ACS Actividades de Construcción y Servicios (ACS) Q4 2024 earnings summary

Executive summary

• Ordinary net profit reached €684 million, up 14% year-over-year, surpassing guidance; reported net profit was €828 million, with EPS up 7.8% to €3.23 per share.

• Sales grew 16.5% to €41.6 billion, driven by strong performance in strategic markets, especially digital infrastructure, biopharma, and health.

• Net operating cash flow doubled to €2.1 billion, reflecting excellent cash conversion and working capital performance.

• Order backlog reached a record €88.2 billion, up 20%, providing nearly 25 months of sales visibility.

• Strategic investments totaled €1.15 billion, including major acquisitions in Abertis, Thiess, and HOCHTIEF.

Financial highlights

• EBITDA rose 28.7% to €2,456 million, with margin improved to 5.9%.

• Ordinary profit before tax (adjusted) increased 23.6% to over €1.2 billion, with margin up 31 bps to 2.9%.

• Net debt at year-end was €702 million, mainly due to Thiess consolidation and shareholder remuneration.

• Shareholder remuneration amounted to €862 million.

• S&P affirmed long-term rating at BBB-/stable in July 2024.

Outlook and guidance

• Ordinary net profit growth target for 2025 raised to 9–17%.

• Focus on leadership in strategic growth markets and high-value project backlog.

• Forecasts for net operating cash flow between €1.1–1.5 billion annually through 2030, supporting €8.5 billion in net cash generation.

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

• Strategic priority on sustainable infrastructure, energy transition, digitalization, and health-related projects.