OHLA - comment

OHLA has called an EGM for 16 November (second call 17 November), to be held fully telematically. The agenda covers three items:

• A 10-for-1 reverse stock split is proposed, consolidating shares from EUR 0.25 to EUR 2.50 par value. This is a cosmetic change to the share count and par value with no effect on total capital, debt or credit metrics.

• The board is seeking authorisation to repurchase own shares. The notice does not disclose the size, price ceiling or duration of the proposed programme and therefore potential impact can not be assessed yet.

• Two board composition items round out the agenda: re-election of Luz Medrano Aranguren and appointment of María Eugenia Sidaoui Dib as a new director.

While nothing in this announcement alters the core credit picture immediately, we are wondering what the cash source for the share buybacks might be, given the company's currently limited headroom (as discussed in our recent analysis). It might indicate the board's confidence in receiving cash from the planned disposals soon without jeopardising the company's ability to refinance. Management communicated earlier that it is targeting a refinancing window between end-2026 and H1 2027. We will update once the full details of the buyback resolution are available.