Link Securities | A consortium led by FCC and Comsa is competing against a bid from local firm Mota Engil, which was partnering with the Chinese state-owned giant CRRC, in the tender to secure the contract for the construction of a new line (Linha Violeta) on the Lisbon metro, with an investment budget of €600 million. The contract was initially awarded to Mota Engil and CRRC in 2025, but an…

Intermoney | FCC (Buy, Target Price €15) published its Q1 26 results today before the market opened, holding a conference call at 9am. The key figures, alongside our estimates, are shown in the attached table. The results showed moderate growth in the services businesses and significant growth in Construction. All of this led to a 6% increase in consolidated EBITDA to €346 million (€351 million Intermoney estimate). On this occasion,…

Alphavalue / Divacons | Barcelona City Council has renewed its contract with FCC Medio Ambiente for the cleaning and maintenance of the public sewerage system, worth €121 million. The contract will run for the next eight years, with an option to extend for a further two years. According to the company, this award reaffirms a historic relationship that began in 1911, when the council awarded it the first service contract…

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…

Alphavalue/Divacons | The Spanish construction company will be awarded the contract to build the third runway at King Salman International Airport in Saudi Arabia, in a contract worth around €800 million. The project, developed in partnership with Al-Mabami, is part of the plan to turn the airport into one of the largest in the world and includes a 4,200-metre runway with multiple taxiways to optimise air traffic. FCC: Add, Target…

Link Securities | FCC (FCC) is in the final race as leader of a consortium to win the contract to design and build the first phase of the Austin light rail system in Texas (United States), according to a report on Monday in the newspaper elEconomista. The value of this tender is estimated at around $3.2 billion (approximately €2.8 billion at the current exchange rate). The cost of the project…

Link Securities | FCC (FCC), Comsa, OHLA (OHLA), and Azvi have formed consortiums to bid for the railway corridor connecting Saltillo with Nuevo Laredo, and the connection between Querétaro and Irapuato, in Mexico, according to a report in Expansión newspaper on Wednesday. These contracts could require a joint investment of around €2.157 billion. The Spanish companies’ consortiums are competing against the local ICA and other foreign giants such as Portugal’s…

Alphavalue / Divacons | Grupo Carso and FCC, both controlled by Carlos Slim, will build a 111 km section of the Saltillo-Nuevo Laredo corridor for €1.47 billion. Slim thus becomes one of the largest contractors on Sheinbaum’s flagship project, valued at more than €6 billion, which will run through Coahuila, Nuevo León and Tamaulipas. In other news, a consortium also led by the Spanish construction company has been selected in…