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…

Link Securities | The Saudi Arabian Ministry of Defence and the state agency responsible for launching public-private partnership contracts has selected a consortium led by Spain’s FCC (FCC) to bid for the construction and subsequent 27-year operation of an office complex in the capital Riyadh, according to a report in Expansión newspaper on Thursday. The investment budget for the asset is around €500 million. Located north of Riyadh, the building…

Link Securities | The Spanish construction company, in consortium with the US company Halmar, has been awarded a contract worth $1.972 billion (approximately €1.7 billion) in the United States to build tunnels for an extension of the New York subway, according to elEconomista. The award has been approved by the New York Metropolitan Transportation Authority, which will give both companies four years to complete the project. In New York, FCC…