Hochtief enters DAX for first time as AI data centre boom triples stock
The Essen-based builder replaces Porsche SE in the 40-company blue-chip index after its share price more than tripled in a year, driven by demand for AI data centres and infrastructure spending.
Index change
Hochtief joined the DAX on 21 June 2026, becoming one of Germany's 40 largest listed companies. It replaces Porsche SE, the Volkswagen majority shareholder, which drops to the MDAX mid-cap index. The change was announced in early June and follows a sharp rise in Hochtief's share price. Deutsche Börse reviews the composition of the DAX, MDAX, SDAX and TecDAX every three months, using free-float market capitalisation on a reference date and exchange trading volumes. Funds that physically replicate the DAX must now adjust their holdings to include Hochtief and reduce Porsche SE.
What Hochtief builds
The Essen-based group operates through a global network of construction firms. Its portfolio spans skyscrapers, hospitals, roads, bridges, tunnels, airports, solar parks, data centres, mining facilities and military infrastructure. The largest subsidiaries are Turner in the United States and Cimic in Australia. At the end of 2025, Hochtief employed about 61,500 people, of whom roughly 3,700 were in Germany. The company builds almost everything, from energy-transition projects like solar farms to complex defence installations. Its international reach means the bulk of revenue comes from outside Germany.
Ownership and scale
Hochtief's market value stands at around 38 billion euros. Only about 20 percent of the shares are freely traded; the remaining 80 percent are held by the Spanish construction and infrastructure group ACS, which has controlled Hochtief since mid-2011. The businesses consolidated under Hochtief accounted for roughly three-quarters of ACS's group revenue in 2025. CEO Juan Santamaría Cases also leads ACS. Despite the low free float, the absolute free-float market capitalisation was enough to meet DAX entry thresholds.
- Free float
- 20 %
- ACS
- 80 %
Drivers of the stock surge
The share price more than tripled over the past year. Analysts point to three tailwinds: the rapid expansion of data centres for artificial intelligence, particularly in the US; large-scale infrastructure programmes in multiple countries; and rising defence budgets that boost demand for military construction. The AI boom has driven demand for large-scale computing facilities, a segment where Hochtief's US subsidiary Turner is a major contractor. These trends have lifted order books across Hochtief's main markets. The stock's strong run made the DAX promotion unsurprising when it was announced in early June.
