Mota-Engil, the Portuguese construction and infrastructure group, reported a 24% year-over-year increase in net profit to €74 million for the first half of 2026, supported by a record backlog and broad-based regional growth.
The company’s turnover rose 6% to €2.90 billion, while EBITDA increased 10% to €487 million, yielding a 17% margin, up one percentage point from the prior year. Free cash flow surged to €159 million, equating to 33% of EBITDA and three times the five-year average. Shares rose 3.53% following the presentation.
Regional performance diverged, with Africa and Latin America leading growth. Africa’s turnover climbed 11% to €1.16 billion, with EBITDA margin expanding to 25%. Latin America’s turnover increased 7% to €1.17 billion, with EBITDA up 14% and a 10% margin. Brazil’s operations grew 104% year-over-year. Europe, however, declined 20% to €194 million due to project delays and slower consignations, though EBITDA margin remained stable at 8%.
The company’s total contracted backlog reached €17.7 billion, up €4.1 billion in the period and representing 3.7 years of visibility for Engineering & Construction. Backlog growth was led by Mexico (21%), Angola (16%), and Brazil (14%). Additional projects signed after June 2026, including a $1.8 billion Lobito Corridor extension in the Democratic Republic of Congo, totaled €2.5 billion.
Mining division performance improved, with turnover up 15% to €411 million and EBITDA rising 16% to €118 million, yielding a 29% margin. The Amulsar gold project in Armenia is expected to begin operations in Q3 2026.
Net debt stood at €1.99 billion, with a net debt/EBITDA ratio of 1.94x, below the 2.0x target. Gross debt/EBITDA improved to 3.43x, while total liquidity totaled €1.44 billion, including €863 million in cash. Sustainability-linked bonds issued in 2026, maturing in 2031 with a 4.60% coupon, saw demand of 2.6 times the initial €50 million offering.
For full-year 2026, Mota-Engil guided to double-digit turnover growth of 10–15%, EBITDA margin stability of 17–18%, and net margin around 3%. Leverage targets remain net debt/EBITDA below 2x and gross debt/EBITDA below 4x, with capex targeted at 7% of turnover.
