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Revenue: EUR3.412 billion, a 5% increase year-on-year. EBITDA: EUR1.18 billion, a 7% increase. Net Profit (excluding divestments): EUR134 million, an 81% increase. Net Profit (including divestments): EUR62 million, impacted by a EUR72 million provision. Operating Cash Flow: EUR890 million, an 11% increase. Concession Revenue: EUR1.266 billion, a 2% increase. Construction Revenue: 37% growth, driven by major projects. Engineer and Infrastructure Revenue: EUR2.205 billion, a 12% increase. Water Division Revenue: Over EUR200 million, a 17% increase. Water Division EBITDA: EUR46 million, a 23% increase. Equity Invested in Concessions: EUR2.17 billion by end of September. Backlog: EUR12.151 billion, a 15% increase. Investment Grade Rating: Obtained from Morningstar DBRS. Cash Dividend: EUR0.045 per share paid in July 2025. Debt Reduction: EUR400 million reduction in consolidated debt.

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Release Date: November 07, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Revenue grew by 5% year-on-year, reaching EUR3.412 billion, indicating steady growth. Net profit, excluding divestments in Colombia, rose by 81% to EUR132 million, showcasing strong profitability. Sacyr SA secured four new concession awards in Italy, Chile, and Paraguay, enhancing its project backlog. The company obtained an investment grade rating from Morningstar DBRS, which will facilitate better financing options. Operating cash flow increased by 11% to EUR890 million, demonstrating strong cash generation capabilities.

Negative Points

The sale of assets in Colombia had a one-off negative impact of EUR72 million on net profit. EBITDA from the Concessions division fell by 8% due to negative accounting impacts. The Water division experienced a slight decrease in margins this quarter. There is uncertainty regarding the final earnouts from the Colombian divestments due to pending arbitration. The company faces challenges in maintaining cash conversion rates, which were weaker this quarter compared to the prior year.

Q & A Highlights

Q: How likely is Sacyr to receive the full amount agreed during the sales agreement for the earnouts of Colombia? A: According to the purchase and sale agreement, the result of the arbitration award will go to the construction consortium where Sacyr holds 60%. The amount has not been ultimately agreed and will be decided by the arbitration award, but the proportional amount will correspond to Sacyr.

Story Continues

Q: What is the current situation with Pedemontana in terms of rebalancing? A: Sacyr has made steady progress with technicians and financial advisors to rebalance the financial and economic plan tied to the Pedemontana-Veneta concession project. There are no concerns regarding this matter.

Q: Can you provide more details on the provisions of EUR50 million in terms of traffic for Q3 and should we expect more provisions in Q4 or early 2026? A: Provisions are an accounting issue related to projects that have been awarded but not yet amortized. Provisions will continue in 2025, corresponding to amortizations that will take place once investments are made.

Q: What are the expectations for the Water division's sales growth in 2026 and how might margins evolve? A: The Water division is expected to maintain an EBITDA margin of around 21% to 22%. The division is focused on key projects in Chile and Australia and aims to grow strategically without considering partial sales.

Q: Can you provide an estimate of net recourse debt at the end of the year once funds from Colombia are collected? A: Once funds from Colombia are received, net recourse debt will be reduced considerably. The company is not concerned about this debt, and it is expected to decrease markedly by the end of the year.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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