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ACS Group achieved an operational net profit of €510 million in the first half of 2026, up 30%

Jul 29, 2026·6 min read

Sales reached €26.17 billion, up 12% FX-adjusted

EBITDA increased by 13%, to €1.6 billion

Operational net profit increased by 30% to €510 million, supporting an upgrade to the full-year growth target to a range of 30% to 35%

Backlog reached €105.9 billion after growing by 21% year-on-year on a comparable basis

The Group ended the first half with a strong net cash position of €1 billion, supported by strong operating cash flow generation, enabling S&P to upgrade the credit rating of ACS and all Group companies to BBB

In May, the Group completed an accelerated share placement for €1.7 billion, strengthening its financial flexibility and supporting a disciplined investment policy aligned with its strategic priorities

Investment of more than €300 million in the development of a 1.2 GW data center giga-campus in Waterford, Ohio, U.S.

ACS Group achieved an attributable net profit of €510 million in the first half of 2026, representing an increase of 13.3% compared to the same period last year, or 16.9% when adjusted for the exchange rate effect. Earnings per share (EPS) stood at €1.95.

The Group’s operational net profit, excluding the extraordinary result recorded in 2025, increased by 30% to €510 million, in line with the revised 2026 growth target and supported by Turner’s strong performance and the increasing contribution from Engineering and Construction.

The Group’s EBITDA reached €1.62 billion, 12.8% higher than the same period in 2025 (14% when adjusted for exchange rate effects). Noteworthy is the strong growth of Turner and the activity of Engineering and Construction, with improved operating margins.

Meanwhile, operational profit (EBIT) stood at €1.16 billion, an increase of 22.8% compared to the previous year (25.4% when adjusted for exchange rate effects).

International Diversification

ACS Group sales in the first half of the year reached €26.17 billion, up 12% when adjusted for exchange rate effects, thanks to the solid performance of all activities.

At the end of June 2026, the backlog stood at €105.9 billion, which represents growth of 21% year-on-year on a comparable basis. This progress is due to the increase in the volume of awards during the year, which reached €36.58 billion, up 19.1% when adjusted for exchange rate effects, driven especially by new-generation infrastructure markets, with particular emphasis on data center construction.

Results by business segment

Turner

Turner posted strong sales growth (+22.7% FX-adjusted), driven by strong performance in the data center sector and supported by growth in segments such as sports infrastructure, pharmaceuticals and airport facilities.

The EBITDA margin increased by a further 64 bps to 4.0%, driven by Turner’s successful strategy focused on higher value-added projects in technology sectors.

PBT increased by 41% compared with the same period last year, reaching €551 million, with a continued improvement in the margin to 3.9%.

In addition, new awards grew by 30.7% (38.7% adjusted for FX), boosting the backlog to € 46.1 billion.

CIMIC

CIMIC’s sales reached €5.15 billion, supported by the strong performance in strategic growth sectors, particularly data centers in the Asia-Pacific region.

CIMIC’s operational profit before tax increased by 8.5% compared to June 2025, reaching €236 million.

The project backlog exceeded €23.7 billion, up 11.6% from the previous year on a comparable basis, thanks to awards of €6.41 billion and growth across all segments, particularly in data centers, defense and sustainable mobility.

Engineering and Construction

Sales in ACS Group’s Engineering and Construction area increased by 4.4%, driven by activity in high-growth segments such as sustainable mobility, digital infrastructure and defense.

EBITDA grew by 19.9% to €354 million, and operational profit before tax increased by 18.6% to €162 million.

Meanwhile, the backlog grew by 9.3%, thanks to a high volume of awards of €7.96 billion. In this regard, the sectors that grew the most were sustainable mobility and transport, as well as infrastructure and defense, where the Group holds a strong position in the United States, Spain and Germany.

Infrastructure

The Infrastructure area, where Abertis, Iridium and ACS Digital & Energy operate, contributed €92 million to the Group’s operational profit.

Abertis showed solid operational performance, with overall traffic growth of 0.6%, supported by the strength and resilience of heavy vehicle traffic, which increased by 2.3%. By country, Spain (+2.9%), the United States and Puerto Rico (+2.3%) and Brazil (+1.9%) stood out.

Abertis’s revenue and EBITDA on a comparable basis grew by 5% and 6%, respectively, driven by the geographic diversification of the portfolio and growth in inflation-linked tolls.

Iridium posted a pre-tax profit of €20 million, whilst ACS Digital & Energy, the division responsible for developing data centers, increased by 7.8%. Two key milestones stand out for its future growth in 2026:

a) Investment of more than €300 million to develop Waterford, a 1.2 GW data center giga-campus in Ohio, U.S., wholly owned by ACS D&E. The project is at an advanced stage of development. Following the signing of the exclusivity option in August 2025, which included the purchase option for the land, the power supply guarantee has been secured with an energy company, and the required permits are at a very advanced stage. Commercialization is already underway, with strong market interest, while engineering and design work continues with the objective of delivering the first phase in 2029.

b) Coravel, the new global data center platform created together with GIP, has recently closed its first lease agreement. The agreement, signed with a leading investment-grade hyperscaler, covers approximately 140 MW IT at the Dallas–Fort Worth campus and includes an option to expand by up to an additional 100 MW.

Financial Position

ACS Group closed the first half of 2026 with a strong net cash position of €1 billion, representing a significant improvement of €3.21 billion since June 2025. This performance was supported by the €1.7 billion accelerated share placement and the Group’s strong cash generation, with net operating cash flow of €2.3 billion over the last twelve months.

S&P recently upgraded the credit rating of ACS, as well as HOCHTIEF and CIMIC Group companies, from BBB- to BBB, recognizing the structural improvement in the Group’s financial profile. The agency highlighted a simpler corporate structure, a strengthening of the business's fundamentals, improved credit metrics, and greater visibility into stable cash generation.

This upgrade reinforces the Group’s credit profile and validates the financial strategy implemented in recent years, including a balanced capital allocation approach.

Over the last twelve months, the Group has combined strategic investments of €1.43 billion, an attractive cash return to shareholders of €408 million and divestments of €957 million. In this way, the Group maintains an investment policy that is disciplined and aligned with its strategic objectives, while preserving a high degree of financial flexibility.

Notable among these investments are:

Investments in data centers totaling €746 million, including the launch and development of Coravel’s assets and the acquisition of the Waterford site in the United States for the development of a 1.2 GW grid-connected data center giga-campus (€300 million invested through June 2026).

A €200 million capital increase in Abertis to support its investment plan.

Investments in greenfield infrastructure totaling €345 million.

Other financial investments and acquisitions.

Meanwhile, divestments over the same period reached €957 million, mainly driven by the transaction involving the data center platform with GIP-BlackRock and the sale of a 50% stake in UGL’s transportation business in Australia.

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