Slide 1: Results Presentation FY-2025
Results Presentation FY-2025 26 February 2026
Slide 2: Table of contents
Table of contents Progress of the Strategic Plan 24-27 Highlights Operational and Financial Performance Performance by Business Area Annexes I75 – USA
Slide 3: Progress of the Strategic Plan 24-27
Progress of the Strategic Plan 24-27 A3 Highway - Italy
Slide 4: 2025 results boost fulfilment of Strategic Plan 24-27 goals
The 2025 results boost the fulfilment of our goals set out in the Strategic Plan 24-27 and reinforce our vision of leading the development of greenfield projects in 2033 4
Slide 5: Progress of the Strategic Plan 24-27
Progress of the Strategic Plan 24-27 Goals 24-27 2025 Progress Operating Cash Flow 2027 €1,350M €1,359M New projects awarded per year 3-4 5 Committed Equity 2024-2027 €1,000M €905M Concessional distributions 2025 €191M €224M Recourse Net Debt Ratio <1x 0.18x Investment Grade Rating Yes Yes Cash divi
Slide 6: Total cash distributions of the current portfolio rise to €19Bn
Progress of the Strategic Plan 24-27 Total cash distributions of the current portfolio rise to €19Bn €19Bn €17Bn €16.1Bn Investor Day-2024 Dec. 2024 Dec. 2025* + €2.9Bn (+18%) since the Investor Day (May-24) thanks to new awards, which are driving distributions despite assets divestment in Colombia
Slide 7: Distributions and divestments 2025
Progress of the Strategic Plan 24-27 Distributions and divestments 2025 Estimates €505M exceeded Proceeds from sale of assets +17% in Colombia + €281M €224M €191M Distributions Distributions + €33M Investor Day-24: 2025E 2025 TOTAL 2025 7
Slide 8: Moving towards an asset valuation of €9.0Bn - €10Bn
Progress of the Strategic Plan 24-27 Moving towards an asset valuation of E €9.0Bn - €10Bn €5.1Bn E €5.1Bn €4.0Bn 2025 2027 2033 8 Note: Includes three motorways divested in Colombia.
Slide 9: Highlights
Highlights Valles del desierto - Chile Key Milestones Sustainability Indicators 2025 2025 ESG Ratings
Slide 10: A Solid Concession Platform powering long-term growth
Key Indicators 2025 A Solid Concession Platform powering long-term growth €4,660M €165M 93% €1,359M 0.18x Revenues Net profit EBITDA from Operating Recourse net +2% vs 2024 excluding divestments* concessions cash flow debt ratio +46% vs 2024 +140bp vs 2024 +5% vs 2024 vs 0.42x Dec.24 10 * Does not i
Slide 11: The concession model maximizes cash-flow generation beyond EBITDA
Key Indicators 2025 The concession model maximizes cash-flow generation beyond EBITDA Strategic Plan €1,359M Target 2027 €1,294M 100% €1,350M +100% Operating 96% Cash flow/EBITDA €848M €705M Operating cash flow target exceeded: 56% 49% €1,350M in 2027 2022 2023 2024 2025 Operating Cash Flow Operatin
Slide 12: Progress that reinforces our leadership
Milestones 2025 Progress that reinforces our leadership Achieved Rating New record year Investment Grade Significant Growth in awards from a global agency Opportunities in 2026 ▪ 5 projects in 2025 ▪ BBB (low) long term ▪ Managed Lanes ▪ R-2 (low) short term ▪ Water plants Divestment of Shareholder
Slide 13: Leader in good sustainability practices
Sustainability ESG Ratings Leader in good sustainability practices Yearbook CDP Clima Sustainalytics S&P Global & Agua Industry ESG Leader Sacyr included in S&P Global's The only European infrastructure Sacyr recognized among the Sustainability Yearbook for the company with a double "A" rating leade
Slide 14: Operational and Financial performance
Operational and Financial performance SR23-USA Main Financial Shareholder Equity and Net debt Figures 2025 Operations remuneration Distributions evolution
Slide 15: Main Figures 2025
Main Figures 2025 Million Euros 2025 2024 Chg. REVENUE 4,660 4,571 +2% EBITDA 1,358 1,352 - % EBITDA from concessions 92.8% 91.4% +140bp EBITDA Margin 29.1% 29.6% NET PROFIT excluding divestments* 165 113 +46% Impact of asset 80 - rotation in Colombia NET PROFIT 86 113 €1,359M 100.1% Operating Opera
Slide 16: Financial operations: Investment Grade Rating and sale of Colombian assets
Financial operations 1st Global Rating Sale of Investment Grade Colombian assets +12% above the Investor Day-24 valuation US$ 1,565M Amount of the transaction US$ 332M Equity amount BBB (low) long term Stable R-2 (low) short term Outlook 2.7x Multiple invested equity + US$ 70M Additional Earn-outs 1
Slide 17: Financial operations: Shareholder remuneration
Financial Shareholder operations remuneration Transactions on Progress in fulfilling Sacyr shares our commitment: Strong confidence in the company’s share value at least, 225€M in Strategic Plan 24-27 Outstanding Forward Contracts January 2025 Scrip dividend 30 M shares 0.078€ July 2025 First cash A
Slide 18: +€2,140M cash available to invest in new projects
Equity and Distributions + €2,140M cash available to invest in new projects Includes new contracts and the divestment of three motorways in Colombia Concessional distributions € 600 M Proceeds from sale of Colombian assets € 500 M Committed equity € 400 M € 300 M Net cash available € 200 M + €2,140M
Slide 19: Sacyr increases distributions to €19 billion
Equity and Distributions Sacyr increases distributions to €19 billion New awards boost distributions despite asset rotation in Colombia €460M per year on average Total distributions €19Bn € 800 M € 700 M € 600 M € 500 M € 400 M € 300 M € 200 M € 100 M € M 2056-2081 2026-2033 2034-2045 2046-2056 Aver
Slide 20: Net debt evolution 2025
Net debt Evolution 2025 (Million Euros) Growing cash flow drives deleveraging 6,891 -1,358 -281 834 -335 609 6,359 -845 844 SALE OF FINANC. FLOW, WORKING OTHER ADJ + FINANCIAL DEC 2024 EBITDA CAPITAL TAXES RESULT INVESTMENT COLOMBIAN FOREX & OTHER DEC 2025 ASSETS VARIATIONS* 6,891 Funds from operati
Slide 21: Recourse net debt evolution Q4-2025
Recourse net debt Evolution Q4-2025 (Million Euros) Recourse net debt at historically low levels Thanks to increased distributions and proceeds of the sale of motorways in Colombia -13 344 -28 14 -105 78 -281 13 37 59 SALE OF FINANC. FLOW SEPT WORKING CONCESSIONAL FINANCIAL INVESTMENT DEC EBITDA TAX
Slide 22: Recourse net debt ratio 0.18x
Recourse net debt Evolution (Million Euros) Recourse net debt ratio 0.18x Recourse net debt accounts for 1% of Sacyr's total net debt - €789M (-93%) 848 Recourse Net 4.4x Debt (M€) 681 x Ratio Achieved 3.0x Ratio (<1x) Max. 269 0.18x 1x 146 𝑅𝑎𝑡𝑖𝑜 = 𝑅𝑒𝑐𝑜𝑢𝑟𝑠𝑒 𝑛𝑒𝑡 𝑑𝑒𝑏𝑡 0.8x…
Slide 23: Performance by Business Area
Performance by Business Area Ruta de la Fruta - Chile
Slide 24: Record number of concession awards in 2025
Record number of concession awards in 2025 Transport Water Social Accesos Ruta Pie Coquimbo Antofagasta Novara Health and Asunción de Monte Desalination Plant Reuse Plant Science Complex ▪ Sacyr Concesiones ▪ Sacyr Concesiones ▪ Sacyr Agua ▪ Sacyr Agua ▪ Sacyr Concesiones ▪ Investment: €174M ▪ Inves
Slide 25: Analysis of Strategic Opportunities
Analysis of Strategic Opportunities Canada USA Ontario Science Museum Ireland /UK Universities Windsor Hospital Metrolink Managed Lanes: Gateway Program Aeropuerto Toronto Irish Rail DART Yonge North for Metrolinx UK New Hospital Programme Virginia Italy I-495 A4 motorway sections A22 motorway North
Slide 26: Concession model outperforms our objectives
Concession model outperforms Million Euros 2025 2024 Chg. our objectives REVENUES 1,892 1,748 +8% ▪ Operating income (-4%) and EBITDA (-14%): Impact of the exit from the scope of the three motorways sold in Operating income 1,280 1,340 -4% Colombia, as well as the negative accounting impact of the p
Slide 27: Engineering & Infrastructure: Generating a positive impact
Million Euros 2025 2024 Chg. Generating a positive impact ▪ Revenue (+8%) and EBITDA (+31%) increase, driven by the REVENUE 2,971 2,741 +8% full-year contribution of the A21 motorway (Italy) and the progress of projects in the UK, Colombia, and Spain. This Italian concession assets 694 420 +65% impa
Slide 28: Water: Solid progress on our 2024-2027 roadmap
Million Euros 2025 2024 Chg. Solid progress on our REVENUE 307 245 +25% 2024-2027 roadmap ▪ Operating income (+17%) and EBITDA (23%): Positive Operating income 287 245 +17% contribution from projects in Spain in the Levante and southern regions, as well as in Australia. Construction income 19 - n.a.
Slide 29: Conclusions
Conclusions Concessional focus, essential driver of our strategic progress Record awards for the second consecutive year 5 concession projects in 2025 Significant growth opportunities in 2026 €2.14 billion available firepower for growth until 2033 Operating cash flow/EBITDA exceeds 100% Operating ca
Slide 30: Anexos
Anexos Via del Mare - Italia
Slide 31: Income Statement FY-2025
Income Statement FY-2025 Consolidated Income Statement Chg. % 2025 2024 Thousand euros 25/24 REVENUE 4,659,539 4,571,004 1.9% Other income 414,147 275,450 50.4% Total operating income 5,073,686 4,846,454 4.7% External and Operating Expenses -3,716,104 -3,494,248 6.3% EBITDA 1,357,582 1,352,206 0.4%
Slide 32: Consolidated Balance Sheet December 2025
Consolidated Balance Sheet December 2025 Assets Dec. Dec. Chg. 2025 2024 25/24 Thousand euros Equity & Liabilities Dec. Dec. Chg. Thousand euros 2025 2024 25/24 NON CURRENT ASSETS 11,768,823 12,388,439 -619,616 EQUITY 2,202,717 2,062,644 140,073 Intangible Assets 78,078 81,778 -3,700 Shareholder's E
Slide 33: Income Statement by business area FY-2025
Income Statement by business area FY-2025 Consolidated Income Statement 2025 Sacyr Sacyr Sacyr Holding & Total Thousand euros Concesiones Ing & Infra. Water Adjustments REVENUE 1,891,957 2,971,228 306,546 -510,192 4,659,539 Other income 65,575 343,999 19,086 -14,513 414,147 Total operating income 1,
Slide 34: Income Statement by business area FY-2024
Income Statement by business area FY-2024 Consolidated Income Statement 2024 Sacyr Sacyr Sacyr Holding & Total Thousand euros Concesiones Ing & Infra. Water 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 income 1,
Slide 35: Valuation Concession assets
Valuation Concession assets The increase in value demonstrates the strength of the concession model Main assumptions + €406M Discount rates (Ke) remain unchanged despite the lower interest rates. No variation due to future growth has +191 -213 been included. +117 €3,957M The effect of increases in I
Slide 36: Map Concessional Assets
Map Concessional Assets Roads 34 Aunor (51%) Palma – Manacor (40%) Velindre Cancer Centre (31%) Viastur (70%) Transport Hubs 2 Pedemontana-Veneta (49%) Turia (56%) Eresma (51%) Idaho Univ (50%) A3 (49%) Braga Hosp. (1%) Arlanzón (55%) I-10 Highway (30%) A21 (49%) Hospitals 11 Haçor Hosp. (1%) Via de
Slide 37: Traffic Concessions
Traffic Concessions Accumulated ADT 2025 2024 Chg. % 25/24 SHADOW TOLL ROADS - SPAIN AUTOV.TURIA CV-35 43,845 42,421 3.4% PALMA MANACOR MA-15 29,410 29,129 1.0% VIASTUR AS-II 25,349 25,359 0.0% AUTOV. ARLANZÓN 24,553 23,874 2.8% AUTOV. NOROESTE C.A.R.M. 14,448 14,076 2.6% AUTOV. ERESMA 9,541 9,032 5
Slide 38: Main awards Engineering & Infrastructure 2025
Main awards Engineering & Infrastructure 2025 Ruta 68 Several Real Estate Ruta Novara Turin Developments del Itata Hospital Hospital €1,007M €457M €336M €336M €332M *Not included in backlog Antofagasta Alameda-Melipilla Northern Airport Accesos Reuse Plant railway Airport Network Construction Asunci
Slide 39: Concessional impact assets Pedemontana-Veneta, A3 y A21
Concessional impact assets Pedemontana-Veneta, A3 y A21 Eng & Infra ex Pedemontana Pedemontana Veneta A3 A21 Million Euros A3 & A21 Revenue 259 101 334 2,277 EBITDA 224 43 176 109 EBITDA Margin - - - 4.8% 39
Slide 40: Net Debt
Net Debt Million Euros Dec. 25 Dec. 24 Chg. Project Finance 6,300 6,745 -445 Ex-Project Finance (recourse net debt) 59 146 -87 Total Net Debt 6,359 6,891 -532 Ex-project Fixed-rate finance €59M 72% Floating-rate 1% By mitigated by Debt interest inflation Project type rate 19% Finance Floating-rate €
Slide 41: Alternative Performance Measures
Alternative Performance Measures The Sacyr Group presents its results in accordance with International Financial Reporting Standards (IFRS). In addition, the Group provides other financial measures, known as Alternative Performance Measures (APMs), which are used by management in decision-making and
Slide 42: 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