BofA Says FY26 Outlook Upgrade a 'Possibility' for ACS in Q2 Results

04:27 AM EDT, 07/20/2026 (MT Newswires) -- BofA Global Research sees a full-year 2026 guidance upgrade during Actividades de Construcción y Servicios (ACS.MC), or ACS, second-quarter results release as a "possibility." "ACS is due to report its Q2'26 results on 29 July, with conference call scheduled for the same day. We forecast [profit before tax] at EUR451mn (+27% YoY) and underlying net profit at EUR255mn (+27% YoY). Our net profit forecast for FY'26 is now at EUR1,133mn, 6% ahead of the upper end of company guidance. While we expect ACS to upgrade its FY'26 outlook intra-year, we think it is more likely to [be] around the Q3'26 results and the [capital markets day] (scheduled for 12 November). However, FY'26 guidance upgrade at the Q2'26 print is also a possibility, in our view," analysts said in a July 17 note. On the earnings front, the research firm trimmed its EPS forecasts for 2026 and 2027 to 4.22 euros and 5.09 euros, respectively, from 4.35 euros and 5.16 euros, while raising its 2028 forecast to 5.98 euros from 5.97 euros. Analysts adjusted their forecasts to account for a recent equity raise and the buyout of the minority interests in mining services business Thiess. "We reiterate our Buy rating on ACS (EUR159 [price objective]) ahead of Q2'26 results based on (1) its leadership in data center construction in the US via Turner, (2) recent positive datapoints on [data centers] (Louisiana mega-project opportunity, first leases signed for the DC JV), (3) upside potential to 2026 guidance and consensus, we see 19% net profit [compound annual growth rate] 2026-30E, (4) CMD in Nov'26 potentially outlining earnings targets to 2029/30E, (5) optionality on a US listing," the note said.