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 EBITDA represented 92% of total EBITDA, highlighting the focus on stable, recurring cash flows and growth in infrastructure assets.

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

• Corporate governance improvements advanced, including board diversity, separation of Chairman and CEO roles, and new director skills matrix.

• ESG leadership recognized by S&P, Sustainalytics, MSCI, Ecovadis Platinum, and CDP, with innovative sustainability initiatives launched.

Financial highlights

• Revenue: €1,059M (+6.5% vs Q1 2024); international revenue accounted for 72% of total.

• EBITDA: €301M (-11.4% vs Q1 2024); EBITDA margin at 28.4%; 80% EBITDA-to-cash conversion rate, up from 65% a year ago.

• Net profit: €27M (+5.2% vs Q1 2024); operating cash flow: €240M (+8% vs Q1 2024).

• Net invested capital in concessions reached €1,920M, up €135M from December 2024.

• Recourse net debt at €276M, maintaining a ratio below 1x to concession EBITDA plus distributions; total net debt at €6,926M.

Outlook and guidance

• Strategic plan 2024–2027 remains on track, with continued focus on concessional growth, targeting four new concessions per year and financial discipline.

• At least €225M in cash to be allocated to shareholder remuneration over the next three years, with a cash dividend of €0.045 per share to be paid in July and scrip dividend options.

• Ongoing divestment of Colombian assets expected to close soon, with internal valuation around €300M.

• Committed equity for new contracts post-Investor Day 2024, with €660M planned investment (2025–2027) and €550M (2028–2033).