ACS closed the first nine months of the year with a net profit of 789 million euros, 20.5% more than in the same period of the previous year. The group led by Florentino Pérez accompanied this improvement with a order book that approaches 111 billion, a historic high that provides visibility to its activity for the coming years.
3Q26 results are positive and better than expected, driven by Turner and the data centre business. They reiterate guidance for the full year.
Main figures compared to consensus: Revenue +19% to 15,094€ vs 14,324M€ expected; Ebitda +13% to 888M€ vs 881.67M€; Ebitda margin 5.9% vs 6.2%; BNA +37% to 279M€ vs 275M€. By segments, (i) Revenue: Turner +27% to 8,289M€; Cimic +12% to 3,058M€; Engineering and Construction +13% to 2,993M€. (ii) Ebitda: Turner +47% to 344€; Cimic -2% to 318M€; Engineering and Construction +28% to 190M€; Infrastructure -49% to 47M€ (distorted by perimeter changes).
They reiterate the guidance for the year with an BNA expected in the range of 1,100M€/1,155M€ (+30%/+35%).
Opinion from the Bankinter analysis team:
Positive figures. The data centre business continues to drive operational growth through Turner (Revenue +27%), which expands its Ebitda margin to 4.2% vs 3.6% 3Q25. As a negative point, Cimic beats in Revenue and order book but cuts in EBITDA margin -58 bp. ACS is well positioned to beat profit expectations in 2026: in the accumulated 9M26, BNA grows +35% (+36% at constant FX) vs +30%/+35% expected. It has positioned itself at the forefront in the development and construction of data centres, in a context of enormous investment in digital infrastructure, which allows for accelerated growth and margin expansion. Most of the figures were already known last week with the results of its subsidiary Hochtief, so the impact on the stock price will focus more on market sentiment in technology/data centres and what they may say in the analyst call (09:30h) and the Capital Markets Day (from 11h), where we will learn about the roadmap, objectives for the coming years. We expect greater visibility on the Corvavel pipeline (data centre development and operation platform). We reiterate the Buy recommendation.
