Fomento de Construcciones y Contratas, S.A. (BME:FCC)
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Nov 10, 2026, 5:35 PM CET
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Earnings Call: Q3 2026

Oct 29, 2026

Summary

Revenue through September 30 rose 13.5%, led by construction growth of 27.4%. Attributable earnings reached €130 million, including a favorable €40 million FX accounting effect; EBITDA was €1.1 billion and financial debt €2.8 billion.

Miguel Martínez Parra
CFO, FCC

Mr. Coronel, I am going to be presenting the main highlights of this period's results. We have already sent the information to the Spanish CNMV. If you have been able to browse through our results, while the figures are recurrent and across all the different business areas, I would like to highlight the construction area, where growth has been double digit. We have kept up this trend related to the expansion in the revenues contracted at the end of last year. It is also important to mention that other business areas have also made significant progress. I would like to mention the water treatment area, and this is something we already saw in previous periods, particularly related with its international activities, particularly not just resources managed through concessions, but also because we are the owners of most of the integrated water cycle.

Having said this, let me go through the main figures of our P&L for this period until the 30th of September. The turnover advanced a double digit, 13.5% up. Growth, I already mentioned it, is still harmonious across all our activities. Construction recorded 27.4%, accelerating a little bit with respect to previous periods. Environment, 8.1% up. Although there is some inorganic growth because of the effect of some of the acquisitions we made in the previous year, there is also a significant organic growth. Water treatment, 3.5%, and I will explain later why this growth has been smaller. In terms of the fourth area, concessions, the growth has also been quite stable, particularly to do with the traffic of final users or end users. Here we should also mention the activity of building assets so that they can be exploited as concessions.

Now, in terms of different geographies, for the last two years, we have been having figures of about 50% for Spain. There has been some expansion of international platforms as well, which were 14.8% up. Growth has been robust in the Spanish market with this contribution of 50%, with a growth of around 11%. The performance has been quite harmonious all round. The EBITDA for this period was EUR 1.1 billion. It is linked to the different activities that have had a higher or a lower growth at the level of revenues. Our operational margin grew by 14.4% as compared with 15% of the previous year. This fall is basically related to the differential contribution of different activities. As you know, the construction unit has a lower margin than other businesses, so it is only logical that it should generate a lower margin.

In any case, things have stayed stable across the board. I would also like to mention that the activity mixes of the different areas allow for a slightly greater operational margin, and there is also a contribution of the additive efficiency that we have been accumulating across all our activities. With all this, the attributable or the earnings grew significantly by 46%, to EUR 130 million. In addition to what I said about the double-digit growth of EBITDA, which is quite constant with respect to previous periods, we should also mention an accounting effect or a book effect, which has had an impact on the attributable profit, and this had to do with FX, the effect of the foreign exchange. In the previous period, those effects were negative, but this year they were positive by EUR 40 million. Last year, they were negative by EUR 60 million.

This effect has only got an influence upon our accounting books, but it is still significant. This growth of the attributable profits contains an increase of an additional percentage to do with the earnings corresponding to minority shareholders of the group. In this case, this is the additional part we sold off of FCC Enviro in December last year. We sold it to a minority shareholder, CPP Investments. To conclude this section of the most significant variables of the group at a consolidated level, the financial position stayed quite stable at the end of the period. At 30th of September, the financial debt stood at EUR 2.8 billion. That was its closing position. Basically, I would say in a summarized manner that this is explained by several factors.

First of all, the seasonal expansion of our working capital, which tends to perform in a variable manner and which normally contracts at the end of every financial year. There haven't been significant inorganic acquisitions. Those who know us know that this is normally the case with us. The net assets also increased significantly to nearly EUR 5 billion at a consolidated level with respect to the debt we mentioned. Revenues, I would say that with this growth close to that of our revenues, well, this allows us to provide significant stability levels to our results. We still have, and the environment is still showing very promising strength. In terms of the different business units, let's talk about the environment. In environment, the revenues went up by 8.1%, reaching EUR 3.7 billion.

We still have a good evolution in terms of our organic contracting activities, and new contracts have been signed. I would like to mention, given their relative size, the Atlantic platform, where I would mention the case of Spain, together with the acquisitions I mentioned previously that we carried out, which also supported this aid increase of 8.1%. These were acquisitions in the U.K. and in the United States of America. If we talk about the different platforms, Spain is still the market that is the most significant market in terms of contribution. There was an increase of 4.2%, and here there's a combination of growth in waste collection, street cleaning, and treatment contracts like the one in Granada or Las Palmas, made a significant contribution. The processing plants also increased their development and their performance.

In the case of the U.K., which is our second market in terms of contribution for FCC, Ovior and Veolia, the increase was 12.1%. Here, there was a contribution coming from the group devoted to collection and treatment. This is a group we acquired in the region of Cumbria, and the activity has been sustained over the period in terms of recovery and treatment, and this has compensated for the lower levels of activity that we recorded in our landfill business. In the case of landfill, the hiccup was managed, was really resolved. The value of the sterling remained quite stable. In Central Europe, as you know, apart from Austria, we have six or seven countries. We reached an increase of over EUR 500 million in turnover, and this increase has been quite harmonious across the different countries in the region.

We recorded an evolution that was quite mild in terms of raw materials. In the Czech Republic, the Czech koruna performed quite well. But in the case of constant currencies, the growth was 6.1%, as I mentioned. In the United States platform, EUR 416 million up. Here we have two contracts in the United States that contributed quite a lot. Both of them have to do with recovery. One of them was a direct contract, and this is a maintenance plant in Pinellas, and there's another one in South Broward, which is related to an acquisition we made halfway through last year. There was also good performance in the activity of waste collection, and this compensated for the lower contribution from the recycling business, which was slightly less favorable over the period.

In the case of other minor markets, for example, the platform we have in the Atlantic platform, Western Europe, France and Portugal, performance was even more positive than the one in Spain with 11.2% increase. Here, we are growing little by little. Although the base is a lot smaller, the evolution has been very positive, particularly in France. As you can see, the performance across all our platforms has been similar without inorganic contributions in 2026, and the EBITDA increased by 9.7%, slightly above sales, around EUR 600 million. The gross margin also increased because of the mix and the contributions from the recovery of waste activities. Water cycle. Our integrated water cycle business in Aqualia. Here, the turnover increased by 3.5%.

We recorded a growth in our main activity, which, as you know, 80% of our revenues comes from integrated water cycle, partly based on concessions and partly based on proprietary assets. This 3.5% includes a reduction coming from previous quarters related with our technology and networks activity, which is basically work we do for our assets, concessional or proprietary, such as the emergency work we need to do for our customers. Here, there was a reduction. It was a planned reduction, and that is why the revenues went down a little. But this, of course, helps us increase our margin because the business has a very significant contribution. In the Spanish domestic market, which is contributing less and less in terms of its relative weight, revenues increased by 5.1%, by over EUR 800 million.

We still applied our markups across all our concessional frameworks, so this reflects a robust growth in consumption in different business. The activities related with technology and networks went down a little. In Central and Eastern Europe, I would like to mention the Czech Republic and Georgia, there was an increase of 2.4%. Rates also increased, and consumption also increased. Here what we've had is a slight slump because of the performance of the Georgian lari, which mitigated our growth a little. In the case of other Western European markets, Portugal, France, and Italy, we recorded a growth of 2.7%, EUR 90 million up. As I mentioned, in Veolia here, there was a slow but steady growth, organic growth in the French market. The activity has been in line with our forecasts.

In the Americas in general, what we have seen is a higher activity in the U.S., particularly in our platform in Texas. We have a pseudo-concession based business there, where we render integrated water cycle services. Here, yes, there was some more activity in technology and networks. This is an exception because we contracted more water production services to make sure that we had enough water for consumers. In the case of Mexico and Colombia, there was a higher contribution in Colombia, where we also have a proprietary and concession-based business, and we also develop water infrastructures in Mexico. Then there is the MENA area, Middle East and North Africa. Here there was a 6.2% slump because of a lower activity in technology and networks, which is where this activity has a lower relative weight. Then we had a contract for infrastructure maintenance that came to an end.

But all in all, in Aqualia, the EBITDA grew by 5.2%, EUR 337 million up, and the balance structurally stood at 22.4%, and last year it was 23.3%. So the water business is really well-aligned with our forecasts. Let us turn to construction now. Well, as you know, construction is providing us with double-digit growth rates because of a strong increase in its revenues. It is still going very well. EUR 2.7 billion in revenues, 27.4% up. Here there is a combination of several contributing factors. First of all, we have railway projects, which are extremely important, and also other types of infrastructure, in this case, sports infrastructures. In the case of Spain, this is quite important. There is really a mixed assortment of things. Spain accounts for less than 50% of the revenues, but it has increased its contribution a lot, 31.1% up in revenues.

Here there are both contracts for buildings for sports use, and I want to mention this, and also projects that are still important from comparing 2026 to 2025 for energy, particularly to reinforce the energy capabilities of the country. In other European countries, we are present in several European Union countries, such as the Netherlands, the U.K., Romania. There was a reduction of 7.9%. Here we have grouped them all together. This has to do with the completion of certain contracts or a lower contribution, such as in the case of the bridges and the motorways we are developing in Norway and in the Netherlands, respectively. In the Americas, the growth has been even more significant, not just in revenues, but also in the portfolio. Revenues increased by 52%.

Here I should mention the works that we contracted last year in the area of Southern Canada and the East and the Northeast of the U.S., and you can see that they are gaining significant momentum. We are very selective in our construction activity, but this contributed over 40%, and the final figure is of almost EUR 10 billion. In the MENA region, which includes our presence in Australia, in the construction industry, we also had significant growth. Of course, the base is quite small, but it doubled its revenues, and here we should mention the commissioning of a very significant project in Saudi Arabia. It is a stadium. What can I say about the EBITDA?

Well, it reached EUR 142.4 million, 17.6%, that was the EBITDA, and 5.2% of margins over revenues, which is slightly lower than in the previous year, but as I said in previous quarters, it is well-aligned with our work plan that we check regularly for the different periods. The last business unit of the group would be concessions, FCC Concessions. The turnover was EUR 81 million, and here there was a slight drop of 0.5%, essentially because of two factors. First of all, there was a higher concession-based activity, but lower contribution from the development of one of the concessions that is already under exploitation, and it is also being expanded. This is in the region of Aragon. It is called Itinerario 8. So the higher contribution in the traffic of road and tramway passengers has been limited because of this issue.

As you know, geography by geography, the majority of our concessions that contribute to our turnover are in Spain. They account for most of it, up to 95%, EUR 77.4 million. I just want to mention that we have a higher contribution apart from concessions and revenues from the exploitation of Itinerary 8 in Aragon, and there is also the overall contribution of a motorway in Ibiza, in the Balearic Islands, which was commissioned last year. We also have a motorway in Mexico, in Veracruz, from Veracruz to Tecolutla, where revenues increased by 2.9%. The EBITDA for this concessions area increased by 7.9%. The most significant highlight was the increase in the gross margin because of the variable weighting of the revenues in the top line was higher than the same period in the previous year.

There was an increase of 400 basis points because of a heavier weight of concessional businesses proper. I do not want to mention anything else. I already mentioned how our evolution has been quite recurrent. The results, although as you know, we provide summarized information for this odd quarter, but I would just like to say that there have not been, apart from the foreign exchange differences, in the bottom line, we have not had any elements that may distort our overall performance. I think that this is all I wanted to share with you. The evolution has been quite stable, in line with our forecasts, and that is about all. Thank you very much for your attention. Now we are going to turn to your questions. There are no questions. There are no questions.

Okay, if there are no questions for now, you can browse the information we have submitted at your leisure. Even if you do not have any questions now, you can always get in touch with us should you have any questions in the future. Thank you very much, and have a good day.