FCC Group Reports Strong Revenue Growth Driven by Strategic Acquisitions and Organic Expansion
The FCC Group closed the first nine months of the year with solid financial performance, supported by both strategic acquisitions and continued organic growth across its core business areas. The company recorded revenues of €7,051.5 million during this period, representing a 7.7 percent increase compared to the same period in the previous year. This expansion reflects the balanced contribution of recent acquisitions undertaken by the Environment division in the United Kingdom, the United States, and France, alongside favorable activity levels in all key business segments. Among these, the Concessions division showed particularly notable momentum, with revenue rising by 38 percent due to the execution of new contractual agreements. The Water division also demonstrated steady progress across its diversified business lines.
Financial Performance and Operating Profitability
The company’s improved turnover was accompanied by an increase in gross operating profit (EBITDA), which reached €1,058.6 million. This figure represents a 7.5 percent year-on-year increase and is primarily attributable to higher revenue volumes. The EBITDA margin remained stable at 15 percent, maintaining a similar level of operational efficiency to that achieved in the same period of the previous year.
At the business-area level, the Environment division stood out once again as the largest contributor to EBITDA. It generated €546.1 million, reflecting an 11 percent increase compared to the previous year. The Concessions division recorded EBITDA of €44.6 million, which represents an 8.3 percent improvement. These results illustrate the continuing strategic importance of environmental services and infrastructure concessions to FCC Group’s long-term business model.
However, profit attributable to the parent company declined to €156.9 million, compared to €429 million in the same period of the previous year, marking a 63.4 percent decrease. This variation is primarily explained by the spin-off of the Cement and Real Estate divisions in November 2024, which had contributed €148.5 million to net profit in the comparative period. In addition, several external and accounting factors influenced this decrease, including foreign exchange movements favoring a stronger euro, adjustments to investment valuations in waste treatment facilities, and provisioning in certain operational areas.
As of September 30, consolidated net financial debt stood at €3,520.4 million, up 17.7 percent year-on-year. The increase is mainly linked to strategic investments totaling €857.7 million, reflecting the company’s continued commitment to expanding its business capabilities and market reach.
The Group’s total order backlog reached €49.72 billion at the end of September, representing a 7.3 percent increase over the previous year. Growth in the backlog was driven particularly by the Construction division, benefiting from new international awards in large-scale transport and infrastructure projects.
Environment Division
The Environment division continued to expand its international footprint and service portfolio. On July 15, the Group strengthened its presence in the United States through the acquisition of Wheelabrator South Broward Inc., owner of a waste-to-energy plant in Fort Lauderdale, Florida, for $285 million. This transaction supports FCC’s strategic commitment to accelerating its role in sustainable waste treatment and generating synergies with existing collection operations in the region.
Additionally, in September, FCC completed the acquisition of Cumbria Waste Group in the United Kingdom, a company active in waste collection and recycling services across the Cumbria region. The agreement, finalized on October 15 for £76 million, enhances FCC’s operational integration and expands its treatment and recovery capabilities.
Domestically, the company secured several significant municipal service contracts. Notably, FCC Medio Ambiente was awarded a 15-year street cleaning and waste collection contract for the municipality of Granada valued at €740 million. Other notable awards include an eight-year contract worth €41 million for waste collection and street cleaning in Montcada i Reixac, and the renewal of selective waste management services for the El Culebrete treatment center, valued at €71.3 million over ten years.
Reflecting its global identity, the division adopted “FCC Enviro” as its unified international brand. The new identity reinforces the Group’s environmental leadership while maintaining continuity with its regional operational brands.
Water Division
The Water division expanded its international presence with a number of key contracts. In Peru, the Group secured its first wastewater treatment concession in Chincha, involving design, financing, construction, and a long-term operational agreement, benefiting approximately 345,000 residents and representing an investment of €78 million.
Furthermore, Aqualia renewed the contract for the operation and maintenance of the Abu Rawash wastewater treatment plant in Cairo, extending its management until 2029. In Colombia, Aqualia Latinoamérica acquired water and sanitation service assets in Villa Olímpica, adding a revenue portfolio of €91.4 million under a 50-year concession framework.
Construction Division
The Construction division registered significant progress in major international infrastructure projects. In the United States, the consortium Connect Plus Partners, which includes FCC Construcción, won the design and construction contract for Phase 2 of the Second Avenue Subway in New York, valued at more than €1.5 billion.
In Mexico, FCC and CICSA were jointly awarded the construction and design of a 111-kilometer section of the Northern Train, while in Saudi Arabia, FCC commenced the first construction phase of the Qiddya sports stadium project.
Additionally, the company advanced tunneling contracts in Canada, securing financing for the Yonge North Subway Extension project in Ontario, with construction expected to begin in late 2026.
Concessions Division
Passenger and road traffic continued to grow throughout the year, while the A465 motorway project in Wales reached full operational status following the completion of its final sections. FCC Concesiones also strengthened its portfolio by acquiring full control of Ibisan through an agreement finalized in June.
