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ACS Actividades de Construcción y Servicios
ACS Actividades de Construcción y Servicios (ACS) investor relations material
ACS Actividades de Construcción y Servicios Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Ordinary net profit reached €857 million, up 25.3% (32.4% FX-adjusted), surpassing revised guidance, while reported net profit was €950 million, up 14.8% year-over-year.
Sales increased 19.7% to €49.8 billion, with strong growth at Turner and high-tech projects, and operating margins improved across all segments.
EBITDA rose 25% to €3.1 billion (31.7% FX-adjusted), reflecting excellent operating performance and margin expansion.
Net operating cash flow reached €2.2 billion, with a net cash position of €17 million after major investments and shareholder remuneration.
Order backlog hit a record €92.9 billion, with new orders of €62.5 billion (up 27% FX-adjusted), and digital infrastructure representing a significant share.
Financial highlights
Net profit was €950 million, up 14.8% year-over-year (23.2% FX-adjusted), and EPS increased 14.2% to €3.69.
Sales rose 19.7% to €49.8 billion, driven by exceptional performance at Turner.
EBITDA increased by 25% to €3.1 billion, with margin expansions across all segments.
Net operating cash flow reached €2.2 billion, supported by strong EBITDA and cash conversion.
Market capitalization at year-end was €23,051 million, up 75.2% year-over-year.
Outlook and guidance
Ordinary net profit growth target for 2026 is 20%-25%, up to €1.17 billion.
Guidance assumes continued U.S. dollar devaluation and prudent free cash flow estimates, with capital allocation based on €1.5 billion annual free cash flow.
Strategic focus on sustainable growth, risk management, and continued investment in high-tech and energy transition projects.
Detail high-tech project contribution to growth
How does ACS reduce operational project risk?
Detail key capital allocation decisions in FY25
Turner's EUR 3.3B cash: deployment for growth?
New verticals: Scale vs. data center investment cycle?
Abertis: Strategy to boost FFO for dividend growth?
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Next ACS Actividades de Construcción y Servicios earnings date
Q1 202612 May, 2026
ACS Actividades de Construcción y Servicios
Next ACS Actividades de Construcción y Servicios earnings date
Q1 202612 May, 2026
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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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