Sacyr (SCYR) Q3 2025 earnings summary

Executive summary

• Revenue increased 5% year-over-year to €3.412 billion, with net profit excluding divestments up 81% to €134 million, driven by the concession model and new project wins.

• EBITDA rose 7.4% to €1.018 billion, with 92% generated from concessions, reflecting a resilient, recurring cash flow profile.

• Four new concession projects were awarded in Italy, Chile, and Paraguay, expanding the international portfolio.

• Achieved Investment Grade rating from Morningstar DBRS, enhancing access to diversified and lower-cost financing.

• Sale of three Colombian assets for $1.6 billion, 12% above internal valuation, with all approvals received and funds to be collected in November.

Financial highlights

• Operating cash flow rose 11% to €890 million, with an EBITDA-to-cash conversion margin of 88%.

• Net profit, excluding divestments, reached €134 million; after a €72 million one-off provision from the Colombia sale, final net profit was €62 million.

• EBITDA margin improved to 30% from 29% year-over-year.

• Net debt reduced to €6.489 billion from €6.891 billion at December 2024.

• Market capitalization increased 14.6% to €2.84 billion, with a 9.5% rise in share price year-over-year.

Outlook and guidance

• Strategic plan targets continued growth in core markets and expansion in North America, Australia, and large-scale projects.

• Concession asset valuation updated to €4 billion, with a goal of €5.1 billion by 2027.

• Operating cash flow for the year expected to reach about €1.3 billion, similar to the prior year.

• Dividend expected to increase year-on-year, in line with the strategic plan.

• Proceeds from Colombian asset sales in November will further reduce net recourse debt.