GCS increases its Net Profit by 15% to €950 million
- Sales reached €49,848 million, up 19.7%
- EBITDA grew by 25%, to €3,070 million
- Ordinary net profit increased 25,3% to €857 million
- Backlog reached €92,858 million, up 14.6% FX-adjusted
- The Group has invested €1.723 million, including the development of data centers and the acquisition of Dornan, bringing net cash to €17 million
GCS achieved an attributable net profit of €950 million in the year, an increase of 14.8% compared to the same period last year, or 23.2% adjusted for exchange rate effects. Earnings per share (EPS) grew by 14.2%, to €3.69.
The Group’s ordinary net profit, which excludes extraordinary results in both periods, increased by 25%, exceeding €857 million, supported by the solid performance of Turner.
The Group’s EBITDA reached €3,070 million, 25% higher than in 2024 (32% when adjusted for exchange rate effects). Turner's strong growth stands out, with an uplift in its operating margins.
Meanwhile, EBIT stood at €2,100 million, representing an increase of 32.1% year-onyear (39.4% adjusted for exchange rate effects).
International Diversification
GCS’s sales in the year reached €49,848 million, 19.7% higher year-on-year, driven by the solid performance across all business activities.
At the end of 2025, the backlog stood at €92,858 million, representing a year-on-year growth of +5.3% (+14.6% adjusted for exchange rate effects). This growth reflects the increase in the volume of new awards recorded during the year, which exceeded €62.500 million, up 26,9% adjusted for exchange rate effects, driven mainly by new-generation infrastructure markets, with a particular emphasis on the construction of data centers.
Results by Areas of Activity
- Integrated Solutions
Turner
Turner recorded strong sales growth (+34%) driven by solid organic performance (+28%), primarily in the data center, healthcare, sports and education sectors, as well as the contribution of Dornan Engineering, the Irish electromechanical engineering firm acquired by the Group at the end of 2024.
Profit before tax increased by 62% year-on-year, exceeding 917 million, with a continued improvement of margin to 3.6% by the company’s specialization in advanced technology projects.
In addition, new awards grew by 37.8%, boosting the order backlog to 37,699 million.
CIMIC
CIMIC’s sales increased by 4.2% reaching €10,637 million, supported by strong performance in strategic growth sectors.
Ordinary profit before tax rose by 5.2% compared to 2024, after adjusting both years for non-recurring capital gains from transactions, net of provisions, reaching €473 million.
Order backlog exceeded €21.800 million, supported by strong new orders of €12,711 (+5.6% on a comparable basis), thanks to growth across all segments, particularly data centers, defense. - Engineering and Construction
Sales in the Engineering and Construction division, which includes Hochtief E&C, Dragados, and FlatironDragados, increased by 11.6%, driven by strong activity in high-growth segments, particularly data centers and high-speed transport.
EBITDA grew by 22.5%, reaching €626 million, and Profit before tax rose by 29.3%, to €248 million.
Meanwhile, the backlog increased by 10.0% adjusted for exchange rate effects. In this regard, the sectors that grew the most were sustainable mobility and transport, as well as infrastructure and defense, where the Group is in a solid position in the United States, Spain and Germany. - Infrastructure
The Infrastructure division, which includes Abertis and Iridium, contributed €158 million to the Group’s ordinary profit.
It is worth noting the solid growth in sales of Iridium, up by 45%, due to the additional contribution of the A13, the financial closure of the SR-400 and positive developments in all segments.
For its part, Abertis showed solid operating performance, with traffic growth of 2,1% supported by strong performance in Spain, France and Chile.
Abertis’ sales and EBITDA grew 4% and 6% respectively on a comparable basis, underpinned by the geographical diversification of its portfolio and inflation-linked toll structures.
Financial Position
GCS finished the year with a net cash position of 17 million, an improvement of €719 million vs December 2024, despite significant investments in strategic capital allocations and the devaluation of the dollar.
This positive performance is due to strong net operating cash flow of €2.212 million, which has enabled the Group to maintain an attractive shareholder remuneration (€448 million in cash) and make strategic investments worth €1.723 billion.
These include:
- €564 allocated to the development of the data centre platform, where BlackRock GIP has been brought on board as a strategic partner
- The €436 million acquisition of Dornan, an European engineering company specializing in the construction of data centers and technologically advanced
infrastructure - The €200 million capital increase in Abertis to support its investment plan