Growth in P3 activities
We aim to fast-track our growth. So, we have created a new company, Voreantis, that will pool brownfield assets and where we will welcome a minority stake partner.
SACYR 2024-2027 STRATEGIC PLAN
A roadmap to fast-track our growth in the P3 market
- Optimal platform for greenfield projects
- Experienced management team
- Vertical integration
- ESG
Our aspiration is to become leaders in transportation, social and water infrastructure development
We will triple our asset valuation in 2033.
Invested equity 4.5 -
5 €Bn
Asset valuation 9 -
10 €Bn
Our vision
The three main pillars for the 2024-2027 cycle
Ambitious goals
Results steering our path to growth
€850M Operating Cash Flow by 2023
- EBITDA IN 2023 1,500 M€
- NET PROFIT IN 2023 153 M€
€1,350M Operating Cash Flow by 2027
Operating cash flow is the indicator that best reflects value generation at Sacyr.
- EBITDA IN 2027 1,600 M€
- NET PROFIT IN 2027 265 M€
A new single company structure with three integrated business activities creating synergies for our value creation strategy.
Sacyr Concesiones
CloseMain priorities
- Roads
Hospitals
Airports
Universities
Rail
- Low-demand risk assets and inflation linked revenues facilitating stable, predictable, and recurring cash generation.
- We will seek larger project tender opportunities linked to traffic and with a special focus on assets with a solid traffic track-record. This type of projects offers higher profitability rates.
- Greater portfolio focus on larger-scale projects.
Financial goals P3 ASSET DISTRIBUTIONS
-
2023 220 M€
-
2024-2027 1,000 M€
PORTFOLIO AND TARGET MARKETS
57 assets in 12 countries
- 2027 goal:
- 50% English-speaking markets
- 12% Europe
- 38% LATAM
Pipeline
- Analyzed €75 Bn
- Expected contract awards €10 Bn
Sacyr Agua
CloseMain priorities
Integrated Water Cycles
Plants
O&M Contracts
- Operation and maintenance P3 contracts.
- Sustainable and innovative solutions.
- Focus on profitability.
Financial goals
Portfolio
+100 facilities built
Pipeline
- Investment 62 €Bn
- Assets +73
Sacyr Engineering and Infrastructure
CloseMain priorities
- Roads
- Airports
- Rail
- Hospitals
Water
- EPC projects with price adjustment mechanisms.
- Selected clients with mitigated risk mechanisms.
- Emphasis on profitability over volume.
- Focus on joint projects with Sacyr Concesiones.
Financial goals PROFITABILITY
Portfolio in 2027
- Sacyr Concesiones 70%
- Other clients 30%
Priority countries
- 2027 GOAL:
- 25% portfolio in English-speaking markets
Our pillars
Core principles guiding us in the 2024-2027 cycle
Growth in P3 activities
We will fast-track our growth in the P3 market focused on expanding activities in English-speaking markets.
We will create a company, called Voreantis, where we will incorporate a minority stake partner.
Company is expected to triple size by 2033 due to greater equity investment in new P3 projects.
- 1 Brownfield projects
- Grant entry to a strategic minority stake partner in a brownfield assets unit.
- Increase in the number of projects. Low-risk platform.
-
- - Generating resources for further growth
- - Highlights asset value
Alliance with a partner
- 2 Co-investment
- Jointly co-invest in brownfield, yellowfield, and occasionally greenfield assets
- Engine for growth which will enhance the investment range
-
- - Growth multiplier lever
- - Larger and more profitable assets
Investment grade rating
We remain committed to achieving will an investment grade rating, thanks to our strict financial discipline.
A steadfast commitment to financial discipline allows us to make progress in our debt reduction process towards a positive net cash position.
Our focus is on maintaining an investment-grade credit rating. We will keep the recourse net debt by EBITDA plus P3 distributions ratio under 1x.
2024-2027 goal
Recourse net debt
Positive net cash position
New remuneration policy
Over the 2024-2027 period, the company will pay out at least €225 million in cash to shareholders
In recent years, the company has kept continual dividend growth.
A new shareholders’ remuneration policy aligned with the expected operating cash flow increase.
Consistent dividend yield growth from 4.0% to 4.9%
2020-2023
- Scrip dividends
- Forward contracts on Sacyr shares
Cash dividend
growing anually.
ESG
Sustainability at the core of our activity
Our 2021-2025 set our roadmap on our sustainability ambition, which was fulfilled well ahead of schedule thanks to company-wide collective efforts. Our aim is to continue to be a benchmark in sustainability, maximizing the positive impact on our stakeholders.
This is our Sacyr 24-27 Sustainable Route
-
Planet
+Continuity of the climate change strategy and validation of our 2050 net zero emissions target (SBTi).
Continue to improve positive impact on natural resources.
-
People
+We are a benchmark in health and safety at work, and a leading employer for our commitment to diversity.
-
Prosperity
+Maximize our impact on the communities within our influence areas and promoting safer and more sustainable practices.
-
Governance
+Implementation of corporate governance commitments and international best practices.
Our aspiration: to become the world’s leading greenfield projects developer in 2033
Our strategic vision for the next ten years, will push Sacyr to develop its full potential to become the world’s leading greenfield project developer in 2033 by tripling the value of the current portfolio to the 9-10 €Bn range and invested equity to 4.5-5 €Bn