The upcoming elections for the presidency of Real Madrid present a key business background through the corporations that lead their two potential candidates: the ACS Group, chaired by Florentino Pérez, and COX, led by Enrique Riquelme. A recent XTB report analyzes the finances of both firms and provides asset data that balances the balance ahead of the elections: Riquelme’s current financial muscle is, in relative terms, clearly superior to that registered by Florentino Pérez in his first assault on the presidency in 2000.when he defeated Lorenzo Sanz.
The heritage factor of the ballot boxes
At the absolute equity level in 2026, The distance between both businessmen is notable due to the more than four decades of difference in their careers.: the assets of Florentino Pérez linked to ACS amounts to 4,977 million eurosin front of the 749 million Riquelme in COX. However, the scenario changes substantially when comparing the current situation of Riquelme with that of Pérez in 2000.
Florentino Pérez and Enrique Riquelme.
26 years ago, the capitalization of ACS stood at around 1,800 million euros, a scale close to the 1,150 million of the current COXbut with one key difference: Florentino Pérez controlled a much smaller direct percentage of his company than Riquelme owns today of his. Adjusting for the effect of inflation, the stock market assets of the current white president in the year 2000 would be equivalent to about 164 million euros today. With more than 700 million euros linked to the trading floor, Riquelme faces the electoral race with personal financial support much greater than that available to the current leader. of the club in its beginnings.
Two opposing philosophies
This heritage background is based on two business models with very different capital management dynamicswhich represent the two management alternatives for the club. The Florentino Pérez’s company (ACS) bases its strategy on maturity and predictability. With a annual turnover close to 50,000 million eurosits current growth driver is the development of AI data centers. Its main strength is a solid free cash flow conversion ratio (31.1%), which guarantees recurring liquidity to sustain your operations.
Florentino and Riquelme
The signature of Enrique Riquelme (COX)for its part, is in a phase of early and expansive growth focused on the energy transition and the water sector. Although it has operating margins and substantially higher capital returns than ACSits intense investment activity keeps its free cash flow at negative territory, which constitutes its main long-term financial challenge.
In short, the social mass of Real Madrid is faced with a choice between institutional seniority of a model indexed to the stability of flows and diversification, and the proposal for expansive managementwith high margins and strong acceleration backed by initial personal assets higher than the historical reference.
