Implenia Ltd

IMPN

Equity

ISIN CH0023868554 / Valor 2386855

SIX Swiss Exchange (2026-09-01)

CHF 64.70-2.27%

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 consolidated figures

FY 2025: Order book CHF 8,467 m (+24.7%); Revenue CHF 3,475 m (-2.4%); EBIT CHF 140.5 m (+7.6%); EBIT margin 4.0% (+0.4 ppt); Free cash flow CHF 125.3 m (+CHF 179 m); Consolidated profit CHF 84.7 m.

Order book strength and revenue outlook

Order book reached a record CHF 8.47 bn, providing mid- to long‑term revenue visibility. Management expects revenue growth to resume (divisional notes indicate revenue pickup from 2026/2027 driven by the strong backlog).

Profitability and margins

EBIT rose to CHF 140.5 m and the group EBIT margin improved to 4.0%, with margin improvements across all divisions. The increase reflects higher contributions in civil engineering (Germany) and better project execution.

Free cash flow and working capital

Free cash flow improved materially (+CHF 179 m) driven by higher EBITDA and a positive NWC trend (notably higher advance payments). Management highlights continued focus on NWC and change‑order management to sustain cash generation.

Balance sheet and refinancing

Cash and equivalents increased to CHF 533 m plus CHF 125 m in short‑term time deposits related to bond replacement. Non‑current financial liabilities rose after early refinancing; adjusted equity ratio at 23.5% (reported 22.6%). Outstanding bonds include maturities extended into 2028–2030.

Divisional highlights

Buildings: Order book CHF 2.81 bn (+18%), revenue CHF 1.63 bn (below prior year), EBIT CHF 75.6 m. Civil Engineering: Order book CHF 5.59 bn (+28.8%), revenue CHF 1.93 bn (+2.9%), EBIT CHF 55.0 m (+14.2%). Service Solutions (Wincasa etc.): AuM CHF 84.5 bn, revenue CHF 243 m (stable), EBIT CHF 20.5 m (+14.9%).

Drivers, risks and outlook

Management cites positive market dynamics (healthcare, data centers, tunnelling), a sharpened strategy including AI and Lean initiatives, and continued asset‑light focus. Near‑term headwinds include elevated financing costs (temporary double coupon effects from early refinancing) and normalization of tax effects; the backlog underpins medium‑term growth.

Summarized from source with an LLMView Source

Key figures

2.37%1Y

107%3Y

204%5Y

Performance

36.4%1Y

33.8%3Y

35.3%5Y

Volatility