ACS Actividades de Construcción y Servicios (ACS) Q3 2024 earnings summary

Executive summary

• Ordinary net profit reached €489mn, up 13.6% year-over-year, exceeding guidance; reported net profit was €605mn, up 5.1% FX-adjusted.

• Revenues grew 12.5% to €29.7bn, with EBITDA up 17.9% to €1.68bn, driven by strong segment performance and full consolidation of Thiess.

• Order backlog reached a record €86.6bn, up 17.5% year-over-year FX-adjusted, with new orders of €40.4bn (+16.5% FX-adjusted).

• Strategic focus on growth markets, with c.50% of new orders in new generation infrastructure.

• Major contract wins and strategic acquisitions, including Dornan Engineering and Thiess, supported international expansion.

Financial highlights

• Sales increased 12.5% year-over-year to €29.7bn; EBITDA margin improved by 26bps to 5.7%.

• EPS rose 6.5% FX-adjusted to €2.36; EBIT increased 5.3% to €1,079mn.

• Net debt stood at €2.4bn at September 2024, up €1.8bn year-over-year, mainly due to Thiess consolidation.

• Net operating cash flow for 9M 2024 was €337mn, with LTM NOCF at €1.8bn, up €942mn year-over-year.

• Shareholder remuneration totaled €963mn in the last 12 months, including dividends and share buybacks.

Outlook and guidance

• Ordinary NPAT growth exceeded the top-end of the 8–12% guidance range.

• Continued focus on international growth, especially in North America and Asia-Pacific, with major contract wins and strategic acquisitions.

• Strong pipeline in digital infrastructure and energy transition projects expected to support future growth.