Mota-Engil (EGL) H2 2024 earnings summary

Executive summary

• Achieved record 2024 results: turnover of EUR 5.951 billion (+7% YoY), EBITDA of EUR 955 million (+14% YoY, 16% margin), and net profit of EUR 123 million (+8% YoY), surpassing 2026 targets two years ahead.

• Backlog reached a record EUR 15.6 billion (+21% YoY), with EUR 8 billion in new contracts awarded, ensuring strong future growth visibility.

• Strategic focus on high-margin segments, core markets, asset rotation, and large contracts, with significant project wins and divestments in Europe, Africa, and Latin America.

• Strong operational cash flow of EUR 725 million and equity of nearly EUR 850 million, supporting increased financial autonomy (11%).

• Reinforced ESG commitment, achieving best-ever S&P Global ESG score and first CDP rating.

Financial highlights

• EBITDA grew 14% YoY to EUR 955 million (16% margin); net profit increased 8% to EUR 123 million; EBIT reached EUR 586 million (10% margin).

• Net debt/EBITDA at 1.81x and gross debt/EBITDA at 3.12x, both within strategic targets; equity at EUR 849 million (11% of assets).

• CapEx totaled EUR 511 million (8.6% of turnover), with 76% directed to growth and long-term contracts, mainly in Africa and environmental services.

• Operating cash flow increased 5% to EUR 725 million; liquidity at EUR 1.1 billion, with average debt maturity of 2.7 years.

• Capital gain recognized from the sale of Polish operations and two Mexican road concessions.

Outlook and guidance

• 2025 guidance: single-digit turnover growth, Africa as main profitability driver, maintain 16% EBITDA margin, and high-quality backlog.

• CapEx/turnover to remain below 7%; focus on free cash flow generation and asset rotation to support net profit.

• OPEX 50 program aims to cut EUR 50 million in operating expenses in both 2025 and 2026.

• Commitment to Net debt/EBITDA <2x, Gross debt/EBITDA <4x, and progressing toward Equity/Assets >15%.

• New strategic plan targeting 2030 to be launched in early 2026, with profitability as the main focus.