ACS Actividades de Construcción y Servicios (ACS) Q4 2025 earnings summary

Executive summary

• Ordinary net profit reached €857 million, up 25.3% (32.4% FX-adjusted), surpassing revised guidance, while reported net profit was €950 million, up 14.8% year-over-year.

• Sales increased 19.7% to €49.8 billion, with strong growth at Turner and high-tech projects, and operating margins improved across all segments.

• EBITDA rose 25% to €3.1 billion (31.7% FX-adjusted), reflecting excellent operating performance and margin expansion.

• Net operating cash flow reached €2.2 billion, with a net cash position of €17 million after major investments and shareholder remuneration.

• Order backlog hit a record €92.9 billion, with new orders of €62.5 billion (up 27% FX-adjusted), and digital infrastructure representing a significant share.

Financial highlights

• Net profit was €950 million, up 14.8% year-over-year (23.2% FX-adjusted), and EPS increased 14.2% to €3.69.

• Sales rose 19.7% to €49.8 billion, driven by exceptional performance at Turner.

• EBITDA increased by 25% to €3.1 billion, with margin expansions across all segments.

• Net operating cash flow reached €2.2 billion, supported by strong EBITDA and cash conversion.

• Market capitalization at year-end was €23,051 million, up 75.2% year-over-year.

Outlook and guidance

• Ordinary net profit growth target for 2026 is 20%-25%, up to €1.17 billion.

• Guidance assumes continued U.S. dollar devaluation and prudent free cash flow estimates, with capital allocation based on €1.5 billion annual free cash flow.

• Strategic focus on sustainable growth, risk management, and continued investment in high-tech and energy transition projects.