Spain’s main six infrastructure groups reported mostly positive financial results for 2024, with Latin America being a contributing force for some, though others are also looking to expand into North America.
Sacyr, Ferrovial, FCC, ACS, Acciona and OHLA reported combined sales for 87bn euros (US$91bn) for the year, while the total backlog reached 196bn euros, according to the companies’ financial reports.
While Sacyr and OHLA reported a strong regional presence, with Latin America accounting for 47% and 23.7% of sales respectively, FCC and Ferrovial showed a stronger focus on Europe and North America. Acciona, with major ongoing projects in Brazil, Chile, and Panama, reported solid growth, though net income fell. ACS, the largest of the six in sales and backlog, did not disclose specific Latin America figures but maintains key projects in Chile and Peru.
ACS
ACS had the biggest portfolio among Spain’s ‘Big 6’ with 88.2bn euros, 19.9% higher than at the end of 2023, mainly thanks to an increase in awarded contracts, which last year added 51.5bn euros.
Sales increased 16.5% to 41.6bn euros. Net income climbed 14% to 684mn euros.
ACS did not disclose how much weight Latin America had in its results, though it highlighted that North America accounted for 61% of sales.
Some of ACS’s active projects in Latin America include:
Santiago metro line No. 7 (Chile, US$2.5bn. Civil works on two tunnel sections)
Lima metro line No. 2 (Peru, US$5.35bn. Under construction and part of a consortium with FCC)
Sacyr
Sacyr’s portfolio increased 41% in 2024 to 10.6bn euros, excluding 2.6bn euros worth of contracts that were awarded but had not been signed as of December 31.
Concessions represented 71% of the backlog.
Sales inched down 0.8% to 4.57bn euros. Latin America represented 47% of this number.
Net income meanwhile rose 7% to 113mn euros.
Some of Sacyr’s biggest active projects in Latin America are:
Buin-Paine hospital (Chile, US$120mn. Under construction)
Lima peripheral ring road (Peru, US$3.28bn. Part of consortium alongside Acciona and Ferrovial. Awaiting construction start)
Route 78 highway (Chile, US$892mn. Upgrade-construction)
Buga-Buenaventura highway (Colombia, US$512mn. Under construction)
Acciona
Acciona’s infrastructure backlog reached 28.6bn euros last year, a 16.5% increase from end-2023. The company said it also had 5.58bn euros worth of contracts that have been pre-awarded but had not been signed by December 31.
Net income dropped 22% to 422mn euros, while sales rose 12.7% to 19.2bn euros.
Active projects in Latin America include:
Sao Paulo metro line No. 6 (Brazil, US$2.3bn. Under construction)
La Serena hospital (Chile, US$234mn. Under construction)
El Niño hospital (Panama, US$444mn. Under construction)
Ferrovial
Ferrovial’s portfolio reached an all-time high of 16.8bn euros by the end of last year, a 7.5% increase. Contracts that were pending official awarding decisions represented a separate 2.67bn euros.
Net income jumped to 3.24bn euros from 460mn euros, while sales were up 6.7% to 9.15bn euros. Ferrovial attributed the positive results to a higher contribution from toll roads, which rose 19.5%.
The company did not provide a geographical breakdown of its results though its CEO Ignacio Madridejos said during the company’s results presentation that Ferrovial plans to expand further in North America.
As for South America, the company is involved in the following projects:
Rutas del Loa (Chile, US$300mn. In operation)
Lima peripheral ring road (Peru, US$3.28bn. Part of consortium alongside Sacyr and Acciona. Awaiting construction start)
FCC
FCC’s backlog reached 43.0bn euros by the end of 2024, a 3.8% increase from a year earlier.
Net income dropped 27% to 430mn euros, while sales increased 10.4% to 9.07bn euros.
FCC attributed this to the growth in its concessions division, which scored new contracts in Europe and the United States. The Americas represented 13.9% of revenues.
As for Latin America, it is involved in the following projects:
La Guajira water system (Colombia, US$318mn. Operation and construction contract)
Lima metro line No. 2 (Peru, US$5.35bn. Under construction and part of a consortium with ACS)
OHLA
OHLA was the only one among Spain’s ‘Big 6’ to report a net loss in 2024, of 49.9mn euros versus a 5.5mn profit the previous year.
The company attributed the result to losses related to a housing complex in Madrid where OHLA is now trying to sell its 50% stake.
Latin America represented 16.2% of the company’s construction backlog of 8.48bn euros, as well as 23.7% of sales, which rose 16.6% to 3.65bn euros.
OLHA’s projects in Latin America include:
National cancer institute (Chile, US$184mn. Under construction)
Biobío hospital network (Chile, US$293mn. Under construction. Includes the Lota, Santa Bárbara, Coronel and Nacimiento hospitals)
Bogotá north access highway. Phase 2 (Colombia, US$143mn. Awaiting environmental authorization)