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Sacyr: Sacyr's 2025 Earnings: A Strong Performance

Sacyr's financial performance in 2025 was robust, with revenue reaching EUR 4.66 billion, a 12% year-on-year increase. EBITDA stood at EUR 1.358 billion, maintaining a margin of around 29%. Operating cash flow was EUR 1.359 billion, up 5% compared to 2024, demonstrating the company's ability to generate cash from its assets. The actual EPS was not disclosed, but the company's ability to generate cash is a positive indicator. As Manuel Manrique, Executive Chairman, stated, "We've achieved a milestone where cash flow exceeded EBITDA, giving us strength to face challenges ahead."

SCYR.MC

EUR 4.136

-7.51%

A-Score: 6.1/10

Publication date: February 27, 2026

Full Report

Author: Analystock.ai

📋 Highlights
  • Market Capitalization Outperformance: Increased 152% (2021-2025) vs. IBEX 35's 114%, reflecting strong shareholder value creation.
  • Operating Cash Flow Achievement: EUR 1.359 billion, exceeding the strategic plan target two years ahead of schedule.
  • New Concession Projects: Secured 5 awards with EUR 905 million invested, nearing the EUR 1 billion 2024-2027 plan goal.
  • Revenue and EBITDA Growth: Revenue rose 12% to EUR 4.66 billion; EBITDA hit EUR 1.358 billion, maintaining a 29% margin.
  • Debt Reduction and Rating: Net recourse debt ratio at 0.18x (vs. 1x commitment) and achieved investment-grade rating.

Segmental Performance

The Concession division saw revenue rise by 8% to EUR 1.892 billion, driven by major greenfield projects. The Engineering & Infrastructure division posted an 8% revenue growth to EUR 2.971 billion, with EBITDA increasing 31% to EUR 552 million. The Water division achieved double-digit growth, with revenue up 25% and EBITDA reaching EUR 62 million, a 23% increase year-on-year. These strong performances across divisions contributed to the company's overall growth.

Valuation and Outlook

With a P/E Ratio of 39.95 and an EV/EBITDA of 7.59, the market appears to be pricing in a significant growth premium. The Dividend Yield stands at 1.97%, providing a relatively stable return. Analysts estimate revenue growth at 3.4% for next year, indicating a continued positive trajectory. As Sacyr continues to execute its concession model for sustainable and stable growth, the company's commitment to increasing its portfolio in English-speaking countries and achieving an investment-grade rating will be key factors to watch.

Debt and Cash Flow

Sacyr's net recourse debt ratio is 0.18x, well below the maximum commitment of 1x, indicating a healthy balance sheet. The company's operating cash flow exceeded EBITDA, demonstrating its ability to generate cash from its assets. With a strong cash flow generation and a solid balance sheet, Sacyr is well-positioned to pursue new opportunities and meet its overall targets under the 2024-2027 strategic plan.

Sacyr's A-Score