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Abertis

Abertis Infraestructuras, S.A. is a and a global leader in the management of roads and motorways, operating approximately 8,000 kilometers of high-capacity across 15 countries in , the , and . Founded in 2003 and headquartered in , Abertis draws on over 60 years of collective experience from its predecessor entities in development and operation. The company focuses on the construction, maintenance, and -based management of highways under long-term concession agreements, serving as a key partner in public-private financing and sustainable mobility solutions. Its portfolio includes major routes in (such as the AP-7), (via the Sanef Group, acquired in 2006), (through A4 Holding since 2016), , (including the 2020 acquisition of Red de Carreteras de Occidente), (four highways bought in 2023), and . Abertis employs approximately 12,000 people (as of ) and emphasizes in , environmental , and digital technologies to enhance and efficiency. Ownership is jointly held by (formerly Atlantia) and the (including ), following the 2018 acquisition that delisted the company from public markets. Recent expansions include the 2024 award of the Route 5 Los Vilos concession in and a 2025 agreement to acquire a 51.2% stake in France's A-63 Landes , underscoring its ongoing growth in international markets. In 2024, the group reported significant progress in integrating newly acquired assets, contributing to robust financial performance amid rising volumes.

Overview

Corporate Profile

Abertis Infraestructuras, S.A. was founded in 2003 through the merger of Acesa, established in 1967, and Autopistas, established in 1971, creating a leading operator. Following its delisting from public stock exchanges after a 2018 joint acquisition by Atlantia and ACS, Abertis operates as a , currently owned by (a portfolio company of the ), ACS Group, and . The company is headquartered in , , at Avinguda de Pedralbes 17. Its leadership includes Chairman Juan Santamaría Cases, appointed in 2024, and José Aljaro Navarro, who has served in the role since 2018. Abertis primarily operates as a concessionaire, managing nearly 8,000 kilometers of high-capacity, high-quality motorways across 15 countries in , the , and as of 2025. In November 2025, Abertis extended its concession for key highways in until 2047, securing long-term operations in . The company employs over 12,000 people worldwide and focuses on sustainable mobility infrastructure, including enhancements and ancillary services through subsidiaries like Emovis.

Financial Performance

In 2017, Abertis reported consolidated revenues of €5,323 million, marking a 13% increase from the previous year, driven primarily by traffic growth and tariff adjustments across its portfolio. Net profit for the same period reached €897 million, reflecting a 13% rise and underscoring the company's operational efficiency prior to its . Following the acquisition by a led by Atlantia and ACS for €16.5 billion, Abertis maintained through structured debt management, including equity contributions and financing packages that supported integration without immediate liquidity strains. The company's post-acquisition financial position has been bolstered by consistent credit ratings, with Fitch affirming Abertis's long-term issuer default rating at '' with a stable outlook in September 2025, citing resilient cash flows from its concession-based assets. This affirmation highlights effective ongoing debt management, as Abertis reduced its net debt to €22.6 billion by the end of 2024 through operational cash generation and selective refinancing. Abertis's growth has been supported by steady increases in traffic volumes, averaging 1.5% globally in 2024, alongside regulated tariff adjustments that align with inflation in key markets such as Spain and France. Revenues are predominantly derived from toll operations, which account for over 90% of total income, supplemented by ancillary services like electronic tolling and maintenance contracts, enabling diversification amid varying economic conditions. In 2025, Abertis advanced its funding strategy with the successful issuance of a €250 million hybrid bond in October, oversubscribed more than five times among institutional investors, and a €600 million five-year bond in June at a 3.125% coupon. These followed the completion of ESG-linked financing initiatives under its 2025-2027 plan, which emphasizes decarbonization targets and sustainable operations. Additionally, the agreement in March 2025 to acquire a 51.22% stake in Atlandes, operator of the French A-63 motorway, is expected to expand its European footprint and contribute to revenue growth projections. Key financial ratios demonstrate the sustainability of Abertis's model, with EBITDA margins from operations exceeding 70% in 2024, supported by predictable cash flows from long-term concessions averaging 20-30 years in duration. This structure ensures robust generation, projected at €27 billion over 2024-2033, facilitating dividends, debt reduction, and reinvestments.

History

Formation and Early Development

Abertis traces its origins to two prominent Spanish toll road operators: Acesa Infraestructuras, founded in 1967 as Autopistas, Concesionaria Española S.A., which focused on developing and managing toll roads in , including Spain's first such highway from Montgat to , and Aurea Concesiones de Infraestructuras, established in 1971 as Aumar and later merged with Dragados' toll operations in 2000 to become a publicly listed entity centered on Madrid-area autopistas like the Tarragona-Valencia-Alicante route. By the early , these entities controlled significant portions of Spain's toll network, with Acesa managing around 550 kilometers and Aurea handling key central routes, setting the stage for amid growing in the sector. The formation of Abertis occurred in April 2003 through the merger of Acesa and Aurea, creating Spain's largest operator with control over approximately 68% of the country's tolled highways and positioning it as Europe's third-largest motorway concessionaire. The merger, approved by the boards in late 2002 following a competitive bidding war involving Iberpistas, became effective retroactively from January 1, 2003, and was listed on the , , , and stock exchanges under the ticker ABE, marking Abertis' entry as a unified public entity. Immediately following the merger, Abertis diversified into by acquiring Retevisión from the Auna Group in 2003 for €423 million, gaining over 2,400 transmission sites for TV and , though this unit was later spun off in 2005 to focus on core infrastructure activities. In 2004, Abertis further consolidated its domestic dominance by absorbing Iberpistas in June, integrating an additional 600 kilometers of toll roads such as the Bilbao-Zaragoza and Villalba-Adanero segments, which had originated from the entity Canales y Túneles. This move, approved in January 2004, faced initial regulatory scrutiny from competition authorities due to concerns over in the toll sector, but ultimately strengthened Abertis' position as a national leader. Early operations were also challenged by Spain's evolving regulatory framework for concessions, including hurdles in obtaining approvals for network expansions amid government pushes for . A significant external challenge emerged in 2006 when toll Atlantia (then Autostrade) proposed a cross-border merger with Abertis, valued at around €12 billion, aiming to create Europe's largest highway group. The approved the deal under EU merger regulations in September 2006, citing no competition concerns, but it ultimately failed by early 2007 due to opposition from Italian authorities over domestic policies and investment commitments. Efforts to revive the bid lingered into 2008, prompting Abertis to adopt defensive strategies like share buybacks and alliances with Spanish stakeholders, but the attempt collapsed amid geopolitical tensions.

International Expansion

Abertis's international expansion began in earnest in 2005 with its entry into the through the acquisition of a controlling stake in Société des Autoroutes du Nord et de l'Est de la France (Sanef). A led by Abertis secured 75.65% of Sanef for approximately €2.8 billion, gaining management of approximately 1,800 km of motorways primarily in northern and eastern , including key routes like the and A26. This move established Abertis's European foothold beyond , leveraging Sanef's mature concessions to diversify revenue and enhance operational expertise in regulated toll environments. The late and early saw Abertis aggressively pursue opportunities in the to capitalize on growing demand. In 2009, Abertis acquired stakes in Chilean toll road operators from Itínere, including interests in Autopista Central and other concessions totaling around 200 km, marking its initial foray into . This was followed in 2012 by the purchase of in , which operates over 3,200 km of highways across nine concessions, positioning Abertis as a major player in Latin America's largest economy. That same year, Abertis expanded further in by acquiring three additional toll roads from Obrascon Huarte Lain for €204 million, adding 343 km to its portfolio. In Puerto Rico, Abertis gained a significant stake in Metropistas in 2013, securing a 40-year for PR-22, a 55 km urban motorway, through a that invested over $750 million. During the 2010s, Abertis showed initial interest in around 2009 through partnerships with the (NHAI), but entered the market in 2017 with acquisitions including two toll roads for €128 million, such as the NH-44 and NH-45 segments. By 2017, Abertis had consolidated control over additional Indian assets, such as Trichy Tollway, expanding to over 400 km. In , after a failed 2006 merger attempt with , Abertis acquired a 51.4% stake in A4 Holding in 2016 for €594 million, gaining control of 420 km of the A4 motorway between and . These moves diversified Abertis's geographic risk and tapped into high-growth markets. A notable setback occurred in when Abertis, in consortium with , submitted a $12.8 billion bid for a 75-year of the 880 km in the United States—the largest such deal at the time—but withdrew due to mounting political opposition and legislative hurdles in . This experience underscored challenges in entering the U.S. market, leading Abertis to adopt a more cautious approach there. Parallel to its toll road growth, Abertis restructured its non-core assets to sharpen focus on . In 2015, it spun off its telecommunications division, which originated from the 2003 acquisition of Retevision assets, into Cellnex Telecom through an IPO that raised €2.4 billion by selling 55% of the company. This divestment allowed Abertis to concentrate resources on global operations, boosting its financial flexibility for future expansions. In the 2020s, Abertis continued its international growth. In June 2020, it acquired a 51.3% stake in 's Red de Carreteras de Occidente (RCO) for €1.5 billion, adding over 700 km of toll roads in western . In October 2023, through its subsidiary Metropistas, Abertis won a $2.85 billion, 40-year concession to operate and maintain four key highways in —PR-20, PR-22, PR-52, and PR-53—totaling approximately 140 km, expanding its presence on the island. In August 2024, Abertis secured the 223 km Ruta 5 Santiago-Los Vilos concession in for a 30-year term, involving €1 billion in investments over seven years. In February 2025, Abertis agreed to acquire a 51.2% stake in France's A-63 motorway (104 km between and ) for an undisclosed amount, with the deal expected to close in the third quarter of 2025 and add to its Sanef operations.

Ownership Transitions

Prior to 2018, Abertis Infraestructuras, S.A. operated as a publicly traded listed on the (BME), subjecting it to regulatory requirements for acquisition bids, including mandatory public tender offers when stakes exceeded certain thresholds. This public status facilitated capital raising through equity markets but also imposed quarterly reporting and shareholder scrutiny obligations. In October 2018, Abertis was acquired in a €16.5 billion deal by a consortium comprising with 50% plus one share, with 30%, and (ACS's German subsidiary) with 20% minus one share, leading to its delisting from the BME and transition to private ownership. The transaction, finalized after regulatory approvals including from the , marked the end of Abertis's public trading era and centralized control under the consortium's joint investment vehicle. Following the acquisition, Abertis experienced ownership stability under Mundys's leadership, with the focusing on optimization through generation and selective asset disposals rather than major divestitures. This period involved the acquisition-related , reducing net from levels of approximately €13.3 billion in 2018 while maintaining the original stake distribution. As of 2025, Abertis's ownership structure remains unchanged, with , ACS, and retaining their respective stakes amid ongoing bond issuances to support liquidity and investments, such as a €600 million senior in June and a €250 million hybrid in October. These activities have reinforced control without altering major stakeholder positions. The shifted Abertis to private governance, enabling long-term investments with reduced public market pressures and enhanced strategic flexibility through aligned shareholder interests. This structure has supported sustained growth in assets while prioritizing debt management and over short-term earnings volatility.

Operations

Toll Road Management

Abertis operates its primarily through a concession-based model, involving long-term contracts with public authorities that typically span 20 to 75 years. These agreements follow the , , operate, and (DBFOT) , where Abertis is responsible for financing, constructing or upgrading highways, maintaining them during the concession period, and transferring assets back to the granting authority upon expiry. This model ensures stable revenue streams while incentivizing efficient operations and investments in infrastructure quality. Revenue generation relies on toll collection systems, predominantly electronic and free-flow technologies managed by Abertis's Emovis, which handles over 300 million transactions annually across . Emovis deploys tag-based and license-plate recognition systems to facilitate seamless ing, reducing at booths and enhancing . In certain regions, such as parts of , Abertis also employs shadow toll mechanisms, where payments are based on volumes rather than direct user fees, providing government-backed remuneration tied to usage and performance metrics. Operational standards emphasize rigorous maintenance protocols to uphold safety, capacity, and durability of toll roads, including regular inspections, resurfacing, and structural reinforcements aligned with guidelines. Traffic management incorporates for congestion prediction and mitigation, such as dynamic lane adjustments and incident detection using data and vehicle sensors, as demonstrated in partnerships with Google Cloud for advanced mobility analytics. These practices aim to minimize disruptions and optimize flow across Abertis's network of over 8,000 kilometers. Risk management strategies address key vulnerabilities, including fluctuations in volumes influenced by economic conditions and prices, which directly impact in user-paid concessions. To counter inflationary pressures, many tariffs are linked to consumer price indices, allowing periodic adjustments—such as the 5-7% increases observed in markets in recent years—to preserve profitability. Regulatory renewals pose another challenge, with concession expirations requiring competitive or extensions, as seen in the 2025 prolongation of the Rio de Janeiro concession to 2047, which helps maintain portfolio balance. In 2025, Abertis integrated sustainable practices into management, including the use of recycled plastic waste for paving service roads in select concessions, which reduces emissions associated with traditional production and promotes principles. This initiative builds on ongoing efforts to lower Scope 1 and 2 emissions by over 25% since 2020, enhancing environmental performance without compromising . For instance, such materials have been applied in Spanish motorways to support low-emission infrastructure upgrades.

Geographic Reach

Abertis manages a diversified of approximately 8,000 kilometers of roads spanning 15 countries across , the , and , enabling risk mitigation through geographic spread and exposure to varied economic conditions. This global network positions the company as a leading operator, with operations tailored to regional regulatory and traffic dynamics while emphasizing high-capacity that supports economic . In , which comprises roughly 35% of Abertis's total network, the company maintains a strong foothold through key concessions in , , and . In , Abertis operates about 633 kilometers, including the prominent AP-7 corridor along the Mediterranean coast, a vital for regional and . represents a major hub, where subsidiary Sanef manages approximately 1,911 kilometers, accounting for over 20% of the nation's high-capacity motorway network and serving as primary access routes to and . In , Abertis holds a partial stake in Autostrade operations via A4 Holding, overseeing around 236 kilometers in the prosperous region, including the A4 Brescia-Padova and A31 routes that facilitate industrial and logistics flows. The Americas form the largest segment of Abertis's portfolio, exceeding 50% of the total network and underscoring the company's emphasis on emerging markets with high growth potential. In Brazil, subsidiary Arteris controls over 3,200 kilometers across seven concessions, making it one of the nation's top operators and connecting key economic centers in , , and the southeast. Mexico features multiple autopistas under Red de Carreteras de Occidente (RCO), totaling more than 1,000 kilometers that link industrial hubs in the region to , forming a critical backbone for . In Chile, operations through VíasChile and Socovesa cover key segments like the Ruta 5 corridor, including the 2024-awarded Route 5 Los Vilos concession, while Puerto Rico's Metropistas manages the PR-22, PR-5, and related routes spanning 288 kilometers, handling 60% of the island's toll traffic and linking to major population centers. Abertis's presence in Asia remains smaller but strategic, focused on India's rapidly expanding sector. Through investments like NMPCL, the company operates approximately 152 kilometers on the Hyderabad-Kolkata corridor, supporting between industrial and port areas in a market poised for significant development. A notable recent development enhancing Abertis's European footprint occurred in 2025 with the acquisition of a 51.2% stake in Atlandes, adding 104 kilometers along the A-63 motorway on the Atlantic coast and strengthening cross-border links between and northern . This diversification across regions not only balances exposure to traffic volumes and tariff regulations but also aligns with broader goals by optimizing efficient, low-emission transport networks.

Key Subsidiaries

Abertis operates through a network of key subsidiaries that manage concessions and related services across multiple continents, enabling the group's global presence in infrastructure management. These entities are typically held under full or majority ownership by Abertis, allowing centralized control while leveraging local expertise for operations and expansion. Sanef, Abertis's wholly owned subsidiary in , manages approximately 1,911 kilometers of high-capacity roads, representing about 22% of the country's network and including five of the seven primary access routes to . This subsidiary plays a pivotal role in generating , contributing significantly to Abertis's overall and streams through efficient operations and investments in upgrades, such as €600 million for concession extensions. In Brazil, Arteris stands as Abertis's largest toll road subsidiary, overseeing more than 3,200 kilometers across seven concessions and focusing on South American growth through network expansions and traffic management. Abertis holds a controlling majority stake in Arteris, which has invested over R$17.6 billion (approximately €2.8 billion) from 2010 to 2023 to enhance connectivity in key regions, solidifying its position as one of Brazil's top highway operators. Autopistas serves as the core operational arm for Abertis's Spanish activities, managing 633 kilometers through seven concessions, including regional entities like Acesa (Autopistas Concesionarias, S.A.), which handles key routes in and surrounding areas. Fully owned by Abertis, this subsidiary supports the group's domestic foundation by prioritizing high-quality road maintenance and sustainable mobility initiatives, such as charging infrastructure. Emovis, Abertis's 100% owned technology subsidiary, specializes in tolling systems and provides global free-flow electronic collection services across 12 countries, processing over 300 million transactions annually for 2.5 million customer accounts. It enhances the efficiency of Abertis's broader network by integrating advanced solutions, including electronic payment platforms used in operations like those in . Among other notable subsidiaries, Metropistas in , fully controlled by Abertis, operates 288 kilometers of s, including major highways like PR-22 and PR-52, contributing to expansion through electronic tolling via Emovis. In , VíasChile— in which Abertis holds an 80% stake—manages 412 kilometers across four concessions, emphasizing barrier-free systems and high traffic volumes as the country's largest operator by volume; this includes entities like Socovesa for specific regional routes. Looking ahead, the 2025 integration of Atlandes, where Abertis acquired a 51.2% majority stake in June, adds 104 kilometers of the strategic A-63 in southwest , bolstering European connectivity between and northern regions.

Sustainability and Innovation

Environmental and Social Initiatives

Abertis's environmental and social initiatives are integrated into its Sustainability Strategy 2022-2030, which is implemented through three-year plans. The inaugural Plan 2022-2024, completed in 2024 and fully reported in 2025, achieved a high level of target fulfillment, including a 36% reduction in Scope 1 and 2 compared to the 2019 baseline, surpassing the plan's decarbonization goals through measures like fleet and increased use. Environmental efforts emphasize protection and along toll concessions. The company reduced animal runovers by 48% in 2024 through infrastructure and monitoring, while replanting over 95,000 plant specimens to restore habitats affected by operations. Facilities increasingly rely on renewables, with 72.8% of sourced from sustainable providers in 2024, supporting broader goals like 85% renewable usage by 2027 under the new Plan 2025-2027. These initiatives align with the UN (SDGs), particularly SDG 13 () and SDG 15 (Life on Land), and are certified under ISO 14001 environmental management standards, covering 80.2% of the company's turnover. On the social front, Abertis prioritizes and . The company runs awareness campaigns and infrastructure improvements that lowered the user fatality rate to 1.3 per 100 million kilometers traveled in 2024, a 4% improvement from the prior year. Local employment is fostered through 97.7% of purchases from local suppliers and a across host countries, with 2.6% of employees having disabilities. targets include elevating women to 30% of senior and roles, achieved at 32.5% by 2024, aligning with SDG 5 (). Under its Sustainability-Linked Financing Framework, Abertis ties financing terms to performance indicators like emissions reductions and charging infrastructure expansion, with 776 stations installed by the end of 2024. The acquisition of a 51.2% stake in Atlandes, operator of the A-63 in , which closed in June 2025, bolsters green infrastructure by integrating sustainable mobility corridors that support low-carbon transport between and .

Technological Developments

Abertis has advanced digital tolling through its subsidiary Emovis, which provides free-flow tolling solutions utilizing AI-powered detection and minimal roadside to enable seamless usage charging. This platform supports distance-based fee systems, allowing for accurate toll collection without traditional barriers. By 2025, Emovis operates projects across 10 countries, including the , , , the , , the , , , , and . In , Abertis's Sanef implemented the country's first free-flow toll system on the A-13 and A-14 motorways in early 2025, enhancing traffic efficiency on key routes. In smart road technologies, Abertis integrates devices and sensors to enable and management, as demonstrated in partnerships like the one with Elizabeth River Crossings in , where supports and vehicle detection. Through the 5GMED , Abertis's Autopistas subsidiary deploys smart sensors for digitalization and connected vehicle applications, facilitating for control. is enhanced via collaborations, such as with , where data analytics from structure inspections optimize preventive actions on infrastructure. Additionally, Abertis partners with Google Cloud to leverage for interurban , including predictions and via mobile apps and panels. Abertis's mobility solutions incorporate app-based integrations for , tested in urban pilots for distance-based fees that adjust rates to promote and reduce congestion. The company explores emission-based dynamic tolling to incentivize sustainable driving. For support, Abertis has formed partnerships, including with Fastned to deploy fast-charging stations along concessions in and , and through Sanef in , where over 500 ultra-fast points were installed across 72 service areas by 2022, expanding to 776 points group-wide by the end of 2024. These initiatives align with broader goals, briefly supporting ESG efforts in reducing emissions. Following the 2015 spin-off of its telecommunications unit into Telecom, Abertis shifted focus to transport technologies, emphasizing connected and autonomous mobility. This includes advancements in (V2X) communications through projects like Creta, a developing intelligent with cutting-edge tech for monitoring and control. Abertis invests in R&D for these areas, collaborating with entities like i2CAT on cooperative, connected, and autonomous driving solutions in . In 2025, efforts extend to pilots enhancing infrastructure for autonomous vehicles, building on prior tests like the 2017 Renault collaboration on the A13 in .

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