FCC Group's consolidated net turnover for the first half of the year reached €4,556.9 million, representing a 7.6% increase over the same period last year. This is largely due to increased activity in the Environment area following the acquisitions in the United Kingdom, France and the United States in the first half of last year, as well as in Water, with greater contributions from both end-to-end cycle activity and infrastructure operation and development. In relative terms, the greatest increase was in the Concessions area, which experienced significant growth at 45.1% as a result of the addition of new assets.

Gross earnings (EBITDA) increased by 11.3% to €675.3 million, driven primarily by increased revenue and a higher margin from the Environment area's waste treatment business. The sales margin was 14.8%, which compares favourably with the margin achieved during the same period last year.

The profit attributed to the parent company fell by 71% to €80.7 million during the first half of the year, due to three extraordinary non-recurring events that explain the favourable operating performance: the financial spin-off of the Cement and Real Estate area, the exchange rate, and the accounting effect of provisions recorded in certain activities.

Consolidated net financial debt at the end of the first half of the year stood at €3,199.9 million, representing a 7% increase compared to December 2024, due to the seasonal expansion of working capital during this period.

The revenue portfolio at the end of the first half of the year increased to €44,235.1 million, representing an increase of 2.8% compared to the end of the same period last year. Of particular notice is the revenue portfolio from the Construction area, which grew by 19.6% at the end of this period, reaching €7,619.2 million, with a substantial 25% growth in the international area, driven mainly by the award of a new phase of the Scarborough project in Canada. 

Milestones

FCC Medio Ambiente increases its presence in the US and Europe

During the first six months of the year, new contracts and roll-overs were signed in Spain. The key contracts supporting the area's organic growth are detailed below: 

• Cleaning services and rubbish collection in Granada; awarded in July, the contract will run for 15 years, generating revenue of approximately €700 million. 
• Rollover of the contract for the city of L’Hospitalet de Llobregat, which includes the management of clean points and sewerage maintenance, with a portfolio worth close to €400 million over the next 10 years. 
• Street cleaning, municipal waste collection and transport, and the management of clean points in El Puerto de Santa María (Cadiz), worth €169 million.
• Municipal waste collection, and street and beach cleaning for the Motri ecopark (Granada), running for 12 years and worth €123 million.
• Street cleaning for the city of Pamplona, running for eight years and with a portfolio of €100 million.
• Cleaning contract running the next eight years for the 27 municipalities of the Mancomunitat Penedès-Garraf (Barcelona), amounting to €90 million.

In the USA: 

• Roll-over of two of the earliest contracts secured in this market over the past ten years. Firstly, it renewed the existing project in Houston (Texas), for the management of biowaste from the city's wastewater treatment system, for $50 million and a five-year term. Meanwhile, Orange County (Florida) extended its municipal waste contract covering Zones 4 and 5, securing a seven-year agreement amounting to $170 million.
• The company secured a second agreement in Minnesota, this time to manage operations at the South Minneapolis facility for municipal solid waste transfer. The service will run for five years, with an associated portfolio worth €7.1 million.
• In the United Kingdom, the Company was awarded its first planning permission for a renewable power initiative stemming from the partnership between FCC Environment UK and Downing Renewable Developments. The partnership aims to roll out a substantial range of installations that repurpose closed landfills by giving them a renewed environmental utility. The project in question is the energy storage park near Rowley Regis (West Midlands), featuring a mixed battery storage system with a capacity of up to 100 MW, capable of storing sufficient energy to power up to 300,000 homes during specific time intervals.

FCC Aqualia expands its international activity and consolidates its leadership position in Spain

During the second quarter of the year, the Water division entered the Peruvian market with its inaugural contract, covering the design, funding, construction, operation, and maintenance of a wastewater treatment system in Chincha. The €92 million project is expected to serve 345,000 residents directly. 

In Spain, highlights in the period included the award, by Llagosta Municipal Council (Barcelona), of a contract for the supply of drinking water to the municipality for a term of 25 years, representing €39 million in revenue. Notable among the roll-overs and extensions is the service management agreement for the water supply and sanitation concession in the El Girasol Community (Cuenca, Spain), which adds a further four years to the contract and contributes an additional €23 million to portfolio. 

FCC Aqualia rolls overs more than 50% of its outstanding debt with 100% green-rated financing

In June, the Water division’s parent company finalised the refinancing of a sizeable portion of the company’s outstanding debt, employing various financial instruments to refinance a total of €1,250 million.

The operation involved two financing mechanisms, the first of which was the issuance of a €500 million green bond with a seven-year maturity and which received investment-grade ratings from both Fitch and S&P. Secondly, the company DNV backed the issue with a ”Second Party Opinion” in recognition of its environmental merit. Several institutional investors, including the European Investment Bank (EIB) and the Spanish Official Credit Institute (ICO), took part in the financing. Additionally, five separate five-year bilateral green loans were arranged with various parties, totalling €750 million. 

Aqualia used the proceeds to effect the early repayment—by one year—of the €1.1 billion syndicated green loan it had taken out in 2022, thus improving its financial stability, liquidity, and overall capital position.

FCC Construcción bolstered its portfolio in Spain and achieved significant growth in Canada 

In Spain, FCC Construcción is taking part in a consortium to extend Line 5 of the Madrid Metro to reach the city’s international airport, with a contract worth more than €180 million and with the work due to take 36 months to complete. Similarly, in May a consortium featuring several companies from the industry secured one of the year’s most significant rail infrastructure contracts, involving the initial segment of the high-speed rail link between Castile and León and the Basque Country. The project spans 8.4 kilometres and is worth more than €390 million.

In the construction segment, a key highlight was the contract for the completion of the Nou Mestalla stadium in Valencia, one of Spain’s flagship sporting venues.  Meanwhile, the area’s industrial division, heading up a consortium, has been tasked with building the infrastructure for the Volkswagen Group’s electric vehicle battery plant in Sagunto (Valencia). The contract covers the medium- and low-voltage lines for battery production, along with a range of other conventional electromechanical installations, and the supply and assembly of auxiliary premises for all the contractors. The value of the contract exceeds €90 million.

In Canada, highlights included the consortium headed up by FCC Construcción with a 50% stake, which began the development phase of the Scarborough Transit Connect project in Toronto, after successfully completing the definition phase. Awarded in 2022, this contract extends the Bloor-Danforth segment of Toronto’s Line 2 underground network by roughly eight kilometres. As of the end of the first half of the year, it added a total of €1,816 million to the portfolio.

FCC Concesiones unveils its first full road concession in the United Kingdom

On 30 May, five segments of the A465 main road—linking the towns of Hirwaun and Dowlais in Wales—were officially opened to traffic under the Future Valleys initiative, a project in which FCC Concesiones holds a 42.5% share of the jointly managed concession).