The FCC Group recorded revenue of €7,051.5 million in the first nine months of the year, up 7.7% year on year. This result was driven by a balanced combination of acquisitions made by the Environment division in the United Kingdom, the United States and France during 2024, as well as by organic growth across all business areas. The Concessions division outperformed, posting growth of 38%, fuelled by the start-up of new contracts, followed by the Water division, which also recorded significant growth across its various lines of activity.

The income statement also benefited from the positive performance in terms of EBITDA, which climbed to €1,058.6 million, up 7.5% from the previous year, mainly supported by higher revenue. EBITDA, at 15%, remained at a similar level to that recorded in the same period of 2024.

Looking at the EBITDA performance by business area, the Environment division outperformed, reaching €546.1 million, up 11% on the same period in 2024, followed by the Concessions division, which reported EBITDA of €44.6 million, up 8.3% year on year.

In the same period, profit attributable to the parent company dropped to €156.9 million, compared with €429 million in the previous year (-63.4%). The difference between the two periods is due to the spin-off of the Cement and Real Estate divisions carried out in November 2024, which contributed €148.5 million to attributable profit up to September last year, compared with no contribution in the current period. The other factors behind this change include the strength of the euro against various other currencies, the accounting effect of provisions recognised in certain activities, and a number of investment adjustments in waste treatment assets.

On 30 September, consolidated net financial debt stood at €3,520.4 million, up 17.7% on the same period in the previous year, mainly due to investments totalling €857.7 million.  

The FCC Group’s revenue backlog grew substantially during the period, reaching a total of €49,720 million at the end of September, up 7.3% from the end of the previous year. This growth was spearheaded by the Construction division, largely supported by the international award of major infrastructure contracts. On 19 June, an agreement was signed with Cívica, Ibisan’s partner holding the remaining 50% of its capital, under which FCC Concessions took control of and began fully consolidating the concession.

Milestones

Environment

• On 15 July, the subsidiary company, which operates the US platform, strengthened its presence with the acquisition of Wheelabrator South Broward Inc., owner of the South Broward waste energy recovery plant (Fort Lauderdale, Florida). The acquisition value was $285 million. This addition will act as a platform to consolidate the company's entry into the Treatment business in Florida, as well as to develop synergies with the waste collection operations already underway in its extensive area of influence. 
• Additionally, last September, a contract was signed to purchase Cumbria Waste Group in the United Kingdom, a company that carries out various waste collection and recycling operations in the Cumbria region for municipal and commercial clients. Its location will allow us to leverage synergies with both current activities in the region and those currently underway, in Waste Treatment and EfW. The transaction was completed on 15 October, 2025, with the payment of £76 million.
• On 30 September, the municipality of Granada signed a new street cleaning and waste collection contract, which will now be managed by FCC Medio Ambiente for the first time. It has a value of €740 million and will run for 15 years. This is consolidated after the end of various appeals and the extension affecting its management since 2020. Among miscellaneous contracts of lesser relevance, we should note the award by Montcada i Reixac municipality of the new waste collection & transport and street cleaning contract for eight years and a portfolio of 41 million euros.
• As regards to new Treatment contracts, the contract for selective waste collection and management & operation of the El Culebrete waste treatment plant and landfill (Mancomunidad de la Ribera, Navarre, Spain) was renewed, with a portfolio of 71.3 million euros for 10 years and coverage for 19 municipalities (92,500 inhabitants).
• FCC Enviro is positioned as the flagship mark for the area, FCC Servicios Medio Ambiente Holding S.A. Following recent acquisitions and entry into new markets, the company has adopted a global name that is easily recognisable worldwide and with which all stakeholders can identify. FCC Enviro is an easy-to-understand name, closely linked to environmental activities, while establishing a connection with the various brands of the four geographic platforms, which remain unchanged (FCC Medio Ambiente, FCC Environment, FCC Environmental Services, FCC Environnement, etc.).

Water

• During the second quarter of the year, an inaugural contract was entered into in Peru, covering the design, funding, construction, operation and maintenance of a wastewater treatment system in Chincha. The €78 million project is expected to serve 345,000 residents directly. 
• Last September, Aqualia renewed its contract for the operation and maintenance of the Abu Rawash wastewater treatment plant (WWTP) in Cairo, Egypt, for a period of four years, until September 2029.
• As for acquisitions, Aqualia Latinoamérica signed a purchase agreement last August for all assets related to the provision of water, sewage and sanitation services in Villa Olímpica (northern part of the municipality of Galapa, Colombia). This means adding €91.4 million in income portfolio, with a concession term of 50 years.

Construction

• In August, the Connect Plus Partners consortium, a joint venture between FCC Construcción and Halmar International, won the contract for the design and construction of phase 2 of the Second Avenue Subway in New York City, valued at over €1,500 million (€881 million corresponding to FCC Construcción), with the contract starting in September.
• Also in September, in Mexico, the consortium comprised of FCC Construcción and CICSA was awarded the construction (50/50) and design contract for 111 kilometres of the Tren del Norte, on the Saltillo to Santa Catarina stretch. The project has a budget of over €1,470 million and a 31-month execution period (this work has not yet been included in the portfolio at the end of this period).
• In August, the contract for the first phase of construction of the Qiddya stadium in Saudi Arabia was awarded (with a 55% stake for FCC Construcción and a 45% stake for Nesma Holding Co.). With the completion of the "early phase", the first stage of the Design and Construction contract begins, amounting to more than €380 million.
• Additionally, in this third quarter, the North End Connectors consortium, where FCC Construcción holds a 33.3% stake, has been granted financing from Infrastructure Ontario and Metrolinx for the Yonge North Subway Extension Advance Tunnel project in Ontario. The design, construction and financing contract is valued at $1,400 million, of which €477 million correspond to FCC Construcción. It includes the design and construction of a 6.3-kilometre tunnel, as well as a section of the existing rail corridor. The scope of works also includes the supply of tunnel boring machines, the installation of tunnel linings and ancillary activities. Once the design development phase is complete, construction is expected to begin in the fourth quarter of 2026 and be completed by 2030. 

Concessions

• The increase in user traffic on tram concessions through September was up between 1.6% and 5.5% YoY. More than 32 million passengers used the lines in operation in Murcia, Parla and Zaragoza. Meanwhile, traffic levels (IMD) on the collection of road concessions grew by 1% to 3% during the first nine months of the year.
• Between April and May, the final two sections of the A465 motorway between the towns of Hirwaun and Dowlais in Wales (co-managed by FCC Concesiones, with a 42.5% stake) came into operation, joining the three that started operating at the beginning of the year. This milestone marks the completion of the contract's construction phase, which began in October 2020.
• On 19 June, an agreement was signed with Cívica, Ibisan's partner that holds the remaining 50% of the capital, whereby FCC Concesiones takes global control and consolidates concession.