Sacyr (Buy, Target Price €4.8/share) announced its results for 9M26 after the market closed on Tuesday and held a conference call on Wednesday at 12 o'clock.
The main figures, along with our estimates, are shown in the attached table.
EBITDA rose by +9% (5% IMVe), due to the contribution from new Italian and Chilean concessions, as well as the construction of its own projects; operating cash flow grew by +21% adjusted for the sale of assets in Colombia (6% IMVe), reaching €890 million, resulting in a cash conversion of 80%. Net income rose by +87% to €116 million (€105 million IMVe).
We confirm our estimates, which we raised in the previous period at the EBITDA level for the 26e-28e period by an average of +10%, after observing in the 1H the greater contribution from new concessions, although there is a clear upward bias regarding the annual figures for 2026e. Last July, the company reiterated its intention to announce a new strategic plan before the end of the year, as the current one (24-27) has been fulfilled ahead of schedule.
Revenues rose by +11% as of September compared to +9% IMVe, due to the growth of its own concession construction; historic highs confirmed in the portfolio. Sacyr reported revenue figures for 9m 26 with an increase of +11% to €3,777 million, compared to +9% IMVe. The main reason was the increase in construction due to the execution of its own projects (+45%), one of the strategic priorities declared by the company. The portfolio as of September 26 was €12,800 million (+3% year-on-year), continuing at historic highs, despite not currently including about €2,200 million from the Messina bridge.
Accounting EBITDA rose by +9% to €1,111 million (€1,072 million IMVe), thanks to new projects in Italy, A21 and A3. The consolidated accounting EBITDA figure during 9m 26 (€1,111 million, +9%) was significantly above IMVe (€1,072 million), where the negative accounting effect of concessions already in service, which are financial assets, as well as the sale of assets in Colombia in 4Q 25, was more than offset in the concessions division by the contribution of new projects in Chile mainly, as well as in Infrastructure due to the first-time full-year contribution from the Italian motorways A21 and A3. Thus:
Infrastructure, (+7% compared to +2% IMVe), essentially dedicated to construction activities, which includes Italian concessions like Pedemontana, confirmed the upward stability of margins in construction, which rose by 20 bp to 5.0% compared to 9m 25, implying an EBITDA of €95 million, or +18%; the contribution from Italian concessions rose by +4% to €339 million (-2% IMVe) due to the accounting of the new A21 and A3 concessions in Italy, particularly the former, compensating for a lower contribution from Pedemontana. All this implied an overall EBITDA increase for the division of +7% to €434 million, slightly above IMVe (€417 million); while
Concessions, including Water (+10% compared to +8% IMVe), as the contribution from newly awarded projects offset the aforementioned negative accounting effect of traffic-risk-free concessions already in service, and also included the exit of Colombian assets sold during 2H 25. Sacyr does not report EBITDA by markets, but surely Chile was among the highest contributors in this division (excluding Italy). Before the sale of assets, Colombia was the country that contributed the most.
Growth of cash generation as of 9m 26 from the concession projects that were put into service. The annual results for 2025 already showed a cash retention of 100%, while this time it remained at 80%, due to the traditional deterioration of working capital at the beginning of the year that only recovers in 4Q. Nevertheless, cash generation, adjusted for the sale of Colombian assets, rose by +21% to €890 million, well above the +6% IMVe.
Net profit of €116 million as of September 26 (+87%). Below EBITDA, there have been no major developments during the past quarter, with financial expenses of -€443 million, with hardly any changes compared to 9m 25, against -€470 million IMVe, resulting in a net income of €116 million, +87% (€105 million IMVe). Net debt increased as of September by about €613 million to €6,972 million, due to the negative working capital effect in 1Q, investments of just over €1,000 million, and other accounting adjustments.
