \n | \n \n \n 67\n \n | \n \n \n -590\n \n | \n \n \n 14,836\n \n | \n \n \n 31,071\n \n | \n
| \n \n Austria - investment impairments (Siebentelabschreibung)\n \n | \n \n \n 62,604\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n -5,578\n \n | \n \n \n 57,026\n \n | \n
| \n \n Tax loss carryforwards\n \n | \n \n \n 10,810\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n -2,031\n \n | \n \n \n 8,779\n \n | \n
| \n \n Deferred tax assets\n \n | \n \n \n 508,675\n \n | \n \n \n -3,609\n \n | \n \n \n 5,386\n \n | \n \n \n 32,236\n \n | \n \n \n 542,688\n \n | \n
| \n \n Offsetting of deferred tax assets and liabilities relating to the same taxation authority\n \n | \n \n \n -388,544\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n -24,522\n \n | \n \n \n -413,066\n \n | \n
| \n \n Deferred tax assets offset\n \n | \n \n \n 120,131\n \n | \n \n \n -3,609\n \n | \n \n \n 5,386\n \n | \n \n \n 7,714\n \n | \n \n \n 129,622\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Intangible assets and property, plant and equipment\n \n | \n \n \n -98,984\n \n | \n \n \n 327\n \n | \n \n \n -9,259\n \n | \n \n \n -5,416\n \n | \n \n \n -113,332\n \n | \n
| \n \n Financial assets\n \n | \n \n \n -19,491\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n -1,110\n \n | \n \n \n -20,601\n \n | \n
| \n \n Inventories\n \n | \n \n \n -31,965\n \n | \n \n \n -459\n \n | \n \n \n 192\n \n | \n \n \n 1,720\n \n | \n \n \n -30,512\n \n | \n
| \n \n Trade receivables/payables, contract assets/liabilities\n \n | \n \n \n -439,941\n \n | \n \n \n 4,882\n \n | \n \n \n 110\n \n | \n \n \n -159,785\n \n | \n \n \n -594,734\n \n | \n
| \n \n Provisions\n \n | \n \n \n -18,081\n \n | \n \n \n 281\n \n | \n \n \n 0\n \n | \n \n \n 9,851\n \n | \n \n \n -7,949\n \n | \n
| \n \n Other receivables/liabilities\n \n | \n \n \n -62,426\n \n | \n \n \n -195\n \n | \n \n \n 191\n \n | \n \n \n -1,396\n \n | \n \n \n -63,826\n \n | \n
| \n \n Deferred tax liabilities\n \n | \n \n \n -670,888\n \n | \n \n \n 4,836\n \n | \n \n \n -8,766\n \n | \n \n \n -156,136\n \n | \n \n \n -830,954\n \n | \n
| \n \n Offsetting of deferred tax assets and liabilities relating to the same taxation authority\n \n | \n \n \n 388,544\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 24,522\n \n | \n \n \n 413,066\n \n | \n
| \n \n Deferred tax liabilities offset\n \n | \n \n \n -282,344\n \n | \n \n \n 4,836\n \n | \n \n \n -8,766\n \n | \n \n \n -131,614\n \n | \n \n \n -417,888\n \n | \n
Deferred tax on losses carried forward was capitalised as these can probably be offset with future taxable profits. The planning period is limited to five years.
No deferred tax on losses carried forward of the STRABAG SE tax group, Austria, was recognized as the unused portions of investment impairment must be used primarily. The Austrian Corporate Income Tax (K\u00f6rperschaftsteuergesetz, KStG) stipulates that impairment on investments can only be deducted for tax purposes over seven years (\u201cSiebentelabschreibung\u201d).
The tax planning for the STRABAG\u00a0SE Group for the next five years documents the usability of the \u201cSiebentelabschreibung\u201d.
As at 31\u00a0December\u00a02025, there were differences of T\u20ac 1,184,829 (2024: T\u20ac 1,099,276) between the carrying amount and the equity of subsidiaries recognised in the Group. No deferred taxes were recognised as STRABAG determines the disposal and dividend policy of the subsidiaries. STRABAG can therefore control the timing of the reversal of the temporary differences. The Management Board assumes that there will be no reversals in the foreseeable future.
Based on the rules developed by the OECD for the introduction of a global minimum tax, the EU on 22\u00a0December\u00a02022 adopted a directive on a global minimum level of taxation. In Austria, implementation into national law was carried out with the Minimum Tax Act and applies to financial years from 2024 onwards. The new law requires STRABAG SE to pay additional taxes for its subsidiaries in jurisdictions in which the effective tax rate determined in accordance with Pillar II is below 15%, insofar as an additional tax is not levied in the respective jurisdiction itself.
With Hungary, Bulgaria, Montenegro, Bosnia and the United Arab Emirates, the STRABAG\u00a0SE Group operates in countries with a nominal tax rate below 15%. With the exception of Montenegro and Bosnia, these countries have introduced a national top-up tax, which has resulted in only minor top-up tax amounts that have been recognised in the local financial statements. The majority of the operating business, however, is conducted in countries with higher tax rates (in particular Germany and Austria).
Based on analysis of the tax expenses and earnings of the Group companies, no provision for tax expenses under the Pillar II rules had to be recognised in the consolidated financial statements for the 2025 financial year.
In accordance with the provisions of IAS 12, the exemption from recognising deferred taxes due to Pillar II is applied.
With regard to deferred taxes, these can only be taken into account for Pillar II purposes provided that the deferred tax assets and liabilities in the financial accounts of all business entities in a tax jurisdiction for the transition year have been demonstrably recognised or disclosed in financial statements.
The following table therefore shows all unrecognised deferred taxes on losses carried forward and temporary differences. In the absence of a reversal of deferred taxes in the next five years, an impairment was made with regard to these losses carried forward and temporary differences in the consolidated financial statements. Determination of the impairment took into account the fact that losses carried forward exist in project companies with only limited business activities in subsequent years and that losses carried forward are recognised multiple times in the investment chain due to tax-effective investment write-downs and that their use would lead to tax-effective write-ups.
Of the non-capitalised losses carried forward, T\u20ac 2,879,656 (2024: T\u20ac 2,656,941) have unrestricted use. Non-capitalised losses carried forward in the amount of T\u20ac 403,594\u00a0(2024: T\u20ac 452,494) can theoretically be used for up to\u00a020\u00a0years (2024: 20 years).
The unrecognised deferred taxes are as follows:
| \n \n \n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2024\n \n | \n ||||||||
| \n \n \n \n | \n \n \n not recognised in the future due to lack of usability\n \n | \n |||||||||
| \n \n T\u20ac\n \n | \n \n \n Losses carried forward\n \n | \n \n \n Deferred tax\n \n | \n \n \n Temporary differences\n \n | \n \n \n Deferred tax\n \n | \n \n \n Deferred tax total\n \n | \n \n \n Losses carried forward\n \n | \n \n \n Deferred tax\n \n | \n \n \n Temporary differences\n \n | \n \n \n Deferred tax\n \n | \n \n \n Deferred tax total\n \n | \n
| \n \n Austria\n \n | \n \n \n 1,356,538\n \n | \n \n \n 312,004\n \n | \n \n \n 169\n \n | \n \n \n 39\n \n | \n \n \n 312,043\n \n | \n \n \n 1,365,471\n \n | \n \n \n 314,043\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 314,043\n \n | \n
| \n \n Austria - investment impairments (Siebentelabschreibung)\n \n | \n \n \n 226,171\n \n | \n \n \n 52,019\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 52,019\n \n | \n \n \n 272,097\n \n | \n \n \n 62,582\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 62,582\n \n | \n
| \n \n Chile\n \n | \n \n \n 545,850\n \n | \n \n \n 147,380\n \n | \n \n \n 626,516\n \n | \n \n \n 169,159\n \n | \n \n \n 316,539\n \n | \n \n \n 463,365\n \n | \n \n \n 125,109\n \n | \n \n \n 572,065\n \n | \n \n \n 154,458\n \n | \n \n \n 279,567\n \n | \n
| \n \n Netherlands\n \n | \n \n \n 229,799\n \n | \n \n \n 59,288\n \n | \n \n \n 1,350\n \n | \n \n \n 348\n \n | \n \n \n 59,636\n \n | \n \n \n 216,879\n \n | \n \n \n 55,955\n \n | \n \n \n 2,611\n \n | \n \n \n 674\n \n | \n \n \n 56,629\n \n | \n
| \n \n Germany\n \n | \n \n \n 162,147\n \n | \n \n \n 17,106\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 17,106\n \n | \n \n \n 115,760\n \n | \n \n \n 18,319\n \n | \n \n \n 30,447\n \n | \n \n \n 9,385\n \n | \n \n \n 27,704\n \n | \n
| \n \n Germany - German trade tax (Gewerbesteuer)\n \n | \n \n \n 135,780\n \n | \n \n \n 20,367\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 20,367\n \n | \n \n \n 95,171\n \n | \n \n \n 14,276\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 14,276\n \n | \n
| \n \n Denmark\n \n | \n \n \n 156,804\n \n | \n \n \n 34,497\n \n | \n \n \n 32,386\n \n | \n \n \n 7,125\n \n | \n \n \n 41,622\n \n | \n \n \n 146,217\n \n | \n \n \n 32,168\n \n | \n \n \n 52,251\n \n | \n \n \n 11,495\n \n | \n \n \n 43,663\n \n | \n
| \n \n Sweden\n \n | \n \n \n 150,797\n \n | \n \n \n 31,064\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 31,064\n \n | \n \n \n 149,563\n \n | \n \n \n 30,810\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 30,810\n \n | \n
| \n \n Canada\n \n | \n \n \n 120,641\n \n | \n \n \n 31,970\n \n | \n \n \n 31,307\n \n | \n \n \n 8,296\n \n | \n \n \n 40,266\n \n | \n \n \n 168,593\n \n | \n \n \n 44,677\n \n | \n \n \n 16,402\n \n | \n \n \n 4,347\n \n | \n \n \n 49,024\n \n | \n
| \n \n Hungary\n \n | \n \n \n 101,283\n \n | \n \n \n 9,115\n \n | \n \n \n 5,439\n \n | \n \n \n 490\n \n | \n \n \n 9,605\n \n | \n \n \n 108,353\n \n | \n \n \n 9,752\n \n | \n \n \n 7,135\n \n | \n \n \n 642\n \n | \n \n \n 10,394\n \n | \n
| \n \n Switzerland\n \n | \n \n \n 70,836\n \n | \n \n \n 12,751\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 12,751\n \n | \n \n \n 74,780\n \n | \n \n \n 13,460\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 13,460\n \n | \n
| \n \n Slovakia\n \n | \n \n \n 66,975\n \n | \n \n \n 16,029\n \n | \n \n \n 23,869\n \n | \n \n \n 5,496\n \n | \n \n \n 21,525\n \n | \n \n \n 71,473\n \n | \n \n \n 17,124\n \n | \n \n \n 19,906\n \n | \n \n \n 4,566\n \n | \n \n \n 21,690\n \n | \n
| \n \n Belgium\n \n | \n \n \n 58,128\n \n | \n \n \n 14,532\n \n | \n \n \n 12,956\n \n | \n \n \n 3,239\n \n | \n \n \n 17,771\n \n | \n \n \n 50,951\n \n | \n \n \n 12,738\n \n | \n \n \n 3,216\n \n | \n \n \n 804\n \n | \n \n \n 13,542\n \n | \n
| \n \n Other\n \n | \n \n \n 127,672\n \n | \n \n \n 24,045\n \n | \n \n \n 487,580\n \n | \n \n \n 100,358\n \n | \n \n \n 124,403\n \n | \n \n \n 82,860\n \n | \n \n \n 18,123\n \n | \n \n \n 437,939\n \n | \n \n \n 86,539\n \n | \n \n \n 104,662\n \n | \n
| \n \n \n \n | \n \n \n 3,509,421\n \n | \n \n \n 782,167\n \n | \n \n \n 1,221,572\n \n | \n \n \n 294,550\n \n | \n \n \n 1,076,717\n \n | \n \n \n 3,381,533\n \n | \n \n \n 769,136\n \n | \n \n \n 1,141,972\n \n | \n \n \n 272,910\n \n | \n \n \n 1,042,046\n \n | \n
| \n \n T\u20ac\n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2024\n \n | \n
| \n \n Construction materials, auxiliary supplies and fuel\n \n | \n \n \n 265,558\n \n | \n \n \n 270,691\n \n | \n
| \n \n Undeveloped land\n \n | \n \n \n 412,127\n \n | \n \n \n 405,447\n \n | \n
| \n \n Unfinished buildings\n \n | \n \n \n 485,292\n \n | \n \n \n 424,423\n \n | \n
| \n \n Finished buildings\n \n | \n \n \n 416,470\n \n | \n \n \n 363,660\n \n | \n
| \n \n Finished goods and work in progress\n \n | \n \n \n 26,292\n \n | \n \n \n 26,806\n \n | \n
| \n \n Advances paid\n \n | \n \n \n 89,609\n \n | \n \n \n 61,043\n \n | \n
| \n \n Inventories\n \n | \n \n \n 1,695,348\n \n | \n \n \n 1,552,070\n \n | \n
For qualifying assets, interest on borrowings was recognised in the amount of T\u20ac 423 (2024: T\u20ac 986).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93546-1": { "value": "In the reporting period, no costs of contract initiation or contract satisfaction were capitalised as separate assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerAcquisitionCostsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93448-1": { "value": "\n Trade receivables are comprised as follows:
| \n \n \n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2024\n \n | \n ||
| \n \n T\u20ac\n \n | \n \n \n Total\n \n | \n \n \n thereof current\n \n | \n \n \n Total\n \n | \n \n \n thereof current\n \n | \n
| \n \n Trade receivables\n \n | \n \n \n 1,516,086\n \n | \n \n \n 1,516,086\n \n | \n \n \n 1,420,252\n \n | \n \n \n 1,420,252\n \n | \n
| \n \n Receivables from consortia\n \n | \n \n \n 323,508\n \n | \n \n \n 323,508\n \n | \n \n \n 325,025\n \n | \n \n \n 325,025\n \n | \n
| \n \n Trade receivables\n \n | \n \n \n 1,839,594\n \n | \n \n \n 1,839,594\n \n | \n \n \n 1,745,277\n \n | \n \n \n 1,745,277\n \n | \n
\n Other financial assets\u00a0are comprised as follows:
| \n \n \n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2024\n \n | \n ||||
| \n \n T\u20ac\n \n | \n \n \n Total\n \n | \n \n \n thereof current\n \n | \n \n \n thereof \nnon-current\n \n | \n \n \n Total\n \n | \n \n \n thereof current\n \n | \n \n \n thereof \nnon-current\n \n | \n
| \n \n Securities\n \n | \n \n \n 29,441\n \n | \n \n \n 10\n \n | \n \n \n 29,431\n \n | \n \n \n 28,433\n \n | \n \n \n 10\n \n | \n \n \n 28,423\n \n | \n
| \n \n Receivables from subsidiaries\n \n | \n \n \n 110,299\n \n | \n \n \n 107,018\n \n | \n \n \n 3,281\n \n | \n \n \n 108,861\n \n | \n \n \n 106,728\n \n | \n \n \n 2,133\n \n | \n
| \n \n Receivables from affiliated companies\n \n | \n \n \n 131,866\n \n | \n \n \n 74,542\n \n | \n \n \n 57,324\n \n | \n \n \n 150,894\n \n | \n \n \n 80,260\n \n | \n \n \n 70,634\n \n | \n
| \n \n Sundry financial assets\n \n | \n \n \n 332,294\n \n | \n \n \n 79,945\n \n | \n \n \n 252,349\n \n | \n \n \n 313,934\n \n | \n \n \n 78,853\n \n | \n \n \n 235,081\n \n | \n
| \n \n Other financial assets\n \n | \n \n \n 603,900\n \n | \n \n \n 261,515\n \n | \n \n \n 342,385\n \n | \n \n \n 602,122\n \n | \n \n \n 265,851\n \n | \n \n \n 336,271\n \n | \n
The sundry non-current financial assets mainly include financing receivables related to construction projects and concession arrangements, derivatives held for hedging purposes, and the surplus of plan assets over the pension obligations in Switzerland.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93625-2": { "value": "\n Other financial assets\u00a0are comprised as follows:
| \n \n \n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2024\n \n | \n ||||
| \n \n T\u20ac\n \n | \n \n \n Total\n \n | \n \n \n thereof current\n \n | \n \n \n thereof \nnon-current\n \n | \n \n \n Total\n \n | \n \n \n thereof current\n \n | \n \n \n thereof \nnon-current\n \n | \n
| \n \n Securities\n \n | \n \n \n 29,441\n \n | \n \n \n 10\n \n | \n \n \n 29,431\n \n | \n \n \n 28,433\n \n | \n \n \n 10\n \n | \n \n \n 28,423\n \n | \n
| \n \n Receivables from subsidiaries\n \n | \n \n \n 110,299\n \n | \n \n \n 107,018\n \n | \n \n \n 3,281\n \n | \n \n \n 108,861\n \n | \n \n \n 106,728\n \n | \n \n \n 2,133\n \n | \n
| \n \n Receivables from affiliated companies\n \n | \n \n \n 131,866\n \n | \n \n \n 74,542\n \n | \n \n \n 57,324\n \n | \n \n \n 150,894\n \n | \n \n \n 80,260\n \n | \n \n \n 70,634\n \n | \n
| \n \n Sundry financial assets\n \n | \n \n \n 332,294\n \n | \n \n \n 79,945\n \n | \n \n \n 252,349\n \n | \n \n \n 313,934\n \n | \n \n \n 78,853\n \n | \n \n \n 235,081\n \n | \n
| \n \n Other financial assets\n \n | \n \n \n 603,900\n \n | \n \n \n 261,515\n \n | \n \n \n 342,385\n \n | \n \n \n 602,122\n \n | \n \n \n 265,851\n \n | \n \n \n 336,271\n \n | \n
The sundry non-current financial assets mainly include financing receivables related to construction projects and concession arrangements, derivatives held for hedging purposes, and the surplus of plan assets over the pension obligations in Switzerland.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93625-3": { "value": "\n Other financial assets\u00a0are comprised as follows:
| \n \n \n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2024\n \n | \n ||||
| \n \n T\u20ac\n \n | \n \n \n Total\n \n | \n \n \n thereof current\n \n | \n \n \n thereof \nnon-current\n \n | \n \n \n Total\n \n | \n \n \n thereof current\n \n | \n \n \n thereof \nnon-current\n \n | \n
| \n \n Securities\n \n | \n \n \n 29,441\n \n | \n \n \n 10\n \n | \n \n \n 29,431\n \n | \n \n \n 28,433\n \n | \n \n \n 10\n \n | \n \n \n 28,423\n \n | \n
| \n \n Receivables from subsidiaries\n \n | \n \n \n 110,299\n \n | \n \n \n 107,018\n \n | \n \n \n 3,281\n \n | \n \n \n 108,861\n \n | \n \n \n 106,728\n \n | \n \n \n 2,133\n \n | \n
| \n \n Receivables from affiliated companies\n \n | \n \n \n 131,866\n \n | \n \n \n 74,542\n \n | \n \n \n 57,324\n \n | \n \n \n 150,894\n \n | \n \n \n 80,260\n \n | \n \n \n 70,634\n \n | \n
| \n \n Sundry financial assets\n \n | \n \n \n 332,294\n \n | \n \n \n 79,945\n \n | \n \n \n 252,349\n \n | \n \n \n 313,934\n \n | \n \n \n 78,853\n \n | \n \n \n 235,081\n \n | \n
| \n \n Other financial assets\n \n | \n \n \n 603,900\n \n | \n \n \n 261,515\n \n | \n \n \n 342,385\n \n | \n \n \n 602,122\n \n | \n \n \n 265,851\n \n | \n \n \n 336,271\n \n | \n
The sundry non-current financial assets mainly include financing receivables related to construction projects and concession arrangements, derivatives held for hedging purposes, and the surplus of plan assets over the pension obligations in Switzerland.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93560-1": { "value": "| \n \n T\u20ac\n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2024\n \n | \n
| \n \n Cash on hand\n \n | \n \n \n 691\n \n | \n \n \n 644\n \n | \n
| \n \n Bank deposits\n \n | \n \n \n 4,322,567\n \n | \n \n \n 3,723,051\n \n | \n
| \n \n Cash and cash equivalents\n \n | \n \n \n 4,323,258\n \n | \n \n \n 3,723,695\n \n | \n
Details as to the development of the equity of STRABAG\u00a0SE are represented in the statement of changes in equity.
The fully paid-in share capital as at 31\u00a0December\u00a02025 amounts to \u20ac 118,221,982.00 and is divided into 118,221,979\u00a0no-par bearer shares and three registered shares. As at 31 December 2025, STRABAG SE holds 2,779,006 own shares directly and a further 280 through a wholly owned subsidiary.
The following resolutions were passed at the 21st Annual General Meeting of STRABAG SE held on 13 June 2025:
\n Resolution to authorise the Management Board to acquire own shares, pursuant to Section 65 (1) no. 8 as well as subsections 1a and 1b AktG, on the stock exchange, by public tender or in any other manner, to the extent of up to 10% of the share capital, excluding any proportionate selling rights that may accompany such an acquisition (reverse exclusion of subscription rights).
The authorisation of the Management Board granted at the 20th Annual General Meeting on 14 June 2024 to acquire own shares shall be cancelled to the extent not utilised and the Management Board shall be authorised simultaneously, pursuant to Section 65 (1) no. 8 as well as subsections 1a and 1b AktG, to acquire no-par value bearer or registered shares of the company on the stock exchange, by public tender or in any other manner to the extent of up to 10% of the share capital during a period of 30 months from the date of this resolution at a minimum price of EUR 1.00 per share (= calculated value of one share in proportion to the share capital) and a maximum price of no more than 5% above the volume-weighted average closing price of the shares on the Vienna Stock Exchange over the last three months preceding the agreement for the respective acquisition or preceding the date of submission of an offer by the company.
In the event of a public offer, the reference date for the end of this period shall be the day preceding the day on which the intention to launch a public offer has been announced (Section 5 (2) and (3) of the Austrian Takeover Act (\u00dcbG)). The Management Board is authorised to determine the repurchase conditions. The purpose of the acquisition must not be to trade with own shares. This authorisation may be exercised in full or in part or in several partial amounts, and in pursuit of one or several purposes by the company, by a subsidiary (Section 189a no. 7 of the Austrian Commercial Code (UGB)) or by third parties acting on behalf of the company. The authorisation may be exercised once or several times.
The authorisation shall be exercised by the Management Board in such a way that the proportion of the share capital associated with the shares acquired by the company on the basis of this authorisation or otherwise may not exceed 10% of the share capital at any time.
An acquisition may be decided by the Management Board; the Supervisory Board must be subsequently informed of this decision.
The Management Board shall be authorised, with regard to the acquisition of no-par value bearer or registered shares of the company, to exclude the shareholders\u2019 proportionate selling rights that may accompany such an acquisition (reverse exclusion of subscription rights). An acquisition with exclusion of the proportionate selling rights (reverse exclusion of subscription rights) is subject to the prior approval of the Supervisory Board.
\n Resolution to authorise the Management Board to reduce the share capital by withdrawing own shares acquired without a further resolution by the General Meeting.
The authorisation of the Management Board granted at the 20th Annual General Meeting on 14 June 2024 to withdraw own shares shall be cancelled to the extent not utilised and the Management Board shall be authorised to withdraw, with the approval of the Supervisory Board, all or part of the own shares acquired by the company without a further resolution by the General Meeting.
\n Resolution to authorise the Management Board to sell or assign own shares pursuant to Section 65 (1b) AktG in a manner other than on the stock market or through public tender.
The authorisation of the Management Board granted at the 20th Annual General Meeting on 14 June 2024 to sell own shares shall be cancelled to the extent not utilised and the Management Board shall be authorised simultaneously, for a period of five years from this resolution, to sell or assign its own shares, with the approval by the Supervisory Board, pursuant to Section 65 (1b) AktG in a manner other than on the stock market or through public tender, to decide on any exclusion of the shareholders\u2019 buyback rights (subscription rights), and to determine the conditions of sale. This authorisation may be exercised once or several times, in full or in part or in several partial amounts, and in pursuit of one or several purposes by the company, by a subsidiary (Section 189a no. 7 (UGB)) or by third parties acting on behalf of the company.
The complete resolutions are available on the website of STRABAG SE at www.strabag.com.
\n Various capital measures were adopted by the 19th Annual General Meeting of STRABAG SE held on 16 June 2023\u00a0to reduce the stake of minority shareholder MKAO \u201cRasperia Trading Limited\u201d from 27.8% to below 25%. For more information, see the section on equity in the notes to the consolidated financial statements as at 31 December 2023 and 31 December 2024.
These measures were formally completed with the ordinary non-cash capital increase in March 2024. A total of 15,621,982 new shares were issued, increasing the share capital by 15.2% from \u20ac 102,600,000.00 to \u20ac 118,221,982.00. The share capital increase was registered into the Commercial Register on 21 March 2024. With this date, the increase in share capital can be recognised in the balance sheet. The stake held by minority shareholder MKAO \u201cRasperia Trading Limited\u201d was thus reduced from 27.8% to 24.1%.
All capital measures adopted by the Annual General Meeting on 16 June 2023 have been legally effective since the 2024 financial year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93476-2": { "value": "Details as to the development of the equity of STRABAG\u00a0SE are represented in the statement of changes in equity.
The fully paid-in share capital as at 31\u00a0December\u00a02025 amounts to \u20ac 118,221,982.00 and is divided into 118,221,979\u00a0no-par bearer shares and three registered shares. As at 31 December 2025, STRABAG SE holds 2,779,006 own shares directly and a further 280 through a wholly owned subsidiary.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93476-3": { "value": " As at 31 December 2025, STRABAG SE holds 2,779,006 own shares directly and a further 280 through a wholly owned subsidiary.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93476-4": { "value": "Long-term economic success, within the context of responsibility to our shareholders, customers, employees, suppliers, sub-contractors and the company itself, is the primary entrepreneurial objective of the STRABAG\u00a0SE Group. Working to pursue these goals, recognising opportunities and risks before and as they arise, and responsibly taking these into consideration safeguards the continuity of the Group and protects the interests of the shareholders.
To guarantee the continuity of the company, the management and responsible employees assure that there is a balanced relationship between opportunities and risks during the selection of projects and assess the individual risks against the background of the overall company risk.
The group equity ratio target was defined at between 20% and 25% during the IPO of STRABAG\u00a0SE in October\u00a02007. The equity ratio is calculated from the carrying amount of the equity as at 31\u00a0December divided by the balance sheet total as at 31\u00a0December. The equity contains all parts of the equity according to the balance sheet: share capital, capital reserves, retained earnings and other reserves and non-controlling interests.
The group equity ratio as at 31\u00a0December\u00a02025 amounted to 35.9%\u00a0(2024: 34.1%). With this equity base, the STRABAG\u00a0SE Group will be able to participate increasingly in tenders for Public-Private Partnership (PPP) projects. This means that the necessary funds for a participation in equity capital are available and that the related change in the balance sheet total will be manageable.
If the Group is awarded the tender for large-scale projects, or if a strategically suitable acquisition is made, the equity ratio could briefly fall below the set minimum. In this case, the company reserves the right to adjust the dividend payments to the shareholders or to issue new shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93470-1": { "value": "| \n \n T\u20ac\n \n | \n \n \n Balance \nas at \n1.1.2025\n \n | \n \n \n Currency\ntran\u00adsla\u00adtion/Trans\u00adfers1\n \n | \n \n \n Changes \nin the \nconsoli-\ndated\n group\n \n | \n \n \n Added\n \n | \n \n \n Used\n \n | \n \n \n Balance \nas at \n31.12.2025\n \n | \n
| \n \n Provisions for severance payments\n \n | \n \n \n 99,338\n \n | \n \n \n 14,992\n \n | \n \n \n 75\n \n | \n \n \n 0\n \n | \n \n \n 504\n \n | \n \n \n 113,901\n \n | \n
| \n \n Provisions for pensions\n \n | \n \n \n 304,404\n \n | \n \n \n 0\n \n | \n \n \n -1,027\n \n | \n \n \n 0\n \n | \n \n \n 41,698\n \n | \n \n \n 261,679\n \n | \n
| \n \n Construction-related provisions\n \n | \n \n \n 589,779\n \n | \n \n \n 10,274\n \n | \n \n \n 125\n \n | \n \n \n 85,747\n \n | \n \n \n 52,133\n \n | \n \n \n 633,792\n \n | \n
| \n \n Personnel-related provisions\n \n | \n \n \n 8,441\n \n | \n \n \n 0\n \n | \n \n \n -19\n \n | \n \n \n 845\n \n | \n \n \n 2,122\n \n | \n \n \n 7,145\n \n | \n
| \n \n Other provisions\n \n | \n \n \n 336,779\n \n | \n \n \n 2,572\n \n | \n \n \n 13\n \n | \n \n \n 19,177\n \n | \n \n \n 95,584\n \n | \n \n \n 262,957\n \n | \n
| \n \n Non-current provisions\n \n | \n \n \n 1,338,741\n \n | \n \n \n 27,838\n \n | \n \n \n -833\n \n | \n \n \n 105,769\n \n | \n \n \n 192,041\n \n | \n \n \n 1,279,474\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Construction-related provisions\n \n | \n \n \n 852,381\n \n | \n \n \n 2,132\n \n | \n \n \n 445\n \n | \n \n \n 887,447\n \n | \n \n \n 852,520\n \n | \n \n \n 889,885\n \n | \n
| \n \n Personnel-related provisions\n \n | \n \n \n 253,162\n \n | \n \n \n -15,556\n \n | \n \n \n 5,096\n \n | \n \n \n 265,732\n \n | \n \n \n 242,853\n \n | \n \n \n 265,581\n \n | \n
| \n \n Other provisions\n \n | \n \n \n 207,731\n \n | \n \n \n -534\n \n | \n \n \n 16,241\n \n | \n \n \n 323,330\n \n | \n \n \n 223,444\n \n | \n \n \n 323,324\n \n | \n
| \n \n Current provisions\n \n | \n \n \n 1,313,274\n \n | \n \n \n -13,958\n \n | \n \n \n 21,782\n \n | \n \n \n 1,476,509\n \n | \n \n \n 1,318,817\n \n | \n \n \n 1,478,790\n \n | \n
| \n \n Total\n \n | \n \n \n 2,652,015\n \n | \n \n \n 13,880\n \n | \n \n \n 20,949\n \n | \n \n \n 1,582,278\n \n | \n \n \n 1,510,858\n \n | \n \n \n 2,758,264\n \n | \n
\n 1Includes transfers to provisions for severance payments amounting to T\u20ac 15,306 that in the previous year were reported under current personnel-related provisions.\n
\nThe actuarial assumptions as at 31\u00a0December\u00a02025 used to calculate provisions for severance payments and pensions are represented as follows:
| \n \n \n \n | \n \n \n Severance payments\n \n | \n \n \n Pension obligations Germany/Austria\n \n | \n \n \n Pension obligations Switzerland\n \n | \n \n \n Pension obligations the Netherlands\n \n | \n \n \n Pension obligations \nBelgium\n \n | \n
| \n \n Actuarial tables\n \n | \n \n \n AV\u00d6 2018-P\n \n | \n \n \n Dr. Klaus Heubeck 2018G/AV\u00d6 2018-P\n \n | \n \n \n BVG 2020G\n \n | \n \n \n Projection Life Table AG2024\n \n | \n \n \n Standard Belgium MR/FR -5year correction 1992\n \n | \n
| \n \n Discount rate (%)\n \n | \n \n \n 3.85\n \n | \n \n \n 3.85\n \n | \n \n \n 1.18\n \n | \n \n \n 3.85\n \n | \n \n \n 3.85\n \n | \n
| \n \n \n \n | \n \n \n (2024: 3.33)\n \n | \n \n \n (2024: 3.33)\n \n | \n \n \n (2024: 0.97)\n \n | \n \n \n (2024: 3.33)\n \n | \n \n \n (2024: 3.33)\n \n | \n
| \n \n Salary increase (%)\n \n | \n \n \n 3.00\n \n | \n \n \n -\n \n | \n \n \n 1.30\n \n | \n \n \n -\n \n | \n \n \n 3.60\n \n | \n
| \n \n \n \n | \n \n \n (2024: 3.00)\n \n | \n \n \n (2024: -)\n \n | \n \n \n (2024: 1.50)\n \n | \n \n \n (2024: -)\n \n | \n \n \n (2024: 3.50)\n \n | \n
| \n \n Pension increase (%)\n \n | \n \n \n -\n \n | \n \n \n 2.10\n \n | \n \n \n 0.00\n \n | \n \n \n 2.10\n \n | \n \n \n 2.10\n \n | \n
| \n \n \n \n | \n \n \n -\n \n | \n \n \n (2024: 3.00)\n \n | \n \n \n (2024: 0.00)\n \n | \n \n \n (2024: 1.30)\n \n | \n \n \n (2024: 2.00)\n \n | \n
| \n \n Retirement age for men\n \n | \n \n \n 65\n \n | \n \n \n 63\u201367\n \n | \n \n \n 65\n \n | \n \n \n 65\n \n | \n \n \n 65\n \n | \n
| \n \n \n \n | \n \n \n (2024: 65)\n \n | \n \n \n (2024: 63\u201367)\n \n | \n \n \n (2024: 65)\n \n | \n \n \n (2024: 65)\n \n | \n \n \n (2024: 65)\n \n | \n
| \n \n Retirement age for women\n \n | \n \n \n 60\u201365\n \n | \n \n \n 60\u201367\n \n | \n \n \n 65\n \n | \n \n \n 65\n \n | \n \n \n 65\n \n | \n
| \n \n \n \n | \n \n \n (2024: 60\u201365)\n \n | \n \n \n (2024: 60\u201367)\n \n | \n \n \n (2024: 65)\n \n | \n \n \n (2024: 65)\n \n | \n \n \n (2024: 65)\n \n | \n
All other parameters remaining equal, a change in the discount rate by +/\u2212 0.5\u00a0percentage points, a change in the salary increase by + 1.0\u00a0percentage points as well as a change in the pension increase by + 1.0\u00a0percentage points would have the following impact on the amount of the provisions for severance payments and pension obligations as at 31\u00a0December\u00a02025:
| \n \n T\u20ac\n \n | \n \n \n Change in discount rate\n \n | \n \n \n Change in salary increase\n \n | \n \n \n Change in future pension increase\n \n | \n |
| \n \n Change1\n \n | \n \n \n -0.5 %-points\n \n | \n \n \n +0.5 %-points\n \n | \n \n \n +1.0 %-points\n \n | \n \n \n +1.0 %-points\n \n | \n
| \n \n Severance payments\n \n | \n \n \n -3,364\n \n | \n \n \n 3,166\n \n | \n \n \n -6,932\n \n | \n \n \n -\n \n | \n
| \n \n Pension obligations\n \n | \n \n \n -25,193\n \n | \n \n \n 22,858\n \n | \n \n \n -1,806\n \n | \n \n \n -33,332\n \n | \n
\n 1Sign: - increase in obligation, + decrease in obligation\n
\n\n Provisions for severance payments\u00a0show the following development:
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Present value of the defined benefit obligation as at 1.1.\n \n | \n \n \n 99,338\n \n | \n \n \n 98,268\n \n | \n
| \n \n Changes in the consolidated group/currency translation/Transfers1\n \n | \n \n \n 15,067\n \n | \n \n \n -59\n \n | \n
| \n \n Current service cost\n \n | \n \n \n 3,198\n \n | \n \n \n 3,502\n \n | \n
| \n \n Interest cost\n \n | \n \n \n 2,794\n \n | \n \n \n 2,626\n \n | \n
| \n \n Severance payments\n \n | \n \n \n -5,791\n \n | \n \n \n -5,017\n \n | \n
| \n \n Actuarial gains/losses arising from experience adjustments\n \n | \n \n \n -3,501\n \n | \n \n \n -1,639\n \n | \n
| \n \n Actuarial gains/losses arising from change in the discount rate\n \n | \n \n \n -1,400\n \n | \n \n \n 975\n \n | \n
| \n \n Actuarial gains/losses arising from demographic changes\n \n | \n \n \n 4,196\n \n | \n \n \n 682\n \n | \n
| \n \n Present value of the defined benefit obligation as at 31.12.\n \n | \n \n \n 113,901\n \n | \n \n \n 99,338\n \n | \n
\n 1Transfers relate to provisions for severance payments that in the previous year were reported under current personnel-related provisions.\n
\nThe development of the provisions for pensions\u00a0is shown below:
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Present value of the defined benefit obligation as at 1.1.\n \n | \n \n \n 496,978\n \n | \n \n \n 497,405\n \n | \n
| \n \n Changes in the consolidated group/currency translation\n \n | \n \n \n 1,109\n \n | \n \n \n 2,945\n \n | \n
| \n \n Current service cost\n \n | \n \n \n 8,236\n \n | \n \n \n 7,536\n \n | \n
| \n \n Interest cost\n \n | \n \n \n 12,018\n \n | \n \n \n 12,876\n \n | \n
| \n \n Pension payments\n \n | \n \n \n -31,870\n \n | \n \n \n -31,726\n \n | \n
| \n \n Actuarial gains/losses arising from experience adjustments\n \n | \n \n \n -7,810\n \n | \n \n \n 5,008\n \n | \n
| \n \n Actuarial gains/losses arising from change in the discount rate\n \n | \n \n \n -34,233\n \n | \n \n \n 2,956\n \n | \n
| \n \n Actuarial gains/losses arising from demographic changes\n \n | \n \n \n -78\n \n | \n \n \n -22\n \n | \n
| \n \n Present value of the defined benefit obligation as at 31.12.\n \n | \n \n \n 444,350\n \n | \n \n \n 496,978\n \n | \n
The plan assets for pension provisions\u00a0developed as follows in the reporting period:
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Fair value of the plan assets as at 1.1.\n \n | \n \n \n 192,574\n \n | \n \n \n 177,551\n \n | \n
| \n \n Changes in the consolidated group/currency translation\n \n | \n \n \n 2,136\n \n | \n \n \n 2,098\n \n | \n
| \n \n Return on plan assets\n \n | \n \n \n 2,562\n \n | \n \n \n 3,240\n \n | \n
| \n \n Contributions\n \n | \n \n \n 8,285\n \n | \n \n \n 7,805\n \n | \n
| \n \n Pension payments\n \n | \n \n \n -9,762\n \n | \n \n \n -9,146\n \n | \n
| \n \n Actuarial gains/losses\n \n | \n \n \n 258\n \n | \n \n \n 2,454\n \n | \n
| \n \n Assets not included according to IFRIC 14\n \n | \n \n \n 0\n \n | \n \n \n 15,329\n \n | \n
| \n \n Reclassification assets\n \n | \n \n \n -13,382\n \n | \n \n \n -6,757\n \n | \n
| \n \n Fair value of the plan assets as at 31.12.\n \n | \n \n \n 182,671\n \n | \n \n \n 192,574\n \n | \n
The plan assets\u00a0consist of the following risk groups:
| \n \n T\u20ac\n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2024\n \n | \n
| \n \n Shares1\n \n | \n \n \n 43,715\n \n | \n \n \n 30,780\n \n | \n
| \n \n Bonds1\n \n | \n \n \n 40,229\n \n | \n \n \n 45,262\n \n | \n
| \n \n Cash\n \n | \n \n \n 3,195\n \n | \n \n \n 7,660\n \n | \n
| \n \n Investment funds\n \n | \n \n \n 10,694\n \n | \n \n \n 11,241\n \n | \n
| \n \n Real estate\n \n | \n \n \n 19,305\n \n | \n \n \n 18,918\n \n | \n
| \n \n Liability insurance\n \n | \n \n \n 62,921\n \n | \n \n \n 65,194\n \n | \n
| \n \n Other assets\n \n | \n \n \n 44,278\n \n | \n \n \n 41,803\n \n | \n
| \n \n thereof reclassified assets\n \n | \n \n \n -41,666\n \n | \n \n \n -28,284\n \n | \n
| \n \n Total\n \n | \n \n \n 182,671\n \n | \n \n \n 192,574\n \n | \n
\n 1All shares and bonds are traded in an active market.\n
\nThe plan assets involve almost exclusively the assets of the pension foundation of STRABAG\u00a0AG, Switzerland. Any investments in this regard are subject to the applicable laws and regulations governing the supervision of foundations. Capital investments are to be chosen by trained experts in such a way as to guarantee the investment goal of revenue-generating and risk-minimising asset management while taking into consideration security, risk distribution, returns and the liquidity to fulfil the pension purposes. The investment strategy can be adjusted on an annual basis in order to reflect market changes. Currently the split is 40% in nominal value assets and 60% in tangible assets.
In the 2025 financial year, STRABAG\u00a0AG, Switzerland, had a surplus of plan assets over the pension liability in the amount of\u00a0T\u20ac 41,666 (2024:\u00a0T\u20ac 28,284). This surplus is reported under other non-current financial assets.
The expected contributions to pension foundations in the following year will amount to T\u20ac 4,040 (2024: T\u20ac 3,916).
The actual income from plan assets amounted to T\u20ac 2,511 in the 2025 financial year (2024:\u00a0T\u20ac 5,359).
Pension payments in Switzerland are provided by pension foundations with funds dedicated to this purpose, while payments in Austria, Germany, Belgium and the Netherlands are covered by readily available cash and cash equivalents as well as securities.
The following amounts for severance and pension provisions were recognised in the income statement:
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Current service cost\n \n | \n \n \n 11,434\n \n | \n \n \n 11,038\n \n | \n
| \n \n Interest cost\n \n | \n \n \n 14,812\n \n | \n \n \n 15,502\n \n | \n
| \n \n Return on plan assets\n \n | \n \n \n 2,562\n \n | \n \n \n 3,240\n \n | \n
The development of the net defined benefit obligation\u00a0for\u00a0severance and pension provisions was as follows:
| \n \n T\u20ac\n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2024\n \n | \n
| \n \n Net obligation for severance provisions\n \n | \n \n \n 113,901\n \n | \n \n \n 99,338\n \n | \n
| \n \n Present value of the defined benefit obligation (pension provisions)\n \n | \n \n \n 444,350\n \n | \n \n \n 496,978\n \n | \n
| \n \n Fair value of plan assets (pension provisions)\n \n | \n \n \n -182,671\n \n | \n \n \n -192,574\n \n | \n
| \n \n Net obligation for pension provisions\n \n | \n \n \n 261,679\n \n | \n \n \n 304,404\n \n | \n
| \n \n Net obligation total\n \n | \n \n \n 375,580\n \n | \n \n \n 403,742\n \n | \n
The maturity profile\u00a0of the benefit payments from the net defined benefit liability as at 31\u00a0December\u00a02025 was as follows:
| \n \n T\u20ac\n \n | \n \n \n < 1 year\n \n | \n \n \n 1\u20135 years\n \n | \n \n \n 6\u201310 years\n \n | \n \n \n 11\u201320 years\n \n | \n \n \n > 20 years\n \n | \n
| \n \n Provisions for severance payments\n \n | \n \n \n 3,618\n \n | \n \n \n 34,279\n \n | \n \n \n 37,143\n \n | \n \n \n 38,262\n \n | \n \n \n 1,635\n \n | \n
| \n \n Provisions for pensions\n \n | \n \n \n 29,920\n \n | \n \n \n 116,442\n \n | \n \n \n 89,034\n \n | \n \n \n 108,873\n \n | \n \n \n 65,817\n \n | \n
The maturity profile\u00a0of the benefit payments from the net defined benefit liability as at 31\u00a0December\u00a02024 was as follows:
| \n \n T\u20ac\n \n | \n \n \n < 1 year\n \n | \n \n \n 1\u20135 years\n \n | \n \n \n 6\u201310 years\n \n | \n \n \n 11\u201320 years\n \n | \n \n \n > 20 years\n \n | \n
| \n \n Provisions for severance payments\n \n | \n \n \n 3,107\n \n | \n \n \n 31,737\n \n | \n \n \n 36,812\n \n | \n \n \n 41,356\n \n | \n \n \n 3,896\n \n | \n
| \n \n Provisions for pensions\n \n | \n \n \n 30,001\n \n | \n \n \n 121,747\n \n | \n \n \n 98,636\n \n | \n \n \n 128,392\n \n | \n \n \n 86,914\n \n | \n
The durations\u00a0(weighted average term) are shown in the following table.
| \n \n Years\n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2024\n \n | \n
| \n \n Severance payments Austria\n \n | \n \n \n 7.75\n \n | \n \n \n 7.35\n \n | \n
| \n \n Pension obligations Austria\n \n | \n \n \n 5.10\n \n | \n \n \n 5.24\n \n | \n
| \n \n Pension obligations Germany\n \n | \n \n \n 8.43\n \n | \n \n \n 9.42\n \n | \n
| \n \n Pension obligations Switzerland\n \n | \n \n \n 13.40\n \n | \n \n \n 14.20\n \n | \n
| \n \n Pension obligations the Netherlands\n \n | \n \n \n 12.60\n \n | \n \n \n 12.60\n \n | \n
| \n \n Pension obligations Belgium\n \n | \n \n \n 5.80\n \n | \n \n \n 6.60\n \n | \n
The construction-related provisions include warranty obligations, costs of the contract execution and subsequent costs of invoiced contracts, as well as impending losses from projects pending which are not accounted for elsewhere. The personnel-related provisions essentially include bonus obligations and premiums, service anniversary bonuses, contributions to occupational funds as well as costs of the old age part-time scheme and expenses for personnel downsizing measures. Other provisions especially include provisions for damages and litigations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93470-2": { "value": "| \n \n T\u20ac\n \n | \n \n \n Balance \nas at \n1.1.2025\n \n | \n \n \n Currency\ntran\u00adsla\u00adtion/Trans\u00adfers1\n \n | \n \n \n Changes \nin the \nconsoli-\ndated\n group\n \n | \n \n \n Added\n \n | \n \n \n Used\n \n | \n \n \n Balance \nas at \n31.12.2025\n \n | \n
| \n \n Provisions for severance payments\n \n | \n \n \n 99,338\n \n | \n \n \n 14,992\n \n | \n \n \n 75\n \n | \n \n \n 0\n \n | \n \n \n 504\n \n | \n \n \n 113,901\n \n | \n
| \n \n Provisions for pensions\n \n | \n \n \n 304,404\n \n | \n \n \n 0\n \n | \n \n \n -1,027\n \n | \n \n \n 0\n \n | \n \n \n 41,698\n \n | \n \n \n 261,679\n \n | \n
| \n \n Construction-related provisions\n \n | \n \n \n 589,779\n \n | \n \n \n 10,274\n \n | \n \n \n 125\n \n | \n \n \n 85,747\n \n | \n \n \n 52,133\n \n | \n \n \n 633,792\n \n | \n
| \n \n Personnel-related provisions\n \n | \n \n \n 8,441\n \n | \n \n \n 0\n \n | \n \n \n -19\n \n | \n \n \n 845\n \n | \n \n \n 2,122\n \n | \n \n \n 7,145\n \n | \n
| \n \n Other provisions\n \n | \n \n \n 336,779\n \n | \n \n \n 2,572\n \n | \n \n \n 13\n \n | \n \n \n 19,177\n \n | \n \n \n 95,584\n \n | \n \n \n 262,957\n \n | \n
| \n \n Non-current provisions\n \n | \n \n \n 1,338,741\n \n | \n \n \n 27,838\n \n | \n \n \n -833\n \n | \n \n \n 105,769\n \n | \n \n \n 192,041\n \n | \n \n \n 1,279,474\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Construction-related provisions\n \n | \n \n \n 852,381\n \n | \n \n \n 2,132\n \n | \n \n \n 445\n \n | \n \n \n 887,447\n \n | \n \n \n 852,520\n \n | \n \n \n 889,885\n \n | \n
| \n \n Personnel-related provisions\n \n | \n \n \n 253,162\n \n | \n \n \n -15,556\n \n | \n \n \n 5,096\n \n | \n \n \n 265,732\n \n | \n \n \n 242,853\n \n | \n \n \n 265,581\n \n | \n
| \n \n Other provisions\n \n | \n \n \n 207,731\n \n | \n \n \n -534\n \n | \n \n \n 16,241\n \n | \n \n \n 323,330\n \n | \n \n \n 223,444\n \n | \n \n \n 323,324\n \n | \n
| \n \n Current provisions\n \n | \n \n \n 1,313,274\n \n | \n \n \n -13,958\n \n | \n \n \n 21,782\n \n | \n \n \n 1,476,509\n \n | \n \n \n 1,318,817\n \n | \n \n \n 1,478,790\n \n | \n
| \n \n Total\n \n | \n \n \n 2,652,015\n \n | \n \n \n 13,880\n \n | \n \n \n 20,949\n \n | \n \n \n 1,582,278\n \n | \n \n \n 1,510,858\n \n | \n \n \n 2,758,264\n \n | \n
\n 1Includes transfers to provisions for severance payments amounting to T\u20ac 15,306 that in the previous year were reported under current personnel-related provisions.\n
\nThe construction-related provisions include warranty obligations, costs of the contract execution and subsequent costs of invoiced contracts, as well as impending losses from projects pending which are not accounted for elsewhere. The personnel-related provisions essentially include bonus obligations and premiums, service anniversary bonuses, contributions to occupational funds as well as costs of the old age part-time scheme and expenses for personnel downsizing measures. Other provisions especially include provisions for damages and litigations.
STRABAG SE, together with its German subsidiaries Erste Nordsee-Offshore-Holding GmbH and Zweite Nordsee-Offshore-Holding GmbH, has filed an arbitration claim against the Federal Republic of Germany. The plaintiffs claim that the regulatory measures adopted by the Federal Republic of Germany have restricted their right to develop offshore wind turbines in certain areas of the North Sea to such an extent as to result in the loss of the investment. The claim asserts that the Federal Republic of Germany has thus violated the investment protection provisions of the Energy Charter Treaty.
On 18 December 2024, the arbitral tribunal ruled that the subsidiaries Erste Nordsee-Offshore-Holding GmbH and Zweite Nordsee-Offshore-Holding GmbH are entitled to damages totalling \u20ac 241 million plus interest at 3% p.a. STRABAG holds a 51% stake in each of the subsidiaries.
The Federal Republic of Germany had\u00a0initially submitted a rectification request to the court of arbitration to amend individual passages of the ruling. The arbitral tribunal that issued the award reached a final decision on this request on 30 April 2025 and, in essence, made adjustments only to parts of the cost decision. In August 2025, the Federal Republic of Germany subsequently filed an application to set aside the arbitral award. The estimated duration of these annulment proceedings \u2013 given several rounds of written submissions and an oral hearing \u2013 is approximately two years. Only after the conclusion of these proceedings will the arbitral award become final and, following further local recognition procedures in the respective country, enforceable.\u00a0In this respect, no receivable can be recognised yet.
On 29\u00a0June\u00a02020, the tribunal in STRABAG\u00a0SE v Libya (ICSID Case No. ARB (AF)/15/1) issued its award holding Libya in breach of the agreement between the Republic of Austria and the State of Libya for the promotion and protection of investments. The tribunal consequently awarded STRABAG\u00a0SE damages of \u20ac 75 million plus interest, and ordered Libya to reimburse STRABAG 75% of its legal costs and expenses, and to bear 75% of the costs of the arbitration.
STRABAG commenced its activities in Libya \u2013 the construction of infrastructure \u2013 in 2006. The operations were interrupted in 2011 by the conflict in the country. In the arbitration proceedings, STRABAG claimed compensation for losses and damages suffered during the conflict and for work it had already performed on the various construction projects.
A motion filed by Libya with the competent courts in the United States to set aside the arbitration award was dismissed by final decision after passing through several instances.
In November 2024, STRABAG learned that Libya had filed a suit against STRABAG SE, STRABAG International GmbH and the Libyan project company, Al Hani Inc., in a Libyan court. Libya is seeking damages and repayment of the advance payments not used because Al Hani Inc. failed to properly fulfil the construction contracts at the time. According to an initial assessment, the prospects of success are considered to be low. It is assumed that Libya will raise this claim in possible settlement negotiations.
It remains uncertain whether Libya will honour the award. STRABAG is examining all measures of enforcing the arbitration award and has initiated recognition and enforcement proceedings. These proceedings are moving along very slowly and have not yet led to any significant findings.
Because of the existing uncertainties no receivable was recognised.
The company has accepted the following guarantees:
| \n \n T\u20ac\n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2024\n \n | \n
| \n \n Guarantees without financial guarantees\n \n | \n \n \n 0\n \n | \n \n \n 20\n \n | \n
| \n \n \n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2024\n \n | \n ||||
| \n \n T\u20ac\n \n | \n \n \n Total\n \n | \n \n \n thereof\n current\n \n | \n \n \n thereof\n non-\ncurrent\n \n | \n \n \n Total\n \n | \n \n \n thereof\n current\n \n | \n \n \n thereof\n non-\ncurrent\n \n | \n
| \n \n Bank borrowings\n \n | \n \n \n 460,874\n \n | \n \n \n 160,344\n \n | \n \n \n 300,530\n \n | \n \n \n 536,394\n \n | \n \n \n 228,609\n \n | \n \n \n 307,785\n \n | \n
| \n \n Lease liabilities\n \n | \n \n \n 367,997\n \n | \n \n \n 70,695\n \n | \n \n \n 297,302\n \n | \n \n \n 390,874\n \n | \n \n \n 65,969\n \n | \n \n \n 324,905\n \n | \n
| \n \n Financial obligations\n \n | \n \n \n 828,871\n \n | \n \n \n 231,039\n \n | \n \n \n 597,832\n \n | \n \n \n 927,268\n \n | \n \n \n 294,578\n \n | \n \n \n 632,690\n \n | \n
The bank borrowings include non-recourse liabilities in the amount of T\u20ac 399,453 (thereof non-current: T\u20ac 288,595). This value amounted to T\u20ac 512,571 (thereof non-current: T\u20ac 307,753) in the previous year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93463-2": { "value": "Collateral (mainly mortgages) is provided to cover bank borrowings in the amount of T\u20ac 19,250 (2024: T\u20ac 20,046).
The non-recourse liabilities in the amount of T\u20ac 399,453 (2024: T\u20ac 512,571) are secured with the return flows from the respective project.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93463-3": { "value": "The lease liabilities are presented less the rental deposits of T\u20ac 15,450 (2024: T\u20ac 19,717).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasePrepaymentsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93552-1": { "value": "| \n \n \n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2024\n \n | \n ||
| \n \n T\u20ac\n \n | \n \n \n Total\n \n | \n \n \n thereof\n current\n \n | \n \n \n Total\n \n | \n \n \n thereof\n current\n \n | \n
| \n \n Trade payables\n \n | \n \n \n 2,647,349\n \n | \n \n \n 2,647,349\n \n | \n \n \n 2,453,549\n \n | \n \n \n 2,453,549\n \n | \n
| \n \n Payables from consortia\n \n | \n \n \n 331,856\n \n | \n \n \n 331,856\n \n | \n \n \n 337,271\n \n | \n \n \n 337,271\n \n | \n
| \n \n Trade payables\n \n | \n \n \n 2,979,205\n \n | \n \n \n 2,979,205\n \n | \n \n \n 2,790,820\n \n | \n \n \n 2,790,820\n \n | \n
| \n \n \n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2024\n \n | \n ||||
| \n \n T\u20ac\n \n | \n \n \n Total\n \n | \n \n \n thereof\n current\n \n | \n \n \n thereof\n non-\ncurrent\n \n | \n \n \n Total\n \n | \n \n \n thereof\n current\n \n | \n \n \n thereof\n non-\ncurrent\n \n | \n
| \n \n Payables to subsidiaries\n \n | \n \n \n 99,562\n \n | \n \n \n 99,562\n \n | \n \n \n 0\n \n | \n \n \n 121,905\n \n | \n \n \n 121,905\n \n | \n \n \n 0\n \n | \n
| \n \n Payables to affiliated companies\n \n | \n \n \n 25,467\n \n | \n \n \n 25,467\n \n | \n \n \n 0\n \n | \n \n \n 20,320\n \n | \n \n \n 20,320\n \n | \n \n \n 0\n \n | \n
| \n \n Other financing liabilities\n \n | \n \n \n 476,324\n \n | \n \n \n 446,151\n \n | \n \n \n 30,173\n \n | \n \n \n 397,181\n \n | \n \n \n 387,586\n \n | \n \n \n 9,595\n \n | \n
| \n \n Sundry financial liabilities\n \n | \n \n \n 221,722\n \n | \n \n \n 195,067\n \n | \n \n \n 26,655\n \n | \n \n \n 203,722\n \n | \n \n \n 179,522\n \n | \n \n \n 24,200\n \n | \n
| \n \n Other financial liabilities\n \n | \n \n \n 823,075\n \n | \n \n \n 766,247\n \n | \n \n \n 56,828\n \n | \n \n \n 743,128\n \n | \n \n \n 709,333\n \n | \n \n \n 33,795\n \n | \n
The dividend entitlements, as well as the payment entitlements from the capital reduction of MKAO \u201cRasperia Trading Limited\u201d that were frozen due to the sanctions, are recognised in other current financing liabilities in the amount of T\u20ac 437,689 (2024: T\u20ac 386,033). See also the comments under item\u00a0(38) Notes on shareholder structure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93597-2": { "value": "| \n \n \n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2024\n \n | \n ||||
| \n \n T\u20ac\n \n | \n \n \n Total\n \n | \n \n \n thereof\n current\n \n | \n \n \n thereof\n non-\ncurrent\n \n | \n \n \n Total\n \n | \n \n \n thereof\n current\n \n | \n \n \n thereof\n non-\ncurrent\n \n | \n
| \n \n Payables to subsidiaries\n \n | \n \n \n 99,562\n \n | \n \n \n 99,562\n \n | \n \n \n 0\n \n | \n \n \n 121,905\n \n | \n \n \n 121,905\n \n | \n \n \n 0\n \n | \n
| \n \n Payables to affiliated companies\n \n | \n \n \n 25,467\n \n | \n \n \n 25,467\n \n | \n \n \n 0\n \n | \n \n \n 20,320\n \n | \n \n \n 20,320\n \n | \n \n \n 0\n \n | \n
| \n \n Other financing liabilities\n \n | \n \n \n 476,324\n \n | \n \n \n 446,151\n \n | \n \n \n 30,173\n \n | \n \n \n 397,181\n \n | \n \n \n 387,586\n \n | \n \n \n 9,595\n \n | \n
| \n \n Sundry financial liabilities\n \n | \n \n \n 221,722\n \n | \n \n \n 195,067\n \n | \n \n \n 26,655\n \n | \n \n \n 203,722\n \n | \n \n \n 179,522\n \n | \n \n \n 24,200\n \n | \n
| \n \n Other financial liabilities\n \n | \n \n \n 823,075\n \n | \n \n \n 766,247\n \n | \n \n \n 56,828\n \n | \n \n \n 743,128\n \n | \n \n \n 709,333\n \n | \n \n \n 33,795\n \n | \n
The dividend entitlements, as well as the payment entitlements from the capital reduction of MKAO \u201cRasperia Trading Limited\u201d that were frozen due to the sanctions, are recognised in other current financing liabilities in the amount of T\u20ac 437,689 (2024: T\u20ac 386,033). See also the comments under item\u00a0(38) Notes on shareholder structure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93597-3": { "value": "| \n \n \n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2024\n \n | \n ||||
| \n \n T\u20ac\n \n | \n \n \n Total\n \n | \n \n \n thereof\n current\n \n | \n \n \n thereof\n non-\ncurrent\n \n | \n \n \n Total\n \n | \n \n \n thereof\n current\n \n | \n \n \n thereof\n non-\ncurrent\n \n | \n
| \n \n Payables to subsidiaries\n \n | \n \n \n 99,562\n \n | \n \n \n 99,562\n \n | \n \n \n 0\n \n | \n \n \n 121,905\n \n | \n \n \n 121,905\n \n | \n \n \n 0\n \n | \n
| \n \n Payables to affiliated companies\n \n | \n \n \n 25,467\n \n | \n \n \n 25,467\n \n | \n \n \n 0\n \n | \n \n \n 20,320\n \n | \n \n \n 20,320\n \n | \n \n \n 0\n \n | \n
| \n \n Other financing liabilities\n \n | \n \n \n 476,324\n \n | \n \n \n 446,151\n \n | \n \n \n 30,173\n \n | \n \n \n 397,181\n \n | \n \n \n 387,586\n \n | \n \n \n 9,595\n \n | \n
| \n \n Sundry financial liabilities\n \n | \n \n \n 221,722\n \n | \n \n \n 195,067\n \n | \n \n \n 26,655\n \n | \n \n \n 203,722\n \n | \n \n \n 179,522\n \n | \n \n \n 24,200\n \n | \n
| \n \n Other financial liabilities\n \n | \n \n \n 823,075\n \n | \n \n \n 766,247\n \n | \n \n \n 56,828\n \n | \n \n \n 743,128\n \n | \n \n \n 709,333\n \n | \n \n \n 33,795\n \n | \n
The company has accepted the following guarantees:
| \n \n T\u20ac\n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2024\n \n | \n
| \n \n Guarantees without financial guarantees\n \n | \n \n \n 0\n \n | \n \n \n 20\n \n | \n
The company has accepted the following guarantees:
| \n \n T\u20ac\n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2024\n \n | \n
| \n \n Guarantees without financial guarantees\n \n | \n \n \n 0\n \n | \n \n \n 20\n \n | \n
In the construction industry, it is customary and necessary to provide various types of guarantees to secure the contractual obligations. These guarantees are usually issued by banks or credit insurers and most commonly comprise bid, contract performance, prepayment and warranty guarantees. In the event these guarantees are called upon, the relevant banks have a contractual right of recourse against the Group. The risk that such guarantees are utilised and that a right of recourse arises materialises only if the primary contractual obligations are not properly performed.
Obligations and possible risks from such guarantees are recognised in the balance sheet as\u00a0liabilities or provisions.
Not included in the balance sheet or the contingent liabilities as at 31\u00a0December\u00a02025 are performance bonds in the amount of \u20ac 3.6 billion (2024: \u20ac 2.9 billion) of which an outflow of resources is unlikely.
Contract fulfilment guarantees issued by the Group for nonconsolidated subsidiaries or investees are to be classified as insurance contracts in accordance with IFRS 17. No fee is charged for these guarantees. As at 31\u00a0December\u00a02025, guarantees amounting to T\u20ac 14,007 (2024: T\u20ac 12,873) had been issued.
As is customary in the industry, STRABAG\u00a0SE shares liability with the other partners of consortia in which companies of the STRABAG\u00a0SE Group hold a share interest.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93595-1": { "value": "Contract fulfilment guarantees issued by the Group for nonconsolidated subsidiaries or investees are to be classified as insurance contracts in accordance with IFRS 17. No fee is charged for these guarantees. As at 31\u00a0December\u00a02025, guarantees amounting to T\u20ac 14,007 (2024: T\u20ac 12,873) had been issued.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93561-1": { "value": "The representation of the cash flow statement was made according to the indirect method and separated into the cash flows classified by operating, investing and financing activities. The cash and cash equivalents include exclusively cash on hand, bank deposits and short-term securities. Any effects from changes in the consolidated group were eliminated and represented in the cash flow from investing activities.
The cash and cash equivalents\u00a0are composed as follows:
| \n \n T\u20ac\n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2024\n \n | \n
| \n \n Cash on hand\n \n | \n \n \n 691\n \n | \n \n \n 644\n \n | \n
| \n \n Bank deposits\n \n | \n \n \n 4,322,567\n \n | \n \n \n 3,723,051\n \n | \n
| \n \n Pledged cash and cash equivalents\n \n | \n \n \n -150\n \n | \n \n \n -150\n \n | \n
| \n \n Cash and cash equivalents\n \n | \n \n \n 4,323,108\n \n | \n \n \n 3,723,545\n \n | \n
Cash and cash equivalents from construction projects that can only be disposed of jointly due to the projects being carried out in consortia are recognised on a pro rata basis. As at 31 December 2025, these amounted to T\u20ac 73,969 (2024: T\u20ac 21,969).
The cash flow from financing activities\u00a0for the financial year 2025 can be derived from the balance sheet items as follows:
| \n \n T\u20ac\n \n | \n \n \n Bank borrowings\n \n | \n \n \n Other financing liabilities1\n \n | \n \n \n Lease liabilities\n \n | \n \n \n Total\n \n | \n
| \n \n Balance as at 1.1.2025\n \n | \n \n \n 536,394\n \n | \n \n \n 397,181\n \n | \n \n \n 390,874\n \n | \n \n \n 1,324,449\n \n | \n
| \n \n Proceeds\n \n | \n \n \n 6,238\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 6,238\n \n | \n
| \n \n Repayments\n \n | \n \n \n -100,897\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n -100,897\n \n | \n
| \n \n Increase (+)/decrease (-) in financing\n \n | \n \n \n 0\n \n | \n \n \n 4,518\n \n | \n \n \n -76,524\n \n | \n \n \n -72,006\n \n | \n
| \n \n Total cash flows from financing activities\n \n | \n \n \n -94,659\n \n | \n \n \n 4,518\n \n | \n \n \n -76,524\n \n | \n \n \n -166,665\n \n | \n
| \n \n Currency translation\n \n | \n \n \n -13,411\n \n | \n \n \n 61\n \n | \n \n \n 545\n \n | \n \n \n -12,805\n \n | \n
| \n \n Changes in the consolidated group\n \n | \n \n \n 12,050\n \n | \n \n \n 20,361\n \n | \n \n \n 26,579\n \n | \n \n \n 58,990\n \n | \n
| \n \n Other changes\n \n | \n \n \n 20,500\n \n | \n \n \n 54,203\n \n | \n \n \n 26,523\n \n | \n \n \n 101,226\n \n | \n
| \n \n Total non-cash changes\n \n | \n \n \n 19,139\n \n | \n \n \n 74,625\n \n | \n \n \n 53,647\n \n | \n \n \n 147,411\n \n | \n
| \n \n Balance as at 31.12.2025\n \n | \n \n \n 460,874\n \n | \n \n \n 476,324\n \n | \n \n \n 367,997\n \n | \n \n \n 1,305,195\n \n | \n
\n 1The recognition in the balance sheet was made under current and non-current other financial liabilities.\n
\nThe other changes relate mainly to non-cash changes in other financial liabilities (see under item (31) Other financial liabilities).
The cash flow from financing activities can be derived as follows:
| \n \n T\u20ac\n \n | \n \n \n Inflow (+)\nOutflow (-)\n \n | \n
| \n \n Cash flows from financing activities\n \n | \n \n \n -166,665\n \n | \n
| \n \n Distribution of dividends\n \n | \n \n \n -242,917\n \n | \n
| \n \n Cash flow from financing activities\n \n | \n \n \n -409,582\n \n | \n
The cash flow from financing activities\u00a0for the financial year 2024 can be derived from the balance sheet items as follows:
| \n \n T\u20ac\n \n | \n \n \n Bank borrowings\n \n | \n \n \n Other financing liabilities1\n \n | \n \n \n Lease liabilities\n \n | \n \n \n Total\n \n | \n
| \n \n Balance as at 1.1.2024\n \n | \n \n \n 534,707\n \n | \n \n \n 438,539\n \n | \n \n \n 364,223\n \n | \n \n \n 1,337,469\n \n | \n
| \n \n Proceeds\n \n | \n \n \n 56,169\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 56,169\n \n | \n
| \n \n Repayments\n \n | \n \n \n -52,183\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n -52,183\n \n | \n
| \n \n Increase (+)/decrease (-) in financing\n \n | \n \n \n 0\n \n | \n \n \n -80,213\n \n | \n \n \n -67,864\n \n | \n \n \n -148,077\n \n | \n
| \n \n Total cash flows from financing activities\n \n | \n \n \n 3,986\n \n | \n \n \n -80,213\n \n | \n \n \n -67,864\n \n | \n \n \n -144,091\n \n | \n
| \n \n Currency translation\n \n | \n \n \n -3,037\n \n | \n \n \n -50\n \n | \n \n \n -548\n \n | \n \n \n -3,635\n \n | \n
| \n \n Changes in the consolidated group\n \n | \n \n \n 738\n \n | \n \n \n 0\n \n | \n \n \n 4,108\n \n | \n \n \n 4,846\n \n | \n
| \n \n Other changes\n \n | \n \n \n 0\n \n | \n \n \n 38,905\n \n | \n \n \n 90,955\n \n | \n \n \n 129,860\n \n | \n
| \n \n Total non-cash changes\n \n | \n \n \n -2,299\n \n | \n \n \n 38,855\n \n | \n \n \n 94,515\n \n | \n \n \n 131,071\n \n | \n
| \n \n Balance as at 31.12.2024\n \n | \n \n \n 536,394\n \n | \n \n \n 397,181\n \n | \n \n \n 390,874\n \n | \n \n \n 1,324,449\n \n | \n
\n 1The recognition in the balance sheet was made under current and non-current other financial liabilities.\n
\nThe cash changes in other financing liabilities relate to the payment of the capital reduction to the free float shareholders in the amount of T\u20ac 79,939 (see under item\u00a0(27) Equity).
The cash flow from financing activities can be derived as follows:
| \n \n T\u20ac\n \n | \n \n \n Inflow (+)\nOutflow (-)\n \n | \n
| \n \n Cash flows from financing activities\n \n | \n \n \n -144,091\n \n | \n
| \n \n Distribution of dividends\n \n | \n \n \n -209,595\n \n | \n
| \n \n Cash flow from financing activities\n \n | \n \n \n -353,686\n \n | \n
The cash and cash equivalents\u00a0are composed as follows:
| \n \n T\u20ac\n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2024\n \n | \n
| \n \n Cash on hand\n \n | \n \n \n 691\n \n | \n \n \n 644\n \n | \n
| \n \n Bank deposits\n \n | \n \n \n 4,322,567\n \n | \n \n \n 3,723,051\n \n | \n
| \n \n Pledged cash and cash equivalents\n \n | \n \n \n -150\n \n | \n \n \n -150\n \n | \n
| \n \n Cash and cash equivalents\n \n | \n \n \n 4,323,108\n \n | \n \n \n 3,723,545\n \n | \n
\n T\u20ac 150 (2024: T\u20ac 150) of cash and cash equivalents, T\u20ac 858 (2024: T\u20ac 840) of securities and T\u20ac 2,282 (2024: T\u20ac 2,222) of other financial instruments were pledged as collateral for liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93641-1": { "value": "A financial instrument is a contract that results in a financial asset at one enterprise and a financial liability or equity instrument at another. Financial assets include especially cash and cash equivalents, trade receivables and other receivables and derivatives. Financial liabilities are obligations to pay cash or other financial assets on a regular basis. These include especially financial obligations such as bank borrowings, bonds and lease liabilities, but also trade payables.
The financial instruments\u00a0as at the balance sheet date were as follows:
| \n \n \n \n | \n \n \n \n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2024\n \n | \n ||
| \n \n T\u20ac\n \n | \n \n \n Measurement\n category\n according to\n IFRS 9\n \n | \n \n \n Carrying amount\n \n | \n \n \n Fair value\n \n | \n \n \n Carrying amount\n \n | \n \n \n Fair value\n \n | \n
| \n \n Assets\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Investments below 20% (other investments)\n \n | \n \n \n FVPL\n \n | \n \n \n 33,296\n \n | \n \n \n 33,296\n \n | \n \n \n 59,565\n \n | \n \n \n 59,565\n \n | \n
| \n \n Trade receivables\n \n | \n \n \n AC\n \n | \n \n \n 1,839,594\n \n | \n \n \n 1,839,594\n \n | \n \n \n 1,745,277\n \n | \n \n \n 1,745,277\n \n | \n
| \n \n Receivables from concession arrangements\n \n | \n \n \n AC\n \n | \n \n \n 369,570\n \n | \n \n \n 370,230\n \n | \n \n \n 427,630\n \n | \n \n \n 429,497\n \n | \n
| \n \n Other non-current financial assets\n \n | \n \n \n AC\n \n | \n \n \n 101,104\n \n | \n \n \n 109,775\n \n | \n \n \n 99,318\n \n | \n \n \n 105,919\n \n | \n
| \n \n Other non-current financial assets\n \n | \n \n \n FVPL\n \n | \n \n \n 144,003\n \n | \n \n \n 144,003\n \n | \n \n \n 157,505\n \n | \n \n \n 157,505\n \n | \n
| \n \n Other current financial assets\n \n | \n \n \n AC\n \n | \n \n \n 261,505\n \n | \n \n \n 261,505\n \n | \n \n \n 265,842\n \n | \n \n \n 265,842\n \n | \n
| \n \n Cash and cash equivalents\n \n | \n \n \n AC\n \n | \n \n \n 4,323,258\n \n | \n \n \n 4,323,258\n \n | \n \n \n 3,723,695\n \n | \n \n \n 3,723,695\n \n | \n
| \n \n Securities\n \n | \n \n \n FVPL\n \n | \n \n \n 29,441\n \n | \n \n \n 29,441\n \n | \n \n \n 28,432\n \n | \n \n \n 28,432\n \n | \n
| \n \n Derivatives held for hedging purposes (other financial assets)\n \n | \n \n \n Derivatives\n \n | \n \n \n 26,181\n \n | \n \n \n 26,181\n \n | \n \n \n 22,776\n \n | \n \n \n 22,776\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Liabilities\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Financial obligations\n \n | \n \n \n FLaC\n \n | \n \n \n -828,871\n \n | \n \n \n -812,283\n \n | \n \n \n -927,268\n \n | \n \n \n -913,023\n \n | \n
| \n \n Trade payables\n \n | \n \n \n FLaC\n \n | \n \n \n -2,979,205\n \n | \n \n \n -2,979,205\n \n | \n \n \n -2,790,820\n \n | \n \n \n -2,790,820\n \n | \n
| \n \n Other non-current financial liabilities\n \n | \n \n \n FLaC\n \n | \n \n \n -34,772\n \n | \n \n \n -34,772\n \n | \n \n \n -31,933\n \n | \n \n \n -31,933\n \n | \n
| \n \n Other current financial liabilities\n \n | \n \n \n FLaC\n \n | \n \n \n -763,381\n \n | \n \n \n -763,381\n \n | \n \n \n -709,333\n \n | \n \n \n -709,333\n \n | \n
| \n \n Liabilities arising from business acquisitions\n \n | \n \n \n FVPL\n \n | \n \n \n -23,382\n \n | \n \n \n -23,382\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n
| \n \n Derivatives held for hedging purposes (other financial liabilities)\n \n | \n \n \n Derivatives\n \n | \n \n \n -1,478\n \n | \n \n \n -1,478\n \n | \n \n \n -1,863\n \n | \n \n \n -1,863\n \n | \n
| \n \n Other Derivatives (other financial liabilities)\n \n | \n \n \n FVPL\n \n | \n \n \n -62\n \n | \n \n \n -62\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n \n \n | \n \n \n Measurement\n category\n according to\n IFRS 9\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n \n \n | \n \n \n AC\n \n | \n \n \n 6,895,031\n \n | \n \n \n 6,904,362\n \n | \n \n \n 6,261,762\n \n | \n \n \n 6,270,230\n \n | \n
| \n \n \n \n | \n \n \n FVPL\n \n | \n \n \n 183,296\n \n | \n \n \n 183,296\n \n | \n \n \n 245,502\n \n | \n \n \n 245,502\n \n | \n
| \n \n \n \n | \n \n \n FLaC\n \n | \n \n \n -4,606,229\n \n | \n \n \n -4,589,641\n \n | \n \n \n -4,459,354\n \n | \n \n \n -4,445,109\n \n | \n
| \n \n \n \n | \n \n \n Derivatives\n \n | \n \n \n 24,703\n \n | \n \n \n 24,703\n \n | \n \n \n 20,913\n \n | \n \n \n 20,913\n \n | \n
| \n \n \n \n | \n \n \n Total\n \n | \n \n \n 2,496,801\n \n | \n \n \n 2,522,720\n \n | \n \n \n 2,068,823\n \n | \n \n \n 2,091,536\n \n | \n
Cash and cash equivalents, trade receivables and other current financial assets have for the most part short remaining terms. Accordingly, their carrying amounts on the balance sheet date approximate their fair value. The fair values of non-current financial assets are determined \u2013 where no market prices are available \u2013 as the present values of the associated cash flows, taking into account the respective current market parameters.
Trade payables and other financial liabilities typically have short terms; their carrying amounts approximate the fair value. The fair value of bank borrowings and lease liabilities are measured at the present value of the payments associated with them and under consideration of the relevant applicable market parameters to the extent that market values were not available. The fair value of the financial obligations qualifies entirely as a Level 2 measurement at T\u20ac 812,283 (2024: T\u20ac 913,023).
\n T\u20ac 150 (2024: T\u20ac 150) of cash and cash equivalents, T\u20ac 858 (2024: T\u20ac 840) of securities and T\u20ac 2,282 (2024: T\u20ac 2,222) of other financial instruments were pledged as collateral for liabilities.
The non-recourse liabilities in the amount of T\u20ac 399,453 (2024: T\u20ac 512,571) are secured with the return flows from the respective project.
There was no reclassification between the valuation categories in the 2025 financial year.
The net income effects of the financial instruments\u00a0according to valuation categories are as follows:
| \n \n \n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n ||||||
| \n \n T\u20ac\n \n | \n \n \n AC\n \n | \n \n \n FVPL\n \n | \n \n \n FLaC\n \n | \n \n \n Derivatives (Hedge accounting)\n \n | \n \n \n AC\n \n | \n \n \n FVPL\n \n | \n \n \n FLaC\n \n | \n \n \n Derivatives (Hedge accounting)\n \n | \n
| \n \n Interest\n \n | \n \n \n 100,535\n \n | \n \n \n 0\n \n | \n \n \n -25,167\n \n | \n \n \n 0\n \n | \n \n \n 130,902\n \n | \n \n \n 0\n \n | \n \n \n -36,421\n \n | \n \n \n 0\n \n | \n
| \n \n Interest from concession arrangements\n \n | \n \n \n 37,855\n \n | \n \n \n 35,237\n \n | \n \n \n -7,114\n \n | \n \n \n -430\n \n | \n \n \n 69,163\n \n | \n \n \n 39,094\n \n | \n \n \n -7,933\n \n | \n \n \n -720\n \n | \n
| \n \n Earnings from securities and investments\n \n | \n \n \n 0\n \n | \n \n \n 6,389\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 29,800\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n
| \n \n Credit losses, impairment losses and reversal of impairment losses\n \n | \n \n \n -29,987\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n -28,605\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n
| \n \n Payments of derecognised receivables and income from derecognition of liabilities\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 10,237\n \n | \n \n \n 0\n \n | \n \n \n 2,449\n \n | \n \n \n 0\n \n | \n \n \n 9,651\n \n | \n \n \n 0\n \n | \n
| \n \n Net income from other derivatives\n \n | \n \n \n 0\n \n | \n \n \n -62\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 7,135\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n
| \n \n Net income recognised in profit or loss\n \n | \n \n \n 108,403\n \n | \n \n \n 41,564\n \n | \n \n \n -22,044\n \n | \n \n \n -430\n \n | \n \n \n 173,909\n \n | \n \n \n 76,029\n \n | \n \n \n -34,703\n \n | \n \n \n -720\n \n | \n
| \n \n Value changes recognised directly in equity\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 4,220\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n -12,953\n \n | \n
| \n \n Net income\n \n | \n \n \n 108,403\n \n | \n \n \n 41,564\n \n | \n \n \n -22,044\n \n | \n \n \n 3,790\n \n | \n \n \n 173,909\n \n | \n \n \n 76,029\n \n | \n \n \n -34,703\n \n | \n \n \n -13,673\n \n | \n
Interest from financial assets and financial liabilities is reported in net interest income, with the exception of interest from concession arrangements. Concession arrangements are part of the operating business, which is why interest income from concession arrangements is recognised in revenue and interest expense from concession arrangements is recognised in other operating expense.
Impairments, credit losses and reversals of impairment losses on financial assets and liabilities \u2013 excluding investments of less than 20% as well as securities \u2013 are reported under other operating expense or other operating income. Gains and losses on the disposal of financial receivables and liabilities are also recognised in other operating income or other operating expense.
Income from the derecognition of liabilities as well as payments received on derecognised receivables are reported under other operating income.
Income, expenses, impairment losses and reversals of impairment losses as well as disposal gains and losses on investments of less than 20% are recognised in net income from investments.
Income, expenses, impairment losses and reversals of impairment losses as well as disposal gains and losses on securities are recognised in net interest income.
Changes in other derivatives measured through profit or loss are recognised in net interest income.
The fair values as at 31\u00a0December\u00a02025 for financial instruments measured at fair value in the balance sheet were determined as follows:
| \n \n T\u20ac\n \n | \n \n \n Level 1\n \n | \n \n \n Level 2\n \n | \n \n \n Level 3\n \n | \n \n \n Total\n \n | \n
| \n \n Assets\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Other non-current financial assets\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n 144,003\n \n | \n \n \n 144,003\n \n | \n
| \n \n Investments below 20% (other investments)\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n 33,296\n \n | \n \n \n 33,296\n \n | \n
| \n \n Securities\n \n | \n \n \n 29,441\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n 29,441\n \n | \n
| \n \n Derivatives held for hedging purposes\n \n | \n \n \n \n \n | \n \n \n 26,181\n \n | \n \n \n \n \n | \n \n \n 26,181\n \n | \n
| \n \n Total\n \n | \n \n \n 29,441\n \n | \n \n \n 26,181\n \n | \n \n \n 177,299\n \n | \n \n \n 232,921\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Liabilities\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Liabilities arising from business acquisitions\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n -23,382\n \n | \n \n \n -23,382\n \n | \n
| \n \n Derivatives held for hedging purposes\n \n | \n \n \n \n \n | \n \n \n -1,478\n \n | \n \n \n \n \n | \n \n \n -1,478\n \n | \n
| \n \n Other Derivatives\n \n | \n \n \n \n \n | \n \n \n -62\n \n | \n \n \n \n \n | \n \n \n -62\n \n | \n
| \n \n Total\n \n | \n \n \n 0\n \n | \n \n \n -1,540\n \n | \n \n \n -23,382\n \n | \n \n \n -24,922\n \n | \n
The fair values as at 31\u00a0December\u00a02024 for financial instruments measured at fair value in the balance sheet were determined as follows:
| \n \n T\u20ac\n \n | \n \n \n Level 1\n \n | \n \n \n Level 2\n \n | \n \n \n Level 3\n \n | \n \n \n Total\n \n | \n
| \n \n Assets\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Other non-current financial assets\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n 157,505\n \n | \n \n \n 157,505\n \n | \n
| \n \n Investments below 20% (other investments)\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n 59,565\n \n | \n \n \n 59,565\n \n | \n
| \n \n Securities\n \n | \n \n \n 28,432\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n 28,432\n \n | \n
| \n \n Derivatives held for hedging purposes\n \n | \n \n \n \n \n | \n \n \n 22,776\n \n | \n \n \n \n \n | \n \n \n 22,776\n \n | \n
| \n \n Total\n \n | \n \n \n 28,432\n \n | \n \n \n 22,776\n \n | \n \n \n 217,070\n \n | \n \n \n 268,278\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Liabilities\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Derivatives held for hedging purposes\n \n | \n \n \n \n \n | \n \n \n -1,863\n \n | \n \n \n \n \n | \n \n \n -1,863\n \n | \n
| \n \n Total\n \n | \n \n \n 0\n \n | \n \n \n -1,863\n \n | \n \n \n 0\n \n | \n \n \n -1,863\n \n | \n
STRABAG records regroupings between the different fair-value-hierarchy levels at the end of the reporting period in which the regrouping took place.
During the financial years 2025 and 2024, there were no transfers between the levels.
The fair value is determined on the basis of quoted prices in an active market. An active market exists if the prices are regularly established and readily available to the market participants. The quoted market price for the financial instruments presented in Level 1 corresponds to the bid price at the balance sheet date.
These financial instruments are not traded in an active market. They involve exclusively derivatives held for hedging purposes and other derivatives. The fair value expresses the expected realisable value of the transaction on the balance sheet date. It is determined using recognised and standard financial methods of measurement on the basis of observable market data. Specifically, measurement is made using interest yield and currency curves in proportion to the term of the derivative. The methods of measurement used also take into account fees, market risk, credit risk, ratings and exchange rate risks.
The non-current financial assets recognised at fair value through profit or loss (FVPL) relate exclusively to an interest-bearing financing receivable in connection with the construction of a concession project. Measurement is carried out by discounting future cash flows to the value on the reporting date.
The carrying amount of other non-current financial assets (Level 3) developed as follows:
| \n \n \n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Carrying amount as at 1.1.\n \n | \n \n \n 157,505\n \n | \n \n \n 134,107\n \n | \n
| \n \n Interest\n \n | \n \n \n 22,252\n \n | \n \n \n 16,675\n \n | \n
| \n \n Changes in fair value\n \n | \n \n \n 13,159\n \n | \n \n \n 22,393\n \n | \n
| \n \n Payments\n \n | \n \n \n -48,913\n \n | \n \n \n -15,670\n \n | \n
| \n \n Carrying amount as at 31.12.\n \n | \n \n \n 144,003\n \n | \n \n \n 157,505\n \n | \n
FVPL measurement is required under IFRS as the debtor was granted an early repayment option.
This category also includes a number of smaller shareholdings of less than 20% that are not traded on an active market. Their fair value is determined on the basis of simplified company valuations.
The carrying amount of investments below 20% developed as follows:
| \n \n \n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Carrying amount as at 1.1.\n \n | \n \n \n 59,565\n \n | \n \n \n 56,147\n \n | \n
| \n \n Currency translation/Transfers\n \n | \n \n \n 70\n \n | \n \n \n -108\n \n | \n
| \n \n Additions\n \n | \n \n \n 251\n \n | \n \n \n 7,065\n \n | \n
| \n \n Disposals\n \n | \n \n \n -16,073\n \n | \n \n \n -2,402\n \n | \n
| \n \n Impairment losses/ Reversal of impairment losses\n \n | \n \n \n -10,517\n \n | \n \n \n -1,137\n \n | \n
| \n \n Carrying amount as at 31.12.\n \n | \n \n \n 33,296\n \n | \n \n \n 59,565\n \n | \n
Due to the broad diversification of the investments, no major fluctuations in value are expected in the future.
The derivatives\u00a0are comprised as follows:
| \n \n T\u20ac\n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2024\n \n | \n ||||
| \n \n Bank\n \n | \n \n \n Assets\n \n | \n \n \n Liabilities\n \n | \n \n \n Total\n \n | \n \n \n Assets\n \n | \n \n \n Liabilities\n \n | \n \n \n Total\n \n | \n
| \n \n National Bank of Canada\n \n | \n \n \n 0\n \n | \n \n \n -738\n \n | \n \n \n -738\n \n | \n \n \n 0\n \n | \n \n \n -935\n \n | \n \n \n -935\n \n | \n
| \n \n Bank of Montreal\n \n | \n \n \n 0\n \n | \n \n \n -740\n \n | \n \n \n -740\n \n | \n \n \n 0\n \n | \n \n \n -928\n \n | \n \n \n -928\n \n | \n
| \n \n KfW IPEX-Bank\n \n | \n \n \n 6,679\n \n | \n \n \n 0\n \n | \n \n \n 6,679\n \n | \n \n \n 5,763\n \n | \n \n \n 0\n \n | \n \n \n 5,763\n \n | \n
| \n \n Norddeutsche Landesbank\n \n | \n \n \n 6,472\n \n | \n \n \n 0\n \n | \n \n \n 6,472\n \n | \n \n \n 5,679\n \n | \n \n \n 0\n \n | \n \n \n 5,679\n \n | \n
| \n \n SEB AG\n \n | \n \n \n 6,563\n \n | \n \n \n 0\n \n | \n \n \n 6,563\n \n | \n \n \n 5,772\n \n | \n \n \n 0\n \n | \n \n \n 5,772\n \n | \n
| \n \n Soci\u00e9t\u00e9 G\u00e9n\u00e9rale\n \n | \n \n \n 6,467\n \n | \n \n \n 0\n \n | \n \n \n 6,467\n \n | \n \n \n 5,562\n \n | \n \n \n 0\n \n | \n \n \n 5,562\n \n | \n
| \n \n Total derivatives held for hedging purposes\n \n | \n \n \n 26,181\n \n | \n \n \n -1,478\n \n | \n \n \n 24,703\n \n | \n \n \n 22,776\n \n | \n \n \n -1,863\n \n | \n \n \n 20,913\n \n | \n
| \n \n UniCredit Bank Austria AG\n \n | \n \n \n 0\n \n | \n \n \n -62\n \n | \n \n \n -62\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n
| \n \n Total other derivatives\n \n | \n \n \n 0\n \n | \n \n \n -62\n \n | \n \n \n -62\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n
| \n \n Total\n \n | \n \n \n 26,181\n \n | \n \n \n -1,540\n \n | \n \n \n 24,641\n \n | \n \n \n 22,776\n \n | \n \n \n -1,863\n \n | \n \n \n 20,913\n \n | \n
No hedge accounting is applied to the other derivatives; however, they form part of an economic hedging relationship.
The STRABAG\u00a0SE Group is subject to credit, market and liquidity risks related to its financial assets, financial liabilities and planned transactions. The goal of financial risk management is to minimise these risks through ongoing financially oriented activities.
The basics of the financial policy are set by the Management Board and monitored by the Supervisory Board. The implementation of the financial policy and responsibility for the risk management are the domain of the group treasury. Certain transactions require prior approval by the Management Board, which is regularly informed as to the scope and amount of the current risk exposure.
The Group assesses concentrations of risk with regard to interest rate risk, currency risk and credit risk as low because customers are located in different countries, belong to different industries and operate in largely independent markets.
The Group\u2019s business activities are subject to market price risks that are customary in the industry. These risks are not hedged through derivatives or financial instruments but through other hedging activities including but not limited to contractual agreements.
Further explanations on risk management can be found in the Group management report from 31\u00a0December\u00a02025.
The receivables from concession arrangements in the amount of T\u20ac 369,570 (2024: T\u20ac 427,630) and the non-current other financial assets in the amount of T\u20ac 342,385 (2024: T\u20ac 336,271) are mostly at fixed interest rates. Bank deposits, on the other hand, are mainly at variable interest rates. Investments with fixed interest rates are concluded for a maximum of three months. The risk of financial instruments on the assets side consists of falling interest rates. The persistently high interest rates in the main countries in which the Group operates are having a positive effect on net interest income due to the Group\u2019s net cash position.
The most important bank borrowings involve non-recourse financing from projects in the amount of T\u20ac 399,453 (2024: T\u20ac 512,571), which are either at fixed interest rates or hedged against interest rate changes by means of interest rate swaps. The risk of the variable interest-bearing financial instruments on the liabilities side consists of rising interest rates on expenses resulting from an unfavourable change in market interest rates.
The interest rate risk is managed by concluding fixed interest rate agreements or through hedging with interest rate swaps for significant financing liabilities. In the case of bank deposits, investments are constantly adjusted to the changed market conditions by continuously monitoring the interest rate environment.
The amount of bank deposits and bank borrowings according to currency \u2013 giving the average interest rate at the balance sheet date \u2013 is represented as follows:
| \n \n Currency\n \n | \n \n \n Carrying amount \n31.12.2025\nT\u20ac\n \n | \n \n \n Weighted average \ninterest rate 2025\n%\n \n | \n
| \n \n EUR\n \n | \n \n \n 3,119,728\n \n | \n \n \n 1.80\n \n | \n
| \n \n PLN\n \n | \n \n \n 306,088\n \n | \n \n \n 2.89\n \n | \n
| \n \n CZK\n \n | \n \n \n 231,920\n \n | \n \n \n 2.18\n \n | \n
| \n \n HUF\n \n | \n \n \n 178,329\n \n | \n \n \n 6.26\n \n | \n
| \n \n AUD\n \n | \n \n \n 100,040\n \n | \n \n \n 3.42\n \n | \n
| \n \n Other, each below \u20ac 100 million\n \n | \n \n \n 386,462\n \n | \n \n \n 2.54\n \n | \n
| \n \n Total\n \n | \n \n \n 4,322,567\n \n | \n \n \n 2.18\n \n | \n
| \n \n Currency\n \n | \n \n \n Carrying amount \n31.12.2024\nT\u20ac\n \n | \n \n \n Weighted average \ninterest rate 2024\n%\n \n | \n
| \n \n EUR\n \n | \n \n \n 2,688,639\n \n | \n \n \n 2.68\n \n | \n
| \n \n PLN\n \n | \n \n \n 275,251\n \n | \n \n \n 4.54\n \n | \n
| \n \n CZK\n \n | \n \n \n 251,791\n \n | \n \n \n 2.58\n \n | \n
| \n \n GBP\n \n | \n \n \n 137,470\n \n | \n \n \n 4.27\n \n | \n
| \n \n HUF\n \n | \n \n \n 132,986\n \n | \n \n \n 5.92\n \n | \n
| \n \n Other, each below \u20ac 100 million\n \n | \n \n \n 236,914\n \n | \n \n \n 1.83\n \n | \n
| \n \n Total\n \n | \n \n \n 3,723,051\n \n | \n \n \n 2.93\n \n | \n
| \n \n Currency\n \n | \n \n \n Carrying amount \n31.12.2025\nT\u20ac\n \n | \n \n \n Weighted average \ninterest rate 2025\n%\n \n | \n
| \n \n EUR\n \n | \n \n \n 358,895\n \n | \n \n \n 2.81\n \n | \n
| \n \n CAD\n \n | \n \n \n 89,390\n \n | \n \n \n 4.69\n \n | \n
| \n \n Other, each below \u20ac 50 million\n \n | \n \n \n 12,589\n \n | \n \n \n 5.21\n \n | \n
| \n \n Total\n \n | \n \n \n 460,874\n \n | \n \n \n 3.24\n \n | \n
| \n \n Currency\n \n | \n \n \n Carrying amount \n31.12.2024\nT\u20ac\n \n | \n \n \n Weighted average \ninterest rate 2024\n%\n \n | \n
| \n \n EUR\n \n | \n \n \n 349,439\n \n | \n \n \n 3.33\n \n | \n
| \n \n CAD\n \n | \n \n \n 186,955\n \n | \n \n \n 5.18\n \n | \n
| \n \n Total\n \n | \n \n \n 536,394\n \n | \n \n \n 3.98\n \n | \n
Had the interest rate level at 31\u00a0December\u00a02025 been higher by 100 basis points, then the EBT would have been higher by T\u20ac 37,572 (2024: T\u20ac 30,520) and the equity at 31\u00a0December\u00a02025 would have been higher by T\u20ac 51,799 (2024: T\u20ac 48,082). Had the interest rate level been lower by 100 basis points, this would have meant a correspondingly lower equity and EBT. The calculation is made based on the level of interest-bearing financial assets and liabilities as at 31\u00a0December. Tax effects from interest rate changes were not considered.
Due to the decentralised structure of the Group, characterised by local companies in the respective countries, mainly closed currency positions appear in the balance sheet. Receivables and liabilities from business activities mainly offset each other in the same currency.
Internal hedging is performed for construction contracts where there are no closed currency positions (e.g. construction contracts that are not concluded in functional currency). As part of corporate-wide treasury management, these positions are then combined, and external hedging is performed if necessary.
The internal financing of companies within the Group using different functional currencies resulted in an earnings-relevant currency risk. Derivative financial instruments are transacted to limit this risk. The market values of these hedging transactions are recognised in profit or loss in the income statement. The hedging transactions are reported under other financial assets or other financial liabilities. As at 31 December 2025, as in the prior year, the Group had no hedging transactions in place to hedge foreign currency risks.
In addition to the bank deposits and bank borrowings in foreign currencies (see \u201cInterest rate risk\u201d), the other non-current financial assets still include carrying amounts of T\u20ac 58,853 (2024: T\u20ac 38,917) in foreign currencies.
Development of the important currencies in the Group:
| \n \n Currency\n \n | \n \n \n Closing rate \n31.12.2025: 1 \u20ac =\n \n | \n \n \n Average rate\n2025: 1 \u20ac =\n \n | \n \n \n Closing rate \n31.12.2024: 1 \u20ac =\n \n | \n \n \n Average rate\n2024: 1 \u20ac =\n \n | \n
| \n \n AUD\n \n | \n \n \n 1.7581\n \n | \n \n \n 1.7484\n \n | \n \n \n 1.6772\n \n | \n \n \n 1.6424\n \n | \n
| \n \n CAD\n \n | \n \n \n 1.6088\n \n | \n \n \n 1.5744\n \n | \n \n \n 1.4948\n \n | \n \n \n 1.4820\n \n | \n
| \n \n CHF\n \n | \n \n \n 0.9314\n \n | \n \n \n 0.9370\n \n | \n \n \n 0.9412\n \n | \n \n \n 0.9513\n \n | \n
| \n \n CLP\n \n | \n \n \n 1,070.7200\n \n | \n \n \n 1,072.0238\n \n | \n \n \n 1,033.5700\n \n | \n \n \n 1,021.8108\n \n | \n
| \n \n CZK\n \n | \n \n \n 24.2370\n \n | \n \n \n 24.6947\n \n | \n \n \n 25.1850\n \n | \n \n \n 25.1228\n \n | \n
| \n \n GBP\n \n | \n \n \n 0.8726\n \n | \n \n \n 0.8546\n \n | \n \n \n 0.8292\n \n | \n \n \n 0.8469\n \n | \n
| \n \n HUF\n \n | \n \n \n 385.1500\n \n | \n \n \n 397.7285\n \n | \n \n \n 411.3500\n \n | \n \n \n 395.9708\n \n | \n
| \n \n PLN\n \n | \n \n \n 4.2210\n \n | \n \n \n 4.2396\n \n | \n \n \n 4.2750\n \n | \n \n \n 4.3050\n \n | \n
| \n \n RON\n \n | \n \n \n 5.0968\n \n | \n \n \n 5.0404\n \n | \n \n \n 4.9743\n \n | \n \n \n 4.9753\n \n | \n
The following table shows the hypothetical changes in EBT and equity if the euro had been appreciated or depreciated by 10% in relation to another currency in the year 2025:
| \n \n \n \n | \n \n \n Appreciation of the euro by 10%\n \n | \n \n \n Depreciation of the euro by 10%\n \n | \n ||
| \n \n T\u20ac\nCurrency\n \n | \n \n \n Change in EBT\n \n | \n \n \n Change in equity\n \n | \n \n \n Change in EBT\n \n | \n \n \n Change in equity\n \n | \n
| \n \n AUD\n \n | \n \n \n -1,073\n \n | \n \n \n -7,740\n \n | \n \n \n 1,311\n \n | \n \n \n 9,460\n \n | \n
| \n \n CHF\n \n | \n \n \n -1,282\n \n | \n \n \n -12,994\n \n | \n \n \n 1,566\n \n | \n \n \n 15,882\n \n | \n
| \n \n CZK\n \n | \n \n \n 7,096\n \n | \n \n \n 8,914\n \n | \n \n \n -8,673\n \n | \n \n \n -10,895\n \n | \n
| \n \n GBP\n \n | \n \n \n 16,592\n \n | \n \n \n 16,592\n \n | \n \n \n -20,279\n \n | \n \n \n -20,279\n \n | \n
| \n \n HUF\n \n | \n \n \n 1,875\n \n | \n \n \n 4,748\n \n | \n \n \n -2,292\n \n | \n \n \n -5,803\n \n | \n
| \n \n PLN\n \n | \n \n \n 772\n \n | \n \n \n 772\n \n | \n \n \n -943\n \n | \n \n \n -943\n \n | \n
| \n \n Other\n \n | \n \n \n -21,896\n \n | \n \n \n -21,896\n \n | \n \n \n 26,762\n \n | \n \n \n 26,762\n \n | \n
The following table shows the hypothetical changes in EBT and equity if the euro had been appreciated or depreciated by 10% in relation to another currency in the year\u00a02024:
| \n \n \n \n | \n \n \n Appreciation of the euro by 10%\n \n | \n \n \n Depreciation of the euro by 10%\n \n | \n ||
| \n \n T\u20ac\nCurrency\n \n | \n \n \n Change in EBT\n \n | \n \n \n Change in equity\n \n | \n \n \n Change in EBT\n \n | \n \n \n Change in equity\n \n | \n
| \n \n CHF\n \n | \n \n \n -1,490\n \n | \n \n \n -10,183\n \n | \n \n \n 1,821\n \n | \n \n \n 12,446\n \n | \n
| \n \n CZK\n \n | \n \n \n 2,071\n \n | \n \n \n 3,889\n \n | \n \n \n -2,531\n \n | \n \n \n -4,753\n \n | \n
| \n \n GBP\n \n | \n \n \n 14,770\n \n | \n \n \n 14,770\n \n | \n \n \n -18,052\n \n | \n \n \n -18,052\n \n | \n
| \n \n HUF\n \n | \n \n \n -2,044\n \n | \n \n \n 5,375\n \n | \n \n \n 2,498\n \n | \n \n \n -6,569\n \n | \n
| \n \n PLN\n \n | \n \n \n 10,906\n \n | \n \n \n 3,633\n \n | \n \n \n -13,329\n \n | \n \n \n -4,440\n \n | \n
| \n \n Other\n \n | \n \n \n -23,583\n \n | \n \n \n -23,583\n \n | \n \n \n 28,824\n \n | \n \n \n 28,824\n \n | \n
The calculation is based on original and derivative foreign currency holdings in non-functional currency as at 31\u00a0December as well as underlying transactions for the next twelve months. The effect on tax resulting from changes in currency exchange rates was not taken into consideration. Currency effects from net investments in foreign operations are recognised in the change in equity. Currency differences recognised directly in equity from the translation of the different functional currencies into euros are not taken into account.
\n Currency risks\u00a0in the Group result when the currency of the order differs from the functional currency of the company. The planned proceeds are received in the currency of the order (for example, euro or US dollar), while a substantial part of the associated costs is incurred in the local currency.
The Group uses foreign exchange forwards to hedge against this risk. These contracts are classified as hedges against future payments and are presented as cash flow hedges. As in the previous year, there were no currency hedging instruments to be recognised as cash flow hedges in the 2025 financial year.
To hedge against variable interest rate obligations, interest rate swaps are used especially with financing obligations from concession arrangements. This serves to hedge the variability of future cash flows from variable interest rate payments. Interest rate swaps are presented as cash flow hedges. These involve derivatives that are settled net.
The Group determines the existence of an economic relationship between the hedging instrument and the hedged item for the purpose of assessing the effectiveness of the hedge based on the interest rate benchmarks, terms, repricing dates and maturities of the nominal amounts.
The amounts of the hedged items as at 31\u00a0December\u00a02025 are as follows:
| \n \n T\u20ac\nHedged item\n \n | \n \n \n Value changes in the basis for effectiveness measurement\n \n | \n \n \n Hedging reserves\n \n | \n
| \n \n Interest rate risk\n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Interest EGLINTON\n \n | \n \n \n -99\n \n | \n \n \n -1,478\n \n | \n
| \n \n Interest PANSUEVIA\n \n | \n \n \n -6,807\n \n | \n \n \n 20,373\n \n | \n
| \n \n Total\n \n | \n \n \n -6,906\n \n | \n \n \n 18,895\n \n | \n
The amounts of the hedged items as at 31\u00a0December\u00a02024 are as follows:
| \n \n T\u20ac\nHedged item\n \n | \n \n \n Value changes in the basis for effectiveness measurement\n \n | \n \n \n Hedging\n reserves\n \n | \n
| \n \n Interest rate risk\n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Interest EGLINTON\n \n | \n \n \n 1,473\n \n | \n \n \n -1,863\n \n | \n
| \n \n Interest PANSUEVIA\n \n | \n \n \n -2,193\n \n | \n \n \n 16,538\n \n | \n
| \n \n Total\n \n | \n \n \n -720\n \n | \n \n \n 14,675\n \n | \n
The hedging instruments as at 31\u00a0December\u00a02025 were comprised as follows:
| \n \n T\u20ac\nHedge\n \n | \n \n \n Nominal value\n \n | \n \n \n Carrying amount\n \n | \n \n \n Balance sheet \nitem where \nthe hedge is \npresented\n \n | \n \n \n OCI change in value of the hedge\n \n | \n \n \n Recycling amount from hedging reserves\n \n | \n \n \n P&L item where the recycling amount is recognised\n \n | \n
| \n \n Interest rate risk\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Interest rate swaps EGLINTON\n \n | \n \n \n 39,921\n \n | \n \n \n -1,478\n \n | \n \n \n Other financial liabilities\n \n | \n \n \n 99\n \n | \n \n \n 285\n \n | \n \n \n Interest expense\n \n | \n
| \n \n Interest rate swaps PANSUEVIA\n \n | \n \n \n 208,023\n \n | \n \n \n 26,181\n \n | \n \n \n Other financial assets\n \n | \n \n \n 6,807\n \n | \n \n \n -2,971\n \n | \n \n \n Other operating expense\n \n | \n
| \n \n Total\n \n | \n \n \n 247,944\n \n | \n \n \n 24,703\n \n | \n \n \n \n \n | \n \n \n 6,906\n \n | \n \n \n -2,686\n \n | \n \n \n \n \n | \n
Possible sources of ineffectiveness in these hedging relationships include:
In the 2025 financial year, as in the previous year, there were no instances of ineffectiveness in relation to the existing interest rate swaps.
The hedging instruments as at 31\u00a0December\u00a02024 were comprised as follows:
| \n \n T\u20ac\nHedge\n \n | \n \n \n Nominal value\n \n | \n \n \n Carrying amount\n \n | \n \n \n Balance sheet \nitem where \nthe hedge is \npresented\n \n | \n \n \n OCI change in value of the hedge\n \n | \n \n \n Recycling amount from hedging reserves\n \n | \n \n \n P&L item where the recycling amount is recognised\n \n | \n
| \n \n Interest rate risk\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Interest rate swap AKA\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n Receivables from concession arrangements\n \n | \n \n \n 0\n \n | \n \n \n 116\n \n | \n \n \n Other operating expense\n \n | \n
| \n \n Interest rate swaps EGLINTON\n \n | \n \n \n 37,558\n \n | \n \n \n -1,863\n \n | \n \n \n Other financial liabilities\n \n | \n \n \n -1,473\n \n | \n \n \n -390\n \n | \n \n \n Interest expense\n \n | \n
| \n \n Interest rate swaps PANSUEVIA\n \n | \n \n \n 218,453\n \n | \n \n \n 22,776\n \n | \n \n \n Other financial assets\n \n | \n \n \n 2,193\n \n | \n \n \n -6,465\n \n | \n \n \n Other operating expense\n \n | \n
| \n \n Interest rate swaps Scarborough\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n Other financial assets\n \n | \n \n \n 0\n \n | \n \n \n -6,934\n \n | \n \n \n Interest expense\n \n | \n
| \n \n Total\n \n | \n \n \n 256,011\n \n | \n \n \n 20,913\n \n | \n \n \n \n \n | \n \n \n 720\n \n | \n \n \n -13,673\n \n | \n \n \n \n \n | \n
On 31\u00a0December\u00a02025, the Group held the following instruments for the purpose of hedging interest rate fluctuation:
| \n \n \n \n | \n \n \n Maturity\n \n | \n ||
| \n \n \n \n | \n \n \n 1\u20136 months\n \n | \n \n \n 6\u201312 months\n \n | \n \n \n > 1 year\n \n | \n
| \n \n Interest rate swap\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Nominal amount in T\u20ac\n \n | \n \n \n 5,468\n \n | \n \n \n 5,688\n \n | \n \n \n 236,788\n \n | \n
| \n \n Average fixed interest rate (%)\n \n | \n \n \n 0.90\n \n | \n \n \n 0.90\n \n | \n \n \n 1.38\n \n | \n
On 31\u00a0December\u00a02024, the Group held the following instruments for the purpose of hedging interest rate fluctuation:
| \n \n \n \n | \n \n \n Maturity\n \n | \n ||
| \n \n \n \n | \n \n \n 1\u20136 months\n \n | \n \n \n 6\u201312 months\n \n | \n \n \n > 1 year\n \n | \n
| \n \n Interest rate swap\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Nominal amount in T\u20ac\n \n | \n \n \n 5,145\n \n | \n \n \n 5,285\n \n | \n \n \n 245,581\n \n | \n
| \n \n Average fixed interest rate (%)\n \n | \n \n \n 0.90\n \n | \n \n \n 0.90\n \n | \n \n \n 1.34\n \n | \n
The reconciliation of the equity components as at 31\u00a0December\u00a02025 is as follows:
| \n \n T\u20ac\n \n | \n \n \n Hedging reserves\n \n | \n
| \n \n As at 1.1.\n \n | \n \n \n -8,657\n \n | \n
| \n \n Fair value changes\n \n | \n \n \n \n \n | \n
| \n \n Interest rate risk\n \n | \n \n \n 6,906\n \n | \n
| \n \n Recycling\n \n | \n \n \n \n \n | \n
| \n \n Interest rate risk\n \n | \n \n \n -2,686\n \n | \n
| \n \n Deferred tax\n \n | \n \n \n \n \n | \n
| \n \n Interest rate risk\n \n | \n \n \n -209\n \n | \n
| \n \n Change in hedging reserves from equity-accounted investments\n \n | \n \n \n -9,212\n \n | \n
| \n \n As at 31.12.\n \n | \n \n \n -13,858\n \n | \n
The reconciliation of the equity components as at 31\u00a0December\u00a02024 is as follows:
| \n \n T\u20ac\n \n | \n \n \n Hedging reserves\n \n | \n
| \n \n As at 1.1.\n \n | \n \n \n -115\n \n | \n
| \n \n Fair value changes\n \n | \n \n \n \n \n | \n
| \n \n Interest rate risk\n \n | \n \n \n 720\n \n | \n
| \n \n Recycling\n \n | \n \n \n \n \n | \n
| \n \n Interest rate risk\n \n | \n \n \n -13,673\n \n | \n
| \n \n Deferred tax\n \n | \n \n \n \n \n | \n
| \n \n Interest rate risk\n \n | \n \n \n 3,638\n \n | \n
| \n \n Change in hedging reserves from equity-accounted investments\n \n | \n \n \n 773\n \n | \n
| \n \n As at 31.12.\n \n | \n \n \n -8,657\n \n | \n
Credit risks arise when contractual parties do not meet their payment obligations by the date of settlement. Such risks exist with regard to payments of receivables from the operating business. To manage the credit risk from the operating business, STRABAG established a credit risk management system in line with the market conditions and customers. In particular, due to the economic uncertainties, loans to and receivables from private clients are being monitored even more closely than in the past.
The maximum credit risk of trade receivables, contract assets and other financial assets corresponds to the carrying amounts presented in the balance sheet.
The risk for receivables from clients can be rated as low due to the wide dispersion, a constant creditworthiness check and the presence of the public sector as an important client. The performance of work for private customers is largely secured by ongoing partial payments.
The risk of default for other primary financial instruments shown on the assets side can also be regarded as low, as the contract partners are mainly financial institutions with the highest level of creditworthiness or the public sector and/or there is wide dispersion. In the case of other non-current financial assets, ongoing creditworthiness checks are also carried out individually on the basis of expected future cash flows.
\n STRABAG\u00a0SE holds no non-financial assets as security collateral. Financial collateral is only of minor importance, as the large number of public-sector customers presents hardly any payment risk.
Impairments on trade receivables and on contract assets are determined using the simplified approach. The impairments are determined taking into consideration the country-specific risks and the creditworthiness of the customers. For public clients, the probability of default for any country is based on Moody\u2019s national scale ratings for that country, while for private clients in the country in question, the probability of default is assumed to be two rating levels higher.
Impairments, considered individually, are also made on financial assets if the carrying amount of the financial asset is higher than the present value of the future cash flows. This can be triggered by financial difficulties, insolvency of the client, breach of contract or significant default of payment. These impairments are composed of many individual items.
The risk provision as at 31\u00a0December\u00a02025 for trade receivables and for contract assets developed as follows during the financial year:
| \n \n T\u20ac\n \n | \n \n \n Trade receivables\n \n | \n \n \n Contract assets\n \n | \n
| \n \n Gross carrying amount as at 31.12.2025\n \n | \n \n \n 1,917,705\n \n | \n \n \n 1,077,033\n \n | \n
| \n \n Lifetime ECL as at 1.1.\n \n | \n \n \n 9,087\n \n | \n \n \n 5,373\n \n | \n
| \n \n Exchange differences/changes in the consolidated group\n \n | \n \n \n 323\n \n | \n \n \n 25\n \n | \n
| \n \n Change due to change in volumes\n \n | \n \n \n 893\n \n | \n \n \n -1,096\n \n | \n
| \n \n Change due to change in ratings\n \n | \n \n \n -699\n \n | \n \n \n 181\n \n | \n
| \n \n Lifetime ECL as at 31.12.\n \n | \n \n \n 9,604\n \n | \n \n \n 4,483\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Impairment as at 1.1.\n \n | \n \n \n 58,060\n \n | \n \n \n 0\n \n | \n
| \n \n Exchange differences/changes in the consolidated group\n \n | \n \n \n -552\n \n | \n \n \n 0\n \n | \n
| \n \n Added/used\n \n | \n \n \n 10,999\n \n | \n \n \n 0\n \n | \n
| \n \n Impairment as at 31.12.\n \n | \n \n \n 68,507\n \n | \n \n \n 0\n \n | \n
| \n \n Net carrying amount as at 31.12.2025\n \n | \n \n \n 1,839,594\n \n | \n \n \n 1,072,550\n \n | \n
In addition, ECL impairments on other financial assets amounting to T\u20ac 3,060 (2024: T\u20ac 3,675) exist as at 31\u00a0December\u00a02025, as well as individual impairments amounting to T\u20ac 227,698 (2024: T\u20ac 234,087) for other non-current financial assets.
The risk provision as at 31\u00a0December\u00a02024 for trade receivables and for contract assets developed as follows during the financial year:
| \n \n T\u20ac\n \n | \n \n \n Trade receivables\n \n | \n \n \n Contract assets\n \n | \n
| \n \n Gross carrying amount as at 31.12.2024\n \n | \n \n \n 1,812,424\n \n | \n \n \n 1,242,468\n \n | \n
| \n \n Lifetime ECL as at 1.1.\n \n | \n \n \n 8,699\n \n | \n \n \n 6,008\n \n | \n
| \n \n Exchange differences/changes in the consolidated group\n \n | \n \n \n -20\n \n | \n \n \n 72\n \n | \n
| \n \n Change due to change in volumes\n \n | \n \n \n 878\n \n | \n \n \n -139\n \n | \n
| \n \n Change due to change in ratings\n \n | \n \n \n -470\n \n | \n \n \n -568\n \n | \n
| \n \n Lifetime ECL as at 31.12.\n \n | \n \n \n 9,087\n \n | \n \n \n 5,373\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Impairment as at 1.1.\n \n | \n \n \n 46,418\n \n | \n \n \n 0\n \n | \n
| \n \n Exchange differences/changes in the consolidated group\n \n | \n \n \n -270\n \n | \n \n \n 0\n \n | \n
| \n \n Added/used\n \n | \n \n \n 11,912\n \n | \n \n \n 0\n \n | \n
| \n \n Impairment as at 31.12.\n \n | \n \n \n 58,060\n \n | \n \n \n 0\n \n | \n
| \n \n Net carrying amount as at 31.12.2024\n \n | \n \n \n 1,745,277\n \n | \n \n \n 1,237,095\n \n | \n
The following shows the gross carrying amounts of the financial assets by risk class for which the expected losses were recognised over the entire remaining term.
The risk classes were determined according to the probabilities of default depending on country risk and creditworthiness of the debtors. Below 0.55% is assumed to be low risk, between 0.55% and 1.2% medium risk and above 1.2% high risk.
The gross carrying amounts for the 2025 financial year are as follows:
| \n \n T\u20ac\n \n | \n \n \n Trade receivables\n \n | \n \n \n Contract assets\n \n | \n
| \n \n Low risk\n \n | \n \n \n 1,113,039\n \n | \n \n \n 791,181\n \n | \n
| \n \n Medium risk\n \n | \n \n \n 771,030\n \n | \n \n \n 274,835\n \n | \n
| \n \n High risk\n \n | \n \n \n 33,636\n \n | \n \n \n 11,017\n \n | \n
| \n \n Gross carrying amount as at 31.12.2025\n \n | \n \n \n 1,917,705\n \n | \n \n \n 1,077,033\n \n | \n
The gross carrying amounts for the 2024 financial year are as follows:
| \n \n T\u20ac\n \n | \n \n \n Trade receivables\n \n | \n \n \n Contract assets\n \n | \n
| \n \n Low risk\n \n | \n \n \n 1,044,006\n \n | \n \n \n 942,150\n \n | \n
| \n \n Medium risk\n \n | \n \n \n 730,572\n \n | \n \n \n 280,388\n \n | \n
| \n \n High risk\n \n | \n \n \n 37,846\n \n | \n \n \n 19,930\n \n | \n
| \n \n Gross carrying amount as at 31.12.2024\n \n | \n \n \n 1,812,424\n \n | \n \n \n 1,242,468\n \n | \n
Liquidity for the STRABAG\u00a0SE Group means not only solvency in the strict sense but also the availability of the necessary financial margin for mainstay business through sufficient aval lines.
To guarantee financial flexibility, liquidity reserves are kept in the form of cash and credit lines for cash and aval loans. The STRABAG\u00a0SE Group keeps bilateral credit lines with banks and syndicated cash and aval credit lines in the amount of \u20ac 0.5 billion (2024: \u20ac 0.4 billion) and \u20ac 2.5 billion (2024: \u20ac 2.0 billion) respectively. The overall line for cash and aval loan amounts to \u20ac 10.5 billion (2024: \u20ac 8.8 billion). The syndicated surety credit line contains covenants which were clearly fulfilled at the reporting date due to the Group\u2019s current financial and liquidity situation.
The STRABAG\u00a0SE Group has sufficient liquidity reserves. Despite the uncertain economic situation, no significant changes in customers\u2019 payment behaviour could be detected. An increase in liquidity risk could not be identified in the 2025 financial year.
In addition to continuous monitoring of the liquidity situation by the Group Treasury, a corporate-wide cash pooling system and strict working capital management at project level are used to manage liquidity risk. Internal allowances and charges as well as regular reporting obligations ensure efficient receivables and accounts payable management at project level. Another liquidity management tool is the regular financial planning based on output, earnings and investment plans.
The following payment obligations\u00a0(interest payments based on interest rate as at 31\u00a0December and redemption) arise from the financial obligations for the subsequent years:
The payment obligations from financial obligations as at 31 December 2025 are comprised as follows:
| \n \n \n \n | \n \n \n Carrying amount\n \n | \n \n \n Cash flows\n \n | \n \n \n Cash flows\n \n | \n \n \n Cash flows\n \n | \n
| \n \n T\u20ac\n \n | \n \n \n 31.12.2025\n \n | \n \n \n 2026\n \n | \n \n \n 2027\u20132030\n \n | \n \n \n after 2030\n \n | \n
| \n \n Bank borrowings\n \n | \n \n \n 460,874\n \n | \n \n \n 178,588\n \n | \n \n \n 108,080\n \n | \n \n \n 254,329\n \n | \n
| \n \n Lease liabilities\n \n | \n \n \n 367,997\n \n | \n \n \n 93,038\n \n | \n \n \n 244,609\n \n | \n \n \n 176,372\n \n | \n
| \n \n Financial obligations\n \n | \n \n \n 828,871\n \n | \n \n \n 271,626\n \n | \n \n \n 352,689\n \n | \n \n \n 430,701\n \n | \n
The trade payables and the other liabilities without derivatives essentially lead to cash outflows in line with the maturity at the amount of the carrying amounts.
The payment obligations from lease liabilities amount to T\u20ac 75,513 for 2027, T\u20ac 65,787 for 2028, T\u20ac 56,854 for 2029 and T\u20ac 46,455 for 2030.
The payment obligations from derivatives as at 31 December 2025\u00a0are comprised as follows:
| \n \n \n \n | \n \n \n Carrying amount\n \n | \n \n \n Cash flows\n \n | \n \n \n Cash flows\n \n | \n
| \n \n T\u20ac\n \n | \n \n \n 31.12.2025\n \n | \n \n \n 2026\n \n | \n \n \n 2027\u20132030\n \n | \n
| \n \n Derivatives held for hedging purposes\n \n | \n \n \n -24,703\n \n | \n \n \n 0\n \n | \n \n \n 1,478\n \n | \n
| \n \n Derivatives other\n \n | \n \n \n 62\n \n | \n \n \n 0\n \n | \n \n \n 62\n \n | \n
| \n \n Derivatives\n \n | \n \n \n -24,641\n \n | \n \n \n 0\n \n | \n \n \n 1,540\n \n | \n
The net balance of T\u20ac -24,641\u00a0includes derivatives held for hedging purposes with a positive market value of\u00a0T\u20ac 26,181\u00a0which do not give rise to any payment obligations.
The payment obligations from financial obligations as at 31 December 2024\u00a0are comprised as follows:
| \n \n \n \n | \n \n \n Carrying amount\n \n | \n \n \n Cash flows\n \n | \n \n \n Cash flows\n \n | \n \n \n Cash flows\n \n | \n
| \n \n T\u20ac\n \n | \n \n \n 31.12.2024\n \n | \n \n \n 2025\n \n | \n \n \n 2026\u20132029\n \n | \n \n \n after 2029\n \n | \n
| \n \n Bank borrowings\n \n | \n \n \n 536,394\n \n | \n \n \n 204,959\n \n | \n \n \n 158,185\n \n | \n \n \n 286,470\n \n | \n
| \n \n Lease liabilities\n \n | \n \n \n 390,874\n \n | \n \n \n 83,978\n \n | \n \n \n 256,101\n \n | \n \n \n 195,174\n \n | \n
| \n \n Financial obligations\n \n | \n \n \n 927,268\n \n | \n \n \n 288,937\n \n | \n \n \n 414,286\n \n | \n \n \n 481,644\n \n | \n
The trade payables and the other liabilities without derivatives essentially lead to cash outflows in line with the maturity at the amount of the carrying amounts.
The payment obligations from lease liabilities amount to T\u20ac 77,532 for 2026, T\u20ac 66,525 for 2027, T\u20ac 58,473 for 2028 and T\u20ac 53,571 for 2029.
The payment obligations from derivatives as at 31 December 2024\u00a0are comprised as follows:
| \n \n \n \n | \n \n \n Carrying amount\n \n | \n \n \n Cash flows\n \n | \n \n \n Cash flows\n \n | \n
| \n \n T\u20ac\n \n | \n \n \n 31.12.2024\n \n | \n \n \n 2025\n \n | \n \n \n 2026\u20132029\n \n | \n
| \n \n Derivatives held for hedging purposes\n \n | \n \n \n -20,913\n \n | \n \n \n 0\n \n | \n \n \n 1,863\n \n | \n
| \n \n Derivatives\n \n | \n \n \n -20,913\n \n | \n \n \n 0\n \n | \n \n \n 1,863\n \n | \n
The net balance of T\u20ac -20,913 includes derivatives held for hedging purposes with a positive market value of T\u20ac 22,776\u00a0which do not give rise to any payment obligations.
STRABAG has issued financial guarantees to banks for the benefit of its own subsidiaries or associates. Based on the loan amount outstanding as at 31\u00a0December\u00a02025, the maximum guarantee amount is T\u20ac 165,683 (2024: T\u20ac 42,738). Theoretically, these abstract guarantees can be utilised at any time, which would lead to a short-term outflow of liquidity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93629-1": { "value": "The financial instruments\u00a0as at the balance sheet date were as follows:
| \n \n \n \n | \n \n \n \n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2024\n \n | \n ||
| \n \n T\u20ac\n \n | \n \n \n Measurement\n category\n according to\n IFRS 9\n \n | \n \n \n Carrying amount\n \n | \n \n \n Fair value\n \n | \n \n \n Carrying amount\n \n | \n \n \n Fair value\n \n | \n
| \n \n Assets\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Investments below 20% (other investments)\n \n | \n \n \n FVPL\n \n | \n \n \n 33,296\n \n | \n \n \n 33,296\n \n | \n \n \n 59,565\n \n | \n \n \n 59,565\n \n | \n
| \n \n Trade receivables\n \n | \n \n \n AC\n \n | \n \n \n 1,839,594\n \n | \n \n \n 1,839,594\n \n | \n \n \n 1,745,277\n \n | \n \n \n 1,745,277\n \n | \n
| \n \n Receivables from concession arrangements\n \n | \n \n \n AC\n \n | \n \n \n 369,570\n \n | \n \n \n 370,230\n \n | \n \n \n 427,630\n \n | \n \n \n 429,497\n \n | \n
| \n \n Other non-current financial assets\n \n | \n \n \n AC\n \n | \n \n \n 101,104\n \n | \n \n \n 109,775\n \n | \n \n \n 99,318\n \n | \n \n \n 105,919\n \n | \n
| \n \n Other non-current financial assets\n \n | \n \n \n FVPL\n \n | \n \n \n 144,003\n \n | \n \n \n 144,003\n \n | \n \n \n 157,505\n \n | \n \n \n 157,505\n \n | \n
| \n \n Other current financial assets\n \n | \n \n \n AC\n \n | \n \n \n 261,505\n \n | \n \n \n 261,505\n \n | \n \n \n 265,842\n \n | \n \n \n 265,842\n \n | \n
| \n \n Cash and cash equivalents\n \n | \n \n \n AC\n \n | \n \n \n 4,323,258\n \n | \n \n \n 4,323,258\n \n | \n \n \n 3,723,695\n \n | \n \n \n 3,723,695\n \n | \n
| \n \n Securities\n \n | \n \n \n FVPL\n \n | \n \n \n 29,441\n \n | \n \n \n 29,441\n \n | \n \n \n 28,432\n \n | \n \n \n 28,432\n \n | \n
| \n \n Derivatives held for hedging purposes (other financial assets)\n \n | \n \n \n Derivatives\n \n | \n \n \n 26,181\n \n | \n \n \n 26,181\n \n | \n \n \n 22,776\n \n | \n \n \n 22,776\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Liabilities\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Financial obligations\n \n | \n \n \n FLaC\n \n | \n \n \n -828,871\n \n | \n \n \n -812,283\n \n | \n \n \n -927,268\n \n | \n \n \n -913,023\n \n | \n
| \n \n Trade payables\n \n | \n \n \n FLaC\n \n | \n \n \n -2,979,205\n \n | \n \n \n -2,979,205\n \n | \n \n \n -2,790,820\n \n | \n \n \n -2,790,820\n \n | \n
| \n \n Other non-current financial liabilities\n \n | \n \n \n FLaC\n \n | \n \n \n -34,772\n \n | \n \n \n -34,772\n \n | \n \n \n -31,933\n \n | \n \n \n -31,933\n \n | \n
| \n \n Other current financial liabilities\n \n | \n \n \n FLaC\n \n | \n \n \n -763,381\n \n | \n \n \n -763,381\n \n | \n \n \n -709,333\n \n | \n \n \n -709,333\n \n | \n
| \n \n Liabilities arising from business acquisitions\n \n | \n \n \n FVPL\n \n | \n \n \n -23,382\n \n | \n \n \n -23,382\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n
| \n \n Derivatives held for hedging purposes (other financial liabilities)\n \n | \n \n \n Derivatives\n \n | \n \n \n -1,478\n \n | \n \n \n -1,478\n \n | \n \n \n -1,863\n \n | \n \n \n -1,863\n \n | \n
| \n \n Other Derivatives (other financial liabilities)\n \n | \n \n \n FVPL\n \n | \n \n \n -62\n \n | \n \n \n -62\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n \n \n | \n \n \n Measurement\n category\n according to\n IFRS 9\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n \n \n | \n \n \n AC\n \n | \n \n \n 6,895,031\n \n | \n \n \n 6,904,362\n \n | \n \n \n 6,261,762\n \n | \n \n \n 6,270,230\n \n | \n
| \n \n \n \n | \n \n \n FVPL\n \n | \n \n \n 183,296\n \n | \n \n \n 183,296\n \n | \n \n \n 245,502\n \n | \n \n \n 245,502\n \n | \n
| \n \n \n \n | \n \n \n FLaC\n \n | \n \n \n -4,606,229\n \n | \n \n \n -4,589,641\n \n | \n \n \n -4,459,354\n \n | \n \n \n -4,445,109\n \n | \n
| \n \n \n \n | \n \n \n Derivatives\n \n | \n \n \n 24,703\n \n | \n \n \n 24,703\n \n | \n \n \n 20,913\n \n | \n \n \n 20,913\n \n | \n
| \n \n \n \n | \n \n \n Total\n \n | \n \n \n 2,496,801\n \n | \n \n \n 2,522,720\n \n | \n \n \n 2,068,823\n \n | \n \n \n 2,091,536\n \n | \n
Cash and cash equivalents, trade receivables and other current financial assets have for the most part short remaining terms. Accordingly, their carrying amounts on the balance sheet date approximate their fair value. The fair values of non-current financial assets are determined \u2013 where no market prices are available \u2013 as the present values of the associated cash flows, taking into account the respective current market parameters.
Trade payables and other financial liabilities typically have short terms; their carrying amounts approximate the fair value. The fair value of bank borrowings and lease liabilities are measured at the present value of the payments associated with them and under consideration of the relevant applicable market parameters to the extent that market values were not available. The fair value of the financial obligations qualifies entirely as a Level 2 measurement at T\u20ac 812,283 (2024: T\u20ac 913,023).
The fair values as at 31\u00a0December\u00a02025 for financial instruments measured at fair value in the balance sheet were determined as follows:
| \n \n T\u20ac\n \n | \n \n \n Level 1\n \n | \n \n \n Level 2\n \n | \n \n \n Level 3\n \n | \n \n \n Total\n \n | \n
| \n \n Assets\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Other non-current financial assets\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n 144,003\n \n | \n \n \n 144,003\n \n | \n
| \n \n Investments below 20% (other investments)\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n 33,296\n \n | \n \n \n 33,296\n \n | \n
| \n \n Securities\n \n | \n \n \n 29,441\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n 29,441\n \n | \n
| \n \n Derivatives held for hedging purposes\n \n | \n \n \n \n \n | \n \n \n 26,181\n \n | \n \n \n \n \n | \n \n \n 26,181\n \n | \n
| \n \n Total\n \n | \n \n \n 29,441\n \n | \n \n \n 26,181\n \n | \n \n \n 177,299\n \n | \n \n \n 232,921\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Liabilities\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Liabilities arising from business acquisitions\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n -23,382\n \n | \n \n \n -23,382\n \n | \n
| \n \n Derivatives held for hedging purposes\n \n | \n \n \n \n \n | \n \n \n -1,478\n \n | \n \n \n \n \n | \n \n \n -1,478\n \n | \n
| \n \n Other Derivatives\n \n | \n \n \n \n \n | \n \n \n -62\n \n | \n \n \n \n \n | \n \n \n -62\n \n | \n
| \n \n Total\n \n | \n \n \n 0\n \n | \n \n \n -1,540\n \n | \n \n \n -23,382\n \n | \n \n \n -24,922\n \n | \n
The fair values as at 31\u00a0December\u00a02024 for financial instruments measured at fair value in the balance sheet were determined as follows:
| \n \n T\u20ac\n \n | \n \n \n Level 1\n \n | \n \n \n Level 2\n \n | \n \n \n Level 3\n \n | \n \n \n Total\n \n | \n
| \n \n Assets\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Other non-current financial assets\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n 157,505\n \n | \n \n \n 157,505\n \n | \n
| \n \n Investments below 20% (other investments)\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n 59,565\n \n | \n \n \n 59,565\n \n | \n
| \n \n Securities\n \n | \n \n \n 28,432\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n 28,432\n \n | \n
| \n \n Derivatives held for hedging purposes\n \n | \n \n \n \n \n | \n \n \n 22,776\n \n | \n \n \n \n \n | \n \n \n 22,776\n \n | \n
| \n \n Total\n \n | \n \n \n 28,432\n \n | \n \n \n 22,776\n \n | \n \n \n 217,070\n \n | \n \n \n 268,278\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Liabilities\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Derivatives held for hedging purposes\n \n | \n \n \n \n \n | \n \n \n -1,863\n \n | \n \n \n \n \n | \n \n \n -1,863\n \n | \n
| \n \n Total\n \n | \n \n \n 0\n \n | \n \n \n -1,863\n \n | \n \n \n 0\n \n | \n \n \n -1,863\n \n | \n
STRABAG records regroupings between the different fair-value-hierarchy levels at the end of the reporting period in which the regrouping took place.
During the financial years 2025 and 2024, there were no transfers between the levels.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93629-3": { "value": "There was no reclassification between the valuation categories in the 2025 financial year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93629-4": { "value": "The fair values as at 31\u00a0December\u00a02025 for financial instruments measured at fair value in the balance sheet were determined as follows:
| \n \n T\u20ac\n \n | \n \n \n Level 1\n \n | \n \n \n Level 2\n \n | \n \n \n Level 3\n \n | \n \n \n Total\n \n | \n
| \n \n Assets\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Other non-current financial assets\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n 144,003\n \n | \n \n \n 144,003\n \n | \n
| \n \n Investments below 20% (other investments)\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n 33,296\n \n | \n \n \n 33,296\n \n | \n
| \n \n Securities\n \n | \n \n \n 29,441\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n 29,441\n \n | \n
| \n \n Derivatives held for hedging purposes\n \n | \n \n \n \n \n | \n \n \n 26,181\n \n | \n \n \n \n \n | \n \n \n 26,181\n \n | \n
| \n \n Total\n \n | \n \n \n 29,441\n \n | \n \n \n 26,181\n \n | \n \n \n 177,299\n \n | \n \n \n 232,921\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Liabilities\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Liabilities arising from business acquisitions\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n -23,382\n \n | \n \n \n -23,382\n \n | \n
| \n \n Derivatives held for hedging purposes\n \n | \n \n \n \n \n | \n \n \n -1,478\n \n | \n \n \n \n \n | \n \n \n -1,478\n \n | \n
| \n \n Other Derivatives\n \n | \n \n \n \n \n | \n \n \n -62\n \n | \n \n \n \n \n | \n \n \n -62\n \n | \n
| \n \n Total\n \n | \n \n \n 0\n \n | \n \n \n -1,540\n \n | \n \n \n -23,382\n \n | \n \n \n -24,922\n \n | \n
The fair values as at 31\u00a0December\u00a02024 for financial instruments measured at fair value in the balance sheet were determined as follows:
| \n \n T\u20ac\n \n | \n \n \n Level 1\n \n | \n \n \n Level 2\n \n | \n \n \n Level 3\n \n | \n \n \n Total\n \n | \n
| \n \n Assets\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Other non-current financial assets\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n 157,505\n \n | \n \n \n 157,505\n \n | \n
| \n \n Investments below 20% (other investments)\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n 59,565\n \n | \n \n \n 59,565\n \n | \n
| \n \n Securities\n \n | \n \n \n 28,432\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n 28,432\n \n | \n
| \n \n Derivatives held for hedging purposes\n \n | \n \n \n \n \n | \n \n \n 22,776\n \n | \n \n \n \n \n | \n \n \n 22,776\n \n | \n
| \n \n Total\n \n | \n \n \n 28,432\n \n | \n \n \n 22,776\n \n | \n \n \n 217,070\n \n | \n \n \n 268,278\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Liabilities\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Derivatives held for hedging purposes\n \n | \n \n \n \n \n | \n \n \n -1,863\n \n | \n \n \n \n \n | \n \n \n -1,863\n \n | \n
| \n \n Total\n \n | \n \n \n 0\n \n | \n \n \n -1,863\n \n | \n \n \n 0\n \n | \n \n \n -1,863\n \n | \n
STRABAG records regroupings between the different fair-value-hierarchy levels at the end of the reporting period in which the regrouping took place.
During the financial years 2025 and 2024, there were no transfers between the levels.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93629-5": { "value": "The fair value is determined on the basis of quoted prices in an active market. An active market exists if the prices are regularly established and readily available to the market participants. The quoted market price for the financial instruments presented in Level 1 corresponds to the bid price at the balance sheet date.
These financial instruments are not traded in an active market. They involve exclusively derivatives held for hedging purposes and other derivatives. The fair value expresses the expected realisable value of the transaction on the balance sheet date. It is determined using recognised and standard financial methods of measurement on the basis of observable market data. Specifically, measurement is made using interest yield and currency curves in proportion to the term of the derivative. The methods of measurement used also take into account fees, market risk, credit risk, ratings and exchange rate risks.
The non-current financial assets recognised at fair value through profit or loss (FVPL) relate exclusively to an interest-bearing financing receivable in connection with the construction of a concession project. Measurement is carried out by discounting future cash flows to the value on the reporting date.
The carrying amount of other non-current financial assets (Level 3) developed as follows:
FVPL measurement is required under IFRS as the debtor was granted an early repayment option.
This category also includes a number of smaller shareholdings of less than 20% that are not traded on an active market. Their fair value is determined on the basis of simplified company valuations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93629-6": { "value": "The derivatives\u00a0are comprised as follows:
| \n \n T\u20ac\n \n | \n \n \n 31.12.2025\n \n | \n \n \n 31.12.2024\n \n | \n ||||
| \n \n Bank\n \n | \n \n \n Assets\n \n | \n \n \n Liabilities\n \n | \n \n \n Total\n \n | \n \n \n Assets\n \n | \n \n \n Liabilities\n \n | \n \n \n Total\n \n | \n
| \n \n National Bank of Canada\n \n | \n \n \n 0\n \n | \n \n \n -738\n \n | \n \n \n -738\n \n | \n \n \n 0\n \n | \n \n \n -935\n \n | \n \n \n -935\n \n | \n
| \n \n Bank of Montreal\n \n | \n \n \n 0\n \n | \n \n \n -740\n \n | \n \n \n -740\n \n | \n \n \n 0\n \n | \n \n \n -928\n \n | \n \n \n -928\n \n | \n
| \n \n KfW IPEX-Bank\n \n | \n \n \n 6,679\n \n | \n \n \n 0\n \n | \n \n \n 6,679\n \n | \n \n \n 5,763\n \n | \n \n \n 0\n \n | \n \n \n 5,763\n \n | \n
| \n \n Norddeutsche Landesbank\n \n | \n \n \n 6,472\n \n | \n \n \n 0\n \n | \n \n \n 6,472\n \n | \n \n \n 5,679\n \n | \n \n \n 0\n \n | \n \n \n 5,679\n \n | \n
| \n \n SEB AG\n \n | \n \n \n 6,563\n \n | \n \n \n 0\n \n | \n \n \n 6,563\n \n | \n \n \n 5,772\n \n | \n \n \n 0\n \n | \n \n \n 5,772\n \n | \n
| \n \n Soci\u00e9t\u00e9 G\u00e9n\u00e9rale\n \n | \n \n \n 6,467\n \n | \n \n \n 0\n \n | \n \n \n 6,467\n \n | \n \n \n 5,562\n \n | \n \n \n 0\n \n | \n \n \n 5,562\n \n | \n
| \n \n Total derivatives held for hedging purposes\n \n | \n \n \n 26,181\n \n | \n \n \n -1,478\n \n | \n \n \n 24,703\n \n | \n \n \n 22,776\n \n | \n \n \n -1,863\n \n | \n \n \n 20,913\n \n | \n
| \n \n UniCredit Bank Austria AG\n \n | \n \n \n 0\n \n | \n \n \n -62\n \n | \n \n \n -62\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n
| \n \n Total other derivatives\n \n | \n \n \n 0\n \n | \n \n \n -62\n \n | \n \n \n -62\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n
| \n \n Total\n \n | \n \n \n 26,181\n \n | \n \n \n -1,540\n \n | \n \n \n 24,641\n \n | \n \n \n 22,776\n \n | \n \n \n -1,863\n \n | \n \n \n 20,913\n \n | \n
No hedge accounting is applied to the other derivatives; however, they form part of an economic hedging relationship.
\n Currency risks\u00a0in the Group result when the currency of the order differs from the functional currency of the company. The planned proceeds are received in the currency of the order (for example, euro or US dollar), while a substantial part of the associated costs is incurred in the local currency.
The Group uses foreign exchange forwards to hedge against this risk. These contracts are classified as hedges against future payments and are presented as cash flow hedges. As in the previous year, there were no currency hedging instruments to be recognised as cash flow hedges in the 2025 financial year.
To hedge against variable interest rate obligations, interest rate swaps are used especially with financing obligations from concession arrangements. This serves to hedge the variability of future cash flows from variable interest rate payments. Interest rate swaps are presented as cash flow hedges. These involve derivatives that are settled net.
The Group determines the existence of an economic relationship between the hedging instrument and the hedged item for the purpose of assessing the effectiveness of the hedge based on the interest rate benchmarks, terms, repricing dates and maturities of the nominal amounts.
The amounts of the hedged items as at 31\u00a0December\u00a02025 are as follows:
| \n \n T\u20ac\nHedged item\n \n | \n \n \n Value changes in the basis for effectiveness measurement\n \n | \n \n \n Hedging reserves\n \n | \n
| \n \n Interest rate risk\n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Interest EGLINTON\n \n | \n \n \n -99\n \n | \n \n \n -1,478\n \n | \n
| \n \n Interest PANSUEVIA\n \n | \n \n \n -6,807\n \n | \n \n \n 20,373\n \n | \n
| \n \n Total\n \n | \n \n \n -6,906\n \n | \n \n \n 18,895\n \n | \n
The amounts of the hedged items as at 31\u00a0December\u00a02024 are as follows:
| \n \n T\u20ac\nHedged item\n \n | \n \n \n Value changes in the basis for effectiveness measurement\n \n | \n \n \n Hedging\n reserves\n \n | \n
| \n \n Interest rate risk\n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Interest EGLINTON\n \n | \n \n \n 1,473\n \n | \n \n \n -1,863\n \n | \n
| \n \n Interest PANSUEVIA\n \n | \n \n \n -2,193\n \n | \n \n \n 16,538\n \n | \n
| \n \n Total\n \n | \n \n \n -720\n \n | \n \n \n 14,675\n \n | \n
The hedging instruments as at 31\u00a0December\u00a02025 were comprised as follows:
| \n \n T\u20ac\nHedge\n \n | \n \n \n Nominal value\n \n | \n \n \n Carrying amount\n \n | \n \n \n Balance sheet \nitem where \nthe hedge is \npresented\n \n | \n \n \n OCI change in value of the hedge\n \n | \n \n \n Recycling amount from hedging reserves\n \n | \n \n \n P&L item where the recycling amount is recognised\n \n | \n
| \n \n Interest rate risk\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Interest rate swaps EGLINTON\n \n | \n \n \n 39,921\n \n | \n \n \n -1,478\n \n | \n \n \n Other financial liabilities\n \n | \n \n \n 99\n \n | \n \n \n 285\n \n | \n \n \n Interest expense\n \n | \n
| \n \n Interest rate swaps PANSUEVIA\n \n | \n \n \n 208,023\n \n | \n \n \n 26,181\n \n | \n \n \n Other financial assets\n \n | \n \n \n 6,807\n \n | \n \n \n -2,971\n \n | \n \n \n Other operating expense\n \n | \n
| \n \n Total\n \n | \n \n \n 247,944\n \n | \n \n \n 24,703\n \n | \n \n \n \n \n | \n \n \n 6,906\n \n | \n \n \n -2,686\n \n | \n \n \n \n \n | \n
Possible sources of ineffectiveness in these hedging relationships include:
the effect of counterparty and own credit risk on the fair value of derivatives, which is not reflected in the change in the fair value of the hedged cash flows, and is attributable to interest rates changes differences in the repricing dates of the hedging instrument and the underlying transactions changes in the expected value of the cash flows from the underlying transaction being hedged and from the hedging instrumentIn the 2025 financial year, as in the previous year, there were no instances of ineffectiveness in relation to the existing interest rate swaps.
The hedging instruments as at 31\u00a0December\u00a02024 were comprised as follows:
| \n \n T\u20ac\nHedge\n \n | \n \n \n Nominal value\n \n | \n \n \n Carrying amount\n \n | \n \n \n Balance sheet \nitem where \nthe hedge is \npresented\n \n | \n \n \n OCI change in value of the hedge\n \n | \n \n \n Recycling amount from hedging reserves\n \n | \n \n \n P&L item where the recycling amount is recognised\n \n | \n
| \n \n Interest rate risk\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Interest rate swap AKA\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n Receivables from concession arrangements\n \n | \n \n \n 0\n \n | \n \n \n 116\n \n | \n \n \n Other operating expense\n \n | \n
| \n \n Interest rate swaps EGLINTON\n \n | \n \n \n 37,558\n \n | \n \n \n -1,863\n \n | \n \n \n Other financial liabilities\n \n | \n \n \n -1,473\n \n | \n \n \n -390\n \n | \n \n \n Interest expense\n \n | \n
| \n \n Interest rate swaps PANSUEVIA\n \n | \n \n \n 218,453\n \n | \n \n \n 22,776\n \n | \n \n \n Other financial assets\n \n | \n \n \n 2,193\n \n | \n \n \n -6,465\n \n | \n \n \n Other operating expense\n \n | \n
| \n \n Interest rate swaps Scarborough\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n Other financial assets\n \n | \n \n \n 0\n \n | \n \n \n -6,934\n \n | \n \n \n Interest expense\n \n | \n
| \n \n Total\n \n | \n \n \n 256,011\n \n | \n \n \n 20,913\n \n | \n \n \n \n \n | \n \n \n 720\n \n | \n \n \n -13,673\n \n | \n \n \n \n \n | \n
On 31\u00a0December\u00a02025, the Group held the following instruments for the purpose of hedging interest rate fluctuation:
| \n \n \n \n | \n \n \n Maturity\n \n | \n ||
| \n \n \n \n | \n \n \n 1\u20136 months\n \n | \n \n \n 6\u201312 months\n \n | \n \n \n > 1 year\n \n | \n
| \n \n Interest rate swap\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Nominal amount in T\u20ac\n \n | \n \n \n 5,468\n \n | \n \n \n 5,688\n \n | \n \n \n 236,788\n \n | \n
| \n \n Average fixed interest rate (%)\n \n | \n \n \n 0.90\n \n | \n \n \n 0.90\n \n | \n \n \n 1.38\n \n | \n
On 31\u00a0December\u00a02024, the Group held the following instruments for the purpose of hedging interest rate fluctuation:
| \n \n \n \n | \n \n \n Maturity\n \n | \n ||
| \n \n \n \n | \n \n \n 1\u20136 months\n \n | \n \n \n 6\u201312 months\n \n | \n \n \n > 1 year\n \n | \n
| \n \n Interest rate swap\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Nominal amount in T\u20ac\n \n | \n \n \n 5,145\n \n | \n \n \n 5,285\n \n | \n \n \n 245,581\n \n | \n
| \n \n Average fixed interest rate (%)\n \n | \n \n \n 0.90\n \n | \n \n \n 0.90\n \n | \n \n \n 1.34\n \n | \n
The reconciliation of the equity components as at 31\u00a0December\u00a02025 is as follows:
| \n \n T\u20ac\n \n | \n \n \n Hedging reserves\n \n | \n
| \n \n As at 1.1.\n \n | \n \n \n -8,657\n \n | \n
| \n \n Fair value changes\n \n | \n \n \n \n \n | \n
| \n \n Interest rate risk\n \n | \n \n \n 6,906\n \n | \n
| \n \n Recycling\n \n | \n \n \n \n \n | \n
| \n \n Interest rate risk\n \n | \n \n \n -2,686\n \n | \n
| \n \n Deferred tax\n \n | \n \n \n \n \n | \n
| \n \n Interest rate risk\n \n | \n \n \n -209\n \n | \n
| \n \n Change in hedging reserves from equity-accounted investments\n \n | \n \n \n -9,212\n \n | \n
| \n \n As at 31.12.\n \n | \n \n \n -13,858\n \n | \n
The reconciliation of the equity components as at 31\u00a0December\u00a02024 is as follows:
| \n \n T\u20ac\n \n | \n \n \n Hedging reserves\n \n | \n
| \n \n As at 1.1.\n \n | \n \n \n -115\n \n | \n
| \n \n Fair value changes\n \n | \n \n \n \n \n | \n
| \n \n Interest rate risk\n \n | \n \n \n 720\n \n | \n
| \n \n Recycling\n \n | \n \n \n \n \n | \n
| \n \n Interest rate risk\n \n | \n \n \n -13,673\n \n | \n
| \n \n Deferred tax\n \n | \n \n \n \n \n | \n
| \n \n Interest rate risk\n \n | \n \n \n 3,638\n \n | \n
| \n \n Change in hedging reserves from equity-accounted investments\n \n | \n \n \n 773\n \n | \n
| \n \n As at 31.12.\n \n | \n \n \n -8,657\n \n | \n
The STRABAG\u00a0SE Group is subject to credit, market and liquidity risks related to its financial assets, financial liabilities and planned transactions. The goal of financial risk management is to minimise these risks through ongoing financially oriented activities.
The basics of the financial policy are set by the Management Board and monitored by the Supervisory Board. The implementation of the financial policy and responsibility for the risk management are the domain of the group treasury. Certain transactions require prior approval by the Management Board, which is regularly informed as to the scope and amount of the current risk exposure.
The Group assesses concentrations of risk with regard to interest rate risk, currency risk and credit risk as low because customers are located in different countries, belong to different industries and operate in largely independent markets.
The Group\u2019s business activities are subject to market price risks that are customary in the industry. These risks are not hedged through derivatives or financial instruments but through other hedging activities including but not limited to contractual agreements.
Further explanations on risk management can be found in the Group management report from 31\u00a0December\u00a02025.
The receivables from concession arrangements in the amount of T\u20ac 369,570 (2024: T\u20ac 427,630) and the non-current other financial assets in the amount of T\u20ac 342,385 (2024: T\u20ac 336,271) are mostly at fixed interest rates. Bank deposits, on the other hand, are mainly at variable interest rates. Investments with fixed interest rates are concluded for a maximum of three months. The risk of financial instruments on the assets side consists of falling interest rates. The persistently high interest rates in the main countries in which the Group operates are having a positive effect on net interest income due to the Group\u2019s net cash position.
The most important bank borrowings involve non-recourse financing from projects in the amount of T\u20ac 399,453 (2024: T\u20ac 512,571), which are either at fixed interest rates or hedged against interest rate changes by means of interest rate swaps. The risk of the variable interest-bearing financial instruments on the liabilities side consists of rising interest rates on expenses resulting from an unfavourable change in market interest rates.
The interest rate risk is managed by concluding fixed interest rate agreements or through hedging with interest rate swaps for significant financing liabilities. In the case of bank deposits, investments are constantly adjusted to the changed market conditions by continuously monitoring the interest rate environment.
The amount of bank deposits and bank borrowings according to currency \u2013 giving the average interest rate at the balance sheet date \u2013 is represented as follows:
| \n \n Currency\n \n | \n \n \n Carrying amount \n31.12.2025\nT\u20ac\n \n | \n \n \n Weighted average \ninterest rate 2025\n%\n \n | \n
| \n \n EUR\n \n | \n \n \n 3,119,728\n \n | \n \n \n 1.80\n \n | \n
| \n \n PLN\n \n | \n \n \n 306,088\n \n | \n \n \n 2.89\n \n | \n
| \n \n CZK\n \n | \n \n \n 231,920\n \n | \n \n \n 2.18\n \n | \n
| \n \n HUF\n \n | \n \n \n 178,329\n \n | \n \n \n 6.26\n \n | \n
| \n \n AUD\n \n | \n \n \n 100,040\n \n | \n \n \n 3.42\n \n | \n
| \n \n Other, each below \u20ac 100 million\n \n | \n \n \n 386,462\n \n | \n \n \n 2.54\n \n | \n
| \n \n Total\n \n | \n \n \n 4,322,567\n \n | \n \n \n 2.18\n \n | \n
| \n \n Currency\n \n | \n \n \n Carrying amount \n31.12.2024\nT\u20ac\n \n | \n \n \n Weighted average \ninterest rate 2024\n%\n \n | \n
| \n \n EUR\n \n | \n \n \n 2,688,639\n \n | \n \n \n 2.68\n \n | \n
| \n \n PLN\n \n | \n \n \n 275,251\n \n | \n \n \n 4.54\n \n | \n
| \n \n CZK\n \n | \n \n \n 251,791\n \n | \n \n \n 2.58\n \n | \n
| \n \n GBP\n \n | \n \n \n 137,470\n \n | \n \n \n 4.27\n \n | \n
| \n \n HUF\n \n | \n \n \n 132,986\n \n | \n \n \n 5.92\n \n | \n
| \n \n Other, each below \u20ac 100 million\n \n | \n \n \n 236,914\n \n | \n \n \n 1.83\n \n | \n
| \n \n Total\n \n | \n \n \n 3,723,051\n \n | \n \n \n 2.93\n \n | \n
| \n \n Currency\n \n | \n \n \n Carrying amount \n31.12.2025\nT\u20ac\n \n | \n \n \n Weighted average \ninterest rate 2025\n%\n \n | \n
| \n \n EUR\n \n | \n \n \n 358,895\n \n | \n \n \n 2.81\n \n | \n
| \n \n CAD\n \n | \n \n \n 89,390\n \n | \n \n \n 4.69\n \n | \n
| \n \n Other, each below \u20ac 50 million\n \n | \n \n \n 12,589\n \n | \n \n \n 5.21\n \n | \n
| \n \n Total\n \n | \n \n \n 460,874\n \n | \n \n \n 3.24\n \n | \n
| \n \n Currency\n \n | \n \n \n Carrying amount \n31.12.2024\nT\u20ac\n \n | \n \n \n Weighted average \ninterest rate 2024\n%\n \n | \n
| \n \n EUR\n \n | \n \n \n 349,439\n \n | \n \n \n 3.33\n \n | \n
| \n \n CAD\n \n | \n \n \n 186,955\n \n | \n \n \n 5.18\n \n | \n
| \n \n Total\n \n | \n \n \n 536,394\n \n | \n \n \n 3.98\n \n | \n
Had the interest rate level at 31\u00a0December\u00a02025 been higher by 100 basis points, then the EBT would have been higher by T\u20ac 37,572 (2024: T\u20ac 30,520) and the equity at 31\u00a0December\u00a02025 would have been higher by T\u20ac 51,799 (2024: T\u20ac 48,082). Had the interest rate level been lower by 100 basis points, this would have meant a correspondingly lower equity and EBT. The calculation is made based on the level of interest-bearing financial assets and liabilities as at 31\u00a0December. Tax effects from interest rate changes were not considered.
Due to the decentralised structure of the Group, characterised by local companies in the respective countries, mainly closed currency positions appear in the balance sheet. Receivables and liabilities from business activities mainly offset each other in the same currency.
Internal hedging is performed for construction contracts where there are no closed currency positions (e.g. construction contracts that are not concluded in functional currency). As part of corporate-wide treasury management, these positions are then combined, and external hedging is performed if necessary.
The internal financing of companies within the Group using different functional currencies resulted in an earnings-relevant currency risk. Derivative financial instruments are transacted to limit this risk. The market values of these hedging transactions are recognised in profit or loss in the income statement. The hedging transactions are reported under other financial assets or other financial liabilities. As at 31 December 2025, as in the prior year, the Group had no hedging transactions in place to hedge foreign currency risks.
In addition to the bank deposits and bank borrowings in foreign currencies (see \u201cInterest rate risk\u201d), the other non-current financial assets still include carrying amounts of T\u20ac 58,853 (2024: T\u20ac 38,917) in foreign currencies.
Development of the important currencies in the Group:
| \n \n Currency\n \n | \n \n \n Closing rate \n31.12.2025: 1 \u20ac =\n \n | \n \n \n Average rate\n2025: 1 \u20ac =\n \n | \n \n \n Closing rate \n31.12.2024: 1 \u20ac =\n \n | \n \n \n Average rate\n2024: 1 \u20ac =\n \n | \n
| \n \n AUD\n \n | \n \n \n 1.7581\n \n | \n \n \n 1.7484\n \n | \n \n \n 1.6772\n \n | \n \n \n 1.6424\n \n | \n
| \n \n CAD\n \n | \n \n \n 1.6088\n \n | \n \n \n 1.5744\n \n | \n \n \n 1.4948\n \n | \n \n \n 1.4820\n \n | \n
| \n \n CHF\n \n | \n \n \n 0.9314\n \n | \n \n \n 0.9370\n \n | \n \n \n 0.9412\n \n | \n \n \n 0.9513\n \n | \n
| \n \n CLP\n \n | \n \n \n 1,070.7200\n \n | \n \n \n 1,072.0238\n \n | \n \n \n 1,033.5700\n \n | \n \n \n 1,021.8108\n \n | \n
| \n \n CZK\n \n | \n \n \n 24.2370\n \n | \n \n \n 24.6947\n \n | \n \n \n 25.1850\n \n | \n \n \n 25.1228\n \n | \n
| \n \n GBP\n \n | \n \n \n 0.8726\n \n | \n \n \n 0.8546\n \n | \n \n \n 0.8292\n \n | \n \n \n 0.8469\n \n | \n
| \n \n HUF\n \n | \n \n \n 385.1500\n \n | \n \n \n 397.7285\n \n | \n \n \n 411.3500\n \n | \n \n \n 395.9708\n \n | \n
| \n \n PLN\n \n | \n \n \n 4.2210\n \n | \n \n \n 4.2396\n \n | \n \n \n 4.2750\n \n | \n \n \n 4.3050\n \n | \n
| \n \n RON\n \n | \n \n \n 5.0968\n \n | \n \n \n 5.0404\n \n | \n \n \n 4.9743\n \n | \n \n \n 4.9753\n \n | \n
The following table shows the hypothetical changes in EBT and equity if the euro had been appreciated or depreciated by 10% in relation to another currency in the year 2025:
| \n \n \n \n | \n \n \n Appreciation of the euro by 10%\n \n | \n \n \n Depreciation of the euro by 10%\n \n | \n ||
| \n \n T\u20ac\nCurrency\n \n | \n \n \n Change in EBT\n \n | \n \n \n Change in equity\n \n | \n \n \n Change in EBT\n \n | \n \n \n Change in equity\n \n | \n
| \n \n AUD\n \n | \n \n \n -1,073\n \n | \n \n \n -7,740\n \n | \n \n \n 1,311\n \n | \n \n \n 9,460\n \n | \n
| \n \n CHF\n \n | \n \n \n -1,282\n \n | \n \n \n -12,994\n \n | \n \n \n 1,566\n \n | \n \n \n 15,882\n \n | \n
| \n \n CZK\n \n | \n \n \n 7,096\n \n | \n \n \n 8,914\n \n | \n \n \n -8,673\n \n | \n \n \n -10,895\n \n | \n
| \n \n GBP\n \n | \n \n \n 16,592\n \n | \n \n \n 16,592\n \n | \n \n \n -20,279\n \n | \n \n \n -20,279\n \n | \n
| \n \n HUF\n \n | \n \n \n 1,875\n \n | \n \n \n 4,748\n \n | \n \n \n -2,292\n \n | \n \n \n -5,803\n \n | \n
| \n \n PLN\n \n | \n \n \n 772\n \n | \n \n \n 772\n \n | \n \n \n -943\n \n | \n \n \n -943\n \n | \n
| \n \n Other\n \n | \n \n \n -21,896\n \n | \n \n \n -21,896\n \n | \n \n \n 26,762\n \n | \n \n \n 26,762\n \n | \n
The following table shows the hypothetical changes in EBT and equity if the euro had been appreciated or depreciated by 10% in relation to another currency in the year\u00a02024:
| \n \n \n \n | \n \n \n Appreciation of the euro by 10%\n \n | \n \n \n Depreciation of the euro by 10%\n \n | \n ||
| \n \n T\u20ac\nCurrency\n \n | \n \n \n Change in EBT\n \n | \n \n \n Change in equity\n \n | \n \n \n Change in EBT\n \n | \n \n \n Change in equity\n \n | \n
| \n \n CHF\n \n | \n \n \n -1,490\n \n | \n \n \n -10,183\n \n | \n \n \n 1,821\n \n | \n \n \n 12,446\n \n | \n
| \n \n CZK\n \n | \n \n \n 2,071\n \n | \n \n \n 3,889\n \n | \n \n \n -2,531\n \n | \n \n \n -4,753\n \n | \n
| \n \n GBP\n \n | \n \n \n 14,770\n \n | \n \n \n 14,770\n \n | \n \n \n -18,052\n \n | \n \n \n -18,052\n \n | \n
| \n \n HUF\n \n | \n \n \n -2,044\n \n | \n \n \n 5,375\n \n | \n \n \n 2,498\n \n | \n \n \n -6,569\n \n | \n
| \n \n PLN\n \n | \n \n \n 10,906\n \n | \n \n \n 3,633\n \n | \n \n \n -13,329\n \n | \n \n \n -4,440\n \n | \n
| \n \n Other\n \n | \n \n \n -23,583\n \n | \n \n \n -23,583\n \n | \n \n \n 28,824\n \n | \n \n \n 28,824\n \n | \n
The calculation is based on original and derivative foreign currency holdings in non-functional currency as at 31\u00a0December as well as underlying transactions for the next twelve months. The effect on tax resulting from changes in currency exchange rates was not taken into consideration. Currency effects from net investments in foreign operations are recognised in the change in equity. Currency differences recognised directly in equity from the translation of the different functional currencies into euros are not taken into account.
\n Currency risks\u00a0in the Group result when the currency of the order differs from the functional currency of the company. The planned proceeds are received in the currency of the order (for example, euro or US dollar), while a substantial part of the associated costs is incurred in the local currency.
The Group uses foreign exchange forwards to hedge against this risk. These contracts are classified as hedges against future payments and are presented as cash flow hedges. As in the previous year, there were no currency hedging instruments to be recognised as cash flow hedges in the 2025 financial year.
To hedge against variable interest rate obligations, interest rate swaps are used especially with financing obligations from concession arrangements. This serves to hedge the variability of future cash flows from variable interest rate payments. Interest rate swaps are presented as cash flow hedges. These involve derivatives that are settled net.
The Group determines the existence of an economic relationship between the hedging instrument and the hedged item for the purpose of assessing the effectiveness of the hedge based on the interest rate benchmarks, terms, repricing dates and maturities of the nominal amounts.
The amounts of the hedged items as at 31\u00a0December\u00a02025 are as follows:
| \n \n T\u20ac\nHedged item\n \n | \n \n \n Value changes in the basis for effectiveness measurement\n \n | \n \n \n Hedging reserves\n \n | \n
| \n \n Interest rate risk\n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Interest EGLINTON\n \n | \n \n \n -99\n \n | \n \n \n -1,478\n \n | \n
| \n \n Interest PANSUEVIA\n \n | \n \n \n -6,807\n \n | \n \n \n 20,373\n \n | \n
| \n \n Total\n \n | \n \n \n -6,906\n \n | \n \n \n 18,895\n \n | \n
The amounts of the hedged items as at 31\u00a0December\u00a02024 are as follows:
| \n \n T\u20ac\nHedged item\n \n | \n \n \n Value changes in the basis for effectiveness measurement\n \n | \n \n \n Hedging\n reserves\n \n | \n
| \n \n Interest rate risk\n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Interest EGLINTON\n \n | \n \n \n 1,473\n \n | \n \n \n -1,863\n \n | \n
| \n \n Interest PANSUEVIA\n \n | \n \n \n -2,193\n \n | \n \n \n 16,538\n \n | \n
| \n \n Total\n \n | \n \n \n -720\n \n | \n \n \n 14,675\n \n | \n
The hedging instruments as at 31\u00a0December\u00a02025 were comprised as follows:
| \n \n T\u20ac\nHedge\n \n | \n \n \n Nominal value\n \n | \n \n \n Carrying amount\n \n | \n \n \n Balance sheet \nitem where \nthe hedge is \npresented\n \n | \n \n \n OCI change in value of the hedge\n \n | \n \n \n Recycling amount from hedging reserves\n \n | \n \n \n P&L item where the recycling amount is recognised\n \n | \n
| \n \n Interest rate risk\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Interest rate swaps EGLINTON\n \n | \n \n \n 39,921\n \n | \n \n \n -1,478\n \n | \n \n \n Other financial liabilities\n \n | \n \n \n 99\n \n | \n \n \n 285\n \n | \n \n \n Interest expense\n \n | \n
| \n \n Interest rate swaps PANSUEVIA\n \n | \n \n \n 208,023\n \n | \n \n \n 26,181\n \n | \n \n \n Other financial assets\n \n | \n \n \n 6,807\n \n | \n \n \n -2,971\n \n | \n \n \n Other operating expense\n \n | \n
| \n \n Total\n \n | \n \n \n 247,944\n \n | \n \n \n 24,703\n \n | \n \n \n \n \n | \n \n \n 6,906\n \n | \n \n \n -2,686\n \n | \n \n \n \n \n | \n
Possible sources of ineffectiveness in these hedging relationships include:
the effect of counterparty and own credit risk on the fair value of derivatives, which is not reflected in the change in the fair value of the hedged cash flows, and is attributable to interest rates changes differences in the repricing dates of the hedging instrument and the underlying transactions changes in the expected value of the cash flows from the underlying transaction being hedged and from the hedging instrumentIn the 2025 financial year, as in the previous year, there were no instances of ineffectiveness in relation to the existing interest rate swaps.
The hedging instruments as at 31\u00a0December\u00a02024 were comprised as follows:
| \n \n T\u20ac\nHedge\n \n | \n \n \n Nominal value\n \n | \n \n \n Carrying amount\n \n | \n \n \n Balance sheet \nitem where \nthe hedge is \npresented\n \n | \n \n \n OCI change in value of the hedge\n \n | \n \n \n Recycling amount from hedging reserves\n \n | \n \n \n P&L item where the recycling amount is recognised\n \n | \n
| \n \n Interest rate risk\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Interest rate swap AKA\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n Receivables from concession arrangements\n \n | \n \n \n 0\n \n | \n \n \n 116\n \n | \n \n \n Other operating expense\n \n | \n
| \n \n Interest rate swaps EGLINTON\n \n | \n \n \n 37,558\n \n | \n \n \n -1,863\n \n | \n \n \n Other financial liabilities\n \n | \n \n \n -1,473\n \n | \n \n \n -390\n \n | \n \n \n Interest expense\n \n | \n
| \n \n Interest rate swaps PANSUEVIA\n \n | \n \n \n 218,453\n \n | \n \n \n 22,776\n \n | \n \n \n Other financial assets\n \n | \n \n \n 2,193\n \n | \n \n \n -6,465\n \n | \n \n \n Other operating expense\n \n | \n
| \n \n Interest rate swaps Scarborough\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n Other financial assets\n \n | \n \n \n 0\n \n | \n \n \n -6,934\n \n | \n \n \n Interest expense\n \n | \n
| \n \n Total\n \n | \n \n \n 256,011\n \n | \n \n \n 20,913\n \n | \n \n \n \n \n | \n \n \n 720\n \n | \n \n \n -13,673\n \n | \n \n \n \n \n | \n
On 31\u00a0December\u00a02025, the Group held the following instruments for the purpose of hedging interest rate fluctuation:
| \n \n \n \n | \n \n \n Maturity\n \n | \n ||
| \n \n \n \n | \n \n \n 1\u20136 months\n \n | \n \n \n 6\u201312 months\n \n | \n \n \n > 1 year\n \n | \n
| \n \n Interest rate swap\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Nominal amount in T\u20ac\n \n | \n \n \n 5,468\n \n | \n \n \n 5,688\n \n | \n \n \n 236,788\n \n | \n
| \n \n Average fixed interest rate (%)\n \n | \n \n \n 0.90\n \n | \n \n \n 0.90\n \n | \n \n \n 1.38\n \n | \n
On 31\u00a0December\u00a02024, the Group held the following instruments for the purpose of hedging interest rate fluctuation:
| \n \n \n \n | \n \n \n Maturity\n \n | \n ||
| \n \n \n \n | \n \n \n 1\u20136 months\n \n | \n \n \n 6\u201312 months\n \n | \n \n \n > 1 year\n \n | \n
| \n \n Interest rate swap\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Nominal amount in T\u20ac\n \n | \n \n \n 5,145\n \n | \n \n \n 5,285\n \n | \n \n \n 245,581\n \n | \n
| \n \n Average fixed interest rate (%)\n \n | \n \n \n 0.90\n \n | \n \n \n 0.90\n \n | \n \n \n 1.34\n \n | \n
The reconciliation of the equity components as at 31\u00a0December\u00a02025 is as follows:
| \n \n T\u20ac\n \n | \n \n \n Hedging reserves\n \n | \n
| \n \n As at 1.1.\n \n | \n \n \n -8,657\n \n | \n
| \n \n Fair value changes\n \n | \n \n \n \n \n | \n
| \n \n Interest rate risk\n \n | \n \n \n 6,906\n \n | \n
| \n \n Recycling\n \n | \n \n \n \n \n | \n
| \n \n Interest rate risk\n \n | \n \n \n -2,686\n \n | \n
| \n \n Deferred tax\n \n | \n \n \n \n \n | \n
| \n \n Interest rate risk\n \n | \n \n \n -209\n \n | \n
| \n \n Change in hedging reserves from equity-accounted investments\n \n | \n \n \n -9,212\n \n | \n
| \n \n As at 31.12.\n \n | \n \n \n -13,858\n \n | \n
The reconciliation of the equity components as at 31\u00a0December\u00a02024 is as follows:
| \n \n T\u20ac\n \n | \n \n \n Hedging reserves\n \n | \n
| \n \n As at 1.1.\n \n | \n \n \n -115\n \n | \n
| \n \n Fair value changes\n \n | \n \n \n \n \n | \n
| \n \n Interest rate risk\n \n | \n \n \n 720\n \n | \n
| \n \n Recycling\n \n | \n \n \n \n \n | \n
| \n \n Interest rate risk\n \n | \n \n \n -13,673\n \n | \n
| \n \n Deferred tax\n \n | \n \n \n \n \n | \n
| \n \n Interest rate risk\n \n | \n \n \n 3,638\n \n | \n
| \n \n Change in hedging reserves from equity-accounted investments\n \n | \n \n \n 773\n \n | \n
| \n \n As at 31.12.\n \n | \n \n \n -8,657\n \n | \n
Credit risks arise when contractual parties do not meet their payment obligations by the date of settlement. Such risks exist with regard to payments of receivables from the operating business. To manage the credit risk from the operating business, STRABAG established a credit risk management system in line with the market conditions and customers. In particular, due to the economic uncertainties, loans to and receivables from private clients are being monitored even more closely than in the past.
The maximum credit risk of trade receivables, contract assets and other financial assets corresponds to the carrying amounts presented in the balance sheet.
The risk for receivables from clients can be rated as low due to the wide dispersion, a constant creditworthiness check and the presence of the public sector as an important client. The performance of work for private customers is largely secured by ongoing partial payments.
The risk of default for other primary financial instruments shown on the assets side can also be regarded as low, as the contract partners are mainly financial institutions with the highest level of creditworthiness or the public sector and/or there is wide dispersion. In the case of other non-current financial assets, ongoing creditworthiness checks are also carried out individually on the basis of expected future cash flows.
\n STRABAG\u00a0SE holds no non-financial assets as security collateral. Financial collateral is only of minor importance, as the large number of public-sector customers presents hardly any payment risk.
Impairments on trade receivables and on contract assets are determined using the simplified approach. The impairments are determined taking into consideration the country-specific risks and the creditworthiness of the customers. For public clients, the probability of default for any country is based on Moody\u2019s national scale ratings for that country, while for private clients in the country in question, the probability of default is assumed to be two rating levels higher.
Impairments, considered individually, are also made on financial assets if the carrying amount of the financial asset is higher than the present value of the future cash flows. This can be triggered by financial difficulties, insolvency of the client, breach of contract or significant default of payment. These impairments are composed of many individual items.
The risk provision as at 31\u00a0December\u00a02025 for trade receivables and for contract assets developed as follows during the financial year:
| \n \n T\u20ac\n \n | \n \n \n Trade receivables\n \n | \n \n \n Contract assets\n \n | \n
| \n \n Gross carrying amount as at 31.12.2025\n \n | \n \n \n 1,917,705\n \n | \n \n \n 1,077,033\n \n | \n
| \n \n Lifetime ECL as at 1.1.\n \n | \n \n \n 9,087\n \n | \n \n \n 5,373\n \n | \n
| \n \n Exchange differences/changes in the consolidated group\n \n | \n \n \n 323\n \n | \n \n \n 25\n \n | \n
| \n \n Change due to change in volumes\n \n | \n \n \n 893\n \n | \n \n \n -1,096\n \n | \n
| \n \n Change due to change in ratings\n \n | \n \n \n -699\n \n | \n \n \n 181\n \n | \n
| \n \n Lifetime ECL as at 31.12.\n \n | \n \n \n 9,604\n \n | \n \n \n 4,483\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Impairment as at 1.1.\n \n | \n \n \n 58,060\n \n | \n \n \n 0\n \n | \n
| \n \n Exchange differences/changes in the consolidated group\n \n | \n \n \n -552\n \n | \n \n \n 0\n \n | \n
| \n \n Added/used\n \n | \n \n \n 10,999\n \n | \n \n \n 0\n \n | \n
| \n \n Impairment as at 31.12.\n \n | \n \n \n 68,507\n \n | \n \n \n 0\n \n | \n
| \n \n Net carrying amount as at 31.12.2025\n \n | \n \n \n 1,839,594\n \n | \n \n \n 1,072,550\n \n | \n
In addition, ECL impairments on other financial assets amounting to T\u20ac 3,060 (2024: T\u20ac 3,675) exist as at 31\u00a0December\u00a02025, as well as individual impairments amounting to T\u20ac 227,698 (2024: T\u20ac 234,087) for other non-current financial assets.
The risk provision as at 31\u00a0December\u00a02024 for trade receivables and for contract assets developed as follows during the financial year:
| \n \n T\u20ac\n \n | \n \n \n Trade receivables\n \n | \n \n \n Contract assets\n \n | \n
| \n \n Gross carrying amount as at 31.12.2024\n \n | \n \n \n 1,812,424\n \n | \n \n \n 1,242,468\n \n | \n
| \n \n Lifetime ECL as at 1.1.\n \n | \n \n \n 8,699\n \n | \n \n \n 6,008\n \n | \n
| \n \n Exchange differences/changes in the consolidated group\n \n | \n \n \n -20\n \n | \n \n \n 72\n \n | \n
| \n \n Change due to change in volumes\n \n | \n \n \n 878\n \n | \n \n \n -139\n \n | \n
| \n \n Change due to change in ratings\n \n | \n \n \n -470\n \n | \n \n \n -568\n \n | \n
| \n \n Lifetime ECL as at 31.12.\n \n | \n \n \n 9,087\n \n | \n \n \n 5,373\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Impairment as at 1.1.\n \n | \n \n \n 46,418\n \n | \n \n \n 0\n \n | \n
| \n \n Exchange differences/changes in the consolidated group\n \n | \n \n \n -270\n \n | \n \n \n 0\n \n | \n
| \n \n Added/used\n \n | \n \n \n 11,912\n \n | \n \n \n 0\n \n | \n
| \n \n Impairment as at 31.12.\n \n | \n \n \n 58,060\n \n | \n \n \n 0\n \n | \n
| \n \n Net carrying amount as at 31.12.2024\n \n | \n \n \n 1,745,277\n \n | \n \n \n 1,237,095\n \n | \n
The following shows the gross carrying amounts of the financial assets by risk class for which the expected losses were recognised over the entire remaining term.
The risk classes were determined according to the probabilities of default depending on country risk and creditworthiness of the debtors. Below 0.55% is assumed to be low risk, between 0.55% and 1.2% medium risk and above 1.2% high risk.
The gross carrying amounts for the 2025 financial year are as follows:
| \n \n T\u20ac\n \n | \n \n \n Trade receivables\n \n | \n \n \n Contract assets\n \n | \n
| \n \n Low risk\n \n | \n \n \n 1,113,039\n \n | \n \n \n 791,181\n \n | \n
| \n \n Medium risk\n \n | \n \n \n 771,030\n \n | \n \n \n 274,835\n \n | \n
| \n \n High risk\n \n | \n \n \n 33,636\n \n | \n \n \n 11,017\n \n | \n
| \n \n Gross carrying amount as at 31.12.2025\n \n | \n \n \n 1,917,705\n \n | \n \n \n 1,077,033\n \n | \n
The gross carrying amounts for the 2024 financial year are as follows:
| \n \n T\u20ac\n \n | \n \n \n Trade receivables\n \n | \n \n \n Contract assets\n \n | \n
| \n \n Low risk\n \n | \n \n \n 1,044,006\n \n | \n \n \n 942,150\n \n | \n
| \n \n Medium risk\n \n | \n \n \n 730,572\n \n | \n \n \n 280,388\n \n | \n
| \n \n High risk\n \n | \n \n \n 37,846\n \n | \n \n \n 19,930\n \n | \n
| \n \n Gross carrying amount as at 31.12.2024\n \n | \n \n \n 1,812,424\n \n | \n \n \n 1,242,468\n \n | \n
Liquidity for the STRABAG\u00a0SE Group means not only solvency in the strict sense but also the availability of the necessary financial margin for mainstay business through sufficient aval lines.
To guarantee financial flexibility, liquidity reserves are kept in the form of cash and credit lines for cash and aval loans. The STRABAG\u00a0SE Group keeps bilateral credit lines with banks and syndicated cash and aval credit lines in the amount of \u20ac 0.5 billion (2024: \u20ac 0.4 billion) and \u20ac 2.5 billion (2024: \u20ac 2.0 billion) respectively. The overall line for cash and aval loan amounts to \u20ac 10.5 billion (2024: \u20ac 8.8 billion). The syndicated surety credit line contains covenants which were clearly fulfilled at the reporting date due to the Group\u2019s current financial and liquidity situation.
The STRABAG\u00a0SE Group has sufficient liquidity reserves. Despite the uncertain economic situation, no significant changes in customers\u2019 payment behaviour could be detected. An increase in liquidity risk could not be identified in the 2025 financial year.
In addition to continuous monitoring of the liquidity situation by the Group Treasury, a corporate-wide cash pooling system and strict working capital management at project level are used to manage liquidity risk. Internal allowances and charges as well as regular reporting obligations ensure efficient receivables and accounts payable management at project level. Another liquidity management tool is the regular financial planning based on output, earnings and investment plans.
The following payment obligations\u00a0(interest payments based on interest rate as at 31\u00a0December and redemption) arise from the financial obligations for the subsequent years:
The payment obligations from financial obligations as at 31 December 2025 are comprised as follows:
| \n \n \n \n | \n \n \n Carrying amount\n \n | \n \n \n Cash flows\n \n | \n \n \n Cash flows\n \n | \n \n \n Cash flows\n \n | \n
| \n \n T\u20ac\n \n | \n \n \n 31.12.2025\n \n | \n \n \n 2026\n \n | \n \n \n 2027\u20132030\n \n | \n \n \n after 2030\n \n | \n
| \n \n Bank borrowings\n \n | \n \n \n 460,874\n \n | \n \n \n 178,588\n \n | \n \n \n 108,080\n \n | \n \n \n 254,329\n \n | \n
| \n \n Lease liabilities\n \n | \n \n \n 367,997\n \n | \n \n \n 93,038\n \n | \n \n \n 244,609\n \n | \n \n \n 176,372\n \n | \n
| \n \n Financial obligations\n \n | \n \n \n 828,871\n \n | \n \n \n 271,626\n \n | \n \n \n 352,689\n \n | \n \n \n 430,701\n \n | \n
The trade payables and the other liabilities without derivatives essentially lead to cash outflows in line with the maturity at the amount of the carrying amounts.
The payment obligations from lease liabilities amount to T\u20ac 75,513 for 2027, T\u20ac 65,787 for 2028, T\u20ac 56,854 for 2029 and T\u20ac 46,455 for 2030.
The payment obligations from derivatives as at 31 December 2025\u00a0are comprised as follows:
| \n \n \n \n | \n \n \n Carrying amount\n \n | \n \n \n Cash flows\n \n | \n \n \n Cash flows\n \n | \n
| \n \n T\u20ac\n \n | \n \n \n 31.12.2025\n \n | \n \n \n 2026\n \n | \n \n \n 2027\u20132030\n \n | \n
| \n \n Derivatives held for hedging purposes\n \n | \n \n \n -24,703\n \n | \n \n \n 0\n \n | \n \n \n 1,478\n \n | \n
| \n \n Derivatives other\n \n | \n \n \n 62\n \n | \n \n \n 0\n \n | \n \n \n 62\n \n | \n
| \n \n Derivatives\n \n | \n \n \n -24,641\n \n | \n \n \n 0\n \n | \n \n \n 1,540\n \n | \n
The net balance of T\u20ac -24,641\u00a0includes derivatives held for hedging purposes with a positive market value of\u00a0T\u20ac 26,181\u00a0which do not give rise to any payment obligations.
The payment obligations from financial obligations as at 31 December 2024\u00a0are comprised as follows:
| \n \n \n \n | \n \n \n Carrying amount\n \n | \n \n \n Cash flows\n \n | \n \n \n Cash flows\n \n | \n \n \n Cash flows\n \n | \n
| \n \n T\u20ac\n \n | \n \n \n 31.12.2024\n \n | \n \n \n 2025\n \n | \n \n \n 2026\u20132029\n \n | \n \n \n after 2029\n \n | \n
| \n \n Bank borrowings\n \n | \n \n \n 536,394\n \n | \n \n \n 204,959\n \n | \n \n \n 158,185\n \n | \n \n \n 286,470\n \n | \n
| \n \n Lease liabilities\n \n | \n \n \n 390,874\n \n | \n \n \n 83,978\n \n | \n \n \n 256,101\n \n | \n \n \n 195,174\n \n | \n
| \n \n Financial obligations\n \n | \n \n \n 927,268\n \n | \n \n \n 288,937\n \n | \n \n \n 414,286\n \n | \n \n \n 481,644\n \n | \n
The trade payables and the other liabilities without derivatives essentially lead to cash outflows in line with the maturity at the amount of the carrying amounts.
The payment obligations from lease liabilities amount to T\u20ac 77,532 for 2026, T\u20ac 66,525 for 2027, T\u20ac 58,473 for 2028 and T\u20ac 53,571 for 2029.
The payment obligations from derivatives as at 31 December 2024\u00a0are comprised as follows:
| \n \n \n \n | \n \n \n Carrying amount\n \n | \n \n \n Cash flows\n \n | \n \n \n Cash flows\n \n | \n
| \n \n T\u20ac\n \n | \n \n \n 31.12.2024\n \n | \n \n \n 2025\n \n | \n \n \n 2026\u20132029\n \n | \n
| \n \n Derivatives held for hedging purposes\n \n | \n \n \n -20,913\n \n | \n \n \n 0\n \n | \n \n \n 1,863\n \n | \n
| \n \n Derivatives\n \n | \n \n \n -20,913\n \n | \n \n \n 0\n \n | \n \n \n 1,863\n \n | \n
The net balance of T\u20ac -20,913 includes derivatives held for hedging purposes with a positive market value of T\u20ac 22,776\u00a0which do not give rise to any payment obligations.
STRABAG has issued financial guarantees to banks for the benefit of its own subsidiaries or associates. Based on the loan amount outstanding as at 31\u00a0December\u00a02025, the maximum guarantee amount is T\u20ac 165,683 (2024: T\u20ac 42,738). Theoretically, these abstract guarantees can be utilised at any time, which would lead to a short-term outflow of liquidity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93629-8": { "value": "The STRABAG\u00a0SE Group is subject to credit, market and liquidity risks related to its financial assets, financial liabilities and planned transactions. The goal of financial risk management is to minimise these risks through ongoing financially oriented activities.
The basics of the financial policy are set by the Management Board and monitored by the Supervisory Board. The implementation of the financial policy and responsibility for the risk management are the domain of the group treasury. Certain transactions require prior approval by the Management Board, which is regularly informed as to the scope and amount of the current risk exposure.
The Group assesses concentrations of risk with regard to interest rate risk, currency risk and credit risk as low because customers are located in different countries, belong to different industries and operate in largely independent markets.
The Group\u2019s business activities are subject to market price risks that are customary in the industry. These risks are not hedged through derivatives or financial instruments but through other hedging activities including but not limited to contractual agreements.
Further explanations on risk management can be found in the Group management report from 31\u00a0December\u00a02025.
The receivables from concession arrangements in the amount of T\u20ac 369,570 (2024: T\u20ac 427,630) and the non-current other financial assets in the amount of T\u20ac 342,385 (2024: T\u20ac 336,271) are mostly at fixed interest rates. Bank deposits, on the other hand, are mainly at variable interest rates. Investments with fixed interest rates are concluded for a maximum of three months. The risk of financial instruments on the assets side consists of falling interest rates. The persistently high interest rates in the main countries in which the Group operates are having a positive effect on net interest income due to the Group\u2019s net cash position.
The most important bank borrowings involve non-recourse financing from projects in the amount of T\u20ac 399,453 (2024: T\u20ac 512,571), which are either at fixed interest rates or hedged against interest rate changes by means of interest rate swaps. The risk of the variable interest-bearing financial instruments on the liabilities side consists of rising interest rates on expenses resulting from an unfavourable change in market interest rates.
The interest rate risk is managed by concluding fixed interest rate agreements or through hedging with interest rate swaps for significant financing liabilities. In the case of bank deposits, investments are constantly adjusted to the changed market conditions by continuously monitoring the interest rate environment.
The amount of bank deposits and bank borrowings according to currency \u2013 giving the average interest rate at the balance sheet date \u2013 is represented as follows:
| \n \n Currency\n \n | \n \n \n Carrying amount \n31.12.2025\nT\u20ac\n \n | \n \n \n Weighted average \ninterest rate 2025\n%\n \n | \n
| \n \n EUR\n \n | \n \n \n 3,119,728\n \n | \n \n \n 1.80\n \n | \n
| \n \n PLN\n \n | \n \n \n 306,088\n \n | \n \n \n 2.89\n \n | \n
| \n \n CZK\n \n | \n \n \n 231,920\n \n | \n \n \n 2.18\n \n | \n
| \n \n HUF\n \n | \n \n \n 178,329\n \n | \n \n \n 6.26\n \n | \n
| \n \n AUD\n \n | \n \n \n 100,040\n \n | \n \n \n 3.42\n \n | \n
| \n \n Other, each below \u20ac 100 million\n \n | \n \n \n 386,462\n \n | \n \n \n 2.54\n \n | \n
| \n \n Total\n \n | \n \n \n 4,322,567\n \n | \n \n \n 2.18\n \n | \n
| \n \n Currency\n \n | \n \n \n Carrying amount \n31.12.2024\nT\u20ac\n \n | \n \n \n Weighted average \ninterest rate 2024\n%\n \n | \n
| \n \n EUR\n \n | \n \n \n 2,688,639\n \n | \n \n \n 2.68\n \n | \n
| \n \n PLN\n \n | \n \n \n 275,251\n \n | \n \n \n 4.54\n \n | \n
| \n \n CZK\n \n | \n \n \n 251,791\n \n | \n \n \n 2.58\n \n | \n
| \n \n GBP\n \n | \n \n \n 137,470\n \n | \n \n \n 4.27\n \n | \n
| \n \n HUF\n \n | \n \n \n 132,986\n \n | \n \n \n 5.92\n \n | \n
| \n \n Other, each below \u20ac 100 million\n \n | \n \n \n 236,914\n \n | \n \n \n 1.83\n \n | \n
| \n \n Total\n \n | \n \n \n 3,723,051\n \n | \n \n \n 2.93\n \n | \n
| \n \n Currency\n \n | \n \n \n Carrying amount \n31.12.2025\nT\u20ac\n \n | \n \n \n Weighted average \ninterest rate 2025\n%\n \n | \n
| \n \n EUR\n \n | \n \n \n 358,895\n \n | \n \n \n 2.81\n \n | \n
| \n \n CAD\n \n | \n \n \n 89,390\n \n | \n \n \n 4.69\n \n | \n
| \n \n Other, each below \u20ac 50 million\n \n | \n \n \n 12,589\n \n | \n \n \n 5.21\n \n | \n
| \n \n Total\n \n | \n \n \n 460,874\n \n | \n \n \n 3.24\n \n | \n
| \n \n Currency\n \n | \n \n \n Carrying amount \n31.12.2024\nT\u20ac\n \n | \n \n \n Weighted average \ninterest rate 2024\n%\n \n | \n
| \n \n EUR\n \n | \n \n \n 349,439\n \n | \n \n \n 3.33\n \n | \n
| \n \n CAD\n \n | \n \n \n 186,955\n \n | \n \n \n 5.18\n \n | \n
| \n \n Total\n \n | \n \n \n 536,394\n \n | \n \n \n 3.98\n \n | \n
Had the interest rate level at 31\u00a0December\u00a02025 been higher by 100 basis points, then the EBT would have been higher by T\u20ac 37,572 (2024: T\u20ac 30,520) and the equity at 31\u00a0December\u00a02025 would have been higher by T\u20ac 51,799 (2024: T\u20ac 48,082). Had the interest rate level been lower by 100 basis points, this would have meant a correspondingly lower equity and EBT. The calculation is made based on the level of interest-bearing financial assets and liabilities as at 31\u00a0December. Tax effects from interest rate changes were not considered.
Due to the decentralised structure of the Group, characterised by local companies in the respective countries, mainly closed currency positions appear in the balance sheet. Receivables and liabilities from business activities mainly offset each other in the same currency.
Internal hedging is performed for construction contracts where there are no closed currency positions (e.g. construction contracts that are not concluded in functional currency). As part of corporate-wide treasury management, these positions are then combined, and external hedging is performed if necessary.
The internal financing of companies within the Group using different functional currencies resulted in an earnings-relevant currency risk. Derivative financial instruments are transacted to limit this risk. The market values of these hedging transactions are recognised in profit or loss in the income statement. The hedging transactions are reported under other financial assets or other financial liabilities. As at 31 December 2025, as in the prior year, the Group had no hedging transactions in place to hedge foreign currency risks.
In addition to the bank deposits and bank borrowings in foreign currencies (see \u201cInterest rate risk\u201d), the other non-current financial assets still include carrying amounts of T\u20ac 58,853 (2024: T\u20ac 38,917) in foreign currencies.
Development of the important currencies in the Group:
| \n \n Currency\n \n | \n \n \n Closing rate \n31.12.2025: 1 \u20ac =\n \n | \n \n \n Average rate\n2025: 1 \u20ac =\n \n | \n \n \n Closing rate \n31.12.2024: 1 \u20ac =\n \n | \n \n \n Average rate\n2024: 1 \u20ac =\n \n | \n
| \n \n AUD\n \n | \n \n \n 1.7581\n \n | \n \n \n 1.7484\n \n | \n \n \n 1.6772\n \n | \n \n \n 1.6424\n \n | \n
| \n \n CAD\n \n | \n \n \n 1.6088\n \n | \n \n \n 1.5744\n \n | \n \n \n 1.4948\n \n | \n \n \n 1.4820\n \n | \n
| \n \n CHF\n \n | \n \n \n 0.9314\n \n | \n \n \n 0.9370\n \n | \n \n \n 0.9412\n \n | \n \n \n 0.9513\n \n | \n
| \n \n CLP\n \n | \n \n \n 1,070.7200\n \n | \n \n \n 1,072.0238\n \n | \n \n \n 1,033.5700\n \n | \n \n \n 1,021.8108\n \n | \n
| \n \n CZK\n \n | \n \n \n 24.2370\n \n | \n \n \n 24.6947\n \n | \n \n \n 25.1850\n \n | \n \n \n 25.1228\n \n | \n
| \n \n GBP\n \n | \n \n \n 0.8726\n \n | \n \n \n 0.8546\n \n | \n \n \n 0.8292\n \n | \n \n \n 0.8469\n \n | \n
| \n \n HUF\n \n | \n \n \n 385.1500\n \n | \n \n \n 397.7285\n \n | \n \n \n 411.3500\n \n | \n \n \n 395.9708\n \n | \n
| \n \n PLN\n \n | \n \n \n 4.2210\n \n | \n \n \n 4.2396\n \n | \n \n \n 4.2750\n \n | \n \n \n 4.3050\n \n | \n
| \n \n RON\n \n | \n \n \n 5.0968\n \n | \n \n \n 5.0404\n \n | \n \n \n 4.9743\n \n | \n \n \n 4.9753\n \n | \n
The following table shows the hypothetical changes in EBT and equity if the euro had been appreciated or depreciated by 10% in relation to another currency in the year 2025:
| \n \n \n \n | \n \n \n Appreciation of the euro by 10%\n \n | \n \n \n Depreciation of the euro by 10%\n \n | \n ||
| \n \n T\u20ac\nCurrency\n \n | \n \n \n Change in EBT\n \n | \n \n \n Change in equity\n \n | \n \n \n Change in EBT\n \n | \n \n \n Change in equity\n \n | \n
| \n \n AUD\n \n | \n \n \n -1,073\n \n | \n \n \n -7,740\n \n | \n \n \n 1,311\n \n | \n \n \n 9,460\n \n | \n
| \n \n CHF\n \n | \n \n \n -1,282\n \n | \n \n \n -12,994\n \n | \n \n \n 1,566\n \n | \n \n \n 15,882\n \n | \n
| \n \n CZK\n \n | \n \n \n 7,096\n \n | \n \n \n 8,914\n \n | \n \n \n -8,673\n \n | \n \n \n -10,895\n \n | \n
| \n \n GBP\n \n | \n \n \n 16,592\n \n | \n \n \n 16,592\n \n | \n \n \n -20,279\n \n | \n \n \n -20,279\n \n | \n
| \n \n HUF\n \n | \n \n \n 1,875\n \n | \n \n \n 4,748\n \n | \n \n \n -2,292\n \n | \n \n \n -5,803\n \n | \n
| \n \n PLN\n \n | \n \n \n 772\n \n | \n \n \n 772\n \n | \n \n \n -943\n \n | \n \n \n -943\n \n | \n
| \n \n Other\n \n | \n \n \n -21,896\n \n | \n \n \n -21,896\n \n | \n \n \n 26,762\n \n | \n \n \n 26,762\n \n | \n
The following table shows the hypothetical changes in EBT and equity if the euro had been appreciated or depreciated by 10% in relation to another currency in the year\u00a02024:
| \n \n \n \n | \n \n \n Appreciation of the euro by 10%\n \n | \n \n \n Depreciation of the euro by 10%\n \n | \n ||
| \n \n T\u20ac\nCurrency\n \n | \n \n \n Change in EBT\n \n | \n \n \n Change in equity\n \n | \n \n \n Change in EBT\n \n | \n \n \n Change in equity\n \n | \n
| \n \n CHF\n \n | \n \n \n -1,490\n \n | \n \n \n -10,183\n \n | \n \n \n 1,821\n \n | \n \n \n 12,446\n \n | \n
| \n \n CZK\n \n | \n \n \n 2,071\n \n | \n \n \n 3,889\n \n | \n \n \n -2,531\n \n | \n \n \n -4,753\n \n | \n
| \n \n GBP\n \n | \n \n \n 14,770\n \n | \n \n \n 14,770\n \n | \n \n \n -18,052\n \n | \n \n \n -18,052\n \n | \n
| \n \n HUF\n \n | \n \n \n -2,044\n \n | \n \n \n 5,375\n \n | \n \n \n 2,498\n \n | \n \n \n -6,569\n \n | \n
| \n \n PLN\n \n | \n \n \n 10,906\n \n | \n \n \n 3,633\n \n | \n \n \n -13,329\n \n | \n \n \n -4,440\n \n | \n
| \n \n Other\n \n | \n \n \n -23,583\n \n | \n \n \n -23,583\n \n | \n \n \n 28,824\n \n | \n \n \n 28,824\n \n | \n
The calculation is based on original and derivative foreign currency holdings in non-functional currency as at 31\u00a0December as well as underlying transactions for the next twelve months. The effect on tax resulting from changes in currency exchange rates was not taken into consideration. Currency effects from net investments in foreign operations are recognised in the change in equity. Currency differences recognised directly in equity from the translation of the different functional currencies into euros are not taken into account.
\n Currency risks\u00a0in the Group result when the currency of the order differs from the functional currency of the company. The planned proceeds are received in the currency of the order (for example, euro or US dollar), while a substantial part of the associated costs is incurred in the local currency.
The Group uses foreign exchange forwards to hedge against this risk. These contracts are classified as hedges against future payments and are presented as cash flow hedges. As in the previous year, there were no currency hedging instruments to be recognised as cash flow hedges in the 2025 financial year.
To hedge against variable interest rate obligations, interest rate swaps are used especially with financing obligations from concession arrangements. This serves to hedge the variability of future cash flows from variable interest rate payments. Interest rate swaps are presented as cash flow hedges. These involve derivatives that are settled net.
The Group determines the existence of an economic relationship between the hedging instrument and the hedged item for the purpose of assessing the effectiveness of the hedge based on the interest rate benchmarks, terms, repricing dates and maturities of the nominal amounts.
The amounts of the hedged items as at 31\u00a0December\u00a02025 are as follows:
| \n \n T\u20ac\nHedged item\n \n | \n \n \n Value changes in the basis for effectiveness measurement\n \n | \n \n \n Hedging reserves\n \n | \n
| \n \n Interest rate risk\n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Interest EGLINTON\n \n | \n \n \n -99\n \n | \n \n \n -1,478\n \n | \n
| \n \n Interest PANSUEVIA\n \n | \n \n \n -6,807\n \n | \n \n \n 20,373\n \n | \n
| \n \n Total\n \n | \n \n \n -6,906\n \n | \n \n \n 18,895\n \n | \n
The amounts of the hedged items as at 31\u00a0December\u00a02024 are as follows:
| \n \n T\u20ac\nHedged item\n \n | \n \n \n Value changes in the basis for effectiveness measurement\n \n | \n \n \n Hedging\n reserves\n \n | \n
| \n \n Interest rate risk\n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Interest EGLINTON\n \n | \n \n \n 1,473\n \n | \n \n \n -1,863\n \n | \n
| \n \n Interest PANSUEVIA\n \n | \n \n \n -2,193\n \n | \n \n \n 16,538\n \n | \n
| \n \n Total\n \n | \n \n \n -720\n \n | \n \n \n 14,675\n \n | \n
The hedging instruments as at 31\u00a0December\u00a02025 were comprised as follows:
| \n \n T\u20ac\nHedge\n \n | \n \n \n Nominal value\n \n | \n \n \n Carrying amount\n \n | \n \n \n Balance sheet \nitem where \nthe hedge is \npresented\n \n | \n \n \n OCI change in value of the hedge\n \n | \n \n \n Recycling amount from hedging reserves\n \n | \n \n \n P&L item where the recycling amount is recognised\n \n | \n
| \n \n Interest rate risk\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Interest rate swaps EGLINTON\n \n | \n \n \n 39,921\n \n | \n \n \n -1,478\n \n | \n \n \n Other financial liabilities\n \n | \n \n \n 99\n \n | \n \n \n 285\n \n | \n \n \n Interest expense\n \n | \n
| \n \n Interest rate swaps PANSUEVIA\n \n | \n \n \n 208,023\n \n | \n \n \n 26,181\n \n | \n \n \n Other financial assets\n \n | \n \n \n 6,807\n \n | \n \n \n -2,971\n \n | \n \n \n Other operating expense\n \n | \n
| \n \n Total\n \n | \n \n \n 247,944\n \n | \n \n \n 24,703\n \n | \n \n \n \n \n | \n \n \n 6,906\n \n | \n \n \n -2,686\n \n | \n \n \n \n \n | \n
Possible sources of ineffectiveness in these hedging relationships include:
the effect of counterparty and own credit risk on the fair value of derivatives, which is not reflected in the change in the fair value of the hedged cash flows, and is attributable to interest rates changes differences in the repricing dates of the hedging instrument and the underlying transactions changes in the expected value of the cash flows from the underlying transaction being hedged and from the hedging instrumentIn the 2025 financial year, as in the previous year, there were no instances of ineffectiveness in relation to the existing interest rate swaps.
The hedging instruments as at 31\u00a0December\u00a02024 were comprised as follows:
| \n \n T\u20ac\nHedge\n \n | \n \n \n Nominal value\n \n | \n \n \n Carrying amount\n \n | \n \n \n Balance sheet \nitem where \nthe hedge is \npresented\n \n | \n \n \n OCI change in value of the hedge\n \n | \n \n \n Recycling amount from hedging reserves\n \n | \n \n \n P&L item where the recycling amount is recognised\n \n | \n
| \n \n Interest rate risk\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Interest rate swap AKA\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n Receivables from concession arrangements\n \n | \n \n \n 0\n \n | \n \n \n 116\n \n | \n \n \n Other operating expense\n \n | \n
| \n \n Interest rate swaps EGLINTON\n \n | \n \n \n 37,558\n \n | \n \n \n -1,863\n \n | \n \n \n Other financial liabilities\n \n | \n \n \n -1,473\n \n | \n \n \n -390\n \n | \n \n \n Interest expense\n \n | \n
| \n \n Interest rate swaps PANSUEVIA\n \n | \n \n \n 218,453\n \n | \n \n \n 22,776\n \n | \n \n \n Other financial assets\n \n | \n \n \n 2,193\n \n | \n \n \n -6,465\n \n | \n \n \n Other operating expense\n \n | \n
| \n \n Interest rate swaps Scarborough\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n Other financial assets\n \n | \n \n \n 0\n \n | \n \n \n -6,934\n \n | \n \n \n Interest expense\n \n | \n
| \n \n Total\n \n | \n \n \n 256,011\n \n | \n \n \n 20,913\n \n | \n \n \n \n \n | \n \n \n 720\n \n | \n \n \n -13,673\n \n | \n \n \n \n \n | \n
On 31\u00a0December\u00a02025, the Group held the following instruments for the purpose of hedging interest rate fluctuation:
| \n \n \n \n | \n \n \n Maturity\n \n | \n ||
| \n \n \n \n | \n \n \n 1\u20136 months\n \n | \n \n \n 6\u201312 months\n \n | \n \n \n > 1 year\n \n | \n
| \n \n Interest rate swap\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Nominal amount in T\u20ac\n \n | \n \n \n 5,468\n \n | \n \n \n 5,688\n \n | \n \n \n 236,788\n \n | \n
| \n \n Average fixed interest rate (%)\n \n | \n \n \n 0.90\n \n | \n \n \n 0.90\n \n | \n \n \n 1.38\n \n | \n
On 31\u00a0December\u00a02024, the Group held the following instruments for the purpose of hedging interest rate fluctuation:
| \n \n \n \n | \n \n \n Maturity\n \n | \n ||
| \n \n \n \n | \n \n \n 1\u20136 months\n \n | \n \n \n 6\u201312 months\n \n | \n \n \n > 1 year\n \n | \n
| \n \n Interest rate swap\n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Nominal amount in T\u20ac\n \n | \n \n \n 5,145\n \n | \n \n \n 5,285\n \n | \n \n \n 245,581\n \n | \n
| \n \n Average fixed interest rate (%)\n \n | \n \n \n 0.90\n \n | \n \n \n 0.90\n \n | \n \n \n 1.34\n \n | \n
The reconciliation of the equity components as at 31\u00a0December\u00a02025 is as follows:
| \n \n T\u20ac\n \n | \n \n \n Hedging reserves\n \n | \n
| \n \n As at 1.1.\n \n | \n \n \n -8,657\n \n | \n
| \n \n Fair value changes\n \n | \n \n \n \n \n | \n
| \n \n Interest rate risk\n \n | \n \n \n 6,906\n \n | \n
| \n \n Recycling\n \n | \n \n \n \n \n | \n
| \n \n Interest rate risk\n \n | \n \n \n -2,686\n \n | \n
| \n \n Deferred tax\n \n | \n \n \n \n \n | \n
| \n \n Interest rate risk\n \n | \n \n \n -209\n \n | \n
| \n \n Change in hedging reserves from equity-accounted investments\n \n | \n \n \n -9,212\n \n | \n
| \n \n As at 31.12.\n \n | \n \n \n -13,858\n \n | \n
The reconciliation of the equity components as at 31\u00a0December\u00a02024 is as follows:
| \n \n T\u20ac\n \n | \n \n \n Hedging reserves\n \n | \n
| \n \n As at 1.1.\n \n | \n \n \n -115\n \n | \n
| \n \n Fair value changes\n \n | \n \n \n \n \n | \n
| \n \n Interest rate risk\n \n | \n \n \n 720\n \n | \n
| \n \n Recycling\n \n | \n \n \n \n \n | \n
| \n \n Interest rate risk\n \n | \n \n \n -13,673\n \n | \n
| \n \n Deferred tax\n \n | \n \n \n \n \n | \n
| \n \n Interest rate risk\n \n | \n \n \n 3,638\n \n | \n
| \n \n Change in hedging reserves from equity-accounted investments\n \n | \n \n \n 773\n \n | \n
| \n \n As at 31.12.\n \n | \n \n \n -8,657\n \n | \n
Credit risks arise when contractual parties do not meet their payment obligations by the date of settlement. Such risks exist with regard to payments of receivables from the operating business. To manage the credit risk from the operating business, STRABAG established a credit risk management system in line with the market conditions and customers. In particular, due to the economic uncertainties, loans to and receivables from private clients are being monitored even more closely than in the past.
The maximum credit risk of trade receivables, contract assets and other financial assets corresponds to the carrying amounts presented in the balance sheet.
The risk for receivables from clients can be rated as low due to the wide dispersion, a constant creditworthiness check and the presence of the public sector as an important client. The performance of work for private customers is largely secured by ongoing partial payments.
The risk of default for other primary financial instruments shown on the assets side can also be regarded as low, as the contract partners are mainly financial institutions with the highest level of creditworthiness or the public sector and/or there is wide dispersion. In the case of other non-current financial assets, ongoing creditworthiness checks are also carried out individually on the basis of expected future cash flows.
\n STRABAG\u00a0SE holds no non-financial assets as security collateral. Financial collateral is only of minor importance, as the large number of public-sector customers presents hardly any payment risk.
Impairments on trade receivables and on contract assets are determined using the simplified approach. The impairments are determined taking into consideration the country-specific risks and the creditworthiness of the customers. For public clients, the probability of default for any country is based on Moody\u2019s national scale ratings for that country, while for private clients in the country in question, the probability of default is assumed to be two rating levels higher.
Impairments, considered individually, are also made on financial assets if the carrying amount of the financial asset is higher than the present value of the future cash flows. This can be triggered by financial difficulties, insolvency of the client, breach of contract or significant default of payment. These impairments are composed of many individual items.
The risk provision as at 31\u00a0December\u00a02025 for trade receivables and for contract assets developed as follows during the financial year:
| \n \n T\u20ac\n \n | \n \n \n Trade receivables\n \n | \n \n \n Contract assets\n \n | \n
| \n \n Gross carrying amount as at 31.12.2025\n \n | \n \n \n 1,917,705\n \n | \n \n \n 1,077,033\n \n | \n
| \n \n Lifetime ECL as at 1.1.\n \n | \n \n \n 9,087\n \n | \n \n \n 5,373\n \n | \n
| \n \n Exchange differences/changes in the consolidated group\n \n | \n \n \n 323\n \n | \n \n \n 25\n \n | \n
| \n \n Change due to change in volumes\n \n | \n \n \n 893\n \n | \n \n \n -1,096\n \n | \n
| \n \n Change due to change in ratings\n \n | \n \n \n -699\n \n | \n \n \n 181\n \n | \n
| \n \n Lifetime ECL as at 31.12.\n \n | \n \n \n 9,604\n \n | \n \n \n 4,483\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Impairment as at 1.1.\n \n | \n \n \n 58,060\n \n | \n \n \n 0\n \n | \n
| \n \n Exchange differences/changes in the consolidated group\n \n | \n \n \n -552\n \n | \n \n \n 0\n \n | \n
| \n \n Added/used\n \n | \n \n \n 10,999\n \n | \n \n \n 0\n \n | \n
| \n \n Impairment as at 31.12.\n \n | \n \n \n 68,507\n \n | \n \n \n 0\n \n | \n
| \n \n Net carrying amount as at 31.12.2025\n \n | \n \n \n 1,839,594\n \n | \n \n \n 1,072,550\n \n | \n
In addition, ECL impairments on other financial assets amounting to T\u20ac 3,060 (2024: T\u20ac 3,675) exist as at 31\u00a0December\u00a02025, as well as individual impairments amounting to T\u20ac 227,698 (2024: T\u20ac 234,087) for other non-current financial assets.
The risk provision as at 31\u00a0December\u00a02024 for trade receivables and for contract assets developed as follows during the financial year:
| \n \n T\u20ac\n \n | \n \n \n Trade receivables\n \n | \n \n \n Contract assets\n \n | \n
| \n \n Gross carrying amount as at 31.12.2024\n \n | \n \n \n 1,812,424\n \n | \n \n \n 1,242,468\n \n | \n
| \n \n Lifetime ECL as at 1.1.\n \n | \n \n \n 8,699\n \n | \n \n \n 6,008\n \n | \n
| \n \n Exchange differences/changes in the consolidated group\n \n | \n \n \n -20\n \n | \n \n \n 72\n \n | \n
| \n \n Change due to change in volumes\n \n | \n \n \n 878\n \n | \n \n \n -139\n \n | \n
| \n \n Change due to change in ratings\n \n | \n \n \n -470\n \n | \n \n \n -568\n \n | \n
| \n \n Lifetime ECL as at 31.12.\n \n | \n \n \n 9,087\n \n | \n \n \n 5,373\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Impairment as at 1.1.\n \n | \n \n \n 46,418\n \n | \n \n \n 0\n \n | \n
| \n \n Exchange differences/changes in the consolidated group\n \n | \n \n \n -270\n \n | \n \n \n 0\n \n | \n
| \n \n Added/used\n \n | \n \n \n 11,912\n \n | \n \n \n 0\n \n | \n
| \n \n Impairment as at 31.12.\n \n | \n \n \n 58,060\n \n | \n \n \n 0\n \n | \n
| \n \n Net carrying amount as at 31.12.2024\n \n | \n \n \n 1,745,277\n \n | \n \n \n 1,237,095\n \n | \n
The following shows the gross carrying amounts of the financial assets by risk class for which the expected losses were recognised over the entire remaining term.
The risk classes were determined according to the probabilities of default depending on country risk and creditworthiness of the debtors. Below 0.55% is assumed to be low risk, between 0.55% and 1.2% medium risk and above 1.2% high risk.
The gross carrying amounts for the 2025 financial year are as follows:
| \n \n T\u20ac\n \n | \n \n \n Trade receivables\n \n | \n \n \n Contract assets\n \n | \n
| \n \n Low risk\n \n | \n \n \n 1,113,039\n \n | \n \n \n 791,181\n \n | \n
| \n \n Medium risk\n \n | \n \n \n 771,030\n \n | \n \n \n 274,835\n \n | \n
| \n \n High risk\n \n | \n \n \n 33,636\n \n | \n \n \n 11,017\n \n | \n
| \n \n Gross carrying amount as at 31.12.2025\n \n | \n \n \n 1,917,705\n \n | \n \n \n 1,077,033\n \n | \n
The gross carrying amounts for the 2024 financial year are as follows:
| \n \n T\u20ac\n \n | \n \n \n Trade receivables\n \n | \n \n \n Contract assets\n \n | \n
| \n \n Low risk\n \n | \n \n \n 1,044,006\n \n | \n \n \n 942,150\n \n | \n
| \n \n Medium risk\n \n | \n \n \n 730,572\n \n | \n \n \n 280,388\n \n | \n
| \n \n High risk\n \n | \n \n \n 37,846\n \n | \n \n \n 19,930\n \n | \n
| \n \n Gross carrying amount as at 31.12.2024\n \n | \n \n \n 1,812,424\n \n | \n \n \n 1,242,468\n \n | \n
The amount of bank deposits and bank borrowings according to currency \u2013 giving the average interest rate at the balance sheet date \u2013 is represented as follows:
| \n \n Currency\n \n | \n \n \n Carrying amount \n31.12.2025\nT\u20ac\n \n | \n \n \n Weighted average \ninterest rate 2025\n%\n \n | \n
| \n \n EUR\n \n | \n \n \n 3,119,728\n \n | \n \n \n 1.80\n \n | \n
| \n \n PLN\n \n | \n \n \n 306,088\n \n | \n \n \n 2.89\n \n | \n
| \n \n CZK\n \n | \n \n \n 231,920\n \n | \n \n \n 2.18\n \n | \n
| \n \n HUF\n \n | \n \n \n 178,329\n \n | \n \n \n 6.26\n \n | \n
| \n \n AUD\n \n | \n \n \n 100,040\n \n | \n \n \n 3.42\n \n | \n
| \n \n Other, each below \u20ac 100 million\n \n | \n \n \n 386,462\n \n | \n \n \n 2.54\n \n | \n
| \n \n Total\n \n | \n \n \n 4,322,567\n \n | \n \n \n 2.18\n \n | \n
| \n \n Currency\n \n | \n \n \n Carrying amount \n31.12.2024\nT\u20ac\n \n | \n \n \n Weighted average \ninterest rate 2024\n%\n \n | \n
| \n \n EUR\n \n | \n \n \n 2,688,639\n \n | \n \n \n 2.68\n \n | \n
| \n \n PLN\n \n | \n \n \n 275,251\n \n | \n \n \n 4.54\n \n | \n
| \n \n CZK\n \n | \n \n \n 251,791\n \n | \n \n \n 2.58\n \n | \n
| \n \n GBP\n \n | \n \n \n 137,470\n \n | \n \n \n 4.27\n \n | \n
| \n \n HUF\n \n | \n \n \n 132,986\n \n | \n \n \n 5.92\n \n | \n
| \n \n Other, each below \u20ac 100 million\n \n | \n \n \n 236,914\n \n | \n \n \n 1.83\n \n | \n
| \n \n Total\n \n | \n \n \n 3,723,051\n \n | \n \n \n 2.93\n \n | \n
Credit risks arise when contractual parties do not meet their payment obligations by the date of settlement. Such risks exist with regard to payments of receivables from the operating business. To manage the credit risk from the operating business, STRABAG established a credit risk management system in line with the market conditions and customers. In particular, due to the economic uncertainties, loans to and receivables from private clients are being monitored even more closely than in the past.
The maximum credit risk of trade receivables, contract assets and other financial assets corresponds to the carrying amounts presented in the balance sheet.
The risk for receivables from clients can be rated as low due to the wide dispersion, a constant creditworthiness check and the presence of the public sector as an important client. The performance of work for private customers is largely secured by ongoing partial payments.
The risk of default for other primary financial instruments shown on the assets side can also be regarded as low, as the contract partners are mainly financial institutions with the highest level of creditworthiness or the public sector and/or there is wide dispersion. In the case of other non-current financial assets, ongoing creditworthiness checks are also carried out individually on the basis of expected future cash flows.
\n STRABAG\u00a0SE holds no non-financial assets as security collateral. Financial collateral is only of minor importance, as the large number of public-sector customers presents hardly any payment risk.
Impairments on trade receivables and on contract assets are determined using the simplified approach. The impairments are determined taking into consideration the country-specific risks and the creditworthiness of the customers. For public clients, the probability of default for any country is based on Moody\u2019s national scale ratings for that country, while for private clients in the country in question, the probability of default is assumed to be two rating levels higher.
Impairments, considered individually, are also made on financial assets if the carrying amount of the financial asset is higher than the present value of the future cash flows. This can be triggered by financial difficulties, insolvency of the client, breach of contract or significant default of payment. These impairments are composed of many individual items.
The risk provision as at 31\u00a0December\u00a02025 for trade receivables and for contract assets developed as follows during the financial year:
| \n \n T\u20ac\n \n | \n \n \n Trade receivables\n \n | \n \n \n Contract assets\n \n | \n
| \n \n Gross carrying amount as at 31.12.2025\n \n | \n \n \n 1,917,705\n \n | \n \n \n 1,077,033\n \n | \n
| \n \n Lifetime ECL as at 1.1.\n \n | \n \n \n 9,087\n \n | \n \n \n 5,373\n \n | \n
| \n \n Exchange differences/changes in the consolidated group\n \n | \n \n \n 323\n \n | \n \n \n 25\n \n | \n
| \n \n Change due to change in volumes\n \n | \n \n \n 893\n \n | \n \n \n -1,096\n \n | \n
| \n \n Change due to change in ratings\n \n | \n \n \n -699\n \n | \n \n \n 181\n \n | \n
| \n \n Lifetime ECL as at 31.12.\n \n | \n \n \n 9,604\n \n | \n \n \n 4,483\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Impairment as at 1.1.\n \n | \n \n \n 58,060\n \n | \n \n \n 0\n \n | \n
| \n \n Exchange differences/changes in the consolidated group\n \n | \n \n \n -552\n \n | \n \n \n 0\n \n | \n
| \n \n Added/used\n \n | \n \n \n 10,999\n \n | \n \n \n 0\n \n | \n
| \n \n Impairment as at 31.12.\n \n | \n \n \n 68,507\n \n | \n \n \n 0\n \n | \n
| \n \n Net carrying amount as at 31.12.2025\n \n | \n \n \n 1,839,594\n \n | \n \n \n 1,072,550\n \n | \n
In addition, ECL impairments on other financial assets amounting to T\u20ac 3,060 (2024: T\u20ac 3,675) exist as at 31\u00a0December\u00a02025, as well as individual impairments amounting to T\u20ac 227,698 (2024: T\u20ac 234,087) for other non-current financial assets.
The risk provision as at 31\u00a0December\u00a02024 for trade receivables and for contract assets developed as follows during the financial year:
| \n \n T\u20ac\n \n | \n \n \n Trade receivables\n \n | \n \n \n Contract assets\n \n | \n
| \n \n Gross carrying amount as at 31.12.2024\n \n | \n \n \n 1,812,424\n \n | \n \n \n 1,242,468\n \n | \n
| \n \n Lifetime ECL as at 1.1.\n \n | \n \n \n 8,699\n \n | \n \n \n 6,008\n \n | \n
| \n \n Exchange differences/changes in the consolidated group\n \n | \n \n \n -20\n \n | \n \n \n 72\n \n | \n
| \n \n Change due to change in volumes\n \n | \n \n \n 878\n \n | \n \n \n -139\n \n | \n
| \n \n Change due to change in ratings\n \n | \n \n \n -470\n \n | \n \n \n -568\n \n | \n
| \n \n Lifetime ECL as at 31.12.\n \n | \n \n \n 9,087\n \n | \n \n \n 5,373\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Impairment as at 1.1.\n \n | \n \n \n 46,418\n \n | \n \n \n 0\n \n | \n
| \n \n Exchange differences/changes in the consolidated group\n \n | \n \n \n -270\n \n | \n \n \n 0\n \n | \n
| \n \n Added/used\n \n | \n \n \n 11,912\n \n | \n \n \n 0\n \n | \n
| \n \n Impairment as at 31.12.\n \n | \n \n \n 58,060\n \n | \n \n \n 0\n \n | \n
| \n \n Net carrying amount as at 31.12.2024\n \n | \n \n \n 1,745,277\n \n | \n \n \n 1,237,095\n \n | \n
The following shows the gross carrying amounts of the financial assets by risk class for which the expected losses were recognised over the entire remaining term.
The risk classes were determined according to the probabilities of default depending on country risk and creditworthiness of the debtors. Below 0.55% is assumed to be low risk, between 0.55% and 1.2% medium risk and above 1.2% high risk.
The gross carrying amounts for the 2025 financial year are as follows:
| \n \n T\u20ac\n \n | \n \n \n Trade receivables\n \n | \n \n \n Contract assets\n \n | \n
| \n \n Low risk\n \n | \n \n \n 1,113,039\n \n | \n \n \n 791,181\n \n | \n
| \n \n Medium risk\n \n | \n \n \n 771,030\n \n | \n \n \n 274,835\n \n | \n
| \n \n High risk\n \n | \n \n \n 33,636\n \n | \n \n \n 11,017\n \n | \n
| \n \n Gross carrying amount as at 31.12.2025\n \n | \n \n \n 1,917,705\n \n | \n \n \n 1,077,033\n \n | \n
The gross carrying amounts for the 2024 financial year are as follows:
| \n \n T\u20ac\n \n | \n \n \n Trade receivables\n \n | \n \n \n Contract assets\n \n | \n
| \n \n Low risk\n \n | \n \n \n 1,044,006\n \n | \n \n \n 942,150\n \n | \n
| \n \n Medium risk\n \n | \n \n \n 730,572\n \n | \n \n \n 280,388\n \n | \n
| \n \n High risk\n \n | \n \n \n 37,846\n \n | \n \n \n 19,930\n \n | \n
| \n \n Gross carrying amount as at 31.12.2024\n \n | \n \n \n 1,812,424\n \n | \n \n \n 1,242,468\n \n | \n
The risk provision as at 31\u00a0December\u00a02025 for trade receivables and for contract assets developed as follows during the financial year:
| \n \n T\u20ac\n \n | \n \n \n Trade receivables\n \n | \n \n \n Contract assets\n \n | \n
| \n \n Gross carrying amount as at 31.12.2025\n \n | \n \n \n 1,917,705\n \n | \n \n \n 1,077,033\n \n | \n
| \n \n Lifetime ECL as at 1.1.\n \n | \n \n \n 9,087\n \n | \n \n \n 5,373\n \n | \n
| \n \n Exchange differences/changes in the consolidated group\n \n | \n \n \n 323\n \n | \n \n \n 25\n \n | \n
| \n \n Change due to change in volumes\n \n | \n \n \n 893\n \n | \n \n \n -1,096\n \n | \n
| \n \n Change due to change in ratings\n \n | \n \n \n -699\n \n | \n \n \n 181\n \n | \n
| \n \n Lifetime ECL as at 31.12.\n \n | \n \n \n 9,604\n \n | \n \n \n 4,483\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Impairment as at 1.1.\n \n | \n \n \n 58,060\n \n | \n \n \n 0\n \n | \n
| \n \n Exchange differences/changes in the consolidated group\n \n | \n \n \n -552\n \n | \n \n \n 0\n \n | \n
| \n \n Added/used\n \n | \n \n \n 10,999\n \n | \n \n \n 0\n \n | \n
| \n \n Impairment as at 31.12.\n \n | \n \n \n 68,507\n \n | \n \n \n 0\n \n | \n
| \n \n Net carrying amount as at 31.12.2025\n \n | \n \n \n 1,839,594\n \n | \n \n \n 1,072,550\n \n | \n
In addition, ECL impairments on other financial assets amounting to T\u20ac 3,060 (2024: T\u20ac 3,675) exist as at 31\u00a0December\u00a02025, as well as individual impairments amounting to T\u20ac 227,698 (2024: T\u20ac 234,087) for other non-current financial assets.
The risk provision as at 31\u00a0December\u00a02024 for trade receivables and for contract assets developed as follows during the financial year:
| \n \n T\u20ac\n \n | \n \n \n Trade receivables\n \n | \n \n \n Contract assets\n \n | \n
| \n \n Gross carrying amount as at 31.12.2024\n \n | \n \n \n 1,812,424\n \n | \n \n \n 1,242,468\n \n | \n
| \n \n Lifetime ECL as at 1.1.\n \n | \n \n \n 8,699\n \n | \n \n \n 6,008\n \n | \n
| \n \n Exchange differences/changes in the consolidated group\n \n | \n \n \n -20\n \n | \n \n \n 72\n \n | \n
| \n \n Change due to change in volumes\n \n | \n \n \n 878\n \n | \n \n \n -139\n \n | \n
| \n \n Change due to change in ratings\n \n | \n \n \n -470\n \n | \n \n \n -568\n \n | \n
| \n \n Lifetime ECL as at 31.12.\n \n | \n \n \n 9,087\n \n | \n \n \n 5,373\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Impairment as at 1.1.\n \n | \n \n \n 46,418\n \n | \n \n \n 0\n \n | \n
| \n \n Exchange differences/changes in the consolidated group\n \n | \n \n \n -270\n \n | \n \n \n 0\n \n | \n
| \n \n Added/used\n \n | \n \n \n 11,912\n \n | \n \n \n 0\n \n | \n
| \n \n Impairment as at 31.12.\n \n | \n \n \n 58,060\n \n | \n \n \n 0\n \n | \n
| \n \n Net carrying amount as at 31.12.2024\n \n | \n \n \n 1,745,277\n \n | \n \n \n 1,237,095\n \n | \n
The following shows the gross carrying amounts of the financial assets by risk class for which the expected losses were recognised over the entire remaining term.
The risk classes were determined according to the probabilities of default depending on country risk and creditworthiness of the debtors. Below 0.55% is assumed to be low risk, between 0.55% and 1.2% medium risk and above 1.2% high risk.
The gross carrying amounts for the 2025 financial year are as follows:
| \n \n T\u20ac\n \n | \n \n \n Trade receivables\n \n | \n \n \n Contract assets\n \n | \n
| \n \n Low risk\n \n | \n \n \n 1,113,039\n \n | \n \n \n 791,181\n \n | \n
| \n \n Medium risk\n \n | \n \n \n 771,030\n \n | \n \n \n 274,835\n \n | \n
| \n \n High risk\n \n | \n \n \n 33,636\n \n | \n \n \n 11,017\n \n | \n
| \n \n Gross carrying amount as at 31.12.2025\n \n | \n \n \n 1,917,705\n \n | \n \n \n 1,077,033\n \n | \n
The gross carrying amounts for the 2024 financial year are as follows:
| \n \n T\u20ac\n \n | \n \n \n Trade receivables\n \n | \n \n \n Contract assets\n \n | \n
| \n \n Low risk\n \n | \n \n \n 1,044,006\n \n | \n \n \n 942,150\n \n | \n
| \n \n Medium risk\n \n | \n \n \n 730,572\n \n | \n \n \n 280,388\n \n | \n
| \n \n High risk\n \n | \n \n \n 37,846\n \n | \n \n \n 19,930\n \n | \n
| \n \n Gross carrying amount as at 31.12.2024\n \n | \n \n \n 1,812,424\n \n | \n \n \n 1,242,468\n \n | \n
Liquidity for the STRABAG\u00a0SE Group means not only solvency in the strict sense but also the availability of the necessary financial margin for mainstay business through sufficient aval lines.
To guarantee financial flexibility, liquidity reserves are kept in the form of cash and credit lines for cash and aval loans. The STRABAG\u00a0SE Group keeps bilateral credit lines with banks and syndicated cash and aval credit lines in the amount of \u20ac 0.5 billion (2024: \u20ac 0.4 billion) and \u20ac 2.5 billion (2024: \u20ac 2.0 billion) respectively. The overall line for cash and aval loan amounts to \u20ac 10.5 billion (2024: \u20ac 8.8 billion). The syndicated surety credit line contains covenants which were clearly fulfilled at the reporting date due to the Group\u2019s current financial and liquidity situation.
The STRABAG\u00a0SE Group has sufficient liquidity reserves. Despite the uncertain economic situation, no significant changes in customers\u2019 payment behaviour could be detected. An increase in liquidity risk could not be identified in the 2025 financial year.
In addition to continuous monitoring of the liquidity situation by the Group Treasury, a corporate-wide cash pooling system and strict working capital management at project level are used to manage liquidity risk. Internal allowances and charges as well as regular reporting obligations ensure efficient receivables and accounts payable management at project level. Another liquidity management tool is the regular financial planning based on output, earnings and investment plans.
The following payment obligations\u00a0(interest payments based on interest rate as at 31\u00a0December and redemption) arise from the financial obligations for the subsequent years:
The payment obligations from financial obligations as at 31 December 2025 are comprised as follows:
| \n \n \n \n | \n \n \n Carrying amount\n \n | \n \n \n Cash flows\n \n | \n \n \n Cash flows\n \n | \n \n \n Cash flows\n \n | \n
| \n \n T\u20ac\n \n | \n \n \n 31.12.2025\n \n | \n \n \n 2026\n \n | \n \n \n 2027\u20132030\n \n | \n \n \n after 2030\n \n | \n
| \n \n Bank borrowings\n \n | \n \n \n 460,874\n \n | \n \n \n 178,588\n \n | \n \n \n 108,080\n \n | \n \n \n 254,329\n \n | \n
| \n \n Lease liabilities\n \n | \n \n \n 367,997\n \n | \n \n \n 93,038\n \n | \n \n \n 244,609\n \n | \n \n \n 176,372\n \n | \n
| \n \n Financial obligations\n \n | \n \n \n 828,871\n \n | \n \n \n 271,626\n \n | \n \n \n 352,689\n \n | \n \n \n 430,701\n \n | \n
The trade payables and the other liabilities without derivatives essentially lead to cash outflows in line with the maturity at the amount of the carrying amounts.
The payment obligations from lease liabilities amount to T\u20ac 75,513 for 2027, T\u20ac 65,787 for 2028, T\u20ac 56,854 for 2029 and T\u20ac 46,455 for 2030.
The payment obligations from derivatives as at 31 December 2025\u00a0are comprised as follows:
| \n \n \n \n | \n \n \n Carrying amount\n \n | \n \n \n Cash flows\n \n | \n \n \n Cash flows\n \n | \n
| \n \n T\u20ac\n \n | \n \n \n 31.12.2025\n \n | \n \n \n 2026\n \n | \n \n \n 2027\u20132030\n \n | \n
| \n \n Derivatives held for hedging purposes\n \n | \n \n \n -24,703\n \n | \n \n \n 0\n \n | \n \n \n 1,478\n \n | \n
| \n \n Derivatives other\n \n | \n \n \n 62\n \n | \n \n \n 0\n \n | \n \n \n 62\n \n | \n
| \n \n Derivatives\n \n | \n \n \n -24,641\n \n | \n \n \n 0\n \n | \n \n \n 1,540\n \n | \n
The net balance of T\u20ac -24,641\u00a0includes derivatives held for hedging purposes with a positive market value of\u00a0T\u20ac 26,181\u00a0which do not give rise to any payment obligations.
The payment obligations from financial obligations as at 31 December 2024\u00a0are comprised as follows:
| \n \n \n \n | \n \n \n Carrying amount\n \n | \n \n \n Cash flows\n \n | \n \n \n Cash flows\n \n | \n \n \n Cash flows\n \n | \n
| \n \n T\u20ac\n \n | \n \n \n 31.12.2024\n \n | \n \n \n 2025\n \n | \n \n \n 2026\u20132029\n \n | \n \n \n after 2029\n \n | \n
| \n \n Bank borrowings\n \n | \n \n \n 536,394\n \n | \n \n \n 204,959\n \n | \n \n \n 158,185\n \n | \n \n \n 286,470\n \n | \n
| \n \n Lease liabilities\n \n | \n \n \n 390,874\n \n | \n \n \n 83,978\n \n | \n \n \n 256,101\n \n | \n \n \n 195,174\n \n | \n
| \n \n Financial obligations\n \n | \n \n \n 927,268\n \n | \n \n \n 288,937\n \n | \n \n \n 414,286\n \n | \n \n \n 481,644\n \n | \n
The trade payables and the other liabilities without derivatives essentially lead to cash outflows in line with the maturity at the amount of the carrying amounts.
The payment obligations from lease liabilities amount to T\u20ac 77,532 for 2026, T\u20ac 66,525 for 2027, T\u20ac 58,473 for 2028 and T\u20ac 53,571 for 2029.
The payment obligations from derivatives as at 31 December 2024\u00a0are comprised as follows:
| \n \n \n \n | \n \n \n Carrying amount\n \n | \n \n \n Cash flows\n \n | \n \n \n Cash flows\n \n | \n
| \n \n T\u20ac\n \n | \n \n \n 31.12.2024\n \n | \n \n \n 2025\n \n | \n \n \n 2026\u20132029\n \n | \n
| \n \n Derivatives held for hedging purposes\n \n | \n \n \n -20,913\n \n | \n \n \n 0\n \n | \n \n \n 1,863\n \n | \n
| \n \n Derivatives\n \n | \n \n \n -20,913\n \n | \n \n \n 0\n \n | \n \n \n 1,863\n \n | \n
The net balance of T\u20ac -20,913 includes derivatives held for hedging purposes with a positive market value of T\u20ac 22,776\u00a0which do not give rise to any payment obligations.
STRABAG has issued financial guarantees to banks for the benefit of its own subsidiaries or associates. Based on the loan amount outstanding as at 31\u00a0December\u00a02025, the maximum guarantee amount is T\u20ac 165,683 (2024: T\u20ac 42,738). Theoretically, these abstract guarantees can be utilised at any time, which would lead to a short-term outflow of liquidity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93486-1": { "value": "The rules of IFRS 8 Operating Segments apply to the segment reporting. IFRS 8 prescribes defining the segments and reporting the earnings on the basis of the internal reporting (management approach). Segment assets are not disclosed as these do not form part of the regular internal reporting.
The internal reporting in the STRABAG\u00a0SE Group is based on Management Board areas, which also represent the segments. The settlement between the single segments is made at arm\u2019s length prices.
The segment North + West bundles the construction activities in Germany, Switzerland, Benelux and Scandinavia as well as the ground engineering activities.
The segment South + East comprises the construction activities in Austria, Poland, Czech Republic, Slovakia, Hungary, Romania as well as South-Eastern Europe. The construction materials business has been assigned to this segment as well.
The segment International + Special Divisions includes the construction activities in the United Kingdom and\u00a0outside Europe as well as tunnelling activities worldwide. This segment also includes infrastructure project development services (PPP projects) and real estate activities. Building Solutions, with its service portfolio covering technical and infrastructural facility management, building services engineering, property management, and industrial services for buildings or facilities, as well as the Hold Estate business, which comprises the long-term, strategic management of real estate, are also allocated to this segment.
In addition, there are the Central Divisions and Central Staff Divisions, which handle services in the areas of accounting, group financing, technical development, digitalisation and innovation, machine management, quality management, logistics, legal affairs, contract management, etc. These services are included in the segment Other.
| \n \n T\u20ac\n \n | \n \n \n North + West\n \n | \n \n \n South + East\n \n | \n \n \n International + Special Divisions\n \n | \n \n \n Other\n \n | \n \n \n Reconciliation to IFRS financial statements\n \n | \n \n \n Group\n \n | \n
| \n \n Revenue\n \n | \n \n \n 7,511,865\n \n | \n \n \n 7,238,463\n \n | \n \n \n 3,944,871\n \n | \n \n \n 19,082\n \n | \n \n \n 0\n \n | \n \n \n 18,714,281\n \n | \n
| \n \n Inter-segment revenue\n \n | \n \n \n 241,396\n \n | \n \n \n 212,803\n \n | \n \n \n 0\n \n | \n \n \n 1,211,597\n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n EBIT\n \n | \n \n \n 840,957\n \n | \n \n \n 266,719\n \n | \n \n \n 181,694\n \n | \n \n \n -8,922\n \n | \n \n \n -33,214\n \n | \n \n \n 1,247,234\n \n | \n
| \n \n thereof share of profit or loss of equity-accounted investments\n \n | \n \n \n 135,026\n \n | \n \n \n 19,690\n \n | \n \n \n 19,737\n \n | \n \n \n -10,599\n \n | \n \n \n 0\n \n | \n \n \n 163,854\n \n | \n
| \n \n thereof construction materials, consumables and services used\n \n | \n \n \n -4,096,237\n \n | \n \n \n -4,939,355\n \n | \n \n \n -1,695,190\n \n | \n \n \n -437,871\n \n | \n \n \n 0\n \n | \n \n \n -11,168,653\n \n | \n
| \n \n thereof employee benefits expense\n \n | \n \n \n -2,054,038\n \n | \n \n \n -1,516,530\n \n | \n \n \n -1,317,105\n \n | \n \n \n -355,980\n \n | \n \n \n 0\n \n | \n \n \n -5,243,653\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Interest and similar income\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 105,959\n \n | \n \n \n 0\n \n | \n \n \n 105,959\n \n | \n
| \n \n Interest expense and similar charges\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n -64,989\n \n | \n \n \n 0\n \n | \n \n \n -64,989\n \n | \n
| \n \n EBT\n \n | \n \n \n 840,957\n \n | \n \n \n 266,719\n \n | \n \n \n 181,694\n \n | \n \n \n 32,048\n \n | \n \n \n -33,214\n \n | \n \n \n 1,288,204\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Investments in property, plant and equipment and intangible assets\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 738,349\n \n | \n \n \n 0\n \n | \n \n \n 738,349\n \n | \n
| \n \n Investments in Investment property\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 113,774\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 113,774\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Depreciation and amortisation expense\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 22,003\n \n | \n \n \n 613,582\n \n | \n \n \n 0\n \n | \n \n \n 635,585\n \n | \n
| \n \n thereof impairment losses and reversals of impairment losses\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 2,938\n \n | \n \n \n 0\n \n | \n \n \n 2,938\n \n | \n
| \n \n T\u20ac\n \n | \n \n \n North + West\n \n | \n \n \n South + East\n \n | \n \n \n International + Special Divisions\n \n | \n \n \n Other\n \n | \n \n \n Reconciliation to IFRS financial statements\n \n | \n \n \n Group\n \n | \n
| \n \n Revenue\n \n | \n \n \n 7,221,273\n \n | \n \n \n 7,123,755\n \n | \n \n \n 3,059,268\n \n | \n \n \n 17,923\n \n | \n \n \n 0\n \n | \n \n \n 17,422,219\n \n | \n
| \n \n Inter-segment revenue\n \n | \n \n \n 128,962\n \n | \n \n \n 158,480\n \n | \n \n \n 0\n \n | \n \n \n 1,153,044\n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n EBIT\n \n | \n \n \n 692,666\n \n | \n \n \n 387,988\n \n | \n \n \n -2,275\n \n | \n \n \n 737\n \n | \n \n \n -17,226\n \n | \n \n \n 1,061,890\n \n | \n
| \n \n thereof share of profit or loss of equity-accounted investments\n \n | \n \n \n 109,267\n \n | \n \n \n 18,576\n \n | \n \n \n 24,781\n \n | \n \n \n -3,909\n \n | \n \n \n 0\n \n | \n \n \n 148,715\n \n | \n
| \n \n thereof construction materials, consumables and services used\n \n | \n \n \n -4,094,165\n \n | \n \n \n -4,832,210\n \n | \n \n \n -1,136,317\n \n | \n \n \n -400,321\n \n | \n \n \n 0\n \n | \n \n \n -10,463,013\n \n | \n
| \n \n thereof employee benefits expense\n \n | \n \n \n -1,921,977\n \n | \n \n \n -1,432,927\n \n | \n \n \n -1,226,267\n \n | \n \n \n -324,326\n \n | \n \n \n 0\n \n | \n \n \n -4,905,497\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Interest and similar income\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 144,845\n \n | \n \n \n 0\n \n | \n \n \n 144,845\n \n | \n
| \n \n Interest expense and similar charges\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n -69,429\n \n | \n \n \n 0\n \n | \n \n \n -69,429\n \n | \n
| \n \n EBT\n \n | \n \n \n 692,666\n \n | \n \n \n 387,988\n \n | \n \n \n -2,275\n \n | \n \n \n 76,153\n \n | \n \n \n -17,226\n \n | \n \n \n 1,137,306\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Investments in property, plant and equipment and intangible assets\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 756,519\n \n | \n \n \n 0\n \n | \n \n \n 756,519\n \n | \n
| \n \n Investments in Investment property\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 205,562\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 205,562\n \n | \n
| \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n \n \n \n \n | \n
| \n \n Depreciation and amortisation expense\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 20,958\n \n | \n \n \n 561,334\n \n | \n \n \n 0\n \n | \n \n \n 582,292\n \n | \n
| \n \n thereof impairment losses and reversals of impairment losses\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 0\n \n | \n \n \n 2,277\n \n | \n \n \n 0\n \n | \n \n \n 2,277\n \n | \n
Income and expense in the internal reporting are essentially shown in accordance with IFRS. An exception is income taxes, including those applicable to deferred tax, which are not considered in the internal reporting.
The basis for the internal reporting is formed by all group companies and investments. In the IFRS financial statements, earnings from companies which were not fully consolidated or reported using the equity method are only recognised in conformity with dividends, transfer of earnings and/or depreciation and amortisation. For this reason, the internal reporting does not conform with EBIT and EBT in the consolidated financial statements in terms of net income from investments.
Other minor differences result from entries in other consolidations.
\n Reconciliation of the internal reporting to IFRS financial statements is allocated as follows:
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Net income from investments\n \n | \n \n \n -19,792\n \n | \n \n \n -9,598\n \n | \n
| \n \n Other consolidation adjustments\n \n | \n \n \n -13,422\n \n | \n \n \n -7,628\n \n | \n
| \n \n Total\n \n | \n \n \n -33,214\n \n | \n \n \n -17,226\n \n | \n
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Germany\n \n | \n \n \n 8,469,264\n \n | \n \n \n 7,997,178\n \n | \n
| \n \n Austria\n \n | \n \n \n 2,510,637\n \n | \n \n \n 2,556,203\n \n | \n
| \n \n Rest of Europe\n \n | \n \n \n 6,416,696\n \n | \n \n \n 6,022,859\n \n | \n
| \n \n Rest of world\n \n | \n \n \n 1,317,684\n \n | \n \n \n 845,979\n \n | \n
| \n \n Revenue\n \n | \n \n \n 18,714,281\n \n | \n \n \n 17,422,219\n \n | \n
The rules of IFRS 8 Operating Segments apply to the segment reporting. IFRS 8 prescribes defining the segments and reporting the earnings on the basis of the internal reporting (management approach). Segment assets are not disclosed as these do not form part of the regular internal reporting.
The internal reporting in the STRABAG\u00a0SE Group is based on Management Board areas, which also represent the segments. The settlement between the single segments is made at arm\u2019s length prices.
The segment North + West bundles the construction activities in Germany, Switzerland, Benelux and Scandinavia as well as the ground engineering activities.
The segment South + East comprises the construction activities in Austria, Poland, Czech Republic, Slovakia, Hungary, Romania as well as South-Eastern Europe. The construction materials business has been assigned to this segment as well.
The segment International + Special Divisions includes the construction activities in the United Kingdom and\u00a0outside Europe as well as tunnelling activities worldwide. This segment also includes infrastructure project development services (PPP projects) and real estate activities. Building Solutions, with its service portfolio covering technical and infrastructural facility management, building services engineering, property management, and industrial services for buildings or facilities, as well as the Hold Estate business, which comprises the long-term, strategic management of real estate, are also allocated to this segment.
In addition, there are the Central Divisions and Central Staff Divisions, which handle services in the areas of accounting, group financing, technical development, digitalisation and innovation, machine management, quality management, logistics, legal affairs, contract management, etc. These services are included in the segment Other.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93433-1": { "value": "Arm\u2019s-length finance and insurance transactions exist with the Raiffeisen Holding N\u00d6-Wien Group and the UNIQA Group. Construction services are provided on an individual basis.
The receivables on 31\u00a0December\u00a02025 to the Raiffeisen Group relating to current accounts and investments amounted to T\u20ac 492,752 (2024: T\u20ac 466,276), the payables on 31\u00a0December\u00a02025 to the Raiffeisen Group relating to financing and current accounts amounted to T\u20ac 0 (2024: T\u20ac 0). The interest income in the 2025 financial year amounted to T\u20ac 11,880 (2024: T\u20ac 18,421), and the interest expense amounted to T\u20ac 1,535 (2024: T\u20ac 11).
Premiums for insurance contracts with the UNIQA Group were recognised as an expense in the amount of T\u20ac 1,154 (2024: T\u20ac 1,703).
The Haselsteiner Group\u00a0holds 5.1% of\u00a0STRABAG Real Estate\u00a0GmbH, Cologne. The earnings from this company is reported under income attributable to non-controlling interests with an amount of T\u20ac -365 (2024: T\u20ac 855). The distribution from the aforementioned company amounted to\u00a0T\u20ac 3,060\u00a0in the 2025 financial year (2024: T\u20ac 0).
The business relations between STRABAG\u00a0SE and the companies of the Haselsteiner Group during the financial year, including joint investments, mainly relate to construction services and are presented as below.
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Work and services performed\n \n | \n \n \n 6,076\n \n | \n \n \n 23,095\n \n | \n
| \n \n Work and services received\n \n | \n \n \n 2,368\n \n | \n \n \n 4,817\n \n | \n
| \n \n Receivables as at 31.12.\n \n | \n \n \n 7,372\n \n | \n \n \n 14,018\n \n | \n
| \n \n Liabilities as at 31.12.\n \n | \n \n \n 882\n \n | \n \n \n 1,332\n \n | \n
\n IDAG Immobilienbeteiligung u. -Development\u00a0GmbH is entirely held by private foundations whose beneficiaries are the Haselsteiner Group and the Raiffeisen-Holding N\u00d6-Wien Group. It is the business purpose of IDAG Immobilienbeteiligung u. -Development\u00a0GmbH to develop property and to participate in property projects.
STRABAG\u2019s headquarters in Vienna and office buildings in Graz are held in the real estate portfolio of subsidiaries of IDAG Immobilienbeteiligung u. -Development\u00a0GmbH. The buildings are let to the STRABAG\u00a0SE Group at the usual market conditions. Rental costs arising from both buildings in the 2025 financial year amounted to T\u20ac 10,465 (2024: T\u20ac 10,279). Under IFRS 16, these leases are recognised as right-of-use assets and lease liabilities. The consolidated financial statements as at 31\u00a0December\u00a02025 show right-of-use assets of T\u20ac 39,388 (2024: T\u20ac 48,432) and lease liabilities of T\u20ac 26,270 (2024: T\u20ac 31,142). The lease liabilities are presented less the rental deposits of T\u20ac 15,450 (2024: T\u20ac 19,717). Other services in the amount of T\u20ac 0 (2024: T\u20ac 41) were obtained from the IDAG Group.
Furthermore, revenues of T\u20ac 3,367 (2024: T\u20ac 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\u00a0SE Group holds a minority interest, in the amount of T\u20ac 0 (2024: T\u20ac 2,000) was recognised as investment income.
\n Holcim Cement CE Holding GmbH\u00a0bundles 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\u2019s core countries. In 2025, STRABAG procured cement services worth T\u20ac 48,461 (2024: T\u20ac 36,963). At the balance sheet date, there were liabilities to Holcim Cement CE Holding\u00a0GmbH Group in the amount of T\u20ac 3,342 (2024: T\u20ac 955).
The business transactions with the other equity-accounted investments can be presented as follows:
| \n \n T\u20ac\n \n | \n \n \n 2025\n \n | \n \n \n 2024\n \n | \n
| \n \n Work and services performed\n \n | \n \n \n 135,080\n \n | \n \n \n 103,780\n \n | \n
| \n \n Work and services received\n \n | \n \n \n 61,146\n \n | \n \n \n 65,087\n \n | \n
| \n \n Receivables as at 31.12.\n \n | \n \n \n 17,418\n \n | \n \n \n 16,520\n \n | \n
| \n \n Liabilities as at 31.12.\n \n | \n \n \n 17,879\n \n | \n \n \n 13,989\n \n | \n
| \n \n Financing receivables as at 31.12.\n \n | \n \n \n 86,255\n \n | \n \n \n 98,380\n \n | \n
For information about consortia we refer to item (18) Notes on consortia.
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\u20ac 23 (2024: T\u20ac 7) were provided and services worth T\u20ac 36 (2024: T\u20ac 57) were procured. As at 31 December 2025, there were receivables in the amount of T\u20ac 0 (2024: T\u20ac 0) and liabilities in the amount of T\u20ac 2 (2024: T\u20ac 0) out of these business relations.
In the 2025 financial year, services amounting to T\u20ac 207 (2024: T\u20ac 0) were provided to members of the Supervisory Board or to companies over which significant influence is exercised. Services on arm\u2019s-length terms amounting to T\u20ac 6,012 (2024: T\u20ac 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\u20ac 4 (2024: T\u20ac 0) and liabilities to T\u20ac 36 (2024: T\u20ac 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\u20ac 30,924 (2024: T\u20ac 23,687) in the reporting period. Of this amount, T\u20ac 30,768 (2024: T\u20ac 23,488) is attributable to the current remuneration, which includes fixed and variable remuneration for the previous financial year, and T\u20ac 156 (2024: T\u20ac 199) to severance and pension payments. As at 31\u00a0December\u00a02025, obligations from variable remuneration amounted to T\u20ac 27,499\u00a0(2024: T\u20ac 23,118). These include the provisions for profit-sharing for the financial year as well as retentions from variable remuneration.
\n 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)\u00a0J\u00f6rg R\u00f6sler
Dipl.-Ing. (FH) P\u00e9ter Gl\u00f6ckler (since 11 August 2025)
Dipl.-Ing.\u00a0Siegfried Wanker
Dipl.-Ing. (FH) Alfred Watzl (until 6 August 2025)
\n 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. Gyulain\u00e9 (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\u20ac 10,420 (2024: T\u20ac 9,953). The severance payments for Management Board members amount to T\u20ac 142 (2024: T\u20ac 127). As at 31\u00a0December\u00a02025, obligations exist from variable remuneration amounted to T\u20ac 11,345 (2024: T\u20ac 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\u20ac 257 (2024: T\u20ac 238). Neither the Management Board members nor the Supervisory Board members of STRABAG\u00a0SE received advances or loans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93432-1": { "value": "\n 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)\u00a0J\u00f6rg R\u00f6sler
Dipl.-Ing. (FH) P\u00e9ter Gl\u00f6ckler (since 11 August 2025)
Dipl.-Ing.\u00a0Siegfried Wanker
Dipl.-Ing. (FH) Alfred Watzl (until 6 August 2025)
The total salaries of the Management Board members in the financial year amount to T\u20ac 10,420 (2024: T\u20ac 9,953). The severance payments for Management Board members amount to T\u20ac 142 (2024: T\u20ac 127). As at 31\u00a0December\u00a02025, obligations exist from variable remuneration amounted to T\u20ac 11,345 (2024: T\u20ac 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\u20ac 257 (2024: T\u20ac 238). Neither the Management Board members nor the Supervisory Board members of STRABAG\u00a0SE received advances or loans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93535-1": { "value": "The expenses for the auditor, PwC Wirtschaftspr\u00fcfung GmbH and its network partners, incurred in the financial year amount to T\u20ac 2,442\u00a0(2024: T\u20ac 2,158) of which T\u20ac 1,733\u00a0(2024: T\u20ac 1,607) were for the audit of the consolidated financial statements (including the audit of separate financial statements of group companies) and T\u20ac 709\u00a0(2024: T\u20ac 551) for other services.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93627-1": { "value": "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\u2019s 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93553-1": { "value": "2.9", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "mms-93487-1": { "value": "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\u00a0SE Supervisory Board meeting for the approval of the consolidated financial statements for the year ended 31\u00a0December\u00a02025 will take place on 21\u00a0April\u00a02026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mms-93686-1": { "value": "The following list shows the consolidated companies included in the consolidated financial statements:
| \n \n Company\nConsolidated companies\n \n | \n \n \n Residence\n \n | \n \n \n Country\n \n | \n \n \n Direct stake %\n \n | \n \n \n \n \n | \n
|---|---|---|---|---|
| \n \n \u201cA-WAY Infrastrukturprojektentwicklungs- und -betriebs GmbH\u201d\n \n | \n \n \n Spittal an der Drau\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n \u201cSBS Strabag Bau Holding Service GmbH\u201d\n \n | \n \n \n Spittal an der Drau\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n \u201cWiener Heim\u201d Wohnbaugesellschaft m.b.H.\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n ABR Abfall Behandlung und Recycling GmbH\n \n | \n \n \n Schwadorf\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Aspern Manufactory Projektentwicklung GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Aspern Manufactory Projektentwicklung GmbH & Co KG\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Asphalt & Beton GmbH\n \n | \n \n \n Spittal an der Drau\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n AUSTRIA ASPHALT GmbH & Co OG\n \n | \n \n \n Spittal an der Drau\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Bau Holding Beteiligungs GmbH\n \n | \n \n \n Spittal an der Drau\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Bitumen Handelsgesellschaft m.b.H. & Co KG\n \n | \n \n \n St. P\u00f6lten\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n BITUNOVA Baustofftechnik Gesellschaft m.b.H.\n \n | \n \n \n Spittal an der Drau\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n B\u00f6hm BiB GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n BrennerRast GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n CCG Projektentwicklung GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n CCG Projektentwicklung GmbH & Co KG\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n CCH Hotelprojekt GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n CCH Hotelprojekt GmbH & Co KG\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n CCW Projektentwicklung GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n CCW Projektentwicklung GmbH & Co KG\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n DC1 Immo GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Diabaswerk Saalfelden Gesellschaft m.b.H.\n \n | \n \n \n Saalfelden\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n EFKON GmbH\n \n | \n \n \n Raaba\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Erdberger Mais GmbH & Co KG\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n F. Lang u. K. Menhofer Baugesellschaft m.b.H. & Co. KG\n \n | \n \n \n Wiener Neustadt\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Goldeck Bergbahnen GmbH\n \n | \n \n \n Spittal an der Drau\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Hotelprojekt am Tabor GmbH & Co KG\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Hotelprojekt am Tabor Komplement\u00e4r GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Ilbau Liegenschaftsverwaltung GmbH\n \n | \n \n \n Spittal an der Drau\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n KAB Stra\u00dfensanierung GmbH & Co KG\n \n | \n \n \n Spittal an der Drau\n \n | \n \n \n Austria\n \n | \n \n \n 50.60\n \n | \n \n \n \n \n | \n
| \n \n Kanzelsteinbruch Gratkorn GmbH\n \n | \n \n \n Gratkorn\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Lederer-Grabner Baugesellschaft mbH\n \n | \n \n \n Graz\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Leystra\u00dfe 122-126 Komplement\u00e4r GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Leystra\u00dfe 122-126 Projektentwicklung GmbH & Co KG\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Lohr Geb\u00e4udetechnik GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n M5 Beteiligungs GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n M5 Holding GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Meischlgasse 28-32 Komplement\u00e4r GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Meischlgasse 28-32 Projektentwicklung GmbH & Co KG\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Metallica Stahl- und Fassadentechnik GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Mineral Abbau GmbH\n \n | \n \n \n Spittal an der Drau\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Mischek Bautr\u00e4ger Service GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Mischek Systembau GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n MOBIL Baustoffe GmbH\n \n | \n \n \n Spittal an der Drau\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n MUSCORUM GmbH & Co KG\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Nottendorfer Gasse 13 Kom GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n OAT - Bohr- und Fugentechnik Gesellschaft m.b.H.\n \n | \n \n \n Spittal an der Drau\n \n | \n \n \n Austria\n \n | \n \n \n 51.00\n \n | \n \n \n \n \n | \n
| \n \n Obermayr Holzkonstruktionen Gesellschaft m.b.H.\n \n | \n \n \n Schwanenstadt\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Osttiroler Asphalt Hoch- und Tiefbauunternehmung GmbH\n \n | \n \n \n Lavant i. Osttirol\n \n | \n \n \n Austria\n \n | \n \n \n 80.00\n \n | \n \n \n \n \n | \n
| \n \n PASCUORUM GmbH & Co KG\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Q4a Immobilien GmbH\n \n | \n \n \n Graz\n \n | \n \n \n Austria\n \n | \n \n \n 60.00\n \n | \n \n \n \n \n | \n
| \n \n Raststation A 3 GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n RBS Rohrbau - Schwei\u00dftechnik Gesellschaft m.b.H.\n \n | \n \n \n Marchtrenk\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n RE Beteiligungsholding GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n RE Wohnraum GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n RE Wohnungseigentumserrichtungs GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n SF Bau vier GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n SILO DREI Beteiligungsverwaltungs GmbH & Co KG\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n SILO DREI next LBG 57 Liegenschaftsverwertung GmbH & Co KG\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n SITEC Verkehrstechnik GmbH\n \n | \n \n \n Liebenfels\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG AG\n \n | \n \n \n Spittal an der Drau\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Beteiligungen GmbH\n \n | \n \n \n Spittal an der Drau\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG BMTI GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG BRVZ GmbH\n \n | \n \n \n Spittal an der Drau\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG HARP HoldCo GmbH\n \n | \n \n \n Spittal an der Drau\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Holding GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Infrastructure & Safety Solutions GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Invest HoldCo GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Strabag Liegenschaftsverwaltung GmbH\n \n | \n \n \n Linz\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Property and Facility Services GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Real Estate GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG SE\n \n | \n \n \n Villach\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Vorrat Neunzehn GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Vorrat Neunzehn GmbH & Co KG\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Vorrat Siebzehn GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Vorrat Siebzehn GmbH & Co KG\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n TECH GATE VIENNA Wissenschafts- und Technologiepark GmbH\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n TPA Gesellschaft f\u00fcr Qualit\u00e4tssicherung und Innovation GmbH\n \n | \n \n \n Trumau\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Wieser Verkehrssicherheit GmbH\n \n | \n \n \n Wals-Siezenheim\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Wohnquartier Reininghausstra\u00dfe GmbH\n \n | \n \n \n Graz\n \n | \n \n \n Austria\n \n | \n \n \n 60.00\n \n | \n \n \n \n \n | \n
| \n \n Z\u00fcblin Spezialtiefbau Ges.m.b.H.\n \n | \n \n \n Vienna\n \n | \n \n \n Austria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Adolf List Bauunternehmung GmbH\n \n | \n \n \n Reutlingen\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n Alpines Hartschotterwerk GmbH\n \n | \n \n \n Leinfelden-Echterdingen\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n Baumann & Burmeister GmbH\n \n | \n \n \n Halle/Saale\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n BHG Bitumenhandelsgesellschaft mbH\n \n | \n \n \n Hamburg\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n BITUNOVA GmbH\n \n | \n \n \n Duesseldorf\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n Blees-K\u00f6lling-Bau GmbH\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n Blutenburg Projekt GmbH\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n Climtech GmbH\n \n | \n \n \n Berlin\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n CML Construction Services GmbH\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n Deutsche Asphalt GmbH\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n DYWIDAG International GmbH\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n DYWIDAG-Holding GmbH\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n Ed. Z\u00fcblin AG\n \n | \n \n \n Stuttgart\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n F. Kirchhoff GmbH\n \n | \n \n \n Leinfelden-Echterdingen\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n F.K. SYSTEMBAU GmbH\n \n | \n \n \n M\u00fcnsingen\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n Fahrleitungsbau GmbH\n \n | \n \n \n Essen\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n Gaul GmbH\n \n | \n \n \n Sprendlingen\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n GBS Gesellschaft f\u00fcr Bau und Sanierung mbH\n \n | \n \n \n Leuna\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Hexagon Projekt GmbH & Co. KG\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n HUMMEL Systemhaus GmbH\n \n | \n \n \n Frickenhausen\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n Ilbau GmbH Deutschland\n \n | \n \n \n Berlin\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n MAV Kelheim GmbH\n \n | \n \n \n Kelheim\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n MAV Krefeld GmbH\n \n | \n \n \n Krefeld\n \n | \n \n \n Germany\n \n | \n \n \n 50.00\n \n | \n \n \n 3\n \n | \n
| \n \n MAV L\u00fcnen GmbH\n \n | \n \n \n L\u00fcnen\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Metallica Stahl- und Fassadentechnik GmbH\n \n | \n \n \n Stuttgart\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n Mineral Baustoff GmbH\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n MOBIL Baustoffe GmbH\n \n | \n \n \n Munich\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n PANSUEVIA GmbH & Co. KG\n \n | \n \n \n Jettingen-Scheppach\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n Pyhrn Concession Holding GmbH\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n REPASS-SANIERUNGSTECHNIK GMBH Korrosionsschutz und Betoninstandsetzung\n \n | \n \n \n Munderkingen\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n RM Asphalt GmbH & Co. KG\n \n | \n \n \n Sprendlingen\n \n | \n \n \n Germany\n \n | \n \n \n 80.00\n \n | \n \n \n 1\n \n | \n
| \n \n ROBA Transportbeton GmbH\n \n | \n \n \n Berlin\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n SAT Stra\u00dfensanierung GmbH\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n SF-Ausbau GmbH\n \n | \n \n \n Freiberg\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n STRABAG AG\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n STRABAG Aircraft Services GmbH\n \n | \n \n \n Stuttgart\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n STRABAG BMTI GmbH & Co. KG\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n STRABAG BRVZ GmbH & Co. KG\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n STRABAG Energy-Invest GmbH\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n STRABAG Facility Management GmbH\n \n | \n \n \n Berlin\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n STRABAG GmbH\n \n | \n \n \n Bad Hersfeld\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n STRABAG Gro\u00dfprojekte GmbH\n \n | \n \n \n Munich\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n STRABAG Hold Estate Frankfurt Gateway GmbH & Co. KG\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n STRABAG Hold Estate Itzehoe GmbH & Co. KG\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n STRABAG Hold Estate K\u00f6ln-M\u00fclheim GmbH & Co. KG\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n STRABAG Infrastructure & Safety Solutions GmbH\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n STRABAG Infrastrukturprojekt GmbH\n \n | \n \n \n Bad Hersfeld\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n STRABAG International GmbH\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n STRABAG Kieserling Flooring Systems GmbH\n \n | \n \n \n Hamburg\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n STRABAG Mechanical Engineering GmbH\n \n | \n \n \n Stuttgart\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n STRABAG Projektentwicklung GmbH\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n STRABAG Property and Facility Services GmbH\n \n | \n \n \n Frankfurt am Main\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n STRABAG Rail Fahrleitungen GmbH\n \n | \n \n \n Berlin\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n STRABAG Rail GmbH\n \n | \n \n \n Lauda-K\u00f6nigshofen\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n STRABAG Real Estate GmbH\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 94.90\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Real Estate Invest GmbH\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n STRABAG Sportst\u00e4ttenbau GmbH\n \n | \n \n \n Dortmund\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n STRABAG Umwelttechnik GmbH\n \n | \n \n \n Duesseldorf\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n STRABAG Wasserbau GmbH\n \n | \n \n \n Hamburg\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Torkret GmbH\n \n | \n \n \n Stuttgart\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n TPA GmbH\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n Turm am Mail\u00e4nder Platz GmbH & Co. KG\n \n | \n \n \n Stuttgart\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n Wolfer & Goebel Bau GmbH\n \n | \n \n \n Stuttgart\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n ZDE Sechste Verm\u00f6gensverwaltung GmbH\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Z\u00dcBLIN Haustechnik Mainz GmbH\n \n | \n \n \n Mainz\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n Z\u00fcblin Hoch- und Br\u00fcckenbau GmbH\n \n | \n \n \n Bad Hersfeld\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n Z\u00fcblin International GmbH\n \n | \n \n \n Cologne\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n Z\u00fcblin Spezialtiefbau GmbH\n \n | \n \n \n Stuttgart\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n Z\u00fcblin Stahlbau GmbH\n \n | \n \n \n Senftenberg\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n Z\u00dcBLIN Timber GmbH\n \n | \n \n \n Aichach\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n Z\u00fcblin Umwelttechnik GmbH\n \n | \n \n \n Stuttgart\n \n | \n \n \n Germany\n \n | \n \n \n 100.00\n \n | \n \n \n 1\n \n | \n
| \n \n STRABAG SHPK\n \n | \n \n \n Tirana\n \n | \n \n \n Albania\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n GEORGIOU AUSTRALIA PTY LTD\n \n | \n \n \n Western Australia\n \n | \n \n \n Australia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n GEORGIOU BUILDING PTY LTD\n \n | \n \n \n Western Australia\n \n | \n \n \n Australia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n GEORGIOU GROUP PTY LTD\n \n | \n \n \n Western Australia\n \n | \n \n \n Australia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG AUSTRALIA PTY LTD\n \n | \n \n \n Queensland\n \n | \n \n \n Australia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n WEST CAPE PTY LTD\n \n | \n \n \n Western Australia\n \n | \n \n \n Australia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n N.V. STRABAG Belgium S.A.\n \n | \n \n \n Antwerpen\n \n | \n \n \n Belgium\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG d.o.o. Sarajevo\n \n | \n \n \n Sarajevo\n \n | \n \n \n Bosnia and Herzegovina\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG EAD\n \n | \n \n \n Sofia\n \n | \n \n \n Bulgaria\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Strabag SpA\n \n | \n \n \n Santiago de Chile\n \n | \n \n \n Chile\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG-EDILMAC Desarrollos Verticales SpA\n \n | \n \n \n Santiago de Chile\n \n | \n \n \n Chile\n \n | \n \n \n 80.00\n \n | \n \n \n \n \n | \n
| \n \n Z\u00fcblin International GmbH Chile SpA\n \n | \n \n \n Santiago de Chile\n \n | \n \n \n Chile\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n KMG - KLIPLEV MOTORWAY GROUP A/S\n \n | \n \n \n Aarhus\n \n | \n \n \n Denmark\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Z\u00fcblin A/S\n \n | \n \n \n Aarhus\n \n | \n \n \n Denmark\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n EFKON INDIA Pvt. Ltd.\n \n | \n \n \n Haryana\n \n | \n \n \n India\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n ORBITTAL ELECTROMECH ENGINEERING PROJECTS PRIVATE LIMITED\n \n | \n \n \n Pune\n \n | \n \n \n India\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG S.p.A.\n \n | \n \n \n Bozen\n \n | \n \n \n Italy\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG EGLINTON PROJECT INC.\n \n | \n \n \n Mississauga, Ontario\n \n | \n \n \n Canada\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG INC.\n \n | \n \n \n Toronto\n \n | \n \n \n Canada\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG SCARBOROUGH PROJECT INC.\n \n | \n \n \n Mississauga, Ontario\n \n | \n \n \n Canada\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG S.A.S.\n \n | \n \n \n Bogot\u00e1, D.C.\n \n | \n \n \n Colombia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n MINERAL IGM d.o.o.\n \n | \n \n \n Zapuzane\n \n | \n \n \n Croatia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n POMGRAD INZENJERING d.o.o.\n \n | \n \n \n Split\n \n | \n \n \n Croatia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG BRVZ d.o.o.\n \n | \n \n \n Zagreb\n \n | \n \n \n Croatia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG d.o.o.\n \n | \n \n \n Zagreb\n \n | \n \n \n Croatia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n TPA odrzavanje kvaliteta i inovacija d.o.o.\n \n | \n \n \n Zagreb\n \n | \n \n \n Croatia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n ELCO S.A.\n \n | \n \n \n Kehlen\n \n | \n \n \n Luxembourg\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n SRE Lux 1 S.\u00e0 r.l.\n \n | \n \n \n Belvaux\n \n | \n \n \n Luxembourg\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n SRE Lux Projekt SQM 27E S.\u00e0 r.l.\n \n | \n \n \n Belvaux\n \n | \n \n \n Luxembourg\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Real Estate Luxembourg S.\u00e0 r.l.\n \n | \n \n \n Belvaux\n \n | \n \n \n Luxembourg\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n ZUBLIN PRECAST INDUSTRIES SDN. BHD.\n \n | \n \n \n Johor\n \n | \n \n \n Malaysia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n \u201cCrnagoraput\u201d AD, Podgorica\n \n | \n \n \n Podgorica\n \n | \n \n \n Montenegro\n \n | \n \n \n 95.32\n \n | \n \n \n \n \n | \n
| \n \n \u201cStrabag\u201d d.o.o. Podgorica\n \n | \n \n \n Podgorica\n \n | \n \n \n Montenegro\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG B.V.\n \n | \n \n \n Breda\n \n | \n \n \n The Netherlands\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Z\u00fcblin Nederland B.V.\n \n | \n \n \n Breda\n \n | \n \n \n The Netherlands\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG OMAN L.L.C.\n \n | \n \n \n Maskat\n \n | \n \n \n Oman\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n BHG Sp. z o.o.\n \n | \n \n \n Pruszkow\n \n | \n \n \n Poland\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n BHK KRAK\u00d3W JOINT VENTURE Sp. z o.o.\n \n | \n \n \n Warsaw\n \n | \n \n \n Poland\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Mineral Polska Sp. z o.o.\n \n | \n \n \n Czarny Bor\n \n | \n \n \n Poland\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n POLSKI ASFALT Sp. z o.o.\n \n | \n \n \n Krakow\n \n | \n \n \n Poland\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n SAT Sp. z o.o.\n \n | \n \n \n Warsaw\n \n | \n \n \n Poland\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG BMTI Sp. z o.o.\n \n | \n \n \n Pruszkow\n \n | \n \n \n Poland\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG BRVZ Sp. z o.o.\n \n | \n \n \n Pruszkow\n \n | \n \n \n Poland\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG INFRASTRUKTURA POLUDNIE Sp. z o.o.\n \n | \n \n \n Wroclaw\n \n | \n \n \n Poland\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG PFS Sp. z o.o.\n \n | \n \n \n Warsaw\n \n | \n \n \n Poland\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Sp. z o.o.\n \n | \n \n \n Pruszkow\n \n | \n \n \n Poland\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n TPA Sp. z o.o.\n \n | \n \n \n Pruszkow\n \n | \n \n \n Poland\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n ZABERD Sp. z o.o.\n \n | \n \n \n Wroclaw\n \n | \n \n \n Poland\n \n | \n \n \n 99.70\n \n | \n \n \n \n \n | \n
| \n \n ANTREPRIZA DE REPARATII SI LUCRARI A R L CLUJ SA\n \n | \n \n \n Cluj-Napoca\n \n | \n \n \n Romania\n \n | \n \n \n 98.59\n \n | \n \n \n \n \n | \n
| \n \n CENTRUM BUCHAREST DEVELOPMENT SRL\n \n | \n \n \n Bucharest\n \n | \n \n \n Romania\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n DISTRICT DEVELOPMENT SRL\n \n | \n \n \n Bucharest\n \n | \n \n \n Romania\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n MINERAL ROM SRL\n \n | \n \n \n Brasov\n \n | \n \n \n Romania\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n SAT REABILITARE RECICLARE SRL\n \n | \n \n \n Cluj-Napoca\n \n | \n \n \n Romania\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG CONSTRUCT S.R.L.\n \n | \n \n \n Bucharest\n \n | \n \n \n Romania\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG SRL\n \n | \n \n \n Bucharest\n \n | \n \n \n Romania\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n ZUBLIN ROMANIA SRL\n \n | \n \n \n Bucharest\n \n | \n \n \n Romania\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Nimab Entreprenad AB\n \n | \n \n \n Sj\u00f6bo\n \n | \n \n \n Sweden\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG BRVZ AB\n \n | \n \n \n \u00d6rebro\n \n | \n \n \n Sweden\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Sverige AB\n \n | \n \n \n Stockholm\n \n | \n \n \n Sweden\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Z\u00fcblin Scandinavia AB\n \n | \n \n \n Stockholm\n \n | \n \n \n Sweden\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG AG\n \n | \n \n \n Schlieren\n \n | \n \n \n Switzerland\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG BMTI GmbH\n \n | \n \n \n Erstfeld\n \n | \n \n \n Switzerland\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG BRVZ AG\n \n | \n \n \n Erstfeld\n \n | \n \n \n Switzerland\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG d.o.o.\n \n | \n \n \n Novi Beograd\n \n | \n \n \n Serbia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n TPA za obezbedenje kvaliteta i inovacije d.o.o. Beograd\n \n | \n \n \n Novi Beograd\n \n | \n \n \n Serbia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n ERRICHTUNGSGESELLSCHAFT STRABAG SLOVENSKO s.r.o.\n \n | \n \n \n Bratislava\n \n | \n \n \n Slovakia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n KSR - Kamenolomy SR, s.r.o.\n \n | \n \n \n Zvolen\n \n | \n \n \n Slovakia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n SAT SLOVENSKO s.r.o.\n \n | \n \n \n Bratislava\n \n | \n \n \n Slovakia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG BRVZ s.r.o.\n \n | \n \n \n Bratislava\n \n | \n \n \n Slovakia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Pozemne a inzinierske stavitel'stvo s. r. o.\n \n | \n \n \n Bratislava\n \n | \n \n \n Slovakia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Pozemn\u00e9 stavitel'stvo s.r.o.\n \n | \n \n \n Bratislava\n \n | \n \n \n Slovakia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Real Estate s.r.o.\n \n | \n \n \n Bratislava\n \n | \n \n \n Slovakia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG s.r.o.\n \n | \n \n \n Bratislava\n \n | \n \n \n Slovakia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n TPA Spolocnost pre zabezpecenie kvality a inovacie s.r.o.\n \n | \n \n \n Bratislava\n \n | \n \n \n Slovakia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG BRVZ d.o.o.\n \n | \n \n \n Ljubljana\n \n | \n \n \n Slovenia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG d.o.o.\n \n | \n \n \n Ljubljana\n \n | \n \n \n Slovenia\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n B2 Assets s.r.o.\n \n | \n \n \n Prague\n \n | \n \n \n Czech Republic\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n BHG CZ s.r.o.\n \n | \n \n \n Ceske Budejovice\n \n | \n \n \n Czech Republic\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n FRISCHBETON s.r.o.\n \n | \n \n \n Prague\n \n | \n \n \n Czech Republic\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n INSTALACE Praha, spol. s r.o.\n \n | \n \n \n Prague\n \n | \n \n \n Czech Republic\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n KAMENOLOMY CR s.r.o.\n \n | \n \n \n Ostrava\n \n | \n \n \n Czech Republic\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Rezidence Her\u00e1leck\u00e1 s.r.o.\n \n | \n \n \n Prague\n \n | \n \n \n Czech Republic\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n SAT s.r.o.\n \n | \n \n \n Prague\n \n | \n \n \n Czech Republic\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG a.s.\n \n | \n \n \n Prague\n \n | \n \n \n Czech Republic\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Asfalt s.r.o.\n \n | \n \n \n Sobeslav\n \n | \n \n \n Czech Republic\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG BMTI s.r.o.\n \n | \n \n \n Brno\n \n | \n \n \n Czech Republic\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG BRVZ s.r.o.\n \n | \n \n \n Prague\n \n | \n \n \n Czech Republic\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Pozemn\u00ec a inzenyrsk\u00e8 stavitelstv\u00ec s.r.o.\n \n | \n \n \n Prague\n \n | \n \n \n Czech Republic\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Property and Facility Services a.s.\n \n | \n \n \n Prague\n \n | \n \n \n Czech Republic\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Rail a.s.\n \n | \n \n \n Usti nad Labem\n \n | \n \n \n Czech Republic\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG SIS a.s.\n \n | \n \n \n Prague\n \n | \n \n \n Czech Republic\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Water s.r.o.\n \n | \n \n \n Prague\n \n | \n \n \n Czech Republic\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n TPA CR, s.r.o.\n \n | \n \n \n Ceske Budejovice\n \n | \n \n \n Czech Republic\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n AKA Zrt.\n \n | \n \n \n Budapest\n \n | \n \n \n Hungary\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n A-WAY Zrt.\n \n | \n \n \n \u00dajharty\u00e1n\n \n | \n \n \n Hungary\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Bitunova Kft.\n \n | \n \n \n Budapest\n \n | \n \n \n Hungary\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n EXP HOLDING Kft.\n \n | \n \n \n Budapest\n \n | \n \n \n Hungary\n \n | \n \n \n 100.00\n \n | \n \n \n 2\n \n | \n
| \n \n First-Immo Hungary Kft.\n \n | \n \n \n Budapest\n \n | \n \n \n Hungary\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Frissbeton Kft.\n \n | \n \n \n Budapest\n \n | \n \n \n Hungary\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Gener\u00e1l M\u00e9ly- \u00e9s Magas\u00e9pit\u00f6 Zrt.\n \n | \n \n \n Budapest\n \n | \n \n \n Hungary\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Hydro-Construct Kft.\n \n | \n \n \n Budapest\n \n | \n \n \n Hungary\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n K\u00d6KA Kft.\n \n | \n \n \n Budapest\n \n | \n \n \n Hungary\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Magyar Aszfalt Kft.\n \n | \n \n \n Budapest\n \n | \n \n \n Hungary\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STR Holding Gener\u00e1l Kft.\n \n | \n \n \n Budapest\n \n | \n \n \n Hungary\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STR Holding MML Kft.\n \n | \n \n \n Budapest\n \n | \n \n \n Hungary\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG \u00c1ltal\u00e1nos \u00c9p\u00edt\u00f6 Kft.\n \n | \n \n \n Budapest\n \n | \n \n \n Hungary\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Aszfalt Kft.\n \n | \n \n \n Budapest\n \n | \n \n \n Hungary\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG BMTI Kft.\n \n | \n \n \n Budapest\n \n | \n \n \n Hungary\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG BRVZ Kft.\n \n | \n \n \n Budapest\n \n | \n \n \n Hungary\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG \u00c9pit\u00f6 Kft.\n \n | \n \n \n Budapest\n \n | \n \n \n Hungary\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG \u00c9pit\u00f6ipari Zrt.\n \n | \n \n \n Budapest\n \n | \n \n \n Hungary\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Gener\u00e1l\u00e9pit\u00f6 Kft.\n \n | \n \n \n Budapest\n \n | \n \n \n Hungary\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Rail Kft.\n \n | \n \n \n Budapest\n \n | \n \n \n Hungary\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Vas\u00fat\u00e9p\u00edt\u00f6 Kft.\n \n | \n \n \n Budapest\n \n | \n \n \n Hungary\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG-MML Kft.\n \n | \n \n \n Budapest\n \n | \n \n \n Hungary\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n TPA HU Kft.\n \n | \n \n \n Budapest\n \n | \n \n \n Hungary\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Treuhandbeteiligung H\n \n | \n \n \n \n \n | \n \n \n Hungary\n \n | \n \n \n 100.00\n \n | \n \n \n 2\n \n | \n
| \n \n Z\u00fcblin Kft.\n \n | \n \n \n Budapest\n \n | \n \n \n Hungary\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG UK LIMITED\n \n | \n \n \n London\n \n | \n \n \n United Kingdom\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n STRABAG Dubai LLC\n \n | \n \n \n Dubai\n \n | \n \n \n United Arab Emirates\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n Zublin Construction L.L.C.\n \n | \n \n \n Abu Dhabi\n \n | \n \n \n United Arab Emirates\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
| \n \n BONDENO INVESTMENTS LTD\n \n | \n \n \n Limassol\n \n | \n \n \n Cyprus\n \n | \n \n \n 100.00\n \n | \n \n \n \n \n | \n
\n 1For these companies, the option allowed by Sec 264 Para 3 or by Sec 264b of the German Commercial Code (HGB) was exercised.\n
\n\n 2The presentation of interest is done using the economic approach, the interest as defined by civil law may deviate from this presentation.\n
\n\n 3The voting rights according to the contract of association amount to 50% plus one vote.\n
\n