Results
1H-2025
29 July 2025
Index
|
1. Key figures and highlights |
- 3 - |
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2. Consolidated Balance Sheet |
- 18 - |
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3. Performance by Business Area |
- 21 - |
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4. Share Performance |
-31 - |
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5. Annexes |
- 32- |
Notes
The financial information contained in this document has been prepared in accordance with International Financial Reporting Standards (IFRS). This information has not been audited and may therefore be subject to change in the future. This document does not constitute an offer, invitation or recommendation to purchase, sell or exchange shares or to make any type of investment. Sacyr accepts no liability whatsoever for any damage or loss arising from any use of this document or its contents.
In order to comply with the European Securities and Markets Authority (ESMA) Guidelines (2015/1415es) on Alternative Performance Measures, the Annex included at the end of this document details the most significant APMs used in its preparation. Sacyr believes that this additional information enhances the comparability, reliability and understanding of its financial information.
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Key figures and highlights
-
Update of concession asset valuation
Sacyr's concession assets continue to gain value over time, a trend that has been further enhanced by the six new contracts awarded in the last 12 months. To reflect the company's positive momentum and as a sign of transparency and commitment to the market, the valuation of Concessions and Water assets has been updated in the first half of the year, reaching a value of €3,957 million as of December 2025, representing an increase of €406 million in just one year. This increase demonstrates that Sacyr is taking firm steps towards achieving the target of €5.1 billion in 2027 set out in the 2024-2027 Strategic Plan.
The chart below shows the main impacts on the valuation compared to that provided at Investor Day 2024:
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Rolling Forward: impact of +€311 million because of time elapsed from 2024 to 2025.
-
Inflation: The fact that all concession assets are linked to inflation has a positive impact on revenues, which is reflected in the valuation, with an increase of €191 million for this item. This positive impact is consolidated in the portfolio as future fees are calculated based on the previous year's fees.
-
Exchange rates: Impact of -€213 million less in valuation considering the evolution of exchange rates from 2024 to 2025. This is a temporary effect that can be reversed in the medium term with the consequent automatic improvement in valuation. For valuation purposes, the exchange rate of 30 June 2025 has been used.
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Increase due to new awards: impact of +€117 million for the six new projects awarded since the previous valuation published for 2024: (1) Northern Airport Network, 2) Ruta del Itata, 3) Ruta 68, 4) Turin Hospital, 5) expansion of the Rutas del Este and 6) the water reuse plant at Antofagasta. This increase demonstrates the platform's strong capacity to generate value thanks to its growing success in winning contracts.
As a result, the value of our portfolio stands at €3.957 million, an increase of €406 million, in a complex geopolitical situation, supported by the resilience and growth capacity of our concessions platform.
The main assumptions in this new valuation are as follows:
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Discount rates (Ke) remain unchanged despite the fall in interest rates.
-
No variation for future growth has been included.
-
The effect of increases in (i) Rolling Forward and (ii) Inflation is permanent and consolidated in the portfolio.
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In accordance with prudence, new projects awarded have been valued at invested equity.
Furthermore, it should be noted that no contribution from divested assets has been considered in the valuation.
Finally, in the asset rotation item, it is included the sale of the 3 concession assets in Colombia and the Barbanza highway in Spain, which together have a total impact of €277 million on the valuation. The sale price obtained exceeds the valuation amount.
The 2024-2027 Strategic Plan aims to achieve a valuation of €5.1 billion in 2027, and this significant increase in asset value of €406 million in just one year shows that Sacyr is on the right track to achieve this. The current valuation of €3.957 million reflects this and is supported by the resilience of the assets, as well as the growth capacity of the concession platform.
Furthermore, it should be noted that thanks to the robustness and resilience of the concession assets, Sacyr will receive distributions of more than €17 billion (with an average of more than €410 million per year). This is a significant amount once the distributions from the three divested assets in Colombia have been eliminated and those received from the new assets awarded in the last 12 months have been included.
1.2. Key
figures
In the first half of 2025, revenue increased by 6% to €2,237 million and net profit, excluding divestments, amounted to €96 million, 85% more than in the same period last year. These figures continue to support a solid, growing and profitable business model, with the concession business accounting for 91% of the company's total EBITDA. As a result, operating cash flow continued to grow, exceeding €615 million, 7% more than in the same period last year.
The conversion of EBITDA into cash flow continues to increase and now represents a significant 95% (vs. 87% in the first half of 2024), which is significant considering the higher investment in equity for growth made in this period thanks to the success in
projects awarded in the last 12 months, amounting to €208 million in this half, which doubles the investment made in the same period of 2024. This increase brings the total net equity invested to €1,993 million. In addition, all this has been achieved while maintaining strict financial discipline and complying with the ratio of recourse debt to concession EBITDA and distributions for the last 12 months below 1 time.
The main results by business area for the first half of 2025 are shown below:
Key figures
thousand euros
1H 2025
1H 2024
% Chg.
Revenue
2,236,822
2,118,746
5.6%
Sacyr Concesiones
817,717
829,475
-1.4%
Operating revenue
572,397
646,086
-11.4%
Construction revenue
245,320
183,389
33.8%
Sacyr Ing. & Infra.
1,445,991
1,224,300
18.1%
Sacyr Agua
139,272
116,340
19.7%
Holding & Adjustments
-166,158
-51,369
n.a.
EBITDA
646,876
657,186
-1.6%
Sacyr Concesiones
350,622
425,031
-17.5%
Sacyr Ing. & Infra.
260,946
195,296
33.6%
Sacyr Agua
32,297
23,705
36.2%
Holding & Adjustments
3,011
13,154
n.a.
EBITDA margin
28.9%
31.0%
Sacyr Concesiones*
61.3%
65.8%
Sacyr Ing. & Infra.
18.0%
16.0%
Sacyr Agua
23.2%
20.4%
Net profit excluding divestments**
95,517
51,757
+85%
*Excluding construction revenue
** Does not include the negative accounting impact of €65 million from the sale of three assets in Colombia.
Revenue
Revenue reached €2,237 million, distributed geographically as follows: (i) Southern Europe 49%, (ii) Latin America 40%, (iii) English-speaking markets (United States, United Kingdom, Australia and Canada) 9% and (iv) Others 2%. International revenue accounts for 71% of the total.
Ebitda
EBITDA reached €647 million, with an EBITDA margin of 29%. The breakdown by business lines is as follows:
-
Sacyr Concesiones, EBITDA dropped mainly due to the accounting impact of the performance of financial assets that are currently in operation.
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Sacyr Ingeniería e Infraestructuras, excluding the contribution of the Italian highways Pedemontana-Veneta, A3 and A21 (the latter contributing from December 2024), pure construction EBITDA in the first six months of the year reached €53 million, compared to €51 million in the same period last year, representing growth of 4%, thanks to progress on various projects. The pure construction EBITDA margin stood at 4.8%, in line with that obtained in the first half of 2024. The division continues to reduce its activity for third parties, reducing its risk and focusing on construction for its own concessions. The weight of the construction portfolio in this business line for Sacyr Concesiones remains at 70%.
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Sacyr Agua grew by high double digits organically, reaching EBITDA of €32 million in the first half of 2025, compared to €24 million in the same period last year, representing a very significant increase of 36% thanks to the commissioning of contracts awarded in 2024. The EBITDA margin increased to 23.2%, representing an increase of 280 basis points compared to the first half of 2024.
Concession EBITDA, which includes concessions assets, Italian assets in the Engineering and Infrastructure division and water concession projects, reached €591 million, representing 91% of the group's total EBITDA. This consolidates Sacyr as a global concession company positioned as one of the world's leading developers of greenfield infrastructure, healthcare and water projects.
Net operating profit (Ebit)
EBIT reached €464 million in the first half of 2025, affected by the accounting impact of the sale of the three concession assets in Colombia.
Net financial results
In the first six months of 2025, the financial result was -€289 million, representing a significant reduction in financial expenses of 17%, compared to -€350 million in the same
period last year. Thus, for another period, the financial result continues to improve thanks to the reduction in the financial cost of debt. In the first half of the year, this item reflected the positive impact of the €500 million bond issue carried out in May, which led to an improvement of €26 million in the income statement.
Net profit attributable to the company
Net profit excluding divestments in the first half of 2025 reached €96 million, 85% higher than in the same period in 2024. Including the accounting impact of the agreement to sell the Colombian assets, net profit attributable to the company was €31 million.
1.3. Highlights of the period
Two new infrastructure and water concession contracts
Rutas del Este (Paraguay)
In April, the consortium led by Sacyr Concesiones (60%) together with Ocho A (40%) was awarded the contract to extend a new section of the Rutas del Este highway (Paraguay), improving connectivity between the capital, Asunción, and inland cities. This new contract involves an investment of €163 million.
The project consists of a structural road network, including major works such as the Ypacaraí-Areguá bypasses and a 3.6 km elevated urban highway with two carriageways and four lanes, which will connect Ñu Guasú and Silvio Pettirossi avenues, and two new connections to the PY02 road, which are essential for improving connectivity between the capital and the interior.
The new road system will benefit seven cities: Asunción, Luque, Areguá, Ypacaraí, San Bernardino, Nueva Colombia and Emboscada.
Reuse water treatment plant in Antofagasta (Chile)
Sacyr was awarded the concession for reuse water treatment and commercialisation in Antofagasta (Chile). This important concession will last for a period of 35 years and will have a backlog of more than USD $3.4 billion.
This project will involve an investment of €300 million and will improve the quality of life of the inhabitants of Antofagasta, as well as providing services to various mining companies operating in the region. The project has been approved by the Environmental Qualification Resolution of December 2020 and its main function will be to collect pre-treated wastewater from the current Antofagasta plant, operated by Sacyr Agua, and transport it to the Salar del Carmen area, where the new treatment plant will be located, which will have a final capacity of 900 litres per second.
This concession is the most important reuse project in Latin America, representing a major milestone for the water division and a significant step forward in achieving the objectives set out in the 2024-2027 Strategic Plan in terms of the division's growth.
Three assets commissioned in Chile
Ruta 68
On 1st July 2025, after the close of the transaction, Sacyr took control of the concession and began operating the Ruta 68 highways, a major yellowfield project connecting the Metropolitan and Valparaíso regions in central Chile.
Sacyr will carry out the improvement, construction, maintenance and operation of the existing road, as well as the new sections to be developed on the concessioned road. In addition, free-flow electronic toll gates will be installed along the entire trunk of the road and new infrastructure will be built, such as tunnels, junctions, footbridges, bridges and bus stops, which will improve road and pedestrian safety.
This project is the concession with the largest investment tendered by the Chilean Ministry of Public Works. It will require an investment of 1.6 billion dollars and will generate
3.3 billion euros in revenue over a maximum concession period of 30 years. It will raise service and road safety standards for users of this important 141 km road, which has an average daily traffic volume (ADT) of up to 45,000 vehicles in some urban areas and will serve to resolve significant infrastructure and connectivity challenges.
Ruta del Itata
In March, Sacyr Concesiones signed the concession contract for this project, which began operating on 1st April. This 96 km road connects the Ñuble and Biobío regions in the centre of the country.
The project requires an investment of around €516 million, which will be used to improve, construct, maintain and operate this road. The works cover the 96 km of the concession, including 75 km of Ruta 152, 14 km of Ruta 158 and a new connection of almost 7 km that will link up with Ruta 146, also operated by Sacyr through the company Valles del Biobío. This project will rehabilitate existing roadways, rectify alignments and build new bridges and service road sections, improving safety and comfort standards for users. The Ruta del Itata concession will run for a maximum period of 45 years.
Atacama Airport
The consortium formed by Sacyr Concesiones (70%) and Cointer (30%) began operating Atacama Airport in Caldera (Chile) in January. Last September, the Chilean Ministry of Public Works awarded the consortium the Northern Airport Network of Chile, which includes the airports of Atacama and Antofagasta.
The concession has a maximum term of 26 years and involves an investment of approximately €260 million in the two airports. With this infrastructure, Sacyr now manages five airports in the Andean country.
Four concession contracts signed
Turin Hospital
In April, the consortium led by SIS, made up of Fininc and Sacyr, signed the contract for the Parco della Salute, della Ricerca e dell'Innovazione di Torino (Turin Health, Research and Innovation Park) concession project, a multifunctional complex that will include a new hospital and a university campus. The planned investment exceeds €517 million, and the construction period is for five years.
This project will become a leading medical and scientific centre in Italy and its strategic location in the south of Turin will serve around 300,000 people.
The main features of the project's construction are:
-
1,040 beds
-
19 operating rooms
-
175,000 m² of hospital + 64,000 m² of underground parking
-
5,000 m² of training areas
-
1,525 m² commercial areas
Ruta del Itata and Ruta 68 highways
In March, Sacyr Concesiones signed the concession contract for Ruta del Itata (Chile), beginning operations a few days later. This 96 km road connects the Ñuble and Biobío regions in the centre of the country.
On 9 May, the Supreme Decree awarding Sacyr Concesiones the second Ruta 68 concession was published in the Official Gazette of Chile. The company will be responsible for modernising the highways, with an investment of more than 1.6 billion dollars, making it the largest concession tender awarded by the Chilean Ministry of Public Works to date.
Antofagasta reuse plant
On 10 June 2025, the contract was signed for the project "Treatment for the reuse and commercialisation of wastewater in Antofagasta, Chile". This project represents a new challenge for Sacyr Agua's current project portfolio, committing to the development, growth and improvement of the quality of life of the people of the Antofagasta Region, and making a fundamental contribution to the area's productive sectors.
Divestment of Colombian assets
On 2 June, the company signed an agreement to sell its entire stake in three Colombian concession assets, which are currently in operation, to a company controlled by Actis Long Life Infrastructure Fund 2. The divested assets are:
-
Pamplona-Cúcuta highway
-
Mar 1 highway
-
Rumichaca-Pasto Highway
The main figures of the agreement are:
-
The sale price amounts to USD $1.6 billion, including debt and capital.
-
The amount corresponding to equity is USD $318 million, which is 12% above the company's internal valuation, provided at the Investor Day held on 9 May 2024.
-
The multiple obtained on the invested equity amounts to 2.7 times, which is above the average obtained in recent transactions.
-
The sale agreement provides for Sacyr to receive variable amounts (earn-outs) valued at approximately USD $70 million.
-
With this transaction, the company achieves the following:
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Confirm and even increase the value of its assets, with the sale price being 12% above the valuation provided at Investor Day 2024.
-
Strengthen its balance sheet to accelerate the company's growth plan.
-
Geographically balance the current project portfolio.
Voreantis
In relation to the company created to group together brownfield and yellowfield assets (with low-complexity construction phases), the Vendors Due Diligence has been completed, and we are currently waiting to launch the process when the right conditions are in place to launch a transaction of this type on the market.
2025 Annual General Meeting
On 12 June 2025, the 2025 Annual General Meeting was held, at which all the proposed resolutions were approved, including the following.
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Appointment of Pedro Sigüenza as executive director. Who was subsequently appointed by the board as the company's CEO. This fulfilled the commitment to separate the roles of Chairman and CEO.
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Appointment of two new independent directors. Elena Gómez del Pozuelo and María Pino Velázquez, whose appointments bring the diversity ratio to 43%. In addition, Raimundo Baroja Rieu, Augusto Delkader Teig and Adriana Hoyos Vega left their positions on the Board of Directors, maintaining the 50% weighting of independent directors.
-
First cash dividend payment of €0.045 gross per share, paid in July. This significant change in shareholder remuneration reflects on the one hand, the company's commitment to its shareholders and, on the other, the fulfilment of one of the objectives of the strategic plan. In addition to this cash dividend, another Scrip dividend payment was approved to maintain an attractive return for shareholders.
-
The Board ratified the reduction of four to three committees of the Board to unify financial and non-financial information and give them the same rank. Following this change, the company now has the following committees: i) Executive, ii) Appointments, Remuneration and Corporate Governance, and iii) Audit and Sustainability.
With these initiatives, Sacyr is promoting compliance with the 2024-2027 Strategic Plan and the company's vision for 2033, which pursues profitable growth to become a world
leader in the development and management of transport, healthcare and water infrastructure projects.
Shareholder remuneration
In January 2025, the company paid a dividend in the form of a "Scrip Dividend", where shareholders could choose between: (i) selling their pre-emptive subscription rights to Sacyr at a guaranteed fixed price of €0.078 gross per right, and/or (ii) receiving one new share for every 40 outstanding shares. 87% of the company's shareholders opted to receive new shares.
In addition, in July, after the close, the company made its first cash dividend payment of
€0.045 gross per share, thus fulfilling the commitment made in the 2024-2027 Strategic Plan.
EthiFinance rating
The leading Spanish financial rating agency EthiFinance (formerly Axesor) has maintained the investment grade rating it assigned to Sacyr in 2023, with a BBB- rating and a "stable outlook", reflecting the company's strong economic performance, its focus on the concession business, improved governance and ongoing efforts to reduce net debt with recourse.
EthiFinance has considered relevant aspects such as the evolution of profitability and debt, and their consequent impact on financial expenses, as well as the evolution of net equity ratios in relation to debt.
Bond
Thanks to the improvement in the company's balance sheet, on 29 May 2025, a bond issue was carried out under the Euro Medium Term Note Programme (EMTN) to improve the financial cost and make the maturities of the previous bonds more flexible (one maturing in 2026 at a cost of 6.3% and another maturing in 2027 at a cost of 5.8%). In addition, a positive impact of €26 million has been recorded in the income statement.
The resulting bond has the following characteristics:
-
Total amount: €500 million.
-
Maturity: 5 years.
-
Interest rate: 4.75%.
The transaction was a success, as it is the first time the company has issued a 5-year bond, which extends the maturity and also represents a substantial price reduction.
Sustainability
-
ESG ratings and indices
The ratings obtained in ESG ratings and indices were as follows:
-
-
-
S&P - Corporate Sustainability Assessment: in February, Sacyr was included in the S&P Sustainability Yearbook for the fourth consecutive year.
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Other sustainable initiatives
Some of the most significant sustainability initiatives for the company have been:
-
-
Sacyr innovates in sustainable concrete that reduces the carbon footprint. The B-LOW2 project uses new eco-sustainable materials in the manufacture of concrete to emit less CO2 and reduce the consumption of natural resources.
-
Sacyr and Captoplastic have signed a strategic agreement to promote the control and capture of microplastics in water. Under this agreement, Captoplastic will provide services at facilities managed by Sacyr Agua and implement measurement technologies, such as Captolab, and microplastic capture technologies, with a view to future scaling up. Captoplastic's technology has been developed entirely in Spain.
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Sacyr is the first company in the infrastructure sector to verify its environmental footprint in accordance with the requirements of the ISO 14072 standard. The audit was carried out by AENOR using data on the environmental impact of all Sacyr's activities in the countries where it operates.
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SBTi confirms and approves the alignment of our climate targets with a 1.5° C trajectory, the most ambitious level possible. This reinforces our commitment to
sustainability and science-based climate action. The company is carrying out a series of initiatives that form part of a Decarbonisation Plan, comprising more than 300 projects across all business lines and in all locations where the Group operates.
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Recognised for the fifth consecutive year in the Financial Times and Statista Europe's Climate Leaders list, which highlights European companies with the strongest commitment and progress in reducing GHG emissions. To be included in this list, companies must achieve a 3% annual reduction in emissions intensity.
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-
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Consolidated Balance Sheet
The balance sheet as of 30 June 2025 is shown below:
Net debt. The company's net debt as of 30 June 2025 is €6,444 million. The breakdown and change compared to December 2024 is shown below:
Net project financing debt: decreased to €6,147 million, corresponding to the financing of very long-term projects. This debt is repaid with the cash flows generated by the projects themselves.
Net debt from former projects (with recourse): this debt stands at €297 million and corresponds to financing that is not considered to be linked to projects and is used by the parent company in its coordination and financial management role as the company's parent company, addressing the needs of the different business areas.
The change in net debt in the first half of 2025 is as follows:
Net investment: The increase in debt under this item was €357 million. Most of this is own investment in concession projects through capital contributions to the projects and the corresponding debt provisions in those projects.
During this half-year, the impact of the deconsolidation of the debt of the three concession assets in Colombia has been reflected, as they have been recorded as held for sale, and the consolidation of the seven Chilean assets that were held for sale.
The change in net recourse net debt for the second quarter of 2025 was as follows:
(*) €73 million corresponds to equity in Concessions.
During the second quarter of the year, recourse net debt increased by €21 million due to significant investment for growth amounting to €73 million. This increase in investment
for the half-year, which doubles the amount invested in the same period last year, is due to the success in new projects awarded over the LTM.
(*) Total equity invested after deducting the divestment of Barbanza.
Sacyr thus continues to comply with the company's commitment to maintain the Net Recourse Debt/ (Recourse EBITDA + Distributions from concession assets over the LTM) ratio below one.
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Performance by Business Area
|
Million euros |
1H-25 |
1H-24 |
Chg. |
|
REVENUE |
818 |
829 |
-1% |
|
Operating revenue |
572 |
646 |
-11% |
|
Construction revenue |
245 |
183 |
+34% |
|
EBITDA |
35 |
425 |
-18% |
EBITDA margin
61.3%
65.8%
Sacyr Concesiones is a unique platform for growth and value creation, a world leader in greenfield project development and the group's growth engine. Infrastructure assets that increase their profitability throughout their life cycle and ensure predictable, stable and recurring cash flows for the company.
-
Operating revenue (-11%) and EBITDA (-18%). Positive contributions came from
highways and airports in Chile, while the accounting impact of the performance of financial assets in operation had a negative effect. This impact will be offset in the second half of the year by the contribution of Ruta del Itata and Ruta 68 (Chile).
-
Construction revenue (+34%): Due to the contribution of projects such as the Velindre Hospital (United Kingdom) and the Buga-Buenaventura highway (Colombia).
-
Total invested equity, net of the divestment of Barbanza highway, in infrastructure concessions increased significantly in the first half of 2025, amounting to €1,872
million, compared to €1,677 million at the end of 2024. In this half-year, €208 million was invested, compared to €104 million in the same period last year. Following the sale of the Barbanza highway, the amount corresponding to this asset, €13 million, has been deducted from the total equity invested.
Relevant milestones
-
In March, Sacyr Concesiones signed the second concession for the Ruta del Itata in Chile, following the publication of the Supreme Award Decree. This concession connects the regions of Ñuble and Biobío and provides for the improvement, construction, maintenance and operation of existing and new works. These include the improvement of the current Ruta 152 (75.1 km) and 158 (14.1 km) and a new 6.9 km dual carriageway that will directly connect Ruta 152 with Ruta 146, currently under concession to Sacyr through the company Valles del Biobío, which links the municipalities of Concepción and Cabrero. The Ruta del Itata concession will be extended for a maximum period of 45 years.
-
In April, the consortium led by Sacyr Concesiones was awarded the contract to extend a new section of the Rutas del Este highway in Paraguay. The new accesses represent a historic transformation for mobility in the capital, Asunción, and the construction of the city's first rapid access system. This extension will significantly improve connectivity, reduce travel times and improve the quality of life for more than one million people who access Asunción. An additional investment of 163 million euros will be made.
-
Also in April, the consortium led by SIS, comprising Fininc and Sacyr, signed the contract for the Turin Hospital concession project, a multifunctional complex that will include a new hospital and a university campus. The planned investment exceeds €517 million, and the construction period is five years.
-
In May, the Official Gazette of Chile published the Supreme Decree awarding Sacyr Concesiones the second concession for Ruta 68 (Chile). Ruta 68 to the coast is a tourist corridor, especially during the summer season and long weekends, facilitating access to destinations of interest such as Valparaíso, Viña del Mar, the Casablanca
valley and nearby recreational areas. It also connects key industrial and logistics sectors of Gran Santiago and the Puerto del Valparaíso.
-
Commissioning:
-
In January, the consortium formed by Sacyr Concesiones (70%) and Cointer (30%) began operating Atacama Airport in Caldera (Chile). The consortium will expand, improve and maintain Atacama Airport, thereby improving service quality and responding to the expected increase in passenger demand. It currently serves more than 720,000 passengers per year.
-
On 1 April, Sacyr Concesiones began operations on the second concession for the Ruta del Itata (Chile), which includes improvements to existing works and the start of new works that will improve safety and comfort standards for users, as mentioned above.
-
On 1 July, Sacyr Concesiones took control of the operation of the second concession on Ruta 68 (Chile). This road connects the Metropolitan Region with the Valparaíso Region, a transfer that will enable us to improve service and road safety standards for users travelling along this 141 km stretch of road.
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Traffic evolution
Traffic data are shown below, although it is important to note that most of Sacyr's assets are within the availability payment remuneration scheme or, if applicable, include traffic risk mitigation mechanisms, so this does not affect the assets' revenues.
|
Accumulated ADT SHADOW TOLL HIGHWAY SPAIN |
1 H-25 |
1 H-24 |
Chg. % 25/24 |
|
AUTOV.TURIA CV-35 |
44,149 |
42,420 |
4.1% |
|
PALMA MANACOR MA-15 |
28,280 |
27,983 |
1.1% |
|
VIASTUR AS-II |
25,479 |
25,788 |
-1.2% |
|
AUTOV. ARLANZÓN |
22,415 |
21,513 |
4.2% |
|
AUTOV. NOROESTE C.A.R.M. |
14,157 |
13,962 |
1.4% |
|
AUTOV. ERESMA |
9,216 |
8,619 |
6.9% |
|
TOLL HIGHWAY OTHER COUNTRIES |
|||
|
PEDEMONTANA - VENETA |
20,535 |
15,705 |
30.8% |
|
A3 SALERNO - NAPOLES |
95,562 |
93,793 |
1.9% |
|
A21 |
35,900 |
- |
n.a. |
|
RSC-287 |
8,323 |
6,521 |
27.6% |
|
VALLES DEL DESIERTO |
5,819 |
5,866 |
-0.8% |
|
RUTAS DEL DESIERTO |
8,689 |
8,355 |
4.0% |
|
RUTAS DEL ALGARROBO |
5,359 |
5,194 |
3.2% |
|
VALLES DEL BIO BIO |
10,565 |
10,236 |
3.2% |
|
RUTA 43 - LIMARI |
6,260 |
5,993 |
4.5% |
|
LOS VILOS - LA SERENA |
8,267 |
7,853 |
5.3% |
|
RUTA 78 |
40,913 |
37,083 |
10.3% |
|
AMÉRICO VESPUCIO AVO I |
33,240 |
33,792 |
-1.6% |
|
PUERTA DE HIERRO |
6,971 |
7,020 |
-0.7% |
|
RUMICHACA PASTO |
16,710 |
16,900 |
-1.1% |
|
MAR I |
10,435 |
9,647 |
8.2% |
|
PAMPLONA-CÚCUTA |
12,469 |
12,095 |
3.1% |
|
BUENAVENTURA-BUGA |
5,176 |
5,169 |
0.1% |
|
RUTAS DEL ESTE |
16,691 |
15,746 |
6.0% |
|
VIA EXPRESSO |
7,882 |
7,319 |
7.7% |
|
ACCUMULATED ADT (km weighted) |
14,684 |
13,847 |
6.0% |
1H-24
Chg.
|
REVENUE |
1,446 |
1,224 |
+18% |
|
Italian concession assets |
338 |
184 |
n.a. |
|
Pure construction |
1,108 |
1,040 |
+6% |
|
EBITDA |
261 |
195 |
+34 |
|
Italian concession assets |
208 |
144 |
n.a. |
|
Pure construction |
53 |
51 |
+4% |
|
CONSTRUCTION EBITDA MARGIN |
4.8% |
4.9% |
1H-25
Million euros
Sacyr Ingeniería e Infraestructuras continues to grow steadily, maintaining high internal activity for Sacyr Concesiones, which accounts for 70% of its total portfolio.
The portfolio in this area increased by 2% compared to December 2024 and now stands at more than €10.8 billion, covering 59 months of construction activity.
In the first six months of 2025, both revenue and EBITDA grew at a good pace, reaching
€1.446 million (+18%) and €261 million (+34%) respectively for the division as a whole.
Excluding the concession effect of the three Italian assets included in this division (the Pedemontana-Veneta, A3 Napoli-Pompei-Salerno and A21), the pure construction business achieved revenue of €1.108 million and EBITDA of €53 million thanks to the focus on contract profitability and the progress of works in Spain, Chile and United Kingdom.
The EBITDA margin for the Pure Construction segment (excluding Pedemontana Veneta, A3 and A21) stands at 4.8%.
Regarding the contribution Italian concession assets: Pedemontana-Veneta highway, A3 Napoli-Pompei-Salerno highway and A21 highway (operational as of December 1, 2024), the figures are shown below:
Relevant milestones
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In February, Sacyr Ingeniería & Infraestructuras completed the remodelling of the intersection of I-75 with SR-72 and the expansion of the first section of SR-417 in the United States. Also in February, the last beam of the viaduct for the New Railway Bridge in the Biobío Region (Chile) was installed. This important project will increase the Biotrén service for passenger and freight transport, resulting in a substantial improvement in connectivity, as well as improving the connection between Concepción and San Pedro de la Paz, replacing 135-year-old infrastructure.
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In March, the Governing Board of the Andalusia, Ceuta and Melilla Region of the College of Civil Engineers (CICCP) awarded the 'Best Andalusian Public Work' prize to the Almería high-speed rail project. Currently, 71 km are under construction and more than 100 km have been completed. This project will provide a strategic infrastructure to connect the productive centres of the province of Almería, such as fruit and vegetable supply and mining, with a distribution line to and from the main logistics hubs.
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In May, work began on the Los Vilos-La Serena yellowfield concession (Chile) with the demolition of the Huentelauquén Oriente Bridge. These new works will directly benefit the municipalities of Los Vilos, Canela, Ovalle, Coquimbo and La Serena, raising the
road safety standard of one of the country's main roads, both for the inhabitants of these areas and for those who frequently travel on Ruta 5 North, as well as creating new jobs and local employment. Also in May, the contract was signed for the construction of the Alameda-Melipilla Train. This project involves the construction of a new passenger railway line and the relocation of the freight line, including platform and drainage works, the construction of the El Monte, Talagante and Melipilla stations, grade-separated vehicle and pedestrian crossings, and railway infrastructure, among other things.
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On 1 June, the new passenger terminal at Jorge Chávez International Airport (Peru) was officially inaugurated, marking an important milestone for air transport in Peru. The infrastructure, designed to meet growing demand from users and international flights, represents a significant step forward in the modernisation of the national airport system.
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In June, Sacyr Proyecta was awarded the Ulysse Project (France). The Sacyr Proyecta team will carry out the engineering work for Elengy to renovate the liquefied natural gas (LNG) terminal in Montoir-de-Bretagne (France), which represents a major modernisation of the region's energy infrastructure. The main objectives of this project are to improve the plant's industrial safety, reduce its environmental impact and upgrade the facilities to ensure their efficient and safe operation until at least 2035.
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On 1 July, following the closing date, the Madrid Health Service (SERMAS) awarded the contract for the renovation and improvement of the Móstoles University Hospital (Madrid) to Sacyr Ingeniería e Infraestructuras. The new infrastructure will have 18,600 m2 distributed over seven floors: two for emergencies and radiodiagnostics, another two for outpatient consultations and three additional floors for vehicle parking.
-
In early July, after closing, the SR-417 expansion project (second section) in Florida was completed for the Central Florida Expressway Authority. The project consisted of expanding and improving 7.5 km of road. The road's capacity has been increased from 4 to 6 lanes. Among the most notable improvements in this project is the reduction of traffic congestion, especially from Narcoossee Rd. to SR-528. This project represents the tenth project delivery in North America and the third project completion in Florida in 2025. Also in July, the Madrid Health Service (SERMAS) awarded the project to
renovate and improve the University Hospital of Móstoles (Madrid) to Sacyr Ingeniería e Infraestructuras. The new infrastructure will have 18,600 m2 distributed over seven floors: two for emergencies and radiodiagnostics, another two for outpatient consultations and three additional floors for vehicle parking.
Million euros
1H-25
1H-24
Chg.
REVENUE
139
116
+20%
EBITDA
32
24
+36%
EBITDA margin
23.2%
20.4%
The Water division is growing organically thanks to its geographical expansion, extensive experience and proprietary technology in implementing improvements in contracts and projects. This area is therefore in a privileged position to grow and mitigate the effects of climate change, with innovation as a key catalyst for the development of its activity and a pipeline with multiple growth opportunities.
Revenue and EBITDA increased by double digits this half of the year, with high double-digit growth of +20% and +36% respectively, increasing profitability by +280 basis points. This excellent positive trend is thanks to new projects in the Levante and Canary Islands areas, as well as the strong performance of assets internationally in countries such as Australia.
In addition, at the end of June 2025, the Water division's portfolio increased by +54% compared to December 2024, with a record figure of future revenues of 7.4 billion euros.
Relevant milestones
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Sacyr has become the first company in the infrastructure sector to obtain ISO 14046 certification, a specific quality certification for water footprints. The verification covers all of the group's activities worldwide by assessing up to 18 impact categories according to the four most internationally recognised methodologies.
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In May, Sacyr Agua was awarded a 35-year concession for the reuse treatment plant and commercialisation of wastewater in Antofagasta, Chile. With an investment of €300 million, its main function is to collect the wastewater pre-treated by the current pre-treatment plant in Antofagasta and convey it to the Salar del Carmen, where the new treatment infrastructure will be located, with a final capacity of 900 litres/second. This is the most important reuse project in Latin America.
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In June, the new Tangana wastewater treatment plant was inaugurated in Tenerife, which will improve sanitation in the coastal towns of the island. This asset, with an investment of 3.6 million euros, is an efficient treatment system that replaces obsolete solutions such as cesspools, helping to preserve the soil and the natural environment of high ecological and cultural value. In addition, Sacyr Agua is going to invest €20 million in EMMASA's service to improve water management and make it more efficient and sustainable. The improvements include the modernisation of key infrastructure such as the expansion of the desalination plant, improvements to the distribution networks and pumping stations, and the renewal of the vehicle fleet.
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Sacyr Agua has been recognised at the AEDyR Awards in the Sustainability category, highlighting the company's commitment to sustainability in its 2024-2027 Strategic Plan, endorsed by multiple organisations. The awards were presented at the gala dinner of the 14th International Congress of AEDyR (Spanish Association for Desalination and Reuse) held from 24 to 26 June in Tenerife.
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Sacyr SA published this content on July 29, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on July 29, 2025 at 16:05 UTC.
