ACS (AO) | Hold | Press report on the possibility of a US listing

Research evidence excerpt

ACS (AO) | Hold | Press report on the possibility of a US listing

News comment

Release date: 18 May 2026

Luis Prieto

Head of Constr., Infra & Materials

Hold +34 914 36 5111ACS lprieto@keplercheuvreux.com

Spain | Constr., Infra & Materials Beta Profile: MCap: EUR36.2bn

Target Price: EUR145.95 Bloomberg: ACS SM Reuters: ACS.MC

Current Price: EUR133.20 Free float 71%

Up/downside: 9.6% Avg. daily volume (EURm) 74.8

YTD abs performance 57.0% Market data: 15 May 2026

52-week high/low (EUR) 140.40/54.95

Press report on the possibility of a US listing

Key points:

According to Spanish newspaper Vozpopuli, ACS could already be exploring a possible listing in the US of either its parent

company or Hochtief’s Turner. According to the article, major digital infrastructure, energy, defence and concession projects in

North America have shifted ACS's centre of gravity across the pond.

Vozpopuli explained that, for the company’s Executive Chairman, Florentino Pérez, taking ACS to Wall Street would be the

culmination of a corporate transformation years in the making: the construction company, driven by Turner's fast-growing

operations, has ceased to be a Spanish company with international presence and has become a global group whose growth

narrative is increasingly understood from a US perspective. Vozpopuli highlighted that a US listing would allow ACS to gain

visibility with major investors, strengthen its profile, and bring its valuation closer to that of its North American peers.

The possibility of a US listing has been a recurring question in ACS's results conference calls, but management has historically not

shed much light on the issue. While we would not be surprised by a move of this nature (particularly in the case of Turner rather