Net profit for the first quarter reached 163 million euros, marking a 20% year-over-year increase and underscoring Abertis as a pivotal invested asset within the portfolio. This performance reflects the combined strength of all business lines, with leadership highlighting that purposeful investments and strategic portfolio decisions contributed to the profitability gain, even as market dynamics remained fluid in the early months of the year. The solid results indicate disciplined execution across geographies and business models, reinforcing confidence in the resilience and growth potential of the group’s asset base.
Total sales climbed to 8,111 million euros, up 17% from the prior year, and the income statement shows a meaningful expansion in operating leverage. Gross operating profit, or EBITDA, rose by 15.6% to 462 million euros, signaling effective cost discipline and favorable operating conditions across core activities. This margin expansion reflects both volume gains and tighter control of operating expenses, contributing to a stronger overall profitability profile as the quarter progressed.
Within its segments, the construction division posted a 17% lift in turnover, driven by the combined efforts of Dragados and its German affiliate Hochtief. By the end of March 2023, the segment’s portfolio stood at 18,833 million euros, representing a 7.5% rise in local currency. This growth points to a robust project pipeline and sustained appetite for large-scale infrastructure opportunities in key markets, supported by competitive bidding activity and favorable project financing conditions that encouraged continued investment in major construction programs.
In the concessions arena, sales effectively doubled as traffic recovered on toll roads. Iridium’s contribution rose 14% to a net profit of 7 million euros, while Abertis contributed 41 million euros — more than four times the amount recorded in the same period the previous year. The improvement came as the concession portfolio benefited from strategic acquisitions, including the SH-288 Texas highway, and the steady quarterly operating performance of Abertis. These factors helped offset any margin shifts observed in the construction segment. The geographic mix, with rising North American activity, supported this growth and signaled a positive trajectory for concession-driven earnings over the near term.
Sales in services grew by 8.4%, underpinned by a project portfolio valued at 2,787 million euros, equivalent to roughly 18 months of production. This portfolio level remained nearly stable versus the prior-year quarter, pointing to steady demand for service projects and ongoing efficiency in execution across service lines. The service segment benefited from continued demand resilience and a disciplined approach to project management, which together sustained favorable utilization and revenue recognition across key contracts.