El pasada
H1 2025
RESULTS REPORT
July 30th, 2025
TABLE OF CONTENTS
Executive Summary 3
Income Statement 4
Sales and backlog 5
Operating Results 6
Financial Results 6
Net Attributable Profit 7
Balance Sheet 8
Fixed and non-current assets 8
Working Capital 9
Net Worth 9
Net debt 10
Net Cash Flows 11
Net operating cash flow 11
Net financial investments 12
Capital flows 12
Results by Segment 13
Turner 13
CIMIC 14
Engineering and Construction 15
Infrastructure 17
HQs and non-core activities 18
Disclosures to CNMV 20
Description of the Main Risks and Uncertainties 21
Sustainability 28
Information on related parties 29
Events occurring after closing 29
Appendix 31
Capital Markets 31
Exchange Rate Effect 32
Income Statement 34
ACS Group Organizational Structure 35
Glossary 36
Executive Summary
NET PROFIT
450 €mn
+8.1%
EPS
1.76 €
+8.7%
SALES
24,108 €mn
+28.6%
EBITDA
1,434 €mn
+23.9%
ORDER BACKLOG
89,342 €mn
+3.1%
NET DEBT
2,202 €mn
+597 €mn
Data presented in accordance with ACS Group management criteria. Annual changes compared to H1 2024.
In the first half of 2025, sales rose by 28.6%, reaching € 24,108 million, fueled by the strong performance of Turner, which recorded 34.1% organic growth (36.7% FX-adjusted), particularly driven by high-tech and BHE projects. This growth was further supported by the integration of Dornan and the full consolidation of Thiess (since Q2 2024).
As of June 2025, the backlog stood at € 89,342 million, up 3.1% year-on-year (11.8% FX-adjusted), reflecting a robust volume of new contract awards totaling € 31,722 million, up 15.3% (18.1% FX-adjusted). This momentum underscores the ACS Group's strategic positioning as a leader in infrastructure development, particularly in key sectors such as digital infrastructure, biopharma and defense.
EBITDA reached € 1,434 million, marking a 23.9% increase over the previous year (27.7% FX-adjusted). This was accompanied by operating margin expansion across business segments, while the overall Group margin remained stable due to the evolving business mix.
Net Profit climbed to € 450 million, an 8.1% increase (9.9% FX adjusted) compared to the same period last year.
LTM Change in financial position
(1,605)
1,620
(1,248)
(652)
(2,202)
(317)
(1) (2)
Net Debt Jun-
24
Figures in euro million
Net Operating Cash Flow (NOCF)
Net equity investment and M&A
Shareholders'
remuneration
Perimeter change, FX and other
Net Debt Jun-
25
Shareholder remuneration includes: €247mn of dividends distributed in cash to ACS shareholders, €265mn of dividends distributed in shares to ACS shareholders, €71mn of dividends distributed to HOCHTIEF minority interests, €107mn of dividends distributed to other minority interests and positive €36mn of other treasury stock transactions.
Includes the net of the SH-288 compensation cash collection and the repayment of the associated debt, exchange rate and other adjustments.
Net Debt amounted to € 2,202 million as of 30 June 2025, up € 597 million in the last twelve months, mainly due to investments of over € 1.2 billion in strategic initiatives − including the acquisition of Dornan, additional stake in HOCHTIEF and other net equity investments- as well as approximately € 650 million in shareholder remuneration.
These initiatives were supported by a strong Net Operating Cash Flow of € 1,620 million, generated over the same period.
-
Income Statement
Euro Million
H1 2024
H1 2025
yoy
yoy FX-adj.
Sales
18,749 24,108
28.6%
31.8 %
EBITDA
1,157 1,434
23.9%
27.7 %
Margin (%)
6.2% 5.9%
(22) bps
EBIT
807 942
16.6%
19.9 %
Ordinary financial result (1)
(185) (246)
Other results (2)
(58) 12
PBT
564 708
25.4%
28.5 %
Margin (%)
3.0% 2.9%
(8) bps
Taxes
(30) (135)
Minority interest
(118) (122)
NPAT
416
450
8.1%
9.9%
EPS
1.62 €
1.76 €
8.7%
10.5%
Extraordinary impacts
(81)
(58)
Ordinary NPAT
(3)
335
392
17.0%
19.4%
Includes financial income and expenses.
Includes exchange rate differences, changes in fair value of financial instruments, impairment and gains/losses from the disposal of financial instruments, impairment and gains/losses from the disposal of fixed assets, and equity-accounted income from non-operating activities.
Ordinary NPAT adjusts for extraordinary items. In 2024: (i) net impact from financial derivatives cancelled by May-24, net of provisions and (ii) one-off non-cash gain at CIMIC, net of provisions, and other extraordinary results in ACS HQ. In 2025: (i) one-off results in ACS HQ mainly related to the recognition of Group tax positions and (ii) restructuring costs on Dragados and CIMIC. H1 2025 Hochtief's €146mn capital gain related to FlatironDragados' transaction is eliminated at ACS level given it´s an intragroup merger.
- Sales and backlog
-
Income Statement
Sales in the first half of 2025 grew by 28.6% to € 24,108 million on the strength of the good performance of all the Group's activities in all regions where the Group operates.
The breakdown of sales by geographical area showed the Group's sources of revenue to be diversified, with North America accounting for 62% of sales, Asia Pacific 22%, and Europe 15% (of which Spain accounts for 8%).
Sales by geography and country
Euro Million
H1 2024
H1 2025
yoy
yoy FX-adj.
Sales by geography
18,749
24,108
28.6%
31.8%
North America
11,663
14,954
28.2%
Asia Pacific
4,106
5,234
27.5%
Europe
2,812
3,718
32.2%
RoW
168
201
19.7%
Sales by country
18,749
24,108
28.6%
31.8%
USA
10,729
14,112
31.5%
34.1%
Australia
3,726
4,399
18.1%
24.5%
Spain
1,755
1,961
11.7%
11.7%
Canada
934
842
(9.8%)
(4.8%)
Germany
457
600
31.4%
31.4%
Rest of Europe
600
1,156
92.9%
n.a.
RoW
549
1,037
89.0%
n.a.
Sales in North America increased substantially thanks to sales in the United States, which grew by 31.5% (34.1% FX-adjusted) with digital, defense and core infrastructure segments growing at a rapid pace. Exceptional delivery at Turner boosted by Data Center activity and better than expected contribution from Dornan.
Asia Pacific also grew strongly by 27.5%, on the back of Thiess consolidation, while Europe delivered very strong of 32.2% particularly thanks to the performance of Germany (up 31.4%) and the rest of Europe (up 92.9%).
The backlog as of June 2025 stood at € 89,342 million, up 3.1% from June 2024 (11.8% FX-adjusted), driven by the volume of new contracts awarded in the first half totaling € 31,722 million with a growing share of advanced technology and new generation infrastructure.
Backlog by geography and country
Euro Million
H1 2024
H1 2025
yoy
yoy FX-adj.
Backlog by geography
86,693
89,342
3.1%
11.8%
North America
45,825
47,607
3.9%
Asia Pacific
24,440
23,134
(5.3%)
Europe
15,681
18,043
15.1%
RoW
747
559
(25.1%)
Backlog by country
86,693
89,342
3.1%
11.8%
USA
41,962
44,989
7.2%
9.3%
Australia
19,411
17,728
(8.7%)
(3.7%)
Spain
6,783
7,389
8.9%
8.9%
Canada
3,863
2,618
(32.2%)
(28.5%)
Germany
4,819
5,336
10.7%
10.7%
Rest of Europe
4,079
5,318
30.4%
n.a.
RoW
5,775
5,965
3.3%
n.a.
North America continues to be the leading region in terms of order backlog with € 47,607 million, mainly in the United States, where the backlog was up by 3.9%. Much of this growth has been in the new generation, advanced technology, and social infrastructure sectors.
The backlog in the Asia Pacific region amounted to € 23,134 million, with Australia as the main contributor at € 17,728 million.
The backlog in Europe rose by 15.1% supported by the growth of Spain and Germany, and especially for the rest of Europe, which grew by 30.4%.
- Operating Results
EBITDA was up 23.9% to € 1,434 million. Operating profit (EBIT) was € 942 million, 16.6% higher than in the previous period.
On a by company basis, Turner was the largest growth contributor to EBITDA with a 68.7% increase in the period.
Operating results
Euro Million
H1 2024
H1 2025
yoy
Sales
18,749
24,108
28.6%
Turner
8,650
12,216
41.2%
CIMIC
4,160
5,256
26.3%
Engineering & Construction
4,679
5,219
11.5%
Infrastructure
72
92
26.9%
HQs and non-core activities
1,188
1,326
11.6%
EBITDA
1,157
1,434
23.9%
Turner
242
408
68.7%
CIMIC
500
630
25.9%
Engineering & Construction
240
295
23.0%
Infrastructure
135
121
(10.0%)
HQs and non-core activities
41
(20)
EBIT
807
942
16.6%
Turner
222
373
68.2%
CIMIC
336
352
4.8%
Engineering & Construction
151
198
31.6%
Infrastructure
121
103
(15.3%)
HQs and non-core activities
(22)
(84)
-
Financial Results
Financial result
Euro Million
H1 2024 H1 2025
yoy
Financial expenses
Financial income
(380) (453)
194 207
Ordinary financial result
(185) (246)
32.7%
Foreign exchange results
(0) 14
Impairment non-current assets results
(42) (7)
Results on non current assets disposals
(31) 21
Net financial result
(258) (218)
(15.5%)
-
Financial Results
Most of the Group's debt is protected against interest rate fluctuations through financial instruments. The Group´s ordinary net financial result increased by € 61 million up to negative
€ 246 million, mainly due to the consolidation of Thiess and the effect of strategic acquisitions in Turner and CIMIC.
-
Net Attributable Profit
Attributable ordinary net profit breakdown
Euro Million
H1 2024
H1 2025
yoy
yoy FX-adj.(1)
Integrated Solutions
237
327
38.0%
42.1%
Turner
138
227
64.0%
67.2%
CIMIC
99
101
1.7%
7.2%
Engineering & Construction
77
93
21.4%
22.1%
Infrastructure
98
91
(7.1%)
(6.7%)
Abertis
89
83
(7.7%)
Iridium
8
8
(1.5%)
HOCHTIEF HQ
(54)
(98)
ACS HQ & other
(23)
(21)
Ordinary NPAT (2)
335
392
17.0%
19.4%
NPAT
416
450
8.1%
9.9%
EPS
1.62 €
1.76 €
8.7%
Avg. FX rates: H1 2024: 1.079 USD/EUR, 1.643 AUD/EUR. H1 2025: 1.100 USD/EUR, 1.732 AUD/EUR.
Ordinary NPAT adjusts for extraordinary items.
Ordinary net profit grew by 17.0% (19.4% FX-adjusted) to € 392 million, driven by the outstanding performance of Integrated Solutions and Engineering & Construction. Turner was the largest contributor to ordinary net profit, delivering a remarkable 64.0% increase.
Ordinary NPAT adjusts for extraordinary items. In 2024: (i) net impact from financial derivatives cancelled by May-24, net of provisions and (ii) one-off non-cash gain at CIMIC, net of provisions, and other extraordinary results in ACS HQ. In 2025: (i) one-off results in ACS HQ mainly related to the recognition of Group tax positions and (ii) total restructuring costs of €
16 million in Dragados and CIMIC. H1 2025 Hochtief's €146mn capital gain related to
FlatironDragados' transaction is eliminated at ACS level given it is an intragroup merger.
Group Net Profit in the first half of 2025 totaled € 450 million, 8.1% higher than in the first six months of the previous year.
-
Net Attributable Profit
Balance Sheet
Balance sheet
Euro Million
Dec-24
Jun-25
yoy
Fixed and non-current assets
15,076
36%
14,775
36%
-2.0%
Intangible fixed assets
5,727
6,184
Tangible fixed assets
3,026
2,884
Equity method investments
3,914
3,273
Non current financial assets
937
1,007
Long term deposits
1
2
Financial instrument debtors
73
89
Deferred taxes assets
1,398
1,337
Current assets
26,949
64%
26,522
64%
-1.6%
Non current assets held for sale
1,687
1,562
Inventories
1,024
1,035
Accounts receivables
11,390
12,566
Other current financial assets
1,081
1,396
Financial instrument debtors
12
2
Other short term assets
343
360
Cash and banks
11,414
9,601
TOTAL ASSETS
42,025
100%
41,297
100%
-1.7%
Net worth
5,115
12%
4,418 11% -13.6%
Equity
Value change adjustments Minority interests
4,406
308
401
4,221
(33)
230
Non-current liabilities
13,794
33%
13,775
33%
-0.1%
Subsidies
2
2
Long term provisions
1,691
1,673
Long term financial liabilities
10,400
10,568
LT operating lease liabilities
782
671
Financial instruments creditors
38
43
Long term deferred tax liabilities
461
432
Other long term accrued liabilities
421
387
Current liabilities
23,116
55%
23,104
56%
-0.1%
Liabilities from assets held for sale
1,396
1,270
Short term provisions
1,290
1,245
Short term financial liabilities
2,799
2,707
ST operating lease liabilities
357
293
Financial instruments creditors
29
5
Trade accounts payables
15,961
15,724
Other short term liabilities
1,284
1,861
TOTAL LIABILITIES AND EQUITY
42,025
100%
41,297
100%
-1.7%
-
Fixed and non-current assets
The most significant changes in property, plant, and equipment and intangible assets are related to the acquisition of Dornan and land for data center projects.
Equity method-accounted investments include the value of the equity holding in Abertis (50%), HOCHTIEF affiliated companies, and the Iridium concessions.
The balance of intangible assets includes goodwill amounting to € 5,023 million. € 1,900 million of this came from the full consolidation of Thiess in Q2 2024, € 1,144 million from the acquisition of HOCHTIEF in 2011, € 554 million of this came from the ACS and Dragados Group merger in 2003, and € 288 million from consolidation of Dornan. The remainder comes from including a series of companies in the Group.
Assets held for sale, include energy projects, such as the Kincardine offshore wind farm in Scotland and the Ca-Ku-A natural gas compression facility in Mexico.
-
Working Capital
Working capital
Euro Million
Jun-24
Sep-24
Dec-24
Mar-25
Jun-25
Inventories
1,023
1,030
1,024
1,146
1,035
Accounts receivables
9,228
9,721
9,505
10,669
10,731
Other debtors
1,990
1,921
2,239
2,262
2,197
Total WC assets
12,241
12,672
12,768
14,077
13,963
Trade receivables
(10,764)
(10,993)
(12,155)
(11,586)
(12,300)
Down payments
(3,186)
(2,951)
(3,125)
(2,829)
(2,699)
Other creditors
(3,739)
(3,319)
(3,641)
(3,932)
(4,129)
Total WC liabilities
(17,689)
(17,264)
(18,921)
(18,347)
(19,128)
Total working capital
(5,449)
(4,592)
(6,153)
(4,270)
(5,165)
The net working capital balance amounted to negative € 5,165 million, decreasing by € 895 million from the end of the first quarter.
The change in operating working capital pre-factoring in the first half of the year was negative
€ 789 million compared to negative € 717 million in the same period in 2024.
The factoring balance as of 30 June 2025 stood at € 1,228 million, down by € 191 million compared to June 2024 and by € 183 million compared to December 2024.
-
Net Worth
The ACS Group's equity was € 4,418 million at the end of June, a 13.6% reduction compared to December 2024.
Net worth
Euro Million
Dec-24
Jun-25
yoy
Equity
4,406
86%
4,221
96%
-4.2%
Value change adjustments
308
6%
(33)
(1%)
Minority interests
401
8%
230
5%
-42.7%
Net worth
5,115
100%
4,418
100%
-13.6%
-
Net debt
Net debt
Euro Million
Turner
CIMIC
Engineering &
Construction
Infrastructure
HQs and non-
core activities
ACS Group
LT loans from credit entities
(255)
(2,156)
(1,386)
(400)
(2,395)
(6,592)
ST loans from credit entities
(3)
(24)
(570)
(144)
(747)
(1,487)
Debt with credit entities
(258)
(2,179)
(1,956)
(544)
(3,142)
(8,079)
Bonds
-
(1,097)
-
-
(3,668)
(4,765)
Non recourse financing
-
-
-
(88)
(152)
(241)
Other financial liabilities
(0)
-
(9)
(59)
(6)
(74)
Total External Gross Debt
(258)
(3,276)
(1,965)
(692)
(6,967)
(13,158)
Net debt with Group's companies & affiliates
(9)
-
(707)
(6)
679
(42)
Total Gross Financial Debt
(267)
(3,276)
(2,672)
(697)
(6,288)
(13,200)
ST & other financial investments
202
63
1,101
161
(129)
1,398
Cash & equivalents
2,812
1,063
2,862
462
2,402
9,601
Total cash and equivalents
3,014
1,126
3,963
623
2,273
10,999
Net cash / (debt)
2,747
(2,151)
1,291
(74)
(4,016)
(2,202)
- Net Debt at the end of June totaled € 2,202 million, increasing by € 1,500 million in the first half of the year, mainly due to investments in strategic capital allocations (€ 912 million) such as the acquisition of Dornan Engineering and the investment in data center projects of c. € 315 million.
YTD Change in financial position
(702)
-
Fixed and non-current assets
(2,202)
(323)
(116)
(912)
(148)
Net Debt Dec- Net Operating
Net equity
Shareholders
(1)
Perimeter
Net Debt Jun-
24
Figures in euro million
Cash Flow
(NOCF)
investment
and M&A
remuneration
change, FX 25
and other
(1) Includes exchange rate and other cash adjustments.
-
Net Cash Flows
Cash flow performance
Euro Million
H1 2024
H1 2025
H1 2024
LTM
H1 2025
LTM
EBITDA
1,157
1,434
2,132
2,733
Operating WC variation pre-factoring variation
(717)
(789)
329
220
Taxes, interests, associates and other
(114)
(169)
(435)
(315)
Operating Cash Flow (OCF) pre-factoring
326
476
2,026
2,638
Net capex
(170)
(212)
(259)
(440)
Operating lease payments
(111)
(197)
(221)
(387)
Net Operating Cash Flow (NOCF) pre-factoring
46
67
1,545
1,811
Factoring variation
312
(183)
257
(191)
Net Operating Cash Flow (NOCF)
358
(116)
1,802
1,620
Financial investments/disposals
(1,282)
(912)
(553)
(779)
Other financial sources
634
(1)
631
(6)
Free Cash Flow
(290)
(1,029)
1,880
836
Dividends paid
(64)
(120)
(347)
(424)
Treasury stock and capital operations
(293)
(28)
(446)
(228)
Cash generation / (consumption)
(647)
(1,177)
1,087
184
Exchange rate effects
59
(382)
12
(199)
Perimeter change and other adjustments
(1,416)
59
(1,539)
(581)
Net Debt variation
(2,005)
(1,500)
(440)
(597)
Net Cash / (Debt) beginning of period
400
(702)
(1,165)
(1,605)
Net Cash / (Debt) end of period
(1,605)
(2,202)
(1,605)
(2,202)
-
Net operating cash flow
Cashflow by segment
Euro Million
H1 2024
H1 2025
yoy
Turner
(14)
378
+393
CIMIC
21
(451)
-471
Engineering & Construction
18
(228)
-245
Dragados
20
(191)
-210
HOCHTIEF E&C
(2)
(37)
-35
Infrastructure
363
309
-54
HQs and non-core activities
(31)
(125)
-94
Net Operating Cash Flow (NOCF)
358
(116)
-474
Net operating cash flow amounted to negative € 116 million in the first half of 2025, impacted by the lower amount of factoring in H1 2025 by € 495 million vs. H1 2024. NOCF pre-factoring increased by € 21 million.
-
Net operating investments amounted to € 212 million and operating leases reached € 197 million, an increase of € 42 and € 86 million compared to the previous year, in line with the overall business growth and the consolidation of Thiess.
Net operating investments
Euro Million
Net operating
investments
Op. lease
payments
Turner
(11)
(16)
CIMIC
(156)
(119)
Engineering & Construction
(47)
(46)
Dragados
(35)
(31)
HOCHTIEF E&C
(12)
(15)
Infrastructure
(3)
(1)
HQs and non-core activities
5
(15)
Capex investments / disposals
(212)
(197)
-
Net financial investments
Net investments in projects and financial investments in the first half of 2025 totaled € 912 million and consisted primarily of:
The acquisition of Dornan, amounting to € 436 million, closed in early January 2025.
Net equity investments amounting to € 476 million, of which € c.315 million in Data Center projects.
The purchase of HOCHTIEF shares for € 14 million.
Net financial investments
Euro Million
Investments
Disposals
Net financial
investments
Turner
(443)
9
(434)
CIMIC
(14)
35
22
Engineering & Construction
(96)
0
(96)
Dragados
(81)
-
(81)
HOCHTIEF E&C
(15)
0
(15)
Infrastructure
(349)
9
(341)
HQs and non-core activities
(30)
(34)
(64)
Capex investments / disposals
(931)
19
(912)
-
Capital flows
The Group's cash dividend payment was € 120 million, including ACS's ordinary dividend of € 51 million paid out in cash last February. The remainder was mainly for payments to minority shareholders in other Group companies.
In addition, treasury shares for € 28 million were acquired during the first half of the year, mainly for paying out the flexible dividend in shares.
-
Net operating cash flow
-
Results by Segment
-
Turner
Turner
Euro Million
H1 2024
H1 2025
yoy
yoy FX-adj.
Sales
8,650
12,216
41.2%
44.0%
EBITDA
242
408
68.7%
72.0%
% margin
2.8%
3.3%
54 bps
PBT
247
392
58.9%
62.0%
% margin
2.9%
3.2%
36 bps
NPAT (1)
175
283
61.4%
64.6%
Attributable NPAT
138
227
64.0%
67.2%
New orders
13,067
16,034
22.7%
25.1%
Order backlog
30,029
33,113
10.3%
21.4%
(1) Before HT's minorities in ACS.
Turner's sales reached € 12,216 million, an increase of 41.2% compared to the same period last year (44.0% FX-adjusted), mainly driven by organic growth across the high-tech and BHE projects in line with the Group's strategic objectives. In addition, Dornan contributes further to the overall outstanding growth.
The main operating indicators grew significantly, with an increase of 68.7% in EBITDA (72.0% FX-adjusted) and 58.9% in PBT (62.0% FX-adjusted). The operating margin grew to 3.3% (+54 bps) in terms of EBITDA and to 3.2% (+36 bps) in terms of PBT. This improvement reflects Turner's successful strategy focused on the new generation sectors with a high technology component and high added value.
Turner's contribution to the Group's net profit grew to € 227 million, an increase of 64.0% (67.2% FX-adjusted).
The backlog also grew appreciably, to € 33,113 million, up 21.4% FX-adjusted vs. June 2024. This growth was driven mainly by the increase in order intake in the first half of 2025 to € 16,034 million, 25.1% higher than in the same period last year (FX-adjusted). Notably, Turner's total new data center orders doubled across the US and other countries.
Turner's most remarkable recently awarded projects include:
CoreWeave Lancaster Data Center, $6bn, 100 MW of IT capacity and up to 300 MW, one of the first large-scale data centers of its kind in the region, Pennsylvania, USA (awarded in July 2025).
Several data center projects, such as the Meta data center, in Louisiana, USA, part of the largest data center campus to date for the company for a total value of over $10bn
Sacramento Republic FC Stadium, new 12,000 seat soccer stadium, which represents an investment in the city's cultural, civic, and economic future, in Sacramento, California, USA.
Logan International Airport Terminal A to B Connector, improved transfers and connections, $190mn, Boston, Massachusetts, USA.
One Beverly Hills - Podium, serving as contractor on the first phase of a luxury resort and destination project of two residential towers, a hotel, and a club, in Beverly Hills, California, USA.
Life Sciences Public Health Lab consolidates five existing facilities throughout the New York Capital District into a new building on the Governor W. Averell Harriman State Office Building Campus in Albany, New York, United States.
-
CIMIC
CIMIC
Euro Million
H1 2024
H1 2025 (3)
yoy
yoy FX-adj.
Sales
4,160
5,256
26.3%
33.2%
EBITDA
500
630
25.9%
32.8%
% margin
12.0 %
12.0 %
-
Ordinary PBT (1)
193
232
20.3%
26.8%
% margin
4.6%
4.4%
(22) bps
Ordinary NPAT (2)
126
126
0.0%
5.5%
Ordinary Attributable NPAT
99
101
1.7%
7.2%
New orders
6,061
6,606
9.0%
14.9%
Order backlog
24,580
23,178
(5.7%)
5.0%
H1 2024 Ordinary PBT excludes extraordinary impact of the accounting gain, net of provisions, in 2024.
Before HT minorities in ACS
H1 2025 Ordinary KPIs exclude the one-off impact from restructuring costs.
CIMIC's sales stood at € 5,256 million in the first half of 2025, with increasing levels of activity in the advanced technology, healthcare and defense sectors.
EBITDA margin remained stable at 12.0 % and PBT margin was of 4.4%. CIMIC's contribution to the ordinary attributable net profit was of € 101 million, adjusted for restructuring costs.
Backlog totaled € 23,178 million, up 5.0% FX-adjusted. The main projects in the first half of 2025 were:
High density, liquid cooling-ready 64 MW data center for a multinational technology corporation in Cyberjaya, Malaysia.
Western Power electricity infrastructure works, design, supply, install, commission extensions to existing Neerabup 132 KV and 330 KV substations, 40 km north of Perth, Western Australia.
Darwin LNG Life Extension, to extend the operational life of the Darwin LNG facility, ensuring continued gas processing and marine loading service, Northern Territory, Australia.
Logan and Gold Coast Faster Rail project: design and pre-construction contract for the main works package in Queensland, Australia.
New Dunedin Hospital, largest hospital project to date with an eleven-story efficient and patient centered inpatients building for Health in New Zealand.
Lake Vermont Mine, AUD 2.3bn, full mining services, maintenance and asset management of the fixed and mobile equipment, Bowen Basin, Queensland, Australia.
Karlawinda Gold Mine 5-year extension, covering full mining services including load and haul, drill and blast, engineering and technical services, Western Australia.
Mardie Salt & Potash Project, detailed engineering works for BCI minerals salt potash plant, Western Australia.
Army Aviation Program of Works, Stage 2 Delivery Phase, at RAAF Base Townsville, in Queensland, includes the construction and upgrade of command, training, maintenance, logistics and airfield infrastructure.
Engineering & Construction
Euro Million
H1 2024
H1 2025 (2
yoy
yoy FX-adj.
Sales
4,679
5,219
11.5%
13.3%
EBITDA
240
295
23.0%
24.0%
% margin
5.1 %
5.7 %
53 bps
Ordinary PBT
94
136
45.6%
47.1%
% margin
2.0 %
2.6 %
61 bps
Ordinary NPAT (1)
81
98
21.5%
22.1%
Ordinary AttrIbutable NPAT
77
93
21.4%
22.1%
New orders
7,301
7,864
7.7%
9.0%
Order backlog
29,192
30,040
2.9%
8.2%
-
Engineering and Construction
)
Before HT's minorities in ACS.
H1 2025 Ordinary KPIs exclude the one-off impact from restructuring costs.
The Engineering and Construction segment increased its sales to € 5,219 million, up 11.5% compared to the same period last year (13.3% FX-adjusted). This growth was the result of a strong performance in high-growth segments such as data centers, defense and high-speed transportation.
The main operating indicators show that the business is sound with increasing revenues. EBITDA grew to € 295 million (+23.0%, 24.0% FX-adjusted) and the margin to 5.7 % (+53 bps) and ordinary PBT grew to € 136 million (+45.6%, +47.1% FX-adjusted), with an improvement of 61 bps in the PBT margin, to 2.6 %.
The segment's contribution to the Group's net profit grew by 21.4% to € 93 million, adjusted for restructuring costs.
The backlog grew to € 30,040 million (8.2% FX-adjusted over June 2024). The main projects include:
Four high-performance onshore converter stations, planning contract for c.710 km high-voltage line, intended to bring wind power from Northern Germany to the Ruhr area starting in 2030, Germany.
Deutsche Bahn Rail Infrastructure project, refurbishment of 42-km-long, double-track section of the right bank of the Rhine from Wiesbaden to Lorchhausen, Germany.
Long Bridge North Project, $1bn, c.1.6-kilometer rail link from East Potomac Park to
L'Enfant Interlocking, Washington D.C., USA.
Via 15, extension and widening of A12 and A15 over a distance of 23km as part of a major PPP contract, near Arnheim, Netherlands.
Second main line of the S-Bahn rail network to link the Ostbahnhof and Marienhof stations in the heart of Munich, Germany.
The Surrey Langley SkyTrain project, an elevated mass transit line in Vancouver, Canada.
Sustainable research center for University of Duisburg-Essen, 5-story interdisciplinary research facility equipped with a large-scale photovoltaic system and e-mobility facilities, Germany (awarded in July 2025).
Krefeld Event Center, refurbishment and expansion of a former industrial boiler house into a modern venue for concerts and events, on the Mies van der Rohe campus, Germany (awarded in July 2025).
Dry dock for nuclear submarines at Pearl Harbour, Hawaii (USA).
The installation of semiconductor fabs in Germany and Malaysia using clean-room technology.
DragadosEngineering & Construction - Dragados
Euro Million
H1 2024 (1)
H1 2025 (2)
yoy
Sales
2,913
4,418
51.7%
EBITDA
152
248
63.5%
% margin
5.2 %
5.6 %
41 bps
Ordinary PBT
66
109
64.9%
% margin
2.3 %
2.5 %
20 bps
Ordinary AttrIbutable NPAT
63
71
13.4%
New orders
5,243
6,385
21.8%
Order backlog
17,915
23,186
29.4%
H1 2024 is represented on a statutory basis, not made comparable by adjusted for the current consolidation of FlatironDragados.
H1 2025 Ordinary KPIs exclude the one-off impact from restructuring costs.
-
Infrastructure
Infrastructure
Euro Million
H1 2024
H1 2025
yoy
Sales
72
92
26.9%
Abertis Iridium
EBITDA
-72
135
-92
121
26.9%
(10.0%)
Abertis
98
90
(8.2%)
Iridium
37
32
(14.8%)
PBT
109
97
(11.4%)
Abertis
98
90
(8.2%)
Iridium
12
7
(38.5%)
NPAT (1)
106
98
(7.7%)
Abertis
98
90
(8.2%)
Iridium
8
8
-
Attributable NPAT
98
91
(7.1%)
Abertis
89
83
(7.7%)
Iridium
8
8
-
(1) Before HT's minorities in ACS.
IridiumIridium's sales increased by 26.9% to € 92 million compared to the same period in 2024, thanks to the contribution of the A13 and a general positive performance across operating entities.
AbertisAbertis's contribution to the ACS Group's EBITDA for the first half of 2025 was € 90 million impacted by negative effect from higher PPA depreciation at HoldCo (as a result of the debt amortization).
Abertis
Euro Million
H1 2024
H1 2025
yoy
Sales (100%)
3,021
2,983
(1.3%)
EBITDA (100%)
2,161
2,117
(2.0%)
% margin
71.5 %
71.0 %
(57) bps
Net Profit pre-PPA (100%)
402
383
(4.8%)
Net Profit (100%)
195
179
(8.2%)
Contribution to EBITDA
98
90
(8.2%)
Contribution to Net Profit
89
83
(7.7%)
Capex
336
269
(Net Debt) / Net Cash (1)
(24,677)
(23,753)
HoldCo debt not included.
In terms of average daily traffic, Abertis' assets grew by 2.6% compared to the same period in the previous year, supported by the strong performance of heavy vehicle evolution (+2.8%) and robust light vehicle performance in most assets (+2.6%).
The solid operating performance of Abertis was offset by the French CIT increase and the FX impact.
EUROPE
OVERSEAS
HOLDING
TOTAL
€ Mn France Spain Italy USA (2)
Mexico Chile Brazil Arg. Int. (3)
A.Infra.(4)
Total Group
Km
1,873
631
236
293
937
494
3,193
175
152
-
7,983
Concessions
3
7
1
4
5
5
7
2
2
-
36
Traffic (1)
+2.6%
+5.4%
+0.9%
0%
+2.1%
+5.0%
+2.9%
+1.2%
+6.1%
n.a.
+2.6%
Revenues
1,032
313
226
285
356
320
328
75
47
0
2,983
% Change
+4.4%
+3.6%
-1.0%
-7.4%
-8.1%
+21.9%
(6)
-23.2%
+7.2%
+1.5%
n.a.
-1.3%(+6% LfL)
EBITDA
736
244
128
211
298
267
207
13
18
-6
2,117
% Change (1)
+4.0%
+3.0%
+0.7%
-5.0%
-9.0%
+21.5%
-29.9% (6)
-4.3%
+11.0%
n.a.
-2.0%(+6% LfL)
% Contribution
34.8%
11.5%
6.0%
9.9%
14.1%
12.6%
9.8%
0.6%
0.9%
(0.3%)
100.0%
(5)
Capex
32
3
35
19
36
30
109
2
2
3
269
Net Debt
5,382
382
-137
2,905
1,666
506
1,884
-4
-52
11,222(7)
10,822
23,753(7)
23,353
Cash 552 55 137 369 544 179 388 4 52 317 2,598
(7)
717
2,998 (7)
Figures reported according to Abertis management accounts as of 30 June of 2025, considering accounting perimeter, thus excluding Abertis HoldCo. Average FX rate on 30 June of 2025: €/BRL 6.29 €/CLP: 1,042.43; €/ARS 1,390.36; €/USD 1.1 €/MXN 21.80; €/INR 93.97.
Percentage change H1 2025 vs H2 2024. For comparable purposes ADT variation has been calculated including Atlandes (France) and Santiago - Los Vilos (Chile), since they are full consolidated, and excluding SH-288 (Texas), and Rutas del Pacifico (Chile) and Conipsa (Mexico) which concessions will finish in 2025.
Includes 6 months operations of Texas (SH-288) in H1 2024.
India and Emovis.
Excludes Abertis HoldCo with €1,000Mn of third parties' debt.
Capex executed without M&A.
Due to one-off accounting impact of Intervias (Brazil) extension in 2024.
Including the forthcoming €400m shareholders' equity contribution supporting the Atlandes (A-63) acquisition, expected in H2 2025.
HQs and Non-Core Activities
-
HQs and non-core activities
Euro Million
H1 2024 (1)
H1 2025 (1)
yoy
yoy FX-adj.
Sales
1,188
1,326
11.6%
11.6%
EBITDA
41
(20)
(148.5%)
(146.7%)
% margin
3.4 %
(1.5 %)
(491) bps
Ordinary PBT
(93)
(130)
% margin
(7.9%)
(9.8%)
Ordinary NPAT (2)
(91)
(144)
Ordinary Attributable NPAT
(77)
(119)
Extraordinary adjustments: In 2024: net impact from financial derivatives cancelled by May-24, net of provisions. In 2025: one-off results in ACS HQ mainly related to the recognition of tax positions based on business performance.
Before HT's minority shareholders in ACS.
The HQs and non-core activities segment primarily includes the Group's services business, industrial assets, real estate business, and the corporate headquarters expenses. Sales in this segment grew by 11.6%, reaching € 1,326 million.
The main contributor to sales was the Services division (Clece), which had sales of € 1,106 million in the first half of 2025 (+11.3% year-over-year).
-
Turner
-
Disclosures to CNMV
The most relevant disclosures made during the period are listed below:
Dividends
In compliance with the resolutions relating to shareholder remuneration approved at the General Shareholders' Meeting, the script dividend of € 0.454 per share was paid in February 2025. 41.01% of ACS's share capital opted for shares remuneration.
Likewise, in July 2025 the script dividend charged to 2024 was paid in the amount of € 1.557 per share. 40.23% of ACS's share capital opted for remuneration in cash.
Corporate Governance
The 2025 General Shareholders' Meeting was held on 9 May 2025, and approved resolutions included:
The distribution of a dividend of € 2 per share charged to the 2024 fiscal year.
Ratification and appointment of Isidro Fainé Casas as a Proprietary Director.
The re-appointment of the Independent Directors Carmen Fernández Rozado and José Eladio Seco Domínguez.
-
Description of the Main Risks and Uncertainties
The ACS Group considers it essential to have an efficient risk management policy that ensures the continuity and success of its operations, adequately protects its investments, ensures compliance with its sustainability commitments, and includes policies that support proper regulatory compliance and safeguard the integrity of its information systems. In this way, the Group ensures the maintenance of its leadership in the industry and the achievement of its objectives, in line with the Strategic Plan presented in 2024.
During the first half of 2025, we continued to prioritize the integration of risk management into our strategic planning and daily activities. We believe that decision-making and strategies based on a thorough and complete understanding of risks not only contribute to the protection of our assets and ensure compliance with our obligations and commitments but also enhance the Group's ability to quickly adapt to environmental changes and capitalize on emerging opportunities.
In this way, the Group maintains its commitment to the proactive management of risks and opportunities, ensuring its continuity and sustainable growth. The following are some of the most relevant actions carried out by the Group's Areas of Responsibility.
Strategic risks:
In the annual update of the Risk Map approved in the first half of 2025, and in terms of strategic risks, special attention was paid to geopolitical risk, risks related to investment/divestment strategies, and risks related to the attraction and retention of talent.
The ACS Group operates in the engineering, construction, mining, and services sectors globally, so geopolitical risks represent a critical factor that can significantly influence our operations and strategies. Political stability, tariff policies, and international relations are variables that, although external, have the potential to directly impact our business.
The ACS Group operates in developed countries with stable political and economic systems, which contributes to mitigating this risk. In less developed areas, the Group applies specific policies and control measures. The Management Committee remains informed of the global macroeconomic and geopolitical situation, maintaining continuous communication with executives in different geographies to anticipate and respond appropriately to any circumstances. Geopolitical processes can also offer opportunities, reinforcing the importance of continuous monitoring and a deep understanding of such developments.
During the first half of this year, we conducted a thorough analysis across all group companies to assess the potential impact on the Group's projects and businesses of the tariff policies implemented by the new U.S. administration. This evaluation is an integral part of our risk management strategy and is designed to identify areas of vulnerability and strength within our operations.
The main conclusion is that the Group is not significantly affected by current geopolitical risks. Our operating companies in the United States, the most exposed region, have strong contractual protections and mitigation strategies that substantially reduce their level of exposure. It is essential to remain vigilant and diligently apply the measures proposed by our analysis to ensure the protection of our business plan. Furthermore, the Group will remain attentive to international decisions and negotiations in this area, as well as their potential global macroeconomic impact.
In terms of mitigating risks related to the Group's investment and divestment strategy, mechanisms for monitoring, supervision, control, and approval of such activities are established at all levels, starting with the Management Committee, which continuously reviews and monitors this strategy.
In the first half of 2025, the Group continues with a solid strategy for the development and investment in data centers as part of its overall strategy to seize expansion opportunities in growing markets for next-generation infrastructure. To ensure the success of these investments, detailed analyses have been carried out, focusing on the identification and assessment of risks at different stages of the project, defining mitigation strategies, and developing technical, economic, and environmental feasibility studies to ensure that each project is sustainable and profitable in the long term. Continuous monitoring mechanisms are also established. In this regard, it is worth highlighting the acquisition of Dornan by Turner, a reference engineering firm in data center design in Europe, and the agreement to acquire Fleischmann by Dragados, a firm with a market share exceeding 40% of data centers in Chile.
In addition to investment in data centers, ACS promotes diversification strategies in emerging sectors such as sustainable mobility, biotechnology, critical mineral mining, or educational centers.
Likewise, following the award of the SR-400 Managed Lanes concession in Georgia, United States, in August 2024, Iridium achieved commercial close in December 2024 and is currently engaged in the necessary work to achieve financial close, expected in the third quarter of 2025. These milestones mark the beginning of the project's development, which is expected to involve a capital injection of around 1 billion euros for the Group's share starting in 2027. Given the complexity and strategic nature of this asset, the Group has implemented specific management mechanisms, including a high-level monitoring committee.
Regarding the risk of attracting and retaining talent, it is crucial to highlight the effort the ACS Group is making in internal training across many areas, but especially through ACS University. The programs implemented by this corporate university aim, alongside providing employees with opportunities to improve their training, to foster their sense of belonging to the Group ("One Group, One Team"), for both new joiners and long-standing employees, and especially those with high leadership potential. In this context, our leadership program, organized in collaboration with IESE, stands out by bringing together 35 senior leaders from across the ACS Group to improve their global business knowledge and strategic vision of the Group through practical and team-based learning in various courses.
Additionally, the university plans to organize programs in collaboration with the most prestigious universities in the regions where the Group operates, in order to connect with top talent at an early stage of their training, specifically in areas such as Artificial Intelligence and Data Analytics.
Operational risks:
In operational risk management, the ACS Group considers it essential to properly manage risks in contracting to ensure long-term success and stability. The Risk Director has continued to promote the risk management culture of ACS across all Group companies, in line with its General Risk Control and Management Policy.
The Group has thus reduced the risk profile of its contracts, significantly increasing the weight of collaborative and medium- or low-risk contracts in its backlog, in line with its Strategic Plan. Currently, the percentage of projects categorized as higher risk stands below 15% of the total
backlog, consisting mostly of older contracts already in advanced execution phases. Likewise, progress has continued in standardizing risk management policies in the bidding phase to ensure a consistent approach to identifying, evaluating, and managing risks and opportunities.
The Group continues to support and promote collaborative contracts for their benefits such as better communication, lower conflict, and greater efficiency in costs and timelines, as well as their reduced risk profile. In this regard, the ACS Risk Department has defined a common contract categorization across all Group companies to allow for better classification of projects and analysis of associated risks. The following are the main collaborative projects that moved into the construction phase during the first half of 2025:
VRPA Long Bridge ($1.012m) - Flatiron Dragados
VRPA Franconia Springfield Bypass ($414m) - Flatiron Dragados
LAX ATMP (GMP1) ($412m) - Flatiron Dragados
Data center in New Albany ($1.100m) - Turner
Data center in Lancaster ($1.050m) - Turner
Data center in New Albany ($979m) - Turner
As important as the selection and bidding of projects is the efficient risk management during their development. The Group has reinforced control and risk management mechanisms in its contracts, aiming to minimize economic, commercial, and technical risks, contributing to the ACS Group's strategy for stable and sustainable value creation.
CIMIC's wholly owned subsidiaries, CPB Contractors and UGL Engineering, in conjunction with their joint venture partner (together the "M6 D&C JV"), were contracted to deliver the M6 Stage 1 motorway tunnel project for Transport for New South Wales ("TfNSW"). During the course of 2024, the project encountered differing and adverse ground conditions and geological issues not reasonably anticipated at time of tender. As a consequence, works in the affected areas were stopped.
As a result of these geological issues, in May 2025 the M6 D&C JV determined the project cannot be completed as contemplated by the contract and, as such, the contract has been frustrated by operation of law and the M6 D&C JV's obligations have been discharged. This determination has been disputed by TfNSW. The M6 D&C JV has ceased all tunnel construction activity and is in the process of demobilizing from the tunnelling works. Revenue is recognized in relation to services provided and accrued commitments prior to the notice of frustration, including the demobilization of the ceased tunnelling work. With the exception of these demobilization works, no further works are anticipated under the original contract post the date of frustration.
On 30 June 2025, TfNSW and the M6 D&C JV reached agreement to complete surface works under a new deed. Both TfNSW and the M6 D&C JV expect to continue without prejudice discussions regarding the impacted tunnelling works to find an appropriate commercial resolution given the complex nature of the geotechnical events. Whilst not expected, it is possible that the final outcome could vary from the position recognized at the balance date.
By means of a court order issued on 28 April 2016, reported to Hydro Management, S.L. in May 2016, Preliminary Proceedings No. 956/2016 were initiated at Murcia Examining Court No. 5
in relation to the investigation process underway by the Public Prosecutor's Office of the Autonomous Community of the Region of Murcia regarding the construction contracts, leases or any other type of agreement for the Escombreras desalination plant. On November 11th, 2024, the opening of oral proceedings was ordered. The indictment is directed against 15 individuals, with ACS, Hydro Management and a number of other companies cited as being vicariously liable, with the Murcia Provincial Court declared to be the competent body for the proceedings. As a precautionary measure, the Court agreed: (i) to maintain the prohibition of disposing of the Escombreras desalination plant; and (ii) to impose bail of EUR 70,000 thousand for the individuals charged.
Financial risks:
The ACS Group faces several financial and refinancing risks, including those arising from fluctuations in interest rates, liquidity, volatility in the value of assets and liabilities, as well as credit risks.
The Group is also exposed to foreign exchange risk due to its international operations and financing in currencies other than the euro. To mitigate this, the Group seeks to align the currency of its debt with that of the underlying assets and may use financial instruments to hedge positions in foreign currencies. Exchange rate risk is assessed both transactionally- through derivatives covering equity contributions, dividends, or procurement-and translationally, by analyzing the structure of cash flows, net financial expense and net debt by currency to optimize financial resource allocation.
These risks are managed in accordance with established policies and are detailed annually in the corresponding reports of the Group and its subsidiaries.
In the first half of 2025, several key events occurred related to the Group's financial situation:
ACS, Actividades de Construcción y Servicios, S.A., has renewed the "Euro Commercial Paper" (ECP) programs for a maximum amount of 750 million euros, the "Negotiable European Commercial Paper" (NEU CP) program for 500 million euros, and the debt issuance program known as the "Euro Medium Term Note Programme" (EMTN Programme) for a maximum amount of 1,500 million euros. Under this latter program, ACS issued on June 11, 2025, a bond with a nominal amount of 500 million euros, at an annual rate of 3.75% and maturing in June 2030, which replaces the bond issued under this program for 750 million euros repaid at maturity on June 17, 2025.
Hochtief, A.G. extended the maturity of its existing €1.7 billion long-term syndicated loan to March 2030. As of the reporting date, €775 million had been drawn from the
€1.2 billion guarantee tranche, while the credit tranche remained undrawn.
As of the approval date of the Condensed Interim Financial Statements, Dragados, S.A. and Flatiron Dragados had respectively renewed their syndicated financing for €750 million and increased it to USD 800 million.
Sustainability related risks:
In 2024, the ACS Group carried out a Double Materiality Analysis in line with the requirements established by the CSRD and EFRAG, as described in the Group's 2024 Statement of Non-Financial Information and Sustainability Report. This approach integrates a dual vision: on the one hand, it assesses the actual and potential positive and negative impacts of the company on its environment (Impact Materiality), and on the other, it analyzes how external factors may
economically influence the Group (Financial Materiality). The analysis enabled the identification and evaluation of the Impacts, Risks, and Opportunities (IROs) in terms of sustainability, which include environmental, social, and governance aspects. For its development, work was carried out transversally with all the Group's areas and companies, integrating other key elements such as the Risk Matrix, Climate and Biodiversity Risk Analysis, and the input of Stakeholders, ensuring a comprehensive and aligned vision with the corporate strategy.
The Group also updated the analysis of risks derived from climate change and biodiversity, which have been incorporated into the Comprehensive Risk Control and Management System. Regarding climate change, the adopted methodology and tools for analyzing physical and transition risks are based on the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) and are aligned with EFRAG's sustainability reporting guidelines required under the CSRD. This positions the ACS Group advantageously within the sector. Additionally, this methodology allowed the identification and quantification of opportunities that climate change may offer the Group.
Similarly, in terms of biodiversity, the Group has adopted the LEAP (Locate, Evaluate, Assess, Prepare) methodology recommended by the Taskforce on Nature-related Financial Disclosures (TNFD), aligned with CSRD requirements, to assess the risks and opportunities arising from nature-related impacts and dependencies.
Both risk analyses show that the ACS Group has strong resilience to climate change and biodiversity risks in the short and medium term.
During the first half of 2025, the ACS Group is working on updating the Double Materiality Analysis in order to incorporate updates to the context and value chain analysis as well as progress made in due diligence and risk analysis.
Tax risks:
In July 2025, the One Big Beautiful Bill Act (OBBBA), a tax and spending bill, was passed in the United States. The bill focuses on extending the permanent tax cuts of the 2017 Tax Cuts and Jobs Act (TCJA), which were originally set to expire in 2025. The Base Erosion and Anti-Abuse Tax (BEAT), the Global Intangible Low-Taxed Income (GILTI) regime, the Foreign Tax Credit (FTC) usage, and the Foreign-Derived Intangible Income (FDII) have been modified by this tax legislation. Additionally, there are changes regarding the timing of tax deductions for certain expenses such as those incurred in R&D. The effects of this comprehensive legislation are currently under analysis, but at this time, the aforementioned changes are not expected to have a significant impact.
In Germany, the Federal Council (Bundesrat) passed a law in July 2025 for an immediate tax investment program to strengthen Germany as a business hub. The main elements of this law include investment incentives with the reintroduction and increase of declining-balance depreciation, the expansion of the R&D bonus, and the gradual reduction of the corporate income tax rate from 15% to 10% in five steps of one percentage point each from 2028 to 2032. With the Federal Council's approval, the new tax rate is considered enacted in Germany. For balance sheet dates prior to July 11, 2025, the new rates should not be included in the measurement of deferred taxes, but there will be future effects from the rate changes, which are still being analyzed. At present, no significant impact is expected for fiscal year 2025.
In April 2025, ACS completed the tax assessment for the 2018-2021 period. The final result of the tax audit was non-material for the Spanish tax group.
Legal and reputational risks:
The enhancement of the competition compliance management systems across all Group subsidiaries, promoted in recent years through recommendations from the parent company and culminating at the close of fiscal year 2024 with the certification of all Spanish subsidiaries under UNE 19603, has directly contributed to reducing both the risk of competition law violations and the potential imposition of public contracting bans.
In the case of Dragados Group subsidiary Electren, these reinforcement efforts allowed the company to face the proceedings before the Public Procurement Advisory Board in the first half of 2025 with sufficient guarantees to avoid the imposition of a public contracting ban.
Regarding adaptations of the Group's regulatory framework, in December 2024, to Regulation (EU) 2024/1689 on Artificial Intelligence, Directive (EU) 2022/2555 on Cybersecurity ("NIS 2 Directive"), and the Cybersecurity Good Governance Code, the Governance and Compliance Committee incorporated these changes into the Global Compliance Report questionnaire, which already includes in the first half of 2025 a new chapter on AI and another on Privacy, with updates also made to the chapters on cybersecurity, sustainability, tax compliance, and corporate governance. All this ensures more precise and cross-cutting information to detect both legal and reputational risks.
Technology risks:
In line with the advances previously presented, the ACS Group continues to strengthen its information security and artificial intelligence policies. This initiative is complemented by the planning of a rigorous ISO 27001 certification process, expected to be completed by early 2026.
In addition to adhering to modern regulatory frameworks, ACS remains committed to its cybersecurity strategy, covering critical areas such as disaster recovery, business continuity, vulnerability assessments, periodic audits, infrastructure hardening, and access controls.
It also continues to deepen the comprehensive analysis of suppliers and strategic partners. At the same time, cybersecurity training campaigns have been consolidated and targeted to employees, promoting best practices in information management and reinforcing the Group's resilience against digital threats.
Audits:
As established in the Risk Control and Management Policy, the Corporate Internal Audit Department supports the Board of Directors, through the Audit and Sustainability Committee, in fulfilling its functions related to the supervision and evaluation of the Group's Comprehensive Risk Control and Management System, communicating alerts, recommendations, and conclusions to the Audit and Sustainability Committee, Company Management, business area heads, and, where applicable, to evaluated Group companies.
During the first half of 2025, a total of 26 audit assignments were carried out in all Business Areas of the Group, excluding the Hochtief Group.
For its part, Hochtief A.G. has its own control system, and its internal audit department reports to its Audit and Sustainability Committee.
The ACS Group's Sustainability Report complies with the CSRD Directive, which establishes the obligation for independent assurance of sustainability reporting. Specifically, it currently requires limited assurance. Under the Directive, the independent audit firm must review whether the company has reported in accordance with the ESRS standards, as well as the accuracy and consistency of the data and indicators presented.
Compliance risk control is planned annually by the Governance and Compliance Committee of the ACS Group's parent company, in fulfillment of its obligation to monitor compliance risks globally through the various audits of the global compliance management system at the parent company and its divisions:
Review and update of the risk and control matrices for criminal and anti-bribery compliance, tax compliance, and the IT, cybersecurity, and competition defense risk matrices.
Testing of the adequacy and effectiveness of the controls included in these risk matrices.
Planning and execution of internal audits and certification audits of the management systems: criminal and anti-bribery compliance (UNE 19601 and ISO 37001), compliance (ISO 37301), tax compliance (UNE 19602), and competition compliance (UNE 19603). As part of both internal and external audit processes, the Risk Map of the parent company and the Group must be updated.
The ACS Group's information security management policy is aligned with ISO 27001 certification. The Group's operating companies are ISO 27001 certified.
The Corporate Internal Audit Department ensures the strict application of policies and controls and presented to the Audit and Sustainability Committee in March 2025 the 2024 Activity Report and the 2025 Audit Plan, which includes, among other aspects, a strengthened review of the operation of procedures and control activities included in the internal control system over financial reporting. The audits cover specific projects, branches, processes, and companies. Periodically, the Corporate Internal Audit Department presents the Audit and Sustainability Committee with a summary of the audit reports, including their conclusions.
During the first half of 2025, as in previous years, the internal audits conducted included a specific review procedure of the Internal Control System over Financial Reporting of the audited company, project, or branch, identifying a series of key controls to verify their operability. As a conclusion, no significant issues were identified, and overall, the reviewed controls adequately cover the risks they were assigned to, and the evidence provided appropriately supports the application of said controls.
The ACS´ group Annual Integrated Report, available on its website, details the risks and control mechanisms. For the next six months, the ACS Group will continue to adapt its risk control policies and implement specific measures to address geopolitical tensions and macroeconomic uncertainty. Despite this, it maintains a favorable outlook supported by a solid and diversified backlog, with a reduced risk profile and focused on new generation infrastructure and clean technologies. The Group will reinforce its leadership in North America, Australia and Europe, and increase investment in infrastructure concession assets to balance the risk profile of the businesses.
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Sustainability
One of the cornerstones of the ACS Group's corporate strategy is its unwavering commitment to carrying out its activities sustainably and responsibly, based on the principles set out in the ACS Group's Sustainability Policy, updated by the Board of Directors at its meeting on 19 December 2024. This policy establishes that economic and social sustainability, the promotion and respect for human, social, and labor rights, environmental protection, climate change mitigation, community development, innovation, and the management of stakeholders' legitimate interests are fundamental pillars of ACS Group's strategy, guiding all its activities to ensure the creation of long-term sustainable value.
Furthermore, the ACS Group's 2025 Sustainability Master Plan, details of which can be found at https://www.grupoacs.com/sustainability/sustainability-strategy/, sets out the strategic priorities and commitments in environmental, social, and governance (ESG) matters. These strategic priorities apply to all companies within the ACS Group with a clear objective: to drive the global sustainability of infrastructure as a leading company in the sector through three key commitments:
to promote the global transition towards sustainable infrastructures, 2) to be a key player in economic development by integrating specialized and diverse talent and 3) to be a reference in good business practices with governance committed to sustainability. Within these 3 commitments, 26 strategic lines and 38 objectives are established for the year 2025 with the aim of continuing to create shared value and maintaining the ACS Group's position as a global leader in the infrastructure sector.
Thus, under the philosophy of building a sustainable and prosperous future, the Group has decided to prioritize its investment strategy towards projects related to energy, sustainable mobility, digitization and infrastructures related to health, education and biotechnology. Today's society demands modernization and an improvement in basic services, and ACS continues to promote the development of this type of growth infrastructure, combining these initiatives with investment in and maintenance of traditional infrastructure such as motorways and roads, social infrastructure and public facilities. Improving the lives of communities, sustainability and innovation are therefore three pillars that guarantee the generation of shared value for all ACS stakeholders.
These commitments have been embodied by a series of actions and responses during the first half of 2025 and are summarized below:
In terms of ratings and inclusion in sustainability indices of recognized prestige, the Group has once again earned an AA rating from MSCI and has been reincluded in the prestigious FTSE4Good global sustainability index in June 2025 and in the European DJSI index, also appearing in the S&P Sustainability Yearbook. Likewise, ACS Group has been recognized in the CDP (Carbon Disclosure Project) ranking, receiving a "B" rating in the areas of "Climate", "Water", and "Forests".
Regarding the Group´s subsidiaries, below are some of the sustainability related recognitions received in the first half of 2025:
In June 2025, the Hudson Tunnel project, in which Dragados Group participates, received the Sustainability Delivery Award for Transformational Partnership.
In February 2025, Clece was awarded the Platinum Medal from EcoVadis, the highest category granted by this platform, which annually evaluates over 150,000 companies worldwide in terms of sustainability, based on ESG (Environmental, Social and Governance) criteria.
Also, during the first half of 2025, several Clece Group companies received various equality-related recognitions, such as the "Equality in the Company" distinction (a mark of excellence awarded by the Spanish Ministry of Equality to companies and other entities that stand out for implementing gender equality policies in the workplace), the Equality Recognition of the Region of Murcia, aimed at acknowledging and encouraging the efforts of companies committed to equality, the Andalusian Mark of Excellence in Equality (MAEI), and "Yo soy igual", a recognition by the Provincial Federation of Metal and New Technologies Companies of Tenerife (Femete) for the company's strong commitment to gender equality, among others.
For the second consecutive year, Forbes has named Turner as one of America's Best
Large Employers in 2025.
In the first half of 2025 we have received new orders in important energy transition-related infrastructure, such as:
Four high-performance onshore converter stations, planning contract for c.719 km high-voltage line, intended to bring wind power from Northern Germany to the Ruhr area starting in 2030, Germany.
Western Power electricity infrastructure works, design, supply, install, commission extensions to existing Neerabup 132 KV and 330 KV substations, 40 km north of Perth, Western Australia.
Darwin LNG Life Extension, to extend the operational life of the Darwin LNG facility, ensuring continued gas processing and marine loading service, Northern Territory, Australia.
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Information on related parties
Information on related party transactions is set out in the relevant section of the financial report regularly submitted to the CNMV.
These commercial relations with related parties have all been performed on an arm's length basis in the ordinary course of business within the scope of the normal operations carried out by Group companies and have not materially affected the Group's financial position or earnings during the period.
- Events occurring after closing
On June 26, 2025, ACS, Actividades de Construcción y Servicios, S.A. decided to carry out the first share capital increase charged to reserves approved by the shareholders at the General Shareholders Meeting held on May 9, 2025. The share capital increase is intended to implement a flexible formula for shareholder remuneration ("optional dividend") enabling shareholders to choose to continue to receive a cash payout or to receive new shares in the Company.
Furthermore, the Company agreed to carry out the first capital reduction through the retirement of treasury shares, which was approved at the same General Meeting, for a maximum amount equal to the actual amount by which the share capital increased as a result of the first capital increase referred to in the previous paragraph.
The maximum number of new shares to be issued in the first share capital increase charged to reserves resolved by the General Meeting held on May 9, 2025 (structuring an optional dividend in shares or cash) was 7,761,845 shares, as determined on June 26, 2025.
ACS, Actividades de Construcción y Servicios, S.A. agreed to purchase the bonus issue rights for this share capital increase from its shareholders at the set gross price of €1.557 per bonus right.
At the end of the bonus issue rights trading period for the first execution of the capital increase, ACS's irrevocable commitment to purchase the rights had been accepted by the holders of 40.23% of the bonus issue rights. After the decision-making period granted to the shareholders had elapsed, the following events took place in June 2025,:
The dividend was determined to be a total gross amount of 170,174,813.99 euros (1.557 euros per share) and was paid on July 16, 2025.
The final number of shares issued as part of the capital increase was 4,179,033 shares for a par value of 2,089,516.50 euros, simultaneously redeemed for the same amount.
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ACS - Actividades de Construcción y Servicios SA published this content on July 30, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on July 30, 2025 at 11:10 UTC.
