Sacyr (SCYR) Q4 2025 earnings summary

Executive summary

• Reached midpoint of 2024/2027 strategic plan with strong results, advancing leadership in greenfield projects and sustainability, and exceeding key targets ahead of schedule.

• Record year for new concession awards, with five projects secured in 2025, surpassing initial estimates and expanding international presence.

• Achieved investment grade rating (BBB low, R-2 low) from Morningstar DBRS and began cash dividend payments.

• Divested three Colombian assets for EUR 1.565 billion (US$1,565M), 12% above internal valuation, contributing to debt reduction.

• Operating cash flow rose 5% to EUR 1.359 billion in 2025, exceeding EBITDA and highlighting the strength of the concession-based model.

Financial highlights

• Revenue for 2025 reached EUR 4.66 billion, up 2% year-over-year.

• EBITDA stood at EUR 1.358 billion, with a margin of 29%, stable compared to 2024.

• Net profit excluding divestments increased 46% to EUR 165 million; final net profit after one-off divestment impact was EUR 86 million.

• Operating cash flow was EUR 1.359 billion, up 5% from 2024 and exceeding EBITDA.

• Net recourse debt reduced to a historic low of EUR 59 million, with a ratio of 0.18x EBITDA plus dividends.

Outlook and guidance

• By end of 2026, expect to fulfill the entire strategic plan a year ahead of schedule.

• Projected future concession distributions set to reach EUR 19 billion through 2081, with average annual distribution of EUR 460 million.

• Over EUR 2.14 billion in net cash available for future growth and investments through 2033.

• New strategic plan anticipated after Q4 2026, depending on pipeline results.

• At least EUR 225 million in cash will be allocated for shareholder remuneration between 2025 and 2027.