Malaga 2025 Hospital: Duel of giantsThe Biggest Public Project of the Year Faces Construction Giants
By Ion Jauregui – Analyst at ActivTrades
The largest public works contract tendered this year in Spain already has a name and location: the new hospital in Málaga. With a budget of €607.5 million, co-financed by the European FEDER funds, this ambitious healthcare project will not only redefine Andalusia’s care map but has also sparked an intense battle among the country’s top construction firms.
The new complex will be built on the grounds of the Civil Hospital and will feature 815 rooms, 48 operating theaters, and more than 250 consultation rooms. The execution period is 75 months, and the Andalusian Regional Government has opted for a mixed model that includes construction and operation of the parking facilities, adding financial appeal to the award.
Four Consortia, a Multi-Million Euro Award
The mega-project has attracted four consortia formed by industry giants supported by local companies. More than a tender, it is a strategic battle between groups with different strengths and track records.
1. FCC – Ferrovial (with Heliopol and Guamar): Heavyweight Experience
The FCC and Ferrovial union combines financial strength and technical expertise on a global scale. FCC, seasoned in hospital construction (like Valdebebas in Madrid), provides execution solidity, while Ferrovial stands out for its expertise in concessions and large international projects. Andalusian companies Heliopol and Guamar add local agility.
• Ferrovial (BME: FER) boosted its 2024 profit to €3.239 billion, thanks to capital gains from Heathrow, with revenues up 6.7% to €9.147 billion. With over €5.3 billion in cash, it has a strong presence in the US.
• FCC (BME: FCC), after spinning off its cement business, earned €429.9 million in 2024. Its portfolio exceeds €43 billion, including flagship projects like the Scarborough metro and the Nou Mestalla stadium.
Advantage: impeccable technical track record and global presence.
Risk: less recent visibility in the Andalusian healthcare sector.
2. Acciona – OHLA (with Sando and Vialterra): Sustainability with Andalusian DNA
This consortium combines environmental innovation with local roots. Acciona, a sustainability leader, heads the team alongside OHLA, which continues to invest in the hospital sector despite past difficulties. Málaga-based Sando and Vialterra reinforce the local component.
• Acciona (BME: ANA) closed 2024 with €422 million profit and revenue growth of 12.7%, despite setbacks in Acciona Energy.
• OHLA (BME: OHLA) reported losses of €49.9 million but achieved a record backlog of €9.224 billion and remains positioned in key public works.
Advantage: strong local presence and green commitment.
Risk: lingering financial instability concerns around OHLA.
3. Azvi – Sanjose (with Puentes and Jarquil): The Technical Bloc with Regional Focus
Less media-visible, this consortium offers specialization and efficiency. Azvi is recognized for its railway experience, and Grupo Sanjose for hospitals like those in Vigo or Valdebebas. Puentes and Jarquil complete a versatile team.
• Sanjose (BME: GSJ) improved its profit by 51.3% in 2024 to €32.4 million, maintaining a solid financial position with €380 million in net cash.
Advantage: agility and proven technical execution.
Risk: lower media notoriety and smaller balance sheet.
4. ACS – Sacyr (with Martín Casillas): Infrastructure Titans
The ACS – Sacyr tandem offers solvency, technical capacity, and international experience in hospital concessions. Martín Casillas, based in Seville, adds geographical proximity. Additionally, ACS may play a second card with its subsidiary Vías, allied with Lantania and Comsa, increasing its odds.
• ACS (BME: ACS) closed 2024 with €828 million profit and a record backlog of €88.209 billion, thanks to expansion in North America.
• Sacyr (BME: SCYR) earned €153 million in 2023 and stands out for its focus on concessions, which already represent 93% of its EBITDA.
Advantage: financial strength and PPP experience.
Risk: organizational complexity presenting two bids.
One Hospital, Multiple Readings
The new Málaga hospital is not just a healthcare construction: it is also a showcase of Spanish construction might, tensions between local and global players, and the growing importance of sustainability, concession expertise, and financial reputation. The final award, expected this year, will be a clear indicator of the direction large public infrastructure projects will take in Spain.
*******************************************************************************************
La información facilitada no constituye un análisis de inversiones. El material no se ha elaborado de conformidad con los requisitos legales destinados a promover la independencia de los informes de inversiones y, como tal, debe considerarse una comunicación comercial.
Toda la información ha sido preparada por ActivTrades ("AT"). La información no contiene un registro de los precios de AT, o una oferta o solicitud de una transacción en cualquier instrumento financiero. Ninguna representación o garantía se da en cuanto a la exactitud o integridad de esta información.
Cualquier material proporcionado no tiene en cuenta el objetivo específico de inversión y la situación financiera de cualquier persona que pueda recibirlo. La rentabilidad pasada no es un indicador fiable de la rentabilidad futura. AT presta un servicio exclusivamente de ejecución. En consecuencia, toda persona que actúe sobre la base de la información facilitada lo hace por su cuenta y riesgo.
