Sacyr (SCYR) Q1 2026 earnings summary

Executive summary

• Revenue grew 5% year-over-year to €1,116M, with EBITDA up 9% to €327M and net profit up 40% to €38M, driven by strong operational growth and new contract awards, especially in concessions.

• Operating cash flow rose 12% year-over-year to €223M, excluding Colombian asset sales.

• First Canadian concession awarded, marking entry into Canada and aligning with the strategic focus on English-speaking markets.

• Enhanced sustainability recognition, ranking 1st in Spain and top 10 globally in ESG ratings.

Financial highlights

• EBITDA margin improved by 90 basis points year-over-year, reaching 29.3%.

• Net recourse debt remained below 1x recourse EBITDA and distributions, with total net debt at €6,721M as of March 2026.

• Operating cash flow conversion ratio affected by seasonality and asset sales, expected to improve over the year.

• Refinancing of the syndicated loan increased available liquidity to €600M, extended maturities to 2031, and reduced cost of debt.

• Sale of parking assets in Spain generated €9M at a 2.5x equity multiple.

Outlook and guidance

• Expectation to present a new strategic plan by year-end, potentially delivering the current 2024/2027 plan one year ahead of schedule.

• Commitment to distribute at least €225M in cash dividends over 2024-2027, with a strong increase in cash dividend for 2026.

• Focus on expanding in English-speaking countries and strengthening water and infrastructure segments.

• Updated asset valuation to be presented with half-year results in July.