Mota-Engil SGPS SA

Latest Results (22.01.2026):

Mota-Engil SGPS SA — Full‑year 2024 (FY2024) results: The group reported record FY2024 results with turnover of €5,951 mn (+7% YoY), EBITDA €955 mn (+14% YoY) for a 16% margin, and group net profit of €123 mn (+8% YoY; 2.1% net margin). Backlog reached a record €15.6 bn (+21% YTD). Net debt stood at €1,732 mn (Net debt/EBITDA 1.81x), capex was €511 mn and cash flow from operations €725 mn. The performance was driven by strong E&C (notably Industrial Engineering) and robust activity in Africa and Latin America, while the company continued asset rotation and maintained targeted leverage levels.

Revenue & profitability

Turnover €5,951 mn (+7% YoY). EBITDA €955 mn (+14% YoY) representing a 16% margin, driven mainly by E&C and Industrial Engineering. Group net profit €123 mn (+8% YoY), with net margin 2.1%. Net financial results were pressured by higher interest rates in 1H24 and local currency debt costs.

Backlog and order intake

Record backlog €15.6 bn (core markets 73% of E&C backlog). Order intake in E&C of ~€8 bn in 2024. Backlog/turnover ratio for E&C ~2.9 years; Industrial Engineering represents ~25% of backlog with multi‑year contract maturities (5–7 years).

Regional and business‑unit drivers

Strongest growth in Africa (notably E&C and Industrial Engineering) and continued contribution from Latin America. Europe E&C turnover declined (sale of Polish assets) but Portuguese backlog rose due to large awards (e.g., Lisbon Hospital; first HS‑train stretch awarded but not yet in backlog). Key 2024 wins noted: large Industrial Engineering/contract‑mining and infrastructure contracts across Mexico, Africa and Latin America.

Balance sheet, liquidity & leverage

Net debt €1,732 mn (ND/EBITDA 1.81x); gross debt €2,982 mn. Equity €849 mn (Equity/Assets 11%). Liquidity €1,142 mn (cash €551 mn, sovereign bonds €21 mn, undrawn credit lines €570 mn). Average gross debt maturity ~2.7 years and average cost of gross debt ~7.7% (expected improvement in 2025). Management maintained target leverage (Net debt/EBITDA <2x).

Capex, cash generation & asset rotation

Capex €511 mn focused on E&C growth and long‑term contracts (65% of capex, strong share in Africa). CFO €725 mn. Capital gains from strategic asset rotations (sale of Polish assets; monetisation of two Mexican road concessions) supported results and cash generation.

Strategy & ESG

Building’26 strategic targets largely achieved two years early (turnover ~€6 bn target, 16% EBITDA margin, Net debt/EBITDA <2x). Issued sustainability‑linked bonds and improved ESG ratings (S&P Global score above industry average; CDP rating B on first questionnaire). Company plans updated strategic planning toward 2030 in 2025.