Shares of OHLA rose nearly 13.6% on Monday after the Spanish construction group recorded a return to profit in the first quarter. The company reported a net profit of €7.8 million for the three months ended March, reversing a €21.8 million loss in the same period a year earlier.
The reported improvement was attributed by the firm to three principal factors: a solid backlog of work, structural cost savings implemented during the period, and the absence of extraordinary financial expenses that had been connected to the 2025 recapitalisation. These elements combined to shift the company back into positive net income territory for the quarter.
Investment firm Bestinver reiterated its expectations that OHLA will uphold its 2026 guidance, forecasting revenues above €4.1 billion and EBITDA exceeding €215 million. In its commentary, Bestinver emphasised that further deleveraging will be important for the company’s share price to fully reflect its underlying business potential.
Bestinver also signalled that OHLA is likely to pursue selective asset divestments as part of its approach to managing debt. The firm noted that there are strong incentives for a partial bond redemption after August 2026, positioning targeted liability reduction as a component of the company’s financing strategy.
The combination of improved operating performance in the quarter and guidance confirmation from Bestinver appears to have supported investor sentiment, as evidenced by the near 13.6% share price increase on Monday. The firm’s comments draw attention to balance-sheet repair - namely deleveraging and possible asset sales - as prerequisites for the equity to better mirror underlying operational progress.
Context and market implications
- OHLA’s return to profit removes the immediate year-on-year loss comparison that weighed on the prior period.
- Confirmation of 2026 targets for revenue and EBITDA provides continuity to investor expectations for medium-term performance.
- Emphasis on deleveraging and selective asset disposals points to a focus on improving financial leverage and cash flow allocation.
What remains to watch
- Execution of deleveraging measures and any announced asset divestments will be pivotal for valuation re-rating.
- Timing and scale of any partial bond redemption after August 2026 will influence capital structure and interest expense profiles.