Sacyr (SCYR) Q2 2025 earnings summary

Executive summary

• Strategic plan 2024-2027 is progressing ahead of schedule, with concession asset valuation up €406M to €3.957B as of December 2025, driven by new awards and inflation-linked assets despite negative exchange rate effects and asset sales.

• Revenue for 1H 2025 increased 6% to €2.237B; net income (excluding divestments) surged 85% to €96M year-over-year.

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

• Major divestment: sale of three Colombian highway assets for $1.6B, 12% above prior valuation, achieving a 2.7x multiple on equity and 18% IRR, strengthening the balance sheet and supporting growth.

• Significant new project awards and milestones in Chile, Paraguay, Italy, and Spain, including major highway, airport, hospital, and water projects.

Financial highlights

• EBITDA for 1H 2025 was €647M (-1.6% YoY); EBITDA from concessions rose to 91.3% of total.

• Operating cash flow increased 7% to €615M, with a 95% EBITDA-to-cash conversion rate.

• Net debt reduced to €6.444B from €6.891B at end-2024; recourse net debt ratio below 1x.

• Successful €500M bond issuance, reducing financial costs, extending maturities, and generating a €26M positive income impact.

• Cash dividend of €0.045/share paid in July, plus a scrip dividend in January with 87% opting for shares.

Outlook and guidance

• On track to reach €5.1B concession asset valuation by 2027 and €9B by 2030.

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

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

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

• Strategic focus on organic growth, especially in the water division and international markets.