Sacyr reported net profit of €116 million in the first nine months of 2026, an 87% increase compared with the same period in 2025.
Operating cash flow reached €930 million, up 21% compared with the same period last year, after excluding the cash contribution from assets sold in 2025.
Revenue reached €3,777 million (+11%), while EBITDA stood at €1,111 million (+9%).
Concession assets accounted for 90.5% of EBITDA.
Two new concession projects
In the first nine months of 2026, Sacyr secured two new concession assets: the Ontario Science Centre (Canada) and Route 57 in Chile.
Sacyr continues to pursue new strategic opportunities in its target markets. The United States, Canada and Italy offer an attractive pipeline of concession and water opportunities, while Australia stands out for desalination and drinking water treatment projects.
The company’s concession portfolio continues to increase in value, with its concession assets valued at €4,316 million in 2026, excluding Route 57 in Chile.
Investment-grade rating
At the end of August, S&P Global Ratings assigned Sacyr a BBB- long-term corporate credit rating with a stable outlook, placing the company in the investment-grade category. Morningstar DBRS also rates Sacyr as investment grade.
The S&P rating reflects Sacyr’s financial strength and provides greater visibility and access to international investors. It will also enable the company to diversify its funding sources, optimize costs and strengthen its competitive position in international tenders, while reinforcing market confidence and financial credibility.
In terms of ESG performance, Sacyr improved its S&P Global score and MSCI rating. Sacyr scored 77 points in the S&P Global assessment, placing it in the 97th percentile of the construction and engineering sector. Its MSCI rating improved by one level to AA, reflecting stronger business ethics and Board oversight, as well as its leadership in health and safety.
Cash dividend
Sacyr paid a cash dividend of €0.10 per share in July 2026, an increase of 122% compared with the July 2025 dividend.
In August, Sacyr also entered into a new forward contract for 10 million shares, bringing the total to 40 million shares, at an average reference price of €3.59 per share.
In the first nine months of 2026, Sacyr met its target of keeping the ratio of recourse net debt to recourse EBITDA plus concession distributions over the last 12 months below 1.0x. Recourse net debt stood at €322 million at the end of September, compared with €264 million at the end of June. Funds from operations in the third quarter covered the cash dividend payment.
Performance by business area
Concessions.- Sacyr Concesiones reported revenue of €1.536 billion, up 21% compared with the first nine months of 2025.
Operating revenue increased by 11%, as the impact of the asset sales in Colombia was offset by the full-year contribution of Route 68 and Ruta del Itata in Chile, as well as progress on other projects in Colombia, Chile and the United Kingdom. Construction revenue increased by 45%, driven by the start of work on the Ontario Science Centre in Canada and increased activity in Chile and Colombia.
EBITDA reached €611 million (+9%), driven by strong operating performance despite the removal of the assets sold in Colombia from the scope of consolidation.
Engineering and Infrastructure.- Revenue reached €2.419 billion (+10%) in the first nine months, while EBITDA stood at €434 million (+7%). These increases were driven by the start of the company’s own construction projects in the United States, Canada, Paraguay, Chile and Spain.
The strategy for this business line focuses on controlling and reducing risk in projects for third parties. As a result of this strategy, projects for Sacyr Concesiones now account for 76% of the backlog, in line with the targets set out in the Strategic Plan.
The construction business’s EBITDA margin increased to 5%.
The Engineering and Infrastructure backlog stood at €12.8 billion, up 3% compared with December 2025.
Two major construction contracts for third parties were signed in the third quarter: Frimley Park Hospital in the United Kingdom, and Peel Health Campus in Australia.
Water.- This business line accelerated its growth, posting revenue of €323 million (+53%) and EBITDA of €55 million (+20%). The EBITDA margin increased to 23.3%.
These figures reflect the strong operating performance of Sacyr Water and the contribution of new projects, including the Antofagasta water reuse plant in Chile and the acquisition of Aigües de Esparraguera in Spain.
The Sacyr Water backlog stood at €8,089 million at the end of the third quarter, representing growth of 16% compared with December 2025.
