ACS Actividades de Construccion y Servicios SA
XMUN:OCI1
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ACS Actividades de Construccion y Servicios SA
XMUN:OCI1
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ACS Actividades de Construccion y Servicios SA
ACS Actividades de Construcción y Servicios is a Spanish construction and infrastructure group. It builds large projects such as roads, rail lines, airports, bridges, hospitals, offices, and other major buildings, mainly through subsidiaries that work as contractors for public agencies and private developers. The company makes money by winning construction contracts, managing projects, and, in some cases, providing long-term services tied to the upkeep and operation of infrastructure. Its customers are mainly governments, transport authorities, utilities, and large companies that need complex projects delivered by experienced builders. ACS stands out because it sits in a key part of the value chain: it does not just design plans or sell materials, it actually takes on the job of delivering difficult, large-scale work in the real world. That makes its business closely tied to investment in infrastructure, public works, and commercial construction.
ACS Actividades de Construcción y Servicios is a Spanish construction and infrastructure group. It builds large projects such as roads, rail lines, airports, bridges, hospitals, offices, and other major buildings, mainly through subsidiaries that work as contractors for public agencies and private developers.
The company makes money by winning construction contracts, managing projects, and, in some cases, providing long-term services tied to the upkeep and operation of infrastructure. Its customers are mainly governments, transport authorities, utilities, and large companies that need complex projects delivered by experienced builders.
ACS stands out because it sits in a key part of the value chain: it does not just design plans or sell materials, it actually takes on the job of delivering difficult, large-scale work in the real world. That makes its business closely tied to investment in infrastructure, public works, and commercial construction.
Strong first half: ACS reported operational net profit of EUR 510 million, up more than 30% year-on-year, with sales up 12% and EBITDA up 14.2% on an FX-adjusted basis.
Guidance raised: Management increased 2026 operational net profit guidance to 30%-35% growth, equivalent to EUR 1.1 billion-EUR 1.15 billion.
Backlog record: Backlog reached EUR 105.9 billion, up 21% on a comparable basis, with a last-12-month book-to-bill ratio of 1.3x and more than 24 months of visibility.
Data centers: Data-center backlog rose approximately 88% year-on-year to EUR 21.9 billion, while ACS advanced the 1.2-gigawatt Waterford campus in Ohio and signed a 140-megawatt hyperscale lease at Dallas-Fort Worth.
Cash and balance sheet: Net operating cash flow reached EUR 2.3 billion over the last 12 months, helping ACS move to a EUR 1 billion net cash position; S&P upgraded ACS, HOCHTIEF and CIMIC to BBB.
Turner leads growth: Turner’s operational profit before tax rose 49.1% on an FX-adjusted basis, and its 2026 guidance was raised to USD 1.2 billion-USD 1.46 billion.
Capital allocation: ACS plans to remain opportunistic on buybacks and M&A, prioritizing bolt-on acquisitions in high-tech engineering and industrialized construction while retaining flexibility to invest in data centers and infrastructure.