ACS shares dip as Dragados underperforms despite Hochtief strength

Published 14/11/2025, 10:56
© Reuters.

Investing.com -- ACS shares fell 2% on Friday in anticipation of the company’s data center investor day and after recent quarterly results.

While Hochtief, ACS’s subsidiary, had reported moderate top and bottom-line outperformance a week ago, the Dragados division posted below-consensus operating results in the third quarter.

Despite the mixed divisional performance, ACS delivered strong net operating cash flow in the quarter, supported by significant Q3 EBITDA, lower seasonal pre-factoring working capital erosion compared to last year, and meaningful factoring support.

A key highlight from the quarterly results was ACS’s upgraded guidance, reflecting Hochtief’s increased outlook for fiscal year 2025. The German contractor now targets operational net profit growth of 20% to 25%, up from the previous 9% to 17% range. ACS has matched this upgrade for its own ordinary net profit growth guidance.

The company reported new orders increased by 9% year-over-year during the first nine months of 2025, while the orderbook at the end of September stood 3% higher than the same period last year.

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