Mota-Engil increases profits by 9% to €133 million in 2025. Dividend rises to €0.173

Mota-Engil reported profits of €133 million in 2025 on Tuesday, representing a 9% increase over the previous year. In a financial year in which it achieved “its best ever result”, the engineering and construction group recorded a record EBITDA of €979 million, with an “unprecedented margin” of 18%.

In a year characterised by “international challenges”, it highlights an “expected decrease” in turnover to €5.301 billion (-11%), justified by the elections that delayed consignments in Portugal, the period of political transition in Mexico and the loss of the Polish operation, which was sold in the previous year.

The company led by Carlos Mota Santos, which on 11 March will present its new strategic plan for the period up to 2030 during its first Capital Markets Day in Lisbon, will propose to the general meeting of shareholders the payment of a dividend per share of €0.173, which is above the €0.1497 distributed last year.

Even without including the contract for the tunnel concession in Brazil (€1.255 billion) and the Contumil-Ermesinde railway section in Portugal (€115 million), the order book stands at a maximum of €16.2 billion. The so-called core markets account for 72% of the total, with Mexico (22%), Angola (18%), Portugal (12%) and Nigeria (8%) standing out as the markets with the highest volume to be executed.

In a statement sent to the CMVM, the northern group highlights the 22% growth in turnover in Africa to €2.129 billion, with EBITDA growing 25% to €565 million (margin of 27%), driven by “significant growth” of 73% in the Industrial Engineering segment, which places it in the world’s Top 5 in Contract Mining and as the largest operator in the entire African continent.

In Latin America, where it claims to be the second largest construction company, turnover fell by 33% year-on-year to €2.006 billion. There, it maintained its EBITDA margin at 11%, in line with the history of a region that it believes “will resume growth as early as 2026”, considering the new railway contracts secured in Mexico, as well as in Brazil, with Oil & Gas projects and the Santos-Guarujás tunnel.

In the same note to investors, Mota-Engil also highlights the Environment segment, in which the group operates in the waste collection and treatment sectors and with “a strategic focus on the evolution of the value chain with the growing production of energy from waste”: it achieved 15% growth in turnover to €652 million, with an EBITDA margin of 23%.

On the financial side, with net debt reaching €1.941 billion, the group emphasised the maintenance of “the alignment of financing ratios with the objective of remaining below 2 times the net debt/EBITDA ratio EBITDA ratio, which was helped by the financial discipline of keeping investment (CAPEX) at the level set at the start of the year, which was a CAPEX/turnover ratio of 7%, which was largely achieved”.

Guidance for 2026 (targets to be achieved in 12 months):

• Double-digit turnover growth (10%–15%), driven by the execution of a record portfolio and the acceleration of large, long-cycle projects in core markets;
• EBITDA margin expected to remain at the level achieved in 2025, supported by rigorous project selection, a higher quality portfolio and a growing contribution from higher margin segments;
• Net margin sustained at around 3%;
• Strong operating cash flow generation should continue to support disciplined investment, while the net debt/EBITDA ratio will remain below 2x and gross debt/EBITDA below 4x;
• Investment (CAPEX) stabilised at 7% of turnover;
• Efficient management of the concession portfolio, promoting the disciplined rotation of mature assets, maximising long-term value creation and strengthening the visibility of recurring results.