Sacyr generated an operating cash flow of €890 million between January and September 2025, an 11% increase compared to the same period in 2024. Cash flow is the key indicator reflecting the growth and value creation of a concession company like Sacyr, where 92% of EBITDA is derived from concession assets, most of which have either no demand risk or have risk mitigation mechanisms.

EBITDA stood at €1 billion (+7%) and net profit, excluding the divestment of three assets in Colombia, reached €134 million (+81%).

Sacyr achieved an EBITDA-to-cash conversion rate of 88%, compared to 85% in the same period of 2024.

Sacyr met its objective of maintaining a ratio of net recourse debt to recourse EBITDA plus distributions below 1x. Net recourse debt stood at €344 million at the end of September.

Recently, rating agency DBRS Ratings GmbH (Morningstar DBRS) granted Sacyr a long-term corporate credit rating of BBB (low) and a short-term credit rating of R-2 (low), both with a "Stable" outlook. This rating corresponds to the Investment Grade category. This is Sacyr’s first time obtaining a rating from a global rating agency and represents a significant step in meeting the objectives established in the 24-27 Strategic Plan.

New contract awards

Equity invested in concession assets grew by €232 million in the first nine months reaching a total of €2 billion.

During the first nine months of 2025, Sacyr was awarded three new concession contracts: the construction and operation of the Novara Health Complex in Novara (Italy), Accesos Asunción (Paraguay), and a water reuse plant in Antofagasta (Chile). Additionally, the company was also selected for the award of the Ruta Pie de Monte project (Chile). These four contracts represent a total investment of €1.3 billion.

This period also saw the signing and commencement of operations for the Ruta del Itata concession (Chile), the start of operations for Ruta 68 (Chile) – a €1.5 billion investment – and the beginning of management responsibilities for the Atacama Desert Airport, part of Chile’s Northern Airport Network.

Sacyr has significant strategic opportunities in the pipeline within its key markets: Canada, Italy, Chile, Australia and the US. In the US, Sacyr is a member of the consortiums shortlisted for two managed lanes projects: the I-285 East in Georgia and the I-24 in Tennessee and is also working on the pre-qualification of the I-77 in North Carolina.

Sacyr’s portfolio of concession assets is valued at close to €4 billion in 2025. That is, €406 million more than in the last valuation (€3.5 billion) carried out at the 2024 Investor Day.

The increase in the value of the assets demonstrates the solidity of the concession model and represents a firm step towards the goal outlined in the Strategic Plan of reaching a valuation of €5.1 billion by the end of 2027.

Cash dividend payment

In July, Sacyr paid the first cash dividend (€0.045 gross per share) of the 24-27 Strategic Plan. According to the Plan, at least €225 million in cash will be allocated to shareholder remuneration over the next three years.

In addition, a scrip dividend was paid in January of one new share for every 40 old shares (€0.078 per right). 87% of shareholders chose to receive payment in Sacyr shares.

Evolution by business area

Concesiones.-Sacyr Concesiones generated revenues of €1.3 billion (+2%). While operating income decreased 8%, construction revenues increased by 37% due to the progress of new Velindre Cancer Centre project (United Kingdom) and the Buga-Buenaventura (Colombia) and Ruta de la Fruta (Chile) highways.

EBITDA stood at €561 million (-9%), mainly due to the accounting impact of changes in financial assets.

Distributions from concessions totaled €114 million.

Engineering and infrastructure.-The strategy of this business line focuses on risk control and reduction in projects for third parties. As a result, the proportion of the portfolio dedicated to Sacyr Concesiones stands at 71%, in line with the 2024-2027 Strategic Plan.

Revenue reached €2.2 billion (+12%) and EBITDA stood at €407 million (+42%). These increases are mainly due to the contribution of the A-21 (Italy) and the progress of works in Spain, Chile and the United Kingdom.

The total Engineering and Infrastructure backlog stood at €12.2 billion, a 15% increase compared to December 2024.

Project awards in 2025 include Ruta 68, Ruta del Itata and the water reuse plant in Antofagasta, all located in Chile.

In addition, projects awarded to Sacyr Engineering and Infrastructure include the Turin Health Complex (Italy); the construction of the Alameda-Melipilla railway (Chile), several real estate developments (Spain); Chile’s Northern Airport Network (Chile); and the construction of a vehicle underpass at Dublin Airport (Ireland).

The EBITDA margin for the construction segment remained at 4.8%.

Water.-This business line experienced strong growth between January and September and reached revenues of €212 million (+17%) and an EBITDA of €46 million (+23%). Profitability, measured as EBITDA margin, climbed to 21.5%, compared to 20.6% a year ago.

This growth is due to the strong performance of the assets and the awards secured in 2024, which consolidate Sacyr's position as the leading company in Spain in terms of desalination capacity.

The backlog grew by 48% to €7.1 billion. Notable contract awards during the period include the water reuse plant in Antofagasta (Chile) and the expansion and improvement of the integrated water cycle of Santa Cruz de Tenerife (Spain).