Annual Report 2025

"New Horizon" strategic phase – implementation of a growth and differentiation strategy

Implenia has a vision to create attractive homes and workspaces for people and to improve their mobility. The Group’s strategy is based on four priorities, strong values and an experienced, highly specialised team of experts in different fields. Thanks to its strong market position, Implenia is set to grow, develop new areas of business and further increase its profitability. The Group is investing systematically in a growth and differentiation strategy.

Implenia generates added value for clients across all stages of the value creation chain. The Group brings together the expertise of its highly skilled consulting, development, planning, realisation and management units under one roof. With integrated services from a single source – and close cooperation across all Divisions and functions – the company plans, implements and manages large-scale real estate projects in urban centres as well as complex infrastructure for mobility and energy. Implenia supports customers throughout the entire lifecycle of their building or structure. Specialists and experts with capabilities across all disciplines implement optimal, comprehensive solutions that are tailored to customer needs with the aim of meeting their specific challenges.

Implenia's four values are reflected in its corporate culture and day-to-day activities. They are a central part of the brand and shape the actions and decisions of all employees.

  • Performance: We apply a results-driven, commercially focused mindset and take personal ownership to deliver maximum value, guided by our clients’ needs and what is best for Implenia.
  • Excellence: We take pride in excellence – setting ambitious standards, continuously improving how we work and proactively managing risks and opportunities to deliver high-quality results we stand behind.
  • Collaboration: We operate as one team, aligning individual goals with shared outcomes and collaborating openly to manage risk, improve performance and deliver success together.
  • Integrity: We act with integrity in everything we do – speaking up early, acting honestly and fairly, and engaging with colleagues and clients transparently and respectfully.

Strategic priorities and focus areas

Implenia’s strategy prioritises four areas:

  • Performance: Improve cost and capital efficiency, operational processes and cash discipline
  • Growth: Continue to grow the order book profitably and differentiate by specialising in high-growth areas, enter new geographic markets with specific services and secure inorganic growth in high-margin business areas across the value chain
  • Business Innovation: Continue to pursue digitalisation of core processes, innovation for higher margins through differentiation, added value for clients and cost efficiency, development and application of new technologies, and sustainable solutions in the core business
  • People and Culture: Recruit, develop and retain the best talent, position Implenia as an attractive employer, live up to the corporate values and performance culture with a focus on commitment and initiative, and strengthen commercial and entrepreneurial skills

Positive market forecasts and differentiated service portfolio create growth potential

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 pushing up construction expenditure significantly 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. To take advantage of these opportunities, Implenia is implementing a growth and differentiation strategy.

Euroconstruct’s latest figures1 expect 1.7% annual growth for building construction in Switzerland in the period between 2025 and 2028, and 1.1% in Germany. The forecasts for the civil engineering sector are 1.0% growth in Switzerland, 1.1% in Germany and 2.2% in the other European markets (EC-15).

Division Buildings is increasingly specialising in large, complex real estate projects in the rapidly growing sectors of healthcare, research and education, data and logistics centres, and defence. Alongside its own development projects, the Division works extensively to modernise existing properties. Division Civil Engineering specialises in large, complex projects in key sectors: tunnelling, infrastructure for energy production and distribution, and mobility on roads and railways. Division Service Solutions focuses on planning and engineering services with high added value, and continues to develop its portfolio of real estate services systematically.

Growth is forecast to be much greater in these high-demand market segments than in the overall market:

  • Data centres: Expected growth of 7.7% p.a. in Europe through to 2030, up to a market size of EUR 80 billion2
  • Buildings for health and research: Expected growth of 5.2% p.a. to EUR 31 billion for health buildings in Europe by 20273
  • Defence: Estimated that Germany needs to spend EUR 67 billion to upgrade its defence infrastructure4
  • Tunnelling: Average annual growth in Europe expected to exceed 6.8% by 20295
  • Energy infrastructure: EUR 84 billion of investment in energy infrastructure needed in Europe by 20306
  • Mobility infrastructure: +4.1% CAGR expected by 2030, creating a European market worth EUR 320 billion7.

1 Compound Annual Growth Rates (CAGR) 2025-2028, EC-15 with 15 Western European states, including Austria, France, Sweden and Norway; Source: Euroconstruct, January 2026
2 Mordor Intelligence – Europe Date Center Construction Report
3 Euroconstruct, June 2025
4 Tagesschau.de
5 Tunnel Market Report 2025 6 European Commission – European Grid Action Plan
6 European Commission – European Grid Action Plan 
7 Mordor Intelligence – Europe Transportation Infrastructure Construction Market Size & Share Analysis – Growth Trends & Forecasts (2025–2030) (all mobility infrastructure including tunnelling)
 

Implementing the strategy: differentiation and targeted investment in growth

To further differentiate Implenia in the market, increase revenue and improve profitability, the implementation of the strategy will be sharpened in three focus areas in 2026:

Growth

  • Establish teams in the data centre and healthcare real estate sectors in Germany and French-speaking Switzerland
  • Establish defence infrastructure teams
  • Make targeted investments in people and organisation for the projects expected to flow from Germany’s infrastructure plans

Optimisation

  • Further optimise specific parts of the organisation
  • Invest in people to match the increased focus on large, complex civil engineering and special foundation projects in Switzerland
  • Reduce capital-intensive activities such as yards, gravel pits, etc., if margins do not justify the capital investment

Expansion

  • Prepare and execute selective acquisitions in high-margin business areas
  • Implement forward or backward integration along the value chain
  • Leverage European focus to develop specialist capabilities

Implenia expects to make extraordinary growth investments of around CHF 10-20 million in 2026 to implement the measures described.

These investments in Implenia’s future will enable the Group to gradually increase revenue from 2027 onwards while further improving its EBIT margin and free cash flow. Implenia will discuss its strategic priorities in greater detail at an Investor Day on 3 June 2026.

Operating model

Status as of 31 December 2025

IMPLENIA EXECUTIVE COMMITTEE

Implenia Executive Committee in 2025, from left to right: 

Adrian Wyss (Head Division Buildings and Country President Switzerland), Anita Eckardt (Head Division Service Solutions), German Grüniger (General Counsel), Jens Vollmar (Chief Executive Officer), Stefan Baumgärtner (Chief Financial Officer), Claudia Bidwell (Chief Human Resources Officer)and Erwin Scherer (Head Division Civil Engineering)