Sacyr recorded operating cash flow of €890 million between January and September 2025, representing an increase of 11% over the same period last year, according to the company. The result reflects the progress of its business model based on concession assets, which now account for 92% of total EBITDA.
Turnover reached €3.412 billion, 5% more than in 2024, while EBITDA amounted to €1.018 billion (+7%). Net profit, excluding the sale of three assets in Colombia, stood at €134 million, 81% more than in the previous year.
The EBITDA-to-operating cash flow conversion rate improved to 88%, compared to 85% a year earlier. In terms of debt, Sacyr maintained its commitment not to exceed the ratio of net recourse debt to recourse EBITDA plus distributions, closing September with €344 million in net recourse debt.
DBRS Ratings GmbH (Morningstar DBRS) has assigned Sacyr a long-term credit rating of BBB (low) and a short-term rating of R-2 (low), both with a stable outlook, placing the company within the investment grade category. This is the first time Sacyr has obtained a global rating, a significant step forward in its 2024-2027 Strategic Plan.
During the first nine months of the year, Sacyr invested €232 million in concession projects, bringing its total equity to €2.017 billion. During this period, the company was awarded three new contracts: Novara Health and Science City (Italy), Asunción Accesses (Paraguay) and Antofagasta Water Treatment and Marketing Plant (Chile).
It has also been selected for the award of the Pie de Monte Route (Chile). Together, these four contracts represent an investment of €1.33 billion. At the same time, the Itata Route and Route 68, both in Chile, came into operation, together with the management of Desierto de Atacama Airport, within the Northern Airport Network.
The value of Sacyr's concession assets has risen to €3.957 billion, an increase of €406 million compared to the last valuation in 2024. In July, Sacyr paid its first cash dividend under the Strategic Plan (€0.045 gross per share), and in January it issued a scrip dividend of one new share for every 40 shares, with 87% of shareholders opting for payment in securities.
In concessions, it recorded turnover of €1.266 billion (+2%) and EBITDA of €561 million (-9%), affected by the accounting performance of financial assets. Distributions from concessions reached €114 million. In engineering and infrastructure, turnover increased to €2.205 billion (+12%) and EBITDA to €407 million (+42%), driven by projects in Italy, Spain, Chile and the United Kingdom. The portfolio for this division amounted to €12.151 billion, 15% more than in December 2024. In water, this division achieved a turnover of €212 million (+17%) and EBITDA of €46 million (+23%), with a margin of 21.5%. Its portfolio grew by 48% to €7.148 billion.