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Sacyr boosts operating cash flow by 5% to €1,359Million, secures five new concession projects in 2025
26/02/2026Concession assets distributed a total of €224 million, exceeding the target by 17%. Projected future distributions are set to reach €19 billion, an increase of €2.9 billion since May 2024, driven by new awards.
The company is well-positioned for substantial growth through 2033, with over €2.1 billion in net cash available for investment.
Sacyr reduced its net recourse debt to a historic low of €59 million, achieving a ratio of 0.18x (net recourse debt to recourse EBITDA plus assets concession distributions).
ResultsSacyr made significant progress in 2025 towards all objectives outlined in its 2024-2027 Strategic Plan, reinforcing its vision to lead greenfield project development by 2033.
The company achieved an operating cash flow of €1,359 million in 2025, representing a 5% increase from 2024 and exceeded the EBITDA for the period, demonstrating the strength of the company’s concession-based model. Operating cash flow is the most indicative metric of growth and value creation for a concessions company like Sacyr, where 93% of EBITDA is now derived from concession assets. The majority of these assets are either free from demand risk or benefit from risk mitigation mechanisms.
Revenue reached €4,660 million (+2%), while EBITDA stood at €1,358 million, comparable to 2024 (€1,352 million). Net profit, excluding divestments, surged by 46% to €165 million. Attributable net profit for the period was €86 million.
Sacyr successfully reduced its recourse net debt to a historic low of €59 million, down from €344 million in September 2025.
The divestment of three assets in Colombia, combined with increased concession assets distributions, lowered recourse net debt to recourse EBITDA plus concession distributions ratio of 0.18x, significantly below the target set in the 2024-2027 Strategic Plan.
Global credit rating agency DBRS Ratings GmbH (Morningstar DBRS) assigned Sacyr a long-term corporate credit rating of BBB (low) and a short-term rating of R-2 (low), both with a "Stable" outlook. These ratings place Sacyr in the Investment Grade category. This marks the first time Sacyr has obtained a rating from a global rating agency, representing a pivotal step in achieving its Strategic Plan objectives.
