Morning. I'm Manuel Manrique, President and CEO of Sacyr. With me, as usual, we have Carlos Mijangos, Financial CFO of the company. Thank you very much for being here, analysts, media, investors, for attending the presentation of the results of Sacyr for the first quarter 2025. At Sacyr, we keep on advancing, decidedly, towards our objectives of growth in the concessional sector. During the first quarter 2025, cash generation has kept on growing solidly, and we have increased the pace of investment in assets thanks to our success in tenders achieved in 2024 with five new concessional assets. All the key figures of the first quarter are behaving according to a focus that can be found in our strategic plan 2024-2027, keeping recourse net debt in the low level that we committed to.
Operative cash flow has increased by 8% and has gone up to EUR 240 million, and concessions have reached EUR 135 million this year, with a total of almost EUR 2 billion of net invested capital. If you remember, the dividends coming from concessions reach over EUR 17 billion, which is 6.5 times the market value of a company. Consolidated turnover of the company has increased by 7%, all the way up to EUR 1.059 billion, and net profit has increased by 5%, up to EUR 27 million. Most important milestone for the first quarter: the new contract that we have signed in Paraguay to build and exploit for 28 years a network of motorways to increase the connectivity of the capital Asunción.
With an investment that's above EUR 160 million, we started operating the Atacama Airport in Chile, also the signature and commissioning of the Ruta del Itata concession, also in Chile, with an investment of over EUR 500 million and an estimated income of around EUR 1.2 billion. Only just a few days ago, we also signed the contract for the concession of the City of Health in Turin, with an investment of EUR 500 million for 25 years. Also, the divestment of the operations in Colombia that we hope will be closed in the next few weeks, and a very important impact on improvement on corporate governance with proposals we will take to the next annual general meeting. Amongst these proposals that we'll take to the next general meeting, I would like to highlight a cash payment of a dividend, as we committed in the previous investment day, for EUR 0.045 gross per share.
We will also propose a Scrip Dividend, as we normally do. In January, we already executed the second dividend approved in the previous general meeting, in which 87% of our shareholders chose once again new Sacyr shares. Besides that, the proposals that will be taken to the next general meeting include three new directors: one executive director and two independent directors, that will allow us to separate the functions of Chairman and Chief Executive Officer and reach over 40% of gender diversity in the board. After these appointments, 50% of the board will be made up by independent directors. In sustainability, I am extremely happy to say that we keep on improving our position in the best indexes and rankings, which show the commitment with the environment, society, and good governance of all of our teams and projects.
In this slide that you can see on screen, you can see the main magnitudes I mentioned: the increase in revenues that reached EUR 1.059 billion, EBITDA 301, and net profit 27, operating cash flows 240, and the operating cash flow EBITDA ratio is 80%. As we mentioned in the previous investor day, operating cash flow is the factor that best describes the evolution of our growth. In the first quarter, this operating cash flow has grown by 8%, up to EUR 240 million. The conversion factor of EBITDA in the cash flow is 80% in this quarter, compared to 65% in the same period last year. Over 90% of our EBITDA comes from concessions with demand risk mitigation mechanisms that are classified, from an accounting perspective, as financial assets.
EBITDA decreases the moment these assets are commissioned and put into operations, while cash flow increases progressively, which is the reason behind the evolution of EBITDA this quarter. To finish my intervention, I'd like to insist on the consistence of our growth and generation of operating cash flow in the investment in concessions and on the fact that we are meeting our commitments in corporate governance. Next, Carlos Mijangos will provide more detail and specific data on the results of Sacyr and each of the business lines.
Thank you, Mr. President. Next, we will analyze in detail the operating and financial performance of this quarter. We are going to start with the financial evolution. This quarter, we would like to highlight the investment effort made in our concessional business, mainly in the 2024 tenders.
We have invested EUR 135 million, which is almost four times as much as the average of the past few years. We have made an investment of over EUR 1.9 billion total equity invested in our concession projects, which pushes growth. We will be able to add and generate more value. In terms of the evolution of net debt, consolidated net debt is basically stable. It has grown just around EUR 35 million. We must highlight the flow that we have generated, the cash flow generated, which is EUR 220 million. The result has been EUR 27 million, which I would like to highlight here, that's also EUR 19 million below the previous quarter. Net investment in our asset has been EUR 204 million. Financial result is EUR 157 million, and derivatives reached EUR 6,126.
In terms of recourse net debt, it has increased by EUR 130 million, which is basically the investments we have done in the equity of our assets. If we see the different components of the evolution of debt, we have generated EUR 15 million in operations. I would like to mention that, you know, there's a sustainability link to it, so working capital has a worse behavior, but in this case, the impact has been quite moderate: EUR 70 million. Financial expenses EUR 13 million. We have invested EUR 140 million, EUR 135 million in our equity, and EUR 5 million in equipment. We received EUR 20 million from the Barbanza divestment. We have paid EUR 8 million in cash for the Scrip carried out in January and also adjustments due to forex and financing flow bring us to EUR 266 million.
We still commit with the ratio we committed to in the investor stage, so recourse net debt divided by recourse EBITDA plus the distribution among the different projects is below one. In fact, we are at 0.8 in the past 12 months. If we take a look at growth opportunities that we have detected and the ones we are working on, we take a look at the world map from east to west. We can start in Australia. We're working around four water projects, big activity here, and with all sorts of plans. We're talking on a desalination plant, a water treatment plant, and reuse plants and two treatment plants. We have been pre-qualified in three of these tenders, and the last one will probably be announced in the next few weeks.
The teams, the tender teams, are already working on the offers, and they're getting ready for the different bets for these tenders. In Italy, the Novara Hospital, they just opened the—well, we've been approved, so we are just waiting for them to open the financial bids to be able to win that tender. The two sections of the A4 highway, which are Brescia-Padua and the one to Milan, we expect the pre-qualification to be open before the summer. In the A22 highway, we're getting all the documentation ready to be presented May 31. In Canada, we are pre-qualified in the Ontario Science Museum, and the pre-qualification of the Trans-Canada Highway will be published shortly. It's one section of the highway in the next few weeks, and the Windsor Hospital is expected to be—the pre-qualification is expected to be published in the second quarter this year.
Technical teams and the tender teams are also working hard on these projects. If we go to the United States now, we have five highway projects that have been published or are going to be published. That's what we call managed lanes. In the I-285 in Georgia, the east express lane, we've been qualified. The west express lane is going to be published before the summer. In I-24, we already presented all the documentation two months ago, and it's expected—and the winners are expected—or the shortlist, expected to be published in a matter of days or weeks. The I-77 and the I-495 in North Carolina and Virginia. Pre-qualification will probably be published in the next few months. We're also working on different opportunities in universities, similar to the one to the control we've got in Idaho.
In Chile, we are working on a section of Route 5, the section that goes from Caldera to Antofagasta. It's a private initiative that was presented by Sacyr some years ago, and we've got several water projects: a desalinating plant of Coquimbo presented in the middle of the year, two reuse plants like one in Antofagasta, and other plant maintenance plans, both desalinating and water treatment plants. A lot of work around water as well in the different countries. Where we are pressed in terms of business areas, the first one is Sacyr Concessions. Revenues have been constant, a drop of EUR 2 million, but we have to—there's a difference between construction income and operating income. Construction income increased by 88% with an increase, and it goes up to EUR 105 million. That's due to the Velindre Hospital and the Buga-Buenaventura highway.
However, operating income has decreased by 16% precisely due to the accounting impact of the evolution of financial assets that are in operation that the President just mentioned. This brings us to a drop of EBITDA of 21%, and we reach EUR 172 million. Most relevant data, we've got EUR 135 million that we have contributed to the equity invested, and that's how we get to a total investment equity of almost EUR 1.8 billion, water not included, and distributions from our concessions have been EUR 35 million. The most important highlights, we've got this signing of the Ruta del Itata and the Turin Hospital, also starting operation of the Atacama Airport, and we've been shortlisted in the I-224 in Georgia. We're expecting the next few days to be chosen as well or be shortlisted for the Tennessee project as well.
If we take a look at the Sacyr Engineering and Infrastructures, an important growth, 24% increase in revenues. We also have two different types of activities. We've got an Italian concessional activity, and it's compulsory, and it's by Italian law that has to be included in construction, and it has gone from EUR 94 million to EUR 164 million, basically due to the start of operations of the A21. It started this year, and there's no comparison with the previous year. In terms of pure construction, an increase of 13%, reaching EUR 527 million. Activity both of works for our concessions as well as other projects, especially in Chile, have kept a high level of execution. EBITDA reached EUR 110 million.
Italian concessional assets went from EUR 78 million to EUR 92 million, and construction from EUR 23 million to EUR 26 million, keeping a stable margin of 4.9%, which is the same one as the one we had in the last quarter last year. The backlog, so almost reaching EUR 11 billion, out of which 71% is for concessions.
Important milestones, we got an award in Andalusia, the best public works due to the high-speed train works we are carrying out in Almería, and also the tunneling machine in São Paulo in the construction of the subway. We are completed on time and with the expected quality in terms of water, so clear water. We can see that how the contracts won in 2024 can be seen in the results of the company. Important growth, 11% growth in revenues and 13% in revenues, and we have a good margin, above 20%.
We are already the first company in desalination capacity in operation in Spain, and we supply over 16 million inhabitants in those countries in which we're present. The backlog's reaching almost EUR 5 million and total invested equity a bit above EUR 120 million. Main milestones of this quarter, new contracts like in Badajoz, the first contract in Catalonia, which is drainage and wastewater treatment in Tordera, or the renovation of the Vitoria sewer system. We are also working to transform the sludge generated in one of those waters in Chile into fertilizer, promoting environmental sustainability and circular economy. Conclusions of this quarter, solid cash flow generation of 8% higher than the previous quarter. We're still boosting concessional growth with higher investment in the quarter, and we're adding value.
We continue with the sale process of the Colombian assets, and we also made a commitment to the recourse net debt ratio below one. Having said that, Mr. President, you have the floor.
Now we are open to the questions from the analysts.
Good morning, everybody. Next, we will start the Q&A session. As usual, we will start with the questions that we get from the phone and then the questions asked through the chat. First question, Miguel González from JB Capital. Please, Miguel, go ahead.
Yes. Good morning, and thank you. I have three questions. First is on the divestment in Colombia. I guess there is not much you can mention, but we have seen in the press that you were negotiating with Actis for your stake in the full concessions.
I'm not going to ask you to confirm those pieces of news, but I just wanted to know if you see if there are uphelding offers to sell your participation instead of 49%, as it was mentioned before. If you can please update your internal evaluation of these highways. My second question is about the evolution of recourse net debt, EUR 26 million of a lease and forex and investment flow compared to the EUR 5 million you had last year. I just wanted to know if you can explain what's behind this change. A dividend payment to your shareholders, you're going to take to the annual general meeting, that dividend, but also another Scrip D ividend. You've got to be a cash dividend and a Scrip Dividend. I would like to know how the dividend structure is going to be like.
If you're going to blend cash and Scrip, or is it going to be just cash, or if there can be a buyback of shares into that Scrip? It would be great if you can clarify anything about it. Thank you very much.
Miguel, just give it a second and we'll answer.
Thank you. Sí, mira. Yes. First question, the divestment in Colombia, as you mentioned, please let us—we've already mentioned that we expect that to be close in the next few weeks, but of course, in this type of process, discretion is important. We shouldn't say anything. Internal evaluation that we already mentioned in the investor days around EUR 300 million. We have always mentioned, and we are happy to say it again, that anytime we sell, we will do so in conditions that are good for Sacyr. We are not going to sell at any price.
If we do, conditions must be right. We are not in a hurry. We do not need it, but we expect to do so in the next few weeks. Yes. On the second question, there is a bit of higher impact of leasing , this quarter compared to the previous year, and also some other financing that we have done on the equity, but just those adjustments, but figures are quite small. In terms of shareholders, as we mentioned in our shareholder remuneration, we are still having our first dividend payment in cash, and in case it is needed, we are also going to take to the annual general meeting the possibility of having a Scrip D ividend as well. Both dividends that we normally propose, it is actually the board, the one who decides how to do it.
We mentioned that, and we want to meet that in 2024, 2027, we will be paying around EUR 225 million, and that's what we'll do.
Next question comes from Luis Prieto. Please, Luis, go ahead.
Yes. Good morning. Thank you very much. I had three questions. First, if you could please clarify the status of the negotiation on the Pedemontana project. Second, the right window to launch Voreantis is taken into account of third parties and your sales in Colombia. Third one, as a matter of curiosity, we have seen some progress in the construction and operations of airports and ferroviarios in JFK. There has been some noise about a possible concession of Newark Terminal B . I'd just like to know if that is a segment and a type of asset that could be interesting for Sacyr.
Thank you very much, Luis.
Just give us a second, and we will answer. Yes. Good morning, Luis. First, in Pedemontana , we are in the normal process of any concession. We come forward with frequent meetings, and this is what is normally done in any concession: additional investment to rebalance it immediately. Second, you mentioned timing of Voreantis. As you said, there is a similar process. The same company or funds could be interested, same process, same process as the one in Colombia. We are still working on it, and the pace is normal, and timing is normal and what could be expected. We have always mentioned that this could not be forecast, but early 2026, the sooner end of 2025, and that is still the scenario.
The last question about airports in the United States, we're not in that business today, but that means nothing because we have many Infrastructure concessions, and for the moment being, it's not in our radar. Thank you very much.
Next question comes from Álvaro Llorente from Alantra. Please, Álvaro, go ahead.
Thank you. Just a fast question about the evolution of your working capital last year. Most of your construction portfolio was in concessions, and last year, we saw a lot of use of working capital for third parties. I know the first quarter is the one in which you use most of the working capital, but you can give us some guideline on what that should figure be by the end of the year.
Álvaro, as you've seen, the impact of this quarter has been quite moderate.
We expect a recovery in the next quarters, and we already mentioned last year. Last year, we did have a bigger impact, but basically because we had reduced our construction activity. This year, it's more stable, over 70% working for our concession already, for our concessions, and this is just due to the seasonal nature. No more questions from the phone, and we can now start with questions from the webcast. First one comes from Filipe Leite from CaixaBank. Filipe, you were asking about the financial rebalance of Pedemontana that's been answered already for the I-10. The status of the project and when you expect to start with the construction, and then recourse net debt, when we expect to invest in equity and concessions for this year, and what the recourse net debt figure should be by the end of the year. Thank you, and we'll answer.
Give us a second. Yes. In terms of the I-10, we are following the expected timing. We have provided designs. That is what you need to do, and we start construction to start first quarter 2026, according to the initial forecast. In terms of, we had expected to invest EUR 380 million, EUR 380 million, but the timing and the contract signed means that this year we will probably invest around EUR 300 million, and EUR 80-90 million will go to 2026. In terms of the evolution of recourse net debt, there are so many factors involved, such as the divestment of Colombia or the 11th of the year. I mean, it is just too soon, but what is actually important is to highlight that we will like to keep our ratio.
Things can move due to seasonal aspects, but the recourse net debt ratio and recourse net debt is going to be kept under control. Next question from Julius Nickelsen from Bank of America. He was asking about the process in Colombia. I believe that's the person already answered, and if we could give him some figures of how much these assets could contribute to EBITDA and cash flow. He's asking just in case our targets or the targets provided in the investor day are going to be kept. It is also true, and Julius, I would like to remind you that we have won several projects that were not included, but we will answer in just a second. The weight of Colombia in the company is relevant, and of course, the objectives we provide investors today, we will mention that was without the divestments.
If these divestments actually happen, we will need to adapt the objectives to the new reality of the company. Given that we have been quite successful in the tenders last year, our focus is to update the evaluation of assets probably in July in the presentation of results of the first half of the year to give some clues to the market on what these relevant aspects are. Next question asked by Miguel here. How to do with the Voreantis divestment? You mentioned that, you mentioned EUR 20 million. If that was fitting our internal valuation on CapEx and operating cash flow, Carlos already mentioned which is the equity that's going to be invested and how that's going to be distributed. In terms of our bonds, it is exactly 2% of what we had in the investor day valuations. It is perfectly well aligned with our forecast.
We've already told the markets that we are, I mean, we try to be careful with our valuations, but in this case, they tend to be above. No more questions from the webcast, but there's one more on the phone. Fernando from Alantra, please go ahead.
Hello. How are you? Good morning, and thank you for allowing me to ask this last question. I had more of a general question. Understanding that Colombia looks well and could work and the cash improvement you have forecast for the end of the year.
In the concession pipeline, is there any other alternative that you could invest in organically, not inorganically, but any possible tender, any yellowfield , anything that could make the investment in concessions to accelerate in the next 12-18 months compared to the plan you've got today, or will need to be, or are all the new projects going to be? We have a different equity, but in the midterm, I just wanted to understand how you see that and how sure you are about the fact that you, about, well, the pace you have with winning concessions in the past few months, if you think you're going to be able to keep that up. Thank you.
Yes, Fernando. A question that's a bit general, as you mentioned, but we do have possibilities to increase investments in Italy, in the projects in Italy.
Those are the projects that we are just starting. In terms of growth, we are just as excited, and we have the same objectives as the one we mentioned in the 2024-2027 period. Four concessions a year. I mean, last year we had five, and this year we already have two. Next questions, Luis Prieto from Kepler. Please, Luis, go ahead.
Yes. Excuse me. Should we expect Sacyr to be in all the shortlist in the five projects you've got in the presentation?
Yes. Give us a second, and we'll answer. Luis. Yes, Luis. When we go to tender, our objective is to be shortlisted. Otherwise, it's just a waste of money. Of course, we are supplied to all of them. I don't know if that's answering your question, but yes, clearly yes.
No more questions, and I would now like to give the floor to the President, the Chairman .
If there are no more questions, we'd like to thank you for your attendance and your interest, and we hope to see you next time. Have a good day. Thank you very much.