Implenia holds 9 billion euros in tunnel project orders
Switzerland's largest construction firm holds over 9 billion euros in orders, including a major share of Norway's Rockfast tunnel. The company expects double-digit revenue growth in 2027 despite recent declines.
Implenia, Switzerland's largest construction firm, is building 70% of the Rockfast tunnel in Norway, a 27-kilometer underwater route reaching 400 meters below sea level, expected to finish in 2033. Implenia's share of the contract is approximately 750 million euros. The company holds over 9 billion euros in orders, enough for nearly 2.5 years, against revenue of 3.5 billion euros. Revenue has shrunk in five of the last six years due to divestitures and the early planning phase of large infrastructure projects.
Implenia expects flat revenue for the current year but double-digit growth in 2027, with operating margins rising from 4% to 4.5% mid-term. The stock is down 20% year-to-date, valued at just over 1 billion euros, trading at 12x expected earnings. Competitor POR is down 10%, valued similarly at 1 billion euros but trading at 9x earnings with a 3.5% dividend.