CEO Karl-Heinz Strauss sees this as confirmation of PORR’s intelligent growth strategy: “The results of the first quarter of 2026 show that PORR continues to be on a very good track. We surpassed the EUR 10 bn mark in the order backlog for the first time, giving us a pipeline that far exceeds one year’s output. We’re now continuing to expand our foothold in the markets that are expected to show promise in the coming years: In civil engineering and also in selective areas of building construction”.

Strong order books and good prospects

PORR’s order situation once again developed very well in the first quarter of 2026. The order backlog increased Group-wide by 13.5% to EUR 10,004m. Strong growth was recorded in the areas of infrastructure and railway construction in Poland in particular, as well as in major projects in Romania.

The order intake increased by 14.7% to EUR 1,765m and confirms the growth trend, which is primarily driven by infrastructure in Poland. At the same time, the positive development in German specialist civil engineering indicates an initial recovery of the German economy.

Significant new orders in the first quarter of 2026 include several infrastructure projects in Poland. For the S6 western bypass of Szczecin, PORR is responsible for the section between Kołbaskowo and Dołuje under the design & build principle. In addition, PORR was awarded the planning and expansion of the DK25 national road between Konin and Rychwał, also in Poland. In German specialist civil engineering, PORR is now participating in the construction of the Fehmarnsund crossing, while in residential construction, initial medium-sized contracts were again secured in Austria – including in Vienna and Villach. Significant new projects were also recorded in industrial construction and in the construction of educational facilities.

PORR’s excellent order situation demonstrates that, at the start of 2026, the European construction sector continues to be characterised by solid demand. Globally, uncertainty surged again due to the Iran war, as well as rising energy prices and possible disruptions to supply chains. However, PORR still sees no significant burden on its project margins from material, steel, cement, diesel or energy prices, as direct construction-related costs can be passed on. In addition, price risks can be reduced through contractual structures, active risk management and price escalation clauses as well as targeted procurement and hedging measures.

Further momentum continues to come from investments in transport and energy infrastructure. Here, the financial resources of the European Union are ensuring continuous demand across all PORR home markets. This is particularly noticeable in Poland and the CEE countries. Residential construction may be showing signs of stabilisation, but it still remains challenging due to the persistence of demanding financing conditions, high construction costs and geopolitical uncertainty. The construction of data centres, healthcare infrastructure and educational facilities is acting as an important growth driver.

Further increase in the EBIT margin

The construction industry is subject to seasonal fluctuations specific to the industry. The first quarter is traditionally the weakest of the year and generally records low earnings contributions. This is attributable to weaker construction activity during the winter months, which also affects the earnings situation.

PORR generated production output of EUR 1,300m in the first quarter of 2026, thereby exceeding the previous year’s figure by 2.3%. Here, cross-border tunnelling in particular showed a highly positive development. In contrast, the performance of Austria and Germany was weaker as a result of the prolonged winter weather. Nevertheless, the Austrian market remains the most important pillar, accounting for 45.2% of the Group’s total output.

PORR’s revenue totalled EUR 1,245.5m in the first quarter of 2026. The slight decline of 1.5% compared to the same period of the previous year is mainly attributable to the long winter and the higher share of output from joint ventures (consortiums, JVs), which is not included in revenue. Nevertheless, earnings again saw a positive development. Earnings of the segments PL and CEE improved in particular, as a result of cost reductions and based on the high order backlog. This led the Group’s earnings before interest, taxes, depreciation and amortisation (EBITDA) to increase by 3.0% to EUR 66.8m. With depreciation, amortisation and impairment remaining almost unchanged, EBIT grew by 13.1% to EUR 14.3m. The EBIT margin thereby improved to 1.1% (Q1/2025: 1.0%).

The segment AT / CH generated production output of EUR 515m in the first quarter of 2026 and was therefore 6.0% below the previous year’s figure. The decline is mainly attributable to the severe winter conditions in Austria. Both the order intake and order backlog showed a positive development also in this segment. The order backlog increased by 18.2% to EUR 3,339m, while the order intake rose by 20.0% to EUR 994m.

Positive impetus in the first quarter came from sectors including building construction: Significant new orders in residential construction include the Lil-y Twins residential complex in Vienna and the Völkendorf residential building in Villach. In addition, PORR, as part of a joint venture, won the demolition and new build of the headquarters of Raiffeisenlandesbank in Carinthia, while in infrastructure construction, the general refurbishment of the railway line between Rosenheim and Salzburg was one of the orders received. Furthermore, PORR was awarded additional major civil engineering contracts with the renewal and expansion of the Vienna Mitte – Praterstern S-Bahn main line and the Klimatunnel Linz project.

The long winter in the first quarter of 2026 also affected output in Germany. The segment DE generated production output of EUR 314m and was therefore below the previous year’s figure. The order backlog increased slightly by 1.2% to EUR 1,955m. The significant growth in the order intake by 35.7% to EUR 418m indicates a trend reversal and a recovering construction market. PORR recorded strong growth in the infrastructure sector in particular, which includes specialist civil engineering and transport infrastructure construction amongst others.

Significant new orders included the Fehmarnsund crossing, in which PORR is involved as a joint venture partner for specialist civil engineering. In building construction, PORR was awarded substantial new projects with the contract for the state school centre in Freising and the conversion of a building for Bayer in Wuppertal.

The segment PL recorded a highly positive development in the first quarter of 2026. The increase in production output of 22.8% to EUR 214m resulted from the higher order backlog and confirms the growth trajectory. The order situation continued to perform very dynamically. The order backlog increased by 22.5% to EUR 2,013m. The order intake more than doubled compared to the previous year and amounted to EUR 331m. The segment PL therefore continued to benefit from the high demand in the Polish market, particularly in the infrastructure sector.

Several new transport infrastructure projects played a significant role, including the Kołbaskowo – Dołuje section of the S6 expressway, as well as the DK25 between Konin and Rychwał in road construction. In bridge construction, PORR received the major contract for the construction of a crossing over the Oder River in Pomorsko.

In the first quarter of 2026, the production output of the segment CEE increased by 8.6% to EUR 97m. This was mainly attributable to the higher order backlog in the area of road infrastructure in the Czech Republic and Slovakia, which underlines the growth trend. While the order backlog increased by 40.8% to EUR 1,400m, the order intake decreased by 37.7% to EUR 122m. This development reflects the high order intake in the first quarter of the previous year. The outlook for the full year remains positive.

With the construction of water supply and wastewater systems in the metropolitan areas of Cosoba and Săbăreni, PORR is now responsible for another key infrastructure project in Romania. In addition, PORR was awarded contracts that included the refurbishment of Traian Square in Timișoara.

The segment Infrastructure International increased its production output by 20.5% to EUR 135m, whereby output in tunnel construction was a significant contributor. With the planned execution of ongoing large-scale projects, the order backlog decreased by 7.2% to EUR 1,155m. In contrast, the order intake increased by 21.4% to EUR 48m. This is mainly attributable to contract add-ons for existing projects.

Overall, the segment remains well positioned through long-term infrastructure projects and a high level of technical specialisation. PORR continues to participate selectively in tenders for complex infrastructure and tunnel construction projects. That said, civil engineering in combination with railway and road construction remains a key PORR strength.

Bright outlook for the construction industry

In 2026, geopolitical tensions, particularly the Ukraine war and the Iran war, as well as volatile energy prices, are burdening the global economy with increased uncertainty. Nevertheless, the International Monetary Fund (IMF) expects global economic growth of 3.1%. For the eurozone, it has forecast growth of 1.1%.

Further growth is expected for the European construction sector. According to Euroconstruct, European construction output is expected to increase by 2.4% in 2026, thereby growing faster than the overall economy. Civil engineering remains the most important driver, supported in particular by European investments in transport infrastructure and energy supply. Residential construction, by contrast, is expected to recover only slowly.

Guidance 2026

PORR considers itself well positioned in this environment with its strategy of intelligent growth. The long-term mega trends of the sector remain intact. These include decarbonisation, digitalisation, deglobalisation and demographic change. At the same time, the Group is well prepared for geopolitical uncertainties, volatile energy prices and continued cost discipline. Accounting for approximately 60.6% of the order backlog, civil engineering remains PORR’s focus. Financial resources from European Union funds as well as investment packages from national road, railway and energy network operators are driving continued growth in demand. At present, only a small share of the order books of 7.5% relates to residential construction. Here, PORR sees opportunities in the creation of affordable housing with the modular construction system PORR LIVING. In addition, the clear focus in building construction lies on industrial construction – including data centres – as well as the construction of healthcare facilities. Overall, 33.6% of the order backlog was attributable to building construction at the end of the first quarter of 2026.

Based on the high order backlog of more than EUR 10 bn and the expected market development, the Executive Board anticipates moderate growth in output and revenue, as well as an increase in the EBIT margin in 2026. The long-term target of an EBIT margin of 3.5% to 4.0% by 2030 remains unchanged.

The assessment of future business performance is based on the current economic conditions as well as the opportunities and risks in the respective markets. However, an escalation of geopolitical tensions, new trade barriers, or renewed volatility in the financial markets could have adverse effects on economic development and on PORR’s business activities. Any forecast is therefore subject to uncertainty.