Sacyr (SCYR) Q1 2026 earnings summary

Executive summary

• Revenue grew 5% year-over-year to €1,116 million, with EBITDA up 9% to €327 million and a margin of 29.3%.

• Net profit attributable to the parent increased 40% to €38 million, driven by new operational awards and strong concession performance.

• Operating cash flow rose 12% year-over-year to €223 million, excluding the impact of Colombian asset sales.

• Strategic milestones included the award of the Ontario Science Centre concession in Canada, new projects in Chile, and inclusion in the STOXX Europe 600 index.

• Enhanced sustainability recognition, ranking 1st in Spain and top 10 globally in ESG ratings.

Financial highlights

• EBITDA margin improved by 90 basis points year-over-year, reaching 29.3%.

• Net recourse debt remained below 1x recourse EBITDA plus distributions, with recourse net debt at €289 million and consolidated net debt at €6,721 million as of March 2026.

• Operating cash flow conversion ratio affected by seasonality and asset sales, expected to improve over the year.

• Refinancing of the corporate syndicated loan increased available liquidity to €600 million, extended maturities to 2031, and reduced cost of debt.

• Divestment of parking assets in Spain generated €9 million at a 2.5x equity invested multiple.

Outlook and guidance

• Expectation to present a new strategic plan by year-end, potentially delivering the current 2024/2027 plan one year ahead of schedule.

• Commitment to distribute at least €225 million in cash dividends over 2025-2027, with a strong increase in cash dividend for 2026.

• Continued focus on expanding in English-speaking countries and strengthening water and infrastructure segments.

• Updated asset valuation to be presented with half-year results in July.