ACS Actividades de Construcción y Servicios (ACS) Q1 2026 earnings summary

Executive summary

• Operational net profit reached EUR 239 million, up 25% year-over-year, with nominal net profit at EUR 232 million, and sales rose 12.5% FX-adjusted to EUR 12.3 billion; EBITDA up nearly 16% FX-adjusted to EUR 772 million.

• Record order backlog of nearly EUR 100 billion, up 16% year-over-year FX-adjusted, with new orders at EUR 17.5 billion (+20% FX-adjusted), providing two years of visibility.

• Net operating cash flow over last 12 months reached EUR 2.3 billion, up EUR 471 million year-over-year.

• Net debt reduced to EUR 1.5 billion, a EUR 1.4 billion improvement year-over-year, driven by strong cash performance.

• Reinforced position as a global engineering-led provider in high-growth sectors: AI, digital, energy, critical minerals, and defense.

Financial highlights

• EBITDA margin expanded by 33bps to 6.3%, with Group EBITDA margin improved across all segments; EBIT up 16.8% to EUR 549 million.

• EPS increased 27.6% year-over-year to EUR 0.89.

• Free cash flow LTM reached EUR 2.0 billion.

• Dividend per share increased 20% to EUR 2.4, with payout ratio at 65%.

• Book-to-bill ratio LTM at 1.3x, supporting backlog visibility.

Outlook and guidance

• Reiterated operational net profit guidance for 2026 of EUR 1.03–1.07 billion, representing 20–25% growth.

• Guidance remains conservative due to geopolitical and FX uncertainties, with potential for upward revision.

• Continued focus on strategic growth verticals, especially digital infrastructure and data centers.