ACS Group reports Net Profit of €789 million in the first nine months of 2026, up 35% on a comparable basis
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In the first nine months of 2026, ACS Group reported attributable Net Profit of €789 million, an increase of 20.5% compared with the same period last year, or 21.3% FX-adjusted. Earnings per Share (EPS) stood at €3.02.
Excluding the extraordinary result recorded in 2025, the Group’s Ordinary Net Profit increased by 35%, in line with the upper end of the 2026 growth target (30-35%).
The Group’s EBITDA reached €2,506 million, up 13% compared with the same period in 2025. Turner and Engineering and Construction posted particularly strong growth, with improved operating margins.
Meanwhile, operating profit (EBIT) stood at €1,807 million, up 20.7% year-on-year (21.2% FX-adjusted).
International Diversification
ACS Group’s sales for the period reached €41,262 million, up 14% FX-adjusted, supported by solid performance across all activities.
At the end of September 2026, backlog reached a record €110,994 million, representing year-on-year growth of 24% and equivalent to more than two years of sales. This increase reflects higher new orders during the period, which reached €56,228 million, up 28.2%, with a book-to-bill ratio of 1.4x over the last twelve months.
Growth was driven particularly by next-generation infrastructure markets, notably data center construction, where backlog reached approximately €26 billion, up 94% year-on-year. Beyond Digital Infrastructure, the Group’s diversification supports growth in other strategic high-growth markets, including Energy, Water and Industry (including Nuclear) and Critical Minerals, where combined backlog increased by 67.5%.
Results by business segment
1.
Turner continued to deliver strong sales growth (+23.8% FX-adjusted), driven primarily by data centers, with solid trends in Aviation, Security and Defense, and Biopharma.
Turner’s EBITDA increased to €905 million, up 41.0% year-on-year, supported by its integrated strategy combining supply chain capabilities, modularization and expanded self-perform capabilities.
Profit Before Tax (PBT) increased by 43% compared with the same period last year to €891 million, with a continued improvement in the margin to 4.0%.
New orders also grew by 34.5% (39.4% FX-adjusted), bringing backlog to a record €48,947 million, up 42.4% year-on-year. This was driven by data centers, where backlog increased by 84% year-on-year, alongside growth in other market segments, including Healthcare, Aviation and General Building, which grew by 34%.
2.
CIMIC’s sales reached €8,208 million, with an increasing contribution from strategic growth markets, particularly Data Centers, Energy, and Security and Defense.
CIMIC’s Ordinary PBT increased by 12.3% compared with September 2025 to €355 million, supported by an 11 bps improvement in the margin as a result of portfolio rebalancing.
Backlog exceeded €24,000 million, up 13.2% year-on-year after adjusting for UGL Transport’s contribution in 2025, supported by new orders of €9,845 million.
3.
Sales in ACS Group’s Engineering and Construction division increased by 9.5% FX-adjusted, driven by Security and Defense, and Energy, Water and Industry.
EBITDA grew by 22.6% to €544 million, with an 81 bps improvement in the margin to 6.4%.
Ordinary PBT increased by 17.4% to €263 million.
Backlog increased by 20.3%, supported by a high volume of new orders totaling €12,855 million and a strong book-to-bill ratio of 1.5x over the last twelve months. This provides strong visibility on the division’s continued progress.
4.
The Infrastructure segment, comprising Abertis, Iridium and ACS Digital & Energy, contributed €141 million to the Group’s Ordinary Net Profit.
Abertis delivered solid operating performance, with sales and EBITDA growth of 4% and 5%, respectively, driven by solid traffic trends and inflation-linked toll increases.
Overall traffic growth was supported by the strength and resilience of heavy vehicle traffic, which increased by 1.7%. By country, Spain (+1.6%), the U.S. (+1.9%), Brazil (+1.5%) and Puerto Rico (+1.4%) stood out.
Abertis also continued to advance its inorganic growth strategy. The acquisition of the remaining 48.8% stake in Atlandes strengthens its position in France. In Mexico, the 19.5-year extension of FARAC extends the concession to 2067. This helps increase the portfolio’s average remaining life to approximately 15 years.
Iridium reported Profit Before Tax of €35 million, while ACS Digital & Energy’s results reflect the contribution of Coravel, the data center joint venture established this year with GIP Blackrock, and increased investment in digital projects.
Financial Position
ACS Group ended September 2026 with net debt of €908 million, an improvement of €1,319 million since September 2025. This reflects the Group’s strong cash generation. Over the last twelve months, Net Operating Cash Flow (NOCF) reached €2,385 million, enabling the Group to maintain its investment strategy alongside an attractive shareholder remuneration policy. Investments over the last twelve months totaled €2,705 million and shareholder remuneration reached €890 million.
In the first nine months of 2026, financial investments amounted to €2,172 million and divestments totaled €598 million, resulting in net financial investment of €1,574 million. Divestments mainly included the Coravel transaction and the sale of a 50% stake in UGL Transport.
The main investments were:
- €644 million in data center projects;
- €727 million to acquire the remaining minority stake in Thiess;
- €524 million to increase the stake in HOCHTIEF, with the aim of capturing its value creation potential; and
- €276 million in additional net investments in infrastructure, acquisitions and other transactions.
The €1,703 million accelerated share placement completed in May strengthened the Group’s capacity to execute its investment strategy.
Finally, the Group’s strong cash generation and financial strength provide substantial flexibility to continue investing in strategic opportunities while maintaining disciplined capital allocation.
