Sacyr, S.A. Q3 2026 Earnings Recap

Sacyr’s shares fell 1.6% after the earnings release, a move within the roughly flat range. The nine-month update showed growth in revenue, EBITDA and cash flow, alongside a recourse net debt ratio below 1x; the transcript does not identify a specific disappointment behind the share-price move.

Key Takeaways

• Revenue rose 11% year on year to €3.777 billion; EBITDA increased 9% to €1.111 billion, with a 29.4% margin.
• Operating cash flow was €930 million, up 21% on a like-for-like basis excluding cash generated by Colombian assets divested in 2025.
• Net profit attributable to shareholders increased 87% to €116 million; EBIT rose 13% to €837 million.
• More than 90% of EBITDA comes from concession assets. The 2026 valuation of the concession platform was €4.316 billion, up more than €600 million, or over 16%, from 2025.
• Sacyr kept its recourse net debt ratio below 1x and added two concessions in 2026: the Ontario Science Centre and Chile’s Route 57, which adds €2.8 billion to backlog and requires an €800 million investment.