FCC Group's turnover stood at €9,700.1 million at the end of 2025, up by 6.9% YoY. This growth is due to the balanced contribution of acquisitions in the UK, USA and France in the Environment Area, as well as organic growth in all the Group's business areas, namely Concessions – which grew by 45.5%, driven by the initial operation of new contracts and the increase in traffic – followed by the Water business, with progress in its lines of activity.

EBITDA was €1,419.1 million in the year, which represents a slight decrease of 1.1% compared to the previous year. This change is primarily explained by the adjustment made in the Construction Area during the last quarter, resulting from the development of international projects, their revenue performance depending on their progress and the revised estimated costs to complete them.

The profit attributable to the parent company has decreased by 62%, to €164.4 million in the business year, compared to €432.1 million in the previous year. This was the result of some extraordinary factors, such as the financial spin-off of the Cement and Real Estate areas in November 2024; exchange rate differences; the allocation of provisions in certain activities; and investment adjustments in waste treatment assets in the Environment Area, in the United Kingdom.

As for its balance sheet, FCC Group closed 2025 with a significant reduction in net financial debt. Compared to December 2024, it shrunk by 23%, to €2,301.8 million. This result was achieved despite net investments of €1.2 billion, including renewals, the development of new contracts in different business areas and acquisitions in the Environmental Services Area. The main mitigating factor is explained primarily by the sale of a 25% stake of the Environmental Services holding company for €1 billion. 

Equity recorded a notable increase of 26.9%, reaching €4,743.2 million, driven by the adjustment to the valuation arising from the sale price of the non-controlling stake in the Environmental Services holding company.

At year-end, FCC Group’s income portfolio grew by 11.4% YoY, to €51,606.8 million. A significant contributor to this growth was the Construction Area, supported in large part by the increase in international large infrastructure contracts.

Key milestones in 2025

New brand for the Environmental Services Area of the FCC Group

In 2025, and in response to its broader footprint, the environmental services subsidiary adopted the name FCC Enviro, which is easily recognisable on a global scale. It is closely aligned with environmental activities, while also establishing a link with the various brands across the area’s four geographic platforms, which remain unchanged (FCC Medio Ambiente, FCC Environment, FCC Environmental Services, FCC Environnement, …).

FCC Enviro expands its backlog and footprint, particularly at Atlantic, in the United States and the United Kingdom

Below are the main contracts and renewals secured, notably including those in Spain on the Atlantic platform: 

• On 30 September, the municipality of Granada signed a new street cleaning and waste collection contract, which will be managed by FCC Medio Ambiente for the first time. It has a value of €740 million and will run for 15 years. 
• Rollover of the contract for the city of L’Hospitalet de Llobregat, which includes the management of clean points and sewerage maintenance, with a backlog worth close to €400 million over the next 10 years. 
• Oviedo City Council awarded the new waste collection and street cleaning contract to FCC Medio Ambiente, which has been providing these services without interruption since 1967. The backlog amounts to €246.2 million over the next nine years, with a possible one-year extension.
• Contract for street cleaning, MSW collection and transport and the management of clean points in El Puerto de Santa María, worth €169 million.
• Contract for MSW collection, and street and beach cleaning for the Motril ecopark, running for 12 years and worth €123 million.
• Street cleaning contract for the city of Pamplona, running for eight years and with a backlog of €100 million.
• And a cleaning contract running the next eight years for the 27 municipalities of the Mancomunitat Penedès-Garraf, with a backlog worth €90 million.
• In the treatment segment, highlights in the period included the renewal of the contract for the management and operation of the Waste Treatment Centre and landfill serving the Mancomunidad de la Ribera (Navarre), with a backlog of €71.3 million over a 10-year term, covering a total of 19 municipalities.

Highlights in the United States: 

• In July, the United States platform expanded its footprint by acquiring Wheelabrator South Broward Inc., which owns 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.
• Last October, the contract for the operation and maintenance of the energy recovery plant in Pinellas County (Florida) was signed for the next 10 years, with a backlog of close to €610 million. 
• Two of the earliest contracts secured in this market over the past decade were renewed. Firstly, the Company successfully renewed the contract for Houston, for the management of biowaste from the city's wastewater treatment system; the contract has a five-year term and a backlog worth $50 million. Meanwhile, Orange County (Florida) extended its MSW contract covering Zones 4 and 5, securing a seven-year agreement with a backlog worth $170 million.
• In the treatment segment, the company was awarded the contract to operate the municipal solid waste transfer station in south Minneapolis, its second contract in the state of Minnesota. 

Highlights in the United Kingdom:

• Last October, Cumbria Waste Group was acquired in the Cumbria region for £76 million. Its activities include waste collection and recycling operations for municipal and commercial clients. Its location will make it possible to leverage synergies both with the activities currently carried out in the region and with those under development in waste treatment and energy recovery. 
• Progress has been made in the development of a renewable energy project in partnership with Downing Renewable Developments, aimed at rolling out a significant portfolio of facilities to give closed landfills a second life and an environmentally beneficial use. This project includes the energy park near Rowley Regis (West Midlands), featuring a battery energy storage facility with a capacity of up to 100 MW, capable of storing energy to supply, at certain times, up to 300,000 homes.

Sale by FCC Enviro of its paper, cardboard and other non-hazardous waste business for €40.9 million

FCC Ámbito, FCC Enviro’s subsidiary specialising in industrial waste treatment, completed in December the sale of its paper and cardboard recovery business, as well as other non-hazardous waste from industrial and commercial sources, for €40.9 million. The business generated revenue of over €30 million in 2024.

FCC completed the sale of a 25% stake in FCC Enviro to CPP Investments for €1,000 million

Last October, FCC entered into an agreement with CPP Investments for the sale of an additional 25% stake in the share capital of its subsidiary FCC Servicios Medio Ambiente Holding, S.A. (FCC Enviro), in exchange for €1,000 million. The transaction was completed on 19 December. FCC retains a majority stake and control of FCC Enviro with 50.01%, while CPP Investments increases its holding to 49.99%.

Aqualia expands its international activity, which accounts for 71.8% of its revenue backlog 

At the start of the year, the extension of the contract for the comprehensive water supply management of Vigo (Pontevedra), provided by the FCC Aqualia joint venture, came into force. The associated backlog amounts to €272.7 million over a five-year period.

In December 2025, it was awarded the concession for public drinking water supply and sanitation services by the SIAEP (municipal association) of Questembert, in Brittany (France). The contract, valued at €47.8 million and running for a 12-year term, covers 15 municipalities and includes the establishment of an agency in Questembert, along with upgrades to wastewater treatment plants.

In Colombia, the contract managed by Aguas de Aracataca was extended for a further 15 years, covering the concession for the water supply, household services and sewerage of the municipality of Aracataca. The backlog is worth €42.6 million. Likewise, last August the assets related to the provision of water supply, sewerage and waste collection services in Villa Olímpica (north of the municipality of Galapa) were acquired for a 50-year term, with a revenue backlog of €91.4 million.

In the Americas market, the first contract was secured in Peru, under a design, financing, construction, operation and maintenance (DFCOM) model, for a wastewater treatment system in Chincha. The project will directly benefit 345,000 people and involves an investment of €78 million, with an associated backlog of €356.7 million and a 24-year term. 

In Spain, characterised by a very high degree of granularity and recurring contract renewals, a notable award during the period was the 25-year contract granted by the town council of La Llagosta for the municipal drinking water supply service, representing a revenue backlog of €39 million.
Further highlights in relation to renewals and extensions include the contract for the management of the water supply and sanitation service in Candelaria, on the island of Tenerife. The extended backlog amounts to €48.6 million.

FCC Construcción reported a notable 50.5% increase in its project backlog

In a year marked by strong backlog growth, with an increase of €3,213 million, the following contracts stand out:

•    In Canada, the consortium led 50% by FCC Construcción began the development phase (following completion of the definition phase) of the Scarborough Transit Connect project in Toronto, the country’s largest city. This contract, awarded in 2022, involves extending the existing Line 2 subway network (Bloor–Danforth section) by nearly 8 kilometres and represents attributable backlog of €1,705.8 million as at year-end.
•    Also in Canada, and in the final quarter of the year, the North End Connectors consortium, in which FCC Construcción holds a 33.3% stake, secured financing for the Yonge North Subway Extension Advance Tunnel in Ontario. The design, construction and financing contract is valued at $1.4 billion, of which €285 million corresponds to FCC Construcción in the current phase. 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. 

• In the United States, last August the Connect Plus Partners consortium (formed by 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 €1,686 million (€859.4 million attributable to FCC). The contract was signed in September.
• In Mexico, the consortium formed by FCC Construcción and CICSA (50%/50%) was awarded the design and construction of 111 kilometres of the Tren del Norte, on the section between Saltillo and Santa Catarina. The project is worth €630 million, with an execution period of 31 months.
• In Saudi Arabia (August), the contract for the first construction phase of the Qiddiya Stadium was awarded, with a 55% stake held by FCC Construcción and 45% by Nesma Holding Co. This phase follows the early phase, under a design and build contract valued at €366.4 million. 
• Highlights in Spain: the award to the consortium led by FCC Construcción of the extension of Line 5 of the Madrid Metro to its international airport, with an attributable value of €62.8 million and an expected execution timeline of 36 months. 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 the value attributable to the Group is worth €121.1 million. The award of the contract to complete the Nou Mestalla (Valencia), one of the country’s major sports infrastructures.  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. The contract includes medium- and low-voltage lines for battery production, as well as other electromechanical installations, for an amount in excess of €90 million.

FCC Concesiones brings its first road concession in the United Kingdom fully into service

In the second quarter of the year, the final two sections of the A465 dual carriageway between Hirwaun and Dowlais came into operation in Wales (co-managed by FCC Concesiones, with a 42.5% stake), adding to the other sections that had already entered into operation at the start of the year. This milestone marks the completion of the contract's construction phase, which began in October 2020.

Over the year as a whole, user numbers across the tramway concessions managed by the area increased by an average of 2.2% compared with the previous year. Meanwhile, traffic levels (AADT) across the road concessions as a whole recorded an average increase of 2.9% (Auconsa, Ibisan and Cotuco).

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