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.

• 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 (43%), separation of Chairman and CEO roles, and new director skills matrix.

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

Financial highlights

• Consolidated turnover increased by 6.5% year-over-year to €1,059M; international revenue accounted for 72% of total.

• EBITDA reached €301M, down 11.4% year-over-year, with margin at 28.4%; EBITDA to cash conversion improved to 80% from 65%.

• Net profit rose 5.2% year-over-year to €27M.

• Operating cash flow grew 8% year-over-year to €240M.

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

Outlook and guidance

• Strategic plan 2024-2027 remains on track, targeting four new concessions per year and maintaining recourse net debt ratio below 1x (currently at 0.8).

• Planned dividend payments of around €225M for 2024-2027, with both cash and Scrip options; first cash dividend of €0.045 per share proposed for July 2025.

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

• Projected €17B in distributions from concessions through 2053, with €3.5B from 2025–2033.