Sacyr (SCYR) Q3 2026 earnings summary

Executive summary

• 9M revenue was €3,776.9m (+10.7%), EBITDA €1,111.3m (+9.2%) and attributable net profit €116.3m (+86.9%).

• Like-for-like operating cash flow reached €930m (+21%), excluding 2025 cash from divested Colombian assets; concessions generated 90.5% of EBITDA.

• EBITDA margin was 29.4%; the recourse net debt ratio remained below 1x.

Financial highlights

• Total operating income reached €4,092.9m, up 11.6% YoY.

• EBIT increased 13.5% to €836.6m; profit before tax rose 14.0% to €362.7m.

• Continuing-operations result was €215.0m, up 18.7%; net attributable profit was €116.3m vs. €62.3m in 9M 2025.

• Financial result was -€442.6m; financial-investment provisions were a €31.7m expense vs. a €60.4m gain in 9M 2025.

Outlook and guidance

• Pipeline targets concessions and water in the U.S., Canada and Europe, plus Australian desalination and drinking-water treatment projects.

• Submitted bids include U.S. managed lanes, Windsor Hospital, Dublin Airport railway, Italian highways, Portuguese high-speed rail and Australian water projects.

• The I-77 North Carolina consortium was pre-qualified; a request for proposals was expected before end-2026.

• Selective bidding and rigorous return thresholds remain priorities; construction backlog exceeded 61 months of activity, with 76% linked to concession projects.