Update on BICC strategic review and impact on 2019 financial results and dividends

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.

FlatironDragados and joint venture partner Aecon have finalized a $691 million contract with the U.S. Army Corps of Engineers, Seattle District, to deliver the Howard A. Hanson Dam Additional Water Storage Fish Passage Facility in Ravensdale, Washington.

Employing the Integrated Design and Construction method developed by USACE, this collaborative approach brings together the designer of record and contractors from the early design phase through construction. The model improves coordination, helps mitigate risk and enhances cost and schedule certainty — supporting early alignment among project stakeholders and more informed decision-making throughout the project.

Following successful completion of the collaborative design phase, the project now is advancing into construction to deliver enhanced fish passage, ecosystem restoration, water supply reliability and flood risk reduction.

Located about 35 miles southeast of downtown Seattle, the project will improve passage for juvenile out-migrating salmon in the Green River. The facility will allow salmon to bypass the existing dam, supporting conservation of key species while maintaining flood risk management for the region. The facility will include a fixed multiport collector, steep slope bypass, deceleration tunnel and outfall stilling basin structures. This project enhances environmental resiliency in the Pacific Northwest.

Construction is expected to begin in the second quarter of 2026.

Turner has begun vertical construction on the $900 million expansion of Geisinger Wyoming Valley Medical Center, marking a major milestone in one of Northeastern Pennsylvania’s largest healthcare investments.

After nearly years of planning and foundation work, steel is now rising on the 11-story, 600,000-square-foot patient tower. When complete, the structure will contain more steel than the Eiffel Tower. The tower will increase capacity from 356 to 500 beds, expand operating rooms from 12 to 18, enlarge the emergency department, and support Geisinger’s goal of providing all private patient rooms. The facility is expected to open in the first quarter of 2028.

The project is expected to support up to 3,800 construction jobs and generate approximately $1 billion in local economic impact, with the onsite workforce growing from 150 to as many as 450 workers at peak activity. Upon completion, Geisinger plans to hire 400 additional employees.

Originally opened in 1981, the campus has expanded over the decades to meet growing demand. This latest addition will bring advanced capabilities comparable to major academic medical centers in large metropolitan areas.

HOCHTIEF has been awarded a contract to design and expand a 26-kilometer section of the East Link railway line near Stockholm. The project, with an estimated volume of up to around EUR 900 million (9.5 billion SEK), is being developed in collaboration with the client Trafikverket (Swedish transport administrator) as part of a partnership agreement. The subsequent construction phase is scheduled to run until 2034.

Juan Santamaría, CEO of ACS Group and HOCHTIEF: "Our end-to-end capabilities as a leading infrastructure and services provider enable us to deliver high-quality rail assets. With the expansion of this rail link in Sweden, we are making a significant contribution to the growth of efficient and sustainable transport infrastructure in Northern Europe."

The OL31 Vagnhärad project, located southwest of Stockholm, is part of the planned 160-kilometer East Link rail connection between Järna and Linköping. The project involves the design and construction of several tunnels and large bridges as well as a train station.

HOCHTIEF is currently planning, building, and expanding several high-speed rail lines, including a large section of the California High-Speed Rail in the USA and the Logan and Gold Coast Faster Rail project in Australia. As part of the general renovation of the German rail infrastructure network, HOCHTIEF won a major contract from Deutsche Bahn last July to expand a 42-kilometer section of double-track line on the right bank of the Rhine between Wiesbaden and Lorchhausen.

ACS Group has brought together 34 senior leaders in Madrid for the culmination of the ACS University Executive Leadership Program – an intensive, year-long experience designed to accelerate capability and strengthen cross-Group collaboration.

Executives from ACS companies including HOCHTIEF, Turner, CIMIC, Dragados and FlatironDragados paired formal learning with hands‑on strategic projects designed to advance the Group’s global priorities.

Cross-company teams for strategic impact

Participants were grouped across companies, regions and disciplines to encourage a “One Group” perspective and ensure a blend of technical, operational and regional expertise. Guided by IESE facilitators and senior ACS sponsors, the teams addressed strategic challenges selected by the University. Each group completed two reviews to refine their analysis and strengthen the feasibility of their recommendations.

Their final presentations in Madrid reflected significant commitment, balancing demanding workloads with the rigor required to deliver strategic, actionable proposals.

A collective investment in leadership and execution

The final presentations highlighted both the quality of the teams’ outputs and the discipline, ambition and cooperation that define ACS’s leadership culture. The proposals addressed decision‑making across areas such as AI, energy transition, innovation culture, defense markets, and supply chain transformation.

ACS University is building capability

Established in 2024, ACS University is the Group’s global platform for learning and capability development. It brings together the strengths of ACS companies to deliver world‑class learning rooted in real project insights and emerging global trends. Programs support our people at all career stages and reinforce the Group’s “One Group, One Team” ambition through shared standards, global best practice and flexible development pathways.  

Looking ahead

The two‑day event in Madrid demonstrated the depth of talent across ACS and the momentum behind our leadership development efforts. As this cohort completes the program, the Group moves forward with clarity, strengthened capability and a shared commitment to long‑term value creation.

Turner achieved record financial results in 2025, reflecting sustained momentum across North America, Turner’s global operations, and strength in high-growth markets. For the full year, Turner’s revenue increased 40% compared to 2024, reaching $29.2 billion. The company’s project backlog grew 34% year-over-year to $44.3 billion, representing the highest year-end backlog in Turner’s history. Turner’s workforce expanded to more than 16,000 people, reflecting the attractiveness of Turner as an employer of choice. Data centers represent approximately 37% of Turner’s backlog and continue to expand, reflecting sustained investment in artificial intelligence and digital infrastructure. Underscoring the company’s diversified portfolio, healthcare, pharmaceutical, sports, aviation, and commercial work all delivered strong year-over-year growth. “We remain focused on sustaining a culture of active caring where our people can be authentic and treated with respect and dignity,” said Peter Davoren, Chairman and CEO, Turner. “Our record of performance reflects the trust our clients place in us and the dedication of our people who deliver value through innovation, collaboration, and technical excellence.” “Our diversified market presence and integrated service platform enable us to scale rapidly in high-growth sectors,” said Tom Reilly, President, Turner. “Together they broaden our impact around the world with confidence and purpose.” “As activity increased this year, we have continued to improve our safety performance,” said Abrar Sheriff, President, Turner. “As a people-first company, the safety and well-being of our people is non-negotiable. We are committed to ensuring every person returns home safe — physically and emotionally — every day.” Throughout 2025, Turner secured and advanced major projects across its diversified portfolio, including hyperscale data center programs in North America, Europe, and Asia; NFL stadium projects for the Buffalo Bills, Tennessee Titans, and Cleveland Browns; the $1.7 billion New York State Public Health Laboratory; a new hospital campus for Regional One Health in Tennessee; and the $1.7 billion Battery Park City Resiliency Project in New York City. The growth of Turner’s integrated services — including SourceBlue, xPL Offsite, Turner Engineering Group, Turner Technical Services, Self-Perform Operations, and First Equipment Company — enhances supply chain control, improves schedule certainty, and improves project outcomes. Revenue growth in 2025 outpaced growth in hours worked, reflecting productivity gains driven by Turner’s integrated services platform and expanded adoption of digital and AI-enabled technologies. Supported by record backlog and sustained demand across its markets, Turner expects to increase hiring in 2026 while further advancing the development and adoption of technology to support continued growth and long-term performance. The strategic acquisition of Dornan expanded Turner’s European footprint and strengthened mission-critical capabilities in advanced technology sectors. In Canada, Clark Builders continues to strengthen Turner’s North American presence, leading major healthcare, education, and industrial projects. As part of HOCHTIEF and the ACS Group, Turner benefits from global scale, financial strength, and deep engineering expertise. Collaboration across the group — including FlatironDragados in North America, Dragados and HOCHTIEF in Europe, and CIMIC in Australia and the South Pacific — support Turner’s ability to deliver integrated services for the full project life cycle on complex building programs in high-growth markets. Turner’s record backlog and expanding enterprise capabilities position the company for sustained performance in 2026 and beyond. Guided by a culture of active caring, innovation, and continuous improvement, Turner will continue delivering world-class facilities and building a stronger, more resilient future.

SEE VIDEO Sales reached €49,848 million, up 19.7% EBITDA grew by 25%, to €3,070 million Ordinary net profit increased 25,3% to €857 million Backlog reached €92,858 million, up 14.6% FX-adjusted The Group has invested €1.723 million, including the development of data centers and the acquisition of Dornan, bringing net cash to €17 million ACS Group achieved an attributable net profit of €950 million in the year, an increase of 14.8% compared to the same period last year, or 23.2% adjusted for exchange rate effects. Earnings per share (EPS) grew by 14.2%, to €3.69. The Group’s ordinary net profit, which excludes extraordinary results in both periods, increased by 25%, exceeding €857 million, supported by the solid performance of Turner. The Group’s EBITDA reached €3,070 million, 25% higher than in 2024 (32% when adjusted for exchange rate effects). Turner's strong growth stands out, with an uplift in its operating margins. Meanwhile, EBIT stood at €2,100 million, representing an increase of 32.1% year-onyear (39.4% adjusted for exchange rate effects). International Diversification ACS Group’s sales in the year reached €49,848 million, 19.7% higher year-on-year, driven by the solid performance across all business activities. At the end of 2025, the backlog stood at €92,858 million, representing a year-on-year growth of +5.3% (+14.6% adjusted for exchange rate effects). This growth reflects the increase in the volume of new awards recorded during the year, which exceeded €62.500 million, up 26,9% adjusted for exchange rate effects, driven mainly by new-generation infrastructure markets, with a particular emphasis on the construction of data centers. Results by Areas of Activity Integrated SolutionsTurnerTurner recorded strong sales growth (+34%) driven by solid organic performance (+28%), primarily in the data center, healthcare, sports and education sectors, as well as the contribution of Dornan Engineering, the Irish electromechanical engineering firm acquired by the Group at the end of 2024.Profit before tax increased by 62% year-on-year, exceeding 917 million, with a continued improvement of margin to 3.6% by the company’s specialization in advanced technology projects.In addition, new awards grew by 37.8%, boosting the order backlog to 37,699 million.CIMICCIMIC’s sales increased by 4.2% reaching €10,637 million, supported by strong performance in strategic growth sectors.Ordinary profit before tax rose by 5.2% compared to 2024, after adjusting both years for non-recurring capital gains from transactions, net of provisions, reaching €473 million.Order backlog exceeded €21.800 million, supported by strong new orders of €12,711 (+5.6% on a comparable basis), thanks to growth across all segments, particularly data centers, defense. Engineering and ConstructionSales in the Engineering and Construction division, which includes Hochtief E&C, Dragados, and FlatironDragados, increased by 11.6%, driven by strong activity in high-growth segments, particularly data centers and high-speed transport.EBITDA grew by 22.5%, reaching €626 million, and Profit before tax rose by 29.3%, to €248 million.Meanwhile, the backlog increased by 10.0% adjusted for exchange rate effects. In this regard, the sectors that grew the most were sustainable mobility and transport, as well as infrastructure and defense, where the Group is in a solid position in the United States, Spain and Germany. InfrastructureThe Infrastructure division, which includes Abertis and Iridium, contributed €158 million to the Group’s ordinary profit.It is worth noting the solid growth in sales of Iridium, up by 45%, due to the additional contribution of the A13, the financial closure of the SR-400 and positive developments in all segments.For its part, Abertis showed solid operating performance, with traffic growth of 2,1% supported by strong performance in Spain, France and Chile.Abertis’ sales and EBITDA grew 4% and 6% respectively on a comparable basis, underpinned by the geographical diversification of its portfolio and inflation-linked toll structures. Financial Position ACS Group finished the year with a net cash position of 17 million, an improvement of €719 million vs December 2024, despite significant investments in strategic capital allocations and the devaluation of the dollar. This positive performance is due to strong net operating cash flow of €2.212 million, which has enabled the Group to maintain an attractive shareholder remuneration (€448 million in cash) and make strategic investments worth €1.723 billion. These include: €564 allocated to the development of the data centre platform, where BlackRock GIP has been brought on board as a strategic partner The €436 million acquisition of Dornan, an European engineering company specializing in the construction of data centers and technologically advancedinfrastructure The €200 million capital increase in Abertis to support its investment plan