Florentino Perez has increased his personal stake in ACS for the second time in under two months, taking his holding through Rosan Inversiones to 14.896 percent of the construction and industrial services group, up from 14.752 percent. That works out to 41,277,625 shares, worth close to 4.55 billion euros at the stock's current price of 110.20 euros. The company has not said whether the increase came through open market purchases, a buyback, or the flexible dividend program, but the direction of travel across two moves in two months is clear enough on its own.
What makes the timing notable is what ACS has been reporting at the same time. The group posted a net profit of 510 million euros for the first half of the year, up 13.3 percent on the same period in 2025, and it is now guiding the market toward profit growth of between 30 and 35 percent for the full year. A company president buying more of his own stock while guidance is being revised upward is not proof of anything on its own, but it is the kind of signal that shareholders tend to read as one anyway.
ACS itself is currently valued at around 30.536 billion euros on the market, built on a business that spans construction and industrial services with major operations outside Spain. The company has been leaning increasingly into infrastructure and data centre investment as areas of future growth, alongside the international project work that has underpinned its results this year.
Perez's stake is still well short of a controlling position, but it puts real distance between him and the group's other major shareholders. Criteria Caixa holds 10.648 percent and BlackRock holds 5.057 percent, meaning Perez alone now controls close to one and a half times what those two combined shareholders own. For a president who already runs the company day to day, that gap is less about voting control than about a very direct signal of where he is putting his own money.