Ladies and gentlemen, welcome to the STRABAG SE conference call on the full year results 2025. I am Matilde, the Chorus Call operator. I would like to remind you that all participants will be in listen-only mode, and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing Star and One on your telephone. For operator assistance, please press Star and Zero. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Marco Reiter, Head of IR. Please go ahead.
Ladies and gentlemen, good afternoon from Vienna. Welcome to our conference call on the results for the full year 2025. Our CEO, Stefan Kratochwill, will guide you through the presentation, summarizing the key facts and developments, as well as the group's financial performance in 2025. After the presentation, we are here to answer any questions you may have. With that, I hand over to Stefan Kratochwill.
Good afternoon, everyone, and welcome to our results conference call. Thank you for joining us today. We start on slide five. 2025 was a dynamic and very successful year for STRABAG, and we reached a set of historic milestones. For the first time, our output volume exceeded the EUR 20 billion mark. Our order backlog climbed to over EUR 30 billion and grew strongly year on year, giving us a solid pipeline almost until 2028. 10 years ago, the ratio of order backlog to output volume was below 1. Today, it stands at 1.5, a key metric that allows us a selective bidding approach. At 6.7%, the EBIT margin reached the highest level we have achieved so far. The same is true for the group's net income.
Based on the strong 2025 results, we will propose a dividend of EUR 2.9 per share to the AGM in June, up from EUR 2.5 last year. Over the past 10 years, the dividend has increased by an average of 13% per year, a clear sign of our strong and consistent earnings performance. Let's move to the market environment on slide six. We are proud of our performance in 2025 as we faced some challenges in our markets, such as the delayed budget approval in Germany, limited funding for the municipalities in Austria, and a still weak residential construction market. Once again, we were able to more than offset these developments. In the infrastructure sector, we faced solid demand in mobility, energy, and water projects.
Local road construction in Germany was constrained due to the delayed budget approval, but we expect a catch-up effect this year. In Germany, we still expect the first tangible project from the Infrastructure Investment Fund to reach the market by the end of this year. We are seeing first positive signs with other contract models being used more frequently, such as the so-called IPA model, where the construction company is already involved in the planning phase together with the client. We won a number of major projects tendered in this way in 2025. These models can greatly accelerate project delivery. We saw strong demand in CEE, especially in rail construction, and also an increasing number of tender in Australia. Demand in energy and water infrastructure remains solid, and we are increasingly successful in securing these projects. The building construction sector showed a mixed picture.
Order intake in residential construction was up again in 2025, but has not returned to the levels seen before 2023. We think that the combination of prices, especially land prices and still strict lending criteria, continues to prevent higher growth rates. We focus on affordable housing with prefabricated parts from our own factory. With MOLENO and TETRIQX, we developed products for the German and Austrian markets, offering solutions to build faster, cheaper, and more sustainably. In 2025, residential construction accounted for 7% of group output. We are seeing good demand in industrial construction driven by AI-related investments and reshoring activities of companies bringing production back to Europe. We further expanded our portfolio of high-tech buildings, such as semiconductor fabs, advanced manufacturing facilities, and data centers. There are also solid demand for public buildings projects, especially in the areas of defense and social infrastructure.
With industrial construction picking up, we are seeing a more balanced client mix with public to private contracts now at 60 to 40 in terms of order intake. On slide 7, you can see key projects we acquired last year. In Germany, we are working on key section of the Fehmarn Sound Crossing infrastructure project, a major IPA contract for the tunnel connection to the island of Fehmarn. It is one of the most important cross-border infrastructure links in Europe. Also in Germany, we were able to expand our portfolio of high-tech buildings by winning a mega project in the semiconductor industry and the first section of an AI campus. The project will create one of Europe's most unique innovation hubs for artificial intelligence.
Not shown on the slide, but also worth mentioning, are a number of important contracts in energy infrastructure, including additional major SuedLink transmission line projects in Germany, and the construction of one of the largest green hydrogen production facilities in Austria for OMV. In our Eastern European core markets, we won major rail construction contracts worth over EUR 1 billion, including the largest tender ever issued by Czech Railways, as well as major projects in Poland and Croatia. Several of these contracts are part of the EU's TEN-T network. In the U.K., we acquired our largest contract to date with HARP, replacing six tunnel sections as part of the upgrade of a 110-km water pipeline to secure the long-term drinking water supply for 2.5 million people.
The project, which is part of our PPP portfolio, includes a nine-year construction period and a 25-year maintenance period. We also secured important projects outside of Europe. In Australia, we won major mobility infrastructure contracts worth around EUR 500 million. Overall, the outlook for mobility and energy infrastructure in Australia remains strong. On slide eight, an update on recent M&A. As part of Strategy 2030, we have taken important steps in external growth. Already in March last year, we successfully closed the acquisition of Georgiou Group in Australia. Integration is running as planned. In a first step, we increased our share in joint ventures. In a second step, we will bring STRABAG capabilities, such as mining and tunneling, to the Australian market. By combining Georgiou's local know-how with STRABAG's global experience, we will further grow the business.
The outlook is positive, driven by investments in energy infrastructure and the 2032 Olympic Games in Brisbane. The WTE transaction was closed in March 2026. We are now a full-service provider for water infrastructure projects and have welcomed more than 500 engineers to STRABAG. We can now combine our design and construction experience with WTE's engineering know-how. Water networks in Europe are heavily outdated and offer significant opportunities in the years to come. Just a few weeks ago, we announced our intention to acquire Van Elle, one of the leading ground engineering specialists in the U.K. The company is listed, and we intend to acquire 100% of the shares and delist it. Closing is expected in 2026.
Van Elle has a broad regional footprint across the U.K. and would be a key step in building a sustainable presence in the British market. We are already active in ground engineering for major projects in the U.K. Van Elle also delivers ground engineering for infrastructure, residential, and industrial projects. In 2025, the company generated revenues of around GBP 150 million and employs more than 600 skilled people. On slide 10, we begin the financial review of last year's numbers. Output volume was up 6% year-on-year and reached EUR 20.4 billion, exceeding the EUR 20 billion mark for the first time. Around half of this increase comes from our acquisition in Australia, which was completed in Q1. In our existing markets, the strongest output growth was recorded in Poland, the Czech Republic, and Germany.
In Poland and the Czech Republic, we achieved double-digit growth with new projects focused on mobility infrastructure and, in the Czech Republic, also on our building solutions business. In Germany, output was driven by mobility and energy infrastructure projects. Output declined in the United Kingdom because parts of major projects were shifted into the following years. With our strong order book in the U.K., we feel comfortable about the coming years. The order backlog reached EUR 31.4 billion, a strong increase of EUR 6 billion or 24% year on year. The increase was driven above all by our focus on strategic growth markets such as mobility, energy, and water infrastructure, as well as high-tech facilities. By geography, the U.K., Germany, and the Czech Republic contributed most to this growth. Australia added around EUR 800 million.
In the U.K., the order backlog is already the second largest of all countries in the group. In addition to our mega projects, we are increasingly delivering small and medium-sized building construction and infrastructure projects. These projects will provide us with a solid base in the British markets going forward. With this record order backlog, we already have good visibility almost until 2028. The German Infrastructure Investment Fund, EU-driven infrastructure investments in CEE, and additional opportunities in the U.K. and Australia should provide further positive momentum in the years to come. On slide 11, we take a look at last year's earnings performance. The group's main input costs were again well under control in 2025. Cost of material, subcontractors, and own personnel remained stable at 88% of group sales, even though we saw notable inflation in personnel costs in some countries.
EBITDA, earnings before interest, taxes, depreciation, and amortization came in at EUR 1.9 billion, up by 15% year-on-year. Depreciation and amortization were up by around 9%, which is in line with expectations given the investments made on the Strategy 2030 and the higher asset base of the group. EBIT, earnings before interest and taxes, reached EUR 1.2 billion and was strongly up by 17% in a year-on-year comparison. This result is an EBIT margin of 6.7% compared to the already high EBIT margin of 6.1% in 2024. The EBIT margin in 2025 was substantially higher than expected. This was mainly due to the following reasons. First, we saw positive contributions from major infrastructure projects in Germany and in our international business.
Certain projects developed better than planned towards year-end and provided an additional uplift to the margin. In addition, mild weather conditions in Germany led to higher capacity utilization in December, which is especially relevant for asphalt paving. Net interest income came in at EUR 41 million, once again solid, but lower than last year. There are two main reasons for this development. First, deposit rates were lower than in the previous year. Second, exchange rate differences included in net interest income turned more negative, coming in at minus EUR 11 million. EBT, earnings before taxes, reached EUR 1.3 billion. The income tax rate remained almost stable year-on-year at 28.5%. In total, net income after minorities reached EUR 960 million, up 11% year-on-year, a new record for STRABAG.
This translates into earnings per share of EUR 7.94 compared to EUR 7.35 in 2024. On slide 12, we present selective KPIs of our balance sheet, which remains very robust and continues to provide a strong foundation for our operating business. This is reflected in our solid BBB+ rating from Standard & Poor's, confirmed in September 2025. Net cash position increased again and reached EUR 3.5 billion at the end of 2025. We regard this level as extraordinarily high, and it will come down over the coming years as we will use part of it for value creating M&A in line with Strategy 2030. Please keep in mind that around EUR 438 million related to MKAO Rasperia Trading Limited, could become payable at any time.
This covers frozen dividends, including those arising from the capital measures. EUR 101 million will be paid out in connection with the settlement of the cartel proceedings in Austria. The equity ratio reached a new all-time high of 35.9%, placing STRABAG among the top players in the European construction industry. Slide 13 gives an overview of the cash flow development in 2025. Cash flow from our operating activities was up by around EUR 400 million year-on-year and reached EUR 1.8 billion. This was mainly driven by a higher cash flow from earnings and a reduction in working capital of EUR 260 million in 2025. Customer prepayments remained at the highest stable level year-on-year.
Cash flow from investing activities came in lower than expected at - EUR 813 million. This development is mainly the result of acquisition payments shifting from 2025 into 2026. This includes the Stumpp Group and the WTE Group, where the closing took place in March 2026. Overall, however, acquisition-related payments increased year on year, including additions in building solutions, circular construction, and acquisition in Australia. Cash flow from financing activities reached minus EUR 410 million compared with - EUR 354 million in 2024. The higher figure reflects the higher dividend payment year on year, as well as the repayment of financial liabilities in 2025. Slide 15 gives an overview of our largest segment, North + West. Output volume increased by 4% to EUR 8.5 billion.
Germany contributed most, given its size within the segment. Growth there was driven by infrastructure and industrial construction projects, while local road construction declined due to the delayed approval of the federal budget after the national elections. Benelux was also up, driven mainly by building construction. EBIT increased from an already high level, with the segment's EBIT margin reaching 11.2% in 2025. This was due to positive contributions from major infrastructure projects and mild weather conditions at the end of the year in Germany. The order backlog continued to grow and increased by 11% to a new record of EUR 13.4 billion. This development was mainly driven by new project acquisitions in Germany. Here we secured mobility and energy infrastructure projects. In building construction, we added an AI campus and the major projects in the semiconductor industry.
Moving on to the outlook for the segment. Based on our solid order backlog, we expect output growth in 2026 in the high single digit to low double-digit range. Germany, looking ahead, we see good underlying demand for mobility and energy infrastructure projects in Germany, although municipal budgets remain tight. The EUR 100 billion from the Infrastructure Investment Fund earmarked for federal states and municipalities could have a positive impact here. Overall, we still expect this fund to have a noticeable starting in late 2026. Accelerated planning and approval procedures and alternative contract models, such as the IPA model, will be key prerequisites. In building construction, growth in residential construction remains subdued, while we see good opportunities in high-tech and healthcare facilities. In the Benelux countries, we continue to follow a selective bidding approach.
In the Netherlands and Belgium, our focus remains on industrial construction, where we successfully secured projects again last year. In Scandinavia, we will maintain our focus on medium-sized projects, primarily in commercial and industrial construction. In Switzerland, the consolidation phase has been completed and supported by the necessary investments. For 2026, we expect stable output development. Slide 16 shows the development in the South and East segment. Output volume was up 3% year-on-year, reaching EUR 7.7 billion. This development was mainly driven by significantly higher output in Poland and the Czech Republic. Most of the remaining core markets in this segment also showed output growth. Austria remained nearly stable despite the weak residential construction market and tight municipal budgets.
The segment's EBIT declined to EUR 267 million, resulting in an EBIT margin of 3.7% compared to 5.4% in the previous year. While several countries in Eastern and Southeastern Europe recorded earnings improvements, last year's good results could not be repeated in Austria and Hungary. Austria is facing a budget deficit procedure, and Hungary continued to be impacted by frozen EU funds. In Austria, we also had extraordinary expenses in 2025 related to the cartel proceedings, which negatively impacted earnings. The order backlog in this segment grew by 3% to EUR 8 billion. The largest contribution came from the Czech Republic, where we successfully acquired projects in mobility infrastructure, especially in rail. Hungary, Poland, and Slovenia also recorded noticeable increases in order backlog, driven by a broad mix of projects across different construction segments.
In Austria, the order backlog remains stable despite the challenging environment. Moving on to the outlook for the segment. We expect the output volume in 2026 to again grow and expect a growth rate in the mid-single digit percentage range. In Austria, the tight municipal budgets and the EU deficit procedure are putting pressure on public tenders, particularly in road construction. The consistently high investment levels of ASFINAG and ÖBB, however, have a stabilizing effect. Building construction remains under pressure due to the still weak residential market and limited industrial construction activity, reflecting the overall economic situation in the country. We have right-sized the business, placing a strong focus on cost discipline and on areas that continue to show positive momentum, such as building renovation, energy infrastructure projects, and the construction of data centers.
In Poland, we are seeing significantly higher tender volumes in rail and road construction, and further large-scale projects are expected in the energy and defense infrastructure. In Romania and Croatia, infrastructure needs remain high, with many projects co-financed by the EU. In these markets, we face competition from China and Turkey. By keeping a strong focus on our cost base, we can remain competitive even under these conditions. In the Czech Republic and Slovakia, we are observing an increase in tender volumes in mobility infrastructure, especially the rail sector is showing positive momentum. In Slovakia, competitive and price pressure persists especially for infrastructure projects. Regarding the outlook for Hungary, it is still too early to make any predictions. The outcome of the recent parliamentary elections could unlock currently frozen EU funds. This could make Hungary a promising market in the coming years.
We remain active in the country with our own personnel and material plants and are well prepared for potential opportunities. Slide 17 shows the development in the International + Special Divisions segment. Output volume increased significantly by 23%, reaching EUR 4 billion. The acquisition of the Georgiou Group in Australia contributed most to this increase. Even without this acquisition, this segment shows solid output growth of 6%. In our existing markets, the strongest growth came from Austria, the Czech Republic and Poland. The drivers varied by country with contributions from building solutions, real estate development and tunneling. EBIT in International + Special Divisions improved year-over-year and reached EUR 182 million, which translates into solid EBIT margin of 4.6%. As you know, this segment is subject to regular fluctuations due to large and mega projects.
Thanks to our effective risk management, fewer provisions were needed in the international project business compared to previous years. Higher contributions from our infrastructure development and building solutions activities as well as first profit contributions from Australia also had a positive impact. The segment's order backlog reached a new all-time high of EUR 10 billion, up 81% year on year. The largest increase came from the U.K., driven by the award of the HARP. The acquisition in Australia also added around EUR 800 million to the order backlog. Moving on to the outlook for the segment. For 2026, we expect a significantly higher output volume. This is partly due to the WTE acquisition, which will add around EUR 300 million in output, but we also expect clear increases in the U.K. and in our international business.
Our tunneling operations, which include large-scale projects in the U.K. and Canada, and smaller ones in Germany, Austria and CEE, ensure stable capacity utilization. In our international business, we successfully secured large-scale mining projects in Chile, which will drive higher output in the years to come. In the Middle East, we are working on projects in Dubai, Abu Dhabi and Oman. Following the acquisition of WTE Group, we are also working on one project in Kuwait. In the U.K., we are in the process of building a local presence. In addition to the Hub project, we are increasingly successful in securing small and medium-sized projects. We are supporting our ambitions in the British market through selective M&A, such as the announced acquisition of ground engineering specialist, Van Elle. In Australia, the integration of the Georgiou Group is progressing according to plan.
Major element like the ERP system, the group-wide project database, and the risk management system have already been implemented. We see a rising number of major project opportunities in Western Australia and Queensland. In addition, large-scale investments in energy infrastructure have been announced. The Energy Infrastructure Division secured several projects in 2025, including industrial heat pump projects and water treatment plants. Our focus is on integrating WTE Group and pursue market opportunities in water infrastructure. In our building solutions business, we will continue to expand our MEP portfolio for low, low carbon buildings through organic growth and bolt-on acquisitions. In infrastructure development, our current focus is on PV and battery storage projects in Germany, PV projects in Colombia, and concession projects in our CEE core markets.
In real estate development, we expect that the market has passed its low point, but the noticeable recovery in commercial property transactions is not expected before 2027. Over the past three years, STRABAG Hold Estate has been successfully established in the market, complementing our real estate value chain with long-term strategic holdings. The portfolio currently consists of six real estate properties and will be further expanded in 2026. On slide 19, an update on the STRABAG share. Besides the positive share price performance and increased liquidity in the STRABAG share, the company's free float was recently further increased. Our core shareholders, Raiffeisen/UNIQA, sold around 4 million STRABAG shares or 3.8% of the share capital to institutional investors in private placements. A combined stake of Raiffeisen/UNIQA is now 26.6%.
The free float has increased to 20% from 10.9% in March 2025. Coming to MKAO, Rasperia Trading Limited. The situation remains unchanged. Rasperia itself continues to be sanctioned by several countries, especially the EU and the U.S. This means that Rasperia's shares continue to be frozen. According to our view, the current sanctions prevent Rasperia from exercising any of its shareholder rights, including attending general meetings and votings. The CJEU recently confirmed this view in a case in which STRABAG is not a party, but we have monitored the case due to its potential consequences also for our situation. As is publicly known, several legal proceedings launched by Rasperia are still pending. The capital measures aimed at diluting Rasperia's shareholding have already taken legal effect and are binding. On slide 20, the impacts of the war in Ukraine.
We don't have operations in Iran, but we are active in the Middle East with projects in Dubai, Abu Dhabi, Oman and Qatar. Following the WTE acquisition, there's also one project in [Kuwait]. In total, annual output in the region is around 1% of group output. There has been no damage to any of our facilities, and all projects in the region are fully operational. We are working under enhanced security measures in line with recommendations from local authorities. We have seen price increases for fuel, electricity and natural gas, and also for bitumen, which is oil-based and used in road construction. On the sourcing side, we benefit from long-term frame contracts, especially for electricity and natural gas. Bitumen procurement is centrally managed for the entire group. This is a clear advantage as we can balance volumes across markets and respond to regional constraints.
Thanks to our own construction materials production sites, we were also able to use storage capacity and stock up on bitumen at the outbreak of the war. When it comes to customer contracts, we use price escalation clauses wherever possible. This allows us to pass on higher costs in line with the development of the underlying indices. All projects in the region are running, supply is fully secured, and we are actively managing cost risks. During the COVID-19 pandemic, when we also saw significant price increases, we have already shown t he resilience of our business model. On slide 21, we present our guidance for 2026. For 2026, we expect an output volume of around EUR 22 billion, corresponding to a growth rate of 8%.
This target should be well supported by the current order backlog, expected contributions from acquisitions, and some catch-up effects in Germany and the U.K. EBIT margin is expected in a range between 5% and 5.5%. This reflects the fact that not all earnings components from last year can be repeated, but it also shows that our underlying profitability has structurally improved in recent years. Cash flow from investing activities is expected not to exceed EUR 1.4 billion, with purchase prices for acquisitions initially planned for 2025 included in this figure. Overall, this figure includes around EUR 600 million in maintenance CapEx and around EUR 800 million in growth CapEx for M&A, our hold estate portfolio and PPP projects. Thank you very much for your attention and interest. I look forward to your questions and the discussion ahead.
We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the telephone. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press star and two. Questioners on the phone are requested to disable the loudspeaker mode while asking a question. Anyone who has a question may press star and one at this time. The first question comes from the line of Michael Marschallinger from Erste Group. Please go ahead.
Yes. Good morning. Congrats again to the results, and thanks for taking my questions. I have three. Maybe firstly on the strong development in North + West, double-digit EBIT margins, some 11% plus. I would like to know how we should think now in 2026, going into 2026. You already said 2025, there was some favor, let's say one-offs, some mild weather conditions, and we see currently that the opposite basically, January, February, rather harsh winter in Europe. How should we think about this margins in North + West now in 2026?
As mentioned in the speech, the margin has several positive effects in 2025 and from today's perspective, not all of them can fully repeat it. The Q4 is very important for the result, for the EBIT margin and the weather conditions. In the first quarter, so Q1, Weather was okay, so the result is okay, is in line with expectations. We see a good chance for also good margin in 2026. It depends on the Q4, as already said.
Okay. What you just said, there were no big delays in terms of output now due to the winter effects?
No, no. We saw some catch-up effects already from asphalt works in Q1.
Okay.
We are good. We are good. We're heading in the right direction.
Okay. Perfect. Thanks. On the segment South + East, could you give us a number for the earnings impact that's related to the cartel fine in Austria?
I'm really sorry, so I then as ask for your understanding, and we cannot comment on
Okay.
On the side.
Okay. Okay. Yeah, yeah. Okay. Okay.
It's all done.
And then-
With the result in 2025.
Okay. Lastly, as you mentioned several times, M&A as priority CapEx, guided once again at EUR 1.4 billion, thereof EUR 800 million growth CapEx. Could you break this number down into these three subsegments, M&A, PPP, holds, how you would allocate this EUR 800 million? Maybe also give us a few comments on your M&A pipeline. Would you say 2026, there could be something similar coming, similar size coming like Georgiou or more smaller bolt-ons? Would be great to get your thoughts on this topic.
The forecast is really difficult for us because it depends on the closing. As you can see, we have time shifts last year with WTE Group and also with Stumpp. There are many also small and also bigger M&A transactions in line, and they're in different countries. It's not possible to divide it to the segments now. To sum up, it will be around this EUR 800 because there are some M&As which already took place. It's already the WTE and Stumpp is already signed, and there were some Hold Estate projects also in the Q1.
It's not possible now to split them to the segments. Sorry.
Okay. Understood. As I understood now what you said, you would not shy away from any mid-sized acquisition similar size like Georgiou Group this year again?
Yeah. As we said last year, we focused on the integration of the Georgiou Group. Now we are ready for some other small companies, and there are some in line. We see good opportunities in Australia also for smaller companies.
Okay. Got it.
With this anchor-
Okay.
M&A, Georgiou.
Thank you.
As a reminder, if you wish to register for a question, please press star and one on your telephone. The next question comes from the line of [Joseph Calvoda] from World Asset Management. Please go ahead.
Hi. Good afternoon. Thank you for the interesting presentation and the gigantic backlog. I do have rapid-fire questions. The first one is, are we certified to do defense-related projects in our main markets like Germany, Poland, Austria? How much of the current backlog of the EUR 32 billion is kind of defense-related?
We already did and currently do business with defense. Special for defense, the order backlog is around EUR 400 million. Please keep in mind that all our infrastructure projects are the foundation for defense. You need the bridges, you need the streets.
Sure. On a more specific basis, I remember.
Yeah.
I think you were building something for the Americans in Germany, if I remember correctly.
Yeah.
I guess there's more to come, hopefully. Hopefully, you know.
Yeah. There are a lot of tenders on the market, so we secured barracks in Germany, one NATO airport in Romania. We already built defense projects and we also do it now.
Okay. Could-
Of the market.
Is there more momentum behind it? Could that be like a billion business on an annual basis, or is that too much?
Yeah. There are some frame contracts in Germany currently. Also the Polish government talked about more investments in defense. It's not as big as you maybe mentioned.
Okay.
The infrastructure around these defense projects is also very necessary for us.
Okay, perfect. Let's go to the second question. Could you please elaborate on the momentum of data center construction? Are we just offering core and shell construction, or are we also adding mechanical electrical planning like Mercury is doing? I mean, are we just building data centers or are we also developing data centers like our competitors, for instance, with private equity? I'm talking about Turner or Hochtief, right? Basically doing that for hyperscalers or renting it out to other enterprises. I'd appreciate, again, if you could give us an idea. Also, if you take the EUR 32 billion backlog, how much of that is data center related? I will be very grateful if you could also give us a megawatt number like the competitors do.
Mm-hmm. Okay.
On data centers. Only talking data centers, right?
Yeah. Yeah. Yeah. Okay. First, data centers are around EUR 100 million in order backlog. We currently are able to build the core and shell in any sizes, and up to EUR 50 million. We are also ready to plan data centers. And we currently try to increase our planning divisions to do more in the medium-size data centers. From EUR 50 million-EUR 250 million.
How much megawatt is that?
Sorry. Mega-megawatts, I don't know the. Yeah, maybe you can ask our Investor Relations department. I'm sorry, I don't have these figures with me.
Okay. Okay, final question is, I mean, it's our DNA that basically we own a significant share of our important input factors like cement, but also gravel. On the quarries we own, is there a slight chance to find or even extract rare earth substances? I'm not talking asbestos here, right?
I don't think so. I don't know so me.
No, you never know. You know, there are some companies that find those substances in their quarries, so.
Yeah.
You have a lot of those, right? All over Europe.
We have a lot of quarries, and it's an advantage at the market. We have our own division who is able to prove the quality of the stones, and they do it in any years. Currently, we don't know that there are some problems in the quarries.
No, not problems. No, I'm not talking about problems. I'm talking about the opportunity to have maybe some rare earth minerals in those quarries.
Sorry. No, none. Nothing is found. Sorry.
Okay. All right. Well, thank you very much for your answers, and all the best for the rest of the year.
Thanks.
Once again, to ask a question, please press Star and One on your telephone. Ladies and gentlemen, there are no more questions at this time. I would now like to turn the conference back over to Marco Reiter for any closing remarks.
Ladies and gentlemen, thank you for taking the time to dial in today. Before we conclude, we would like to share a save-the-date announcement. Our Capital Markets Day will take place on the first September in Hamburg. A formal invitation with further details will follow in the coming weeks. Our next earnings release will be on the 21st of May, when we will publish our trading statement for the first three months of 2026. We wish you a nice remaining afternoon. Goodbye.
Ladies and gentlemen, the conference is now over. Thank you for choosing Chorus Call, and thank you for participating in the conference. You may now disconnect your lines. Goodbye.