HOCHTIEF wins strategic rail contract in Sweden

• Sales reached €12.34 billion, up 12.5% FX-adjusted.
• EBITDA increased by 10.5% to €772 million.
• Operational net profit grew by 25% to €239 million.
• Backlog reached €99.82 billion, up 13.5% FX-adjusted.
• The Group invested €1.28 billion over the past 12 months, including the development of data centers and infrastructure projects, ending the first quarter with a net debt of €1.47 billion.

In the first quarter of 2026, ACS Group reported attributable net profit of €232 million, representing a 21.5% increase compared with the same period last year, or 30.0% when adjusted for exchange-rate effects. Earnings per share (EPS) grew by 19.3% to €0.89.

The Group’s operational net profit, excluding extraordinary items in both fiscal years, increased by 25% to more than €239 million, in line with the upper end of the 2026 growth target and supported by Turner’s strong performance.

The Group’s EBITDA reached €772 million, 10.5% higher than in 2025 (16% adjusted for exchange rates). Turner’s strong growth stood out, together with an improvement in its operating margins.

Meanwhile, EBIT stood at €549 million, an increase of 16.8% over the previous year (23.7% FX-adjusted).

International Diversification

ACS Group’s sales for the period reached €12.3 billion, up 4.7%, thanks to the solid performance of all business segments.

In the first quarter of 2026, the backlog stood at €99.82 billion, representing a year-over-year increase of 9.9% (13.5% FX-adjusted). This growth reflects the increase in the volume of new orders awarded during the period, which exceeded €17.5 billion, a 26.9% increase FX-adjusted, driven primarily by next-generation infrastructure markets, with a particular focus on data center construction.

Results by business segment

1. Turner

Turner posted strong sales growth (+25% FX-adjusted), driven by strong performance in the data center sector and supported by growth in pharmaceuticals, semiconductors, aviation, and public buildings.

The EBITDA margin increased by a further 72 basis points to 3.9%, driven by Turner’s successful strategy focused on advanced-technology projects.

PBT increased by 40% compared with the same period last year, reaching €246 million, with a continued improvement in the margin to 3.8%.

In addition, new awards grew by 32.9%, boosting the backlog to €42.3 billion.

2. CIMIC

CIMIC’s sales reached €2.4 billion, driven by strong performance in strategic growth sectors, particularly data centers.

CIMIC’s ordinary profit before tax increased by 4.8% compared with March 2025, supported by a 37-basis-point margin increase, reaching €116 million.

The backlog exceeded €23 billion, up 7.9% from the previous year, driven by new orders of €2.98 billion and growth across all segments, particularly in data centers, defense, and sustainable mobility.

3. Engineering and Construction

Sales in ACS Group’s Engineering and Construction division increased by 2.9%, driven by activity in high-growth segments.

EBITDA grew by 16.1% to €173 million, and profit before tax increased by 18.2% to €81 million.

Meanwhile, the order backlog increased by 5.3% on an exchange-rate-adjusted basis, thanks to a strong level of new orders worth €3.5 billion. In this regard, the sectors that grew the most were sustainable mobility and transportation, as well as infrastructure and defense, where the Group holds a strong position in the United States, Spain, and Germany.

4. Infrastructure

The Infrastructure segment, where Abertis and Iridium operate, contributed €37 million to the Group’s ordinary profit.

Abertis posted a solid operating performance, with traffic growth of 1.4% driven by strong performance in Spain, the United States, and Chile.

Abertis’s revenue and EBITDA on a comparable basis grew by 6% and 9%, respectively, driven by the geographic diversification of the portfolio and growth in inflation-linked tolls.

Iridium posted a pre-tax profit of €9 million, whilst ACS Digital & Energy, the division responsible for developing the data center platform, made a profit of €4 million.

Financial Position

ACS Group ended the period with net debt of €1.5 billion, representing a significant improvement of €1.4 billion since March 2025, despite substantial investments in strategic capital allocation.

This positive performance is due to the strong net operating cash flow of €2.3 billion, which has allowed the company to maintain an attractive return to shareholders (€441 million in cash) and make strategic investments totaling €1.3 billion over the past 12 months.

Notable among these investments are:

• Investments in data centers totaling more than €500 million.
• A €200 million capital increase in Abertis to support its investment plan.
• Investments in greenfield infrastructure totaling more than €370 million.
• Other net financial investments and M&A.

Over the same period, divestments reached €956 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.

• Q1 2026 operational net profit up 30% year on year
• New orders up 27% fx-adjusted driving EUR 79.3 billion record backlog
• Net operating cash flow LTM up EUR 0.7 billion year on year to EUR 1.8 billion
• 2026 operational net profit guidance EUR 950-1,025 million (up 20-30%) reiterated

HOCHTIEF has made a solid start to the 2026 financial year, delivering strong increases in revenues, profits and orders during the first quarter.

Group sales increased 14% (foreign exchange-adjusted) to EUR 9.4 billion, driven by strong operational performance and successful strategic delivery. Operational net profit rose to EUR 217 million, representing an increase of 30% compared with the prior year period.

During the last 12 months, the Group achieved outstanding operating cash flow of EUR 2.5 billion pre-factoring, reflecting continued discipline in working capital management and the Group’s strong cash conversion.

New orders increased by 27% fx-adjusted to EUR 15.2 billion, lifting the order backlog to a new record of EUR 79.3 billion at the end of March 2026. The backlog remains well diversified by geography and sector, with around 90% related to lower‑risk contracts.

ACS Group and HOCHTIEF CEO Juan Santamaría said: “HOCHTIEF has delivered a strong start to 2026, with higher earnings, a record order backlog and continued financial discipline. We are executing our strategy consistently and we are well positioned in markets where demand for complex, critical infrastructure continues to grow.”

At its recent Annual General Meeting, shareholders approved a 26% increase in the 2025 dividend to EUR 6.60 per share.

New orders

During the first quarter, HOCHTIEF secured new work across multiple markets, with a focus on end-to-end projects and sectors where demand for advanced infrastructure continues to accelerate.

Selected highlights from the quarter include:

• AI, digital and technology: Turner selected as one of the contractors for the US$10 billion Meta data center campus in Indiana.
• Critical minerals: CIMIC selected to support delivery of the world’s largest integrated zinc producer’s tailings reprocessing facility in India.
• Energy (including nuclear): HOCHTIEF selected to support the global program to deploy Rolls-Royce Small Modular Reactors.
• Defense: HOCHTIEF awarded the modernization of the military airport in Čáslav, one of the key centres of the Czech Air Force

These wins reinforce the quality of the order book and provide strong visibility for the remainder of the year and beyond.

Strategy and outlook

HOCHTIEF continues to execute its strategy, focusing on engineering‑led delivery across the full infrastructure life cycle, disciplined capital allocation and targeted expansion in high‑growth markets including AI, digital and technology, energy (including nuclear), critical minerals and defense.

The Group remains well positioned to benefit from sustained infrastructure investment across its regions, supported by its scale, technical capability and long‑established local presence.

For 2026, HOCHTIEF expects an operational net profit of EUR 950-1,025 million, subject to market conditions, corresponding to an increase of 20 to 30% year on year.

The ACS Group has once again held its Annual General Meeting at a particularly significant moment for the company, marked by record results and a share price at all-time highs. These milestones reflect the strength of the Group’s business model, market confidence, and its leadership in the development of next-generation infrastructure.

During his address, the Group’s Chairman, Florentino Pérez, highlighted ACS’s track record as a company built with a long-term vision, grounded in its ability to anticipate, adapt, and evolve. A story shared with many companies—some of them over a century old—renowned for their experience, technical expertise, and ongoing commitment to excellence, all aligned with a clear objective: value creation and sustained shareholder returns.

“In 2025, total shareholder return reached 81.6%, combining share price performance and dividends distributed during the year. And in 2026, we have already accumulated a 63% return since the beginning of the year. These are exceptional figures that place us among the best-performing infrastructure companies worldwide,” said the Chairman, Florentino Pérez.

For his part, the Group’s CEO, Juan Santamaría, focused his remarks on the company’s present and future. In a context where infrastructure has once again taken center stage on the global agenda, ACS is advancing in strategic sectors such as digital infrastructure, energy, critical minerals, defense, and sustainable mobility—key drivers of the Group’s growth.

In this regard, Juan Santamaría highlighted the addition of GIP BlackRock as a strategic partner through a 50/50 partnership to develop and operate a global data center platform, with an initial portfolio of 1.7 GW across Europe, the United States, and Australia contributed by ACS. “Beyond the numbers, the goal is to accelerate our growth in digital infrastructure, share capital, and do so alongside one of the most recognized investors in the international financial community,” stated Juan Santamaría.

The Annual General Meeting also provided an opportunity to thank shareholders for their trust with the gift of the second book of infographics on major ACS Group projects, offering a visual journey through some of the Group’s landmark projects and highlighting the scope and excellence of our company’s global activity.

The ACS Group continues to move forward with its industrial project, building the infrastructure of tomorrow with responsibility, rigor, and ambition, and contributing to progress and long-term value creation under the One Group, One Team approach.

CIMIC Group company Leighton Asia has secured a contract to deliver works for a new data center project in Hong Kong, further strengthening its digital infrastructure portfolio across Asia.

The project includes the construction of a high rise facility with a two-storey basement, delivering shell and core works designed to meet stringent safety and performance requirements.

ACS Group and HOCHTIEF CEO and CIMIC Group Executive Chairman Juan Santamaría said:

"This project reflects Leighton Asia’s role in delivering critical data center infrastructure and our Group’s global capability across the full lifecycle of digital and technology assets. With scale, engineering expertise and delivery capacity, we are well positioned to support the growing demand for secure, resilient and high-performance data infrastructure."

ACS Group companies, ACS Infra (IRIDIUM) and FlatironDragados, today joined the Georgia Department of Transportation (GDOT), the Georgia State Road and Tollway Authority (SRTA), other project partners and key stakeholders to break ground on the SR 400 Express Lanes project.

Delivered under the SR 400 Peach Partners consortium, the 16-mile (25.75-kilometer) managed lanes public-private partnership (P3) will expand capacity along SR 400 from the North Springs Metropolitan Atlanta Rapid Transit Authority (MARTA) Station in Fulton County to McFarland Parkway in Forsyth County, improving travel reliability, enhancing safety, and supporting continued economic growth in metro Atlanta.

SR 400 Peach Partners—comprised of ACS Infra (IRIDIUM), Acciona, and Meridiam as developer and equity sponsors—will deliver the project in partnership with GDOT and SRTA under a long-term P3 agreement. FlatironDragados and Acciona will lead the construction, with Parsons serving as the lead design engineer. The project represents a key component of Georgia’s Major Mobility Investment Program (MMIP) and the first revenue-risk procurement under the program.

“This groundbreaking marks an important milestone for one of Georgia’s most critical transportation corridors,” said Steve DeWitt, CEO of ACS Infra. “In partnership with GDOT and SRTA, we are proud to deliver a project that will provide long-term mobility benefits, support economic growth, and improve the daily travel experience for the communities along SR 400 and the greater Atlanta metropolitan area.”

“As we enter the construction phase, we’re proud to continue our close collaboration with GDOT and our joint-venture partners on this vital investment,” said Javier Sevilla, CEO of FlatironDragados. “This complex initiative will generate significant employment opportunities and drive sustained economic and business growth across the region.”

Project

With a total investment of approximately $10.8 billion and a concession term exceeding 55 years, including a 5.5-year construction period and 50 years of toll operations, the SR 400 Express Lanes project will feature dynamically priced express lanes in each direction, giving drivers a reliable travel-time option while maintaining free access to existing general-purpose lanes. The project will further enhance connections with the SR 400/I-285 interchange, new bridges, and corridor-wide technology systems designed to optimize traffic flow and improve safety. While enhancing travel reliability for drivers, the project will also support existing MARTA connections and future bus rapid transit improvements along the corridor.

The project’s financing structure combines federal credit assistance through a TIFIA loan and tax-exempt private activity bonds (PABs), with committed equity investment, providing a strong foundation for delivery of this critical investment. Construction will advance in phases across the corridor, with major field activity beginning this spring.

Construction is expected to result in significant job creation and related economic activity throughout the region. The project will also create numerous opportunities for local contractors, suppliers, and workforce participation across the corridor. Once complete, the project will improve corridor performance, reduce congestion, and strengthen connectivity between key employment centers, residential communities, and transit hubs, including MARTA.

The SR 400 Express Lanes project has already received industry recognition for its innovative financial structure, earning both IJGlobal North America Transport Deal of the Year and PFI Americas Infrastructure Deal of the Year honors.

CIMIC Group company Leighton Asia has secured a contract to deliver a large-scale data centre project in Malaysia. The award builds on Leighton Asia’s successful delivery of data centre projects across Asia and strengthens its position as a leading contractor of mission‑critical digital infrastructure.

The project forms part of a multi‑phase hyperscale campus development that will support the region’s accelerating demand for secure, resilient and energy‑efficient digital capacity.

Leighton Asia will undertake the end‑to‑end delivery of the campus works, drawing on its regional expertise and strong supply‑chain partnerships. Early works and enabling activities have positioned the project for a seamless transition into main works delivery.

ACS Group and HOCHTIEF Chief Executive Officer and CIMIC Group Executive Chairman Juan Santamaría said:

“Investment in large‑scale digital infrastructure like this is essential for the next phase of economic growth across Southeast Asia, providing the platforms required for cloud, data and technology‑led industries to expand with confidence. Leighton Asia brings a strong regional track record in delivering data centre developments, supported by technical expertise and established local partnerships.”

Leighton Asia has delivered a portfolio of data centre projects across Asia, with active and completed works in Malaysia, Indonesia, Thailand, India, the Philippines, Singapore and Hong Kong – leveraging its regional delivery capability in civil, structural, MEP and integrated delivery.

HOCHTIEF and its consortium partners have secured the contract for the next construction phase of Prague’s new Metro Line D.

Delivered for the Prague Public Transport Company, the contract, has a total value of EUR 1.23 billion, and will generate revenue for HOCHTIEF of EUR 428 million.

The project includes the construction of three new underground stations and several tunnel sections with a total length of almost six kilometres.

ACS Group and HOCHTIEF Chief Executive Officer Juan Santamaría said: “Metro Line D will be critical to Prague’s future mobility, and we are proud to continue our role in delivering the city’s first fully automated metro line in partnership with the Prague Public Transport Company.”

Construction work is scheduled to begin in the coming weeks. Completion of this phase is planned for 2032. It follows the first phase of Metro Line D, in which HOCHTIEF is already playing a significant role and which is expected to be completed in 2029.

As part of the Aspire consortium, HOCHTIEF has been awarded a contract for an accommodation project at the University of Southampton in the UK. The total contract value amounts to approximately EUR 200m. In addition to design and construction, the agreement also covers the financing and subsequent operation of several student housing facilities over a period of 50 years.

Together with consortium partners Cityheart Limited and Vinci Building Limited, HOCHTIEF PPP Solutions is responsible for the construction of 1,092 new student accommodation units on the Connaught and South Stoneham campuses by 2029. In addition, the companies are modernising 399 existing rooms and restoring the listed Stoneham House, a historic landmark of the university. The University of Southampton plans to increase its student numbers to 30,000 by 2031 and requires increased accommodation facilities to meet this demand.

ACS Group and HOCHTIEF CEO Juan Santamaría: “We are building the infrastructure the university needs to support its planned growth, whilst at the same time strengthening our position in the UK market. By combining design, construction, financing and operation, we are creating student accommodation that provides long-term value to the university and its students.”

The buildings are designed for emission-free operations and will exceed the UK’s Net Zero Carbon (NZC) targets. The project agreement also includes a commitment to increase the proportion of affordable accommodation in the university’s portfolio by ten per cent.

The consortium partners have a long history of collaboration in the infrastructure sector and have already jointly delivered around 30,000 student beds in the UK.