ACS, Actividades de Construcción y Servicios, S.A.

ACS reported sales of EUR 49.8 billion, up 19.7% year on year; EBITDA of EUR 3.1 billion, up 25%; profit before tax of EUR 1.7 billion, up 67.3%; and ordinary net profit of EUR 857 million, up 25.3% (32.4% FX-adjusted). On a reported basis, net profit was EUR 950 million. Net operating cash flow was EUR 2.2 billion in the last 12 months, and net cash ended at EUR 17 million. New orders totaled EUR 62.5 billion, backlog was EUR 92.9 billion, and book-to-bill was 1.3x. For 2026, management guided to ordinary net profit growth of 20% to 25%, up to EUR 1.070 billion.

Juan Cases emphasized that ACS is increasingly using its global footprint and engineering capabilities to win in strategic growth verticals, especially data centers, defense, nuclear, critical minerals and advanced infrastructure. His tone was confident and strategic, stressing that the company has already met 2026 CMD goals a year early and that much of the value creation is still ahead because some assets and projects are not yet fully reflected in EBITDA or backlog. He repeatedly framed the business as a long-term compounder with conservative guidance and significant pipeline visibility.

Emilio Grande’s financial commentary centered on the strength of cash generation and disciplined capital allocation. He cited EUR 2.2 billion in net operating cash flow, EUR 1.7 billion in financial investments, EUR 1.0 billion in divestments, EUR 448 million in shareholder remuneration, and a year-end net cash position of EUR 17 million. Management also noted that the BlackRock GIP data center transaction brought in a net EUR 428 million, slightly below the originally announced EUR 500 million due to the final agreement terms and closing-date investment amounts.

Analysts focused on capital allocation, cash usage, and how much upside sits outside the current backlog. Management said there are no current plans to reduce the Turner or HOCHTIEF stakes, and explained Turner’s cash is partly needed for bonding and future investments such as engineering capability and modular construction. On pipeline visibility, management said there is about EUR 25 billion of work not yet in backlog, including roughly EUR 18 billion at Turner, and that data centers remain the clearest near-term driver while nuclear, defense and critical metals are longer-term opportunities.