The ACS Group posted a strong start to 2025, reporting an attributable net profit of €191 million in the first quarter—an 8.0% increase year-on-year—driven by solid performance across all business areas, especially Turner. Earnings per share (EPS) rose by 9.4% to €0.75.
Excluding extraordinary items from Q1 2024, the Group’s ordinary net profit rose by 17.2%, exceeding €191 million.
Significant Profit and Margin Expansion
- EBITDA reached €699 million, up 51.7% year-on-year, supported by margin improvements and the increased contribution of CIMIC following an additional stake in Thiess.
- EBIT climbed to €470 million, a 43.9% increase.
Revenue and Backlog Growth
- Q1 2025 sales totaled €11.79 billion, up 35.4% compared to the previous year.
- The project backlog stood at €90.81 billion at the end of March, up 16.5%, with contract awards exceeding €15 billion, driven by next-generation infrastructure projects.
Performance by Business Area
Integrated Solutions
- Turner reported a 45% sales increase, with strong growth in data centers, healthcare, sports, and education. Pre-tax profit surged by 62.3% to over €175 million, with margins improving to 3%. The backlog hit a record €33 billion, up 10%, aided by the integration of Dornan Engineering.
- CIMIC saw pre-tax profit jump 52.2% to €119 million. Sales rose 41.8% thanks to growth in key segments such as data centers, defense, and sustainable mobility, and the consolidation of Thiess. Backlog exceeded €23 billion.
Engineering and Construction
- Sales in this segment (including Hochtief I&C, Dragados, and FlatironDragados) rose 17%, fueled by demand in data centers and high-speed rail.
- Pre-tax profit grew by 56.6% to €68 million, while EBITDA rose by 5.8%.
- Backlog increased by 10.6%, with new awards up 29.3%, particularly in transportation, defense, and sustainable mobility in the U.S., Spain, and Germany.
Infrastructures
- This area, including Abertis and Iridium, contributed €39 million to pre-tax profit.
- Iridium posted a 68% increase in sales, benefiting from the inclusion of the A13 and A2 (Medinaceli–Calatayud) projects, as well as the integration of Skyports, an advanced air mobility infrastructure company.
- Abertis delivered steady performance with traffic up 1.9%, led by a 3.9% rise in heavy vehicle traffic and strong results in Spain, Mexico, Brazil, France, and Chile. Comparable sales and EBITDA both grew 7%. Abertis also announced the acquisition of a 51.2% stake in France’s A-63 highway, pending regulatory approval.
Financial Position
- ACS closed Q1 2025 with net debt of €2.85 billion, up €1.2 billion year-on-year, primarily due to the consolidation of Thiess.
- Strategic investments in the quarter totaled €619 million, including:
- Acquisition of Dornan Engineering
- Additional 10% stake in Thiess
- Increased stake in Hochtief
- Infrastructure and data center investments
- Over the past 12 months, ACS generated more than €1.7 billion in net operating cash flow, supporting:
- Shareholder remuneration of €712 million
- Net capital expenditures and acquisitions totaling €909 million
Major Contracts Awarded in Q1 2025
North America
- Remote parking platform in Colorado
- NYP CUIMC Cancer Center, New York
- Vantage Data Center Campus, Ohio
- Semiconductor facility expansion in the U.S.
- Long Slip Rail improvements, New Jersey
- Bakar Climat Enginuity Hub, UC Berkeley
- Austin Convention Center expansion, Texas
Asia Pacific
- Warringah Highway upgrades, Sydney
- Australian Army Aviation facility modernization
- Electrical installation at Northern District Hospital, Hong Kong
- Karlawinda Gold Project extension, Western Australia
- Western Power electrical infrastructure works, WA
- Logan and Gold Coast Faster Rail pre-construction, Queensland
- Burnett River Dam Replacement Project, Bundaberg
- Eloise Copper Mine infrastructure, Queensland
- Tram Grade Separation Projects, Adelaide
Europe
- Cruise Terminal G construction, Barcelona
- Rosenheim University expansion, Bavaria
- 33 km railway renovation, Rhine, Germany
- Rüdesheim transport station project, Germany
- S-Bahn second main line (Ostbahnhof–Marienhof), Munich
ACS Group’s Q1 2025 results reflect robust financial health, a diversified international portfolio, and strategic investments that strengthen its position in high-growth infrastructure sectors.
