Mota-Engil SGPS SA

Latest Results (10.07.2026):

Mota-Engil SGPS SA — Full Year 2025: The group reported FY2025 results showing lower turnover but stronger profitability and cash generation. Revenue fell 11% YoY to €5,301m, while EBITDA rose 4% to a record €979m (18% margin). Group net profit was €133m (+9% YoY). Backlog reached an all‑time high of €16.2bn, providing multi‑year visibility. Net debt stood at €1,941m (ND/EBITDA 1.98x). Operating cash flow was strong (€924m) and free cash flow positive (€128m), supported by disciplined capex and selective financial investments into long‑cycle concession assets.

Revenue and segment performance

Turnover: €5,301m (-11% YoY). E&C turnover €4,554m (-14% YoY) with robust growth in Africa and Industrial Engineering; Europe and Latin America saw declines (Portugal project/tender delays and Mexico transition). Environment revenue grew 15% to €652m with EBITDA margin expanding to 23%.

Profitability

EBITDA €979m (+4% YoY), margin 18% (+3 p.p.). EBIT €656m (+12% YoY). Group net profit €133m (+9% YoY) — record result, with 2H25 net margin at 2.9% and structural alignment to the 2026 target of ~3%.

Backlog and new awards

Backlog reached €16.153bn (all‑time high), providing roughly three years of E&C visibility. Core markets represent ~72% of E&C backlog (notably Mexico 22%, Angola 18%, Portugal 12%, Nigeria 8%). The group secured ~€4.5bn of new awards since July 2025, including large rail and refinery works.

Cash flow, capex and investments

Cash flow from operations €924m. Net capex €396m (down ~22% YoY), capex/revenue ≈7%. Financial capex €357m deployed into long‑term concession and greenfield assets (Mexico, Lobito corridor, Porto ODU/HLO), reflecting a shift to higher‑return, longer‑duration investments. Free cash flow positive at €128m.

Debt, leverage and liquidity

Net debt €1,941m; ND/EBITDA 1.98x (below the 2.0x strategic threshold). Gross debt €3,421m. Average gross debt cost reduced to 7.1% (‑60 bps YoY). Liquidity €1,631m (cash €791m + sovereign bonds €18m + undrawn facilities €822m). Average gross debt maturity ~2.8 years; significant near‑term maturities are being refinanced.

Capital allocation and strategy

Management emphasizes selective, return‑driven capex and disciplined capital allocation: higher weight of Industrial Engineering (high‑margin), expansion of concession/long‑cycle assets to enhance recurring cash flows, target metrics include sustained EBITDA margin expansion and Net debt/EBITDA <2x.