Sacyr generated €240 million in operating cash flow in the first quarter of 2025, an 8% increase compared to the same period in 2024. Cash flow is the key indicator of growth and value creation for a company like Sacyr, where 92% of EBITDA is derived from P3 assets, the majority of which are either without demand risk or with risk mitigation mechanisms.
The Group achieved an 80% EBITDA-to-cash conversion rate between January and March, up from 65% in the same period of 2024.
Revenue reached €1,059 million (+6.5%), EBITDA stood at €301 million (-11.4%) and net profit was €27 million (+5.2%).
Net equity invested in P3 assets now amounts to €1,920 million, following a record quarterly investment of €135 million.
In the first quarter, Sacyr met its objective of not exceeding once again the ratio of recourse net debt below 1x EBITDA with recourse plus concession distributions over the past twelve months. Recourse net debt rose to €276 million at the end of March, due to the record equity investment.
Contract awards
In April, Sacyr Concesiones signed a new contract related to the Rutas del Este P3 project in Paraguay, aimed at improving connectivity between the capital, Asunción, and inland cities. This project involves an investment of €163 million.
In addition, during this period, the contract for the 96 km section Ruta del Itata P3 project (Chile) has come into operation and was signed during the quarter, which includes the improvement of existing works and will increase safety and comfort standards for users. The investment will be close to €516 million.
Finally, after the end of the quarter, the contract for the design, construction, financing, management and maintenance of the Turin Health Complex in Italy was signed. The project will require an investment of €517 million.
Also at the beginning of 2025, the company began the management of the Desierto de Atacama Airport (Chile), part of the Northern Airport Network.
Asset value
Sacyr’s P3 asset portfolio has an average remaining life of 28 years. These assets are worth €3,551 million as of December 31, 2024, discounting four assets awarded post Investor Day 2024.
Since 2022, Sacyr has secured 12 P3 project awards and has brought a total of 12 into operation, demonstrating the strength of the company's growth platform.
Shareholder remuneration
In January, Sacyr paid a scrip dividend of one new share for every 40 old shares, or €0.078 per share. 87% of shareholders opted to receive payment in shares.
Next July, the company will pay a gross cash dividend of €0.045 gross per share, fulfilling its commitment under the 2024-2027 Strategic Plan.
In alignment with this Plan, at least €225 million in cash will be allocated to shareholder remuneration over the next three years.
New CEO
In addition, the Board of Directors will propose the appointment of Pedro Sigüenza, CEO of Sacyr Concesiones, as a board member with the intention of then appointing him as Sacyr CEO with responsibility over management and business development decisions.
Chairman, Manuel Manrique, will retain corporate, strategic and financial responsibilities. This appointment demonstrates the company's commitment to improving corporate governance.
The Board will also propose to the AGM the appointment of Elena Gómez del Pozuelo and María Pino Velázquez as independent directors, bringing the board to 43% female representation and 50% of independent directors.
Evolution by business area
Concessions.- Sacyr Concesiones obtained revenues of €376 million, compared to €378 million in the first quarter of 2024. While operating income decreased by 16%, construction revenues increased by 88% due to the commencement of work on the new Velindre Cancer Centre (United Kingdom) and the Buga-Buenaventura highway (Colombia). EBITDA stood at €172 million (-21%), primarily due to the accounting impact of the evolution of financial assets.
Concessional distributions were €35 million.
Engineering and Infrastructure.- The strategy of this business line focuses on risk reduction and control in projects for third parties. As a result, the weight of the work backlog for Sacyr Concesiones’ projects now stands at 71%, in line with the 2024-2027 Strategic Plan.
The total Engineering and Infrastructure backlog stood at a record €10,972 million, a 3.5% increase compared to the end of 2024. Contract awards during the quarter included the construction of the Alameda-Melipilla railway (€271 million) in Chile, the North Airport Network (€199 million) also in Chile, and several residential building contracts in Spain worth €118 million.
Revenue reached €691 million (+24%) in Q1 and EBITDA stood at €118 million (+17%). These increases are attributable to the A-21 (Italy), the new Velindre Cancer Centre (United Kingdom), and projects in Chile.
The EBITDA margin for the construction activity was 4.9%.
Water.– This business line experienced significant growth, with revenue reaching €63 million (+11%) and EBITDA of €13 million (+13%).
This double-digit growth is attributable to contract awards secured in 2024, primarily in the Canary Islands and Spain’s east coast region, and to strong international performance, particularly in Australia.
During the first quarter of 2025, Sacyr Water was awarded contracts for the integrated water supply cycle in several municipalities in the province of Badajoz, a sanitation and treatment contract in Tordera (Barcelona), and the renovation of the sewerage system in the city of Vitoria (Álava), among other projects.
