Florentino Pérez, president and largest individual shareholder of ACS, sold shares in August 2026 that he had received under a long-term incentive scheme approved in 2023. According to entries in the registers of the Spanish stock market regulator, the CNMV acquired on 4 August 2026 through option rights 295,000 shares at the set exercise price of €31.55 per share and sold them on 6 August 2026 at the then-current market price of €110.23. The gross proceeds of around €32.5 million, less a purchase price of about €9.3 million, yield a gross profit of approximately €23 million.
At the same time, Pérez reported through his holding company that his voting stake in the share capital had increased to 15.015 per cent. This strengthens his position as ACS’s largest individual shareholder. The latest transactions and shareholding disclosures are recorded in the relevant CNMV registers.
The share package in question comes from a variable remuneration plan approved by the board in 2023. Such schemes grant executives options at a fixed price when targets are met, and usually include lock-up and exclusion periods. According to the published rules, Pérez could exercise the relevant rights only after the specified periods had elapsed. The difference between the fixed exercise price and the higher share price at the time of sale explains the gross profit from the transaction. For context, this is common practice in long-term, performance-based remuneration schemes at listed companies.
Interests and possible effects: In the short term, exercising the rights and then selling the shares provides the businessman with liquidity; the reported increase to 15.015 per cent also formally consolidates his controlling position. For the capital market, this is a routine process within the framework of variable executive remuneration. Nevertheless, the structure of such plans can prompt governance debates, for example about performance criteria, lock-up periods and dilution effects.
Facts: exercise on 4 August 2026 covering 295,000 shares at an exercise price of €31.55; sale on 6 August 2026 at a market price of €110.23; gross profit of around €23 million; subsequent disclosure of a 15.015 per cent stake. Outlook: Whether this leads to share-price movements or further changes in the shareholder structure depends on market conditions and future company decisions, and remains unclear at present.
Editor: Daniel Mayer (Article created with AI assistance).