Intermoney | The Italian consortium SIS, formed by Fininc and Sacyr (Buy, PO €4.4), has begun operating five sections of the A21 Turin highway, totaling 320 kilometers. This contract, awarded by the Italian Ministry of Infrastructure and Transport, is expected to generate traffic revenues in excess of €2.9 billion over the 12-year concession period.
The concession includes the design and execution of the works to improve these sections, with an expected investment of €800 million. These infrastructures are strategic for communications in the north of the country, as they serve to connect Turin with other large cities in one of the most industrialized areas of Italy. The highways have an average daily intensity of close to 33,000 vehicles.
Assessment: This is another Sacyr project in Italy, its largest market in the concessions business, in which it will improve an existing infrastructure, unlike the Pedemontana-Veneta, where it was built from scratch, otherwise having no traffic risk in both contracts.
In addition to these two projects, Sacyr participates through SIS, in which it holds 49% of the capital, in the A3 and Via de Mare freeways, as well as in the Turin Hospital. Italy generated EBITDA of €204 million in the first nine months of 2024, compared to, for example, €99 million in Spain, 33% of the total €614 million corresponding to the Concessions activity.
