Financial year 2024 – Implenia achieves targets, further increases profitability and consistently implements strategy

Glattpark (Opfikon), 26 February 2025

“In 2024 Implenia once again achieved its targets set for the financial year, continuing the positive business performance of recent years,” says CEO André Wyss, “we continue to implement our successful strategy consistently. With its integrated offering and adjusted operating model, Implenia is well positioned for a successful future and profitable growth.”

Increased profitability: EBIT CHF 130.5 million, EBIT margin enhanced to 3.7%

Implenia achieved EBIT of CHF 130.5 million (2023: CHF 122.6 million), or CHF 131.0 million after adjusting for currency effects. The EBIT margin rose to 3.7% (2023: 3.4%). Group revenue, at CHF 3,559 million (2023: CHF 3,596 million), was at previous year’s level. The order book remained high at CHF 6,788 million (2023: CHF 6,985 million) and is of good quality. Strict application of Value Assurance, Implenia’s risk management, ensures that these projects have a solid risk and margin profile. Consolidated profit stood at CHF 93.4 million (2023: CHF 141.8 million) and, as expected, was not comparable to the previous year due to differences in the capitalisation of deferred tax assets on loss carry-forwards.

Equity ratio improved to 21.2%; adjusted free cash flow of CHF 58.2 million (excl. Wincasa M&A and above-average net investment in real estate portfolio)

Implenia’s equity increased by CHF 80.9 million to CHF 656.7 million in financial year 2024 (2023: CHF 575.8 million). The Group improved its equity ratio to 21.2% as of 31 December 2024 (2023: 19.8%), further strengthening its financial stability. Total assets rose to CHF 3,098 million (2023: CHF 2,906 million), mainly due to the acquisition of additional shares in a joint venture and below-average real estate sales. Reported free cash flow amounted to CHF -53.6 million. Adjusted free cash flow, excluding Wincasa M&A and above-average net investments in the real estate portfolio, amounted to CHF 58.2 million. As of 31 December 2024, all syndicated cash limits were unused and fully available to the company.

All Divisions successful

Division Real Estate achieved EBIT of CHF 37.2 million (2023: CHF 40.5 million). This includes a net earnings contribution of CHF 16.4 million from Ina Invest. Following the announced merger of Ina Invest and Cham Group, Implenia will provide the merged company with development and realisation services as part of a strategic partnership and will profit from the expected dividend payments. Due to the market situation, the Division realised only a few sales last year, thus maintaining the flexibility to sell its projects at the ideal time, depending on the degree of development and market demand. Following some significant new investments in attractive locations in Switzerland in the first half of the year, and divestments in the second half, the book value of the real estate portfolio increased to net CHF 191 million as of 31 December 2024 (2023: CHF 149 million).

Division Buildings further increased its EBIT substantially to CHF 55.5 million (2023: CHF 42.8 million). As expected, Wincasa made a good contribution to this result with CHF 16.5 million (CHF 20.3 million before integration costs and PPA amortisation). Both Switzerland and Germany contributed positively to the result. Revenue was slightly lower than the previous year at CHF 1,818 million (2023: CHF 1,861 million). At CHF 2,291 million (2023: CHF 2,598 million; HY1.2024: CHF 2,311), the order book remained at the same level as in the first half-year despite the challenging market situation. Given the increasing number of building permit applications in Switzerland and the investments in large-scale projects announced in Germany, the Division expects the market to expand. Its specialisation in the growing areas of real estate for healthcare, research and development, and data centres is paying off. The Division won further attractive projects in these areas in 2024. Meanwhile, Wincasa was able to sign contracts with five well-known new clients with a total of more than CHF 1 billion of assets under management.

Division Civil Engineering again achieved a higher EBIT than in the previous year, at CHF 39.7 million (2023: CHF 37.7 million). In particular, the business unit Tunnelling made a strong contribution in all countries. Revenue amounted to CHF 1,820 million (2023: CHF 1,846 million), CHF 1,850 million after currency adjustments. The order book was slightly higher than the previous year at CHF 4,301 million (2023: CHF 4,194 million). The Division was once again able to win large and complex infrastructure projects in accordance with its strategy.

Division Specialties increased its EBIT significantly to CHF 8.6 million (2023: CHF 7.6 million including one-time effects). Revenue rose to CHF 169 million (2023: CHF 157 million). The order book went up to CHF 197 million (2023: CHF 193 million). The launch of the new business unit Encira expanded the Division’s range of planning and consulting services for building physics, acoustics, sustainability and energy. The Division continues to look for attractive acquisition opportunities with client-centric business models that contribute to the sustainable development of the construction and real estate industry.

Industry leader in sustainability

In the context of the 2024 Sustainability Report, Implenia has already successfully obtained limited assurance for all selected key figures, including for Scope-1 CO₂ reduction, HR, safety and compliance. This was in preparation for integrated reporting according to CSRD, which will apply from the 2025 reporting year onwards. The relevant ESG ratings in 2024, such as Morningstar Sustainalytics (Industry Top Rated) and MSCI (AAA), once again confirmed Implenia’s prime position as an industry leader in sustainability. EcoVadis awarded the Group Gold status again in 2024. The latest information on sustainability indicators and ongoing measures, as well as the current status of the 2025 sustainability goals can be found in the 2024 Sustainability Report, which is published today.

Implenia continues to implement its strategy consistently and develops its operating model further

Implenia reaffirms and continues to implement its successful strategy, which has four priorities: Portfolio, Profitable Growth, Innovation and Talent & Organisation. In addition to optimising and developing its existing business, the Group is expanding its portfolio by adding higher-margin services along the value chain through organic and inorganic growth.

The operating model has been further developed in line with the Group’s strategy. As of 1 April 2025, Implenia is organising its business portfolio into three Divisions – led by existing members of the Implenia Executive Committee:
 

• Divisions Real Estate and Buildings will be merged into Division Buildings led by Adrian Wyss. This Division includes the real estate portfolio as well as building construction activities in Switzerland and Germany.
• Division Civil Engineering, headed by Erwin Scherer, remains a leading provider of tunnelling services throughout Europe, as well as of civil engineering and special foundations services in Switzerland and Germany.
• Division Service Solutions, led by Anita Eckardt, evolves into a provider of innovative services. It combines expertise in the fields of engineering, planning and management, and now also includes Wincasa, the leading service provider for real estate management, centre & mixed-use site management and construction management.

These adjustments will lead to a reduction in the size of the Implenia Executive Committee from eight to seven members. Jens Vollmar, Head of the current Division Buildings, will take over as CEO from André Wyss on 1 April 2025.

The Group is aiming for EBIT of CHF ~140 million in 2025 and confirms its medium-term financial targets

Implenia expects EBIT of CHF ~140 million for financial year 2025 based on strong operating business in a challenging market environment. As a mid-term financial target, the Group is aiming for an EBIT margin of >4.5% and an equity ratio of 25%.

The megatrends of population growth and urbanisation, energy transition and investment in new or modernised transport and energy infrastructure continue to stimulate demand for real estate projects in attractive urban locations as well as for large infrastructure projects.

Within building construction, the new-build sector in Switzerland is forecast to grow in 2025, while the recovery in Germany will be further delayed. Solid growth is expected in the market for renovating existing properties in both Switzerland and Germany. The civil engineering sector will continue to grow in Western European markets in 2025, driven by the need for public sector investment in modern infrastructure for transport and renewable energy (e.g. increasing demand for pumped storage power plants).

With its comprehensive, integrated portfolio of services along the entire value chain and its sector-oriented specialisations, Implenia is excellently positioned to take on large and challenging projects in these areas.

Board of Directors will propose an increased dividend of CHF 0.90 per share to Annual General Meeting

Based on growing economic success and a further strengthening of the balance sheet, the Board of Directors will propose an increase in the dividend to CHF 0.90 (previous year CHF 0.60) per share at the AGM on 25 March 2025. The Board of Directors anticipates that Implenia will continue to distribute dividends in the future.

Consolidated key figures

Contact for media:
Corporate Communications, T +41 58 474 74 77, communication@implenia.com

Contact for Investors and Analysts:
Investor Relations, T +41 58 474 35 04, ir@implenia.com

Annual report 2024:
You can access the 2024 Annual Report via this link and download it as a PDF.

Sustainability Report:
Implenia’s new Sustainability Report, also published today, is available on the company’s sustainability page.

Webcast of Analysts and Media Conference:
An Analysts and Media Conference will take place today between 12.00 noon and 1 p.m. You can participate in the webcast at the following link: Webcast for Analysts and Media Conference