Aenza S.A.A.

What it is

Aenza is a Peruvian construction and infrastructure company founded in 1933 — the oldest and largest of its kind in Peru. Its work spans infrastructure concessions, energy production, social-housing real estate, and engineering and construction services — including urban metro lines, road concessions, wastewater treatment, hydrocarbon production and natural gas processing.

Its infrastructure arm controls Line 1 of the Lima Metro, three toll-road concessions covering 1,011 kilometres, fuel storage terminals, and a water treatment plant serving 2.6 million people. The company operates in Peru, with a significant presence in Colombia and Chile.

Who owns it

Brazilian private-equity fund IG4 Capital is the controlling shareholder, having moved in 2021 to transform Aenza into a Latin American infrastructure operator. As of April 2024, IG4 held shares and voting rights representing 28.77% of Aenza’s capital stock — combining a direct stake of 18.52% with voting control over shares held by affiliated trusts and third parties.

The remainder of the shares — the free float — is traded on the Lima exchange. In late 2024, Aenza filed to deregister from the US SEC, ending its US reporting obligations so it can concentrate resources on its regional operations.

Who runs it

Juan Vicente Revilla Vergara has been board chairman since 2021; he is also Managing Director and Head of Investments at IG4 Capital. CEO Andre Mastrobuono resigned effective December 31, 2025, and the board named Francisco Sardón de Taboada to take over in January 2026.

Sardón is a Peruvian executive with a long career in finance, most recently as chief executive at Scotiabank entities in Chile and Peru. Dennis Gray Febres serves as Corporate Vice President of Administration and Finance — the CFO role — having been appointed in May 2023.

The money, in plain words

Full-year 2024 revenue fell 7.8% against 2023, and gross profit — what is left after direct project costs — dropped by more than half, down 50.3%, because margins on engineering and construction contracts collapsed. The company recorded a net loss of $248 million for the year, swinging the net margin from a slim +2% profit in 2023 to −6.2% in 2024.

The single biggest culprit was the Santa Monica pipeline project for Ecopetrol in Colombia, where cost overruns were not recognised by the client. Meanwhile, total borrowings rose 15.5% through the period, reaching $512 million — about three times the company’s current market value, which concentrates financial risk in its infrastructure concessions and energy units, where cash flows are steadier.

What it is doing now

The most material recent event is the leadership change: Mastrobuono’s departure closes a four-year stabilisation phase, and the company is positioning itself for a growth chapter under its new CEO. Aenza completed a $55 million capital increase in 2024, demonstrating that institutional investors are still willing to back the turnaround.

The company is openly exploring acquisitions and strategic alliances in Chile, Colombia, and Brazil, even as it recovers from the construction losses. Management sees only a limited recovery in the construction market in 2025, with a more favourable environment expected in 2026 and 2027.

What to watch

• Construction margin recovery. Whether the new CEO can stop the bleeding in the engineering unit — Cumbra — is the single most important near-term question for investors.
• Debt load. At $512 million in borrowings against a $165 million market cap, refinancing risk is real; the maturity schedule and any new bond activity deserve close attention.
• IG4 strategy. The controlling shareholder is hunting acquisitions regionally — any deal announcement would reshape the investment case quickly.
• Regulatory exposure. Aenza’s predecessor Graña y Montero was drawn into the Odebrecht corruption scandal; any legal developments still carrying over from that era remain a headline risk.

This is news, not investment advice.