Intermoney | 9M25 results – EBITDA is up 30% in line with Intermoney’s estimate. OHLA (OHLA) (Buy, Target Price €0.70) announced its results for September 2025 on Thursday after the market closed, without holding a conference call on this occasion.
Revenues fell slightly by 2% to €2.571 billion, very much in line with our forecasts (2%), while EBITDA (up 30% to €113 million) also differed little from our estimate (€114 million) after a Q3 in construction that did not repeat the exceptional margins of Q2. After EBIT provisions in Q3 (down €7 million) that we had not estimated, net financial expenses of €61 million, which include the costs of recapitalisation and capital increases, and higher tax and minority interests items compared to Intermoney’s estimate, the net result was a drop of €46 million, compared to €25 million estimated. The Group closed September with a net cash position of €311 million, compared to €310 million estimated and €453 million at 24 December.
Perhaps overly cautious for 2025, implying EBITDA of €156 million (up 10%), we confirm our estimates, which indicate EBITDA growth of 10% per annum in the period 2024-2027.
We confirm our Buy recommendation and our target price of €0.70. We are not changing our Buy recommendation on OHLA or our target price of €0.70, which we raised from €0.60 last July. We took into account the favourable ruling on the Sidra hospital, which not only reduces the possibility of having to make further payments, but we believe also clearly improves the company’s risk profile.
On the other hand, the recent instability in the shareholding structure has affected the value, and we expect to see more clarity in this regard in the future. During Q3, the clear possibility of the sale of Canalejas assets for €26 billion has emerged. Operationally, barring unforeseen circumstances, we expect the Group to increase its cash position by an average of €80 million per year, including a figure in excess of €400 million in 2025. We believe that future growth will be sustained by the current portfolio of over €7.6 billion, of which around 40% is located in the United States. In terms of margins, we do not believe that start-up costs will be as significant in the future as they were in 2024, implying an increase in these costs in the coming years.
