ACS Actividades de Construcción y Servicios (ACS) Q1 2025 earnings summary

Executive summary

• Net profit reached €191 million in Q1 2025, up 17.2% year-over-year on a comparable basis, with EPS rising 9.4% to €0.75 and sales up 35.4% to €11.8 billion, driven by robust performance across all segments and regions.

• Order backlog hit a record €90.81 billion, up 16.5% year-over-year, with new orders of €15.6 billion (+18.3% yoy), representing a 1.3x book-to-bill ratio.

• Strategic acquisitions, including Dornan and the FlatironDragados merger, and investments in infrastructure and high-tech markets supported growth.

• Integration of Dornan and FlatironDragados North America completed, enhancing presence in growth markets.

Financial highlights

• EBITDA rose 51.7% to €699 million, with margin expansion to 5.9% (+63bps yoy) and EBIT up 43.9% to €470 million.

• Profit before tax increased 25.8% to €354 million, mainly from integrated solutions and engineering & construction.

• Net operating cash flow for the last 12 months was €1.7 billion, up €390 million year-over-year, reflecting strong cash conversion.

• Net debt stood at €2.85 billion as of March 2025, up €1.2 billion year-over-year due to Thiess consolidation.

• Shareholder remuneration of €712 million in the last twelve months.

Outlook and guidance

• FY 2025 guidance targets ordinary net profit growth of up to 17% (€746–800 million), with confidence in continued strong cash generation and positive outlook for infrastructure investments, especially in data centers and U.S. markets.

• Positioned to expand in strategic growth markets with significant equity investment opportunities and international diversification.