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Investing.com -- Sacyr shares gained 2% on Wednesday after the company reported first-half 2025 results that exceeded analyst expectations.
The company posted sales of €2.2 billion for the first half, representing a 5.6% increase year-over-year and surpassing the company-compiled consensus by 2.1%. Second-quarter sales growth was 4.8%.
First-half EBITDA reached €647 million, which was down 1.6% compared to the same period last year but beat consensus estimates of €623 million by 3.8%. The EBITDA margin stood at 28.9%, down from 31% in the first half of 2024. Approximately 91% of EBITDA was generated by concession assets.
Net profit for the period came in at €31 million, marking a 41% decrease from the previous year.
Recourse net debt increased to €297 million, up from €276 million in the first quarter of 2025 and €146 million at the end of 2024. The company attributed this rise to seasonal working capital outflows of €68 million and equity investments in new projects totaling €0.2 billion.
By the end of June, Sacyr had approximately €2 billion of equity invested in infrastructure assets, representing about 69% of its market capitalization. The company reported 7% year-over-year growth in group operating cash flow despite seasonal working capital outflows.
Performance across business units varied. The EPC division saw a 33.6% increase in first-half EBITDA with sales growing 18%. This unit maintained an EBITDA margin of 4.8%, consistent with full-year 2024 figures. Its backlog reached €10.8 billion, up 2% year-to-date, with 70% linked to concessions activity.
The Water segment delivered strong results with sales up 19.7% and EBITDA growing 36.2% year-over-year. Its EBITDA margin improved to 23.2% from 20.4% in the first half of 2024.
The Concessions unit (excluding Water) reported an 18% decline in first-half EBITDA due to accounting impacts on financial assets. Its margin decreased to 61.3% from 65.8% in the comparable period last year.
Sacyr also provided an updated valuation of its concession portfolio, estimating its equity value at €3.96 billion (approximately €5 per share) as of December 2025. This represents about twice the equity invested and an 11.4% increase from the December 2024 valuation of €3.55 billion. The company projects this portfolio value to reach €5.1 billion (€6.4 per share) by 2027.
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