ACS closed the first nine months of the year with a net profit of €789 million, up 20.5% compared to the same period in the previous fiscal year. The group chaired by Florentino Pérez backed this improvement with an order backlog nearing €111 billion, an all-time high that provides strong visibility into its operations for the coming years.
Positive Q3 2026 results that beat expectations, driven by Turner and the data center business. Full-year guidance is reiterated.
Key figures compared against consensus: Revenue +19% to €15,094 million vs. €14,324 million expected; EBITDA +13% to €888 million vs. €881.67 million; EBITDA margin 5.9% vs. 6.2%; Net profit +37% to €279 million vs. €275 million. By segment: (i) Revenue: Turner +27% to €8,289 million; Cimic +12% to €3,058 million; Engineering and Construction +13% to €2,993 million. (ii) EBITDA: Turner +47% to €344 million; Cimic -2% to €318 million; Engineering and Construction +28% to €190 million; Infrastructure -49% to €47 million (distorted by changes in scope of consolidation).
Full-year guidance is reiterated with expected net profit in the range of €1,100 million to €1,155 million (+30%/+35%).
Bankinter Research Team Opinion: Positive figures. The data center business continues to drive operational growth through Turner (Revenue +27%), which expanded its EBITDA margin to 4.2% vs. 3.6% in Q3 2025. On the downside, Cimic beat expectations in revenue and order backlog, but trimmed its EBITDA margin by 58 bps. ACS is well-positioned to beat earnings expectations in 2026: on a cumulative 9M26 basis, net profit grew +35% (+36% at constant FX) vs. +30%/+35% expected. The company has positioned itself at the forefront of data center development and construction amid massive investment in digital infrastructure, enabling accelerated growth and margin expansion. Most of the figures were already disclosed last week alongside the results of its subsidiary Hochtief, so the share price impact will focus more on market sentiment toward technology/data centers and what management shares during the analyst call (9:30 a.m.) and the Capital Markets Day (starting at 11:00 a.m.), where we will learn about the roadmap and targets for the coming years. We expect greater visibility regarding the pipeline of Corvavel (its data center development and operation platform). We reiterate our Buy recommendation.
