ACS Actividades de Construcción y Servicios (ACS) Q2 2025 earnings summary

Executive summary

• Sales increased 28.6% to €24.1 billion, with strong growth in net profit and backlog, driven by robust performance in digital infrastructure, biopharma, and strategic investments across global markets.

• Ordinary net profit rose 17% year-on-year to €392 million (19.4% FX-adjusted), while reported net profit reached €450 million, up 8.1%.

• Order backlog reached €89.3 billion, up 12% FX-adjusted, with new orders of €31.7 billion and a book-to-bill ratio of 1.2.

• Net debt rose to €2.2 billion, mainly due to strategic investments and shareholder remuneration.

• EBITDA increased 23.9% to €1.4 billion, with margin expansion across business segments.

Financial highlights

• Net operating cash flow (adjusted for factoring) was €1.8 billion in the last 12 months, up €265 million year-on-year, with a 45.8% CAGR over four years.

• Profit before tax rose 25.4% to €708 million, driven by strong segment performance.

• EPS increased 8.7% year-on-year to €1.76.

• Net equity investments and M&A exceeded €1.2 billion, including the Dornan acquisition.

• Shareholder remuneration totaled €652 million, including dividends and treasury stock transactions.

Outlook and guidance

• Reiterated ordinary net profit growth target of up to 17% for 2025, underpinned by strong fundamentals and robust order backlog.

• Focused on strategic growth markets, especially data centers, biopharma, and defense, with continued investment in next-generation infrastructure.

• Anticipates continued strong cash generation and a seasonal rebound in the second half of the year.

• Solid and diversified backlog supports a favorable outlook despite macroeconomic uncertainty.

• Emphasis on greenfield investment and accretive M&A.