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ACS Actividades de Construcción y Servicios (ACS) investor relations material
ACS Actividades de Construcción y Servicios Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary30 Jul, 2025
Executive summary
Ordinary net profit rose 17% year-over-year to €392M (19.4% FX adjusted); reported net profit at €450M (+8.1%), with EPS at €1.76 (+8.7%).
Sales increased 28.6% to €24.1B, driven by strong Turner performance and integration of Dornan and Thiess.
Order backlog reached €89.3B, up 12% FX adjusted, with new orders of €31.7B and a book-to-bill ratio of 1.2x.
Net operating cash flow (LTM, factoring adjusted) reached €1.8B, up €265M year-on-year, CAGR 45.8% over four years.
Net debt stood at €2.2B, up €600M from June 2024, mainly due to strategic investments and shareholder remuneration.
Financial highlights
EBITDA rose 23.9% to €1.4B, with margin at 5.9% and expansion across all segments.
Profit before tax increased 25.4% to €708M, mainly from Turner's outperformance.
EPS rose 8.7% year-over-year to €1.76.
Net equity investments and M&A exceeded €1.2B, including the Dornan acquisition.
Shareholder remuneration totaled €148M in H1, with additional dividends and treasury stock transactions.
Outlook and guidance
Reiterated ordinary net profit growth target of up to 17% for 2025 (€746–800M), underpinned by strong fundamentals.
Anticipates continued robust cash generation and a seasonal rebound in H2.
Focused on greenfield investments in advanced technology infrastructure and bolt-on acquisitions.
Positioned to expand in strategic growth markets, especially data centers, biopharma, and defense.
Solid and diversified backlog supports a favorable outlook despite macroeconomic uncertainty.
Assess impact of US tax law changes on ACS.
How did M6 tunnel project issues impact CIMIC?
Explain Turner's data center order growth.
Detail the data center EUR 350M spend.
Explain the low tax rate this quarter.
Quantify backlog not reflected in presentation.
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Next ACS Actividades de Construcción y Servicios earnings date
Q3 202511 Nov, 2025
Next ACS Actividades de Construcción y Servicios earnings date
Q3 202511 Nov, 2025
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Frequently asked questions
ACS, Actividades de Construcción y Servicios, S.A. provides construction and related services in Spain, Rest of Europe, North America, South America, the Asia Pacific, and Africa. It operates through the following segments: Buildings and Structures; Constructions Services; Materials, Plant and Industrial Services; Service Centres (Centros de Servicio); and Geotechnical Investigations. The company was founded in 1969 and is headquartered in Sevilla, Spain. ACS, Actividades de Construcción y Servicios is based in Madrid, Spain.
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