Sacyr Sa · BME:SCYR
Sacyr Sa — FY2024 Earnings Presentation
41 slides from Sacyr Sa's earnings presentation, Feb 27, 2025
Slide 1: Results Presentation FY-2024
Results Presentation FY - 2024 27 February 2025
Slide 2: Progress of the Strategic Plan 24-27
Progress of Highlights Operational Performance Annexes the Strategic and Financial by Business Plan 24-27 Development Area
Slide 3: Progress of the Strategic Plan 24-27: Goals evolution
Progress of the Strategic Plan 24-27 Goals evolution Goals 24-27 Progress in 2024 Recourse net debt Ratio <1x 0.4x Operating Cash Flow 2027 €1,350M €1,294M Concessional distributions 2024: €225M €229M Accomplished Planned Equity for growth €300M in the Equity committed to projects awarded in 2024 pe
Slide 4: Distributions from current portfolio
Progress of the Strategic Plan 24-27 Distributions from current portfolio Sacyr will receive distributions amounting to €17,000M (+6.5x the company's current capitalisation) Increased distributions of + €1,000M thanks to 4 new projects post-Investor Day 24 € 800 M Distributions 2025 - 2033 €3,500M €
Slide 5: Highlights
Progress of Highlights Operational Performance Annexes the Strategic and Financial by Business Plan 24-27 Development Area
Slide 6: Operating cash flow
Highlights Operating cash flow Excellent EBITDA-to-cash conversion 96% Operating Cash Flow growth +53% 96% EBITDA to cash conversion 1,504 1,352 1,407 1,294 EBITDA (€M) 49% OPERATING 848 CASH FLOW (€M) 705 2022 2023 2024 6 *In the 2022 and 2023 figures, VSM and Facilities activity has been eliminate
Slide 7: 5 new concession projects
Highlights Awards Record in 2024 5 new concession projects Turin Anillo Vial Ruta Northern Chile Hospital Periférico Ruta 68 del Itata Airport network Design, construction, Design, financing, Improvement, construction, Improvement, construction, Expansion, improvement financing, management and const
Slide 8: Project Commissioning
Highlights Project Commissioning Successful project execution and delivery: 3 commissioning Pamplona - Cúcuta Ferrocarril Central A-21 Lengh 63 km Length 273 km Length 320 km Investment 592 €M Investment 915 €M Investment 965 €M Remaining Remaining Remaining Life 22 year Life 15 year Life 12 year 8
Slide 9: Shareholder remuneration
Highlights Dividend Shareholder remuneration 1 Scrip Dividend January 2024 Record shareholder remuneration 1x50 0.062€ 92% shares per right chose shares +72% 0.141€ 0.136€ 2 Scrip Dividend September 2024 0.115€ 1x40 0.079€ 92% 0.096€ shares per right chose shares 0.082€ 2020 2021 2022 2023 2024 Afte
Slide 10: Complying with Corporate Governance standards
Highlights Corporate Governance Complying with Corporate Governance standards Separation of functions between Chairman and Chief Executive Officer ˃ The Board will propose to the AGM'25 the appointment of Pedro Sigüenza as executive director. Once the appointment is approved by the 2025 AGM, he will
Slide 11: Improving Sustainability Ratings
Highlights Sustainability Improving Sustainability Ratings Standard & Sustainalytics MSCI PDC Poor's +13 -2.2 BBB → A A- → A Med A 74 Low A 61 20.8 BBB A- 18.6 2021 2024 2021 2024 2021 2024 2021 2024 We increase our score We reduce risk We improve rating We improve rating 11 Autopista al Mar, Colomb
Slide 12: Main Figures 2024
Highlights Main Figures 2024 Million Euros 2024 2023* Chg. REVENUE 4,571 4,609 -0.8% EBITDA 1,352 1,504 -10.1% EBITDA Margin 30% 33% -3 pp EBIT 1,225 1,231 -0.5% NET PROFIT 113 106 +7.2% OPERATING CASH FLOW 1,294 848 +53% OPERATING CASH FLOW / EBITDA 96% 56% *Pro-forma figures for 2023 in which the
Slide 13: Operational and Financial Development
Progress of Highlights Operational Performance Annexes the Strategic and Financial by Business Plan 24-27 Development Area
Slide 14: Recourse net debt
Operational and Financial Development Recourse net debt Strong commitment to reducing Recourse Net Debt (RND) Recourse Net Debt (€M) 848 x RATIO Ratio 4.4x 681 achieved (<1x) 3.0x 0.4x Max. 269 1.0x 146 0.8x RATIO 0.4x 𝑅𝑒𝑐𝑜𝑢𝑟𝑠𝑒 𝑁𝑒𝑡 𝐷𝑒𝑏𝑡 𝑅𝑎𝑡𝑖𝑜 = 0x ( 𝑅𝑒𝑐𝑜𝑢𝑟𝑠𝑒…
Slide 15: Financial operations
Operational and Financial Development Financial operations Financial close Financial operations 1 1 Transactions on Sacyr shares I-10 Louisiana Highway Forward contracts formalized Committed Equity ▪ Jan 24 10 mill shares $520M (100% consortium) ▪ May 24 10 mill shares ▪ Nov 24 10 mill shares Bond I
Slide 16: Milestones 2024
Operational and Financial Development Milestones 2024 Investor Day 2024 Divestment Processes Valuation of concessional assets €3,551 M Completed Meetings with interested investors Mature assets Selection of tax, financial and legal rotation in advisors 1 Growth in concessions €1Bn equity committed C
Slide 17: Net debt evolution
Operational and Financial Development Net debt evolution 2024 (€M) -220 494 6,891 836 6,408 -1,352 667 -786 844 WORKING OTHER ADJ FINANCIAL NET CAPITAL FINANCING FLOW, DEC 23 EBITDA CAPITAL +TAXES RESULT INVESTMENT INCREASE FOREX & OTHER DEC 24 6,408 Funds from operations (FFO) -1,294 667 836 -220 4
Slide 18: Evolution of recourse net debt 4Q-2024
Operational and Financial Development Evolution of recourse net debt 4Q-2024 (€M) Reduction in recourse net debt -32% -25 215 -38 18 10 -115 69 146 12 WORKING DISTRIBUTIONS FROM FINANCIAL NET FINANCING FLOW. SEP. 24 EBITDA CAPITAL TAXES CONCESSIONS EXPENSES INVESTMENT (*) FOREX & OTHER DEC. 24 215 F
Slide 19: Equity and distributions
Operational and Financial Development Equity and distributions Committed Equity and Distributions including new contracts post-ID24 Concessional distributions Committed equity 4 new concessions post Investor Day 24 2025 2026 2027 2028 2029 2030 2031 2032 2033 Distributions to Sacyr +830 €M (2025-202
Slide 20: High growth potential in strategic markets
Operational and Financial Development Growth opportunities High growth potential in strategic markets CANADA • Windsor Hospital • Red Deer Ambulatory USA. • Ontario Science Centre • Trans-Canada Highway • I-285 East Express Lanes (Georgia) • I-285 West Express Lanes (Georgia) • I-24 Southeast Choice
Slide 21: Performance by Business Area
Progress of Highlights Operational Performance Annexes the Strategic and Financial by Business Plan 24-27 Development Area
Slide 22: Concessions
Performance by Business Area Concessions Improving Goals: 5 new concessions Million Euros 2024 2023 Chg. and stronger distributions REVENUE 1,748 1,930 -9% Operating income 1,340 1,275 +5% → Operating income (+5%) and EBITDA (-2%): This is explained by the commissioning of projects such as the Rutas
Slide 23: Concessions: Breakdown by Country
Performance by Business Area Concessions COUNTRY REVENUE EBITDA ASSETS Breakdown Italy* 420 310 5 by Country Colombia Chile 528 524 317 225 6 18 Spain 180 131 15 Uruguay 165 93 2 Paraguay 68 54 1 Mexico 87 40 2 Peru 39 19 2 Brazil 47 6 1 USA 35 6 2 Other 75 1 6 Holding 1 -17 - TOTAL 2,169 1,185 60 T
Slide 24: Engineering & Infrastructures
Performance by Business Area Engineering & Infrastructures Record backlog of 71% for Million Euros 2024 2023 Chg. Sacyr Concesiones REVENUE 2,741 2,734 0% → The total backlog increased by +41% to €10,606M (excluding €2,607M in EBITDA 422 570 -26% contracts awarded pending signature) and covers 55 mo
Slide 25: Main awards
Performance by Business Area Engineering & Infrastructures Main awards UNITED KINGDOM IRELAND Velindre Hospital - Wales 364 €M Rail Network Maintenance Dublin 76 €M ITALY Via del Mare highway USA 160 €M SPAIN Turin Hospital* I-10 Louisiana highway 968 €M 315 €M Real estate developments Catania under
Slide 26: Water
Performance by Business Area Water Creating value for society Million Euros 2024 2023 Chg. REVENUE 245 228 +8% → Increase in revenue (+8%) and EBITDA (+3%) thanks to new contracts such as the Carboneras and Torrevieja desalination plants, the good performance of assets such as the Alcudia desalinati
Slide 27: Conclusions
Conclusions Increased We comply with Operating Cash Growth in Corporate Flow Accomplished concessions with Governance +53% Recourse Net 5 new projects in Divestment in Debt Ratio 2024 Colombia Conversion of Separation of the EBITDA into Ratio 2024: roles of (extensive short- In phase of Operating 0.
Slide 28: Results presentation FY-2024
yo} sacyi Results presentation RB FY-2024
Slide 29: Annexes
Progress of Highlights Operational Performance Annexes the Strategic and Financial by Business Plan 24-27 Development Area
Slide 30: Concessional Assets: Breakdown of assets
Concessional Assets Breakdown of assets Aunor (51%) Roads 35 Palma – Manacor (40%) Viastur (70%) Velindre Cancer Centre (31%) Turia (56%) Transport Hubs 2 Braga Hospital (1%) Eresma (51%) Hacor Hospital (1%) Arlanzón (55%) Vilafranca Hospital (1%) Parla Hospital (51%) Hospitals 10 Brisal (5%) Noroes
Slide 31: Performance in portfolio valuation
Concessional Assets Performance in portfolio valuation Increased value since ID21 which shows the robustness of our platform + €740M €3,551M (83) (40) 310 311 269 FX rate Interest rates and other Inflation (298) Incr. Future Growth 443 Increase 440 Discount rates (302) €2,811M Rolling Forward Value
Slide 32: Operating cash flow – Room for re-leverage
Concessional Assets Operating cash-flow Operating cash flow – Room for re-leverage The current portfolio has a sound capacity to repay its debt service, which decreases over time, and leaves room for additional leverage 2024-2033 2034-2043 2044-2053 DSC Ratio DSC Ratio DSC Ratio 1.4x 1.6x 2.6x DSC R
Slide 33: Income Statement 2024
Annexes Income Statement 2024 Consolidated Income Statement Chg. % 2024 2023 Thousand euros 24/23 REVENUE 4,571,004 4,609,428 -0.8% Other income 275,450 241,635 14.0% Total operating income 4,846,454 4,851,063 -0.1% External and Operating Expenses -3,494,248 -3,327,798 5.0% EBITDA 1,352,206 1,523,26
Slide 34: Consolidated Balance Sheet 2024
Annexes Consolidated Balance Sheet 2024 Dec. Dec. Chg. Dec. Dec. Chg. Thousand euros 2024 2023 24/23 Thousand euros 2024 2023 24/23 NON CURRENT ASSETS 11,146,258 10,422,363 723,895 EQUITY 2,062,644 1,750,021 312,623 Intangible Assets 81,778 86,749 -4,971 Shareholder's Equity 1,006,793 795,759 211,03
Slide 35: Income Statement by Business Line 2024
Annexes Income Statement by Business Line 2024 Consolidated Income Statement 2024 Sacyr Sacyr Sacyr Holding & Total Thousand euros Concesiones Ing & Infra. Agua Adjustments REVENUE 1,748,350 2,740,922 245,380 -163,648 4,571,004 Other income 25,938 279,804 14,249 -44,541 275,450 Total operating incom
Slide 36: Income Statement by Business Line 2023
Annexes Income Statement by Business Line 2023 Consolidated Income Statement 2023 Sacyr Sacyr Sacyr Holding & Total Thousand euros Concesiones Ing & Infra. Water Adjustments REVENUE 1,930,421 2,734,016 227,599 -282,608 4,609,428 Other income 52,271 175,373 10,889 3,102 241,635 Total operating income
Slide 37: Net debt
Annexes Net debt Million Euros Dec. 24 Dec. 23 Chg. Project Finance 6,745 6,139 606 Ex-project Finance (recourse net debt) 146 269 -123 Total Net Debt 6,891 6,408 483 Debt type 0 Fixed-rate 76% Floating-rate mitigated by By inflation Debt interest type 15% rate Floating-rate 9% 37
Slide 38: Concessions Revenue Breakdown
Annexes Concessions Revenue Breakdown Revenues breakdown Chg. % 2024 2023 € thousand 24/23 CHILE 350,754 346,204 1.3% COLOMBIA 459,127 418,805 9.6% SPAIN 176,228 173,917 1.3% URUGUAY 114,660 119,332 -3.9% MEXICO 83,996 88,667 -5.3% PARAGUAY 62,617 59,228 5.7% PERU 38,098 37,414 1.8% BRAZIL 16,037 16
Slide 39: Concessions Traffic
Annexes Concessions Traffic Accumulated ADT 2024 2023 Chg. % 24/23 SHADOW TOLL HIGHWAY SPAIN AUTOV.TURIA CV-35 42,421 41,770 1.6% PALMA MANACOR MA-15 29,129 27,814 4.7% VIASTUR AS-II 25,359 26,286 -3.5% AUTOV. ARLANZÓN 23,874 22,971 3.9% AUTOV. NOROESTE C.A.R.M. 14,076 13,601 3.5% AUTOV. ERESMA 9,03
Slide 40: Alternative Performance Measures
Annexes Alternative Performance Measures The Sacyr Group presents its earnings in accordance with International Financial Reporting Standards (IFRS). The Group also provide certain additional financial measurements, known as Alternative Performance Measures (APMs) used by management in decision-maki
Slide 41: Note
Note The financial information contained in this document is prepared according to the International Financial Reporting Standards. This information has not been audited and therefore may be modified in the future. This document does not constitute an offer, invitation or recommendation to buy, sell