The ACS Group closed the first quarter of 2026 with attributable net profit of €232 million, up 21.5% from the same period last year, driven by the solid performance of its core businesses and, in particular, by growth in its data center and next-generation infrastructure operations.
Report by Bankinter
ACS’s (ACS) Q1 2026 results fell slightly short of estimates.
Key Q1 figures compared to consensus: Revenue €12.344 billion (up 4.7%) versus €12.630 billion; EBITDA €772 million (up 10%) versus €768 million; Net Profit €232 million versus €238.5 million; (Ordinary Net Profit €239 million). On the debt side: negative €1.472 billion (down 49% year-on-year) against net cash of €17 million in the previous quarter. The order backlog increased by 10% year-on-year. Link to the earnings presentation.
Bankinter’s analysis team’s view:
Results slightly worse than expected.
Turner continues to lead growth at the operating level (up 12% year-on-year) thanks to the development of data centers and is improving its margins. Ordinary net profit rose 25% year-over-year and is at the upper end of the 2026 target range.
ACS has positioned itself as one of Europe’s leading platforms for investing in data centers, essential infrastructure for the development of AI.
The company will continue to generate value as assets come online and new projects are secured.
Following the presentation, the stock fell 5.2% compared to a 1.6% decline in the Spanish market, after a 57% rally in 2026. We view the pullback as an opportunity to enter the stock at more attractive prices.
