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Sacyr (SCYR) investor relations material
Sacyr Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Strategic plan 2024–2027 progressing ahead of schedule, with value creation in concession assets, increased cash flow, and significant new project awards.
Asset valuation rose by over €400 million to €3.96 billion as of December 2025, up 11% year-over-year, driven by new awards and inflation-linked assets.
Major divestment in Colombia (three highways) for $1.6 billion, 12% above prior valuation, achieving a 2.7x equity multiple and 18% IRR.
New CEO appointed, Board diversity targets achieved, and all AGM resolutions approved.
Environmental milestones recognized by agencies, with SBTi confirming climate goals aligned with 1.5°C and inclusion in major sustainability indices.
Financial highlights
Revenue for H1 2025 grew 6% year-over-year to €2.24 billion; net profit excluding divestments increased 85% to €96 million.
EBITDA for H1 2025 was €647 million (-2% YoY); 91% of EBITDA generated from concession activities.
Operating cash flow up 7% to €615 million; EBITDA-to-cash conversion improved to 95%.
Net debt reduced to €6.44 billion from €6.89 billion at end-2024; recourse net debt ratio below 1x.
Cash dividend of €0.045/share paid in July, plus a scrip dividend in January with 87% opting for shares.
Outlook and guidance
Targeting concession asset value of €5.1 billion by 2027, with expectations to surpass this if conditions allow.
Distributions from concession assets expected to exceed €17 billion through 2054, averaging over €410 million per year.
Surplus cash of €2.1 billion by 2033 to support further equity investments.
Committed to maintaining net recourse debt/EBITDA below 1x.
Shareholder remuneration of at least €2.25 per share between 2024 and 2027.
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