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.
