In 2025, Sacyr reached turnover of 4,660 million euroswhich represents a 2% increase compared to the previous year, driven by its concession activity and the growth of its international portfolio. He Net profit without divestments rose 46%, to 165 million euros, while attributable net profit stood at 86 million (-24.3%). The company recorded an EBITDA of 1,358 million euros vs. 1,352 million in 2024.
Sacyr obtained an operating cash flow of 1,359 million euros in 2025, 5% more than in 2024 and reduced its net debt with recourse up to 59 million euros, compared to the 344 million registered in September 2024, placing it at historical lows. The ratio of net recourse debt over recourse EBITDA plus concessional distributions decreased to 0.18 timeswell below the levels foreseen in the strategic plan.
The divestment of three Colombian assets and the largest distributions of concessional assets They left the ratio of net debt with recourse between EBITDA with recourse plus concession distributions at 0.18 times, well below the objective set in the 2024-2027 Strategic Plan.
The global rating agency DBRS Ratings GmbH (Morningstar DBRS) granted Sacyr a corporate credit rating of BBB (low) in the long term and R-2 (low) in the short term, both with a “Stable” outlook. This rating corresponds to the Investment Grade category. This is the first time that Sacyr obtains a rating from a global rating agency and represents a relevant step in meeting the objectives established in the Strategic Plan.
Evolution by business areas
Concessions.– Sacyr Concesiones obtained a turnover of 1,892 million euros (+8%). While operating income fell 4%, construction income increased 50% due to the progress of the works on the Velindre Hospital (United Kingdom) and the Buga-Buenaventura (Colombia) and Ruta de la Fruta (Chile) highways. EBITDA stood at 755 million euros (-14%), mainly due to the accounting impact of the evolution of financial assets and the divestment of assets in Colombia. The distributions of the concessions reached 212 million euros.
Engineering and Infrastructure.- The strategy of this business line is to achieve a stable EBITDA margin of around 5% and for the majority of the portfolio to be Sacyr Concesiones. In 2025, this portfolio accounted for 73%, in line with what was set out in the 2024-2027 Strategic Plan. Revenue reached 2,971 million euros (+8%) and EBITDA stood at 552 million euros (+31%). These increases are mainly due to the contribution of Italy, the United Kingdom, Colombia and Spain. The total Engineering and Infrastructure portfolio stood at 12,470 million euros, with a growth of 18% compared to the end of 2024. The EBITDA margin of the construction activity remained stable at 4.8%.
Agua.– This line of activity grew strongly in 2025 and reached a turnover of 307 million euros (+25%) and an EBITDA of 62 million euros (+23%). Profitability, measured as EBITDA margin, rose to 21.7%, compared to 20.6% in 2024. This growth is due to the good performance of the assets and the awards achieved in 2025, which consolidate Sacyr as the first company in Spain for desalination capacity in operation. Water distributions reached 12 million euros. The portfolio grew by 45% and stood at 6,979 million euros. The awarding of the water reuse plant in Antofagasta and the Coquimbo desalination plant, both in Chile, stands out during the period. In addition, it has been awarded multiple contracts in Spain: Málaga, Vitoria, Huelva, Badajoz and Tenerife, among others.