ACS, Actividades de Construcción y Servicios, S.A.: European Leadership Conference Takeaways

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ACS, Actividades de Construcción y Servicios, S.A.: European Leadership Conference Takeaways

Equity Research

European Construction, Building Materials & Infrastructure

26 May 2026

ACS, Actividades de Construcción y Servicios, S.A.

European Leadership Conference

Takeaways

We hosted ACS' Investor Relations team at our European ACS.MC/ACS SQ OVERWEIGHT

Leadership Conference in London. Conversations with EuropeanBuilding MaterialsConstruction,& NEUTRAL

investors focused on data centres, the recent equity raise, Infrastructure Price Target EUR 146.00

and the strategic appraoch to Abertis. We include our key Price (25-May-26) EUR 125.60

takeaways below. Potential Upside/Downside +16.2% Source: Bloomberg, Barclays Research

Data centre platform acceleration and capital allocation: The clearest message was the

European Construction, Building

increasing urgency from customers around data centre deployment. Management emphasised Materials & Infrastructure

that hyperscalers are struggling to match capacity with demand (a trend that we highlighted in Katherine Hearne, CFA

our recent note: European Infrastructure: Building AI: Assessing the impacts of DC construction - +44 (0)20 7773 2041

u/g ACS to OW), particularly for delivery timelines into 2028 to 2029, creating an opportunity for katherine.hearne@barclays.com

ACS to move faster. Management explained how the group's recent capital raise, while not Barclays, UK

strictly necassary to fund growth (given good cash generation and divestment potential), Tom Zhang, CFA

provides a tool to accelerate funding of the pipeline rather than to fund a shortfall. While capex +44 (0)20 3555 1395

breakdowns remain undisclosed, the bulk of incremental investment is expected to be directed tom.zhang1@barclays.com

towards data centres.