Sacyr (SCYR) Q2 2025 earnings summary

Executive summary

• Revenue for 1H 2025 increased 6% to €2,237 million, with net profit excluding divestments up 85% to €96 million.

• Concession asset valuation rose €406 million to €3,957 million as of December 2025, driven by new awards and inflation-linked assets.

• Major divestment: sale of three Colombian highway assets for $1.6 billion, 12% above prior valuation, strengthening the balance sheet and supporting growth.

• 91% of EBITDA derived from concession activities; operating cash flow increased 7% to €615 million, with a 95% EBITDA-to-cash conversion rate.

• Significant new project awards and milestones in Chile, Paraguay, Italy, and Spain, including major water and infrastructure contracts.

Financial highlights

• EBITDA for 1H 2025 was €647 million (-2% YoY); operating cash flow: €615 million (+7% YoY); revenue: €2,237 million (+6% YoY).

• Net profit excluding divestments: €96 million (+85% YoY); reported net profit including asset sales: €31 million.

• Net debt reduced to €6,444 million from €6,891 million at end-2024; recourse net debt at €297 million, maintaining ratio below 1x.

• Successful €500 million bond issuance, reducing financial costs and extending maturities.

• Market capitalization as of June 30, 2025: €2,763 million (+10% year-over-year).

Outlook and guidance

• On track to reach €5.1 billion concession asset valuation by 2027, with a target of €9 billion by 2030.

• Distributions from concessions expected to exceed €17 billion through 2054, averaging over €410 million per year.

• Equity available for investment projected at €2.130 billion by 2033.

• Commitment to maintain net recourse debt/EBITDA with recourse below 1x.

• Shareholder remuneration of at least €225 million between 2024-2027.