The elections for the presidency of Real Madrid have also opened up a business reading. Florentino Pérez arrives associated with ACS, a global infrastructure giant, while Enrique Riquelme arrives linked to Cox, an expanding company focused on renewable energy and water.
According to an analysis by XTB signed by Javier Cabrera, the comparison pits two companies in very different phases against each other: ACS stands out for its size, diversification, and cash generation; Cox, for its growth, operating profitability, and exposure to megatrends such as sustainability.
ACS, THE INFRASTRUCTURE GIANT
The group chaired by Florentino Pérez starts with an undeniable advantage in volume. ACS has a market capitalization close to 34 billion euros and revenues close to 50 billion.
Its strength is based on construction, concessions, and services, but XTB also highlights its commitment to data centers, a line linked to the rise of artificial intelligence that already represents 21% of its total project portfolio.
COX, ACCELERATED GROWTH IN WATER AND RENEWABLES
Cox, led by Enrique Riquelme, plays on another scale: it has a capitalization of around 1.15 billion and slightly exceeds 1.1 billion in turnover. Its appeal, according to the analysis, lies in its expansion rate.
In 2025, the company increased its revenues by 62.4% and its net profit by 61.4%, supported by its service engineering business. ACS also grew, with an increase of close to 20% in revenues, but Cox shows the profile of a company in full expansion phase.
CASH VERSUS MARGINS
XTB's summary is clear: “ACS wins in size and cash generation; Cox wins in growth and profitability”.
Cox presents an EBIT margin of 12.7%, driven by the water business, whose margins exceed 30%. ACS, for its part, registers an EBIT margin of 4.2%, but compensates for this lower relative profitability with more solid and recurring cash generation.
FLORENTINO'S MIRROR IN 2000
The report also compares the personal financial position of both businessmen at the time of facing their first electoral assault on Real Madrid.
According to XTB, when Florentino Pérez won the presidency in 2000, his inflation-adjusted stock market wealth would be equivalent to about 164 million euros today. Riquelme, on the other hand, enters this race with more than 700 million linked to Cox.
The battle for the white box is thus crossed by two business profiles: the global maturity of ACS versus the dynamism of Cox.