Formento de Construcciones y Contratas (FCC) Q3 2025 earnings summary

Executive summary

• Revenue rose 7.7% year-over-year to €7,051.5 million, driven by acquisitions in the UK, US, and France, and organic growth, especially in Concessions and Water.

• EBITDA increased 7.5% to €1,058.6 million, maintaining a 15% margin.

• Net profit attributable to the parent fell 63.4% to €156.9 million, impacted by negative currency effects, non-recurring provisions, and the carve-out of Inmocemento Group.

• Net financial debt increased 17.7% to €3,520.4 million due to investments in contract renewals and acquisitions.

• The portfolio grew 7.3% to €49,720 million, led by Construction and international contracts.

Financial highlights

• Net turnover: €7,051.5 million (+7.7% YoY).

• EBITDA: €1,058.6 million (+7.5% YoY), margin stable at 15%.

• Net profit: €156.9 million (-63.4% YoY), affected by currency, non-recurring items, and discontinued activities.

• Environment unit turnover rose 11.5% to €3,493.2 million, with EBITDA up 11% to €546.1 million; margin stable at 15.6%.

• Water cycle turnover increased 8.7% to €1,339.3 million; EBITDA up 5.2% to €319.2 million; margin at 23.8%.

Outlook and guidance

• Growth expected to continue, supported by recent acquisitions and strong order intake, especially in Construction and international markets.

• Working capital expected to recover by year-end, following typical seasonal patterns.

• Investments for 2025 and 2026 projected to remain at €1 billion annually, focused on environment and water treatment.