Mota-Engil (EGL) Q3 2025 TU earnings summary

Executive summary

• Backlog reached €15.7bn (+1% YTD), providing over three years of turnover visibility and supporting long-term growth.

• Turnover for 9M25 was €4,090mn, down 1% year-over-year, reflecting timing effects in project ramp-ups and deconsolidation of Polish operations.

• EBITDA rose 15% YoY to €699mn (17% margin), with net profit up 20% YoY to €92mn (2.3% margin), driven by strong performance in Africa and the Environment segment.

• Major new project awards since July include high-speed rail, refinery, and infrastructure contracts in Brazil, Mexico, Rwanda, and Portugal, further strengthening the backlog.

Financial highlights

• EBITDA margin expanded by 2 percentage points YoY to 17%, reflecting disciplined project selection and execution.

• Net profit after non-controlling interests reached €92mn, up from €77mn in 9M24.

• Net Debt/EBITDA remained below 2x; Gross Debt/EBITDA below 4x.

Outlook and guidance

• Turnover expected to see a mid-single digit adjustment in 2025 due to timing of project awards and ramp-ups, with full recovery anticipated in 2026.

• EBITDA margin is expected to remain consolidated at 17%, with continued focus on profitability and cash generation.

• Capex to be maintained around 7% of turnover, supporting strategic growth while preserving financial flexibility.