Spain’s infrastructure ‘Big 6’ –Sacyr, Acciona, ACS, Ferrovial, FCC and OHLA – closed the first half of 2025 with a combined portfolio of nearly 200bn euros (US$228bn), while sales totaled 46.3bn euros during the six months. 

With the exception of OHLA, the firms reported positive H1 results, with some winning new contracts in Latin America, although some are also showing an increased focus on North America, according to their latest financial statements.

Sacyr

Sacyr reported a 10.8bn-euro portfolio of infrastructure concessions at the end of June, a 2% increase from six months earlier, thanks to new contracts in Chile and Europe.

However, Sacyr also sold three highway concessions in Colombia (Autopista al Mar 1, Pamplona-Cucuta and Pasto-Rumichaca) for US$1.2bn during the period, which the firm said represented a 12% increase on their valuation compared to a year ago. 

Sales reached 2.34bn euros, a 6% year-on-year increase. Latin America represented 40%, down from 47%. 

Net income came in at 95.5mn euros, without including the Colombia disinvestments.

Some of Sacyr’s main ongoing projects in the region include:

Buin-Paine hospital (Chile, US$120mn. Under construction)
Lima peripheral ring road (Peru, US$3.28bn. Part of consortium alongside Acciona and Ferrovial. In early works)
Route 68 highway (Chile. US$1.5bn. Operation-construction)
Itata highway (Chile. US$564mn. Operation-construction)

Acciona

Acciona’s global infrastructure portfolio increased 3% compared to the end of 2024 to 29.4bn euros. This includes contract awards such as sanitation and sewer works in 48 municipalities of Brazil’s Paraná state.

Sales for the whole group, which also include energy and wind turbine manufacturer Nordex, increased 5.2% year-on-year to 9.23bn euros. 

In the case of the infrastructure unit (construction, concessions and water), sales reached 4.1bn euros, a 4.8% increase. Acciona did not provide a geographical breakdown for the infrastructure sector but said that in the case of construction (3.31bn euros) Brazil and Chile accounted for 8% and 6%, respectively.

Net income jumped from 116mn euros during the first half of 2024 to 526mn euros, with the group citing high profitability in its construction business, as well as a positive price scenario in energy.

In Latin America, some of Acciona’s active projects include:

La Serena hospital (Chile. US$253mn. Under construction)
Sao Paulo metro line N°6 (Brazil. US$2.88bn. Under construction)
Los Cabos desalination plant (Mexico. US$86mn. Under construction)

ACS

ACS had the largest backlog of all of the Big 6, with 89.3bn euros at the end of H1, up 3.1% on a year earlier.

The company did not say how much Latin America represented but stated that 5.97bn euros were in regions outside Europe, Australia and the United States.

Sales meanwhile climbed 28.6% compared to the first half of last year to 24.1bn euros. 

Net income rose 8.1% to 450mn euros.

ACS’s presence in Latin America includes the following projects:

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)

Ferrovial

Ferrovial’s construction backlog reached a record 17.3bn euros by the end of June, 9.4% more than at the end of 2024, excluding 2.7bn euros in pre-awarded contracts.

As with other Spanish construction firms, Ferrovial has started to look towards the United States, which along with Canada represented 45% of its order book in H1.

First half Ssales rose 4.7% year-on-year to 4.47bn euros, while net income climbed from 414mn euros to 540mn euros. 

Ferrovial is involved in these projects in Latin America:

Lima peripheral ring road (Peru, US$3.28bn. Part of consortium alongside Sacyr and Acciona. Early works)
Santiago metro Line 6. Section 2 (Chile. 42mn euros. In operation)

FCC

FCC’s portfolio grew 2.8% compared to the end of 2024 to 44.2bn euros, mainly thanks to a 19.6% increase in its construction pipeline, which reached 7.62bn euros.

Like Ferrovial, FCC has increased its presence in the United States.

First half sales increased 7.6% year-on-year to 4.56bn euros. Though FCC did not give numbers for Latin America specifically, it said that America as a whole registered 616mn euros in sales, up 11.4% from a year ago.

However, net income fell 71% to 80.7mn euros. The company attributed this to negative impacts from exchange rates and the poor performance of its cement and real estate division, with practically no profit contribution in H1. 

Two of FCC’s projects in Latin America are: 

Chincha wastewater treatment plant (Peru. US$96.5mn. Awarded in January 2025)
Aqualia operations in Colombia (includes providing water services in 32 municipalities in eight departments)

OHLA

By the end of June, OHLA’s backlog reached 8.63bn euros, up 1.7% on a year earlier. Of the amount, 7.57bn euros correspond to construction, with Latin America representing 18.3%. 

However, H1 sales fell 1.8% year-on-year to 1.69bn euros as positive results in construction were offset by decreases in OHLA’s industrial division. The company was the only one out of Spain’s big 6 to report a net loss for the half at 29.7mn euros, although that is an improvement from 34.2mn euros in the first half of 2024.

OHLA’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)