ACS Actividades de Construcción y Servicios (ACS) Q1 2026 earnings summary

Executive summary

• Operational net profit reached €239 million, up 25% year-over-year (33.4% FX-adjusted), with nominal net profit at €232 million, supported by strong Turner segment performance.

• Sales rose 12.5% FX-adjusted to €12.34 billion, and EBITDA increased nearly 16% FX-adjusted to €772 million.

• Record order backlog of €99.82 billion, up 16.1% FX-adjusted, providing two years of visibility and driven by data centers and infrastructure.

• Net operating cash flow over the last 12 months reached €2.3 billion, up €471 million year-over-year.

• Net debt reduced to €1.47 billion, a €1.4 billion improvement year-over-year, driven by strong cash performance.

Financial highlights

• EBITDA margin expanded by 33bps to 6.3%, with Group EBITDA margin and EBIT up 16.8% to €549 million.

• EPS increased 27.6% year-over-year to €0.89.

• Free cash flow LTM reached €2.0 billion.

• Dividend per share increased 20% to €2.4, with a payout ratio at 65%.

• Book-to-bill ratio LTM at 1.3x, with new orders totaling €17.5 billion, up 20% FX-adjusted.

Outlook and guidance

• Operational net profit guidance for 2026 set at €1,030–1,070 million (+20–25%), with strong momentum expected from record backlog and high-growth markets.

• Guidance remains conservative due to geopolitical and FX uncertainties, with potential for upward revision.

• Focus on strategic growth verticals, especially digital infrastructure and data centers.