Implenia Ltd

Latest Results (06.02.2026):

Implenia Ltd — first half (HY1) 2025: the company reported a positive operating half‑year with revenue up to CHF 1.856 billion, EBIT of about CHF 57.0 million (EBIT up year‑on‑year) and a consolidated result of CHF 33.3 million. Order book expanded to CHF 7.78 billion, equity and financing were strengthened (equity ~CHF 661.0m; equity ratio 21.3% after adjustments), and the Group confirmed its full‑year 2025 EBIT target of roughly CHF 140 million. Cash flow remained seasonal but improved versus prior year and Implenia completed a CHF 220m bond placement to refinance maturing debt.

Key financials (HY1 2025)

Revenue: CHF 1,855.9m (+6.6% y/y). EBIT: CHF 57.0m (reported CHF 56.97m). Consolidated result: CHF 33.3m. EBITDA: CHF 130.8m. Basic EPS: CHF 1.80.

Order book and backlog

Order book increased to CHF 7,778m (≈CHF 7.78bn), supporting the company’s stated growth momentum across Buildings and Civil Engineering.

Divisional performance

Buildings: EBIT ~CHF 41.5m (improvement vs prior year) with revenue CHF ~871m; Civil Engineering: EBIT ~CHF 15.9m, revenue CHF ~1,008m; Service Solutions: EBIT ~CHF 9.3m, revenue CHF ~123m. All divisions contributed to the EBIT increase.

Balance sheet & liquidity actions

Total assets ~CHF 3.28bn; total equity ~CHF 661.0m and reported equity ratio 21.3% (adjusted). Implenia placed a CHF 220m bond (4‑year, 2.50%) in March 2025 and refinanced/redeemed other debt (including repaying an EUR 30m promissory note and refinancing a CHF 175m bond).

Cash flow and free cash flow

Cash and cash equivalents CHF 272.0m; fixed short‑term deposits CHF 175.0m (from bond proceeds). Free cash flow was negative but improved to CHF -168m (HY1.2024: CHF -209m), with seasonality cited as a factor.

Real‑estate services/Wincasa

Wincasa increased assets under management to CHF 82.8 billion and gained new mandates (recently acquired mandates of ~CHF 3bn not yet included in that AUM figure).

Outlook and targets

Management confirmed a full‑year 2025 EBIT target of approximately CHF 140m and reiterated mid‑term targets: EBIT margin >4.5% and equity ratio of 25%.