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

Executive summary

• Operational net profit reached €510 million, up 30.1% year-over-year (34.2% FX-adjusted), with strong sales growth and margin expansion, especially at Turner and Engineering & Construction.

• EBITDA rose 14.2% FX-adjusted to €1,618 million, and net cash position improved to €1 billion, supported by strong cash generation and a €1.7 billion accelerated bookbuilding offering.

• Record order backlog of €105.9 billion, up 21% on a comparable basis, driven by data centers and digital infrastructure.

• S&P upgraded credit rating to BBB, reflecting robust business fundamentals and improved financing structure.

• Turner was the main growth driver, with sales up 22.7% FX-adjusted and significant contributions from data center projects.

Financial highlights

• Sales grew 12% FX-adjusted year-over-year to €26.2 billion; EBITDA margin expanded to 6.2%.

• Operational net profit margin rose to 1.95% (+14.2% FX-adjusted); EPS increased 10.7% to €1.95.

• Net operating cash flow of €2.3 billion over the last 12 months; net cash position improved by €3.2 billion year-over-year to €1 billion at June-end.

• Profit before tax was €909 million, up 32% FX-adjusted.

• Market capitalization more than doubled to €35.7 billion, with share price up 118.3% over 12 months.

Outlook and guidance

• 2026 operational net profit guidance raised to €1,110–€1,155 million (+30–35%).

• Turner’s 2026 operational PBT guidance increased to €1.4–€1.46 billion, representing 35–40% growth.

• Strong visibility for continued sustainable growth, supported by a 1.3x book-to-bill ratio and all-time high backlog.

• Focus on next-generation infrastructure and strategic sectors like defense, energy, and digitalization.