Sacyr raises revenue, profit and net debt in 9 months

The earnings mix was still strong. EBITDA increased 9% to €1.111 billion and EBIT climbed 13.5% to €837 million, while the EBITDA margin held at 29.4%, just below 29.8% a year earlier, reflecting the growing weight of concession assets in the portfolio.

The debt increase is the key watchpoint for investors. Net debt rose to €6.972 billion at the end of September, from December levels, even as Sacyr said its business platform continued to revalue and its concession assets were worth €4.316 billion in 2026, excluding recent awards.

That leverage matters because Sacyr’s strategy depends on winning long-dated infrastructure and water concessions, where upfront capital spending is followed by recurring cash flows over many years. S&P Global Ratings’ BBB- investment-grade rating, assigned in August with a stable outlook, gives the company more funding flexibility, but it also sets a benchmark for how far debt can rise before financing costs become a bigger constraint.

New awards in the period — including the Ontario Science Centre in Canada and Chile’s Ruta 57 — add to the pipeline, while the engineering backlog rose 3% to €12.801 billion and the water backlog climbed 16% to €8.089 billion. Sacyr said the U.S., Canada and Europe remain key markets for concessions and water, with Australia offering opportunities in desalination and treatment.

For investors, the trade-off is clear: Sacyr is still converting its concession-heavy model into higher profit and stronger operating earnings, but the balance-sheet leverage means future upside will depend on disciplined capital allocation, new contract wins and maintaining investment-grade access to funding.