Sacyr (SCYR) Q1 2025 earnings summary

Executive summary

• Revenue rose 6.5% year-over-year to €1,059M in Q1 2025, with net profit up 5.2% to €27M and operating cash flow up 8% to €240M, driven by strong concession business performance and new project awards.

• Concession business remains the main growth driver, with 92% of EBITDA from concessions, up 180bp year-over-year, highlighting focus on stable, recurring cash flows.

• Major milestones include new concession contracts in Paraguay, Italy, and Chile, the start of operations at Atacama Airport and Ruta del Itata, and continued divestment of Colombian assets.

• Advanced ESG profile with top ratings from S&P, Sustainalytics, MSCI, and Ecovadis, and launched innovative sustainability initiatives.

• Board governance improved with separation of Chairman/CEO roles and 43% gender diversity.

Financial highlights

• EBITDA for Q1 2025 was €301M, down 11.4% year-over-year, with margin at 28.4%; operating cash flow/EBITDA conversion improved to 80% from 65%.

• Consolidated turnover rose 6.5% to €1,059M; net profit grew 5.2% to €27M.

• Net invested equity in concessions increased by €135M to €1,920M since December 2024.

• Recourse net debt at €276M, with recourse net debt/EBITDA ratio below 1x; total net debt at €6,926M.

• Construction margin stable at 4.9%.

Outlook and guidance

• Strategic plan 2024-2027 on track, targeting four new concessions per year and maintaining recourse net debt/EBITDA below 1x.

• Expected investment in equity for concessions this year is around €300M, with €660M planned for 2025–2027 and €550M for 2028–2033.

• Shareholder remuneration plan targets €225M over 2024-2027, with a cash dividend of €0.045 per share proposed for July and scrip dividends.