Ordinary net profit grew by 14.0% to € 684 million Sales stood at € 41.6 billion, up 16.5% compared to 2023 EBITDA grew by 28.7% to € 2,456 million Backlog exceeds €88.2 billion and reaches record highs after growing by 19.9% in 12 months Operating cash flow generation stood at €2.1 billion, practically double that of the previous year, of which € 1.15 billion have been allocated to growth investments and strategic projects Net debt stood at € 702 million and includes Thiess´s € 1.0 billion debt following the consolidation of the Australian mining services company in 2024
ACS Group obtained a net profit of € 828 million in 2024, which represent an increase of 6.1% compared to 2023, supported by the good operating performance of all activities, especially Turner in North America. Earnings per share (EPS) grew by 7.8% to 3.23 €.
The Group´s ordinary net profit, excluding extraordinary results in both years, increased to € 684 million, up 14.4% in one year.
The Group´s EBITDA reached € 2,456 million, up 28.7% compared to the previous year. It is worth highlighting the strong growth of Turner, with an improvement in its operating margins, and the contribution of CIMIC following the acquisition of an additional stake in Thiess.
EBIT stood at € 1,590 million, up 17.1% compared to the previous year, confirming the growth trend of previous quarters. International
Diversification
ACS Group´s sales in 2024 reached € 41,633 million, up 16.5% year-on-year, thanks to the solid performance of all activities. At the end of 2024, backlog stood at € 88,209 million, representing a growth of 19.9% over the previous year. This progress is due to the increase in the volumen of awards registered during the year, which exceeded € 51,000 million, especially driven by the new generation infrastructure markets. These type of projects represented 50% of total awards thanks to growth in the digital segment, in which ACS Group was awarded major data center contracts in all the regions in which it operates.
Among the main awards during the year in the United States and Canada, it is worth the 2,2 GW date Center for Meta in Louisiana, highlighting the SR400 managed lanes highway in Atlanta (Georgia); the new Île d’Orléans bridge in Quebec; the dry dock for nuclear submarines in Pearl Harbor (Hawaii); and the Tennessee Titans stadium in Nashville.
Meanwhile, the main awards in the Asia–Oceania market include the extension of the contract to operate metropolitan passenger rail services in Melbourne and the development of the first large tunnel package for the Suburban Rail Loop East project in Victoria.
At a European level, it is worth highlighting the construction of a campus with four 60 MW data centers in Warsaw, while in Spain, ACS Group has been awarded, among other projects, the construction of the new administrative center of the City of Justice in Madrid, and the development of the new Atocha Passing Station and line 3 of the Seville subway.
Results per Areas of Activity
1.
Turner
Turner showed solid growth in sales (+19%), which reached € 19,264 million. The strong rebound in awards (+31.1%), worth more than € 24,383 million, boosted the project backlog by 29.9% to € 31,930 million, setting a new all-time record.
Margins continued their upward trend, supported by the growth strategy in advanced technology projects and supply chain service solutions through SourceBlue.
EBITDA grew by 27.1%, to € 551 million, while pre-tax profit was € 565 million, up 36% on the previous year.In line with its strategic plan for international growth, in January Turner completed the acquisition of the Irish electromechanical engineering firm Dornan Engineering.
Cimic
CIMIC´s sales amounted to € 10,213 million in 2024, up 26%, supported by the integration of Thiess and the momentum in the advance technology and energy transition markets.
EBITDA grew by 6.2% on a comparable basis to € 1,197 million, including the contribution of Thiess since April 23, when CIMIC closed the acquisition of an additional 10% stake in the company.
Pre-tax profit stood at € 475 million, representing a year-on-year increase of 57.2%.
Awards in 2024 reached € 12,849 million, bringing the backlog to € 24,009 million as of December 2024 (+23.1%).In addition to the acquisition of 10% of Thiess, it is worth noting the purchase of the specialized engineering companies Prudentia, Minsol, PYBAR and Mintrex.
2.
Dragados
Dragados also had a good operating performance. Sales grew by 4.9% year-on-year to € 5,877 million and EBITDA reached € 332 million (+13,5%). The improvement in financial results allowed Dragados to increase its pre-tax profit by 21.4% to € 130 million.Dragados´ backlog closed 2024 with a volume of € 17,812 million, growing by 10% in 2024 thanks to the award of important projects in the areas of sustainable mobility and transportation.
Hochtief I&C
Hochtief´s Engineering and Construction activity experienced solid growth in its operations, with sales growing by 9.9% per year, to € 3,629 million. EBITDA, meanwhile, stood at € 179 million, while pre-tax profit increased by 9.9%, to € 62 million. Hochtief I&C´s backlog now exceeds € 11,064 million, up 2% on the previous year.
FlatironDragados
The integration between Flatiron and Dragados North America was completed in January 2025 and led to the creation of the second largest civil contractor in the United States, with sales of over $ 6,000 million and a joint backlog of approximately $ 16,000 million.The new company has a wealth of technical references, qualified resources, and a solid track record in large infrastructure projects, which will enable it to grow in the rapidly expanding North American civil engineering business. In addition, the combination of resources will generate operational synergies estimated at around 30-40 million dollars per year.
3.
The infrastructure segment (Abertis e Iridium) contributed € 205 million to the Group´s ordinary profit, in line with that registered in 2023.
Abertis
Abertis showed a solid operating performance, with revenue growth of 9.8% and EBITDA growth of 10.3%, thanks to the geographical distribution of the backlog and the contribution of new assets in Puerto Rico and Spain.Average traffic growth reached 1.5%, supported by the strong evolution of heavy vehicle traffic (+3.4%), the good performance in Spain, Mexico and Brazil (+3.5% in traffic compared to 2023) and the expansion of its presence in the Chilean market. During 2024, Abertis reduced its net debt balance by more than € 3,300 million, to € 22,585 million, showing great financial strength, with attractive credit ratings (BBB in S&P and BBB- in Fitch) with a stable outlook.
Iridium
Iridium´s profit reached € 19 million in 2024, with a lower contribution from operating assets following divestments in North America and Spain.Iridium is part of the consortium (33%) awarded the contract for the new SR-400 managed lanes toll road in Atlanta, Georgia, USA. The project consists of the construction of two dedicated lanes in each direction on the 13-mile stretch of the SR-400 freeway north of Atlanta and one lane in each direction on an additional 3 miles, as well as its operation and maintenance for 50 years, with a total estimated investment of $ 10.8 billion, including an initial “Concession Fee” of $ 4.05 billion.
Likewise, Iridium has an investment backlog in projects to develop data centers of approximately 5.1 GW, of which 2.1 GW correspond to projects already defined in various locations in Spain, the United States and Australia, with a total estimated investment of around € 8.900 million euros. The remaining 3 GW correspond to projects in the process of selection in key regions.
Financial Situation
The Group closed 2024 with a solid net debt position of € 702 million, equivalent to 0,3 times 2024 EBITDA. This balance represents an increase of € 1.1 billion over the year, mainly due to the incorporation of Thiess in April 2024, whose debt at the end of the year was around € 1.0 billion.
The Group had a positive evolution of its financial position, with a net operating cash flow that reached € 2,094 million in 2024. Of that figure, € 862 million were allocated to shareholder remuneration, both for ACS and for Hochtief´s minority shareholders, including the purchase of treasury shares as part of the company´s buyback program.
The Group´s net financial investments and project investments reached € 1,148 million. These include the capital increase in Abertis to support its growth strategy, for an amount of € 650 million; the investment in the development of data centers for 103 million; the acquisition of 10% of Thiess for € 194 million; the purchase of engineering companies in Australia for 79 million euros; and the increase in its stake in Hochtief, which now stands at 80% for € 130 million.
Madrid, February 27, 2025
ANNEX: Main contracts 2024
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In Asia Pacific
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In Europe
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