EARNINGS
Release 2024
27 February 2025
EARNINGS RELEASE 2024
Table of
Contents
01 Key Highlights | Page 3 | |
02 Results Overview | Page 8 | |
03 Business Units | Page 17 |
- Europe E&C
- Africa E&C
- Latin America E&C
- Environment
- Mota-EngilCapital, Mext and Energy
04 | Final Remarks and Overview | Page 30 | ||
05 Appendix | Page 33 | |||
06 | Q&A | Page 35 | ||
2
01
Key
Highlights
EARNINGS RELEASE 2024
3
EARNINGS RELEASE 2024
KEY HIGHLIGHTS
BACKLOG
€15.6bn
(+21% YTD)
15,602
12,936
Dec. 23 | Dec. 24 |
TURNOVER | EBITDA | NET PROFIT1 | |
€5,951mn | €955mn | € | mn |
123 | |||
(+7% YoY) | (+14% YoY; 16% margin) | (+8% YoY; 2.1% margin) |
5,552 | 5,951 | 955 | |||
837 | |||||
123 | |||||
113 | |||||
2023 | 2024 | 2023 | 2024 | 2023 | 2024 |
€ | NET DEBT | € | GROSS DEBT2 | CAPEX | CFO | € | EQUITY | |
mn | mn | €511mn | €725mn | mn | ||||
1,732 | 2,982 | (o.w. 76% IE3, EGF and | (+€37 mn YoY) | 849 | ||||
(ND/EBITDA 1.81x) | (GD/EBITDA 3.12x) | (Equity/Assets 11%) | ||||||
growth) | ||||||||
1 After non-controlling interests. | |
2 Includes leasing, factoring and confirming. | 4 |
3 IE - Industrial Engineering. | |
EARNINGS RELEASE 2024 | KEY HIGHLIGHTS |
Main events since June 2024
LATIN AMERICA
MEXICO
- US$1.2 bn: agreement with Pemex for a fertilizer plant
- Launch of Tren Maya, now fully operational
- Sale of Cardel-Poza Rica and Tuxpan-Tampico concessions
AFRICA
GUINEA
- US$290 mn: Industrial Engineering/Contract Mining project extension with Managem Group
MOZAMBIQUE
- US$576 mn: Industrial Engineering/Contract Mining project extension with Vulcan
EUROPE
PORTUGAL
- Award of the 1st stretch of the High-Speed Train (c.€2 bn for 100% of the project)
- Beginning of the works in the new Lisbon Hospital
- Award of the 1st expansion phase (Lisbon Airport)
BRAZIL
- Award of a €200 mn contract of maintenance and repair services for Petrobras
RWANDA
- C.US$500 mn: Bugesera International Airport - Work stream 2 awarded in November 2024
IVORY COAST MALI ETHIOPIA
- US$1.4 bn: Industrial Engineering/Contract Mining projects with Allied Gold awarded in November 2024
POLAND
- Sale of E&C and Real Estate activities completed in September 2024
Financing:
▪ African Export-Import Bank - long term facility
Recent recognitions: | Sustainability as a priority: |
▪ Trade & Development Bank - long term facility
▪ Africa Finance Corporation - long term facility |
TOP 10 IN AFRICA #8 IN THE REGION
TOP 10 IN LATAM #2 IN THE REGION
TOP 15 IN EUROPE #14 IN THE REGION
- Most attractive company to work in the Construction and Infrastructure sector in Portugal (Merco Talento Universitário study)
FIRST REPORT TO CDP
SUSTAINABILITY-LINKED BONDS
€80 mn: Strong demand (1.73x Initial Offer)
▪ International Finance Corporation - credit approval |
Dec.24 - long term facility
- African Development Bank - Engagement long-term
facility | 5 |
EARNINGS RELEASE 2024 | KEY HIGHLIGHTS |
Building '26 strategy execution throughout 2024
Delivering two years ahead and looking beyond 2026
Strategic actions | Delivery | |
2026 goals
Focus on core markets and large size contracts Follow the client strategy
Strict commercial selection criteria
Cross-group efficiency program
Exit of non-performing markets and businesses Asset rotation in line with strategic guidelines
Focus on cash conversion
Maintaining a sustainable leverage
Increasing efforts towards Sustainability ESG top rating focus
2024: €5,951 mn
(2022: €3,804 mn 2023: €5,552 mn)
EBITDA mg 2024: 16%
(2022: 14% 2023: 15%)
Net margin 2024: 2.1%
(2022: 1.4% 2023: 2.0%)
Net debt/EBITDA 2024: 1.81x
Best Ranking ever in S&P Global
Rating B- (CDP) on first questionnaire
3rd bond issue of sustainability-linked bonds
Turnover €6 bn
16% EBITDA margin
Net margin 3%
Net debt/EBITDA <2x
Attain top position in
recognised ESG ratings
The foundation is set to begin working on an updated Strategic Plan in 2025, with new goals and ambitions through 2030
6
EARNINGS RELEASE 2024
KEY HIGHLIGHTS
Reinforcement of ESG drive
Ratings
S&P Global ESG Score
2023
42
CDP
First questionnaire
response
Rating B-
7
02
Results
Overview
EARNINGS RELEASE 2024
8
EARNINGS RELEASE 2024
RESULTS OVERVIEW
Group net profit reached an all-time high of €123 mn
P&L (€ mn) | 2024 | 2023 | YoY | 2H24 | YoY |
Turnover | 5,951 | 5,552 | 7% | 3,219 | 7% |
EBITDA | 955 | 837 | 14% | 558 | 15% |
Margin | 16% | 15% | 1 p.p. | 17% | 1.1 p.p. |
EBIT | 586 | 516 | 14% | 349 | 15% |
Margin | 10% | 9% | 1 p.p. | 11% | 1 p.p. |
Net financial results and others | (182) | (136) | (34%) | (110) | (94%) |
Net financial interests and others | (240) | (176) | (37%) | (145) | (50%) |
Capital gains | 58 | 40 | 44% | 36 | (11%) |
Associates | 7 | 15 | (52%) | 4 | (44%) |
EBT | 411 | 396 | 4% | 244 | (4%) |
Net profit | 273 | 266 | 3% | 155 | (13%) |
Attributable to: | |||||
Non-controlling interests | 151 | 153 | (1%) | 82 | (14%) |
Group Net profit | 123 | 113 | 8% | 73 | (12%) |
Margin | 2.1% | 2.0% | 0.1 p.p. | 2.28% | (0.5 p.p.) |
- Turnover reached €5,951 mn, marking a 7% YoY increase and setting a new record, with the growth driven by all business units, achieving the 2026 strategic goal two years ahead of schedule
- Profitability was outstanding with EBITDA increasing 14% YoY to €955 mn and a margin of 16% mainly fuelled by the E&C segment
- Net financial interests and others were negatively impacted by the trend of the interest rates curve in the 1H24, and the interest rates basket of local currency debt in Africa and in Latin America
- Capital gains follow the strategic focus on core markets (sale of the Polish assets) and ongoing asset rotation policy (monetisation of two road concessions in Mexico)
- Associates performance related with early stage of operations in some concessions in Africa and in Latin America and the positive impact of Lineas and Martifer
- Non-controllinginterests are mainly related to the operations in
Mexico, Nigeria and Angola - Group net profit of €123 mn, up 8% YoY reflects a net margin of 2.1%
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EARNINGS RELEASE 2024
RESULTS OVERVIEW
Increased profitability with EBITDA margin of 16%
P&L breakdown (€ mn) | 2024 | %T 2023 %T YoY 2H24 %T YoY |
Turnover (T) | 5,951 | 5,552 | 7% | ||
Engineering&Construction | 5,300 | 4,922 | 8% | ||
Europe | 583 | 666 | (12%) | ||
Africa | 1,748 | 1,518 | 15% | ||
E&C | 1,330 | 1,163 | 14% | ||
Industrial Engineering | 418 | 355 | 18% | ||
Latin America | 2,976 | 2,750 | 8% | ||
E&C | 2,559 | 2,288 | 12% | ||
Energy and Concessions | 417 | 461 | (10%) | ||
Other and intercompany | (7) | (12) | 40% | ||
Environment | 567 | 518 | 10% | ||
Capital and MEXT | 141 | 134 | 5% | ||
Other and intercompany | (57) | (22) | (160%) | ||
EBITDA | 955 | 16% | 837 | 15% | 14% |
Engineering&Construction | 820 | 15% | 714 | 15% | 15% |
Europe | 45 | 8% | 54 | 8% | (16%) |
Africa | 453 | 26% | 321 | 21% | 41% |
E&C | 328 | 25% | 233 | 20% | 41% |
Industrial Engineering | 125 | 30% | 88 | 25% | 42% |
Latin America | 322 | 11% | 340 | 12% | (5%) |
E&C | 287 | 11% | 315 | 14% | (9%) |
Energy and Concessions | 35 | 8% | 25 | 5% | 42% |
Other and intercompany | 0 | 0 | n.m. | ||
Environment | 122 | 22% | 110 | 21% | 11% |
Capital and MEXT | 12 | 9% | 12 | 9% | 4% |
Other and intercompany | (0) | 1 | n.m. |
3,219 | 7% | |
2,861 | 9% | |
286 | (24%) | |
1,089 | 29% | |
862 | 30% | |
227 | 26% | |
1,489 | 5% | |
1,355 | 14% | |
135 | (42%) | |
(4) | 59% | |
303 | 15% | |
78 | 12% | |
(23) | 181% | |
558 | 17% | 15% |
485 | 17% | 16% |
23 | 8% | (40%) |
308 | 28% | 77% |
237 | 27% | 77% |
72 | 32% | 75% |
154 | 10% | (25%) |
148 | 11% | (21%) |
6 | 5% | (63%) |
(0) | n.m. | |
68 | 22% | 17% |
8 | 10% | 7% |
(3) | n.m. |
- Africa was the region that showed the best performance, driven both by the E&C and the Industrial Engineering, with the latter bringing a significant contribution to turnover and profitability
- The strong performance in Africa, mainly in the 2H24 reinforces confidence in the growth trend for 2025 and beyond, particularly with excellent profitability prospects and given that the backlog for the coming years is already secured
- EBITDA margin of 16% reflects the commercial strategy success, the rigorous project selection criteria and the operational optimisation, with profitability as the main focus
10