Mota-Engil (EGL) CMD 2026 summary

Strategic vision, priorities, and growth outlook

• Launched Focus 2030 plan, targeting €9 billion revenue by 2030 with 11%+ annual growth, EBITDA margin at or above 18%, and EBIT margin at or above 13%.

• Strategic priorities include consolidating leadership in engineering and construction, expanding concessions, and scaling high-margin natural resources and circularity businesses.

• Diversification into concessions, natural resources, and circularity aims to create recurring, long-term revenue streams and value.

• Strategic enablers are talent retention, technology adoption (BIM, AI), operational excellence, innovation, and sustainability.

• Sustainability targets include decarbonization, biodiversity, >30% women in management, and ≥80% local talent.

Financial guidance, performance, and capital allocation

• Revenues more than doubled from 2021 to 2025, reaching €5.3B, with EBITDA growing at a 24% CAGR and net profit at a 54% CAGR.

• Free cash flow to EBITDA conversion targeted at ≥25%, solvency ratio at or above 18%, and net debt/EBITDA at or below 2.0x by 2030.

• Net investment of €500 million planned for 2026-2030, with gross CapEx over €1.2 billion and €700 million in asset rotation/divestments.

• CapEx intensity expected at 7-9% of revenues, with disciplined allocation and active portfolio management.

• Shareholder payout ratio set at 30%-50%, with a minimum group net margin of 4% by 2030.

Business segment strategies and market positioning

• Engineering and construction remains the core, with leadership in Portugal, #2 in Latin America, and #1 non-Chinese contractor in Africa.

• Concessions portfolio to grow to €1.5-2 billion net book value by 2030, focusing on long-term, regional transport infrastructure and selective asset rotation.

• Natural resources segment consolidates contract mining leadership in Africa, with expansion in O&G services and industrial EPC in Brazil, Mexico, and Africa.

• Circularity business leverages leadership in Portuguese waste management, expanding into energy (waste-to-energy, renewables) and nature recovery (carbon credits, land restoration in Africa).

• Strategic partnerships and equity co-investment are central to funding growth and managing capital intensity.