Hot water is closing 2022 on a high note, marking the strongest contract backlog in the company’s history at 68.996 billion euros, up 8.3 percent from the previous year. This growth translated into revenue of 33.615 billion euros, an 20.8 percent year over year rise. When exchange rates are neutralized, revenue still climbs by 11.6 percent, underscoring solid performance across markets.
Under the leadership of Florentino Pérez, the group reported a net profit of 668 million euros, a 66 percent increase over the prior year. The construction segment contributed 350 million euros in profits, while the concessions and services division delivered 194 and 27 million euros respectively. The report notes a positive impact from changes in the fair value of hedging instruments tied to ACS shares, amounting to 56 million euros after taxes, along with provisions totaling 67 million euros. The company, listed on the stock market, highlights a revaluation of earnings linked to the disposal of industrial services assets as part of the period’s results.
North America drives top-line growth
North America accounts for 53 percent of ACS’s business, followed by the Asia-Pacific region at 28 percent, with Spain and the rest of Europe contributing 9 percent each. Despite the relative portfolio weight of the United States and Canada, these markets generate 62 percent of total revenue. By contrast, Asia contributes 28 percent to the company’s turnover but only 22 percent of overall revenue, reflecting different market dynamics across regions.
The construction segment remains the backbone of ACS’s revenue, representing nearly the entire figure at 31.433 billion euros. The company emphasizes that segment growth was driven by robust activity from Dragados and Hochtief, along with favorable currency movements, particularly the stronger dollar. International activity dominates the division, delivering 95 percent of the turnover, with North America and Australia leading the way. Spain represents a small share in this segment, accounting for about 4 percent.
In Canada and the United States, the market environment supported sustained demand for infrastructure and modernization projects. U.S. public-private partnerships, transportation upgrades, and utilities development contributed to the continued strength of ACS’s North American operations. In Canada, civil and heavy construction projects supported steady order intake, while North American procurement processes favored longer project lifecycles and integrated delivery models. These regional dynamics helped balance the company’s global portfolio and mitigate near-term currency exposure, reinforcing the strategic importance of diversified geographic exposure.
Overall, ACS’s performance illustrates a resilient business model that leverages a global footprint, disciplined project execution, and a favorable mix of construction activities versus services. The year-end figures reflect strong execution in the core construction business, aided by selective hedging strategies and prudent provisioning. Market observers note that the combination of a sizeable order backlog, a diversified geographic mix, and ongoing project pipelines positions the company to sustain momentum into the next year, even as global macro conditions evolve. Stakeholders continue to monitor leverage, cash flow, and the quality of earnings, with a focus on maintaining a balanced, higher-margin project portfolio across North America, Europe, and allied markets.