Formento de Construcciones y Contratas (FCC) Q4 2025 earnings summary

Executive summary

• Revenues grew 6.9% year-over-year to EUR 9.7 billion, driven by both organic and inorganic growth, especially in environment, construction, and acquisitions in the UK, US, and France.

• Net financial debt reduced by 23% to EUR 2.3 billion, despite significant investments totaling over EUR 1.2 billion, mainly from the sale of a 25% stake in the Environmental Services holding.

• Portfolio for future revenues (backlog) increased by 11.4% to over EUR 51 billion, led by Construction (+50.5%).

• Net profit attributable to the parent dropped 62% to EUR 164.4 million, impacted by non-recurring items, currency effects, and provisions.

• The 2025 results are not fully comparable to 2024 due to the partial financial carve-out of cement and real estate activities at the end of 2024.

Financial highlights

• EBITDA reached EUR 1,419.1 million, down 1.1% year-over-year, with margin at 14.6%.

• Net income was impacted by EUR 267 million in negative effects, including EUR 166 million in provisions and EUR 53 million from currency effects.

• Net financial debt closed at EUR 2.3 billion, with financial leverage below 2x Debt/EBITDA.

• CapEx represented 12% of revenues, reflecting strong investment activity.

• Operating cash flow was EUR 1,200.1 million, down 6.1% year-over-year.

Outlook and guidance

• Growth expected from new contracts and international expansion, especially in Environmental Services and Water.

• Construction sales growth in 2026 will be more moderate, with improved visibility and a larger project portfolio.

• Dividend policy remains flexible, with no direct link between debt reduction and dividend increases.