Intermoney | 2025 annual results – EBITDA down 1% (up 7% Intermoney’s estimate) due to provisions in Construction. FCC (Buy, Target Price £15/share) published its 2025 annual results on Thursday after the market closed, holding a conference call today at 9 a.m. The main figures, together with our estimates, are shown in the attached table.
The Group no longer consolidates the cement and real estate businesses globally, which began trading on 24 November under the name Inmocemento, and the variations in these figures are adjusted pro forma.
The results showed growth in Environment, driven by the contribution of recent acquisitions, offset in Q4 by provisions in Construction. All of this led to a decline in pro forma EBITDA for FCC of 1% to €1,419 million (€1,533 million Intermoney’s estimate).
FCC reported its entire income statement on this occasion; net profit fell by 62% to €164 million compared to our forecast of €225 million, also due to provisions for Environment in the UK during the first nine months (down €88 million) and particularly unfavourable exchange rates (down €62 million), as well as the lack of contribution from the assets now held by Inmocemento, which generated €136 million in 2024. We consider the sale of 25% of the Environment business to be completed in 26.
We have not significantly changed our EBITDA estimates for 26-27, or a consistent CAGR (excluding provisions) of between 4% and 5% for 25-28.
We confirm our Buy rating and our target price of €15/share. In the preview of these results, we raised our target price for FCC to €15/share, dated December 2026, from the previous €14.5; we had already adjusted it in November 2024 from €16, taking into account the spin-off of the Inmocemento businesses.
Despite the stability of the stock, which has contrasted with the market’s gains in 2025, we believe that by divesting itself of its more cyclical businesses, FCC is concentrating on activities with lower earnings volatility, which should make it more attractive to conservative investors, especially in light of recent global trade developments. Net debt, currently just over 2x EBITDA, is expected to fall by more than €600 million from €25 billion. Our valuation is supported by the recent sale of 25% of Medioambiente for around €1 billion.
