ACS Actividades de Construcción y Servicios (ACS) Q2 2026 earnings summary

Executive summary

• Operational Net Profit reached €510mn, up 30.1% year-over-year (+34.2% FX-adjusted), with strong sales growth and margin expansion, especially at Turner and E&C.

• Sales increased 8.5% to €26,168 million, driven by high-tech and infrastructure projects, especially in North America.

• Order backlog reached €105.9bn (+21% comparable), with new orders at €36.6bn (+19.1% FX-adjusted), driven by Data Centers and digital infrastructure.

• Net cash position improved to €1.0bn, supported by strong cash generation and a €1.7bn ABB offering.

• Turner was the main growth driver, with 15.7% sales growth and significant contributions from data center projects.

Financial highlights

• EBITDA rose 14.2% FX-adjusted to €1,618mn, with margin improving to 6.2%.

• EBIT increased 22.8% to €1,156 million; PBT up 28.4% to €909 million.

• EPS increased 10.7% to €1.95.

• Net cash position improved by €3.2bn year-over-year, supported by strong cash flow and capital raising.

• Market capitalization more than doubled to €35,662 million, with share price up 118.3% over 12 months.

Outlook and guidance

• 2026 Operational Net Profit guidance raised to €1,110–€1,155mn (+30–35%, previously +20–25%).

• Turner’s full-year Operational PBT outlook increased to USD 1,400–1,460mn (+35–40%).

• Continued focus on Data Center pipeline development, with Waterford project as a key investment.

• The backlog's growth and diversification support a favorable outlook, with focus on next-generation infrastructure and strategic sectors.

• The group aims for sustainable, balanced growth through diversification and risk management.