Sacyr (AO) | Buy | Q2/H1 2026 preview: The firm's valuation update to take centre stage

Research evidence excerpt

Sacyr (AO) | Buy | Q2/H1 2026 preview: The firm's valuation update to take centre stage

#EarningsPreview

Release date: 22 July 2026

Luis Prieto

Head of Constr., Infra & Materials

+34 914 36 5111

lprieto@keplercheuvreux.com

BuySacyr

Spain | Constr., Infra & Materials Beta Profile: MCap: EUR3.8bn Country Top Picks

Target Price: EUR5.65 Bloomberg: SCYR SM Reuters: SCYR.MC

Current Price: EUR4.77 Free float 71%

Up/downside: 18.5% Avg. daily volume (EURm) 16.4

YTD abs performance 23.3% Market data: 21 July 2026

52-week high/low (EUR) 4.92/3.47

Q2/H1 2026 preview: The firm's valuation update to take centre stage

Key points:

The unquestionable star of Sacyr's Q2 2026 results disclosure should be the company's valuation update for its concessions

portfolio. We do not expect Sacyr to provide full cash flow projections by country (we are going to have to wait until next year's

CMD), but to show the usual valuation bridge with the main drivers of change (roll forward and de-risking effects, discount rates,

FX, refinancings and new awards/disposals) as well as the very useful slide showing projected equity contributions to assets

under development and the distributions to shareholders from operating concessions (key to understand future investment

firepower).

Once again, the key area of focus in Sacyr’s actual Q2 figures will be the performance of full-recourse net debt, which we expect to

come in broadly in line with that of the previous quarter, on account of relatively contained equity contributions to projects and

dividends from assets and the normal seasonal working capital performance.

In this context, it is important to, once again, highlight that Sacyr’s earnings are distorted by the financial asset accounting of a