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Sacyr 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.
 

By 2024 year-end, Sacyr Engineering and Infrastructure had a record backlog of €10.6 billion, 41% more than by 2023 year-end. In addition, Sacyr's construction business line had contract awards, which are pending signing, worth another €2,607 million.

Sacyr's success in winning new P3 project awards has boosted its project backlog to an all-time high.

71% of this project backlog is from Sacyr P3 projects, compared to 51% the previous year. One of the goals in the 2024-2027 Strategic Plan was precisely to achieve 70% of its project backlog to be for its own P3 projects.

The €10,606 million backlog of Sacyr Engineering and Infrastructure exceeds the previous record, which was reached in 2009, at €8,324 million.

The project backlog for Sacyr Concesiones has increased by 98% in the past year, from €3,787 million to €7,480 million.

In 2024, Sacyr has contracted projects and works for €3,134 million euros, of which €2,286 million (73%) are from Sacyr Concesiones’ projects. Noteworthy contract awards signed in 2024 include the I-10 Calcasieu River Bridge project in Louisiana (USA), Lima’s Peripheral Ring Road (Peru), the new Velindre Cancer Centre in Wales, five sections of the A21 and A5 highways in Turin (Italy) under a P3 project scheme, the Via del Mare highway P3 project (Italy) and the Northern Airport Network of Chile.

As for the projects won and that are still in the process of being awarded, the Turin Health Complex (Italy), Ruta 68 "Santiago – Valparaíso", Ruta del Itata, and the "Melipilla-Machoco" railway section, all in Chile; as well as the "Misterbianco-Paternó" railway section in Sicily (Italy) are worthy mentions.

By geography, Italy is the country where Sacyr holds the largest backlog proportion with 26%, followed by the United States (16%), Chile (14%) and Spain (14%).

P3 projects

The aim by the end of the 2024-2027 Strategic Plan among other objectives, is for Sacyr Engineering and Infrastructure to develop 70% of work for Sacyr Concesiones and 30% for third parties.

The Engineering and Infrastructure business line focuses on projects for Sacyr Concesiones and Sacyr Water, allowing its activity to grow with the group's portfolio, optimize design and ensure the delivery of projects on time and quality.

Attention to guarantee the success of any construction project, keeping contract balance between parties, compliance with deadlines and quality execution are all Sacyr Engineering and Infrastructure hallmarks.

High-value assets

It is worth emphasizing the consolidation in strategic markets with new P3 projects in the United States, the United Kingdom and Italy, the increase in contract awards volume in Spain as part of Sacyr’s strategy, focusing on civil and construction works, as well as the contract awards in the Water activity