Sacyr, S.A.

First-half 2026 revenue was EUR 2.437 billion, up 9% year over year. EBITDA was EUR 708 million, also up 9%, and the EBITDA margin improved to 29.1%; management also cited a 21% EBITDA margin in its segment discussion, while concessions represented more than 91% of total EBITDA. Net profit attributable to shareholders reached EUR 78 million, up 157% from EUR 31 million a year earlier, and operating cash flow increased 18% on a comparable basis to EUR 631 million. Consolidated net debt was EUR 6.788 billion at June 2026 versus EUR 6.359 billion at end-2025, while reported net debt fell from EUR 289 million in March to EUR 264 million in June and recourse net debt remained below 1x. For the full portfolio, concession asset valuation reached EUR 4.601 billion, up EUR 644 million or 16% year over year; management reiterated a EUR 5.1 billion portfolio valuation target for 2027 and an estimated EUR 9 billion to EUR 10 billion by 2033. The concession portfolio is expected to generate EUR 19.9 billion in total distributions over the life of the concessions, up 17% versus Investor Day projections.

Manuel Manrique framed the quarter as evidence that Sacyr is steadily executing its 2024-2027 strategic plan and building a business that is more resilient, profitable and cash generative. He stressed value creation in concessions, stronger shareholder returns, sustainability recognition and a growing project pipeline, especially in strategic markets such as the U.S. managed lanes segment. His tone was confident and forward-looking, repeatedly pointing to the portfolio’s self-funding capacity and the company’s ability to keep growing while maintaining financial discipline.

Carlos Mijangos emphasized that the concession valuation rose to EUR 4.601 billion, driven by EUR 383 million from the rolling forward effect, EUR 94 million from operational improvements, EUR 144 million from new projects and a small net FX/inflation contribution. He said the portfolio is expected to generate EUR 19.9 billion in total distributions, with EUR 3.44 billion expected during 2026-2033 against EUR 1.52 billion of equity commitments, leaving EUR 1.92 billion of net cash available. On the income statement, he highlighted EUR 2.437 billion of revenue, EUR 708 million of EBITDA, EUR 78 million of net profit and EUR 631 million of operating cash flow, while noting consolidated net debt of EUR 6.788 billion and that recourse net debt remains below 1x. He also pointed to seasonal cash timing, heavy tender-related working capital outflows and disciplined asset rotation, including parking asset sales and prior divestments completed above internal valuation.

Analysts focused heavily on whether there were one-offs in FFO, the working-capital cash outflow, and how much the U.S. managed lanes awards could matter to the strategic plan. Management said there was no specific one-off in the quarter; the timing reflected seasonal availability-based receipts, while the working-capital pressure came from the cost of preparing U.S. tenders and should be offset later in the year. On managed lanes, the company said being prequalified for 3 out of 3 projects is already a success and that the strategic plan would not break if awards are not won; management plans to keep tendering and aims to rank first globally in greenfield financial assets by 2033. They also said the I-77 in North Carolina remains alive despite local setbacks, and the Messina Bridge is still targeted for approval by end-2026.