Strabag

$STR (+0,51 %)

Porr

$POS (-0,43 %)

Bilfinger

$GBF (-2,51 %)

Hochtief

$HOT (+0,13 %)

Since 2024, the shares of the profiteers of data centers, cable and pipeline construction and building reconstruction Ukraine, or economic package winners.

STRABAG SE recorded extremely high demand at the start of 2026 and confirmed new record figures for the 2025 financial year. The order backlog exceeded the € 30 billion mark (approx. € 31.4 billion) for the first time.

PORR AG records strong order growth at the start of 2026, in particular due to a EUR 150m road construction order for the western bypass of Szczecin (Poland) and rail construction projects.

In 2026, Bilfinger SE will focus on growth and efficiency instead of selling significant parts of the company. The industrial services provider is planning acquisitions in the USA and the Middle East.

HOCHTIEF shares are currently experiencing a strong upswing and reached new record highs in February 2026.

Jens Vollmar has not been in office as CEO of $IMPN (+0,14 %) but still has ambitious goals for the construction group.

16.01.2026 16:00

300 days: that's how long Jens Vollmar will soon have been CEO of Implenia. "He has consistently pursued the strategy of his predecessor André Wyss since taking office at the beginning of April 2025 and accelerated it in parts," says Anja Felder, Senior Financial Analyst at St.Galler Kantonalbank (SGKB), summarizing his time in office so far.

Implenia impressed the market with its figures for the first half of 2025, in which it increased its operating profit and the corresponding margin. "The market was pleased with this development, which should have further strengthened investors' confidence in Jens Vollmar as the new CEO."

After 289 days, the CEO has now made a bold statement that should give investors further hope. "We can become twice as big!" said Vollmar at Immo26, the Swiss real estate fair for investors, on Wednesday. He gave this answer to the question "What do you want to achieve with Implenia?" in a "question fire" at the end of a 25-minute talk, i.e. short questions, quick answers.

Of course, such a statement should be treated with caution if no time horizon and no specific key figures are mentioned. However, he was probably referring to key figures that measure company growth - i.e. turnover, profit, market share or company size. The 41-year-old has been with Implenia for more than 10 years and, according to Swiss law, still has 24 years of employment ahead of him - plenty of time to achieve his ambitious goal.

The CEO's statement is not entirely far-fetched. After all, the share price has doubled since he took office from CHF 40.80 to CHF 82 in January - so the doubling target has already been achieved. In addition, the prospects for business activities are also good. In Switzerland in particular, falling interest rates are increasing the willingness to invest in the real estate market, and in Germany the 500 billion euro economic stimulus package is likely to have a positive effect.

"The decisive factor will now be the extent to which the German infrastructure program is actually reflected in future figures. We assume that noticeable effects will not be visible until 2027 at the earliest," emphasizes the SGKB expert. It is also crucial that the planned investments are actually implemented and that Implenia can successfully assert itself against the competition. The clear focus on profitable growth is the right strategic path.

On Thursday, the Group announced new orders in Germany and Norway worth 350 million euros. When the half-year figures were published, the order backlog had already grown by 9.8 percent to CHF 7.8 billion. Anja Felder of SGKB is optimistic: "In our view, Implenia will be able to further increase its operating profit in the future and achieve its medium-term target of a margin of over 4.5 percent." Expectations of Implenia and its CEO Jens Vollmar are correspondingly high.

Strong project pipeline

Prior to the Q&A, Vollmar was asked in more detail about his first few months as CEO. One of his highlights was the construction group's many exciting and varied projects, especially infrastructure projects. "Under Jens Vollmar, Implenia has succeeded in winning major projects, which should have a positive impact on order intake and the visibility of future sales," emphasizes Felder.

In particular, the German-born company boss is probably referring to the rail project between Zurich and Winterthur. The federal government is planning a double-track line through the Brüttener Tunnel as well as the expansion of the Dietlikon, Bassersdorf, Wallisellen and Winterthur Töss railroad stations.

At Immo26, the new CEO also spoke of the merger of the divisions from four to three as a highlight. According to him, this was probably relatively "simple". The fact that the majority of the companies were individual contributed to a smooth transition, as Vollmar emphasizes.

The Real Estate division and the Buildings division were combined to form the Buildings unit. In addition, there is the Civil Engineering division and the new Service Solutions division, which includes the real estate service provider Wincasa, for example.

With regard to the low margins in the construction business, Jens Vollmar replied: "The industry suffers structurally from the fact that construction companies can often only differentiate themselves through price. We deliberately don't want to go down this route." Instead, Implenia is focusing on greater differentiation through selected projects in specialized areas.

Aisha Gutknecht has been working as an editor for cash.ch since July 2024.

$IMPN (+0,14 %)
$STR (+0,51 %)
$HOT (+0,13 %)
$GBF (-2,51 %)

I have looked at my portfolio review of 2025 and my start to 2026 - not just "how much", but above all: why and what I have learned from it. I am happy to share this with you and look forward to discussion & feedback and, above all, your views: what was the result and also your perception of your stock market year 2025 - and what set-up are you starting the new year with?

Time to reflect 🧘‍♂️

1) Change of mood at the end of 2024

After a rather sobering (for me) stock market year 2024, there was a clear turnaround in sentiment in November 24: on the day of Trump's election victory in Nov 24, the market jumped significantly (Dow +3.57 %, S&P 500 +2.53 %, Nasdaq +2.95 %). This made the "risk-on" narrative credible again - and you could see it in the behavior of many portfolios. At least in mine, if I'm honest with myself ;)

2) Q1/Spring 2025: Unusually Europe-friendly

The first few weeks of 2025 were indeed unusually Europe-heavy: in the first six weeks of 2025, the STOXX 600 was up >5.5%, while the S&P 500 was only up +2.7% in the same period.

This also became clear later in hindsight: in 2025, defense and banks were extremely strong drivers in Europe at times. I was also right in this upswing ($DHL (-0,1 %) , $GBF (-2,51 %) , $RIO (-0,5 %) ) but unfortunately also some disastrous ($NESN (-2,32 %) , $MC (-0,47 %) , $NKE (+0,79 %) ,$NOVO B (-0,1 %) ) decisions were made. Partly also trend- and community-driven -> yes, you are to blame ;)

3) Beginning of April: Bad times

Then came the break: The strong start to the year was literally "wiped out" in just a few sessions, partly due to the customs/trade war shock. YTD turned completely negative, and by April 7 the STOXX 600 was around 12% below the closing price on April 2. $TSLA (-2,26 %) and $NVDA (+0,06 %) purchases. I also $PEP (-0,35 %) I bought cheaply, but a real breakout is still a long way off.

4) Shortly afterwards: fireworks

Then a tailwind came back in the US from the middle/end of April, when the market repriced parts of the Trump escalation in the direction of "negotiations/de-escalation". The Donald kept a few election promises that were perhaps not quite official .-)

5) H2/late year: AI + interest rates as a "macro tailwind"

Towards the end of the year, the environment was then more strongly characterized by two factors: AI-driven risk assets and falling interest rates. It was an AI-driven rally, which also supported sentiment and inflows into US equity again.

And on the interest rate side: the Fed set the key interest rate at 3.50 % to 3.75 % in December after a further cut.

At the end of the year, the major benchmarks were also closer together again: STOXX 600 +16.66 % in 2025, S&P 500 ~+17 %.

6) Golden times 🥇🏅

Then there was the beautiful gold (u.W.). 2025 was a real exclamation mark: spot gold was up around 66% over the year (according to Reuters, the strongest increase since 1979).

Silver was even more extreme at around +168 % per year.

I have already written about gold in more detail here on getquin - if you are interested in the topic, you can find the article in my profile.

Personal performance 2025

• Internal rate of return: approx. +10 %
• TTWROR: approx. -33 %
• Dividend yield: approx. 1.3 % p.a.

The figures confirm what I described above: in my opinion, I made very good operational decisions (realized profits, used tax aspects, built up cash flow). At the same time, the TTWROR shows quite clearly that the portfolio structure was too volatile and too strongly growth/trend-oriented in the meantime. Too often, I have taken the "falling knife".

Before the turn of the year, I invested in $NVDA (+0,06 %) , $TSLA (-2,26 %) , $GBF (-2,51 %) and $DHL (-0,1 %) - each with positive returns - for the following reasons:

• Utilize saver's allowance
• Reduce tech-heaviness
• Cash generation (you can read why below)

Starting point Jan 2026:

Brief overview of the 2026 start setup

Asset mix

• Individual shares: 71.4 %
• ETFs: 16.0 %
• Gold: 9.2 %
• Crypto: 3.4 %

Regional breakdown

• North America: approx. 45.7 %
• Europe developed: approx. 26.0
• Rest of the world (including EM/Asia/Australasia): approx. 22.5 %

Sector structure

• Financial services: 20.5 %
• Consumer goods (cyclical): 19,2 %
• Consumer staples: 15.7
• Information technology: 14.8
• Materials: 7.9
• Healthcare: 4.7

Start to the new year

Parallel to the sales at the end of 2025, I reallocated or increased my holdings in January, including in $O (-0,63 %), $VNA (-0,69 %) and $ZAL (+0,21 %)- with the logic:

• Strengthen cash flow/dividend components
• Turnaround opportunities as a limited admixture
• Reduce volatility in the portfolio

Why I am thinking more defensively in 2026

Next week, the purchase of an apartment on beautiful Lake Tegernsee 🏝️ will be notarized. This is a step into a completely new asset class for me, as it's my first property of my own. - In addition to construction financing, it will of course also be a liquidity issue over the next few weeks.

I may make a separate post about this, perhaps some of you are also currently facing this step?

I can mentally cope well with drawdowns. But: being able to bear risk does not automatically mean having to bear risk.

My portfolio should fit in with this new phase of my life.

What I will do differently in 2026

Because a new asset class will be added to my portfolio in 2026 with the purchase of an apartment, I want to position my portfolio more defensively in future - without completely foregoing opportunities for returns : risk. Otherwise we would be completely wrong on the stock market :)

1) ETF core should dominate

I want my portfolio to be dominated by my ETFs in future. My target scenario is therefore

• 60% of the deposits via a savings plan in my 4 core ETFs ($VWRL (-0,16 %) , $COMM (+0,95 %) , $WSML (-0,14 %) , $IEMS (-1,69 %) ).
• 30 % stocks
• 10 % commodities
• Play money: crypto, certificates, pennies (weighting < 5%)

Important! This is a start-in-2026 setup

Of course, as always in life, a plan is there to be thrown overboard - so you have to wait and see how assets perform in the year ahead and reassess regularly.

2) Stocks yes - but with more discipline

Turnaround/opportunity stocks and trends remain part of my approach, but clearly limited. I want these positions to be what they should be again: An addition, not a foundation.

I will reduce (basic) consumption and strengthen healthcare. And tech?

3) Tech: more controlled

Tech will remain a driver of returns in 2025 - but I want to build it up again in a controlled manner after my sales. I will monitor the trend from a distance for the first few weeks and possibly months and bet on corrections. You can't do without it - as you can see from the Mag-7 performance in 2025:

• $GOOGL (-1,34 %) : +65,3 %
• $NVDA (+0,06 %) : +38,9 %
• $MSFT (-1,38 %) : +14,7 %
• $META (-2,78 %) : +12,7 %
• $TSLA (-2,26 %) : +11,4 %
• $AAPL (+0,17 %) : +8,6 %
• $AMZN (+1,37 %) : +5,2 %

On that note, happy new year!

$VWRL (-0,16 %)
$EWG2 (-1,09 %)
$O (-0,63 %)
$PEP (-0,35 %)
$MSFT (-1,38 %)
$P911 (-1,4 %)
$BLK (-0,27 %)
$NKE (+0,79 %)
$RIO (-0,5 %)
$MC (-0,47 %)
$NOVO B (-0,1 %)
$NESN (-2,32 %)
$ZAL (+0,21 %)
$COMM (+0,95 %)
$IEMS (-1,69 %)
$BTC (+0,38 %)
$ETH (+0,18 %)
$XRP (+0 %)
$PEPE (-0,77 %)

Bank of America (BofA) has put together a basket of stocks to list the winners of the German infrastructure package.

The basket contains 14 stocks that the US bank expects to benefit in particular.

• The German technology group Siemens
  $SIE (-1,59 %) (weighted at 10.3 percent, as of August 21)
• The French construction group Eiffage $FGR (-0,46 %) (9 percent)
• The German building materials manufacturer Heidelberg Materials
  $HEI (-1,4 %) (8.8 percent)
• The German energy technology group Siemens Energy $ENR (-0,73 %) (8.6 percent)
• The German truck manufacturer Daimler Truck
  $DTG (-0,11 %) (8.4 percent)
• The Italian building materials company Buzzi S.p.A.
  $BZU (-1,99 %) (7.9 percent)
• The Swiss cement group Holcim $HOLN (-1,15 %) (7.6 percent)
• The Swiss chemicals group Sika AG $SIKA (-2,33 %)
  
  (7.4 percent)
• The German forklift manufacturer Kion
  $KGX (-2,61 %) (6.7 percent)
• The French communications and energy company Spie $SPIE (-1,93 %) (6.4 percent)
• The German industrial group Thyssen-Krupp $TKA (-0,83 %) (6.4 percent)
• The German wind turbine manufacturer Nordex
  $NDX1 (-1,02 %) (4.6 percent)
• The Swedish steel group SSAB $SSAB A (-0,72 %)
  
  (4.1 percent)
• The German industrial services provider Bilfinger
  $GBF (-2,51 %) (4.0 percent)

Hopes for the infrastructure package have already caused the shares to rise significantly in some cases in recent months. Since the beginning of the year, the shares included in the basket have risen by around 47 percent. BofA has been offering the share basket to its major clients since the beginning of July.

Despite the jump in the prices of many infrastructure stocks in the first half of the year, BofA manager Klein is confident that the stocks in the basket will continue to rise. According to him, it now depends on when the investments really show up in the profits of the companies.

Oliver Schneider, portfolio advisor at US asset manager Wellington, says: "In the past six to nine months, investor interest in infrastructure stocks has grown rapidly." This is particularly true for European investors.

He cites two factors that he believes will drive infrastructure stocks worldwide in the future. Firstly, there is a great need to modernize infrastructure. Secondly, the demand for electricity is growing due to artificial intelligence. Schneider says: "This is a growth topic that will be with us for the next ten to 20 years."

Source: Text (excerpt) & graphic, Handelsblatt 01.09.25

A short anecdote from just now:

I wanted to charge my car in Austria's (admittedly rather extensive) e-charging network. Missed the charging station, so turned around somewhere - on "some" company premises. Then plugged my car in on the other side of the road.

And when I look into the depot shortly afterwards, I see

Bilfinger, whose yard I had unknowingly just turned around in (located south of Salzburg), is officially my strongest stock right now.

It has overtaken my investment in Novo, which was twice as high!

That made me laugh for a moment.

Because even if that was a coincidence, strategically it's exactly what I'm currently pursuing:

👉 Away from "buy the dip"

👉 Towards titles that are now convincing

👉 Don't buy hope - buy strength instead

Bilfinger is on a roll. Not because of hype. But because the business model is right and the turnaround is hitting the ground running.

And sometimes life just subtly shows you that you're on the right track.

$GBF (-2,51 %)

#BackToTheRoots

$GBF (-2,51 %) . It makes you jealous that you didn't buy more 🤑

$GBF (-2,51 %)

FRANKFURT/PARIS (dpa-AFX) - Changes are expected in the broad European share index Stoxx Europe 600 in June. Expert Pankaj Gupta of US bank JPMorgan (NYSE:JPM) anticipates the inclusion of industrial services provider Bilfinger (ETR:GBFG) in a study of German stocks published on Wednesday.

Deutsche Börse subsidiary and index provider Stoxx Ltd. will review the Stoxx Europe 600 based on the closing prices on Friday, May 30. Any changes will be announced on Monday, June 2, after the close of trading and will take effect on Friday, June 20, after the close of trading.

Hochtief's share price has already gained almost 30 percent in 2025. Whether network centers in the USA or infrastructure in Europe, investors have been buying into the company with great enthusiasm. But in addition to the fantasy, the company is also fundamentally convincing.

In the 2024 financial year, turnover climbed by 20% to around EUR 33.3 billion. Consolidated operating profit rose by over 17% to EUR 625 million, exceeding the upper end of the forecast range of EUR 560 to 610 million. A further increase of 9% to 17% to EUR 680 to 730 million is planned for 2025.

Nobody currently doubts that these targets will be achieved. When US President Trump announced investments of USD 500 billion for AI infrastructure projects in January 2025, the share price rose significantly. This is because Hochtief has a strong presence in the USA. A data center is already being built in Ohio via the subsidiary Turner. The planned special fund for federal infrastructure projects was also a driver for the share price. However, there are two things to bear in mind here: Firstly, this special fund has not yet been approved by the Federal Council and secondly, Hochtief generates 95 percent of its sales outside Europe. For Germany, we estimate a sales share of only 1 to 2 percent.

But things are going well at Hochtief. The figures are impressive proof of this. It is possible that the planned investments by the German government will ensure that the company can benefit noticeably not only from US investments, but also from those in Germany. That would be the best-case scenario. Investors remain on board.

$HOT (+0,13 %)

$STR (+0,51 %)

$POS (-0,43 %)

$GBF (-2,51 %)

$CEMEXCPO (-0,73 %)

$HEI (-1,4 %)

Industry is alive and well, as the Mannheim-based industrial services provider proves in times of "deindustrialization". Sales plus, profit plus, dividend plus, outlook plus...

In addition, market leader in Ukraine and definitely involved in the reconstruction. Very high recurring income and planned share buyback program.

Sometimes you don't need the dip. Sometimes you just feel it.

$GBF (-2,51 %) Let's go!

The turnover of $GBF (-2,51 %) rose by twelve percent last year to over five billion euros.

The strong business performance is also reflected in the dividend, which was increased from 1.80 euros to 2.40 euros per share.

Bilfinger is also raising its forecast for 2025 and anticipates an increase in revenue to between EUR 5.1 and 5.7 billion and an EBITA margin of 5.2 to 5.8 percent - after 5.2 percent in 2024 and 4.3 percent in 2023.

Source: Der Aktionär