Good morning. My name is Manuel Manrique, President and CEO at Sacyr. Here with me in this presentation, as usual, we have Carlos Mijangos, our CFO of the company. Thank you very much, dear analysts, members of the media and investors for being here with us in the presentation of the economic results of Sacyr for the third quarter, 2022. The evolution of our financial results, which are, dare to say, spectacular, show that our approach as a concessional group, and also show that our strategy was to show that these great results are even more important and more special in an environment of a macroeconomic uncertainty like the one we are going through, that still not showing clear signs of improvement with the high inflation, rising interest rates, and signs of recession in many countries.
That is why, despite the situation, we should highlight that the results show that we have a solid business model and offer high profitability and continuous value creation. Both our turnover and EBITDA grow strongly by 24% and 47% respectively in the first nine months of this fiscal year. EBITDA margin got to 22.6%, which is absolute record in our history and also in the sector. In this year so far, we have met the expectation of our clients on the market. Also putting into service some of our most important concession assets which are the base of the high valuation of these assets, thanks to the cash flow that they started generating.
Route 78 and the Américo Vespucio Oriente highway in Chile, also Autopista al Mar 1 and Rumichaca-Pasto in Colombia, and also the A3 in Italy. With all these assets in production, we can confirm that the valuation of our concession portfolio is already above EUR 3 billion, and it is still generating value every day. We are close to finishing the construction of our main asset in Italy, the Pedemontana Veneta motorway, and also in 2023, the Ferrocarril Central, the Rutas del Este in Paraguay, and the motorway Pamplona-Cúcuta in Colombia. We are also complying and meeting our growth objectives. In this year, we won two very important contracts, the Velindre Hospital in the U.K. and the Buenaventura-Buga motorway in Colombia.
We will give you more detail on these new two concessions that we are now including in our portfolio. We feel safe thanks to the excellent evolution of our business, and that's why we have accelerated the reduction of our net debt, recourse net debt, so the value of our assets can be seen better in the stock market. That's why the board of directors decided to start exploring the disinvestment of 49% of the service business to be able to reduce debt, and 49% of Sacyr Agua to be able to find a partner with whom we'll be able to share and push forward the growth opportunities of this subsidiary.
We decided to make sure that by the end of 2023, these operations allow us to get recourse debt to zero. We'll be able to have more growth opportunities in the concession sector. This process that we have already started is starting, and the future looks bright. We see a lot of interest among investors, and I am sure that soon, very soon, we'll be able to communicate clear steps within our roadmap. Among these corporate milestones, as many of you know already, I would like to highlight that we are back in the IBEX 35 in the Spanish stock market, thanks to the fact that we have refocused our company towards a concession model and getting out of the equity of Repsol. You already know the details of this operation.
With the two dividends that we have already paid off as a scrip dividend, the profitability for shareholders is almost at 5% as we had committed. We kept on going forward towards our bet on sustainability. We once again are the best in the sector and fourth in the world for Sustainalytics, one of the leading agencies in ESG ratings. Taking a look at the most important figures. Well, we got to almost EUR 4.1 billion, which is 24% higher than the ones we got in 2021. EBITDA EUR 924 million, 47% higher. Our concessions already account for 85% of all of the EBITDA of the group.
On the other hand, our EBITDA margin reached 22.6%, which is actually 360 basis points higher than the same period last year. Net operating profit with EUR 762 million, with a growth of almost 50%. Net profit grew by 13% and reached EUR 68 million. Operating cash flow is EUR 427 million, which is 6% higher than last year. Last, our backlog is now at EUR 53,122, which is 16% higher than the backlog we had at the end of 2021.
I would like to finish my intervention without highlighting once more that the success of these financial results, and also, the results of the sustainable balance of the company, is only achievable thanks to all the people who work with total commitment, giving all their effort and professionally at Sacyr, which helps us be better each day. Next, Carlos Mijangos will give you further detail on the results of the group and each of the areas and business areas of the business and the holding.
Thank you very much, Mr. President. If we take a look at the operating performance in terms of contribution by activity in the group, we can see that, in terms of revenue, we have engineering with 50%. Next, concessions, which account for 32%, and then services that account for 18%.
In terms of EBITDA, concessions are one that contributes with most of it with 59%, engineering 33%, and services 8%. If we include all the concession assets in the three divisions, we can see that we reach an EBITDA of EUR 787 million, which is already 85% of all of the Sacyr Group. In terms of backlog, over 80% accounts to Sacyr concessions, 13% engineering, and 6% services. If we analyze a bit more in depth the evolution and the contribution of each of the activities, we can see that in terms of revenue, concessions contributed with EUR 1.4 billion, which is 66% higher. Engineering over EUR 2.2 billion, 14% more. Services almost EUR 800 million, which is 4% more.
With holding adjustments, we reached this almost EUR 4.1 billion, which is 24% more than the previous, the same period last year. In terms of EBITDA, concessions contribute with EUR 542 million, 65% more. Engineering over EUR 300 million, that's an increase of 25%. Service is almost EUR 80 million with a slight increase, which gets us to EUR 924 million, which is a 47% increase in the first nine months or compared to the first nine months of 2021.
If we take a look at concessions, we can see that in Europe, basically in the UK, Sweden, Portugal, and Spain, and in Canada, we have already opened the second contract after the Eglinton Crosstown, which is a pediatric center in Ontario. In the United States, two new highways, one in Texas and the other one in Florida. In Latin America, two concessions, one in Chile, another one in Colombia, and several additional contracts that I will detail afterwards. In terms of our portfolio, well, 43 for concessions, 6 for engineering, and 3 for services. If we take a look at the evolution of the net debt of the group, when we started the year, we were almost at EUR 6 billion, and we are now at EUR 7.6 billion in September, which is an increase of EUR 1.6 billion.
Basically due to, you know, several things such as, for example, the drop due to the operating flow, which is EUR 470 million less. We see the evolution of our cash flow, then financial results from the concessions. Also the investment, we still invested heavily in our concession assets, the EUR 58 million that we got from Repsol. There's also EUR 392 million due to several aspects, basically, exchange rates. If we really take a look at this increase of EUR 1.6 billion, there are two things that we should highlight, such as investment in the A3 in Italy, EUR 500 million. It's a one-off investment. We have already made all the investment in this asset, so that was generated in the first quarter of the year.
Exchange rates, which will be compensated in the future with income that come from these concessions. They also increased this year in this nine months, and they account for EUR 380 million. That's almost EUR 900 million. If we take them away from the EUR 1.6 billion, we'll be investing about EUR 250 million per quarter, which is what's normal in concessions. If we take a look at the operating performance of our recourse net debt in the third quarter, by the end of June, we were at EUR 767 million. It's important to say that we have generated over EUR 110 million, from which, while its concessions have also generated some cash flow.
We have got some contribution from the concessions, which account for almost EUR 100 million coming from operations. We are putting an end to this stagnation that we have seen in the first quarter. We have EUR 40 million, which are financial expenses, and EUR 32 million investments, and EUR 17 million in machinery. Together with other adjustments, get us to this EUR 689 million of recourse net debt in September 2022. If we analyze each of the business areas in depth, we've started with concessions. The revenue increased by 66%. As we mentioned earlier, operational revenues that come purely from concession increased by 49%. A high increase of both revenue and EBITDA, basically thanks to the good operational performance of our assets.
Putting into practice the opening some new motorways. Of course, we have opened Route 78 in March. Due to the fact that we have finished some of the projects that we have been working on in 2022. Of course, all these revenues are linked to inflation, and we have already started updating our tariffs. In terms of water, there was an increase of a 25% in business and EBITDA by 15%. That's thanks to the good performance of our assets and also new acquisitions both in Chile and Australia. Having said that, the margins of concessions reach almost 70% and water around 20%. Our portfolio increased by 18%. Some important milestones.
Major awards in the period mentioned, the Velindre Hospital in the UK and the Buenaventura-Buga in Colombia. Also the completion and commissioning of Vespucio Oriente, the Route 78, Mar 1, Rumichaca-Pasto, and the A3 in Italy. In terms of financial aspects, we issued a bond for the A3 for over EUR 500 million. We refinanced the Rumichaca-Pasto with EUR 800 million, and we financed the dividends of Pedemontana Veneta of EUR 450 million, and also the hospital in Chile with EUR 145 million. We have invested over EUR 1.4 billion in our activities, and this year we have already invested EUR 121 million. In terms of concessions, just a short description.
We've got the Velindre Hospital in Wales, in Cardiff, EUR 350 million investment, 25 years, 32,000 sq m, will generate over EUR 300 million of EBITDA throughout the whole concession. It's an important milestone given that it's the first concession in the U.K., and it actually shows that we are expanding in English-speaking markets, but it makes us a true reference in the hospital concessions. It's the ninth in our portfolio already. It's a hospital that has very high standards, both in from a technological perspective, health and sustainability, and energy efficiency as well. In terms of the Buenaventura-Buga corridor, we are going to invest EUR 800 million. It's in the Valle del Cauca in the south in Colombia. It's a 27-year term, will generate almost EUR 400 million in EBITDA.
It's the fifth country that we get in Colombia, and we are clearly the biggest infrastructure investor in the country. It shows the focus of the group in long-term concession assets. It also has a very high social and environmental importance because it joins over 12 communities, and we will carry out several social and environmental programs throughout that corridor. If we now take a look at the evolution of our main assets for the year, well, more of them are operational. If we take a look from west, we have got Colombia, three of them already, Puerta de Hierro, Mar 1, and Rumichaca-Pasto. We've got the fourth one that we won much later, which is at 80%. Over 100,000 km, 100 km have opened.
We started in Route 78 in March and also Vespucio Oriente in July. It's an especially complex stretch around Santiago, 10 km underground, with tunnels and with the highest technology and a free-flow toll, so nobody's stopping. Which is a true milestone, given that it required important engineering efforts to carry out the construction. In Uruguay, the Ferrocarril Central is ready. 88% is ready, so every 100 km of track are ready. We are finishing the construction Rutas del Este, which is the main artery in Paraguay from Asunción to Punta del Este, and it's ready at 84%. Many of the trenches are already open, out of which it's actually over 100 km. We are going according to schedule.
In terms of Pedemontana, we are getting ready the last tunnel then still to be open and will be ready shortly. In the A3, in the south of Italy, well, we started working on it in April, and it's already contributing to the financial results of the group. In terms of the contribution of concessions by country, both in terms of revenue and EBITDA, well, the main country is Colombia with EUR 307 million and EUR 170 million, then Chile with almost EUR 300 million, over EUR 150 million in EBITDA. Spain, EUR 224 million and EUR 101 million, and Uruguay with EUR 363 million and EUR 51 million.
It is also true that the figures in Italy are included in the construction company for legal reasons, because Italy contributes with around EUR 51 million in revenue and an EBITDA of EUR 233 million, which is the most relevant country for this group. If we take a look at the engineering and infrastructure business area, we're seeing a strong growth of 14% in activity and 25% in terms of EBITDA. We're at over EUR 300 million. Margin gets close to 14% and backlog increased by 8% thanks to the execution of the big project we've got in Chile, Colombia, the United States, Peru, Paraguay, Uruguay, and also the contribution of the concession activity of the two Italian assets, such as Pedemontana Veneta and the A3.
As you can see here, if we eliminate the effect of the concession, which is EUR 351 million in EBITDA, EUR 233 million, we can see that we still have generated EUR 81 million of EBITDA over the EUR 1.9 million. It's a margin of 3.7%. In fact, this quarter is a bit better, 3.8%. We have well, it's an important activity within the very complex year in the construction sector. Main milestones, well, we have already started works in the hospitals of Teruel, Rio and Cordillera. In Chile, we are the main hospital construction company in that country. We completed the second runway at the Lima Airport, and we'll help them double the activity of the airport, which is the most important one in the country.
We have already completing the A6 in Northern Ireland. We have paid all the A6 motorway. The tram in Edinburgh is almost ready. It was quite complex from a technical perspective. We got to almost EUR 7 billion in terms of backlog and 50% for backlog concessions, which guarantees 27 months of activity. Main concessions, we have the two concessions in Buenaventura-Buga in Colombia and Route 78 in Chile. The first one is over EUR 500 million, and the second one's EUR 450 million. Separate constructions, such as the railway bridge over the Biobío River in Chile or the new roundabout road in Florida.
Different promotions for different developers here in Spain that account for over EUR 190 million, and different supplier maintenance of on track and catering systems and many other things. In terms of the service business area, it grew by 4%. All the different subsidiaries in services grew as well. We still have a very high margin of around 10%. In terms of the evolution of these nine months, the performance very good. Take it into account that last year there were both extraordinary seasonal taxes, and this year an increase of expenses of over EUR 10 million in fuel, but we were able to keep our margins and our EBITDA is very similar. EUR 3.2 billion in our backlog and main milestones.
We have, well, significant contracts that have already started both in Madrid and Barcelona and other cities such as Tres Cantos and Melilla. Now we have already signed, last week, in fact, we signed the EUR 11 million contract for waste management in Madrid, and we are waiting to sign other contracts such as the waste management in Cádiz. That's a EUR 149 million contract or in Melilla EUR 35 million contract. In terms of facilities, we are ranked first with EUR 135 million in the cleaning services for the Madrid subway stations. Main awards, well, we got lots two and four of home assistant services in Madrid. That's over EUR 100 million. The cleaning, monitoring, security services for Santelmo de la Sabana, EUR 38 million.
A two-year extension of the street cleaning and urban solid waste in Melilla, EUR 26 million, and several cleaning of public educational centers and other public spaces and private spaces. As well as the maintenance of green areas and also a maintenance of different roads in different areas. Having said that, Mr. President.
Thank you very much, Carlos. We are now open to the questions of the analysts.
Ladies and gentlemen, you wish to make a question, please raise.
Hello? Yes. Good afternoon. I have three questions, if possible. First, sorry if I didn't get it, but which is the net dividend expected for the fourth quarter 2022? Second question is if you could give us an idea on the compensation by inflation in cost, and what's the working capital you're expecting for the end of the year? Third, it's more a comment than anything else. The company's going forward fast, and so it seems that we need to shorten, well, the visibility on capital increases and dividend and your backlog. My question is when can we expect the next update, by the end of this year, or could it be done before that?
Well, we also agree on the fact that we are going at an important speed, and we expect that by the end of this year or early next year, we will be able to update the value of our concession. In terms of data, well, Carlos, yes, net dividend expected by the end of the year, we expect to get about EUR 38 million in dividend, and we'll invest another EUR 30 million or EUR 40 million depending on how projects go forward. We'll leave about EUR 50 million or EUR 60 million on the table, yeah. About compensation in different countries where we can update prices. Well, normally in December, there's budget left in the different public administrations.
We hope we'll be able to start getting significant payments from these compensations that we have that have been recognized in the different certifications. And of course, that will also increase the operating cash flow, sorry, the working capital, sorry, this year.
Next question from Fernando Lafuente from Alantra. Please go ahead.
Hello, good morning. Two questions. First, on your EBITDA outlook. It's a good year. Many assets are coming into operation. If we think about 2023, when all the assets are operational and contributing, I don't know if you could give us an estimate on what the EBITDA should be next year or what is the growth expectations, take into account that you are going to review these contracts and inflation. Second, on your construction business, are you being able to keep your margins? It's true that they're a bit lower than last year, but they have been quite solid throughout the year. Your view on these margins, and if this 3.8%, 3.7%, 3.8% is gonna be able to be achieved throughout next year? Or what do you think about the evolution of these margins? Thank you.
Well, yes, about the EBITDA trend, we believe, and seeing the evolution of this EUR 924 million, we believe that by the end of the year, we'll be comfortably above the EUR 1 billion we mentioned. Next year, well, the growth will continue. In the general shareholders meeting, we already mentioned that due to the, you know, evolution of all of our figures, we will review it and we'll have the information. We focused on debt, but we will also provide some estimates on how we are going to end the strategic cycle in 2025. In terms of construction, well, we have made a big effort, and we are able to maintain our margins slightly lower, and we expect to finish the year that way.
We are, yes, that's the order of magnitude we're actually expecting. Thank you very much.
There are no more questions on the phone, and so we are going to start with the webcast questions. First one from Filipe Leite from CaixaBank.
Well, Filipe, we'll answer the first question via email, because given that it's a very detailed information about figures, we'll answer to you through investor relations. Second one is what we think about the increase of interest rates for our financial costs. Second one is whether or not we will keep the objective of having EUR 500 million on recourse net debt by the end of the year, and how to get to that figure, and which is the expected dividend from concessions throughout this year and along 2023.
Well, first of all, the impact of the interest rates on our concessions, well, inflation is actually buffering it, so it has no impact. Quite the opposite. In terms of recourse debt, we're a bit lower than EUR 10 million for every 100 basis points of increase. The objective of this EUR 1.5 billion of debt, I can say that, yes, we can confirm that that's the objective, according to our expectations in the fourth quarter. As you know, you know the income's better and the contribution from concessions, yes, that's a commitment we've got despite the difficulties that we already mentioned.
In terms of the dividend from the concessions, yes, this year we will get to EUR 180 million-EUR 190 million, which is a figure that's already going to be recurrent as you can see in our investor day documents. All the models are at your disposal.
Next question, Manuel Reig, Renta 4, and he's saying that given that we have some business in Colombia and Chile, what do we think about the situation in both countries with the political changes in those countries and whether or not we're concerned?
In terms of Chile, they've been there for a while already, almost seven or eight months. We have seen the decisions. I think they've been cautious and we feel safe. We are not. I mean. I mean, the Minister in our sector, he had been working in public infrastructure and public works for some time. The Minister of Economy had been working in the Banco de Chile. I think, well, they're clearly betting on concessions and stability is gonna be similar to what we had, with previous governments. In Colombia, we're not very much concerned really because all the decisions they've made, a lot less, because they've only been in power for two, three months. Well, they're also betting on the concession system. We hope. Well, we are still watching, but we are more or less, well, we feel more or less safe.
Investors are asking about the news on the selection of advisors and banks for the selling process of agua, so water and services. Is it the ones that have been published in the press? Are there any other names, and how's the process going?
Well, we have already started the process internally. I mean, we are working on it strongly. We got everything ready. We have identified, you know, number and different types of contracts, the status of these contracts, their evolution, the evolution in the past few years and the forecast for the future. In the next few days, we'll probably choose the investment banks that will help us in this process.
What's been published?
Well, it's always biased piece of information. This happens in this process and in many other process. Well, probably from some of the advisors that I mean, they don't think they have the right competitors, and they try to get us looking the other way. Well, I mean, in just a few days we will inform you on which are the banks that will work with us in this operation. Of course, we try to choose the ones that can give us the best counseling in this the investment process.
Thank you very much. There are no more questions. Now, I would like to give the floor to the president.
If there are no further questions, we want to thank you for being here with us, and thank you for your interest, and see you next time in which we will present the results of fiscal year 2022. Thank you very much and have a good morning.