Ladies and gentlemen, in my capacity as Chair of the Supervisory Board, I take the chair in accordance with Section 116.1 of the Austrian Stock Corporation Act. I open today's 22nd annual general meeting of STRABAG SE and I welcome the shareholders of our company and their representatives. The members of the Supervisory Board, with the exception of Mr. Erwin Hameseder and Mr. Sebastian Haselsteiner, who are excused. The members of the Management Board, all of whom are present. The representative of the auditor, PwC Wirtschaftsprüfungs GmbH, Mr. Gabor Krüpl. Mr. Péter László Glöckler was appointed as a further member of the Management Board for the first time with effect from 11th of August 2025 and is therefore attending a general meeting of the company as a member of the Management Board for the first time. He will introduce himself to you as part of the Management Board's report on the first item on the agenda. We have once again offered our shareholders the option of proxy voting. Shareholders may have their voting rights exercised at today's AGM by an independent representative of the Investors Association, IVA. In this context, I would like to welcome Dr. Michael Knapp. I would ask the notary, Maria Regina Thierrichter, to notarize the resolutions of today's annual general meeting, to supervise the computer-assisted counting of votes, and to draw up the minutes in accordance with Section 120 of the Austrian Stock Corporation Act. To facilitate the notary's recording of the minutes, an audio recording will be made during the annual general meeting. I note that the notice convening today's annual general meeting was published in due time on the federal government's electronic publication and information platform on 13th May 2026, in compliance with the provisions of Section 106 of the Stock Corporation Act. Furthermore, in accordance with Section 107, para 3 of the Stock Corporation Act, the electronic European distribution was carried out by EQS on 13th of May 2026, and pursuant to Section 180, para 2 of the Stock Exchange Act, the notice of the meeting was simultaneously transmitted in machine-readable form directly to the shareholders via the intermediary chain. The documents required to be disclosed pursuant to Section 108, para 3 and 4 of the Stock Corporation Act were made available on the company's website on 13th of May 2026. In the notice convening the meeting, shareholders were informed of their rights under Sections 109, 110, 118, and 119 of the Stock Corporation Act, namely the right to add items to the agenda, to submit proposals for resolutions, to request information, and to make motions. I note that in accordance with the aforementioned statutory provisions, no motions to amend the agenda, no proposals for resolutions from shareholders were received. Consequently, there was no need to further amend the agenda. No proposals for resolutions from shareholders were required to be published on the company's website. Consequently, only the agenda items announced in the notice of meeting dated 13th of May 2026 may be dealt with at today's AGM. The list of attendees will be finalized before the first vote, will be signed by me, and the attendance figures will be announced to you. A few words on the orderly conduct of the AGM. As in previous years, we would like to ensure that this AGM runs efficiently. We will therefore present the reports and proposed resolutions for all agenda items en bloc. We will then address the request to speak on all agenda items. Once all questions have been answered, the motions will be put to the vote. If shareholders wish to speak, I would ask you to complete the request to speak form, which you will find at the request to speak desk, and to hand it in to a member of staff at the request to speak desk as early as possible. I will then invite you to the lectern. My opening remarks, the Management Board's report on agenda item one, and the reports and proposed resolutions of the Management Board and the Supervisory Board on agenda items two to eight will be broadcast online. You can access the live webcast with video and audio on the company's website at www.strabag.com. The Annual General Meeting will be held in German. There will be no audio broadcast of the AGM to the foyer. You can therefore only follow the entire proceedings of the AGM here in the hall. I would ask you to switch off your mobile phones or set them to silent mode. For reasons of privacy protection, audio and video recordings are not permitted during the AGM. This also applies to members of the press who are admitted to the AGM as guests. I would ask you, ladies and gentlemen, for your understanding regarding any inconvenience caused by the security checks being carried out. The company and I, as Chair of the Supervisory Board, have ordered these measures in the exercise of our right to manage the premises in order to ensure that the AGM proceeds safely and without disruption. The buffet will be opened after the AGM has concluded. The agenda published in the notice of meeting, all proposed resolutions of the Management Board and Supervisory Board, the articles of association with the proposed amendments highlighted, the remuneration report for the FY 2025 financial year, the proposed remuneration policy for the members of the Management Board and Supervisory Board, as well as the annual financial statements submitted to today's AGM are available for inspection in the hall at the information desk. I hereby direct that the items be dealt with in the order of the agenda. Before we proceed to the agenda, I would like to note that MKAO Rasperia Trading Ltd. has not submitted a shareholding certificate for today's AGM and has not registered to attend. Consequently, MKAO Rasperia Trading Ltd. has not been included in the list of participants and is not entitled to attend today's AGM. This renders it unnecessary at this stage to address the question of the legal consequences of the freezing of shares under EU sanctions or the effects of U.S. sanctions. I would ask the notary, Ms. Thierrichter, to record this in the minutes. We shall now proceed to the agenda. Regarding the first item on the agenda, presentation of the annual financial statements, including the management report and consolidated corporate governance report, the consolidated financial statements, including the group management report of the consolidated report on payments to government agencies, of the proposal for the appropriation of the balance sheet profit, and of the supervisory board report for the 2025 financial year. The aforementioned documents have been made available on the company's website in accordance with Section 108, para 3 and 4 of the Austrian Stock Corporation Act. In the 2025 financial year, the supervisory board duly fulfilled the responsibilities imposed upon it by law, the articles of association, the Austrian Code of Corporate Governance, and the rules of procedure. It fulfilled its supervisory duties primarily at the supervisory board and committee meetings. However, the exchange of information between the management board and the supervisory board also took place outside of supervisory board and committee meetings in 2025. At supervisory board meetings, the management board regularly and comprehensively informed the supervisory board about the market situation, business performance, and the position of the company and the group. Open discussions at every meeting further encouraged a detailed exchange of information and views. As a result, the supervisory board was constantly kept abreast of STRABAG's strategic direction, its earnings and financial position, the staffing situation, investment and project development plans, and major projects, and it had a comprehensive overview of business performance. Supervisory board monitored and scrutinized corporate planning and its underlying principles, and also analyzed unplanned developments together with the management board. Furthermore, the supervisory board examined in detail the group and sustainability strategy of the management board. The supervisory board held five meetings during the 2025 financial year. It advised the management board in its management role, reviewed and monitored its management activities, and dealt with matters requiring its approval. I would also refer you to the supervisory board's report, which is included in the annual report and which sets out, in particular, the main areas of focus of the five supervisory board meetings. The audit committee held three meetings in 2025. In accordance with Rule C-18 of the Austrian Code of Corporate Governance, the internal audit department reported to the audit committee on the audit plan and the key findings. The audit committee also monitored the accounting processes, including consolidated financial reporting and the audit of the financial statements. It was able to satisfy itself as to the effectiveness of the internal control system, the risk management system, and the audit system. The audit committee also reviewed and monitored the independence of the auditor and group auditor, particularly with regard to additional services provided to the audited company. PwC Wirtschaftsprüfungs GmbH, Vienna, audited the annual financial statements and the management report STRABAG SE for the financial year 2025, as well as the consolidated financial statements and the consolidated management report STRABAG SE for the financial year 2025. PwC Wirtschaftsprüfungs GmbH issued an unqualified audit opinion in each case. The consolidated corporate governance report was reviewed by Christian Thaler in Vienna as an external party. This review gave no cause for objection. The audit committee and the supervisory board have taken note of this. Supervisory board reviewed all documents as well as the audit committee's report. At its meeting on 21st of April 2026, it declared its approval of the 2025 annual financial statements and the 2025 consolidated financial statements, approved the 2025 annual financial statements, and thereby adopted them. At the meeting on 21st of April 2026, the consolidated report on payments to government authorities pursuant to Section 267C of the Austrian Commercial Code, in conjunction with Section 243D Commercial Code, as well as the consolidated non-financial statement pursuant to Section 267A Commercial Code, were also presented. These were reviewed by the supervisory board and noted without objection. These documents have also been made available on the company's website. I would now like to ask the Member of the Management Board, Diplomingenieur Péter László Glöckler, to briefly introduce himself to those present, and then ask the Chairman of the Management Board, Mr. Stefan Kratochwill to begin with the management's report on the 2025 financial year. Thank you very much. Shareholders, I'd like to use the occasion to briefly introduce myself. I was born in Hungary. I studied construction engineering, and then I worked for the Hungarian Road Administration before, in 2003, I became a technical head of concessions at STRABAG. Most recently, I've been responsible as division manager for the regions Southeast and East. I think the great strength of STRABAG is to work on the basis of local knowhow with local people. Thank you very much. Dear shareholders, ladies and gentlemen. On behalf of the entire management board, I warmly welcome you to our 22nd annual general meeting here in Vienna at our headquarters and via the livestream. First of all, let's take a look at our 2025 figures. Then I will present the growth markets of our Strategy 2030. To illustrate the strategy, I will show you a few specific projects. To conclude, I will present some key figures regarding the STRABAG share and provide an outlook for 2026. 2025 was an emotionally challenging year for STRABAG and for all of us. Following the unexpected passing away of my predecessor, Klemens Haselsteiner, the entire STRABAG family has grown even closer together, and it is precisely this solidarity that makes all the difference. At the same time, 2025 was the most economically successful year in the company's history. What does this economic success look like in concrete terms? In 2025, we generated a construction output of more than EUR 20 billion for the first time, an increase by 6%. We're proud of this growth as the environment for the construction industry was quite challenging in some of the Group's countries. Here are some examples. In Germany, the budget was not adopted until late in the year, causing regional road construction projects to be postponed. In Austria, residential construction is still subdued, and the budget deficit also has a negative impact on infrastructure projects at regional and municipal levels. This makes our growth all the more significant. We're broadly diversified to offset such fluctuations. Our order backlog also reached more than EUR 30 billion, plus 24%, a new record high. This has secured us a solid capacity utilization through 2028 and allows us to be even more flexible in our project selection. Our EBIT margin was very high at 6.7%. The mild weather in Germany at the end of the year and the successful implementation of our major international project had a positive impact. Equity and our net cash position remain at a very high level, even compared to other European construction companies. This gives us stability and flexibility, especially in the implementation of our Strategy 2030. We would like to share this success with you and are proposing a dividend of EUR 2.9 per share to today's AGM, an increase by 16%. For sake of completeness, a brief comment on the dividend payment terms to shareholder MKAO Rasperia Trading Limited, which is subject to sanctions by the European Union and the U.S.A. There will be no dividend payment. To ensure compliance, the company plans to distribute the dividend as in the past via book entry securities. You will find the technical details in our dividend announcement on the website. The company reserves the right again to change the dividend payment terms. We will notify you accordingly. [Foreign language] If you want to speak, we will call you when the time comes. I would ask you not to disrupt our AGM. Once again, I would ask you not to disrupt our AGM. The management board would like to continue with the report. Once again, you are disrupting our AGM. I will therefore have you accompanied out of the room. If you want to deposit your votes. [Foreign language] I allow you to give someone a proxy to exercise your right to vote. [Foreign language] I apologize to the other shareholders for this disruption. [Foreign language] I apologize to the other shareholders for this disruption. Mr. Kratochwill is going to continue with his report. The results just presented are due to the consistent implementation of our Strategy 2030. What does this strategy mean for our growth markets? We focus on four specific areas. First, mobility infrastructure. Second, energy and water infrastructure. Third, high-tech buildings, and fourth, the decarbonization of buildings. We also call them the four winds, investing in four growth markets with a single stock. These markets have one thing in common. They build on our strengths, align with the most important mega trends of our time, and are supported by extensive public and private investments. This creates sustainable growth also for the years to come. I'd now like to take a brief look at specific projects driving these growth markets. It's important to emphasize that with our projects, we're creating real value that endures and offers added values for generations to come. In mobility infrastructure, after two years of planning, we have won one of the most important infrastructure projects in Germany, the Pfaffensteig Tunnel. The airport will be connected to the long-distance rail network. The tunnel is 11 km long, a key component for a more frequent and reliable schedule. The project is being implemented using an integrated project approach, the so-called IPA model, in which STRABAG was already involved in the planning phase. Another highlight for me was the lateral shifting of the Rinsdorf Viaduct, which I was able to witness in person on-site for the first time. We succeeded in moving a 40,000 ton bridge, nearly 500 meter long, including piers and foundations, almost 20 meters into its final position. At the center of the image, you can see a STRABAG container. In this container, there is our colleague, Jürgen Günzke, controlling the lateral shift, a remarkable achievement. The project impressively demonstrates the innovative strength and engineering expertise of our teams. Let's take a moment to watch the bridge being shifted. You can see the piers and the foundations being shifted in steps of 1.5 meters over a total of 20 meters to move the bridge into its final position. Thank you very much. I will convey your applause to the team. In energy infrastructure, we are driving the energy transition forward with SuedLink and SüdOstLink and are laying the foundation for a climate neutral energy supply. The new power lines make it possible to transport green electricity from northern to southern Germany. Our teams are building hundreds of kilometers of power lines, relying on modern methods that minimize the impact on nature. In the U.K., we've secured our largest project to date with HARP, a PPP project worth approximately EUR 3 billion. In water infrastructure, we are renovating 50 km of tunnels along a 110-kilometer potable water pipeline, securing water supply for 2.5 million people in and around Manchester. In general, the need to modernize water infrastructure is enormous. Around 25% of drinking water is lost in Europe through leaks. In the high-tech sector in 2025, we have also secured flagship projects. In Heilbronn, we are building the first phase of an AI campus that is unique in Europe. Another highlight is the construction of state-of-the-art semiconductor factories. I had the opportunity to visit these projects last year and found them truly impressive. Speed and absolute precision is what matters. That is exactly what we can do, and I'm convinced that such projects are crucial for Europe's technological sovereignty. Finally, our business in building decarbonization is also growing. For example, with the renovation of the PVA headquarters, not far from here in Vienna or the Arne Jacobsen Haus in Hamburg. We demonstrate how existing buildings can be made sustainable and fit for the future. We provide everything from a single source, from structural to energy efficient building retrofitting, and if required, we also take over building operation. What does the market environment for STRABAG look like? In the infrastructure sector, which remains our core business, we generally see positive developments. In Germany, the need for modernization remains high. As we emphasized last year, we continue to expect that the first effects of the special fund will become noticeable by the end of the year. At the same time, we're already seeing positive developments. Alternative contract models, as in the case of the Pfaffensteig Tunnel, are being used more and more. With such models, we, as a construction company, are involved in the planning phase in an early stage. The investment volume for 2026, around EUR 35 billion for roads, railways, and waterways, is also above the level of previous years. In our core Eastern European markets, demand is developing well, particularly in Poland and the Czech Republic. Rail and road construction projects remain at a high level. Defense and energy infrastructure are increasingly important. In April, Hungary took a landmark decision in favor of a strong Europe. Now that the first frozen EU funds have been released, we expect new opportunities for infrastructure projects in the country. In the U.K., the need for modern water infrastructure remains high, and demand in Australia is also developing very positively, not least in the run-up to the 2032 Olympic Games in Brisbane. In Chile, we secured new mining contracts worth around EUR 800 million. Building construction continues to present a mixed picture. Healthcare and industrial construction are performing well, especially in the high-tech sector. From hospitals and laboratories to semiconductor factories and data centers, we are seeing a very solid demand. In residential construction, however, growth remains subdued, even though there is a high need for affordable housing. We're striving to offer solutions. For Germany and Austria, we have developed residential construction projects in which components are industrially prefabricated. This is done in our own prefabrication plants here in Gerasdorf near Vienna, with 70 years of rich sustainable experience or in Aichach in Bavaria. Serial construction saves time and costs and is sustainable. This enables us to build housing at construction costs starting at EUR 1,950 per square meter and reduce CO2 emissions by 50%. An overview of recent major acquisition. In the first quarter of 2025- Would you please not disrupt the AGM? Again, would you please not disrupt the AGM? If you want to take the floor, you can fill in a request to speak form. Once you have done so, I will call you when the time comes during the general debate. I apologize to the other shareholders for this disruption and ask Mr. Kratochwill to continue. An overview of major acquisitions. In the first quarter of 2025, we closed the acquisition of the Georgiou Group in Australia and can already report positive developments. We've stepped up our stake in joint ventures and are strategically providing STRABAG expertise in Australia. Just recently, we secured railway contracts in Australia worth around half a billion EUR. We've also closed the acquisition of the WTE Group, thereby becoming a full-service provider for water infrastructure. With approximately 550 engineers, WTE will contribute around EUR 300 million in annual construction output. In the U.K., we're also driving growth forward according to plan. We're currently working on the acquisition of Van Elle, a leading specialist civil engineering company. We expect to close the transaction in June. This marks an important step towards expanding our medium-scale construction business. We are particularly happy to welcome around 600 highly qualified colleagues to the STRABAG family. Sustainability remains a top priority for us. At STRABAG, we think long-term and consistently integrate sustainability into our decision-making. We're convinced that successful business and sustainable action go hand in hand. That is why we are further developing our business models in a targeted fashion. For example, in the circular economy and the energy sector, thus creating growth, securing jobs, and ensuring a livable future for coming generations. We're working intensively on decarbonization of our operations. In 2025, we were able to reduce our CO2 emissions by about 12% relative to output. An important milestone was that SBTi confirmed our climate targets through 2030. We want to reduce our CO2 emissions by 42%. This reduction is represented by the green line in the diagram. The key levers for the reduction are also shown here. We're already well on our way to transitioning our vehicle fleet to renewable energy sources. Also, smaller construction machinery can be electrified. For large machines and asphalt mixing plants, cost-effective solutions are still lacking. In line with our work on progress mission, we are collaborating with leading manufacturers on pilot projects and new technologies. I would ask you not to disrupt our AGM. I explained several times how we conduct our AGM. I will therefore have you accompanied out of the room. I apologize, I think we can now continue. Mr. Kratochwill. ESG criteria starting in 2027 will be incorporated into the management board's remuneration policy. This is in alignment with Strategy 2030. Finally, a look at the capital market. The performance of the STRABAG share is impressive. The share price more than doubled, rising by 105%, and closed the year at EUR 81. The upward trend has continued this year with an impressive plus of 11% so far this year. Compared to the previous year, our free float has also nearly doubled to 20%. Our core shareholders, the Haselsteiner family, as well as UNIQA and Raiffeisen Group, have made this increase possible through placements, thereby supporting the trading liquidity of our share. Against this backdrop, STRABAG was upgraded to the ATX, Austria's leading index, in September 2025, and is now among the 20 largest and most liquid stocks on the Wiener Börse. The situation regarding Rasperia is unchanged. Rasperia itself continues to be subject to sanctions by several countries, particularly the EU and the U.S.A. This means that the STRABAG shares held by Rasperia remain frozen. In other words, as recently confirmed by the European Court of Justice, a sanctioned shareholder such as Rasperia is neither allowed to attend the AGM, nor to vote there. What are our goals for the current year? We expect 2026 to be another successful year. Specifically, we anticipate an 8% increase in construction output to approximately EUR 22 billion, and we expect an EBIT margin in the range of 5%-5.5%. This makes us one of the most financially successful construction groups in Europe. At this point in time, I take the opportunity to thank our 89,000 colleagues for their outstanding performance last year. Without them, these successes would not have been possible. Together, we will continue to work consistently on solutions to the most important issues of our time, from infrastructure modernization and the energy transition to affordable housing. I'm convinced that STRABAG is very well-positioned for the future. Our dedicated employees, our financial strengths, and our clear strategic focus will continue to form the basis for sustainable growth in the years ahead. Shareholders, we would like to thank you for your trust and confidence. Let us build the future together. Thank you very much. I would like to thank Mr. Kratochwill for his report. I'd now like to give the floor to Mr. Christian Harder and ask him to present the report to the AGM in accordance with Section 65, Paragraph 3 of the Austrian Stock Corporation Act regarding treasury shares. Shareholders, I would like to report on treasury shares as STRABAG SE currently holds 2,557,304 treasury shares, corresponding to a share of approximately 2.70% of the total number of issued STRABAG shares of 118 million, with a proportionate amount of the share capital of EUR 1 per share. The number of shares therefore also corresponds to the proportionate amount of the share capital for these shares. The number of treasury shares has decreased by 221,982 compared with the report last year. On the basis of the authorization granted by the company's AGM and with the approval of the supervisory board, the management board has resolved to cancel 221,982 of the company's treasury shares, corresponding to a proportionate amount of the share capital of EUR 221,982, and had taken the necessary steps to effect this cancellation. In total, the company has therefore currently issued 118 million STRABAG SE is not entitled to any rights arising from the treasury shares held by the company, all of which are now also held directly. As of today, there are therefore 115,442,696 shares of the company carrying voting and dividend rights. Thank you, Mr. Harder, for this report. On my own behalf and on behalf of the members of the supervisory board, I would like to thank the management board and all employees of the STRABAG Group for their excellent performance and great commitment during the 2025 financial year. Furthermore, the supervisory board would also like to thank the shareholders for the trust they have placed in us. I will now present the proposed resolutions on all items on the agenda. Second item on the agenda, resolution concerning the appropriation of the balance sheet profit. The annual financial statements for the 2025 financial year show a net profit of EUR 342,843,747.80. The management board and supervisory board proposed to the AGM a dividend of EUR 2.90 per dividend-bearing share for the 2025 financial year. The remaining balance is to be carried forward to a new account. The dividend payment date is the 23rd of June 2026. The ex-dividend date is 17th of June 2026. Reference should also be made to the technical details of the dividend payment explained by Mr. Kratochwill in his speech. These will also be explained in detail in the dividend announcement to be published following this AGM. Item three: resolution concerning the approval of the actions of the members of the management board for the 2025 financial year. The management board and supervisory board propose to approve the actions of the members of the management board who held this position during the 2025 financial year. Item four on the agenda: resolution on the approval of the actions of the members of the supervisory board for the financial year 2025. The management board and supervisory board propose to approve the actions of the members of the supervisory board who held the position during the 2025 financial year. Item five: appointment of the auditor for the single entity and consolidated financial statements, and for the consolidated sustainability report for the financial year 2026. The supervisory board proposes the appointment of PwC Wirtschaftsprüfungs GmbH Vienna to serve as auditor for the single entity and consolidated financial statements, and as auditor of the consolidated sustainability reporting STRABAG SE for the financial year 2026. Item six on the agenda: resolution on the remuneration report for the management board and supervisory board for the 2025 financial year. The management board and supervisory board propose the adoption of the remuneration report, as made available on the company's website in preparation for the AGM, detailing the remuneration granted or owed to current and former members of the management board and supervisory board for the 2025 financial year. It was available on the website www.strabag.com. Item seven: resolution concerning the remuneration policy. Proposed resolutions. The supervisory board proposes the adoption of the remuneration policy defining the principles of remuneration for the members of the management board, as made available on the company's website, www.strabag.com, in preparation for this AGM. The supervisory board further proposes the adoption of the remuneration policy defining the principles of remuneration for the members of the supervisory board, as made available on the company's website in preparation for the AGM. Rationale. The current remuneration policy for the management board and the current remuneration policy for the supervisory board are to be amended, must therefore be submitted to the AGM for a vote. Item eight: resolution concerning amendments to the articles of association. Amendments to section four, share capital and shares, section nine, supervisory board members, section 12, supervisory board quorum resolutions, section 13, supervisory board duties, section 15, supervisory board committees, section 17, general meeting attendance, section 18, general meeting voting rights resolutions, section 20, general meeting and scope of action, 21, financial statements dividend of the articles of association. The management board and the supervisory board propose the adoption of the amendments to the articles of association in accordance with the text which has been available to the shareholders in accordance with Section 108, Para 4 of the Stock Corporation Act in preparation for the AGM on the company's website. The proposed amendments to the articles of association are set out in highlighted version therein. As mentioned at the outset, this text of the article of association showing the proposed amendment is also available in writing today. As for the justification, I refer to the proposed resolutions on this agenda item, which have been made available on the company's website. This concludes the presentation of the reports and motions on all agenda items. We will now also end the live webcast
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