Sacyr, S.A.

First-half 2026 revenue was EUR 2.437 billion, up 9% year over year. EBITDA reached EUR 708 million, also up 9%, and management said the EBITDA margin improved to 29.1% overall, while the concessions division EBITDA margin was 62.6% on operating revenue. Net profit attributable to shareholders was EUR 78 million, up 157% from EUR 31 million in the same period last year, 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; recourse net debt remained below 1x. The concession portfolio valuation reached EUR 4.601 billion, up EUR 644 million, and expected total distributions were said to be EUR 19.9 billion over the life of the concessions, with EUR 3.44 billion expected over 2026-2033 against EUR 1.52 billion of equity commitments, implying EUR 1.92 billion of net cash available. Management reiterated targets of EUR 5.1 billion portfolio valuation by 2027 and EUR 9 billion to EUR 10 billion by 2033, both excluding divestments. For shareholder returns, the cash dividend increased to EUR 0.10 per share from EUR 0.045, and total distributions including the January scrip dividend were EUR 0.149 per share, up 21% year over year.

Manuel Manrique framed the period as continued execution of Sacyr’s 2024-2027 strategic plan, emphasizing a more resilient, profitable, and cash-generative business model. He highlighted concession asset value creation, a growing distribution profile, stronger shareholder returns, and sustainability recognition as proof the strategy is working. His tone was confident and forward-looking, with repeated references to the company being on track for its stated targets.

Carlos Mijangos focused on the mechanics of value creation in the concession portfolio, saying the EUR 4.601 billion valuation was driven by the rolling-forward effect (EUR 383 million), operational improvements (EUR 94 million), new projects (EUR 144 million), and offsetting inflation/FX effects. He stressed that the valuation methodology was unchanged and that the average discount rate was 10.64%, down from the previously cited 11% only because the Colombian assets were removed from the perimeter; he also said 100 basis points of rate improvement would add about EUR 400 million of value. On cash, he pointed to EUR 631 million of operating cash flow, consolidated net debt of EUR 6.788 billion, and reported net debt down to EUR 264 million in June from EUR 289 million in March, saying recourse net debt remained firmly under control and below 1x.

Analysts asked whether first-half FFO included one-offs and whether working-capital outflows would reverse; management said there was no specific one-off and described the pattern as seasonal, with some concessions paid in Q2/Q4 and the working-capital pressure mainly due to tendering costs in the U.S., which they expect to offset later in the year. The managed lanes questions were the most notable: management said being prequalified for three out of three projects was already a success, risk hedging had been arranged, and if Sacyr is not awarded one or more projects, nothing fundamental changes to the strategic plan. On project timing, management said I-24 is expected in August and Georgia in October, while the I-77 and other opportunities remain live and the Messina Bridge is still awaiting Italian governmental steps, with approval still targeted by end-2026.