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

Executive summary

• Achieved strong operational and financial results in Q1 2026, with operational net profit reaching EUR 239 million, up 25% year-on-year, and nominal net profit up 30% to EUR 232 million.

• Sales increased 12.5% FX-adjusted to EUR 12.3 billion, with EBITDA up 15.9% FX-adjusted to EUR 772 million.

• Record order backlog reached nearly EUR 100 billion, up 16% FX-adjusted, with new orders at EUR 17.5 billion (+20.3% FX-adjusted), providing two years of visibility.

• Reinforced position as a global engineering-led provider in high-growth verticals: AI, digital, tech, energy, critical minerals, and defense.

• Net operating cash flow for the last 12 months was EUR 2.3 billion, up EUR 471 million year-on-year.

Financial highlights

• EBITDA margin expanded by 33bps to 6.3%; EBIT up 16.8% to EUR 549 million.

• EPS increased 27.6% year-on-year to EUR 0.89.

• Free cash flow LTM reached EUR 2.0 billion.

• Net debt improved by EUR 1.4 billion year-on-year to EUR 1.5 billion, driven by strong cash performance.

• Dividend per share for 2025 increased by 20% to EUR 2.4.

Outlook and guidance

• Reiterated operational net profit guidance for 2026 of EUR 1.03–1.07 billion, representing 20–25% growth.

• Guidance remains conservative due to geopolitical and FX uncertainties; potential for upward revision as year progresses.

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