Damos comienzo a la presentación de resultados del ejercicio 2025 del grupo FCC.
Hola. Muy buenos días a todos los que estáis conectados y en línea. Soy Miguel Coronel, director de Mercados del grupo FCC. Bienvenidos a la presentación de resultados que remitimos ayer a la Comisión Nacional del Mercado de Valores. Tenéis ya también en la página web toda la documentación asociada con los estados financieros auditados, como es habitual, el informe de gestión y toda la información asociada, ¿no?
Recordaros antes que nada, ya es algo que se ha visto a lo largo del ejercicio, pero quiero por última vez volver a repetirlo, que estos resultados, aparte de elementos que tengan excepcionales, tienen un hecho muy singular que no los hacen comparables de forma inevitable, que es, como sabéis, la escisión financiera parcial que se produjo a finales del año 2024, que supuso la escisión, la creación Inmocemento de las actividades cementera inmobiliaria y que, por razones contables, pues tuvimos que incorporar hasta ese mes en el ejercicio 2024. Esto para el conjunto ya del año 2025 versus el 2024, supone que por la línea de resultados de actividades continuadas, de entrada, hay EUR 136 million menos en el 2025 que en el 2024, ¿no? Por supuesto, el próximo año ya será todo más comparable.
Es verdad, ahora lo detallaré, también, que hay otros elementos que han impactado en el conjunto del resultado neto del ejercicio, como son provisiones que hemos realizado, algunas ya estaban vistas en los trimestres anteriores, el efecto del tipo de cambio, etcétera, que ha tenido un impacto pues negativo en el ejercicio. Con todo, luego también lo volveré a destacar, me gustaría resaltar que tanto la posición financiera como sobre todo la visibilidad de cartera de ingresos ha tenido muy buena evolución en el ejercicio, que para nosotros es desde luego esencial. Bueno, dicho a modo de introducción, estos comentarios, en términos de lo que es la cuenta de resultados consolidada del grupo, en el año 2025 los ingresos avanzaron un 6.9%. Llegamos a los EUR 9,700 million.
La verdad es que es una evolución que sigue manteniendo, pues la tendencia de los trimestres anteriores. Hemos seguido viendo la contribución ya a año completo de las adquisiciones que, por un lado hicimos, las más destacadas de medio ambiente en mercados como France, United Kingdom or United States, y también una tímida todavía contribución que también ha habido en algunos de estos mercados por las que hemos ejecutado, especialmente entre June and October of this year. En general ha habido una continuación de crecimiento orgánico e inorgánico en términos de variaciones entre los diferentes negocios, la que ha tenido mejor desempeño y otros que no tanto. También hemos consolidado muy bien a nivel del EBITDA bajo este cerrado inmediato de 2025.
En términos de EBITDA, la posición, con respecto al 1.1%, se concentra en algunos ajustes que hemos hecho, especialmente en el último cuarto del año. Hablaré sobre esto más adelante. Ahora, si hablamos de la PNL, el resultado de la sociedad dominante bajó. Tuvimos una contracción de EUR 267 million. Como decía, hay varios elementos que también mencioné, EUR 166 million, que tienen que ver con esto. Otro factor que ha contribuido ha sido el tipo de cambio, que, como pueden ver, la fortaleza del euro como moneda consolidada dejó unos EUR 53 trillion de impacto negativo en términos de resultados financieros. Además, tuvimos algunas provisiones.
No son, solo son provisiones únicas para el tratamiento de agua y algunos de los activos que tenemos específicamente en el Reino Unido, y que ascendieron a EUR 96 million para todo el year. En comparación con el EBITDA que tuvimos, esto fue similar a 2024, considerando estos tres tipos de efectos, y estos han resultado en los EUR 164.4 million que mencioné antes. Habiendo dicho todo esto, ha habido, si consideramos el balance y la estructura financiera conjunta, el grupo evolucionó de manera muy positiva en 2024. Cerramos con una deuda financiera neta de solo EUR 2.3 billion.
Esto fue una reducción del 23% de nuestra deuda financiera neta, a pesar de que, nuevamente, se hizo un esfuerzo muy significativo, como hicimos en 2024 en términos de inversiones. Hicimos inversiones netas por EUR 1.2 billion y esto es realmente notable en términos de ingresos. Si comparamos la ratio CapEx, ingresos, ratio, bueno, es el 12%, que es una cifra sustancial si la comparas con los niveles de amortización, dotación e ingresos. Esta es una cifra significativa. A pesar del esfuerzo que hicimos, mostramos, you know, un rendimiento financiero significativamente sólido. A finales del año pasado recogimos el dinero correspondiente a un porcentaje adicional de la participación minoritaria que teníamos en FCC
FCC Enviro, which is devoted to environmental activities, where we had a revenue of EUR 1 billion. The net assets grew by over 26%. We now stand above EUR 4.7 billion. As I was saying, together with investments, another variable, which for us is very important to mention, is the portfolio for future revenues. At the end of last year, we closed with a portfolio of over EUR 51 billion. If you look at the calculations in the group and the activities of the four different areas we have, as I was saying, the growth was over 11%, specifically 11.4%.
The main driver, although the different activities performed very well, water and the environment, but the star was construction, where in the management report, we provide details of the most significant contracts that made this growth possible. In the case of construction, the growth was notable. So far for the P&L and the balance sheet now, and the financial situation. Let's look area by area. The first area is the environment, which is the most significant area in terms of its contribution. Our broad activity for waste management is included here. Revenues grew by 9.1% to EUR 4.74 billion. Here, the growth was well-balanced. We had a good performance across the waste collection, urban waste collection, and street cleaning activities.
I would like to mention the evolution in, or the organic growth in France and Spain, as well as the acquisitions we made in the United States and in the U.K. In the United States, they were more focused on processing, waste processing. Now, in terms of geographical areas, the four platforms that we operate with, and our brand is FCC Enviro. Revenues amounted to EUR 420 million, a significant growth with respect to the previous period's figures. Here we had a very good performance. In terms of new contracts, where we didn't have the management previously, we have grown by 20%, so we are quite satisfied.
Although there is an activity which is minor, but by no means irrelevant, which is the industrial waste activity, also performed very satisfactorily. We also moved forward in terms of our investments, particularly in waste processing in our different plants, where we and we are now enlarging some of our plants. Although these enlargements are not yet contributing anything to the EBITDA. In terms of the platform that we call the Atlantic platform, France, Spain and Portugal, well, the increase was quite significant, EUR 150 million. Here, as I was saying, we are growing the number of organic. We are growing organically in terms of our contracts through our brand in France, ESG. In Portugal, we also had very solid activity and a very stable one.
The second platform of FCC Enviro in the U.K. had an increase in revenues, which was quite significant. We had a slight negative effect from the sterling, we need to mention the whole year contribution of Urbaser U.K., which combined this newly acquired platform with waste collection activities. We also made a few acquisitions, which was a company called Cumbria Waste Group in the northwest of the country. What we have seen is a lower level of processing activity, particularly in landfills, this has been compensated for by an effect of higher activity levels in recovery and recycling. In Central Europe, in the European market, increases of 3.9%, EUR 660 million . In general, there are seven markets here.
We have significant presence in the top five. What we have observed, it's a certain weakness in the price of secondary raw materials which had rallied very significantly in the last few years. Now they have stabilized, and they have gone down a little bit. The compensation has been very strong because this is a highly granular business, but there have been some adjustments in markets like Slovakia or Austria, there have been growth in the Czech Republic and Poland, the performance overall was satisfactory. The last platform I want to mention in FCC Enviro is the United States. Here, the improvement was of over 22%, EUR 470 million. This is a platform that is already quite significant. It is close to the volumes of Central Europe.
Here, there was a good evolution and some new organic contracts in waste collection and street cleaning. Here in general, we're using a highly competitive technology. I also want to mention the acquisition we made because we are for the first time entering the recovery activity. We already have experience in the U.K., but in the U.S., this is something new for us. It is, you know, we made an acquisition that we formalized in the second quarter in the South of Florida of a waste recovery plant. Thanks to that, we managed to secure an operation and maintenance contract that was new. This is two very important plants because they have over 1 million tons of capacity for waste processing. It is really very significant plants.
The combination between organic and inorganic activities resulted in very significant growth, two digits, 22%. The EBITDA increased quite, in a similar way, given the improvements in revenues, EUR 789.8 million, in line with our forecasts. The gross margin stayed at very similar levels, 16.7% without very significant differences with respect to the previous period. Let's talk about water, the water cycle, Aqualia. Here the turnover increased by 6.9%, EUR 1.7 billion. To be honest, water is a highly stable business, 100% predictable and with very satisfactory performance. When you know that we have two important areas, and the most important one is the so-called water cycle.
It's integrated, the integrated cycle for water management or water consumption, and to a lesser, to a lesser extent, technology and networks, which also gives us some competitive capacity to do with infrastructures. Both of them grew quite well. Technology and networks grew a little bit more because it is linked to projects or developments in different concessions, BOT or comprehensive concessions or integrated concessions. Technology and networks grew by almost 19%. Having said that, this figure changes every year, but geography by geography, Spain still contributes over half of the share, and revenues increased by 10.2%, 10.2% in Spain. Here Well, things have normalized, particularly after the drought we had last year in terms of consumption and in terms of the evolution of tariffs. Things are a lot more predictable now.
Also the work done in technology and networks experienced a significant growth. This led us to a double-digit revenue increase. In countries like Georgia and the Czech Republic, these are proprietary assets. Here, there's no concessional activity, and we grew by 8% to EUR 169 million. Here, there was a little bit of a foreign currency effect. The strength of the euro was, you know, played a very important role. You know, the evolution was highly positive and investments, we're still making investments in Georgia to improve our efficiency and to improve the way in which we invoice our customers. All of these things were highly positive. Now, the rest of Europe, we have activities in Portugal, in Italy, and also in France.
Our revenues increased by 1.4%, EUR 113 million. Here we must mention a lower level of activity in technology and networks. We should also mention that in the Portuguese market there was the effect of the drought all along 2025, which obviously we're clear that in 2026, this is not going to happen again, because I'm sure you're well aware that this year really started with a lot of rain from the month of January. In the Americas, you know that we are now focused on this Texas, and the turnover was also positive, 9.8% up to EUR 115 million revenues.
We have kept generating new contracts in our concessions of different districts in the American market. MDS, for example, which is the company that we use to carry out our operations. This has been accompanied by our activities in Colombia, where the evolution was also very good. The latter basically focused on the integrated cycle. In MENA, Northern Africa, well, in Northern Africa, we managed our BOT contracts without any meaningful events. There have been some changes in the tariff that, you know, those changes affected us negatively, and this is because of the strength of the EUR.
Also in the Persian Gulf, Saudi Arabia, Oman, Qatar, and the Arab Emirates, the activity has been highly stable with our combined contracts for our for advisory or, you know, we're still very positive in terms of the opportunities that await us in the future for new investments that we could make or requests from public customers. With this improvement of the revenues of 6.9% for water, EBITDA also grew EUR 450 million up. The only small difference in terms of margin and EBITDA is due to the heavier weight of technology and networks, which operates with margins that are lower than those of managing water cycle. That's why the final figure was 25% as compared with 25.4% last year. Construction.
Construction, which is basically developing various projects. Revenues increased by 3.4%, over EUR 3 billion more. It is true that although Spain is not the dominant market, it hasn't been the dominant market in terms of portfolio. Since these are shorter-lived contracts here, there was quite a significant contribution. We have kept contracting services, this allowed us to compensate for a fall resulting from the way in which our projects are closed abroad and in our industrial division. On the whole, Spain played a very important role in this advancement. The Spanish market, the Spanish construction market was 15% up in 2025.
If you look at the different locations we have, the different sites we have in the U.K., in the Netherlands, in Norway, in Romania, our revenues were quite stable, EUR 880 million, very similar to 2024, and we had a very important project in the U.K. for the sister company of FCC Co, which is now fully operational. This was partially compensated for with by projects that we had in the Netherlands or Norway that I mentioned before. The picture is very stable. Another market that was very important together with Spain was that of the Americas. The turnover was almost EUR 11 million, 4.9% up.
Here you can see the importance of some of the projects that we have in Canada and the United States, particularly in railways on the East Coast of the United States and in the area of metropolitan Toronto. Lastly, I don't want to forget MENA, which is also an area where We have had quite a significant presence for some time, and here there's been a fall because of the close of certain projects that we are very satisfied about, such as that in Saudi Arabia. The closing of these projects resulted in a 41% fall in this area. We closed at EUR 152 million.
As we already said in the events and contrast reports, you can see that we do have a significant presence and quite significant visibility in the Middle East for the future. The EBITDA here went down 49.9%, EUR 85.10 million. Of course, the gross margin was also influenced by this. It was not really within the range that we normally are. We closed at 2.8%, and this was due to the fact that in the last quarter, we had to provide for a series of projects and a series of things such as the end of certain projects. You know, we believe it is, you know, good to act preventively. A stitch in time saves nine, as they say.
This resulted in a fall in EBITDA and in the gross margin of our construction activity. Let's talk about concessions. Concessions closed at EUR 112 million. This was a significant advancement. Here you may have observed in previous quarters, especially in the third quarter, you know, the figure was lower. Now we are, you know, in a development phase. We are executing different projects, a lot of CapEx, especially in a railway concession in the north of Spain, in the region of Aragon, Itinerary eight. There were two other effects which are not negligible.
One of them was, we have taken full control, full management control of the Ibiza-San Antonio highway, and also, the evolution of traffic, both road traffic and tramway traffic in our concessions, well, has fluctuated throughout the year, IMD and passengers between 2.2% and 2.9%. All of this has been highly positive, and it has resulted in that 45.5% increase. Market by market for FCC concessions, well, even if we have huge external growth perspectives, the majority of the growth took place in Spain for the reasons I mentioned before. I want to mention that internationally, nowadays, revenues are still supported by our concession in Coatzacoalcos on the east coast of Mexico.
There's also that the fact that here there was a concession in Cemusa, Portugal, that was closed in 2024, and this led to a small fall. Not very important. It's not very important, but this explains this international fall that we've had internationally in concessions, but this is just a one-off effect that will have no impact on the future. EBITDA reached EUR 60.4 million, 10.8% up. More moderate than the increase in revenues, but here this shows the powerful evolution of the business. Of course, the gross margin of concession projects has a lower contribution, but even so, the activity, the growth is of two digits, which is really very significant.
I've reviewed the four areas we have in our business, which are the ones that contributes to the description of the P&L. I will now review the more financial aspects, the interpretation of all of this in more monetary terms. In terms of cash flow and exploitation, we reached EUR 1.2 billion. Here, I would like to mention the operational current capital, which contributed by over EUR 27 million, which is quite differential because last year in 2024, there was some consumption, which is not to be, which is not really strange. The greatest contributor was the construction area. You can see this in the information we have distributed. Other exploitation flows had also very significant effects.
This was because of the carve-out, which is really an element that distorts any comparisons we would like to make. This effect will disappear from next year. 2026, if you compare it with 2025, you know, it is quite noticeable, and it should be underscored. The investment cash flow, as I was saying, had a very significant investment activity. We invested a total of EUR 1.23 billion gross, and here we focus on environmental activities. The environment captured over EUR 900 million in investments, both the recovery plants in the United States and Florida and the reinforcement of the integration we made of our activities in the U.K. to combine it with our presence in processing plants.
The second investment was made in water, in EUR 205 million last year, but more homogeneously distributed into enlargement, man-maintenance, and renewal of our existing assets. Divestitures, well, we have made very few divestitures. We sold off assets in one of the businesses we have in Spain for waste recovery and resell our recyclable materials. We're basically cardboard. This was a EUR 40 million divestiture, which was the most significant one. Net investments exceed EUR 1.2 billion. The financing cash flow. Here, there was a combination both of the money we collected from the additional sale of a minority stake of the environmental parent company, EUR 1 billion, together with some other effects, such as the payment of interest and minorities. There was a net revenue of EUR 800 million.
Now, with respect to movements of financial liabilities, let me remind you that last year we refinanced the most of our debt of our water subsidiary, and we already informed you about this, and this explains the movements happening here. You know, this, in these three sections, well, the treasury had very good performance over an increase of over EUR 800 million. You know, the final figure was over EUR 2.2 billion. With this, our financial debt closed at EUR 5.3 billion without significant variations with respect to our positioning. The most important thing is that in net terms, given the cash position with which we closed the year, this was all very solid. Our financial leverage went down by 23%. Our net financial debt was EUR 2.3 billion.
The differential elements, apart from the good performance of the operational cash flow, I would like to mention the evolution of our working capital and the effect of the sale we made of our stake in FCC Enviro. That's about all I had to share with you. I just wanted to review the most important highlights of our 2025 financial year. I would just like to mention three elements which are extremely important for the medium and long term for the evolution of the group. First of all, our investment effort, which was really very significant given the size and the activity that the group is having. Number two, we have re-strengthened the financial position of the group.
We closed at EUR 2.3 billion with an EBITDA, which evolved to over EUR 1.4 billion. Lastly, our portfolio. It is essential for us. You know, we are a group that we basically work on the basis of projects and contracts. Having a visibility of over 11.4 growth year-on-year is really essential for us. We believe that it gives our company a very significant level of robustness. That's about all I had to share with you. Now we can open the floor for questions from you.
Thank you. First question: What is the level of one-offs and total provisions in the environmental division? Are these out of the cash operations? Because can you reach EUR 400 million in 2026?
I don't know whether the question is related to the level of provisions that we endowed in the environmental activity or not, or to the balance sheet in them. With respect to the balance sheet in the environment, we have two kinds of provisions: general provisions of the business and specific environmental provisions related to the different assets where we have an environmental import, like, you know, discharge centers, et cetera. As far as those provisions are concerned, we always try and calculate what our future payment obligations are. Although there may be years where there may be jumps, the fact that there's more applications than endowments, well, these applications are normally payments, right? There's quite a good balance between them.
Having said that, I mentioned that in 2025 we had to apply provisions, environmental provisions, for about EUR 90 million, which have been provided for throughout the year. Probably this year, there will be a higher volume of endowments. In general, endowments and applications are normally well-balanced mutually. In terms of the level of EBIT, as I was saying, the endowment we made of provisions that for the P&L can be seen in other operational results between EBITDA and EBIT had an impact in 2025. Of course, we expect a significant recovery in 2026. Taking into account the adjustment of that EUR 90 million, I think that it's quite feasible.
Next question. In the construction activities, what is the level of operational EBITDA adjustment for this quarter?
Sales, can they grow at two digits? The 5.7% margin of 2024, is it really sustainable? Is there going to be an improvement in working capital because of advancement of certain projects? Well, the level of operational one-offs of EBITDA for the first quarter, if you looked at the sequence of results in our construction activity until the third quarter, accumulated third quarter, we have followed a very stable tendency. Of course, it is true that in the fourth quarter, there was some situations in certain projects, certain international projects and several projects, and so we decided to make a few adjustments. What is the magnitude of those adjustments? Well, we don't normally comment on these things because these are projects that are underway, so it wouldn't benefit us to make comments.
Because these are not claims made by a specific customer or a specific supplier. This, there's no litigation or anything like that in that respect. It is projects underway, but we want to be prudent, and that is why we made those provisions. Is there going to be any cash outlays as a result of that? Well, as you know, provisions are part of a continuous game. You make an endowment and then it may be applied or not. They are endowed at the level of EBITDA, and they're applied at the level of the cash flow. We try and use as few provisions, a few of the provisions we make as possible.
For us, and to connect with your question as regards the 5% margin of 2024, well, in a project-based activity like construction and like water or the environment, it is very difficult to say We are going to be able to keep those levels stable. Our recurrent stable margin in an average cycle normally stands at 5% above. Yes, we think we can go back to that. Obviously, when you look at this in detail, there are effects that may go in one direction or another. Now, with respect to what you're asking about the working capital, Part of the contribution, in spite of the growth in revenues, part of the contribution of construction to the working capital have been some prepayments.
Whenever we can, we work with a positive cash flow in our projects, so as not to resort to financing. This is what happens. Of course, we will be applying that working capital in the future as we develop the different projects. Is this going to happen again in 2026? We'll have to wait and see. It is very good news for 2025, but when you're growing your business, such, you know, it is not easy to always have working capital that is positive. That is a very difficult thing. Having said that, and to answer the last of your questions, you said, "Can your sales grow by two digits?" If revenues are going to grow by two digits, the construction portfolio had a very good performance.
These are phased projects. These are important projects such as the ones we have in the United States and in Canada. Although they have pushed our projects portfolio up to... I think that in 2025, we started at EUR 6.5 billion, and we finished at EUR 9.5 billion. The maturation period is longer, so this allows us to distribute the execution risk and do it chapter by chapter or phase by phase. To answer your question, is it going to be... There will be a growth in construction sales in 2026, but the growth will be more moderate. We will have a lot more visibility than we had at the end of 2024. The growth will be more moderate.
The revenues are not going to grow at that 50% level as the portfolio grew. Next question. What projection of dividends can you give by, as you lower your debt? Well, you know that we don't give any guidance in terms of dividends. We have this Flexible dividend. In last financial year, it was 0.5. It is set by the board of directors before the general shareholders meeting. It's not that by having lowered the debt, we are went to be able to pay a higher dividend, because we always try and we always want to emphasize growth provided that it is profitable and safe. We believe we do have a potential, but, you know, those things are not really directly connected.
For example, last year we finished, we ended at EUR 2.3 billion of net financial debt. Just with EBITDA and the element impacting it, we stand at EUR 1.4 billion. It's less than 2x Debt/EBITDA. A significant part of our activities are utilities or proxy utilities. The financial strength of the group, not in 2025, but from much earlier, has been absolute. I would answer that those things are not directly interrelated. The profitability, you know, the ratio, the profitability-dividend ratio, I believe is highly satisfactory nonetheless.
Next question. Were additional provisions made in FCC Environment in the fourth quarter?
No. Not that I can think of. The ones I mentioned, that, practically, let me go back to it.
I think I said at the beginning, EUR 96 million. There could have been some adjustment. In the first half, we informed, we reported EUR 89.2. There were small variations, but because of the provisions I mentioned to do with some assets where the value had to be adjusted and some projects related with some risks we had under this discussion. There were no, in the fourth quarter, there were no differential provisions. Next question. Could you quantify the impact of one-off adjustments in construction during the fourth quarter of 2024, both in sales and EBITDA? Have these adjustments resulted in outlays or will such outlays materialize in the next few quarters? What do you expect, how do you expect the working capital to perform this year?
Well, this, let me go back to the answer I gave to your colleague with respect to the provisions in the construction area. A part of the impact on the EBIT in the fourth quarter resulted from the adjustments we made in some projects, and in some cases, we just readjusted or recalculated the forecast in terms of the completion of the works. Things, we'll see how it goes. All of this is very much alive. None of these things respond to any payments that have to be made to any particular person. It's just. There's no, there's no differential cash flow. There's no difference with respect to the performance of any other project. It's not due to any litigation or anything. There's nothing special to mention about the outflows.
Now, in terms of the working capital, I already mentioned that the working capital is a highly is a very much alive variable which responds to payments and collections. Until the year is, doesn't close, it's very difficult to say. We would love to also have a positive workflow evolution in 2026. You know, we normally. We normally work with positive working capitals, and this is only logical because we are very strict about the payment and collection conditions. We are normally stricter than our own customers, but we do our best in this respect now. You know, if we still keep increasing our revenues, it is going to be difficult to keep such a positive working capital profile as we have kept.
What is the net like-for-like result adjusted by the different one-offs of the year? I would say that we don't have a calculation for that, because in a group such as ours, you can agree on a series of adjustments that we can make. I think that you have all the documents. You can use the adjustments you prefer. I mentioned the four blocks which we believe are most significant to understand the full picture. If I had to make an adjustment, I would look at the evolution in revenues, because the evolution of operational margins with the different things I mentioned for the different areas didn't undergo any variations. That would come very close to the variation of a net profit, a comparable net profit of the consolidated group.
It would come very close to the high figure in terms of the evolution of our P&L. There's no further questions. Okay, thank you very much again for joining. As you know, I'm sure you will be able to peruse our annual accounts in detail. You know that we are always available on the usual channels. Thank you very much and have a good day.