Annual rank72
Spain · Industrials
ACS
Develops, finances, builds and operates infrastructure spanning transport, energy, digital facilities, healthcare, education, manufacturing and defence.
FY2022–FY2025
FY2022–FY2025
FY2022–FY2025
current context only
Company profile
Contractor network, project developer and infrastructure investor
ACS is a Spanish listed infrastructure group spanning construction, engineering, asset development, investment and selected operations. The name on a site may be Turner, Dragados, FlatironDragados, UGL or another controlled business, so the group's role changes by project: builder at one, developer or equity sponsor at another, and lifecycle partner through a joint venture elsewhere. The examples below separate those roles from the responsibilities of clients, public authorities and project partners.
Digital infrastructure
Builder at Hyperion, co-developer through Coravel
At Meta's Hyperion campus in Richland Parish, Turner is a construction partner; a Meta-Blue Owl joint venture will develop and own the campus, while Meta will provide construction-management and property-management services. The planned expansion targets 5 GW and nearly 10 million square feet. In Texas, ACS has a different role. Coravel is the operating brand for a 50:50 ACS-GIP joint venture formed to develop and operate a Dallas-Fort Worth campus. Its first lease covers about 140 MW across three facilities, with rights for about 100 MW more; phased service dates run through 2028 and Turner leads construction.
- Enter Meta's Hyperion construction site Turner's contractor role, planned scale and community programme
- Map Hyperion's ownership Meta and Blue Owl's joint venture, financing and operating boundaries
- Open the first Coravel lease Capacity, expansion rights, future service dates and Turner's delivery role
- See how the ACS-GIP platform began The completed joint venture and its initial 1.7 GW development portfolio
- ▶ VideoWatch: students explore a live data-centre project English film from ACS showing Turner and Dragados at work in Madrid
Mobility and concessions
The SR 400 roles are divided by contract
Georgia's 16-mile SR 400 Express Lanes separates project roles. GDOT and SRTA are the public counterparties. SR 400 Peach Partners - ACS Infra, Acciona and Meridiam - is the developer and equity consortium; FlatironDragados and Acciona lead construction, and Parsons is lead designer. The agreement exceeds 55 years and combines design, construction, finance, operations and maintenance. These roles describe a consortium, not sole ACS ownership of the corridor.
- Read the current SR 400 role map Developer, equity sponsors, construction leaders and public partners
- Explore the 16-mile corridor Alignment, express-lane connections and project resources
- Meet the project consortium Equity members, design-build joint venture and long-term operating role
- ▶ VideoWatch: the infrastructure lifecycle ACS Infra's English explainer on development, delivery and operation
Energy and critical minerals
Contractor, supplier and investor roles change by project
At Western Downs in Queensland, Neoen owns and operates the battery; CIMIC's UGL is the Stage 3 balance-of-plant contractor. The project under construction adds 305 MW / 1,220 MWh and 312 Tesla Megapacks, with operation expected in the Australian summer of 2027/28. In Germany's Upper Rhine Valley, Vulcan is developing Lionheart. Sedgman and HOCHTIEF Infrastructure are EPCM contractors for its extraction and processing plants; HOCHTIEF separately committed project and equity investment and is preferred for civil works. Lionheart targets 24,000 tonnes of battery-grade lithium hydroxide annually. These are planned outputs, not current production.
- See who owns Western Downs Neoen's operating assets, Stage 3 launch and Tesla-UGL notices
- Follow UGL's Stage 3 work Earthworks, trenching, concrete and Megapack preparation
- Read the Lionheart role map EPCM appointment, investment commitment and preferred civil works
- Explore Vulcan's integrated process Geothermal brine, lithium conversion and future production targets
- ▶ VideoWatch: CIMIC's integrated solutions English film connecting construction, UGL, Sedgman and Thiess
Operating model
Control, partnerships and accounting are not the same
ACS's directory separates Integrated Solutions (Turner and CIMIC), Engineering & Construction (Dragados, FlatironDragados and HOCHTIEF Europe) and Infrastructure Investment (including Iridium, ACS Infra and HOCHTIEF PPP Solutions). CIMIC states that HOCHTIEF is its direct parent and ACS is HOCHTIEF's majority owner. Abertis requires another label: ACS's 2025 integrated report records a 50% group interest within equity-method investments, so Abertis road operations are not those of a wholly owned ACS subsidiary.
- Navigate the ACS company directory Operating businesses separated by activity and platform
- Trace CIMIC's parentage CIMIC's own explanation of HOCHTIEF and ACS relationships
- Read the 2025 integrated report Group structure, activities and Abertis accounting treatment
- ▶ VideoWatch: engineering and construction English primer on civil engineering, transport, water and public-building capabilities
Official profile sources: Integrated Solutions - Activities - Grupo ACS · Our purpose & strategy - About ACS - Grupo ACS · ACS forecasts double digit growth in 2008 and a 15% rise in ordinary profit · About ACS - Grupo ACS
Current 2026 update
What is changing at ACS in 2026?
ACS's data-centre activity in 2026 now spans three distinct roles: Coravel co-develops and is intended to operate with GIP, Turner and Dornan build for other owners, and ACS Digital & Energy owns the planned Waterford campus. Each role has different responsibilities, capital exposure and proof points.
The change in one sentence
One data-centre theme, three operating roles.
Coravel has a first lease, the contractor platform keeps adding work, and Waterford remains a wholly owned development with no signed tenant disclosed and a 2029 first-phase objective.
Four lenses on 2026
The same four-quadrant format used in the Company profile.
01 · Joint platform
Coravel makes ACS a 50:50 co-developer and intended operator
Coravel is the operating brand of a 50:50 joint venture between ACS and Global Infrastructure Partners, formed with an initial 1.7 GW development portfolio. On 15 July it announced its first Dallas-Fort Worth lease with an unnamed investment-grade hyperscaler: about 140 MW of critical IT load across three facilities. Rights for roughly 100 MW more are expansion options, not firm contracted capacity. Turner leads construction, while Coravel develops and is intended to operate the campus. Phased service dates run from April 2027 through the fourth quarter of 2028. The lease moves that 140 MW capacity from portfolio to contracted capacity, but no bound source establishes revenue recognition or operating income before those phases are delivered. ACS's equity interest in the platform is 50%; the campus and its capacity are not wholly owned by ACS.
- Current signal50:50 ACS-GIP · 140 MW lease · ~100 MW expansion rights · service phases 2027-2028
- Why it mattersACS now participates in development and intended operation, but through a joint platform whose option, delivery and economics remain distinct from contractor work.
- Coravel first lease ACS · 15 July 2026
- ACS-GIP platform formation ACS · 17 December 2025
02 · Contractor platform
Turner and Dornan show the build side at two different scales
Turner's H1 sales rose 22.7% on an FX-adjusted basis, with data centres identified among the drivers; EBITDA margin reached 4.0% and backlog EUR 46.1 billion. At the Hyperion campus, Turner is a construction partner. A Meta-Blue Owl joint venture develops and owns the campus, while Meta provides construction-management and property-management services; planned computing capacity expands from 2 GW to 5 GW across nearly 10 million square feet. On 27 August ACS separately reported Dornan as General Contractor on an unnamed Irish data-centre development of about EUR 48 million, covering civil, structural, architectural, mechanical and electrical work. Groundbreaking occurred on 20 July and structural steel began on 29 July, ahead of the baseline programme; the project targets LEED Gold. Hyperion's client, owner and planned capacity are identified. The Dornan release does not disclose client, operator or capacity. Both are construction mandates, not ACS-owned campuses.
- Current signalTurner: 4.0% margin and EUR 46.1bn backlog · Dornan: ~EUR 48m general-contractor scope
- Why it mattersData-centre work is expanding the contractor platform without giving ACS ownership or operating rights at those sites.
- H1 role and capital evidence ACS · 29 July 2026
- Hyperion contractor scope ACS · 9 July 2026
- Hyperion ownership map Meta · 21 October 2025
- Dornan Irish data-centre milestone ACS · 27 August 2026
03 · Wholly owned development
Waterford places ACS Digital & Energy capital behind a planned campus
ACS Digital & Energy wholly owns the planned Waterford, Ohio campus, where ACS says it has invested more than EUR 300 million. The masterplan targets 1.2 GW of grid-connected capacity. The company describes the power guarantee as secured, permits as at a very advanced stage, commercialisation and marketing as under way, and engineering and design as continuing toward an objective of delivering the first phase in 2029. No bound source confirms signed capacity or guarantees that timetable. The group reports EUR 746 million of data-centre investment over the last twelve months, including Coravel asset launch and development and the Waterford-site acquisition; it separately states more than EUR 300 million invested in Waterford through June. ACS completed a EUR 1.7 billion accelerated share placement in May and reported EUR 1.006 billion net cash at June. The report says the placement strengthened financial flexibility but does not ring-fence those proceeds to Waterford or Coravel.
- Current signal>EUR 300m invested · 1.2 GW masterplan · power secured · first phase is a 2029 objective
- Why it mattersThe group carries the owner-developer capital at Waterford; signed capacity and delivered service remain future evidence.
- H1 role and capital evidence ACS · 29 July 2026
04 · What to watch
Three questions for the next disclosures
The next disclosures should keep firm capacity, construction mandates and owned-development capital separate.
- Coravel deliveryDo the three leased facilities enter service on schedule, and are the roughly 100 MW expansion rights exercised?
- Waterford leasingDoes ACS disclose signed capacity before the first-phase 2029 objective, and how do permits and engineering progress?
- Capital allocationHow is data-centre capital divided among contractor work, the 50:50 Coravel platform and wholly owned Waterford?
Annual record
Ranking history
Future editions add rows; they do not rewrite the 2026 record.
| Edition | Measurement period | Rank | Revenue growth | Net-income growth | Stock return |
|---|---|---|---|---|---|
| 2026 | FY2022–FY2025 | 72 | +48% | +42% | +325% |