Earnings release
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3Q2025 RESULTS 1 ACS Group achieves a net profit of €655 million in the third quarter of 2025, up 11.6% on a comparable basis • Sales reached €36,753 million, up 23.7% • EBITDA grew by 32%, to €2,217 million • Ordinary net profit increased 19.5% to 585 million, allowing the Group to raise the 2025 annual guidance to a range between 20% and 25% • Backlog reached €89,274 million, up 8.9% on a comparable basis • The Group has invested €1,245 million over the last twelve months, including the development of data centers and the acquisition of Dornan, bringing net debt to €2,227 million ACS Group achieved an attributable net profit of €655 million in the third quarter of the year, representing an increase of 8.3% compared to the same period last year, or 11.6% adjusted for exchange rate effects. Earnings per share (EPS) grew by 8.2% to €2.55. The Group’s ordinary net profit, which excludes extraordinary results in both periods, increased by 23.8% on a comparable basis, exceeding €585 million, supported by the solid operational performance across all business areas, particularly Turner. The contribution of each business segment to net profit is shown in the following table: Euro Million 3Q 2024 3Q 2025 yoy yoy FX-adj. Turnover 29,702 36,753 +23.7% +28.3% EBITDA 1,679 2,217 +32.0% +38.0% EBIT 1,079 1,497 +38.8% +45.1% NPAT 605 655 +8.3% +11.6% EPS 2.36 € 2.55 € +8.2% +0.0% Ordinary NPAT 489 585 +19.5% +23.8% Order Backlog 86,555 89,274 +3.1% +8.9% Net Cash/ (Debt) (2,400) (2,227) (173) n.a. Key operating & financial figures
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3Q2025 RESULTS 2 The Group’s EBITDA reached €2,217 million, 32% higher than in the same period of 2024 (38% when adjusted for exchange rate effects). Meanwhile, EBIT stood at €1,497 million, representing an increase of 38.8% year -on- year (45.1% adjusted for exchange rate effects). Turner stood out with strong growth and a significant improvement in operating margins. International Diversification ACS Group’s sales for the first nine months of the year reached €36,753 million, 23.7% higher year-on-year, driven by the solid performance across all business activities. At the end of September 2025, the backlog stood at €89,274 million, representing a year-on-year growth of +8.9% on a comparable basis, that is, adjusted for exchange rate effects. Euro Million 3Q 2024 3Q 2025 yoy yoy FX-adj. Integrated Solutions 369 514 +39.2% +45.1% Turner 221 363 +64.6% +70.0% CIMIC 149 151 +1.4% +8.2% Engineering & Construction 119 157 +32.5% +33.8% Infrastructure 151 139 -7.8% Abertis 140 110 -21.5% Iridium 11 29 +162.6% HOCHTIEF HQ (95) (162) ACS HQ & other (54) (63) Ordinary NPAT 489 585 +19.5% +23.8% NPAT 605 655 +8.3% +11.6% Attributable ordinary net profit breakdown US & Canada 62% Australia 18% Rest Europe 8% Rest World 4% Spain 8% Sales breakdown by country
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3Q2025 RESULTS 3 This growth reflects the increase in the volume of new awards recorded during the year, which exceeded €43,800 million, driven mainly by new-generation infrastructure markets, with a particular emphasis on the construction of data centers, whose backlog has grown by more than €6,800 million over the past 12 months. Results by Areas of Activity 1. Integrated Solutions Turner Turner recorded strong sales growth (+38%), driven by solid organic performance (+36%) across the data center, healthcare, sports, and education sectors, as well as the contribution from Dornan Engineering, the Irish electromechanical engineering firm acquired by the Group at the end of 2024. Profit before tax increased by 59% year -on-year, exceeding €625 million, with a continued improvement of margin to 3.3%, supported by the company’s specialization in advanced technology projects. In addition, new awards grew by 21.3%, boosting the order backlog above €34,379 million. CIMIC CIMIC’s sales increased by 12.6%, reaching €7,979 million, supported by strong performance in strategic growth sectors. Ordinary profit before tax rose by 12.5% compared to the third quarter of 2024, reaching €351 million. The project backlog exceeded €23 billion (+3.1% on a comparable basis), thanks to growth across all segments, particularly data centers, defense, and sustainable mobility. US & Canada 54% Australia 20% Rest Europe 12% Rest World 6% Spain 8% Backlog breakdown by Country
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3Q2025 RESULTS 4 2. Engineering and Construction Sales in the Engineering and Construction division, which includes Hochtief E&C, Dragados, and FlatironDragados, increased by 11.2%, driven by strong activity in high- growth segments, particularly data centers and high-speed transport. Profit before tax rose by 35%, reaching €202 million, while EBITDA grew by 21%, exceeding €444 million. The order backlog stood at €28,869 million, up 1.6% adjusted for exchange rate effects. The main growth drivers were sustainable mobility, transport infrastructure, and defense, where the Group maintains a strong position in both the United States and Europe. 3. Infrastructure The Infrastructure division, which includes Abertis and Iridium, contributed €139 million to the Group’s ordinary profit. Iridium’s sales grew by 58.8%, driven by additional contributions from projects in the United Kingdom (A13), North America (SR -400), and the positive operational performance of all assets under management. Abertis also delivered solid operational results, with traffic growth of 2.3%, supported by strong performance in Spain, Chile, Brazil, and France. Abertis’ sales and EBITDA grew 6% and 7% respectively on a comparable basis, underpinned by the geographical diversification of its portfolio and inflation-linked toll structures. Financial Position At the end of the third quarter of 2025, ACS Group’s net debt stood at €2,227 million, representing a reduction of €173 million compared to September 2024, despite the devaluation of the US dollar against the euro (approximately €100 million impact). This improvement was driven by the strong net operating cash flow generated over the past twelve months, totaling €1,974 million, which enabled the Group to maintain an attractive shareholder remuneration (€451 million) and to carry out strategic capital investments amounting to €1,245 million. These investments included: • €446 million in data center development • The acquisition of Dornan for €436 million • €240 million in social, energy, and transport infrastructure concessions • Other financial investments, including an additional stake increase in Hochtief (€123 million)
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3Q2025 RESULTS 5 Financial Position Evolution 9M 2025 Madrid, November 13th 2025 (2,400) (2,227) Net Debt Sep- 24 Net Operating Cash Flow (NOCF) Net equity investment and M&A Shareholders' remuneration Perimeter change, FX and other Net Debt Sep- 25 1,974 (573) (776) (451)
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3Q2025 RESULTS 6 ANNEX: Key Awards – Q3 2025 - In the United States and Canada - Wisconsin Data Center, a USD 15 billion complex for OpenAI, Oracle, and Vantage, part of the USD 500 billion Stargate program, United States. - CoreWeave Lancaster Data Center, with 100 MW computing capacity and potential expansion to 300 MW, one of the first large-scale data centers in Pennsylvania, United States. - Several awards in the semiconductor sector, including the expansion of an assembly and testing facility for chip lithography equipment. - Long Bridge North Project, a 1.6-kilometer rail link from East Potomac Park to L’Enfant Interlocking, Washington D.C., United States. - LAX Airfield and Terminal Modernization Project (ATMP), Los Angeles Airport Modernization Project, including structural and utility works for Los Angeles World Airports, United States. - New Huntington Bank Field, the new NFL stadium for the Cleveland Browns, a visionary project that will set a new standard in stadium innovation and fan engagement, while hosting year-round events beyond football, Ohio, United States. - MET Tang Wing Project, an expansion of nearly 50% more gallery space for the Metropolitan Museum of Art’s 20th and 21st century art collection, New York City, United States. - 343 Madison Avenue, a new skyscraper featuring a subway entrance connection serving Grand Central Terminal in Midtown Manhattan, one of New York City’s busiest transportation hubs. - AdventHealth – Avista New Hospital, a major five-story hospital expansion in Louisville, Colorado, United States. - Nuclear Submarine Dry Dock, Pearl Harbor, Hawaii, United States. - US Air Force Civil Engineering Services,10-year global construction services award. - In Asia-Pacific - 64 MW High-Density, Liquid-Cooled Data Center for a multinational technology corporation in Cyberjaya, Malaysia. - Muchea Battery Energy Storage System, construction of a 164 MW / 905 MWh battery northeast of Perth, supporting the energy transition and reinforcing the electricity grid, Western Australia. - Iron Bridge Magnetite Project, contract extension for two years with an option for an additional two years; Thiess will continue to provide mining services and asset management in the Pilbara region, Western Australia. - Lake Vermont Mine, full mining, maintenance, and fixed and mobile asset management services in the Bowen Basin, Queensland, Australia. - Karlawinda Gold 5-year Project Extension, Pilbara region, Western Australia.
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3Q2025 RESULTS 7 - Australian Army Aviation Works Program, RAAF Base Townsville, Queensland, Australia. - Europe - Data Center in Alcalá (Madrid), joint collaboration with Dragados, Iridium, Turner and SourceBlue participation, in the context of the data center platform, entering its construction phase, in Madrid. - Four high-performance Onshore Converter Stations, part of a 710 km high-voltage transmission line to transport wind energy from northern Germany to the Ruhr region, Germany. - Sellafield Nuclear Site Works, a €685 million contract over up to 15 years, involving design, engineering, and delivery of civil infrastructure works in support of nuclear operations and decommissioning, United Kingdom. - Deutsche Bahn Rail Infrastructure Project, refurbishment of a 42 km double-track section on the right bank of the Rhine, Germany.