Q3 2025 Sacyr SA Earnings Call Transcript
Key Points
- Revenue grew by 5% year-on-year, reaching EUR3.412 billion, indicating steady growth.
- Net profit, excluding divestments in Colombia, rose by 81% to EUR132 million, showcasing strong profitability.
- Sacyr SA secured four new concession awards in Italy, Chile, and Paraguay, enhancing its project backlog.
- The company obtained an investment grade rating from Morningstar DBRS, which will facilitate better financing options.
- Operating cash flow increased by 11% to EUR890 million, demonstrating strong cash generation capabilities.
- The sale of assets in Colombia had a one-off negative impact of EUR72 million on net profit.
- EBITDA from the Concessions division fell by 8% due to negative accounting impacts.
- The Water division experienced a slight decrease in margins this quarter.
- There is uncertainty regarding the final earnouts from the Colombian divestments due to pending arbitration.
- The company faces challenges in maintaining cash conversion rates, which were weaker this quarter compared to the prior year.
Good morning. I'm Pedro Siguenza, CEO of Sacyr. Joining me today is Carlos Mijangos, the company's Chief Financial Officer. Thank you all very much for attending the earnings call of Sacyr for the third quarter of fiscal year 2025.
Sacyr continues to grow in line with its 2024-2027 strategic plan bolstered by the strength of our concession model and backed by the key figures reported in Q3. Revenue grew by 5% compared to the prior year, reaching EUR3.412 billion.
Net profit, excluding the effect of divestments in Colombia rose by 81% to EUR132 million. 92% of EBITDA comes from our concession activities. Operating cash flow increased by 11% to EUR890 million and we have invested EUR232 million of new capital in the first months of the year, bringing the total equity invested in our concessions at the end of September to EUR2.17 billion.
Among the most significant milestones of the year, I would like to highlight the four that are shown on the slide. The four new concession awards in Italy,
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