Mota-Engil, the Portuguese construction and infrastructure group, posted a 24% year-over-year increase in first-half net profit to €74 million, driven by a record contracted backlog of €17.7 billion. The company’s shares rose 3.53% to $4.804 after the presentation of its H1 2026 earnings on August 27, 2026.
Turnover for the six months ended June 30 advanced 6% to €2.90 billion, while EBITDA climbed 10% to €487 million, translating to a 17% margin. Free cash flow surged to €159 million, representing 33% of EBITDA and three times the five-year average. Net debt stood at €1.99 billion, with a net debt/EBITDA ratio of 1.94x, improving from 1.98x at year-end 2025. The company also issued €110 million in sustainability-linked bonds due 2031 at a 4.60% coupon, attracting demand 2.6 times the initial offering.
The backlog expansion of €4.1 billion in H1 2026—more than double the €1.7 billion added in the same period last year—provided 3.7 years of execution visibility. Core markets accounted for 75% of the engineering and construction backlog, led by Mexico (21%), Angola (16%), and Brazil (14%). Regional performance varied, with Latin America turnover up 7% and Africa up 11%, while Europe declined 20% due to project delays.
Management highlighted structural improvements in profitability, with first-half net profit 2.5 times higher than in 2023. The company reaffirmed its full-year 2026 guidance, projecting double-digit turnover growth of 10-15% and maintaining EBITDA margins around 17-18%. Net debt/EBITDA is targeted below 2x, and capex is expected to remain near 7% of turnover.
