Intermoney | The construction company (Comprar, PO 46 €), through its North American subsidiary Turner, has been awarded the contract for the renovation of San Francisco airport, which will involve an investment of €2.35 billion, according to Expansión newspaper. The work will focus on Terminal 3, extending the surface area of this facility by 200,000 square metres, while at the same time refurbishing a further 650,000 square metres and erecting a new six-storey building for airline offices. This will be carried out in consortium with the companies Gensler and Telefónica. As part of the project, Turner is also building temporary walkways to divert passengers around the construction site, as the expansion part of the project is scheduled to open in autumn 2027, with the eastern part of Terminal 3 due to open in 2029.
Assessment: Good news for ACS, which is expanding its project portfolio, which as of June this year totalled nearly €87 billion after growing by almost +20% in the last 12 months. More than 45% of the portfolio is concentrated in the US. During 1H24, ACS increased its EBITDA in pro-forma terms by +11% to €1,157 Mn. The growth is adjusted for the contribution of Thiess, an Australian mining company consolidated globally since May, and which we expect to contribute close to €1bn to EBITDA on a full year basis. Thus, our EBITDA forecast for 2025 is currently €3,202m.
Turner, meanwhile, increased its EBITDA to June this year by +27% to €242 million.
