Earnings call transcript: Sacyr SA’s Q2 2025 Revenue Climbs Amid Strategic Divestments

Sacyr SA reported a 6% revenue increase to €2,237 million in its second quarter of 2025, alongside a significant 85% rise in net income excluding divestments. The company’s stock price reacted positively, rising 2.71% to 3.61, reflecting investor confidence in the firm’s strategic maneuvers and financial health. According to InvestingPro data, the company maintains impressive gross profit margins of 66% and has demonstrated consistent dividend growth of 44% over the last twelve months.

Key Takeaways

• Revenue grew by 6% to €2,237 million.
• Net income, excluding divestments, surged 85%.
• Stock price increased by 2.71% following the earnings announcement.
• Successful €500 million bond issuance reduced interest costs.
• Continued expansion in infrastructure and healthcare sectors.

Company Performance

Sacyr SA has demonstrated robust performance with a 6% increase in revenue, driven by its strong presence in concession activities, which contribute to 91% of its EBITDA. The company has strategically reduced its exposure in the Latin American market, divesting three highways in Colombia for $1.6 billion, achieving a 2.7x return on invested equity. InvestingPro analysis indicates the company’s strong financial health with an overall score of 2.52 (GOOD), supported by robust cash flow metrics and price momentum. Subscribers can access 5 additional ProTips and comprehensive financial analysis through the Pro Research Report.

Financial Highlights

• Revenue: €2,237 million, up 6%
• Net Income: Increased by 85% excluding divestments
• Operating Cash Flow: €615 million, up 7%
• EBITDA to Cash Flow Conversion: Improved from 87% to 95%

Market Reaction

Sacyr SA’s stock price rose by 2.71% to 3.61, reflecting positive investor sentiment. The stock is currently trading near its 52-week high, with a P/E ratio of 25.09 and a market capitalization of $3.38 billion. Based on InvestingPro’s Fair Value analysis, the stock appears slightly overvalued at current levels. For more insights on market valuations, investors can explore the Most Overvalued Stocks list on InvestingPro.

Outlook & Guidance

Sacyr SA is on track with its 2024-2027 strategic plan, targeting a €5.1 billion asset valuation by 2027. The company holds a €2.1 billion cash surplus, earmarked for future investments in the US, Australia, and Canada. The firm is committed to distributing $2.25 to shareholders between 2024 and 2027. Analyst consensus is notably bullish, with a recommendation rating of 1.36, and price targets ranging from $4.27 to $5.71, suggesting potential upside from current levels.

Executive Commentary

CEO Pedro Ciguenza stated, "We continue to make steady progress in the fulfillment of the 2024-2027 strategic plan," highlighting the company’s focus on strategic growth and investment timing. He emphasized the potential to exceed asset valuation targets, stating, "We believe that we are going to go beyond the forecast and we have no ceiling."

Risks and Challenges

• Potential market saturation in key regions such as Europe and Latin America.
• Macroeconomic pressures that could affect bond yields and interest rates.
• Execution risks associated with expanding into new markets like the US and Australia.
• Supply chain disruptions that could impact project timelines and costs.

Q&A

During the earnings call, analysts inquired about ongoing negotiations for the Pedimontana project and the company’s strategic timing for investments in the Vorientes project. The management confirmed low net corporate debt expectations and highlighted potential investments in the US, Australia, and Canada.

Full transcript - Sacyr SA (SCYR) Q2 2025:

Manuel Manrique, Chairman, SACI: Morning. I am Manuel Manrique, the Chairman of Sociedad. Joining me at this presentation are Pedro Ciguenza, the CEO and Carlos Michangos, the company’s CFO and Managing Director. Thank you very much to all of you analysts, investors and media representatives for attending this earnings call of SACI for the 2025. At SACIR, we continue to make a steadfast progress in line with our strategic plan twenty twenty four, twenty twenty seven generating value in our concession assets and increasing our cash flow to invest in new projects.

Thus confirming that our business model is increasingly solid growing and profitable. As a result of the work performed in the first year since our last Investor Day, the valuation of our assets has grown by $4.00 €6,000,000 to €3,957,000,000 as of December 2025. This significant progress also makes us optimistic about the prospect of market recognition of this growth. The main figures for the first half of the year bolster this trajectory I am describing. Revenue grew by 6% to €2,237,000,000 Net income excluding the effect of divestments increased by 85% to million dollars 91% of our EBITDA comes from concession activities.

Operating cash flow climbed by 7% to €615,000,000 And furthermore, we invested $2.00 €8,000,000 in the first half of the year bringing our total equity invested to almost €2,000,000,000 I would also like to highlight the successful issuance of a new bond for €500,000,000 extending terms and significantly reducing interest rates. We shall refer to this transaction in more detail later. We are also securing our future sustainable growth, thanks to new concession awards two in the first half of the year, namely the expansion of the highway network in Paraguay and the largest water recycling plant in Latin America in Chile. And this growth is also secured by the commissioning projects that are beginning to generate cash flows the Atacama Airport, Ruta Del Itata and the all important Ruta De Santa Yorto, all these projects being run-in Chile. We are also strengthening this future growth with the rotation of mature assets through the transaction formalized in Colombia that you already know.

This transaction consists in the divestment of three highways for US1.6 billion dollars and with the recovery of operational assets with Vorientes. Although it is not necessary for the development of our concessions, the process continues to move forward until the market is in the best possible condition to start off operations. As we have always stated, the investment targets for 2024, 2027 plan are safe harbor with existing cash. Another way to put this shows that there is some surplus going forward. And we are also ensuring sustainable growth by providing the company with the best corporate governance possible to this end.

We have appointed a Chief Executive Officer to add even more management capacity in this period of strong activity and have thus achieved the diversity targets set for the Board of Directors. The distribution of a cash dividend last June at a rate of 0.045 per share is also a way to strengthen the shareholder base and make investing in Saucir even more attractive. This cash dividend is in addition to the scrip dividend paid in January in the ratio of one new share for every 40 old shares. By carrying out all these actions, we have met the target set out under the twenty twenty four-twenty twenty seven strategic plan that’s given confidence to investors as Saucir is achieving its objectives one by one, which is being valued positively. Regarding our environmental performance, I would like to underscore the important milestones achieved over the first half.

Renowned agencies and institutions have acknowledged that we are successfully meeting our objectives in the fight against climate change. As a summary of the highlights of the 2025, I would like to underscore the growth posted by our most representative magnitudes. Operating cash flow rose by 7%. Net income excluding divestitures went up by 85% and EBITDA to cash flow conversion grew from 87% to 95%. There were also some surpluses from distribution of concessions by 2033 as we are going to explain later.

Next Carlos Michangos will give you more color and specific details of the company’s income statement and balance sheet and Pedro Cibenza will subsequently delve into the evolution of each of the business lines. Thank you very much, Mr. Chairman. So we are going to talk about the operating and financial performance of the period. First off, we updated the valuation of our concession assets.

As you know, this went up by more than $4.00 €6,000,000 and the main hypothesis supporting this valuation are as follows. First off, we keep discount rates and the cost of capital in each country where we discount the flows of projects even though some interest rates have been cut. In the case of some countries, we have not included any increase due to rolling sovereign compared to 2024. We are keeping the same prudent approach. And we have not considered any contribution in the variation of the assets over which sales agreement has been reached.

As for the performance of this variation and the breakdown of impacts are as follows. On the one hand, we have rolling forward, which is implicit to concessions with future life cycles, because here we discount cash flows within a lower term, hence pushing the value up and this happens on a rolling basis. The second big impact has to do to increase due to inflation. Inflation rate went beyond our forecast. And therefore, this led to an increase of BRL191 million.

We should also mention that this is a cumulative inflation increase that sticks to the contracts and therefore pushes income on a yearly basis. Next, we have exchange rate with a negative impact of minus two thirteen. However, the increase due to inflation and the exchange rate offset each other. Some countries have more inflation rates than others. So the impact varies.

Then we have also applied a prudent approach. And therefore, we have included equity to be committed to the projects in 2025. And we have included this the value factor in for each project. We have not included any multiples here. I would like to mention that this BRL117 million is part of the BRL650 million of new equity to be contributed as a result of the six contracts that we have been awarded since we hosted the Investors Day last year.

Thus we stand at €3,957,000,000 up 11% compared to our valuation as of December 2024. Next, when we get cash inflows and here we are talking about Garanzan Colombia as a rotation inflows and we are going to receive 12% more compared to what we had priced in the valuation of 2024. Thus you can see that concession asset value is growing in line with the trend the growing trend that we described during the Investors Day reaching nearly BRL4 billion And we are on the course to be in the north of R5 billion dollars in 2027. Our goal being reaching R9 billion dollars by 02/1930. We have to take into account capitalization as of June 2025 standing at €2,763,000,000 If we now take a look at distributions of concession assets over their life cycle or life period, we should highlight that they’re going to contribute more than BRL seventeen that’s to say six times the company’s capitalization today.

So the award of the six contracts I mentioned before over the past twelve months lead to distributions being added to the 2024 portfolio reducing therefore the assets sold in Colombia. Thus we come to $1,700,000,000,410,000,000 per year on average. So we are talking about more than million dollars for the twenty twenty five-two thousand and thirty three period, R421 million for the R34-forty 3 period and more than R441 million thereafter. If we zoom in the subsequent periods, we can observe how distributions will perform the same as equity and the R2 billion dollars capacity that the company has in order to allocate these two different needs. For example, in 2025, we see foreseen distributions and we had R277 million dollars that we are going to be receiving from Colombia more than R400 million dollars in cash inflows.

Then capital contributions from 2025, as we mentioned during the Investors Day, they are the most important ones because they account for R300 million And then in the twenty twenty five, twenty twenty seven period, we are going to receive nearly BRL1 billion in distributions investing more than BRL700 million and therefore we’re going to be left with BRL250 million. Dollars If we now zoom this in further by twenty twenty, two thousand and thirty three, we’re going to receive more than R2.570 billion dollars with the net amount being almost $1,900,000,000 We are talking about more than $3,500,000,000 in distributions, 1,400,000,000.0 in equity and more than 2,000,000,000 in net value. Here we have not taken into account the dividends from the assets that have been sold in Colombia. And this is going to be finalized by the end of the year. As for the Colombia’s agreement, these are features of this transaction.

The enterprise value of all three assets stood at US1.6 billion dollars that is to say 12% above the valuation informed during the Investor Day. After this divestment, we confirmed we even increased the value of these assets as part of our valuation. As you can see, this is quite realistic and conservative. We have obtained a 2.7 times the invested equity multiple. We have been able to surpass the median values.

We have been able to strengthen our balance sheet to speed up our growth plan and we reduced exposure in the Latin American market to better balance the current portfolio of our assets, which is one of the key messages under our strategic plan. Just have one third in Europe, one third in Latin America and one third in English speaking countries. The IRR therefore stands at 18%. We have reached 2.7 times. The invested equity we’re going to collect US3810 million dollars and then we have some earn outs in the north of US70 million dollars As for financial transactions per se, we have renewed our investment grade rating with the SE finance credit agency.

We continue exchanging information with other rating agencies and we are paying attention to their outlooks. And as for the bond issuance that the Chairman mentioned, these are the key features. We refinanced BRL370 million of maturities for twenty twenty six-twenty twenty seven and we incorporated BRL139 million of new money for a total amount of €500,000,000 the maturity term being five years and we reduced the coupon of 2026 maturities down to 4.75%. And this leads to a €26,000,000 positive impact on our income statement. And this is the difference between the present value of cash flows at the initial rate now compared to this lower percentage.

This is a one off impact that is going to be recorded in our 2025 income statement. As for net debt evolution, I would like to highlight that the company is making huge investing efforts. Particularly in the first half, we have invested more than $2.00 €8,000,000 That’s two fold in our investments in 2024 and three fold in our investments in 2023. Therefore, equity amounts to almost €2,000,000,000 as of June 2025. And we have deducted the Carvanza project and we are going to do the same after the sale of the assets in Colombia.

As for consolidated net debt evolution of the group, we stood at 6,891,000,000.000 at the in December 2024. We have been able to reduce this amount. The most important impact is the flow of impact BRL $615,000,000 in our essence with financial result outstanding at R289 million dollars This company has a big financial burden due to the use of project finance to finance its projects. Net investment stood at R357 million dollars over the past half of the year. And as for financing flows and other operations, we reported R478 million dollars I would like to underscore that the rationale behind this value is connected to impact.

We consolidated under the balance sheet of the company seven assets that were held for sale in Chile. We have to wait and see what happens in the short term. We have to materialize that investment. And we have consolidated three assets from Colombia with their related debts after the sale agreement that has been signed. Therefore, that had an impact of BRL176 million minus BRL176 million and more than BRL300 million that was the other effect.

Now talking about net debt we recall, went up by $21,000,000 over the quarter mainly due to a significant investment effort in our concession assets. I would like to highlight that transactions stood at $98,000,000 And over the past quarter working capital was positive standing at $2,000,000 It was quite steady. We received distributions of $66,000,000 Finance expenses were R13 million dollars Investments stood at R79 million 6,000,000 corresponds to machinery and other assets, R27 million corresponds to financing flows and exchange rate and other variations. And this also corresponds to the exchange rate applies to recourse cash at hand in different countries. Thus we count to $297,000,000 but this is going to be reduced significantly after the sale of the assets in Colombia.

And that’s all. Mr. Chairman, Pedro you have the floor. Good morning and thank you very much Mr. Chairman.

Thank you very much Carlos. It is an honor for me to be present for the first time at our SEC results presentation. I will now explain the most relevant facts of the 2025 for the three business areas of the company. The concession division, which is a unique platform for value creation reported revenues of €818,000,000 similar to the same period of the prior year. Operating income and EBITDA have been affected by the negative accounting impact of the evolution of financial assets, an effect that will undoubtedly be offset at the end of the year by the new assets that have been recently put into operation Ruta 68 and Ruta Dellitaca.

In turn construction revenue grew by 34%, thanks to the contribution of relevant greenfield projects such as the Velindre Hospital in Cardiff and the Buva Buenaventura Highway in Colombia. It has also been a period of intense investing activity as the Chairman pointed out with investments totaling $2.00 €8,000,000 With the contributions made during the first half of the year, the total equity invested in our concession assets in this division reached €1,872,000,000 Distributions from concessions amounted to €101,000,000 during the 2025. During this period, we have commissioned three assets namely the Atacama Airport in January, Ruta Del Itata on April 1 and Ruta 68 on July 1. All these assets are located in Chile. Regarding The U.

S. Market, our consumption is already shortlisted on two mega projects the I-two 85 in Atlanta and the I-twenty 4 in Tanezip. We have also both are managed lines and we have also signed the addendum to Route 2 in Paraguay, which includes four kilometers of urban highway in Asuncion De Pacaray Bypass and a new access branch to Luques San Bernardino. This concession will result in revenue of €487,000,000 with an investment of €163,000,000 We have just been advised of the final award in Italy of the Novara Hospital in the Pimonte region. This hospital accommodates more than 700 beds under a twenty five year concession with an investment of €525,000,000 Its construction will bring about many synergies with the recently awarded tiering hospital.

I would especially like to highlight the startup of the Ruta 68 Highway on July 1. This is the largest public private partnership project ever attended in Chile. Since that date, we have already begun to post revenues from the concession in which we plan to invest €1,500,000,000 in new lanes, pavement improvements, connectivity for adjacent communities and traffic technology. This pathway connects Santiago with Valparaiso, the two most important political social and economic poles of the country running along 141 kilometers and will have a lifetime revenue of €3,300,000,000 With respect to the Engineering and Infrastructure division, we it is worth highlighting the growth obtained in both sales and EBITDA accounting for 1834% respectively. This was due to the incorporation of the A21 Highway in Italy and the progress of works in Spain, Chile and The United Kingdom respectively.

If we analyze the purely construction activities, as you know the concessions in Italy are included in this division, we can see that the EBITDA margin with respect to revenue remains stable at 4.8%. The backlog continues to grow setting a new all time record at €10,800,000,000 70% of which corresponds to activity for our own concessions. This portfolio ensures fifty nine months of activity in this division. In May, we signed the contract for Empreza De Saro Carrille De Estado for the $271,000,000 Alameda Melipilla section in Chile. And in early July, we started operating the SR417 for CFX of the Central Florida Export Way in Orlando.

This is already the tenth project delivered in The United States, which shows our ability to successfully execute projects in this country. Among the main contracts awarded during the period, we can highlight the Turin Health Park in Italy for three thirty two million euros the Alameda Melipizar section in Chile for €271,000,000 several real estate projects for first year developers mainly in Malaga and Madrid for €245,000,000 The North Airport network also in Chile for €199,000,000 an underpass for vehicles at Dublin Airport for €160,000,000 the Johan twenty three Hospital in Tarragona for €76,000,000 the extension of Line five of the Madrid Metro for €63,000,000 the construction of the Dike Catalonia in the Port Of Barcelona for €54,000,000 the Mostola University Hospital in Madrid for €37,000,000 and the engineering contract for the renovation of an LNG terminal by our engineering company Sosi Projekta for €31,000,000 among other projects. The Water division has significantly increased both its revenue by 20% and its EBITDA by 36%, reflecting the major contracts that we won in recent months. This means that EBITDA margin on revenue increased significantly to 23.2% that is two eighty basis points more than in the same period of the previous year.

The portfolio grew by 54% to €7,408,000,000 Equity invested in this division amounted to €121,000,000 The most relevant milestone of the first half of the year in this business area was undoubtedly the award of the water recycling or reuse plant in Antofagasta, Chile, the largest of its kind in Latin America. The revenue portfolio of this concession project amounts to more €2,500,000,000 over the thirty five year concession period secured by contracts with mining companies that are well established in the area and that need water which is scarce in the region and they need water for their operations. This contract signed in June with the Chilean state owned utility Econza calls for an investment of €300,000,000 in 900 liters per second capacity treatment plant and a recycled water supply facility. This project represents a very important leading scale for Saucir Agua with a thick water division allowing it to make solid progress in meeting its growth objectives within the twenty four-twenty twenty seven strategic plan. And now let me hand over to the Chairman once again.

So in closing, we can say that we continue to make steady progress in the fulfillment of the twenty twenty four-twenty twenty seven strategic plan driven by the continued creation of value In our concession assets portfolio, as we said, we were able to increase its valuation by more than 11% in 2024, the strength of operating cash flow up 7% and the 95% conversion of EBITDA into cash the divestment of Colombian assets in the north of 12% our valuation strict fulfillment of our commitment to net recourse debt as we mentioned before, the solid growth reported by the Water division. And I would like to underscore the €1,230,000,000 after paying everything in order to invest in equity before now and €2,033,130,000,000 in equity. So we are now at your disposal to answer the analysts’ questions. Thank you very much, Mr. Chairman.

Good morning. Next, we are going to open the floor for questions as usual. We’re going to start with the questions coming via telephone and then we’re going to allow for questions posted through the chat function in the webcast. Luis Prieto has one question from Kepler Cheuvreux. Please, Luis go ahead with your question.

Thank you very much, Alberto, and thank you all for your time. I have three questions three quick questions. The first question, which is the current negotiation situation for the Pedimontana project to balance things out? Second, can you be more specific with regards to market conditions that should be more positive in the case of Vorientes? Do you think that there is little demand?

Could you give us more color here? As for slide 31 on your presentation, I believe that we are all aware of high competition in The United States. But how competitive are your key projects in Australia, Canada, Italy or Chile respectively? Thank you very much, Luis for your question. We will get back to you in a minute.

Good morning, Luis. This is Pedro Siluenza. Let me answer your question about the rebalancing of the Pede Montana Veneto project. We are making progress in negotiations with the Veneto region authorities and the agents they have appointed in order to rebalance things taking into account that additional investments were made during the project execution. The second question, as for the most favorable conditions regarding Vorientes, I would say that over the past weeks or months, three big investments were halted in our sector.

Three major operations in Spain, because the conditions are not suitable enough. There is this feeling of uncertainty, I would say, with regards to macroeconomic climate. So we are going to do things when the time comes. We do not need to rush. We have said this already oftentimes.

We said this during the Investor Day. We had €2,130,000,000 available. So we’re going to carry out those investments when the best timing comes according to the best interest for SACIRO. And as for the market context, I would say that competition always exists and there is an upside to competition. But we should analyze the past decade of SASE’s history.

We can analyze 10 concession projects in the health, water and infrastructure areas. We tendered five or six projects. We rejected the rest due to the risks entailed all the bidding terms and conditions that did not fit into our approach. Out of five or six projects, we won three, I believe that is to say around 33% out of a total of 10 potential projects. In the past, we used to win three projects.

Now we have already been awarded four projects. So at the end of the day, we believe that this will continue to be the trend because this can really set a real trend over time. Thank you very much. The next question is by Joao Zafara from Santander. Please Joao go ahead.

Good morning. Thank you for taking my question. The first question just to clarify the value stated in Euros regarding the transaction in Colombia, I believe that you have hedged this exposure. Could you please confirm that you have done so and at which value? The second question is the following.

It’s concerned with a slide of the expected valuation of assets. You mentioned €5,100,000,000 by 2027. So by taking a look at your current backlog and the projects and your and the rollover effect and the projects in the pipeline, I believe you do not need to win many more projects in order to reach that target. Am I wrong? Or do you think that this target is something that you do not need to deliver right away until the economic results are clear.

Next, as for the business lines, I would like to get some more color on the expected time line or schedule, not only in the case of the projects for which you have issued listed. Do you have any estimated time line that we could use by way of reference? Thank you, Joe. We are going to answer those questions shortly. Zhao, let me answer your question.

We are going to receive that amount not to hedge ourselves against any foreign exchange fluctuations while we wait for the relevant permits to get through. Joao as for the valuation that we estimate by 2027 standing at €5,100,000,000 these are targets that we set for ourselves taking into account a four line a four year scenario. But we believe that we are going to go beyond that. But this reference is not the last word. We are going to try to attain as much as possible provided that the conditions are suitable enough as we normally do.

But I’m sure that we are going to go beyond the forecast and we have no ceiling. Joe, regarding your questions in The United States, we there are four consortiums that have been shortlisted for the projects. There is a change to their financing requirements increasing financing from 33% to 49%. That is a decision that we have that has been made. And therefore, this will have an impact on the I-seventy 7 in North Carolina, the S495 in Virginia among other projects.

The next question is by Alvaro Lensi from Alantra. Please go ahead. Thank you very much for answering my question. After the SAFE transaction in Colombia, your net corporate debt stands at virtually zero. And since you have some cash surpluses of $2,100,000,000 by 02/1933, which would enable you to twofold your equity investments and you have the Volantis upside as well.

So should we expect this corporate leveraging to be around zero from a structural standpoint? Or do you keep your leveraging targets the ones that you said in the past? Or do you believe that we should expect something different given this new scenario? We will answer shortly Alvaro. Thank you.

Your statement is correct. We are going to be at very low net debt with recourse levels, but we have to be careful. This activity has some seasonal effects as well. Now we have committed ourselves to be below the ratio of one. So the net debt with recourse divided by EBITDA with recourse

However, if we confirm the Colombia cash inflows over the year and this is where we expect no doubt leveraging figures from a recourse perspective will really be very low. Thank you. And with such low leveraging, do you expect any investment pipeline in order to pay that or to use those €2,100,000,000 in surplus cash? Or do you have any other shareholder remuneration expectations in the short term? Do you think that this could actually improve after 2027?

Or do you think that there are other opportunities to use all this equity? We will answer in a minute. Well, the surplus amount will be allocated to the major projects described by Pedro in The United States, Australia or Canada. And as for shareholder remuneration, we have committed that at least between 02/24 and 02/27 distribution will amount to $2.25. But this is up to the relevant committee to decide when it comes to the dividend payer policy.

The truth is that the situation, the prospects are very optimistic. Thank you very much. There are no further questions via telephone. So we are now going to start with questions via webcast. The first question is by Victor from Spain.

And is there any news as to getting an investment grade rating? Thank you very much. Victor, as I mentioned before, we keep on making steadfast progress with credit agencies. They are learning more and more about our company. We’re exchanging information with them.

So there is active interaction with those agencies. Next questions are from Julius Nicholson from Bank of America. The first question is as follows. By taking a look at equity in the 2025, it seems that some equity has shifted from 2025 to 2026. Could you give us more color in this regard?

The second question is the following. Regarding the first quarter, there is an additional €200,000,000 in equity. So we understand that this corresponds to Antofagasta Ruta de Leite. So are there any other projects involved here? And finally, given the company’s valuation and the market cap, do we consider the possibility of formalizing forward contracts at some point in time down the road?

We will answer shortly. Thank you. Let me answer your question Julius. As a matter of fact, there have been some variations of capital allocation from 2025 to 2026. This has been carried forward in line with the formalization of concession agreements and the execution of projects.

But this is just a pass through or a transfer of something that we fulfill for 2025 and that we are carrying forward to 2026. As for the second question, equity went up due to the six projects that we were awarded since the Investors Day, particularly over the past quarter, mainly due to Antofagasta plant project and the update of equity related to the previously awarded contracts. And as put forward, this is an instrument that the company can use or that uses often time €30,000,000 have already been issued. So we will have to wait and see the market conditions and what the future scenarios might be. The next question is by Philippe Leite from CaixaBank PPI.

As for the concession asset valuation of €4,000,000,000 which amount or percentage approximately is associated to Volanti’s assets? The second question is concerned with valuation details. So Philippe, if you agree, we are going to get back to you afterwards from the Investor Relations department to answer that. As for net debt, we have recourse after the formalization of the agreement in Colombia, could we expect a net cash of zero by 2025 as a result of that transaction? I believe that that question has already been addressed.

So we’re going to answer the question about Volientes in just a moment. As for the first question, Philippe, the volume this accounts for one third of the valuation approximately. So those are the assets that would be making up the perimeter. As for net cash flows, as we said, we are going to have some room, but it’s not that relevant. Ignacio Lara from Besseinberg says the following.

The value in euros of the Colombian transaction, how much could it account for? Carlos said it was $380,000,000 but there are no further questions. So now let me turn back to the Chairman. Thank you very much. If there are no further questions, we wish you a happy summer and thank you for your interest in attending this earnings call.

We wish you farewell on Hilton and XTBev. Thank you very much and have a nice day.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.