Link Securities | ACS (ACS) presented its results for the 2025 financial year on Wednesday, along with a year-on-year comparison, from which we highlight the following aspects:
The ACS group’s sales for the year reached €49.848 billion, up 19.7% (25.3% at constant exchange rates), thanks to the solid performance of all its activities. Breaking down sales by geography, the United States and Canada contributed 63% of turnover, followed by Australia with 18%, Spain with 8%, the rest of Europe with 7% and the rest of the world with the remaining 4%.
ACS’s operating cash flow (EBITDA) reached €3.07 billion, 25% higher than in 2024 (32.1% adjusted for exchange rates). Turner’s strong growth stands out, with an improvement in its operating margins. In terms of sales, the EBITDA margin reached 6.2% in 2025, compared to 5.9% in 2024.
Likewise, net operating profit (EBIT) stood at €2.1 billion, 32.1% more than the previous year (39.4% adjusted for exchange rates). In terms of sales, the EBIT margin closed 2025 at 4.2%, compared to 3.8% in 2024.
Finally, ACS obtained a net attributable profit of €950 million for the year, representing an increase of 14.8% compared to the same period last year, or 23.2% when adjusted for the exchange rate effect. The group’s ordinary net profit, which excludes extraordinary results in both financial years, increased by 25% to over €857 million, supported by Turner’s strong performance.
At the end of 2025, the project portfolio stood at €92.859 billion, representing growth of 5.3% compared to the previous year (+14.6% adjusted for exchange rates). This increase is due to the rise in the volume of contracts awarded during the year, which exceeded €62.5 billion, up 26.9% adjusted for exchange rates, driven in particular by new generation infrastructure markets, with a special emphasis on the construction of data centres.
ACS invested €1.723 billion in 2025, including the development of data centres and the acquisition of Dornan, closing the year with a net cash position of €17 million.
On the other hand, in view of the capital reduction agreed with the redemption of 769,400 shares from the company’s treasury stock, as a result of the second execution of the scrip dividend authorised by the Shareholders’ Meeting on 9 May 2025, simultaneously with the corresponding capital increase that took place on the same date, the Board of Directors of ACS has agreed to confirm the Share Buyback Programme currently in force, maintaining the maximum limit of 17,800,000 ACS shares, representing approximately 6.552% of the share capital, the maximum investment of €1,068,000,000 and the term until 31 July 2026.
