HOCHTIEF Q1 operational net profit up 30%, record backlog, and strong cash conversion

The ACS Group has once again held its Annual General Meeting at a particularly significant moment for the company, marked by record results and a share price at all-time highs. These milestones reflect the strength of the Group’s business model, market confidence, and its leadership in the development of next-generation infrastructure.

During his address, the Group’s Chairman, Florentino Pérez, highlighted ACS’s track record as a company built with a long-term vision, grounded in its ability to anticipate, adapt, and evolve. A story shared with many companies—some of them over a century old—renowned for their experience, technical expertise, and ongoing commitment to excellence, all aligned with a clear objective: value creation and sustained shareholder returns.

“In 2025, total shareholder return reached 81.6%, combining share price performance and dividends distributed during the year. And in 2026, we have already accumulated a 63% return since the beginning of the year. These are exceptional figures that place us among the best-performing infrastructure companies worldwide,” said the Chairman, Florentino Pérez.

For his part, the Group’s CEO, Juan Santamaría, focused his remarks on the company’s present and future. In a context where infrastructure has once again taken center stage on the global agenda, ACS is advancing in strategic sectors such as digital infrastructure, energy, critical minerals, defense, and sustainable mobility—key drivers of the Group’s growth.

In this regard, Juan Santamaría highlighted the addition of GIP BlackRock as a strategic partner through a 50/50 partnership to develop and operate a global data center platform, with an initial portfolio of 1.7 GW across Europe, the United States, and Australia contributed by ACS. “Beyond the numbers, the goal is to accelerate our growth in digital infrastructure, share capital, and do so alongside one of the most recognized investors in the international financial community,” stated Juan Santamaría.

The Annual General Meeting also provided an opportunity to thank shareholders for their trust with the gift of the second book of infographics on major ACS Group projects, offering a visual journey through some of the Group’s landmark projects and highlighting the scope and excellence of our company’s global activity.

The ACS Group continues to move forward with its industrial project, building the infrastructure of tomorrow with responsibility, rigor, and ambition, and contributing to progress and long-term value creation under the One Group, One Team approach.

CIMIC Group company Leighton Asia has secured a contract to deliver works for a new data center project in Hong Kong, further strengthening its digital infrastructure portfolio across Asia.

The project includes the construction of a high rise facility with a two-storey basement, delivering shell and core works designed to meet stringent safety and performance requirements.

ACS Group and HOCHTIEF CEO and CIMIC Group Executive Chairman Juan Santamaría said:

"This project reflects Leighton Asia’s role in delivering critical data center infrastructure and our Group’s global capability across the full lifecycle of digital and technology assets. With scale, engineering expertise and delivery capacity, we are well positioned to support the growing demand for secure, resilient and high-performance data infrastructure."

ACS and HOCHTIEF included in Dow Jones Best in Class World and Europe Indices 

ACS Group and HOCHTIEF have been included in the Dow Jones Best in Class World Index and the Dow Jones Best in Class Europe Index, following the latest Corporate Sustainability Assessment conducted by S&P Global.

The Dow Jones Best in Class Indices recognise companies that demonstrate leading sustainability performance across environmental, social and governance criteria. Inclusion is based on the results of S&P Global’s annual Corporate Sustainability Assessment, which evaluates companies on long term economic, environmental and social factors.

The continued inclusion of both ACS and HOCHTIEF in the Dow Jones Best in Class Index reflects the Group’s consistent focus on responsible business practices, strong governance and measurable progress in key sustainability areas. These include climate strategy, occupational safety, human rights and the responsible delivery of complex infrastructure projects across global markets.

ACS Group Head of Sustainability, Cristina Aldámiz-Echevarría, and HOCHTIEF Chief Sustainability Officer Martina Steffen said: “Sustainability is integral to how ACS and HOCHTIEF operate and create long term value. Inclusion in the Dow Jones Best in Class Indices confirms that our approach is delivering tangible results and aligns economic performance with environmental and social responsibility.”

The Dow Jones Best in Class World Index represents the top performing companies from the S&P Global Broad Market Index based on sustainability criteria, while the Dow Jones Best in Class Europe Index recognises leading European companies using the same rigorous assessment methodology.

ACS and HOCHTIEF continue to advance their sustainability agenda. Following the successful completion of established sustainability plans, the Group is assessing new sustainability targets that will be consistent with its commitment to responsible business practices and support long term business success.

ACS Group companies, ACS Infra (IRIDIUM) and FlatironDragados, today joined the Georgia Department of Transportation (GDOT), the Georgia State Road and Tollway Authority (SRTA), other project partners and key stakeholders to break ground on the SR 400 Express Lanes project.

Delivered under the SR 400 Peach Partners consortium, the 16-mile (25.75-kilometer) managed lanes public-private partnership (P3) will expand capacity along SR 400 from the North Springs Metropolitan Atlanta Rapid Transit Authority (MARTA) Station in Fulton County to McFarland Parkway in Forsyth County, improving travel reliability, enhancing safety, and supporting continued economic growth in metro Atlanta.

SR 400 Peach Partners—comprised of ACS Infra (IRIDIUM), Acciona, and Meridiam as developer and equity sponsors—will deliver the project in partnership with GDOT and SRTA under a long-term P3 agreement. FlatironDragados and Acciona will lead the construction, with Parsons serving as the lead design engineer. The project represents a key component of Georgia’s Major Mobility Investment Program (MMIP) and the first revenue-risk procurement under the program.

“This groundbreaking marks an important milestone for one of Georgia’s most critical transportation corridors,” said Steve DeWitt, CEO of ACS Infra. “In partnership with GDOT and SRTA, we are proud to deliver a project that will provide long-term mobility benefits, support economic growth, and improve the daily travel experience for the communities along SR 400 and the greater Atlanta metropolitan area.”

“As we enter the construction phase, we’re proud to continue our close collaboration with GDOT and our joint-venture partners on this vital investment,” said Javier Sevilla, CEO of FlatironDragados. “This complex initiative will generate significant employment opportunities and drive sustained economic and business growth across the region.”

Project

With a total investment of approximately $10.8 billion and a concession term exceeding 55 years, including a 5.5-year construction period and 50 years of toll operations, the SR 400 Express Lanes project will feature dynamically priced express lanes in each direction, giving drivers a reliable travel-time option while maintaining free access to existing general-purpose lanes. The project will further enhance connections with the SR 400/I-285 interchange, new bridges, and corridor-wide technology systems designed to optimize traffic flow and improve safety. While enhancing travel reliability for drivers, the project will also support existing MARTA connections and future bus rapid transit improvements along the corridor.

The project’s financing structure combines federal credit assistance through a TIFIA loan and tax-exempt private activity bonds (PABs), with committed equity investment, providing a strong foundation for delivery of this critical investment. Construction will advance in phases across the corridor, with major field activity beginning this spring.

Construction is expected to result in significant job creation and related economic activity throughout the region. The project will also create numerous opportunities for local contractors, suppliers, and workforce participation across the corridor. Once complete, the project will improve corridor performance, reduce congestion, and strengthen connectivity between key employment centers, residential communities, and transit hubs, including MARTA.

The SR 400 Express Lanes project has already received industry recognition for its innovative financial structure, earning both IJGlobal North America Transport Deal of the Year and PFI Americas Infrastructure Deal of the Year honors.

CIMIC Group company Leighton Asia has secured a contract to deliver a large-scale data centre project in Malaysia. The award builds on Leighton Asia’s successful delivery of data centre projects across Asia and strengthens its position as a leading contractor of mission‑critical digital infrastructure.

The project forms part of a multi‑phase hyperscale campus development that will support the region’s accelerating demand for secure, resilient and energy‑efficient digital capacity.

Leighton Asia will undertake the end‑to‑end delivery of the campus works, drawing on its regional expertise and strong supply‑chain partnerships. Early works and enabling activities have positioned the project for a seamless transition into main works delivery.

ACS Group and HOCHTIEF Chief Executive Officer and CIMIC Group Executive Chairman Juan Santamaría said:

“Investment in large‑scale digital infrastructure like this is essential for the next phase of economic growth across Southeast Asia, providing the platforms required for cloud, data and technology‑led industries to expand with confidence. Leighton Asia brings a strong regional track record in delivering data centre developments, supported by technical expertise and established local partnerships.”

Leighton Asia has delivered a portfolio of data centre projects across Asia, with active and completed works in Malaysia, Indonesia, Thailand, India, the Philippines, Singapore and Hong Kong – leveraging its regional delivery capability in civil, structural, MEP and integrated delivery.

HOCHTIEF and its consortium partners have secured the contract for the next construction phase of Prague’s new Metro Line D.

Delivered for the Prague Public Transport Company, the contract, has a total value of EUR 1.23 billion, and will generate revenue for HOCHTIEF of EUR 428 million.

The project includes the construction of three new underground stations and several tunnel sections with a total length of almost six kilometres.

ACS Group and HOCHTIEF Chief Executive Officer Juan Santamaría said: “Metro Line D will be critical to Prague’s future mobility, and we are proud to continue our role in delivering the city’s first fully automated metro line in partnership with the Prague Public Transport Company.”

Construction work is scheduled to begin in the coming weeks. Completion of this phase is planned for 2032. It follows the first phase of Metro Line D, in which HOCHTIEF is already playing a significant role and which is expected to be completed in 2029.

As part of the Aspire consortium, HOCHTIEF has been awarded a contract for an accommodation project at the University of Southampton in the UK. The total contract value amounts to approximately EUR 200m. In addition to design and construction, the agreement also covers the financing and subsequent operation of several student housing facilities over a period of 50 years.

Together with consortium partners Cityheart Limited and Vinci Building Limited, HOCHTIEF PPP Solutions is responsible for the construction of 1,092 new student accommodation units on the Connaught and South Stoneham campuses by 2029. In addition, the companies are modernising 399 existing rooms and restoring the listed Stoneham House, a historic landmark of the university. The University of Southampton plans to increase its student numbers to 30,000 by 2031 and requires increased accommodation facilities to meet this demand.

ACS Group and HOCHTIEF CEO Juan Santamaría: “We are building the infrastructure the university needs to support its planned growth, whilst at the same time strengthening our position in the UK market. By combining design, construction, financing and operation, we are creating student accommodation that provides long-term value to the university and its students.”

The buildings are designed for emission-free operations and will exceed the UK’s Net Zero Carbon (NZC) targets. The project agreement also includes a commitment to increase the proportion of affordable accommodation in the university’s portfolio by ten per cent.

The consortium partners have a long history of collaboration in the infrastructure sector and have already jointly delivered around 30,000 student beds in the UK.

Abertis has reached an agreement with HICL Infrastructure, CVC DIF and NGE Autoroutes for the acquisition of the remaining 48.8% stake in the French motorway A63, a core transport corridor between Spain and northern Europe, with 25 years of remaining concession life through to 2051.

This transaction further strengthens Abertis’ position in one of its key markets and advances its growth and cash flow replacement strategy, underpinned by a high-quality asset portfolio. The acquisition reinforces a well-diversified portfolio, with more than 60% of EBITDA generated in Europe and North America, and a balanced combination of growth opportunities through mergers and acquisitions and selective concession extensions.

Strategic corridor between Spain and Northern Europe

The A63 is a 104-kilometre toll motorway in operation since 2013, with dual three-lane connecting Salles and Saint-Geours-de-Marenne in south-west France. This asset is a key route between Europe and the Iberian Peninsula for goods transport between Spain and northern Europe, and serves as a link between Bordeaux, with one million-plus inhabitants and home to major scientific and engineering facilities, and the cities of Bayonne, Biarritz, Anglet and Saint-Jean-de-Luz.

Abertis France, which is wholly owned by Abertis, is a leading player in the French motorway sector, managing close to 2,000 kilometres of toll roads through the Sanef Group and the A63, which is now fully consolidated within the Group’s perimeter.

FlatironDragados and joint venture partner Aecon have finalized a $691 million contract with the U.S. Army Corps of Engineers, Seattle District, to deliver the Howard A. Hanson Dam Additional Water Storage Fish Passage Facility in Ravensdale, Washington.

Employing the Integrated Design and Construction method developed by USACE, this collaborative approach brings together the designer of record and contractors from the early design phase through construction. The model improves coordination, helps mitigate risk and enhances cost and schedule certainty — supporting early alignment among project stakeholders and more informed decision-making throughout the project.

Following successful completion of the collaborative design phase, the project now is advancing into construction to deliver enhanced fish passage, ecosystem restoration, water supply reliability and flood risk reduction.

Located about 35 miles southeast of downtown Seattle, the project will improve passage for juvenile out-migrating salmon in the Green River. The facility will allow salmon to bypass the existing dam, supporting conservation of key species while maintaining flood risk management for the region. The facility will include a fixed multiport collector, steep slope bypass, deceleration tunnel and outfall stilling basin structures. This project enhances environmental resiliency in the Pacific Northwest.

Construction is expected to begin in the second quarter of 2026.