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FCC Group revenues up 20.2% in the first nine months of 2023


FCC Group revenues up 20.2% in the first nine months of 2023

  • FCC Group's Ebitda increased by 20.3% in the period
FCC Group revenues up 20.2% in the first nine months of 2023

FCC Group's revenues increased by 20.2% in the first nine months of the year to 6,660.2 million euro, mainly due to the positive performance of all its business lines, among which Construction stood out with a growth of 50.2%, driven by the launch of new projects awarded in 2022, especially in the international area. 

The increase of revenues during the period has translated into a growth of the gross operating profit (Ebitda) of 20.3% to 1,131.3 million euro.

Net income attributable to the parent company increased by 12% during the first nine months of 2023 to 401.4 million euro.

At the end of the third quarter, net financial debt amounted to 3,816 million euro, an increase of 19.5% compared to December 2022, largely due to the launch of strategic projects secured in 2022 by the Construction business line, as well as to the investments made by the Environment and Water business lines in contracts won also in the previous year. 

The Group's equity grew by 9.1% to 5,387.4 million euro. 

The business backlog amounted to 42,162.6 million euro, an increase of 4.7% compared to the balance at the end of 2022.

Operational and contracting milestones


In the USA, the renewal of the contract for the collection of municipal solid wastes in the western area of Polk County (Florida) is worth particular mention, involving a turnover of up to 140 million euro for a period of five years and three possible one-year extensions. 

In Spain, last September the Valencia Municipality confirmed its confidence in FCC Environment by awarding it the contract for street cleaning, municipal wastes collection and transport in the northern part of the city for a period of fifteen years, which will bring in a revenue portfolio of 486.5 million euro.

In relation to climate action, the completion of a solar power plant on land owned by FCC Environment, a subsidiary of FCC Medio Ambiente, in Winterton (United Kingdom), is worth mention. The project has been undertaken by Infinis, a leader in the generation of energy with low carbon emissions from captured methane in the United Kingdom; the firm collaborates in developing a significant backlog of renewable energy projects in various Group locations in the British market.

In September, FCC Medio Ambiente updated its Green Financing Framework to reflect its continued commitment to sustainability, based on its 2050 Sustainability Strategy. DNV has been entrusted with its verification, issuing a favourable independent opinion. The Framework follows the Green Lending and Bond Principles defined by ICMA and LMA, as it includes both types of financing products. One new development in the update of the Framework is the reference made to the EU Taxonomy, with a view to establishing a relationship between projects financed under this new version of the Framework and the sustainable activities defined in the EU taxonomy. 

Subsequently, in October, FCC Servicios Medio Ambiente Holding, S.A.U. issued a bond in the amount of 600 million euro, at 5.25% annual interest and for a term of six years. This amount allows for the refinancing of an existing bond for the same amount, which matures on 4 December 2023.


In Colombia, Aqualia has taken over the supply and sewerage operations in Riohacha, capital of the department of La Guajira. The contract to provide services to a population of 196,000 inhabitants over a 30-year period is the Group's largest concession in Colombia and has generated a backlog of €292.75 million. 

SEFO, Aqualia's French subsidiary that operates in the regions of Île de France and Brittany, recently won a new contract in the Dreux area, in the department of Eure et Loir (Central-Loire Valley Region), to manage wastewater from 41 of the total 81 municipalities in the territory.

In terms of innovation, last September, the new Innovation Centre for the Integrated Water Cycle was opened, located at the Salamanca WWTP managed by Aqualia. The facilities aim to develop innovative solutions that address the challenges of a sustainable integrated water cycle. 


FCC Industrial was awarded a contract by TotalEnergies to build solar installations in Guillena (Spain), with a total capacity of 263 MW and an investment of more than 200 million euro. FCC Industrial has also secured, as part of a consortium with other companies, the provisional award of the contract for the construction of a gas regasification terminal in Germany on behalf of Hanseatic Energy Hub (HAH), with a backlog of attributable income worth more than 270 million euro.

In Spain, the joint venture in which FCC Construction holds a stake has been provisionally awarded the works for the undergrounding of the R2 (Cercanías) line in Montcada i Reixac (Barcelona), as well as the construction of a new station in this municipality for 540.4 million euro. FCC Construction will also be in charge of building ONCE Group's new headquarters, which will be located to the north of Madrid and whose construction budget amounts to 100.6 million euro, with a delivery period of 30 months. 

In the area of sustainability, last June FCC Construcción presented its strategy for combating climate change 2023-2026.


In the field of innovation, Cementos Portland Valderrivas Group (GCPV) is developing various projects at its production centres, such as at the Alcalá de Guadaira plant (Seville), with the installation of an expert control system to optimise the processes performed by its crude oil and cement mills, and by the grill-type coolers. The project aims to investigate energy efficiency in more depth and receives funds managed by IDEA in Spain and by ERDF in the EU. A similar project is being implemented at the Monjos plant (Barcelona).

At the same location, in FCC's production centre in Alcalá de Guadaira (Seville), the European Commission has listed a sustainable production project developed there as one of the best available techniques for producing cement. The project breaks ground in industrial symbiosis and greenhouse gas reduction by using non-hazardous waste as fuel. The project is awaiting receipt of its Integrated Environmental Authorisation. The fuel that it will use will be non-hazardous waste, which will first be subject to specific treatment by authorised managers and, on account of its high calorific value and features as regards its composition and granulometry, will allow the fossil fuels currently used to be partially replaced.

Real Estate

During the first nine months of the year, the pre-marketing phase of several residential developments in Valencia (Realia), Las Palmas (Realia) and Málaga (FCyC) began.

In March, the second phase of Bôrea Portablanca in Arroyo Fresno, Mirasierra (Madrid) was delivered.


  (million euros)      Sept. 23      Sept. 22 Chg. (%)
 Revenue  6.660,2 5.542,1   20,2% 
 Gross operating profit (EBITDA)  1.131,3    940,2   20,3% 
      Ebitda margin     17,0%      17,0%   0,0 p.p 
  Inconme attributable to the parent company     401,4     358,3  12,0%
     Sept. 23  Dec. 22 Chg. (%)
  Equity   5.387,4   4.939,0     9,1% 
  Net financial debt   3.816,1   3.192,7   19,5%
  Portfolio 42.162,6 40.273,8     4,7%


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