Fomento de Construcciones y Contratas SA

F:FCC

Revenue Growth: Group revenues grew by 13.9% to over EUR 5 billion, with double-digit increases across all business areas.

EBITDA Performance: EBITDA rose 15.4% to EUR 940 million, reflecting strong operational results and successful cost management despite higher energy prices.

Margin Pressure: Operational margin decreased to 17% from 17.7% last year, mostly due to energy costs, especially in the Cement division.

Debt and Refinancing: Net financial debt stands at EUR 3.5 billion, up 10% from last December, but the company faces no major refinancing needs in the next 12 months except a EUR 600 million bond maturing December 2023.

Inflation Protection: Most contracts in key business areas (Environment, Water, Real Estate) are well protected against inflation, with price indexation and long-term arrangements.

Business Area Highlights: Environment, Water, and Real Estate together account for 83% of EBITDA, each showing strong growth and profitability.