Sacyr Sa · BME:SCYR
Sacyr Sa — 9M 2025 Earnings Presentation
36 slides from Sacyr Sa's earnings presentation, Nov 7, 2025
Slide 1: Results Presentation 9M-2025
Results Presentation 9M-2025 6 November 2025
Slide 2: Table of contents
Table of contents Highlights Operating & financial performance Performance by business area Annexes I75 – USA
Slide 3: Highlights
Highlights Valles del desierto - Chile Key figures Milestones Strategic 9M-2025 9M-2025 opportunities
Slide 4: Key Figures 9M-2025
Key Figures 9M-2025 Continued growth supported by the strength of our concession model 3,412€M 134€M 92% 890€M 2,017€M Revenue Net profit excluding EBITDA from Operating Net invested divestments* concessions Cash Flow equity +5% vs 9M24 +81% vs 9M24 +140 bp vs 9M24 +11% vs 9M24 +12% vs Dec.24 4 * Do
Slide 5: Milestones 9M-2025
Milestones 9M-2025 Moving in the right direction: growth and financial strength 4 New Rating Growth Divestment of projects Investment Grade Opportunities assets in Colombia ▪ Awarded the Novara Health ▪ Global Agency Rating ▪ Multiple opportunities in ▪ Sale of 3 assets for and Science Complex proje
Slide 6: 4 new concession projects
Milestones 9M-2025 Novara Health and Science Complex ▪ Sacyr Concesiones ▪ Investment: €525 million 4 new ▪ Term: 25 years concession Antofagasta Plant ▪ Sacyr Agua projects ▪ Investment: €300 million ▪ Term: 35 years Accesos Asunción We strengthen ▪ Sacyr Concesiones ▪ Investment: €174 million our
Slide 7: Analysis Strategic Opportunities
Analysis Strategic Opportunities Canada ▪ Ontario Science Museum Projects to be decided in the ▪ Windsor Hospital Italy coming weeks ▪ Trans-Canada Highway ▪ Several tranches A4 Highway ▪ A22 Highway Ontario Coquimbo Science Desalination Museum Plant USA ▪ I-285 East (Georgia) Managed Lanes ▪ I-285
Slide 8: Operating & financial performance
Operating & financial performance Via del Mare - Italy Key figures Valuation of Shareholder Financial Net debt 9M-25 concession assets remuneration operations evolution
Slide 9: Key figures 9M-2025
Key figures 9M-2025 Million Euros 9M-25 9M-24 Chg. REVENUE 3,412 3,262 +5% EBITDA 1,018 948 +7% % EBITDA from concessions 91.7% 90.3% +140bp EBITDA margin 30% 29% NET PROFIT excluding divestments* 134 74 +81% Impact of asset rotation in Colombia -72 - NET PROFIT 62 74 890€M 88% Operating Operating C
Slide 10: Valuation of concession assets
Valuation of concession assets 2025 Valuation Moving towards a Confirmation of the valuation of increased valuation of €5.1Bn concession assets E €9.0Bn - €10Bn 2024 €3.6Bn E €5.1Bn €4.0Bn 2025 €4.0Bn 2025 2027 2033 10
Slide 11: Shareholder remuneration: cash dividend payment
Shareholder remuneration July 2025 Cash Fulfilment of the commitment made dividend in the Strategic Plan 24-27 payment Shareholder remuneration 24-27 €0.045 at least gross per share €225M 11
Slide 12: Global Rating
Financial operations Morningstar DBRS Investment Grade Rating Global Rating Investment Grade BBB (low) long term Stable R-2 (low) short term Outlook Ruta 78 - Chile Advantages ▪ Expand financing sources and diversify funding channels and institutional investor profiles to achieve lower financial exp
Slide 13: Sale of three highways
Financial operations Sale of Colombian assets Pamplona- Cúcuta Autopista al Mar 1 Rumichaca- Sale of three highways Pasto 1.6Bn US$ Amount of All approvals the transaction received 2.7x Multiple invested equity Closing of the transaction and receipt of proceeds 12% in November Above valuation Invest
Slide 14: Sustainable Financing
Financial Operations New sustainable financing framework Sustainable Financing Buenaventura-Buga Sacyr reinforces its commitment to sustainability by updating its Sustainable Financing Framework Financing is subject to sustainability indicators such as reducing pollutant emissions and hiring women i
Slide 15: Net Debt Evolution 9M-2025
Net Debt Evolution 9M-2025 Growing Cash Flow drives deleveraging 6,891 481 -439 -1,018 446 6,489 -516 644 Million Euros FINANCIAL FLOW, WORKING OTHER ADJ + FINANCIAL NET DEC 2024 EBITDA CAPITAL TAXES RESULT INVESTMENT FOREX AND OTHER SEP 2025 VARIATIONS* 6,891 Funds from operations (FFO) -890 446 48
Slide 16: Recourse Net Debt Evolution Q3-2025
Recourse Net Debt Evolution Q3-2025 First cash dividend payment amounting to €36 million Thanks to growing cash flow and the sale of Colombia, debt will be significantly reduced 19 344 Million Euros 36 297 -29 33 -15 8 -18 13 DISTRIBUTION FINANCIAL SALE OF POST-SALE WORKING FINANCIAL INVESTMENT CASH
Slide 17: Performance by business area
Performance by business area Ruta de la Fruta - Chile
Slide 18: Sacyr Concesiones: leading the future of concessions
Million Euros 9M-25 9M-24 Chg. Leading the future of concessions REVENUE 1,266 1,240 +2% with a high success rate in awards Operating income 883 961 -8% ▪ Operating income (-8%) and EBITDA (-9%): Positive contribution from Chilean assets, notably Ruta del Itata and Construction income 383 279 +37% R
Slide 19: Sacyr Engineering & Infrastructure: value-adding projects
Value-adding projects 9M-25 9M-24 Chg. Million Euros by focusing on profitability REVENUE 2,205 1,974 +12% • Increase in revenue (+12%) and EBITDA (+42%) thanks to the contribution of the A21 highway concession (Italy) Italian concessional assets 532 276 n.a. and progress on projects in countries su
Slide 20: Sacyr Water: turning challenges into achievements
9M-25 9M-24 Chg. Million Euros Turning challenges into achievements REVENUE 212 180 +17% ▪ Revenue (+17%) and EBITDA (23%) continue to grow at double-digit rates. Positive contribution from new contracts EBITDA 46 37 +23% such as the Antofagasta reuse plant (Chile), as well as from projects in Spain
Slide 21: Conclusions
Conclusions Growing steadily: more projects, more profitability, more future Concessional success with new projects 4 projects as of 9M-2025 Several growth opportunities US (Managed lanes), Canada, Australia, Italy, Chile… Operating cash flow €890 million (+11%) EBITDA-to-cash conversion of 88% Fina
Slide 22: Annexes
Annexes Autopista Via A3 -- Italy del Mare Italia
Slide 23: Income Statement 9M-2025
Income Statement 9M-2025 Consolidated Income Statement Chg. % 9M 2025 9M 2024 Thousand euros 25/24 REVENUE 3,411,805 3,261,854 4.6% Other income 255,974 181,433 41.1% Total operating income 3,667,779 3,443,287 6.5% External and Operating Expenses -2,650,108 -2,495,487 6.2% EBITDA 1,017,671 947,800 7
Slide 24: Consolidated Balance sheet September 2025
Consolidated Balance sheet September 2025 Assets Sep. Dec. Chg. Equity & Liabilities Sep. Dec. Chg. Thousand euros 2025 2024 25/24 Thousand euros 2025 2024 25/24 NON CURRENT ASSETS 11,013,344 12,388,439 -1,375,095 EQUITY 2,135,122 2,062,644 72,478 Intangible Assets 78,065 81,778 -3,713 Shareholder's
Slide 25: Income Statement by business area 9M-2025
Income Statement by business area 9M-2025 Consolidated Income Statement 9M 2025 Sacyr Sacyr Sacyr Holding & Total Thousand euros Concesiones Ing & Infra. Water Adjustments REVENUE 1,265,896 2,204,643 211,896 -270,630 3,411,805 Other income 16,250 242,251 11,317 -13,844 255,974 Total operating income
Slide 26: Income Statement by business area 9M-2024
Income Statement by business area 9M-2024 Consolidated Income Statement 9M 2024 Sacyr Sacyr Sacyr Holding & Total Thousand euros Concesiones Ing & Infra. Water Adjustments REVENUE 1,240,050 1,974,119 180,379 -132,694 3,261,854 Other income 17,338 151,893 8,546 3,656 181,433 Total operating income 1,
Slide 27: 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. +191 -213 No variation due to future growth has +117 3,957€M been included. Increase due The effect of in
Slide 28: Equity and distributions
Equity and distributions Sacyr will receive distributions exceeding €17 billion New awards boost distributions despite asset rotation in Colombia More than €410 million per year on average € 800 M Total distributions +€17 Bn € 700 M € 600 M € 500 M € 400 M € 300 M € 200 M € 100 M € M 2054-81 2025 36
Slide 29: Equity and distributions
Equity and distributions Includes 6 new contracts and the divestment of the 3 Colombian assets Concession distributions Proceeds from sale of Colombian assets € 600 M Committed equity Significant growth potential € 500 M Distributions (2025-2033) € 400 M +3,540€M Equity awarded projects € 300 M +1,4
Slide 30: Map Concession Assets
Map Concession Assets Roads 33 Aunor (51%) Palma – Manacor (40%) Velindre Cancer Centre (31%) Viastur (70%) Transport Hubs 2 Pedemontana-Veneta (49%) Turia (56%) A3 (49%) Eresma (51%) Braga Hosp. (1%) A21 (49%) Arlanzón (55%) Hospitals 11 Haçor Hosp. (1%) Via del Mare (49%) Parla Hospital (51%) Vila
Slide 31: Traffic Concessions
Traffic Concessions Accumulated ADT 9M-25 9M-24 Chg. % 25/24 SHADOW TOLL HIGHWAY SPAIN AUTOV.TURIA CV-35 43,732 42,210 3.6% PALMA MANACOR MA-15 30,021 29,735 1.0% VIASTUR AS-II 25,354 25,368 -0.1% AUTOV. ARLANZÓN 25,005 24,179 3.4% AUTOV. NOROESTE C.A.R.M. 14,236 13,915 2.3% AUTOV. ERESMA 9,548 8,95
Slide 32: Main project awards
Main project awards Engineering & Infrastructure 9M-2025 Ruta 68 Ruta del Itata Turin Research & Several real estate Railway Alameda- Health complex developments Melipilla 1,007€M 336€M 332€M 329€M 271€M Antofagasta Northern Airport Airport Accesos Extension Line 5 Reuse plant Network construction A
Slide 33: Pedemontana-Veneta, A3 and A21 impact
Pedemontana-Veneta, A3 and A21 impact Ing & Infra ex Pedemontana Pedemontana Veneta A3 A21 Million euros A3 & A21 Revenue 210 75 247 1,673 EBITDA 165 32 129 81 EBITDA margin - - - 4.8% 33
Slide 34: Net Debt
Net Debt Million Euros Sep. 25 Dec. 24 Chg. Project finance 6,145 6,745 -600 Ex-Project finance (recourse net debt) 344 146 198 Total net debt 6,489 6,891 -402 Ex-Project Fixed-rate Finance 344€M 75% Floating-rate 5% By mitigated by Debt interest inflation Project type rate 16% Finance Floating-rate
Slide 35: Alternative Performance Measures
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-making and e
Slide 36: 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