What ACS is and what its name covers
ACS, Actividades de Construcción y Servicios, S.A. is the Spanish parent company of the group, with its registered office on Avenida de Pío XII in Madrid. Consolidated accounts include subsidiaries, joint arrangements and investments according to the applicable accounting method. Group sales therefore differ from the parent company’s individual revenue and from work carried out in Spain.
ACS: consolidated accounts and management report 2025 (official English translation) · PDF 22
Its activities cover several infrastructure stages: development, financing, engineering, construction and operation. They include civil works and buildings, mining services, maintenance and care services, alongside investment in concessions and digital infrastructure. This combination explains why a single aggregate indicator can encompass operations with different risks and contracting arrangements.
ACS: consolidated accounts and management report 2025 (official English translation) · PDF 128
How the group took shape
The business project has a predecessor in the acquisition of Construcciones Padrós in 1983, followed by OCISA in 1986. They merged in 1992 to form OCP. The combination of OCP and Ginés Navarro created ACS in 1997. The corporate timeline separates these stages from the earlier founding dates of the companies that joined the group.
Florentino Pérez became Padrós’s chief executive and one of its main shareholders in 1983, according to his profile in the 2025 corporate governance report. His career connects the early phase with current leadership. Describing ACS as the outcome of successive mergers is more accurate than assigning every subsidiary a common founding date.
ACS: annual corporate governance report 2025 · PDF 14 · ACS: corporate timeline
The integration of Dragados in 2003 also brought in Clece. ACS invested in HOCHTIEF in 2007 and obtained control in 2011, extending its scope to Turner and CIMIC. In 2018 it participated in the acquisition of Abertis. More recently, Turner completed the Dornan acquisition in January 2025, following the agreement announced in July 2024.
ACS: corporate timeline · ACS: consolidated accounts and management report 2025 (official English translation) · PDF 32
Ownership and group organisation
The parent company is listed on the Spanish stock exchanges. At 31 December 2025, the accounts identified Rosan Inversiones, S.L., with 14.56%, as the shareholder holding more than 10% of share capital. This is a snapshot at that year-end, rather than a statement that the percentage remains unchanged at every subsequent date.
ACS: consolidated accounts and management report 2025 (official English translation) · PDF 88
The group operates through companies and segments with their own operational responsibilities. Its 2025 reporting distinguishes Turner, CIMIC, Engineering and Construction, Infrastructure and other activities. HOCHTIEF is consolidated within the group and retains its Frankfurt listing; membership of ACS does not turn all these companies into a single legal entity.
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Business model and the companies behind it
Turner focuses on construction and project management, particularly in North America, including data centres and other technology buildings. CIMIC brings together construction, services and public-private partnership projects in Asia-Pacific, as well as Thiess’s mining business. Dragados, FlatironDragados and HOCHTIEF’s European activities form the Engineering and Construction segment.
ACS: consolidated accounts and management report 2025 (official English translation) · PDF 128
Iridium, ACS Digital & Energy and the Abertis investment make up the Infrastructure segment. Clece provides services for buildings, public spaces and organisations, as well as care services. These names identify group companies and businesses, rather than a range of consumer products. The 50% interest in Abertis is accounted for using the equity method: its sales are not added in full to ACS’s consolidated revenue.
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International presence and Spain’s share
In 2025, the United States contributed EUR 29,512 million in sales, Australia EUR 8,906 million and Spain EUR 4,078 million. North America represented approximately 63% of revenue, Asia-Pacific 21% and Europe 15%. Spain accounted for 8.2% of the total. These are sales by geographical market, rather than ownership or workforce percentages.
ACS: consolidated accounts and management report 2025 (official English translation) · PDF 246
The Madrid parent-company headquarters coexist with a network of projects and facilities managed by operating companies. Exposure to US technology buildings, European civil engineering and Australian mining and construction helps explain the group’s diversity. Studying a specific project requires identifying the contractor and, where applicable, the responsible joint venture or joint operation.
ACS: consolidated accounts and management report 2025 (official English translation) · PDF 22 · ACS: consolidated accounts and management report 2025 (official English translation) · PDF 128
Economic and workforce scale in 2025
The consolidated accounts for the year ended 31 December 2025 report revenue of EUR 49,847.681 million and profit attributable to the parent company’s shareholders of EUR 950.340 million. Rounded figures are EUR 49,848 million and EUR 950 million. Attributable profit excludes the share belonging to non-controlling interests and should not be confused with total consolidated profit.
ACS: consolidated accounts and management report 2025 (official English translation) · PDF 18
The year-end workforce comprised 167,803 employees. The annual average was 148,989 full-time equivalents, a different measure reflecting working time and duration of employment. Dornan joined from January, while Thiess had been fully consolidated since the second quarter of 2024: changes in scale also reflect changes in reporting scope.
ACS: consolidated accounts and management report 2025 (official English translation) · PDF 144 · ACS: consolidated accounts and management report 2025 (official English translation) · PDF 32 · ACS: consolidated accounts and management report 2025 (official English translation) · PDF 128
Verified leadership and operational decentralisation
The board page checked in November 2026 identifies Florentino Pérez Rodríguez as Executive Chairman and Juan Santamaría Cases as Chief Executive Officer. The management-team page distinguishes corporate executives from leaders of the principal companies. This structure separates group oversight from the day-to-day management of individual projects and services.
Digital infrastructure: investment, design and construction
On 9 January 2026, ACS and Global Infrastructure Partners, part of BlackRock, announced completion of their joint data-centre platform after satisfying conditions precedent in December 2025. The initial pipeline included 1.7 GW of projects under development in Europe, the United States and Australia. This capacity described projects under development, rather than facilities already operating.
ACS and GIP: data centre platform established, 9 January 2026
The platform envisages integrating site acquisition, permitting, design, construction and operation, alongside grid connections and cooling. For ACS, this extends the contractor role into the development and operation of digital assets. The corporate transaction’s completion is documented; each facility’s delivery and entry into service require separate verification.
ACS and GIP: data centre platform established, 9 January 2026
Safety systems and worker participation
ACS reports that its occupational health and safety systems covered 100% of employees in 2025; ISO 45001 certification coverage reached 97.9%, including Thiess and Dornan. These are different scopes. Coverage does not establish an absence of accidents or replace checking the specific certificate and site when verifying a contractual certification requirement.
ACS: non-financial statement and sustainability information 2025 · PDF 150 · ACS: non-financial statement and sustainability information 2025 · PDF 163
Dragados uses Blue Cards to report hazards, incidents and suggestions. CIMIC uses Safety Leadership Score to identify and review critical-risk controls, recognise contributions and monitor actions; it also introduced One Voice in 2025 to collect employee feedback. The report documents these mechanisms without establishing a causal reduction in injuries attributable to each tool.
ACS: non-financial statement and sustainability information 2025 · PDF 150
Specific controls for heat, machinery and work at height
Measures documented at Dragados include adjusting working hours and sun-exposed work areas, providing shade and cooling, and using sun protection, cooling clothing and body-temperature sensors. The report also describes person-detection equipment around machinery using cameras and audible proximity alerts. It does not state that every device is installed at every project.
ACS: non-financial statement and sustainability information 2025 · PDF 150 · ACS: non-financial statement and sustainability information 2025 · PDF 151
On CPB Contractors’ NEWest Alliance project, drones enabled surveying and removed certain tasks that previously involved high-risk work at height. In 2025, UGL delivered a course for managers and operational leaders focused on its psychosocial-risk management procedure. These are measures attributed to identified entities and projects, rather than practices assumed to exist at every construction business.
ACS: non-financial statement and sustainability information 2025 · PDF 151
What the outcomes show and how to read them
The 2025 report records 5,206 recordable work-related injuries and a frequency of 19.59 per million hours worked, compared with 4,869 and 19.30 in 2024. The definition includes injuries with and without lost days requiring more than first aid; musculoskeletal disorders are classified as occupational ill health. The 2024 figures were restated on this basis.
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Activities differ substantially: infrastructure and other activities accounted for 502 injuries and Clece for 4,704, with frequencies of 3.09 and 45.60 respectively. Interpreting the aggregate requires understanding the activity, population and definition. This recordable-injury measure cannot be compared directly with a rate covering only lost-time accidents.
ACS: non-financial statement and sustainability information 2025 · PDF 163 · ACS: non-financial statement and sustainability information 2025 · PDF 165
For 2025, ACS reported zero fatal work-related injuries among its own employees and three among contractors. The methodological note applies proportional participation in joint operations; the number of individuals who died in 2025 was also three. In addition, the statement that 100% of employees had received safety training during their careers with the company does not mean all received it during 2025.
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Materials, emissions and comparison boundaries
The group describes measures addressing embodied carbon in concrete, steel and asphalt: material selection, modular design, prefabrication and life-cycle assessment. A solution’s environmental value must be assessed against project evidence and its technical function. These environmental actions are not, in themselves, occupational health and safety outcomes.
ACS: non-financial statement and sustainability information 2025 · PDF 81
Total 2025 emissions were 8,491,591 tonnes of CO₂ equivalent using the market-based method for scope 2, compared with a restated 7,579,498 in 2024. Thiess was included for eight months in 2024, and the scope classification of its fuel emissions changed. Separately, the 22% reduction in scopes 1 and 2 against 2019 uses a target boundary excluding Thiess, Dornan and the industrial services businesses sold. The two series answer different questions.
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Public procurement: a fine and its appeal
In July 2022, Spain’s CNMC imposed a EUR 57.1 million fine on Dragados in proceedings against six contractors over agreements and information exchanges in tenders. ACS’s 2025 accounts describe Dragados’s appeal, its rejection of the regulator’s assessment, and the interim suspension of payment granted in January 2023 against a guarantee. The fine concerns the identified subsidiary and should not be attributed indiscriminately to every group company.
CNMC: sanctions against six construction companies, 7 July 2022 · ACS: consolidated accounts and management report 2025 (official English translation) · PDF 157
On 22 September 2026, Vozpópuli reported that Dragados’s appeal was awaiting judgment after the hearing phase had concluded. That procedural stage and the interim suspension are neither an annulment of the fine nor a final judgment upholding it. The case illustrates why the administrative decision, the company’s position and judicial review must be distinguished.
Vozpópuli: Dragados appeal awaiting judgment, 22 September 2026
What this business case helps explain
As an editorial interpretation, ACS illustrates two complementary needs: coordinating risks between businesses sharing a site and retaining sufficiently detailed indicators to guide decisions. Blue Cards and critical-control monitoring provide examples of collecting preventive information; differences between Clece and infrastructure activities show why a group average cannot adequately describe an individual job.
ACS: non-financial statement and sustainability information 2025 · PDF 150 · ACS: non-financial statement and sustainability information 2025 · PDF 163 · ACS: non-financial statement and sustainability information 2025 · PDF 165
Heat controls, drones and detection around machinery provide starting points for examining the hierarchy of controls. The existence of a technology does not automatically demonstrate effectiveness at every site. This editorial interpretation draws on measures described by ACS.
ACS: non-financial statement and sustainability information 2025 · PDF 150 · ACS: non-financial statement and sustainability information 2025 · PDF 151
Frequently asked questions
Is ACS Spanish even though most sales are overseas?
Yes. The parent company, ACS, Actividades de Construcción y Servicios, S.A., has its registered office in Madrid. Spain contributed 8.2% of group sales in 2025; headquarters and geographical revenue distribution are different concepts. [1]
Are Turner, Dragados, CIMIC and Abertis accounted for in the same way?
No. The accounts distinguish companies and segments within the group. The 50% interest in Abertis is equity-accounted, so Abertis sales are not added in full to ACS revenue. [1]
What were ACS’s revenue and workforce in 2025?
Consolidated revenue was EUR 49,847.681 million. There were 167,803 employees at year-end; the annual average of 148,989 full-time equivalents is a different measure. [1]
Can ACS be described as having zero fatal accidents in 2025?
Only with an explicit scope: the report records zero fatal work-related injuries among its own employees, but three among contractors. Describing this as a global zero would omit the latter figure. [1]
