ACS Actividades de Construccion y Servicios: 1st DC leasing agreement in Texas

Research evidence excerpt

ACS Actividades de Construccion y Servicios: 1st DC leasing agreement in Texas

Update

July 15, 2026 06:54 PM GMT

Morgan Stanley & Co. International plc+MACS Actividades de Construccion y Servicios Nicolas J Mora

| Europe Equity Analyst

Nicolas.Mora@morganstanley.com +44 20 7677-5376

Cedar Ekblom, CFA

Equity Analyst1st DC leasing agreement in Cedar.Ekblom@morganstanley.com +44 20 7425-4623

Daniel Khajenouri

Equity AnalystTexas Daniel.Khajenouri@morganstanley.com +44 20 7425-3065

Oscar P Smyth

Research Associate

Key Takeaways Oscar.Smyth@morganstanley.com +44 20 7425-6567

ACS has announced its first DC leasing agreement in Dallas-Fort Worth for

ACS Actividades de Construccion y Servic (ACS.MC, ACS

140MW of critical IT load

SQ)

This comes 6 months early, whilst we expected a smaller announcement for the Building & Construction | Spain

1st Madrid DC (20MW) Stock Rating Overweight

Industry View In-Line

Release short of details (duration of agreement, €/MW revenue, escalation factor Price target €156.00

Shr price, close (Jul 15, 2026) €120.40

= annual indexation, cost to build the DC in €/MW) 52-Week Range €139.18-54.65

Mkt cap, curr (mn) €31,365

We would expect more details to be forthcoming at 2Q26 earrnings (ACS - 29 Net debt (12/26e) (mn)* €(2,137)

July) EV, curr (mn)* €31,709

DC co-dev't JV (new name Coravel) = 13% of MSe target equity value, a key part * = GAAP or approximated based on GAAP

of value creation over the medium term. OW reiterated.

What happened? ACS and GIP have announced the new brand for their DC co-

development business, Coravel, as well as the first leasing agreement for 140MW of

critical IT load in their Dallas-Fort Worth Metroplex campus in Texas. We had

expected the 1st leasing agreement to focus on the 20MW Alcala de Henares DC in