Mota-Engil (EGL) Q1 2026 TU earnings summary

Executive summary

• Achieved record backlog of €16.9bn, up 5% year-to-date, providing 3.6 years of execution visibility and supporting long-term growth under the FOCUS 2030 strategy.

• Turnover reached €1.4bn, up 2% year-over-year, with EBITDA rising 10% to €234mn (17% margin) and net profit up 31% to €35mn (2.5% margin).

• Profitability driven by strict project selection, high-quality backlog, and disciplined execution, with strong cash conversion and margin resilience across all segments.

• Major project awards in Brazil, Malawi, Portugal, and Angola reinforce backlog quality and geographic diversification.

Financial highlights

• EBITDA margin improved by 1 percentage point year-over-year to 17%.

• Net debt/EBITDA maintained below 2x; gross debt/EBITDA below 4x.

• Africa segment delivered 11% turnover growth and a 24% EBITDA margin; Latin America turnover up 3% with a 10% EBITDA margin.

• Environment segment posted €150mn turnover and 16% EBITDA growth, with a 21% margin.

Outlook and guidance

• 2026 guidance confirmed: double-digit turnover growth (10–15%) expected, driven by backlog conversion and ramp-up of large-scale projects.

• EBITDA margin to remain resilient at 2025 levels; net margin expected around 3%.

• Strong operating cash generation and disciplined capital allocation, with capex/turnover at ~7%.

• Net debt/EBITDA to remain below 2x, supporting FOCUS 2030 objectives.