Sacyr (SCYR) investor relations material

Executive summary

• Net profit surged 157% year-over-year to €78 million in H1 2026, driven by the Colombia divestment and strong profitability across segments.

• Revenue rose 9% to €2,437 million, with EBITDA up 9% to €708 million and a margin of 29.1%.

• Cash dividend increased 122% to €0.10 per share, with total shareholder distributions up 21% year-over-year.

• Concession assets accounted for 91% of EBITDA, with valuation up 16% to €4.6 billion and a target of €5.1 billion by 2027.

• Strategic expansion continued with major project wins in Canada, Chile, Italy, and the US, and a robust pipeline in key markets.

Financial highlights

• Operating cash flow increased 18% to €631 million, excluding divested Colombian assets.

• Net debt stood at €6,788 million at June 2026, up from €6,359 million at end-2025, mainly due to new investments in concessions.

• Recourse net debt remained below 1x recourse EBITDA plus concession distributions, at €264 million at June 2026.

• Funds from operations contributed €631 million in H1 2026.

• Market capitalization rose 36% year-over-year to €3.77 billion.

Outlook and guidance

• Concession portfolio expected to reach €5.1 billion by 2027 and €9–10 billion by 2033.

• Projected total distributions from concessions of nearly €20 billion, up 17% year-over-year.

• Existing assets expected to generate €3.44 billion in distributions 2026–2033, with €1.92 billion net cash available after equity commitments.

• Average annual distributions projected at €430M–€484M through 2033.

• Strategic focus on expanding in the U.S., Canada, and Latin America, with multiple bids for major infrastructure projects.