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.

• Sales grew 35.4% to €11.8 billion, driven by robust performance across all segments and regions, especially Turner and CIMIC.

• 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 and integrations included Dornan, FlatironDragados North America, and additional stakes in Thiess and Hochtief.

• Major contract wins in data centers, healthcare, defense, and transportation, including a >$10bn Meta data center in Louisiana.

Financial highlights

• EBITDA increased 51.7% to €699 million, with margin expansion to 5.9% (+63bps yoy).

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

• EPS grew 9.4% to €0.75.

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

• Net debt stood at €2.85 billion, up €1.2 billion due to Thiess consolidation.

Outlook and guidance

• FY 2025 guidance targets ordinary net profit growth of up to 17% (€746–800 million).

• Confident in continued strong cash generation and positive outlook for key markets, especially in infrastructure, data centers, and advanced technology projects.

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