ACS – Actividades de Construccion y Servicios – weathered the crisis and became the dominant force in the Spanish construction market by outperforming its competitors in several respects. To begin with, ACS achieved the largest sales value among Spanish construction companies in 2019. The very same year, ACS Group’s EBITDA exceeded three billion euros in revenue, which up until then was unprecedented for the group and beyond reach for competitors such as FCC or Sacyr. Nevertheless, ACS’ predominance has not extended yet to the stock market. Ferrovial’s market capitalization was the largest among national construction firms as of 2019, almost double the market cap of ACS.
Both ACS and Ferrovial are global standouts thanks to their international engagement. Moreover, ACS became the construction contractor with the highest revenue in the world in 2018. The international market is crucial for Spanish construction firms because most sales revenues are generated from this source. For example, over two thirds of OHL’s revenue was derived from international sales in 2019. The boost of international revenue registered by companies such as Acciona and Sacyr has partially compensated for the domestic market's slow recovery.