Slides
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Progress. Delivered. Capital Markets Day 2026 © John Zammit, Absolute Photography
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Disclaimer 2 This presentation is made by STRABAG SE (the "Company") solely for use at investor meetings and is furnished to you solely for your information. This presentation speaks as of September 2026. The facts and information contained herein might be subject to revision in the future. Neither the delivery of this presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. None of the Company or any of its parents or subsidiaries or any of such person's directors, officers, employees or advisors nor any other person (i) accepts any obligation to update any information contained herein or to adjust it to future events or developments or (ii) makes any representation or warranty, express or implied, as to, and no reliance should be placed on, the accuracy or completeness of the information contained in this presentation. None of the Company or any of its parents or subsidiaries or any of their directors, officers, employees and advisors nor any other person shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising, directly or indirectly, from any use of this presentation. The same applies to information contained in other material made available at the meeting. This document is selective in nature and is intended to provide an introduction to, and overview of, the business of the Company. Where any information and statistics are quoted from any external source, such information or statistics should not be interpreted as having been adopted or endorsed by the Company as being accurate. This presentation contains forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which the Company operates. These statements generally are identified by words such as "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements, including but not limited to assumptions, opinions and views of the Company or information from third party sources, contained in this presentation are based on current plans, estimates, assumptions and projections and involve uncertainties and risks. Various factors could cause actual future results, performance or events to differ materially from those described in these statements. The Company does not represent or guarantee that the assumptions underlying such forward-looking statements are free from errors nor do they accept any responsibility for the future accuracy of the opinions expressed in this presentation. No obligation is assumed to update any forward-looking statements. This presentation does not contain any recommendation or invitation to buy or sell securities in STRABAG SE. By accepting this presentation, you acknowledge that you will be solely responsible for your own assessment of the market and of the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company's business. Rounding differences may occur due to the use of automated calculation aids. Many projects were delivered in joint ventures. We thank our partners for their collaboration.
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Agenda 4 Management presentation and Q&A 09:30 – 10:00 Welcome 10:00 – 12:30 Management presentation 12:30 – 13:00 Q&A 13:00 – 14:00 Lunch 09:30 – 14:00 Stefan Kratochwill Peter Hübner Christian Sadleder Markus Landgraf Marion Henschel Hamburg U5 construction site visit (optional) 14:00 – 14:45 Project introduction at Gastwerk by project manager Yves Grebing 14:45 – 16:00 Transfer and tour of the construction site 16:00 – 16:30 Return transfer to Gastwerk or direct transfer to the airport 14:00 – 16:30 Yves Grebing
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Update Strategy 2030 Stefan Kratochwill CEO
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STRATEGY 2030 6
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STRABAG TODAY VS STRATEGY LAUNCH (2022) Strategy 2030 translating into measurable results 7 € 36.0 bn ORDER BACKLOG 6M 2026 2022: 23.7 bn CAGR +13% 90,000 EMPLOYEES 6M 2026 2022: 79,000 +11,000 5.5–6% EBIT MARGIN 2026e 2022: 4.2% +130–180 bps € 23 bn OUTPUT VOLUME 2026e 2022: € 17.7 bn CAGR +7% close to 2026 guidance raised 2026 guidance raised
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STRABAG TODAY VS STRATEGY LAUNCH (2022) 8 EBIT | € mn and EBIT margin | %Resilient performance through the cycle Multiple external shocks since 2016, yet consistent EBIT growth Covid-19 pandemic Brexit & war in Ukraine Inflation & supply chain disruptions Launch of Strategy 2030 341 425 448 558 603 631 896 706 880 0 1 2 3 4 5 6 7 200 400 600 800 1,000 1,200 1,400 1,600 0 2015 3.3 2017 3.7 2018 3.8 2019 4.3 5.9 2021 4.2 2022 5.0 2023 6.1 2024 6.7 2025 1,062 1,247 2016 3.4 2.6 2020 CAGR +14% Residential construction crisis
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STRABAG TODAY VS STRATEGY LAUNCH (2022) 9 Order backlog visibility1) | years Record order backlog supports 2030 targets Share of growth markets | % of backlog 1) Order backlog / annual output volume 2015 2022 6M 2026 0.9 1.3 1.6 2022 6M 2026 2030 51% 62% Increasing order backlog visibility Increased exposure to growth markets +23% vs. 2022 +11pp vs. 2022 Strong order backlog enables selective bidding approach Higher flexibility in project selection Focus on margin and risk quality Growth markets: • Mobility Infrastructure • Energy & Water Infrastructure • High-Tech Facilities • Building Decarbonisation
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Over 90% of required emissions reductions driven by four operational levers STRABAG TODAY VS STRATEGY LAUNCH (2022) Driving decarbonisation with SBTi targets 10 1) Based on 2023 emissions; assumes 3% annual CO2e growth | 2) Other action areas: buildings, stone and gravel plants, concrete plants and other production SBTi-validated targets 2030 Scope 1 & 2 -42% Scope 3 -25% 2030 Scope 1 & 2 decarbonisation roadmap1) | t CO2e Construction machinery -236,965 Vehicle fleet -95,651 Asphalt mixing plants -133,449 Construction site power -90,172 -46,5092) Others
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STRATEGY 2030 11 Strategy 2030 Building a broader and even more resilient STRABAG Expanded geographic footprintCountry portfolio Enhanced business diversificationBusiness mix Greater control across the value chainDepth of value creation Driving productivity and scalabilityTechnology leadership
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12 Country Portfolio © Georgiou Group
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COUNTRY PORTFOLIO 2022: Entering Strategy 2030 from a position of strength 13 CEE: Central and Eastern Europe Market leader in CEE Europe-focused portfolio Starting position in 2022 local presence project business 1 2 1 1 2 3 1 1 market position 2022 Output volume 2022 Order backlog 94% 6% 94% 6% InternationalEurope
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Legal and political stability Robust public budgets Strong compliance standards Collaborative contract models COUNTRY PORTFOLIO Further diversification to drive long-term resilience 14 Securing leading positions in European core markets long term Additional focus on stable, low-risk international markets >Priority #1 Priority #2 Selection criteria for additional markets Focus on selected stable international markets: UK, the Americas1) & Australia 1) Americas: Canada (Focus on Greater Toronto Area; GTA) and Chile
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COUNTRY PORTFOLIO Geographic diversification progressing 15 Order backlog | € bn € 23.7 bn € 36.0 bn FOCUS MARKETS UK, AU, Americas2) Rest of Europe / Rest of World 1) CEE core markets: PL, CZ, SK, HU, HR, RO | 2) Americas: Canada (GTA), Chile Key milestones achieved in current strategy period CORE MARKETS DE, AT, CEE1) 79% € 18.8 bn 2022 72% € 25.9 bn 6M 2026 CAGR +13% CAGR +10% Business further diversified alongside growth in core markets Leading positions in core markets secured Business in core markets further expanded
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13% € 3.1 bn 2022 20% € 7.1 bn 6M 2026 COUNTRY PORTFOLIO Focus markets driving diversification 16 Rest of Europe / Rest of World 1) CEE core markets: PL, CZ, SK, HU, HR, RO | 2) Americas: Canada (GTA), Chile CORE MARKETS DE, AT, CEE1) Key milestones achieved in current strategy period FOCUS MARKETS UK, AU, Americas2) € 36.0 bn CAGR +27% € 23.7 bn Share of focus markets significantly expanded Local presence established in the UK and initiated in the Americas Market entry in Australia achieved Order backlog | € bn CAGR +13%
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COUNTRY PORTFOLIO Focus market expansion gaining momentum 17 1) Focus on Greater Toronto Area (GTA) | 2) Order backlog at closing of Georgiou Group acquisition in March 2025 United Kingdom • Successful market entry in 2025 • Acquisition of the Georgiou Group • Established company with € 600 million annual output as growth platform Australia • Project business in Canada (since 2005) and Chile (since 1987) • Organisation set-up established in Canada • Mining business expanded, energy infra line launched in Chile Americas Canada/GTA1) & Chile € bn 2.22022 4.56M 2026 € bn 0.73M 20252) 1.36M 2026 € bn 0.92022 1.36M 2026 Order backlog doubled Order backlog up > 40% Order backlog almost doubled since acquisition of Georgiou Group Local presence established Business strongly expanded Market entry achieved
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COUNTRY PORTFOLIO Building scale in attractive markets 18 Construction market size 20251) | € bn Leading positions Replicating proven positions in large markets 16.8DE 3.0AT 6.1CEE2) 4.5UK AU Americas3) Rest of Europe Rest of World 36.0Total 1.3 1.3 1.7 1.3 STRABAG order backlog 6M 2026 | € bn Achieving critical mass in key countries 1) Source: Euroconstruct, EECFA, ACIF, Informes de Expertos, Statistics Canada | 2) CEE core markets: PL, CZ, SK, HU, HR, RO (ranging from € 0.5 bn to € 2.3 bn) | 3) Canada, Chile Core markets Focus markets Expansion markets Local market access + STRABAG capabilities = scalable international growth 263 211 293 214 468 51 2025 DE AT CEE2) UK AU Americas3)
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COUNTRY PORTFOLIO 2026: Evolving from European leader to global player 19 1) ENR ranking based on international revenue outside the home market 2022 2025 Output volume 2022 6M 2026 Order backlog 94% 6% 94% 6% 93% 7% 89% 11% local presence project business 1 2 1 1 3 3 3 1 market position Market leader in CEE Growing international platform Diversification already visible in backlog Global market positions (ENR 20251)) Mobility infrastructure#5 Building construction#4 Industrial construction#4 InternationalEurope
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20 Business Mix © HS2 Ltd
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BUSINESS MIX 21 Positioning STRABAG in structurally growing end markets © STRABAG Mobility Infrastructure ROADS | BRIDGES | TUNNELS | RAIL WATERWAYS | PUBLIC TRANSPORT | PPP © STRABAG Building Decarbonisation BUILDING ENERGY UPGRADE | HVAC-R & MEP MEASUREMENT & CONTROL | AUTOMATION AI-generated image High-Tech Facilities SEMICONDUCTOR | DATA CENTRES & AI HEALTH CARE | ADVANCED MANUFACTURING © STRABAG Energy & Water Infrastructure RENEWABLES | PIPELINES | POWER GRIDS WATER TREATMENT | WATER SUPPLY 0.7 2022 1.1 6M 2026 1.4 2022 1.9 6M 2026 1.1 2022 6.7 6M 2026 Order backlog | € bn Order backlog | € bn Order backlog | € bn Order backlog | € bn CAGR +10% 8.8 2022 12.4 6M 2026 CAGR +68% CAGR +9% CAGR +14% HVAC-R = heating, ventilation, air conditioning and refrigeration; MEP = mechanical, electrical and plumbing
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BUSINESS MIX Acceleration of momentum in growth markets 22 Order backlog across growth markets | € bn 0.7 1.4 1.1 8.8 2022 0.8 1.5 1.3 8.8 2023 1.2 1.8 2.5 8.9 2024 1.2 2.3 5.8 9.6 2025 1.1 1.9 6.7 12.4 6M 2026 12.1 12.3 18.9 22.3 Mobility Infrastructure Energy & Water Infrastructure High-Tech Facilities Building Decarbonisation 14.5 CAGR +19% Growth markets have become the largest contributor to order backlog Growth driven by both market expansion and market share gains 2022 51% 2023 52% 2024 57% 2025 60% 6M 2026 62%
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BUSINESS MIX PPP portfolio reflects growth-market focus 23 93% 62% 34% 6%1% 2022 4% 2025 Portfolio diversification Growth increasingly driven by energy and water infrastructure projects Portfolio growth 2022 2025 Δ % Projects 39 44 +13 Equity invested € 566 mn € 664 mn +17 Total project volume € 10.3 bn € 15.4 bn +50 Accelerated growth of PPP portfolio during current strategy period Transportation infrastructure Energy and water infrastructure Buildings / social infrastructure Why STRABAG is well positioned in concessions 30+ years of PPP and concessions experience Strong balance sheet with >30% equity ratio Integrated development, construction and operations capabilities Selective PPP expansion to increase recurring and long-term contracted income 1) Weighted average remaining life of the infrastructure and energy PPP portfolio, based on committed equity and shareholder loans ~ 19 years average remaining portfolio life1)
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Weilerbach US hospital One of the largest U.S. military hospitals outside the United States Germany 2022-2029 / general contractor ~ € 860 mn © HDR BUSINESS MIX Defence infrastructure spending as an additional catalyst 24 1) Potential annual spending under NATO's 1.5% infrastructure target; the target also includes resilience, cyber security, civilpreparedness and defence industrial capacity STRABAG defence-related portfolio 730 € mn Order backlog | 6M 2026 Potential annual spending based on NATO's 1.5% target1) | € bn 330 € mn Output volume | 2025 STRABAG capabilities in defence (selected examples) Military infrastructure • Airports and airfields • Roads and bridges • Logistics hubs Military buildings • Barracks & accommodations • Military hospitals • Training facilities 68 57 35 14 6 5 3 2 1 Germany United Kingdom Canada Poland Romania Czech Republic Hungary Slovakia Croatia Expected increase across STRABAG markets © STRABAG Military air base project One of Eastern Europe’s largest military air base projects CEE 2022-2027 | 3,500 m runway | 4.9 mn m3 earthworks Military infrastructure Military buildings
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BUSINESS MIX 25 Advancing Strategy 2030 through selective M&A (1/2) Georgiou 03/2025 Van Elle 06/2026 Output volume Employees € 600 mn 850 Activities Construction and infrastructure group across Australia Establishing a scaled platform in Australia Output volume Employees € 150 mn 600 Activities Leading ground and geotechnical engineering specialist in the UK Strengthening local presence in the UK Stumpp 04/2026 Output volume Employees € 90 mn 300 Activities Road and civil engineering specialist in Southern Germany Strengthening execution capacity in Germany ZABERD 04/2025 Output volume Employees € 70 mn 300 Activities Leading road maintenance provider managing ~2,500 km of roads Market leadership in Polish road maintenance GeographyGeography Mobility Mobility © Georgiou Group © HS2 Ltd © STRABAG © STRABAG
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BUSINESS MIX 26 Advancing Strategy 2030 through selective M&A (2/2) Output volume Employees € 60 mn 240 Activities Established provider in railway construction and maintenance Strengthened rail market position in SEE Output volume Employees € 300 mn 550 Activities Full-service water infrastructure provider with international reach WTE completes water infrastructure value chain Output volume Employees € 200 mn 1,100 Activities Six MEP acquisitions strengthening building solutions platform Building an integrated building solutions provider BAWI Closing expected: H2/2026 WTE 03/2026 Energy & Water Building Decarbonisation MEP acquisitions 2023–2026 Mobility © STRABAG ©WTE Group © STRABAG Output volume Employees € 70 mn 400 Activities Established provider in road, bridge and pipeline construction Broadens infrastructure capabilities in Romania Daroconstruct Closing expected: H2/2026 Mobility © STRABAG SEE: Southeast Europe
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27 Depth of value creation © John Zammit, Absolute Photography
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Key Point Construction materials production A network of > 550 production sites Planning & design > 1,100 engineers in a centralised design hub Development > 650 completed real estate developments > € 600 mn equity invested in PPP projects Building operations One-stop shop for building decarbonisation Reconstruction, conversion & refurbishment Unique service portfolio through BESTAND BEYOND Demolition & recycling Shaping circularity through Circular Construction & Technology Centres Core business construction Leading construction operations across CEE Infrastructure, building construction, tunnelling 14,000 construction projects globally Fully vertically integrated value chain 28
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DEPTH OF VALUE CREATION Self-delivery model creates capacity and resilience 29 1) Acquisition cost of construction machinery, equipment, containers and vehicles People High share of internal workforce Materials Own materials production Machinery Large owned asset base ~ 90,000 EMPLOYEES ~ 70% OWN WORKERS IN INFRASTRUCTURE > 80% OF ASPHALT PRODUCED IN-HOUSE > 550 MATERIALS PRODUCTION FACILITIES > 300,000 MACHINES, EQUIPMENT & VEHICLES > € 5.5 bn ACQUISITION COST1) © HS2 Ltd © STRABAG © STRABAG
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DEPTH OF VALUE CREATION 30 From capabilities to competitive advantage Self-delivery model Greater control over project delivery Competitive advantage Own workforce ~70% self- performed delivery in infrastructure Own materials production Own machinery Risk Capacity Scheduling QualityCost Reduced subcontractor dependency Greater supply chain resilience Higher capacity availability Controlling a larger share of the value chain supports more resilient profitability through the cycle Greater control Better execution Better risk management More resilient margins > > 1 2 3 1 2 3
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DEPTH OF VALUE CREATION Securing talent through a four-pillar strategy 31 Employer attractiveness • Kununu Top Company 2026: STRABAG among top 5% of employers • Strong employer positioning across core markets Training & development • In-house training centres in Germany and Austria • German training centre doubled in size in 2025 Targeted M&A • Regional bolt-on acquisitions to secure skilled workers • Seamless integration into local organisations Mobility & international recruitment • Cross-border assignments • Pilot programme in non-EU countries to train and integrate internationals in core markets Training Centre Camp[us] Ybbs, Austria Training Centre Bebra, Germany across STRABAG training centres up to 1,000 trainees per year © STRABAG © STRABAG
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32 Technology leadership © STRABAG
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TECHNOLOGY Focus on technology-driven construction 33 Technology Core Data Science Hub | GIS & STRABAG.Maps Tools & Methods AI & Predictive Engineering Processes & Automation Industrial Construction Green Tech & Circular Materials • BIM 5D® • Generative Design • Data-Driven Risk Analysis • AI Agents • LEAN Construction • Construction Robotics & IoT • 3D Printing & Laser Scanning • Drones • Industrial Prefabrication • Serial Timber-Hybrid Construction • Modular Construction • Circular Construction • Asphalt Recycling • Low-Carbon Concrete Business Models Technology as a driver of Productivity Scalability Execution © STRABAG
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TECHNOLOGY We are transforming construction into a data-driven industry 34 STRABAG connects all levels: the prerequisite for scalable AI BIM 5D® digital asset WHAT is built? GIS digital context WHERE is it built? Holistic database Digital twin HOW will it behave? 1 2 3 BIM 5D® extends the 3D building model to include time and cost data. Our standard enables particularly efficient translation between different BIM standards. GIS adds the real- world spatial context to models and integrates additional environmental data such as lighting, neighbourhood or land conditions. Digital twins link data and enable the simulation of an objects’ properties, states and behaviour. They form the basis for smart services and the effective use of AI. 4 AI as the basis for automated design planning, administrative planning processes, (semi-)automated construction, circular economy and resource efficiency. Automation, simulation, optimisation, predictions IoT sensor data BIM 5D® 1 Digital twins 3 GIS 2 AI 4
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TECHNOLOGY Applying AI across the construction value chain 35 BUILDING OPERATIONS | DIGITAL TWINS | HEALTH & SAFETY | CALCULATIONS | PROJECT-RELATED RISK MANAGEMENT PLANNING | RECYCLING | SMART CONSTRUCTION MACHINERY | SMART CONSTRUCTION SITE | SUSTAINABLE CONSTRUCTION AI applications across the construction value chain Project-related risk management Early identification of project risks • Identifies critical project patterns • ~70% flop detection rate Generative design Hundreds of design alternatives in minutes • Reduced planning time and effort • Lower costs and resource consumption Planning Execution © STRABAG © STRABAG
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TECHNOLOGY Pilot technologies enhancing construction productivity 36 requires only two instead of five or six employees up to 2x faster wall construction control of multiple cranes by single operator Semi-autonomous road paver 3D concrete printer Semi-autonomous crane control Autonomy Robotics Remote © STRABAG © CrossTalent © Martin Červeňanský/ STRABAG 2x
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TECHNOLOGY 37 10 million missing housing units > 2 million homes needed p.a. 53% house price inflation 2015-2024 Industrial construction addressing Europe’s housing shortage Challenges in European housing STRABAG solution Benefits Up to 40% faster From € 1,950/sqm1) Up to 50% lower CO2 > 1) TETRIQX comprising 7 storeys. Excludes: planning and design, basement levels, extensive external works, parking structure,special foundation measures and central MEP plant; m² rate calculated on the basis of weighted NFA. 2) Based on a 50-year assessment period, with a maximum total Global Warming Potential (GWP) of 5-7 kg CO2e per m2 of net floor area (NFA) per annum. 2 industrial prefabrication facilities | 70+ years of prefabrication expertise © STRABAG © Ed. ZüblinAG 2) Mischek Systembau, Gerasdorf (Vienna) / Austria ZÜBLIN Timber, Aichach / Germany
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38 TECHNOLOGY Proven across housing and non-residential applications Applicable across a wide range of building types beyond residential construction Military Facility Mannheim Elias Schrenk Care Home Tuttlingen Student Residence Potsdam Rosenfelder Ring Primary School Berlin Residential Building Am Alten Weinberg Friedrichshafen Residential Building Joseph-Stiftung Bayreuth prefabrication project pipeline~ € 200 mn © Steffen Spitzner © Rehaag/ Udodow © Ed. ZÜBLIN © Steffen Spitzner © Ed. ZÜBLIN © fangpunkt.de
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39 The right countries. The right growth markets. Extensive in-house capabilities. Technology leadership. Positioned for structural growth. © nblxer/stock.adobe.com
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STRABAG – positioned to capture structural growth 40 Exposure to investment-driven markets Exposure to structural megatrends € 500 bn Infrastructure fund € 32 bn Rail & road infrastructure programmes1) € 180 bn EU cohesion funding in CEE core markets2) £ 104 bn Water infrastructure programme A$ 400 bn Transport & energy pipeline3) 1.5% NATO infrastructure spending target4) Infrastructure supercycle Energy transition Water security Digitalisation, data sovereignty & AI Decarbonisation Defence readiness Machinery Large owned asset base Technology Technology-driven execution People High share of internal workforce Materials Own materials production at the intersection of markets, megatrends and capabilities Capability to deliver 1) ÖBB Framework Plan and ASFINAG investment programme | 2) PL, CZ, SK, HU, HR, RO | 3) Based on data from Infrastructure Partnerships Australia | 4) NATO resilience & infrastructure spending target of up to 1.5% of GDP
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GROWTH MARKET Mobility Infrastructure Peter Hübner Managing Director Infrastructure Germany
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42 Transport networks in mature markets are ageing – while in CEE, many still require major expansion. Demand for sustainable, safe and smart mobility infrastructure is accelerating. Mobility Infrastructure © STRABAG
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MOBILITY INFRASTRUCTURE Multiple growth drivers fuel infrastructure supercycle 43 © Angelika Warmuth Modernisation backlog and replacement needs 1 Investment programmes2 Technology and renewable mobility transformation 3 Regulations and political objectives 4 © STRABAG © STRABAG © STRABAG
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MOBILITY INFRASTRUCTURE German special fund elevates investments 44 ⌀ p.a. € 21 bn ⌀ p.a. € 34 bn1) German federal investments in rail, roads and waterways | € bn 1) Midpoint of German government’s 2025–2029 investment guidance (€166–169bn) +63% +26% 2025-20292020-2024 1.4 16.2 9.6 1.5 21.9 11.0 2026e2024 € 27.2 bn € 34.4 bn Waterways Railways Roads Acceleration of planning and approval processes as a prerequisite Increased use of alternative contract models such as functional tenders, package tenders, Integrated Project Delivery (IPD) Digitalisation of approval processes is underway but takes time Standardisation rather than individual planning Replacement construction rather than refurbishment debates Easing administrative and regulatory obstacles >
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MOBILITY INFRASTRUCTURE Germany is our most integrated market 45 Ideally positioned for German infrastructure offensive Coming from a position of strength Market leader in Germany Nationwide presence Ability to build projects of almost any type and size High share of own workforce (90% in German infrastructure), materials and machines Materials production Design Development Operations Maintenance Demolition & recycling Construction Vertically integrated business model
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MOBILITY INFRASTRUCTURE Significant investment needs in Germany 46 12.4 (6M 2026) 44%Railways 38% Roads 11% Bridges 7%Waterways STRABAG Group order backlog in mobility infrastructure | € bn STRABAG operates exactly in those markets where investment need is highest © ASFINAG © Wasserstraßen-Neubauamt Aschaffenburg (WNA) ~ 17,500 kilometres of rail need to be renewed ~ 25,000 kilometres of roads are in poor condition ~ 16,000 bridges are in need of repair 43% of locks are in inadequate condition 60% 40% New build Maintenance © STRABAG © STRABAG
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MOBILITY INFRASTRUCTURE Major landmark projects across all segments 47 © Deutsche Bahn AG / Oliver Lang © DB PSU © A49 Autobahngesellschaft © DB Netz / Ramboll © DEGES © Wasserstraßen-Neubauamt Aschaffenburg 1 278 km rail corridor overhaul under full closure 2 11 km rail tunnel delivered under IPD model 3 Design-build-operate PPP contract for the A49 motorway gap closure 4 Alliance contract for a key Scandinavian– Mediterranean Corridor link 5 Replacement of a 900 m viaduct on Germany’s longest motorway (A7) 6 Construction of replacement locks during ongoing operations Hamburg–Berlin Rail Corridor Overhaul A49 Motorway Uttrichshausen Viaduct Pfaffensteig Tunnel Fehmarn Sound Crossing Kriegenbrunn and Erlangen Locks 1 3 5 2 4 6
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MOBILITY INFRASTRUCTURE We deliver innovative and sustainable infrastructure solutions 48 Transverse shift of Rinsdorf motorway bridge DGNB-certified Enztal crossing construction site Modular bridge construction on the A1 corridor © Autobahn Westfalen © Autobahn GmbH NiederlassungSüdwest © verflimmert InnovationSustainabilityInnovation
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Germany is set to become Europe’s biggest construction site And we are ideally positioned to play a leading role in shaping the upcoming infrastructure modernisation offensive © Autobahn Westfalen
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GROWTH MARKET Energy & Water Infrastructure Christian Sadleder Managing Director Energy Infrastructure
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51 Europe’s water and power systems face major challenges. Nearly 25% of drinking water is lost to leaks, while grids race to support the clean energy shift. Strong public funding is driving growth, fuelled by electrification, infrastructure renewal and climate adaptation. Energy & Water Infrastructure © STRABAG
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ENERGY & WATER INFRASTRUCTURE Growth drivers elevate demand for energy and water infrastructure 52 Energy transition, demand for renewables and grids 1 Water scarcity and ageing water networks2 Regulations driving infrastructure investment3 © Benjamin Wald © Benjamin Wald © nblxer/stock.adobe.com European power grids require € 584 bn investments by 2030
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ENERGY & WATER INFRASTRUCTURE WTE acquisition: Creating a full-service water provider 53 Strong combined growth platform A leading force in water infrastructure across CEE ~900 employees ~ € 400 mn annual output Stronger CEE market position Project market presence Expanded market footprint Additional international exposure Fully integrated across water value chain Value chain coverage Limited / partial capability Strong capability Pre-WTE Construction Commissioning Building Operations Post-WTE Additional presence in the Middle East, Africa and Asia Project Development Design & Engineering incl. 600 from WTE incl. 300 mn from WTE STRABAG water (pre-WTE) WTE
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ENERGY & WATER INFRASTRUCTURE Strong player across the water lifecycle Stronger position with utilities and public sector clients WATER COLLECTION WATER TREATMENT Incl. storage, desalination WATER DISTRIBUTION Pipeline network, pumping stations WATER USE Municipalities, industry, agriculture WASTEWATER COLLECTION Sewer systems, pumping stations WASTEWATER & SLUDGE TREATMENT Mechanical, biological, chemical WATER REUSE Irrigation, industrial reuse, process water WATER RETURN Integrated solutions for the entire water lifecycle 54 Leading integrated water infrastructure platform in CEE One-stop shop across the full lifecycle Unique water platform created through WTE Digital monitoring and optimisation solutions
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ENERGY & WATER INFRASTRUCTURE Integrated flagship projects in the water sector 55 Umm al Hayman WWTP One of the world’s largest wastewater treatment projects Divulje WWTP & Jadro WTP Part of major Croatian water utility programme PE = measure used in wastewater engineering to express the wastewater load produced by one person; WWTP = wastewater treatment plant; WTP = water treatment plant; EPC = engineering, procurement and construction; JV = joint venture Significant group-wide impact across delivered projects Divulje / Split, Croatia Population equivalent (PE): 100,000 Under construction (2024-2028) Planning, construction, trial operation (Jadro) Kuwait Population equivalent (PE): 1,725,000 EPC, 25 years operation and maintenance Sewage & water treatment Wastewater treatment 1.0 million m3/day Drinking water produced ~10 million people Supplied with drinking water 11.0 million m3/day Wastewater treated © STRABAG © WTE
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ENERGY & WATER INFRASTRUCTURE Landmark projects across the energy value chain 56 © Benjamin Wald Renewable energy generation Solar, wind and thermal energy, green hydrogen 1 Energy transmission Distribution networks, pipelines, grids 2 Battery and storage 3 Operations and modernisation XXL photovoltaic park Austria Lomas de Taltal & Horizonte wind farms | Chile One of Europe’s largest electrolysis plants | Austria SuedLink & SuedOstLink electricity corridors | Germany Dradenau district heating Hamburg | Germany Battery storage for Deutsche Telekom | Germany 1 1 1 2 2 3 © phonlamaiphoto/stock.adobe.com © STRABAG/Siemens Energy© STRABAG © STRABAG© STRABAG
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57 Building the world’s largest river-source heat pump 165 MW for 40,000 households: we are accelerating the transition to low-carbon district heating © MVV DEMannheim heat pump
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ENERGY & WATER INFRASTRUCTURE Building our own portfolio of renewable energy assets 58 Own renewable energy asset pipeline 414 MWac Development1) 9.9 MWac (under construction) Franconium PV portfolio Portfolio focus areas Solar power (PV) Wind energy Energy storage Green hydrogen & biomethane Geothermal energy © STRABAG Energy-Invest © STRABAG Energy-Invest Germany 20.5 MWac in operation Fotósfera Solar farm Colombia 9.9 MWac under construction Beyond delivering energy infrastructure for clients, STRABAG is building its own portfolio of renewable energy assets with long-term value creation and recurring cash flow potential 26.3 MWac / 50 GWh p.a. (in operation) Ground-mounted PV plant Ground-mounted PV plant Leveraging STRABAG’s strengths Investment and development Design and construction (EPC) Strong balance sheet 1) Development pipeline includes projects with partial and secured land access and grid connection process initiated or secured.
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ENERGY & WATER INFRASTRUCTURE Growth reflected in order backlog 59 Order backlog in energy & water infrastructure | € bn 2022 2023 2024 2025 6M 2026 1.1 1.3 2.5 5.8 6.7 Transforming into an integrated infrastructure and service provider Full lifecycle capabilities from development and EPC to operations Further growth organically and through targeted M&A CAGR +68%
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The energy transition and water scarcity are among the key challenges of our time With our integrated services, we offer a one-stop solution for energy and water infrastructure – from planning to implementation © STRABAG
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GROWTH MARKET High-Tech Facilities Markus Landgraf Managing Director Building Construction and Civil Engineering Germany & Scandinavia
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62 High-tech industries demand speed, precision and reliability. STRABAG has the expertise and capacity to deliver. Strong public support is driving growth, fuelled by reshoring, data expansion and sustainability requirements. High-Tech Facilities AI generated
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HIGH -TECH FACILITIES Multiple growth drivers elevate demand for high-tech facilities 63 © Franz Brück © PixaMint/stock.adobe.com Digitalisation, AI and exponential data growth Geopolitics, resilience and reshoring Healthcare needs and demographic change1 2 3 © STRABAG
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HIGH -TECH FACILITIES AI is creating an infrastructure ecosystem 64 © Romolo Tavani/stock.adobe.com The visible tip The hidden mass Data centres Compute capacity for AI and high- performance workloads Enabling infrastructure and ecosystems that make AI possible Positioned to build both the compute core and the broader infrastructure ecosystem enabling Europe’s AI ambitions: AI innovation ecosystems AI campuses, research centres, labs, universities, innovation hubs Technology supply chain & industrial base semiconductor fabs, advanced manufacturing facilities Power & energy infrastructure grids, substations, (renewable) power generation, battery storage Water infrastructure water supply, water treatment
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HIGH -TECH FACILITIES Building for the world’s leading chip manufacturers 65 STRABAG projects in Europe’s leading semiconductor clusters1) 1) Projects delivered and under construction The semiconductor market is driven by long-term investments Growth is supported by sustained private capital expenditure and the EU Chips Act ~ € 1 bn Projects delivered & under execution ~ € 0.5 bn output/year Mega fab under construction Fast time-to-market as the decisive skill Dresden Silicon Saxony Leoben Silicon AlpsVillach Proven market position Established leader in the DACH region Proven track record: ~ 10 years experience Mega fab execution capability in short time-to-market BIM & digital capabilities for complex project delivery © STRABAG
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HIGH -TECH FACILITIES Delivering data centres and AI facilities 66 AI investment tailwinds 1) Source: McKinsey & Company, The role of power in unlocking the European AI revolution (24 Oct. 2024) | DC = data centre ©railwayfx/stock.adobe.com The market for AI infrastructure is growing rapidly The need for computing power is driving investments in data centres, AI campuses and research facilities Estimated European data centre demand1) | GW 3.5 x European demand growth (2024-2030) 35 GW 10 GW2024 2030 Hyperscaler AI investment cycle € 200 bn InvestAI initiative >€ 90 bn Horizon Europe National Data Centre Strategy STRABAG is well positioned 15+ data centres delivered in Germany, Austria and Poland Core-and-shell and turnkey projects Building in-house MEP & execution capabilities Data centre operations & lifecycle services via STRABAG PFS >130 MW of DC capacity built
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67 Building Europe’s largest AI ecosystem in Heilbronn STRABAG is delivering Phase 1 of the IPAI campus, a leading European hub for AI research, innovation and industry © IPAI/MVRDV DEIPAI Campus
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HIGH -TECH FACILITIES Advanced manufacturing facilities Building for leading manufacturers across strategic industries 68 Automotive & Mobility1 Aerospace & Defence2 Pharma & MedTech3 Chemicals & Advanced Materials4 Energy & Industrial Solutions5 Metals & Industrial Manufacturing6 Trusted by global and local industry leaders Proven track record across growth industries Best-in-class time-to-market
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69 Building Mercedes-Benz’s most advanced production facility A benchmark for digitalised, flexible and sustainable automotive manufacturing © Mercedes-Benz Group AG DEMercedes Factory 56
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HIGH -TECH FACILITIES Trusted partner for healthcare and laboratory facilities 70 © HDR Why STRABAG is differentiated © HENN 1) includes construction-related and non-construction-related investment volumes | ECI = early contractor involvement Planning & engineering ZENTRALE TECHNIK Project delivery & execution CONSTRUCTION Complementary capabilities Germany is entering a new hospital investment cycle DE ~ € 50 bn Hospital Transformation Fund1) Krankenhaustransformationsfonds (KHTF) New-build projects to come to the market in the next 10 to 15 years ~ 300 Dedicated in-house competence centre Central engineering (Zentrale Technik) supporting complex healthcare projects Turnkey project delivery solutions Proven experience in collaborative delivery models and ECI Laboratories Hospitals ZISMed Kiel Germany 2024-2027 / general contractor ~€ 100 mn Weilerbach US hospital Germany 2022-2029 / general contractor ~€ 860 mn
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HIGH -TECH FACILITIES Broad exposure across high-growth high-tech markets 71 © IPAI / MCRDV© HENN © Franz Brück © PixaMint/stock.adobe.com© Mercedes-Benz Group AG Delivery of highly complex facilities Central Engineering (ZentraleTechnik) & in- house MEP capabilities BIM & digital engineering expertise Fast-track execution Semiconductor fabs Data centres AI facilities Advanced manufacturing Healthcare & life sciences Labs & innovation hubs Lifecycle services via STRABAG PFS
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Technology leadership is a key pillar of Strategy 2030 We deliver complex facilities for semiconductors, data, advanced manufacturing and healthcare
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GROWTH MARKET Building Decarbonisation Marion Henschel Managing Director Building Solutions
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74 Buildings are key to climate goals but largely outdated. STRABAG transforms them through integrated FM and MEP solutions in line with its Strategy 2030. Public funding is driving growth, fuelled by high emissions, regulatory pressure and the push to double renovation rates by 2030. Building Decarbonisation © STRABAG FM = facility management
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BUILDING DECARBONISATION Structural trends driving investment in building decarbonisation 75 © STRABAG Energy-Invest © Raiffeisen, Toni Rappersberger EU climate targets1 Regulations Energy Performance of Buildings Directive Energy prices and security of supply CO2 pricing and economic viability 2 3 4 © STRABAG © STRABAG
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BUILDING DECARBONISATION 76 Age composition of housing stock | % 23% 40% EU CO2 emissions by sector 8 12 11 16 28 20 27 14 13 16 26 22 8 11 9 14 19 20 19 12 15 12 12 13 18 17 9 11 11 13 11 18 28 75 12 14 14 20 20 12 AT CZ PL LUX EU27DE <1945 1946-1969 1970-1979 1980-1989 1990-1999 2000-2010 2011-now Sources: IEA; European Commission: EU Building Database; European “Fit for 55” package Other Transport Buildings Residential buildings 17% Non-residential buildings Building construction industry 10% 10% Building decarbonisation – a major European refurbishment market ~70% of buildings in the EU were built before 1990, and most will still be in use in 2050 Renovation rates must more than double to meet EU climate targets Buildings account for ~37% of energy-related CO2 emissions while large parts of Europe’s building stock were built before modern energy-efficiency standards ~37% of energy-related CO2 emissions stem from the buildings sector 37% Pre-1990 building stock
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BUILDING DECARBONISATION Building Solutions: Addressing every stage of a building’s lifecycle 77 By combining FM and MEP solutions, we are evolving into long-term transformation partner More providers cause fragmented delivery Fragmented asset lifecycle market Development Planning consultants Construction Construction companies Operation Facility Management companies Optimisation MEP service providers Development Construction Operation Recycling STRABAG offers fully integrated solutions One partner across the lifecycle Business model with recurring revenues The STRABAG approach Strategy Development Construction Operation Optimisation Facility managers are the first point of contact for building owners seeking energy and MEP upgrades Clients prefer a single point of contact
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BUILDING DECARBONISATION 78 Few companies can deliver building decarbonisation across the full lifecycle Facility Management Capabilities MEP Capabilities Construction Capabilities Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Assessment based on publicly available information and STRABAG analysis of selected European construction, MEP and facility management providers. Construction + MEP + FM under one roof Selected European peers
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BUILDING DECARBONISATION 79 eco2state navigator: Driving data-based building decarbonisation BMS = building management system Accelerating decarbonisation through data Digital twin combining building, BMS and sensor data AI-driven optimisation to fine-tune room conditions in real-time Automatic generation of cost- benefit analyses, CO2 accounting and ESG reporting Identification of potential energy savings
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BUILDING DECARBONISATION 80 Strong growth in structural refurbishment and building solutions Order backlog in structural building refurbishment1) | € bn 1) Bauen im Bestand (reconstruction, conversion and refurbishment) Order backlog in building solutions (FM & MEP) | € bn 2022 6M 2026 1.0 2.4 2022 6M 2026 0.7 1.1 Building decarbonisation becoming a material business Further growth organically and through targeted M&A CAGR +29% CAGR +15%
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Integrated building decarbonisation at our Stuttgart headquarters When it comes to decarbonising buildings, we start with ourselves INTEGRATED Structural + energy- efficient refurbishment Building operations CERTIFIED DGNB Platinum QNG Premium DIGITAL generative design BIM & GIS SUSTAINABLE Rooftop PV Heat pumps Battery storage Sustainable materials DEZ2 Stuttgart © Ed. ZüblinAG
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82 ©railwayfx/stock.adobe.com We manage around 500,000 m² of data centre space We demonstrate, through a practical example, how energy optimisation potential can be realised in mission-critical digital infrastructure: ENERGY-EFFICIENT PUE (power usage effectiveness) reduced from 1.58 to 1.43 SUSTAINABLE >16,500 t CO2 saved Electricity consumption reduced from 75 GWh to 52 GWh CONTINUOUS Optimisation during ongoing operations TECH-DRIVEN (Re)cooling units UPS systems INTData centre operations ©railwayfx/stock.adobe.com UPS = uninterruptible power supply
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Without decarbonising the building sector, Europe will not achieve its climate targets We provide a complete end-to-end solution from a single source – from structural and energy-efficient refurbishment to sustainable building operations © STRABAG, Marko Kovic
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Financial Update Stefan Kratochwill CEO
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FINANCIAL UPDATE Growth strategy backed by financial strength 85 € 23 bn OUTPUT VOLUME 2026e 2022: € 17.7 bn +30% € 36.0 bn ORDER BACKLOG 6M 2026 2022: 23.7 bn +52% 35.9% EQUITY RATIO 2025 2022: 31.7% € 3.5 bn NET CASH POSITION 2025 2022: € 1.9 bn Organic & External Growth Financial Strength +4.2 pp +1.6 bn close to 2026 guidance raised
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FINANCIAL UPDATE Maintaining financial strength remains a strategic priority 86 © STRABAG FINANCIAL STRATEGY Margin over volume Strong balance sheet Cash flow focus Disciplined capital allocation Active project risk management Operational excellence
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FINANCIAL UPDATE STRABAG consistently converts earnings into cash 87 EBIT vs. Operating cash flow | € mn 1) Cash conversion = operating cash flow / EBIT | OCF = operating cash flow 706 880 1.062 1.247 813 1.817 1.387 1.803 2022 2023 2024 2025 EBIT OCF EBIT | Σ 2022-2025 € 3.9 bn OPERATING CASH FLOW | Σ 2022-2025 € 5.8 bn CASH CONVERSION | avg. 2022-2025 ~150% ~150% Avg. EBIT-to-cash conversion1) (2022-2025) Supporting STRABAG’s strong net cash position Cash conversion above 100% in every year since 2022
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FINANCIAL UPDATE Industry-leading balance sheet provides stability and flexibility 88 1) Peer group: 12 largest European construction groups by 2025 revenue | Net cash (+), net debt (-) Strong financial flexibility enables investments independent of capital market conditions Equity ratio | % 2022 2025 Industry avg. 20251) 31.7% 35.9% ~23% EQUITY RATIO: STRABAG #2 in Europe1) € 4,025 mn € 5,684 mn Net cash position | € mn 2022 2025 Industry avg. net debt 20251) 1,927.7 3,518.3 ~ -2,500.0 NET CASH: STRABAG #1 in Europe1) +4.2 pp +1.6 bn Financial strength as a competitive advantage Self-funded growth and M&A under Strategy 2030 Ability to pre-finance large-scale and megaprojects Equity participation in PPP and concession projects
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FINANCIAL UPDATE Disciplined capital allocation focused on value creation 89 CAPEX in % of sales (period aggregate): 2013-2022 2023-2030e 2013-2030e 3% 5–6% 4% Total CAPEX (cash flow from investing activities) Shareholder return PPE = property, plant and equipment | ROCE = return on capital employed 2026: ≤ € 1,500 mn until 2030: ≥ € 1,000 mn each Maintenance CAPEX ~ € 600 mn Purchase of PPE and intangible assets incl. proceeds from asset disposals Growth CAPEX ~ € 900 mn • M&A • PPP / Concessions • Renewable Assets • Hold Estate Supporting growth in core construction activities and selected long-term cash flow businesses Reliable dividend Dividend policy 30–50% of net income (after minorities) VALUE CREATION ROCE 9.2% (2022) 14.5% (2025) External growth part of Strategy 2030 2013–2022: Limited M&A activity, CAPEX at ~3% of sales Including Strategy 2030 investment cycle, CAPEX normalises towards long-term averages
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FINANCIAL UPDATE STRABAG’s financial strength in five dimensions 90 close to € 23 bn output volume (2026e) € 36 bn order backlog (6M 2026) 5.5–6% EBIT margin (2026e) Structural margin improvement ~150% average cash conversion (2022-2025) € 3.5 bn net cash position (2025) 35.9% equity ratio (2025) 14.5% ROCE (2025) Disciplined capital allocation supporting value creation STRABAG enters next phase of Strategy 2030 from a position of financial strength Growth Margins Cash conversion Balance sheet Capital allocation
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Market Outlook Stefan Kratochwill CEO
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GERMANY 92 Unique scale and market coverage in Germany Market leader Scaling a highly efficient and profitable model • ~40,000 employees • Nationwide presence • Dense materials network • Large-scale project delivery • Broad market coverage Competitive advantages • € 500 bn special fund for infrastructure (SVIK) • Defence infrastructure • Energy infrastructure • Building decarbonisation • High-tech / medical facilities Infrastructure tailwinds € 9,516 mn output volume 2025 € 16,821 mn order backlog 6M 2026 39,518 employees 6M 2026 STRABAG – uniquely positioned to play a leading role in Germany’s ongoing infrastructure modernisation drive Output volume1) | € bn STRABAG Peer 1 Peer 2 Peer 3 Peer 4 8.9 4.7 4.3 3.9 2.3 1) Market positions based on average output volume between 2022 and 2024 STRABAG-ZÜBLIN Germany © STRABAG
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2026 Federal core budget + Climate & Transformation Fund (KTF) + Special Infrastructure & Climate Fund (SVIK) GERMANY 93 Sources: Federal Ministry of Finance (Federal Budget 2024 & 2026), BAUINDUSTRIE. Other construction-related investments based onSTRABAG analysis; only programmes with a direct construction purpose or a predominantly construction-related primary purpose are included; mixed programmes are excluded; excluded mixed programmes amount to approx. € 38 bn in 2026 and may contain construction-related spending. Construction-related German federal investments | € bn Official transport investments combined with STRABAG analysis for other construction-related areas 2024 2026 Structural increase in public investment (1/2) ~ 25 27 ~ 40 34 52 +82% +42% 71 129 Other construction-related investments (STRABAG analysis) +61% Transport infrastructure (official) +26% Transportation infrastructure Energy infrastructure Healthcare & social infrastructure Education & childcare Housing Defence infrastructure Municipal infrastructure STRABAG is positioned across all major publicly funded construction markets Germany’s investment programme extends well beyond transport infrastructure 74 2024 Federal core budget
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CENTRAL & EASTERN EUROPE (CEE) 94 STRABAG #1 construction group in CEE • Top 3 positions across all CEE core markets • Long-standing market positions • Proven track record in infrastructure and building Leading positions Further strengthening STRABAG’s leadership in CEE • Local presence in CEE core markets • Strong local organisations and management teams • Full-service construction offering and materials network Local presence • EU-funded and national infrastructure programmes • Transportation infrastructure (road & rail) • Defence infrastructure • Energy & water infrastructure Infrastructure tailwinds € 4,810 mn output volume 2025 € 6,062 mn order backlog 6M 2026 20,388 employees 6M 2026 Well positioned to capture CEE’s infrastructure investment cycle through leading positions across six core markets 1) CEE core markets: PL, CZ, SK, HU, HR, RO STRABAG CEE1) © STRABAG
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CENTRAL & EASTERN EUROPE (CEE) 95 Source: European Commission – Cohesion Policy 2021-2027 country allocations 1) Certain programmes remain dependent on EU funding disbursement and implementation progress Maksymilianowo railway hub © PKP Polskie Linie Kolejkowe SA Brno–Přerov high-speed railway © Správa železnic Omiš bypass across the Cetina river © DalmacijaNews A3 motorway in Romania © STRABAG 76 31 22 22 13 9 Poland Romania Czech Republic Hungary1) Slovakia Croatia STRABAG references in selected EU co-funded projects EU-funded and national infrastructure investment Key growth drivers STRABAG’s CEE core markets among the largest beneficiaries of EU funding EU funding translates into large-scale national transport, energy and infrastructure programmes EU Cohesion Policy Allocations 2021–2027 (€ bn)
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UNITED KINGDOM 96 Establishing a broad regional footprint in the UK • Entered UK market in 2013 • Strong track record on megaprojects • Established client relationships Market access From tunnelling specialist to a full-scope UK contractor • Strategy 2030 growth market • Local organisation established in 2022 • Expanding across infrastructure, building and major projects • Developing regional presence Local platform • Broader project mix beyond megaprojects • Increased regional footprint • Organic growth • Selective M&A Growth strategy € 525 mn output volume 2025 € 4,476 mn order backlog 6M 2026 2,095 employees 6M 2026 Transforming STRABAG UK into a nationwide full-scope contractor STRABAG UK © STRABAG
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UNITED KINGDOM 97 Source: Euroconstruct Winter Forecast 2025 (UK) |Ofwat AMP8 | National Grid investment programme UK water works market | € mn UK energy works market | € mn 2.372 2.231 2.587 3.429 3.657 3.875 4.118 2022 2023 2024 2025 2026 2027 2028 13.003 17.508 21.656 25.856 27.680 29.974 32.833 2022 2023 2024 2025 2026 2027 2028 CAGR +6% CAGR +8% Energy and water infrastructure drive UK market growth Largest-ever UK water investment cycle Grid modernisation supports market growth Key growth drivers Energy infrastructure ~£60 bn National Grid investment programme (FY25–29) Water infrastructure £96–104 bn AMP8 investment programme (2025–30) – largest-ever UK water infrastructure investment cycle Transportation & major projects Major rail, tunnelling and transport investment pipeline across the UK
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AUSTRALIA 98 STRABAG’s growth strategy in Australia Georgiou contributes • Strong market access • Local client relationships • Established platform (1977) • Presence in NSW, QLD, WA and NT1) Local platform Georgiou + STRABAG = local excellence + global strength STRABAG contributes • Mining & tunnelling • Energy infrastructure • Technical and financial capacity for large projects • Technology & digitalisation STRABAG capabilities Value creation • Higher participation in JVs • Access to larger and more complex projects • Expansion into new sectors • Selective M&A Scale business € 581 mn output volume 2025 € 1,339 mn order backlog 6M 2026 896 employees 6M 2026 Transition from a leading Tier 2 to a Tier 1 contractor Georgiou Group © Georgiou Group 1) NSW = New South Wales; QLD = Queensland; WA = Western Australia; NT = Northern Territory
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AUSTRALIA 99 Source: Infrastructure Partnerships Australia, as of 22 June 2026 (approx.) | Pipeline includes projects in prospective, planning and procurement stages; awarded and delivered projects excluded 1) Water & Sewerage, Waste & Recycling, Social, Telecom, Other 22 24 10 60 151 67 79 12 14 9 NSW QLD WA 2 NT 185 105 98 62 Road | Rail | Other transportation Energy Other1) Australian investment pipeline | AU$ bn Positioned to benefit from Australia’s investment pipeline Georgiou active in three of Australia’s largest infrastructure markets Australia emerging as a renewable energy and green hydrogen hub Key growth drivers Mobility infrastructure > AU$ 50 bn road and rail investments (~ € 30 bn) Energy infrastructure > AU$ 300 bn renewable energy investment pipeline (~ € 180 bn) Brisbane 2032 Olympic & Paralympic Games Major infrastructure programme (to 2032)
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Group Outlook Stefan Kratochwill CEO
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GROUP OUTLOOK Entering the next phase of Strategy 2030 101 Output volume EBIT margin Equity ratio Dividend payout ratio S&P Rating 1) 2026 guidance | 2) FY2025 | 3) Current rating as of August 2026 2030 target raised 2030 target raised 2022 17.7 4.2% 31.7% 43% BBB Today close to € 23 bn1) 5.5–6%1) 35.9%2) 37%2) BBB+3) Initial 2030 target ~ € 28 bn CAGR 6% | 2022-2030e 6% ≥ 25% 30–50% Maintain investment grade Updated 2030 target ~ € 30 bn CAGR 7% | 2022-2030e at least 6% through-the-cycle ≥ 25% 30–50% Maintain BBB+
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GROUP OUTLOOK 102 Building blocks supporting an EBIT margin of at least 6% 1) Higher share of mobility infrastructure, energy & water infrastructure, high-tech facilities and building decarbonisation projects At least 6% by 2030 is a through-the-cycle EBIT margin target, not a peak-year profitability level • Selective bidding / contract models • Data-driven risk analysis • Continuous project optimisation Risk Management • Cost discipline • Data & AI • Productivity improvements Operational Excellence • Depth of value creation • Geographic diversification • Scale benefits Country Portfolio • Growth markets1) • PPP concessions • Renewable assets Business Mix Margin Resilience Margin Expansion
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GROUP OUTLOOK 103 1) Based on statements contained in the RBI ad-hoc announcement dated 23 July 2026; any outcome remains subject to legal proceedings, enforcement actions and applicable sanctions regulations. Source: Raiffeisen Bank International AG ad-hoc announcement, 23 July 2026 (“RBI and AO Raiffeisenbank (Russia) to file a claim against Rasperia in Austria”) 2) The ongoing asset freeze in line with EU sanctions prohibits MKAO “Rasperia Trading Limited” from exercising all rights associated with its STRABAG SE shares. Current shareholder structure of STRABAG SE (August 2026) Potential resolution path for Rasperia shareholding July 2026 Raiffeisen Bank International AG (RBI) filed claim (~ € 3.15 bn) against Rasperia in Austria Potential enforcement against frozen Austrian assets of Rasperia, including 28.5 million STRABAG shares RBI expects proceeds from enforcement within 6–12 months1) Potential future changes in STRABAG's shareholder structure Haselsteiner Family Free float Treasury shares 20.0% 2.2% 27.0% UNIQA/ Raiffeisen Holding 26.7% MKAO “Rasperia Trading Limited”2) 24.1% 28.5 mn shares Market cap € 10.4 bn
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