Spanish infrastructure companies have been leading the international market for decades with large-scale projects. According to forecasts at the end of 2024, the six main groups – Sacyr, Ferrovial, FCC, ACS, Acciona and OHLA – reported generally positive financial results last year, with combined sales exceeding 70 billion euros and a total order book of more than 200 billion euros.
In recent years, they have consolidated their presence in markets such as the United States, Europe, Latin America and Asia-Pacific, securing multimillion-euro contracts in key sectors, including transport, water, energy and digitalisation.
Notable among these are numerous projects with budgets in excess of one billion euros, such as the renovation of JFK airport (involving Ferrovial), the Western Harbour tunnel in Australia (developed by Acciona) and the Riyadh metro (led by FCC), as well as others developed by large consortia, like the I-10 motorway in Louisiana (awarded to Sacyr and Acciona).
The trajectory of these companies, from national players with a partial footprint in Europe to international powerhouses, is a remarkable story of bold expansion. Globalisation, initially born out of necessity after the 2007 financial crisis that brought the sector to its knees, has gradually consolidated its position, underpinned by the technical expertise, financial strength and adaptability of our companies.
The first era of expansion was characterised by dynamic growth and a greater appetite for risk, focused on gaining market share and achieving a more global positioning. Economic crises, political instability, regulatory changes and the proliferation of contractual disputes were challenges that resulted in lessons learnt and catalysed a profound evolution.
As advisers to these companies, we observe that risk management is now firmly at the centre of strategic decision-making. Over the years, almost all these companies have bet on the sophistication of their internal risk assessment processes, which they now apply more rigorously when selecting opportunities, preparing bids, and monitoring and controlling projects.
Consequently, we see companies becoming more selective about the projects they pursue and countries they operate in; they conduct more exhaustive due diligence that, beyond technical feasibility, analyses in greater depth the political climate, legal and regulatory stability, and social and environmental impacts; they also employ more refined risk modelling and evaluation techniques, incorporating higher risk premiums and more rigorously quantified contingencies in their financial projections.
Additionally, with costly experience gained from arbitrations and litigations, they place much greater focus on contract negotiation. The aim is for contracts to contain clear risk allocation and protection mechanisms against unforeseen events or the materialisation of unassigned risks, as well as a dispute resolution clause under international rules administered by a reliable institution in a neutral venue. Finally, they increasingly opt to form alliances to share risks, particularly in large projects with marked local complexities.
Challenges and Opportunities
In April 2025, days after the US president announced a tariff programme that caused markets to plummet and whose uncertainty persists, with several Latin American countries like Mexico, Colombia and Peru undergoing deep political and social crises, and Europe searching for its own path, the international playing field is a challenging one.
Country risk perception is no longer limited to traditionally volatile emerging markets; it has become a widespread concern. The global operating context presents a more complex risk matrix: geopolitical tensions, rising nationalism leading to protectionist policies, supply chain disruptions, and increasing risks associated with climate change have all heightened uncertainty virtually across the globe.
This increase in risk across the board has led infrastructure projects over the past decade to become significantly more expensive due to a combination of factors: rising material prices and supply chain volatility, macroeconomic uncertainty, skilled labour shortages, environmental requirements, implementation of technological advances, etc.
This price increase will pose a real challenge in the future for the public provision of infrastructure, which worldwide still faces an infrastructure gap estimated at over 15 trillion euros according to the Global Infrastructure Hub (GI Hub – G20 Initiative).
In conclusion, Spanish infrastructure companies have demonstrated adaptability in a complex and competitive environment. They are expected to continue being key players, possibly focusing on safer markets or projects. Their ability to manage risks and execute complex projects ensures their ongoing relevance, although with economic offers that adequately reflect the realities and uncertainties of today’s global landscape.
Laura Cózar – Partner – Accuracy