Implenia Ltd

IMPN

Equity

ISIN CH0023868554 / Valor 2386855

SIX Swiss Exchange (2026-10-02)

CHF 65.30+1.56%

Implenia Ltd
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About company

Implenia Ltd is a Swiss construction and real-estate development group headquartered in Opfikon (Zurich) that provides building construction, civil engineering and infrastructure services along with property development and associated project-management and maintenance services. The company delivers a mix of turnkey and contract work for public and private clients—covering residential and commercial buildings, transport and utility infrastructure (including tunnelling and bridge work), and urban redevelopment projects—and operates across Switzerland with selective activities in neighbouring European markets. Implenia is publicly listed and typically participates in large, complex projects requiring integrated construction, planning and development capabilities.

Summarized from source with an LLMView SourceSector: Industrials

Key figures

Order book CHF 8.467 bn (+24.7%); Revenue CHF 3,475 m (slightly down vs FY2024); EBIT CHF 140.5 m (+7.6%); EBIT margin 4.0% (+0.4 ppt); Consolidated profit CHF 84.7 m (FY2024: CHF 93.4 m).

Cash flow & balance sheet

Free cash flow up to CHF 125.3 m (+CHF 179 m). Cash and cash equivalents CHF 533.0 m plus short‑term time deposits CHF 125.0 m (temporary from bond refinancing). Total assets CHF 3,326.9 m. Adjusted equity ratio 23.5% (reported 22.6% before adjustment).

Profit drivers and costs

EBIT and margins improved across divisions, reflecting operational improvements and project performance. Consolidated profit fell vs. prior year mainly due to higher financing costs (early bond refinancings with temporary double coupon effects) and the absence of one‑off tax benefits that supported FY2024.

Divisional performance — Buildings

Buildings order book CHF 2.81 bn (+18.0%). Revenue CHF 1,634 m (below prior year at CHF 1.6 bn, expected to rise from 2026 based on backlog). Buildings EBIT CHF 75.6 m (slight increase) supported by higher-margin project mix (healthcare, research, data centres).

Divisional performance — Civil Engineering

Civil Engineering order book CHF 5.593 bn (+28.8%); revenue CHF 1,925 m (+2.9%); EBIT CHF 55.0 m (+14.2%), with stronger contributions from Germany and tunnelling and bridge projects.

Divisional performance — Service Solutions / Wincasa

Wincasa assets under management CHF 84.5 bn. Service Solutions revenue CHF 243 m (stable) and EBIT CHF 20.5 m (+14.9%), driven by higher-margin planning, engineering and logistics services and new mandates.

Outlook & strategy

Company cites positive market dynamics, a strong order book, sharpened strategy (operational excellence, digital/AI tools, Lean) and expects revenue growth from backlog in coming years. Management targets continued FCF conversion improvement and focus on higher‑margin, asset‑light segments.

Notes & risks

Key near-term considerations: higher interest/financing costs from early refinancings (impacting financial result), temporary increase in current assets due to bond-related time deposits, and continued emphasis on net working capital and change‑order management to sustain cash conversion.

Summarized from source with an LLMView Source

Key figures

-1.66%1Y

122%3Y

215%5Y

Performance

36.4%1Y

33.8%3Y

35.3%5Y

Volatility