Concession Value Engine: Sacyr's Portfolio Up 16%, Cash Distributions to €20B

Value Creation in the Concession Portfolio

Sacyr's first-half 2026 results cement its transformation into a concession-led, cash-generative infrastructure group. The portfolio valuation rose 16% to €4.6 billion, driven by the rolling forward effect (€383M), operational improvements (€94M), and new project additions (€144M), which more than offset the impact of divestments. The disciplined asset rotation strategy was validated by selling assets at 11% above internal valuations. “Our existing concession assets generate sufficient cash to fully fund the equity commitments already in place but also freeing up cash to invest in new projects.” — Carlos Gorozarri, Unknown, likely senior management or investor relations · 2026-07-30 This self-funding dynamic is the core of the concession assets story, which now contribute over 91% of group EBITDA.

US Managed Lanes and Global Ambition

The company has moved aggressively into the US PPP market, submitting bids for the I-24 and I-285 managed lane projects in July and already prequalified for a third. This is a step change from the February call, when the chairman described the collaboration with Plenary and an Israeli partner. “As for the managed lanes, we are going to work with Plenary. This is a Quebec fund. And then an Israeli company with a 50% stake in construction and a 30% stake in equity. And we have already been prequalified as far as this project is concerned.” — Manuel Manrique Cecilia, Executive Chairman · 2026-02-27 Now, Sacyr is competing head-on for these complex concessions. The strategic narrative is unambiguous:

We rank as the third company with the highest number of greenfield financial assets in the world, and we intend to rank first by 2033, and we are going to achieve that no matter whether we are awarded the first 2 managed lanes or not.

Water Business and Financial Strength

The water division continues to scale, with revenue up 33% to €185 million and an EBITDA margin of 23.3%. The financial close on the Antofagasta water reuse plant—the largest in Latin America—highlights the strategic pivot towards mining and desalination. “Based upon this growth, we aim at keeping on growing strategically within this division, and we are not considering to sell the Water division partially at all.” — Pedro Siguenza Hernandez, Chief Executive Officer · 2025-11-08 This commitment is reflected in a backlog of €8.2 billion, up 18%. Meanwhile, the group's net profit surged 157% to €78 million, allowing a 122% increase in the cash dividend to €0.10 per share. Total expected cash distributions from concessions now stand at €19.9 billion over the concession lives, a 17% increase from 2025. “These achievements demonstrate that we continue to execute our 2024-2027 strategic plan successfully and strengthening the company's cash-generating capacity while creating sustainable long-term value for our shareholders.” — Manuel Manrique Cecilia, Executive Chairman · 2026-07-30 With a recourse net debt ratio below 1x and a self-funding growth model, Sacyr is positioned to meet its ambitious targets.