Annual Report 2025

Interview

Increased results and positive growth prospects for Implenia

With EBIT of CHF 140.5 million, Implenia achieved its target for 2025 while also improving its EBIT margin, order book and free cash flow. Based 
on positive growth forecasts for the relevant markets, the Group will use its strong position, develop new segments and further improve profitability. Targeted investments will also be made in the implementation of a growth and differentiation strategy in 2026.

Jens Vollmar, CEO, and Hans Ulrich Meister, 
Chairman of the Board of Directors

Implenia has achieved its 2025 targets, increased 
its order book and improved key financial indicators. What do you think of the results?

Jens Vollmar Implenia achieved EBIT of CHF 140.5 million, while the EBIT margin rose to 4.0%. The order book reached CHF 8.5 billion for the first time, a rise of almost 25%. We have increased our pre-calculated project margin from 7.3% to 7.8% within one year. Although revenue was slightly lower than in the previous year, we expect it to increase from 2027 onwards due to the healthy order book. The results show that our services are in demand in the market and that our employees have done a great job.

Hans Ulrich Meister Results are better once again, and it's our employees who made the decisive contribution to this improvement – with CEO Jens Vollmar at the helm since last April. It's their dedicated work on our countless construction sites and in our offices, and the excellent performance of our management team that made this result possible. On behalf of the Board of Directors, I would like to thank everyone for their efforts. Implenia will be 20 this year, and it’s great that we can start our anniversary year on such a positive footing. We will be celebrating 20 years of Implenia – and the 160 years of building tradition that lie behind us – with our employees and clients.

How has Implenia’s cash situation and equity ratio developed over the past year?

Jens Vollmar Our free cash flow rose significantly by 
CHF 179 million to CHF 125.3 million. We also further strengthened our financial structure by refinancing two bonds prematurely. We increased our equity by CHF 97 million 
to CHF 753.3 million. The equity ratio went up to 23.5% as at 31 December 2025, adjusted for time deposits 
from the early refinancing of the bond expiring in March 2026. In addition to good operating results, the surplus in the Implenia pension fund contributed to this positive development.

Moving from financial matters to the actual business: What were the operational highlights for you in 2025?

Jens Vollmar The main highlights for me were the orders we won that fitted with our differentiation and growth strategy. These included two more data centres in Switzerland, several bridges in Germany and Norway, the expansion of the S-Bahn in Munich and Frankfurt, and the multi-track expansion of the railway line between Zurich and Winterthur. But there are numerous other initiatives and innovations that have helped us as a company. We have pushed forward with AI-supported digitalisation in construction and in our internal processes, for example, further developed the application of Lean Construction and BIM, and improved the sustainability of our major projects.

We increased our results again in 2025. We will grow by leveraging our strong market position, developing new segments and further improving our profitability.

Jens Vollmar
CEO

Looking to the future: Which market segments do you think hold strategic opportunities for Implenia?

Hans Ulrich Meister Implenia, with its differentiated range of services, is benefiting from the megatrends of population growth and urbanisation, energy transition and sustainability, digitalisation and industrialisation. Forecasts for the relevant market segments in Switzerland, Germany and Europe are positive. Infrastructure and defence programmes are significantly increasing construction expenditure in European markets. Implenia specialises and is experienced in these areas. The current low level of interest rates is also encouraging growth in the building construction sector. Based on these positive signs, the Board of Directors has been working intensely on the company’s future strategic direction. To take advantage of these opportunities, Implenia is implementing a growth and differentiation strategy. Strategic priorities and corporate values have been refined accordingly.

Forecasts for the relevant markets are positive. With 
its growth and differentiation strategy, Implenia will take advantage of these opportunities over the coming years.

Hans Ulrich Meister 
Chairman of the Board of Directors

What does this mean in concrete terms? What goals has Implenia set itself for 2026 and beyond?

Jens Vollmar Implenia expects EBIT of CHF ~150 million for full year 2026, excluding extraordinary growth investments of CHF 10-20 million for strategy implementation. In helping to develop capabilities and expertise, these investments will enhance differentiation and specialisation in the three Divisions. At the same time, we will further optimise specific areas of the organisation, focusing them on future success. As mid-term visibility and the order book’s pre-calculated project margin have continued to improve, Implenia expects a further increase in EBIT from 2027 compared to CHF ~150 million in 2026. Mid-term financial targets remain unchanged: an equity ratio of 25% and an EBIT margin of >4.5%.

You are making extraordinary growth investments of CHF 10-20 million in 2026 to help implement the strategy. What are these investments and what are you expecting from them?

Jens Vollmar We are investing to position the Group as effectively as possible and take full advantage of the attractive market opportunities in the coming years. In our specialist market segments, we will be building up additional teams for data centres and healthcare properties in western Switzerland and Germany. We will also be systematically developing additional competencies for defence-related construction and projects flowing from Germany’s infrastructure plan. In addition, we are investing in an increased focus on large and complex civil engineering and special foundations projects in Switzerland. We’ll continue to reduce capital-intensive activities if the margins do not justify the capital input. Careful selection of acquisitions in high-margin business areas remains important. We also want to use our European focus to develop specialist capabilities. These investments will enable the Group to increase revenue steadily from 2027 onwards while further improving its EBIT margin and free cash flow. 

Can shareholders expect a higher dividend again in 2026?

Hans Ulrich Meister Based on the economic success and a further strengthening of the balance sheet, the Board of Directors will propose an increase in the dividend of 56% to CHF 1.40 (previous year CHF 0.90) per share at the Annual General Meeting of Shareholders on 31 March 2026.

Personnel changes in the Implenia Executive Committee (IEC)

Petra Feigl-Fässler, CHRO as of 1 September 2026

Anita Eckardt, Head Division Service Solutions, will step down from her position at the end of March. CEO Jens Vollmar will directly lead the Division from April until further notice. “I would like to thank Anita Eckardt for her commitment as a member of the IEC and in her role as Head Division Service Solutions (since April 2025) and, prior to that, Head Division Specialties. In these roles, as well as in her position as Chair of the Sustainability Committee and in implementing Implenia's innovation strategy, she has made a significant contribution to Implenia's progress,” says Jens Vollmar. 

Claudia Bidwell, Chief Human Resources Officer (CHRO), will step down from her position at the end of March. Petra Feigl-Fässler will become the new CHRO of Implenia and a member of the IEC as of 1 September 2026. Petra Feigl-Fässler is currently Head of HR & Communications at Migros Industrie and a member of the Executive Committee. She is also a member of the Board of Directors of the insurance company Groupe Mutuel and a member of the Board of Trustees of HIG-Immobilien. Prior to this, she held various management positions in HR at large companies operating in Switzerland and internationally. Petra Feigl-Fässler holds a Master's degree in Economics from the University of St. Gallen and a degree in Change Management from INSEAD Paris. Jens Vollmar on the change: “A big thank you to Claudia Bidwell for her commitment, first as Head of People and Organisation Development and in recent years as CHRO and member of the IEC. She integrated, further professionalised and digitised the HR organisation during an important strategic phase. In Petra Feigl-Fässler, we have found an excellently qualified successor – I look forward to working with her.“