Slides
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NOVEMBER 2025 ACS Investor Day Strategy Recap
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2 2 Our Data Center Business Model 2 Strategy Recap
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3 RECAP CMD 2024 | WE HAVE MADE GREAT PROGRESS IN THE 5 STRATEGIC PRIORITIES IDENTIFIED IN THE 2024 CMD, DELIVERING TANGIBLE RESULTS Top-line growth Margin expansion Operational Integration Sustainable cash- flows Long-term value Continue expanding our offering and building the infrastructure of the future by capturing high growth sector trends Expand our margins by delivering high-value services, with reinforced engineering capabilities, supply chain and systems Simplify and further integrate the Group to keep increasing synergies and cross-selling opportunities, and reduce costs Reinforce the stability and sustainability of cash-flows by evolving towards de-risked contracting models Ensure long-term value and growing dividends through an active management of our current asset portfolio and pipeline The Group has increased its backlog, mainly driven by high growth segments EBITDA margin increase Growing Net Operating Cash- Flow (23-24) Directing infrastructure equity investments into highly attractive areas such Simplified structure 3 2024 CMD RecapStrategy Recap & CMD Targets Backlog increase since CMD 2024 (2023) 6% 5.3% (9M 2025) +20% ~33% NOCF growth rate (23-24, excl. working capital variation) >60% Return to date since CMD 2024 €70M integration of operations, systems, corporate functions Centralization of core processes, strategy and communication
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4 RECAP CMD 2024 | IN THE CMD 2024, ACS DEFINED ITS KEY PRIORITIES ACROSS THE 3 MAIN BUSINESS LINES CMD TargetsStrategy Recap & CMD Targets Drive margin expansion (3.5% Turner PBT margin target by 2026) Sustain leadership in high-growth markets, driving Advanced Technology to represent 40% of the backlog in 2027 Engineering & ConstructionInfrastructureIntegrated Solutions Secure sustainable long-term annual dividends (e.g., through extensions) Reach €4.3Bn EBITDA by 2024 and €4.0Bn by 2033 Focus on strengthening position in core segments Invest in new growth vectors to develop next gen infra, reaching ~€11Bn equity value by 2030 with €4-5Bn investments Greenfield Brownfield Reached 3.4% Turner PBT margin as of Q3 '25 Turner EBITDA margin estimated at 3.9% by 2026, reaching 1.35B€ in 2026 Achieved >40% Advanced Tech. share in current backlog c.€18bn Equity value by 2030 with ~€4-5bn investments SR400 awarded in August 2024 €4.4Bn EBITDA by 2025E 2024 CMD Business objectives ACS progress to date >85% lower risk contracts at Group level E&C companies supporting Group's 55% of awards in growth segments (9M 2025) Raise the representation of low-risk collaborative contracts Strengthen positioning in high-growth markets leveraging cross-company collaboration CMD targets
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5 2023 2024 2025 est. CMD ’24 - Target for ’26 36 42 c.48 48+15% 2023 2024 CMD ’24 - yearly target ’24-’26 1.1 1.5 1.1-1.3 +33% 2023 2024 2025 est. CMD ’24 - Target for ’26 0.6 0.7 Up to 0.85 0.85-1 +14% RECAP CMD 2024 | WE ARE ON TRACK TO ACHIEVING OUR 2026 FINANCIAL TARGETS SET IN THE 2024 CMD Financial results and prior CMD targets 1. Adjusted for working capital variations Revenues (€Bn) ACS Backlog mix (€Bn) On track to achieve our 2026 target by this year 2025 6% 6% 12% 13% 5% 58% 16% 12% 13% 10% 44% 2% 3% Digital Infrastructure Energy Sustainable Mobility BHE & Social Infrastructure Critical Metals & Natural Resources Defense Transportation and General Building €74 Bn 2023 €89.3 Bn Q3 '25 Rapid growth of ACS Backlog, shifting towards high-growth segments driven by DCs, Pharma and Critical Minerals Ordinary Net Profit (€Bn) On track to achieve our 2026 target by this year 2025 Net OCF1 (€Bn) On track to achieve our €1.1-1.3B avg. target for 2024-2026 period 2024 CMD RecapStrategy Recap & CMD Targets
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6 6 RECAP CMD 2024 | OUR PERFORMANCE HAS ALLOWED US TO INCREASE SHARE PRICE AND CONSOLIDATED TOTAL SHAREHOLDER RETURN SINCE CMD Source: CapitalIQ, ACS Reports The ACS share price has Increased by 102% since the 2024 Capital Markets Day (April 17)… …Cumulative dividends paid in the period of total 3.5€ per share… ….Resulting in a total shareholder return of over 60% Strong growth and value creation expectation has pushed the share price to 77.80€ , notably above the 2024 CMD intrinsic value called out Total Shareholder return includes a minimum commitment of €2/share per year Profitability shows attractive remuneration to shareholders , strongly underpinning the Group's growth and market attractiveness ~3.5€/share >60% 30 40 50 60 70 80 01/24 07/24 01/25 07/25 01/26 ACS Share price 38.66€ CMD 17/4/24 CMD Intrinsic Value estimate 77.80€ Yesterday 13/11/25 •July '24: 1.56€/share •February '25: 0.45€/share •July '25: 1.56€/share 6 2024 CMD RecapsStrategy Recap & CMD Targets
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7 Our Vision OUR VISION | BE THE GLOBAL LEADER IN TODAY'S AND TOMORROW'S INFRASTRUCTURE AI, DIGITAL & TECH ENERGY (incl. nuclear) DEFENSE CRITICAL MINERALS TRANSPORTATION & SUST. MOBILITY BHE, SOCIAL & SUST. INFRASTRUCTURE GENERAL BUILDING OUR ROLE AS A LEADING END TO END SOLUTIONS PROVIDER CORE INFRA Strategy Recap & CMD Targets HIGH GROWTH OUR ROLE AS DEVELOPER & INVESTOR IN INFRA Transport (Greenfield/Brownfield) Digital and tech Energy, Industry and Natural Resources WE WILL DELIVER ON OUR PLANS SITTING ON A STRONG FINANCIAL POSITION AND SOLID OUTLOOK
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8 Our Vision OUR VISION | BE THE GLOBAL LEADER IN TODAY'S AND TOMORROW'S INFRASTRUCTURE AI, DIGITAL & TECH ENERGY (incl. nuclear) DEFENSE CRITICAL MINERALS TRANSPORTATION & SUST. MOBILITY BHE, SOCIAL & SUST. INFRASTRUCTURE GENERAL BUILDING OUR ROLE AS A LEADING END TO END SOLUTIONS PROVIDER CORE INFRA Strategy Recap & CMD Targets HIGH GROWTH OUR ROLE AS DEVELOPER & INVESTOR IN INFRA Transport (Greenfield/Brownfield) Digital and tech Energy, Industry and Natural Resources WE WILL DELIVER ON OUR PLANS SITTING ON A STRONG FINANCIAL POSITION AND SOLID OUTLOOK
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9 9 Continue being the partner of choice for hyperscalers as contractor Leveraging experience in clean rooms to grow in semiconductor fab build-out Develop AI-driven solutions to streamline internal operations & commercialize externally Maintain our leadership in traditional core infrastructure such as Transport, Social, Biotech, Healthcare or Education WE ARE REINFORCING OUR E2E OFFERING TO SECURE OUR LEADERSHIP ACROSS VERTICALS GROWTH VERTICALS Core Infra AI, Digital & Tech Capturing supply-demand gap in critical minerals mining & processing capabilities at global scale Critical Minerals Focus of today Delivery of critical energy infra to tackle growing energy demand (including transmission lines, energy sources – BESS, RES) Capturing growth in nuclear industry, positioning ACS as a global E2E leader in nuclear project delivery Energy (incl. Nuclear) Capturing defense infra expansion and modernization across Europe, US and ANZ, focusing on megaprojects Leveraging existing capabilities to service high- tech segments Defense E2E integrated solutions providerStrategy Recap & CMD Targets
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10 10 WE ARE ALREADY LEADERS IN DATA CENTERS AND HAVE THE CAPABILITIES TO WIN IN THE COMING INFRASTRUCTURE WAVES 10 E2E integrated solutions providerStrategy Recap & CMD Targets Reinforced E2E positioning Consolidate as E2E Integrated Solutions leaderFocus of today 2025 Value creation levers Development stage Digital & Tech - Data centers: Consolidate as partner of choice for hyperscalers Defense: Capturing defense infra expansion and modernization globally Critical minerals: Mining & processing E2E capabilities at global scale 2030 Digital & Tech - Semiconductors: Lead the semiconductor fab built-out Nuclear: Positioning as a E2E leader in nuclear and partner of choice for technology vendors
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11 11 CORE INFRA | WELL POSITIONED TO CAPTURE GROWTH IN OUR CORE INFRA MARKETS 2024 2030 1.9 2.6+5% 2024 2030 1.0 +3% 2024 2029 1.5 1.8+4% TRANSPORTATION & SUSTAINABLE MOBILITY BHE, SOCIAL & SUSTAINABLE INFRA GENERAL BUILDING Our core infra markets are consistently growing, boosted by demographic shifts Expected construction market size in ACS's footprint1 (€T, CAGR) ACS has strong local capabilities to grow in these sectors Core Infra capabilities enable the Group to have a strong footprint and local roots to be leveraged for growth verticals 1. APAC, Europe, and North America; Source: S&P Global Market Intelligence Core infraE2E integrated solutions providerStrategy Recap & CMD Targets ACS Backlog (€Bn) €26B backlog 2025 9M €12B backlog 2025 9M €14B backlog 2025 9M
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12 12 AI, DIGITAL & TECH | WE AIM TO ACHIEVE A LEADING POSITION ACROSS KEY LAYERS OF AI TECH STACK Artificial Intelligence Technology Stack: Algorithms that process data to generate analyses, predictions and content Solutions based on AI models ACS strategy: develop AI-based applications to optimize internal workflows and scale these solutions commercially to external infra and E&C players Integrated circuits that execute instructions and process data ACS Strategy: semiconductors fab buildout, enabling advanced processor manufacturing Physical infrastructure that provides computing capacity ACS strategy: expand global leadership in digital infra by combining OpCos' experience Infrastructures for computing, data processing and data management ACS strategy: Build a scalable cloud platform based on edge data center network Physical devices with the ability to analyze, automate and interact with its environment ACS strategy: build capabilities in cognitive robotics and mechatronics to drive innovation and proprietary tech development The Group's Digital & Tech business builds on its global leadership in data centers (hyperscalers & Edge) into cloud platforms and AI applications for infra/E&C — with robotics as a medium-term frontier The Group aims to grow and develop capabilitiesApplications & Agents Cloud infra services Models Semiconductors Data centers Robotics & intelligent hardware Deep dive in next slides AI, Digital & TechE2E integrated solutions providerStrategy Recap & CMD Targets The Group already has a strong and growing positioning
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13 AI, DIGITAL & TECH - SEMICONDUCTORS | ACS IS WELL POSITIONED TO CAPTURE GROWTH IN SEMICONDUCTORS WITH A PROVEN TRACK RECORD IN THE INDUSTRY MARKET: SEMIC. MARKET EXPECTED TO REACH >$900BN BY 2029 AT 6% ANNUAL GROWTH 2025F 2027F 2029F 733 Bn 852 Bn 924 Bn 6.0% ACS IS RANKED TOP 4 SEMIC. CONTRACTOR IN THE US WITH >20 TOP-TIER SEMICONDUCTOR FACILITY PROJECTS GLOBALLY (INCL. CLEANROOMS) Top-tier semiconductor factory in Malaysia Construction of an 860,000 sq. ft. factory with ISO 6 & 7 cleanrooms One of the largest semiconductor facilities in the US New semic. manufacturing facility, with +140,000 m2 of build area and ISO 5 cleanrooms Large-scale Battery Energy Storage System facility 275/33 kV substation, 280 Megapacks installed, and complete Electrical Balance of Plant systems Global semiconductor revenue by device category ($ bn) Others Analog & Discrete Optoelectronics Microcomponents Memory ASIC/ASSP Source: Gartner 3Q25 Forecast AI, Digital & TechE2E integrated solutions providerStrategy Recap & CMD Targets >20 top-tier projects semic. facilities developed (incl. cleanrooms) Semiconductors pipeline ($Bn) >$15Bn tendering projects • Silicon Wafer Production, Michigan • Lab and office renovation, Texas • Lab and Data hall, California • Applied Materials Buildings, California • Quantum Physics Lab, New Jersey • MIT Technology Facility, Massachusetts Cutting-edge semiconductor production facility Production of opto-mechanical precision components that are used in lithography systems
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14 14 AI, DIGITAL & TECH - DATA CENTERS | ACS GROUP AS GLOBAL LEADER IN DATA CENTER ENGINEERING AND CONSTRUCTION LANDSCAPE WITH EXTENSIVE EXPERIENCE ACROSS KEY GEOGRAPHIES ACS GROUP LEADING DATA CENTER WITH AN END- TO-END OFFERING ACS GROUP WITH GLOBAL PRESENCE AND EXPERIENCE IN DATA CENTER INDUSTRY THROUGH ITS GROUP COMPANIES DC Projects executed or under development Additional Pipeline Top 5 550 MW IT >3.6 GW IT APAC DC Contractor US Commissioned DC Projects in 2024 Top 1 7 GW IT +200 DC Projects executed or under development Additional Pipeline >2 GW IT >3 GW IT Engineering and Construction • Construction Mgmt.: global leader in DC delivery • Engineering: strengthened Group capabilities in Europe, APAC and Latam with Dornan, Maverick and Fleischman • Procurement: comprehensive supply chain solutions for DCs through SourceBlue > 9 GW IT Commissioned DC Capacity #1 Global DC Builder ESTABLISHED RELATIONSHIPS W/ HYPERSCALERS New Meta Data Center in Iowa €14.3B Backlog 9M 2025 in DC E&C business €20-25B 2030 revenue ambition in DC E2E business AI, Digital & TechE2E integrated solutions providerStrategy Recap & CMD Targets DC contractor in APAC
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15 15 AI, DIGITAL & TECH - ARTIFICIAL INTELLIGENCE |ACS IS EMBEDDING AI AT ITS CORE TO DELIVER GREATER VALUE AND BECOME A LEADING PLAYER IN INFRA AI, WITH 20+ SOLUTIONS ALREADY DEVELOPED ACS IS WELL POSITIONED TO RIDE THE AI WAVE IN INFRASTRUCTURE… …DEVELOPING AND DEPLOYING OUR OWN AI AGENTS AND SOLUTIONS ALONG THE INFRASTRUCTURE VALUE CHAIN TO ENHANCE AND COMMERCIALIZE OUR SERVICES Strong positioning of ACS Group… ~$ 7T AI cumulative impact on Global GDP 2025- 2035 +35% Expected CAGR of AI Market 2025-30 Large data generation across projects provides a strong edge for AI model training Scale enables the Group to operate as world's largest AI lab in infra E2E presence across value chain supports development of truly holistic AI infra solutions AI, Digital & TechE2E integrated solutions providerStrategy Recap & CMD Targets Non-Exhaustive Examples Additional 300+ AI Agents deployed along chain saving 100.000+ monthly work hours Group-wide Cats → Tender bids estimation ToBe Suite → 4D/5D digital-twin for planning Control Centre (ToBe Twin + Metrics AI) → Project performance & resources monitoring Minerva → Procurement workflow automation GeoSens → Geotechnical monitoring ensuring structural stability EDGITAL → Infra condition predictive maintenance Metrics AI → Cost savings, risks, and performance trends identification. Nexplore Concrete → Concrete ordering, tracking, and testing ESGSens → ESG data capture and reporting SensGrid → Sensor data integration for insightful design decisions DeliverEze → Logistics scheduling and tracking system Event Manager → Project events, variations, and risks management Sedgmetrix → Anomaly detection for predictive maintenance. SiteRover → Labour, plant, and material tracking Business Development & Tendering Project Management & Reporting Construction & Project Execution Concept & Value Engineering Operations & Maintenance Procurement & Sourcing
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16 16 DEFENSE | WE HAVE DELIVERED MULTIPLE DEFENSE PROJECTS THAT PROVE OUR CAPABILITIES TO SUPPORT GOVERNMENTS IN DEVELOPING THEIR DEFENSE INFRASTRUCTURE Total defense spend evolution - Focus markets (2025 -2035F, €B) MARKET: GOVERNMENTS' COMMITMENTS TO RAISE DEFENSE BUDGETS BEYOND €2T BY 2035 WE ARE ALREADY DELIVERING CRITICAL DEFENSE INFRASTRUCTURE PROJECTS TO CAPTURE THAT GROWTH Military Base Redevelopment, in Riverina, New South Wales Missile Transport Bridge in Vandenberg, California Multi-Mission Dry Dock for submarine maintenance in Pearl Harbor, Hawaii 36% 3% 61% EUROPE AMER AUS €2.6 Bn Defense backlog Fuel Infrastructure Management for Australian Defense Forces 553 829 35 2025 705 - 880 740 - 930 40 - 50 2030F 840 – 1,055 870 – 1,085 50 - 65 2035F 1,417 1,485 – 1,860 1,760 – 2,205+5% Europe USA ANZ €80B Annual addressable market in defense infra in 2030 across our main geographies €10B backlog ambition for 2030 Source: International Institute for Strategic Studies DefenseE2E integrated solutions providerStrategy Recap & CMD Targets 60+ projects with >8B executed projects delivered worldwide in the last decade Non-Kinetic Ops Facility, Offutt Air Force Base, Nebraska Airfield Upgrade in Learmonth, Western Australia National Guard Readiness Center in Virginia Barracks PPP in Munich, Bavaria Our Defense 2.0 strategy complements core defense infra (Defense 1.0) with high value technologies (digital twins, drones, automation,…) via partnerships and selective M&A
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17 CRITICAL MINERALS | THE GROUP IS POSITIONED AS A KEY PARTNER TO CAPTURE THE OPPORTUNITIES IN MINING & PROCESSING INTEGRATED SOLUTIONS 1. Including other mining activities such as coal Note: FX rate for AUD to EUR: 1.8; 1. From Phase I alone; Source: International Energy Agency Expected mining capital requirements by 2040 ($B) MARKET: $500B - $600B EXPECTED CAPITAL REQUIREMENTS BY 2040 WE HAVE THE CAPABILITIES AND EXPERIENCE TO POSITION ACS AS A LEADER IN THE CRITICAL MINERALS E2E EXTRACTION AND PROCESSING INDUSTRY Lithium de France 265 305 64 74 162 2119 Current policies 10 Announced policies 500 600 Copper Lithium Nickel Cobalt 83% 16% 2% 0% Australia Asia America Europe €9.2B 2025 Critical minerals and natural resources1 backlog >140 critical minerals projects executed since 2022 Mina de Barroso Lithium Vulcan Critical MineralsE2E integrated solutions providerStrategy Recap & CMD Targets Hindustan Zinc • Hell’s Kitchen LithiumCo • Solgold Copper • Latin Resources Lithium • E3 Lithium in Alberta • Kintavar Exploration Inc (Copper) • Copper Mountain Limited • Taseko (Copper) • NorZinc Ltd 17 • Evolution Mining Cobalt • Rio Tinto Aluminum • VSUN Energy Vanadium • BHP Nickel West Pty Ltd • Net Zero Mining Pty. Zinc • Element 25 Manganese • Aeris Resources Copper • Caravel Minerals Copper • Sedgman Prudentia Copper • Talison Greenbushes Lithium • Iluka Resources Lithium $2B annual revenue ambition 2030 purely from critical minerals (e.g., lithium, copper, nickel)
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18 18 ENERGY - NUCLEAR | BUILDING ON ACS LEGACY AND CAPABILITIES TO BECOME A TRUSTED GLOBAL DELIVERY PARTNER FOR NUCLEAR TECHNOLOGY VENDORS 330 209 5 4 0 100 200 300 400 500 600 16 12 41 15 8 121 577 Cumulated investment (€B) Long term (2025-2040) Mid term (2025-2030) US government - Westinghouse partnership: potential pipeline of ~€80B with 10 LSR sites could turn into mid-term opportunity LSR3 newbuild Fusion Front-/back-end SMR2 newbuild Decommis. Life extension MARKET: PIPELINE FOR NUCLEAR OPPORTUNITIES TO GROW EXPONENTIALLY ACS IS SET TO BUILD ON ITS ENGINEERING AND E2E CAPABILITIES TO CAPTURE DESIGN, CONSTRUCTION, LIFETIME EXTENSION, AND DISMANTLING OPPORTUNITIES >80 projects executed or under execution since 2022 El Cabril Involved in the extension of the radioactive waste facility RABS 1-3 Aging management and dismantling of the plant Olkiluoto 3 Involved in the construction management of 1.6GW plant EnergyE2E1 integrated solutions providerStrategy Recap & CMD Targets 1. End-to-end 2. Small Modular Reactor 3. Large-Scale reactors Source: World Nuclear Association (WNA), International Atomic Energy Agency (IAEA), World Nuclear News (WNN) Biblis A & B Aging management and dismantling of 2.5GW plant Temelin Nuclear Since 1999, we have been responsible for the operational maintenance Involved in construction / retrofitting /maintenance / dismantling of 3 out of 7 nuclear power plants in Spain Involved in development and delivery of 13 out of the 20 nuclear power plants in Germany CAREM-25 Design of steel containment liner of Argentina's first SMR Sellafield Design, engineering, and delivery of nuclear and civil works contract
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19 Our Vision OUR VISION | BE THE GLOBAL LEADER IN TODAY'S AND TOMORROW'S INFRASTRUCTURE AI, DIGITAL & TECH ENERGY (incl. nuclear) DEFENSE CRITICAL MINERALS TRANSPORTATION & SUST. MOBILITY BHE, SOCIAL & SUST. INFRASTRUCTURE GENERAL BUILDING OUR ROLE AS A LEADING END TO END SOLUTIONS PROVIDER CORE INFRA Strategy Recap & CMD Targets HIGH GROWTH OUR ROLE AS DEVELOPER & INVESTOR IN INFRA Transport (Greenfield/Brownfield) Digital and tech Energy, Industry and Natural Resources WE WILL DELIVER ON OUR PLANS SITTING ON A STRONG FINANCIAL POSITION AND SOLID OUTLOOK
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20 20 ACS Equity Injected Until 2030 ACS Equity Value 2030 Greenfield Core DC Edge DC Energy Demand Next Gen Mobility Critical Minerals GREENFIELD INFRA DEVELOPER | EXPANDING OUR ROLE AS INVESTOR AND DEVELOPER OF HIGH-RETURN ASSETS Energy, Industry, and Natural ResourcesDigital & TechTransport Build a solid portfolio with by 2030 through selective and strategic flagship projects Target to develop 3 GW DC Portfolio by 2030; already developing 1.7GW through platform with GIP Develop sustainable edge DCs (~30 Edge DCs by 2030), with Cloud services Develop SR 400 and 2 additional projects in the coming years, with a pipeline of 5 potential projects (I-285W, I-285E, I-24SE, I-495S, I-77S) Deploy integrated EV charging solutions across concessions and consolidate the growth of Glydways and Skyports RES projects currently underway; working to deploy BESS and PV solutions Investment in Next-gen infraStrategy Recap & CMD Targets Total € 1.2-1.8 B €1.5B €1-2B €2.2B €0.2B €1.4B €1-1.5B €0.3B €0.4B €0.4B Early Stage €3-4B €3.6B €3-5B €11.5B Not Included €2-3B €0.4B >€1B >€1B Early Stage € 3.5 -5.5 B €4.5B € 9-13 B €18B Today2024 CMD Not Included Higher ambition set for 2030 from 2024 CMD targets
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21 Our Vision OUR VISION | BE THE GLOBAL LEADER IN TODAY'S AND TOMORROW'S INFRASTRUCTURE AI, DIGITAL & TECH ENERGY (incl. nuclear) DEFENSE CRITICAL MINERALS TRANSPORTATION & SUST. MOBILITY BHE, SOCIAL & SUST. INFRASTRUCTURE GENERAL BUILDING OUR ROLE AS A LEADING END TO END SOLUTIONS PROVIDER CORE INFRA Strategy Recap & CMD Targets HIGH GROWTH OUR ROLE AS DEVELOPER & INVESTOR IN INFRA Transport (Greenfield/Brownfield) Digital and tech Energy, Industry and Natural Resources WE WILL DELIVER ON OUR PLANS SITTING ON A STRONG FINANCIAL POSITION AND SOLID OUTLOOK
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22 22 CASH FLOW GENERATION BALANCE SHEET POSITION FINANCIAL ROADMAP Robust financial position , comfortably installed in investment grade rating Debt EBITDA LTM CREDIT RATINGS (FFO -to-Debt) 2 26.4 2023 24.5 2024 25-30% 2025E-2027E NOCF generation – focus on fundamentals Risk and working capital management Operational integration: centralization of group- wide initiatives, simplification and homogenization of process and systems Disciplined capital allocation within our strict financial policy, rooted on shareholder remuneration and IG rating Long -term value creation through expanded E2E offering and infrastructure investments Levers to achieve our visionStrategy Recap & CMD Targets FINANCIAL OVERVIEW | SITTING ON A STRONG FINANCIAL POSITION AND SOLID OUTLOOK TO DELIVER ON OUR PLANS 1. Adjusted for working capital variations 2. FFO-to-Debt 2025, 2026 and 2027 are projections from S&P Underscored by a strict financial policy 2023 2024 LTM 9M 2025 1.1 1.5 1.6 +20% ACS GROUP LTM ADJUSTED NOCF 1 (€B) BALANCE SHEET (9M2025) 22 E&C EBITDA & MARGIN BY COMPANY (€B, %) 2023 2024 LTM 9M 2025 0.4 0.6 0.8 +37% 2023 2024 LTM 9M 2025 0.6 1.2 1.3 +47% 2023 2024 LTM 9M 2025 0.5 0.5 0.6 +11% 2023 2024 2025E- 2027E2.7% 2.9% 3.3% 7% 12% 12% 5.3% 5.4% 5.7% €2.2 Bn €3 Bn 0.7x Leverage Check CAGR
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23 23 DISCIPLINED CAPITAL ALLOCATION | AS COMMITTED IN THE CMD, WE HAVE UPHELD OUR INVESTMENT PLANS TO DELIVER ON THE GROUP'S LONG-TERM VISION Levers to achieve our visionStrategy Recap & CMD Targets Invest. in core infra & growth vectors Invest in core infra & growth vectors to achieve €9 -13Bn equity value by 2030 TARGET INVESTMENT OPPORTUNITIES CMD 2024 OBJECTIVES WHAT WE HAVE ACHIEVED Value-accretive M&A Carry out value -accretive M&A to expand our engineering capabilities globally Acquisition of Dornan and Fleischmann (457M€) Acquisition in the critical minerals space (79M€) Acquisition of 10% in Thiess (c. 200M€) Brownfield infra acquisitions Carry out selective M&A in transport core industry €850M capital increases in Abertis for acquisitions since 2024 CMD (of which €200M disbursed in Q4'25) €3.5 -5.5 Bn CMD Target – Equity to be invested 2024 -2030 €0.7 Bn €4.5 Bn €5.2 Bn Already invested since last CMD (€0.5Bn in DCs & €0.2Bn PPPs) Additional to be invested by 2030 Total Equity invested between 2024 -2030
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24 24 DISCIPLINED CAPITAL ALLOCATION | SUSTAINABLE NOCF & DIVESTMENTS TO FUND ALL GROUP'S STRATEGIC INVESTMENTS Levers to achieve our visionStrategy Recap & CMD Targets 4.5 NOCF 1.0-1.5 Divestments Firepower Available 5.5-6.0 Disciplined capital allocation to create long-term value by tapping on CF generation capacity and additional levers Additional firepower levers Additional leverage headroom projected within current IG rating TARGET INVESTMENT OPPORTUNITIES 2026-2030 AVAILABLE FIREPOWER 0.5 1.0 Managed lanes 1.2 1.2 Data centers 0.7 Other Greenfield 1.0-1.5 M&A 3.3-3.8 2.2 Total Investment Needs 5.5-6.0 Early-stage investments Mature investments Equity recycling from mature assets • Highly liquid DC assets with strong value materialization potential Investments (€B) Firepower (€B) Total greenfield: c.€4.5Bn c.€0.9Bn per annum
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25 EDIT
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NOVEMBER 2025 ACS Investor Day Our Data Center Business Model
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2 2 Strategy Recap Our Data Center Business Model
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3 3 DC Market MEGATRENDS | KEY MARKET DYNAMICS DRIVING DATA CENTER MARKET GROWTH AND FUTURE REQUIREMENTS ~€3-4T global annual investment in AI Infra expected by 2030 DC demand to increase by 15x until 2035, due to AI/Gen AI adoption ~300GW total DC capacity installed by 2035 to address traditional cloud and AI demand Regulatory shifting towards data security, boosting localized sovereign clouds and computer power Key data protection initiatives (e.g., EU Data Act, FedRAMP in US) Short-term DC supply gaps driving Hyperscalers to leasing, with ~70-80% of capacity under construction preleased Modular solutions to accelerate construction, growing at 15% annually New ways of collaboration for DC development (e.g., co-development models) Capital inflows announced from public and private players: Public: €20B EU AI Gigafactory, $200B US Stargate Private: Leading asset managers accelerating expansion (e.g., $30B investment for DC by AIP) Edge computing expected to grow +20% annually until 2030, driven by low-latency applications (e.g., IoT, VR) Resilience for critical sectors (e.g., Defense) ensuring stability through redundancy Offering complementary to large-scale DCs, via hub&spoke model Data Centers Business ACS with potential to leverage its strong flexibility in a highly dynamic market that requires rapid adaptation AI GROWTH STRONG PUBLIC AND PRIVATE INVESTMENT EDGE COMPUTINGDATA SOVEREIGNTY ACCELERATED CONSTRUCTION
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4 4 Pre AI / Generative AI DC Market DATA CENTER MARKET OUTLOOK | GLOBAL DEMAND FOR DATA CENTERS WILL FOUR-FOLD BY 2035 OWED TO THE BOOST OF GEN AI AND CLOUD MIGRATION 16% global annual growth in data center demand in the coming years due to the boost of AI and Gen AI 3 factors will drive demand for data centers globally AI / AI Gen n/a. 42% Traditional 8% 9% '21-'24 '24-'29Annual growth Global power demand for Data Centers1 (GW) Source: MLPerf; Nvidia; press releases; internal experience and analysis 1.Including power equipment and buildings; 2.High Performance Computing. Note: Market players assume efficiency improvements in their market demand estimations Increase in DC demand due to AI and Gen AI uses (2024-2035) Global data volume that will be in the cloud by 2030, up from 20% today Increase in the volume of data globally (2024-2035) Adoption of AI/Gen AI Cloud Migration Digitalization Data Centers Business ACS DC CAGR 2021-2024 ACS DC CAGR 2025-2030 >15x 70% >5x xx% xx% Market CAGR 7 9 2024A 68 10 26 2026E 86 15 51 2029E 99 21 89 44 115 27 153 2035E 4 2021A 56 48 72 103 152 208 295 2032E +14% +16% +12% ACS DC CAGR HPC2 and others 17% 18% +20% +21%
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5 5 Sustainable Edge DCs to ensure low-latency loads and higher reliability DC Market ACS MARKET POSITIONING | IN RECENT YEARS, WE HAVE SOLIDIFIED OUR LEADERSHIP IN DC E&C; GOING FORWARD, WE WILL CONTINUE TO EXPAND OUR ROLE AS AN INVESTOR AND DEVELOPER We are reinforcing our offering downstream in the value chain Over the past 5 years, we have established ourselves as and E&C leader in the DC sector Our focus is to continue reinforcing engineering and modular construction capabilities to enable integrated delivery €14.3Bn DC backlog >9 GW IT Commissioned # 1 Global DC builder Data Centers Business ENGINEERING & CONTRACTING ROLE CLOUD/GPU PROVIDER Developing ACS own infrastructure as key enabler for the Group's AI strategy Expanding our offering in IT infrastructure (GPUs) and cloud services We are expanding our role as an investor and developer in: 30 DCs (0.1-0.3 GW) target for 2030 INVESTOR & DEVELOPER Large DC development along with leading infrastructure investor 3GW target 2030 1.7GW under development 11GW under study (1.6GW under exclusivity)
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6 6 DC Market OUR ADDRESSABLE MARKET | ~60% OF TOTAL DC MARKET ADDRESSABLE BY ACS IN ITS ROLE AS INVESTOR AND DEVELOPER AND ~100% IN ITS ROLE AS E&C Hyperscalers to drive DC demand (~60% by 2035) Total capacity demand (GW) planned in DCs by 2035 ACS addressable market across the value chain Hyperscalers via Leasing Hyper leases space to host its own IT equipment Enterprises as DC Owner Owned by a company to support its own IT needs Hyperscalers as DC Owner Owned and operated by hyperscalers Enterprises via Leasing Enterprises lease DC space or IT/Cloud capacity Cloud/GPU provider Investor & Developer E&C role 30% 30% 30% 10% 295 GW Data Centers Business Large DCs Edge DCs ~60% addressed as investor & developer ~100% addressed as E&C
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7 7 OUR VISION IN DATA CENTERS | BE A REFERENCE PLAYER IN THE DC INDUSTRY, DELIVERING FULL END-TO-END SOLUTIONS FOR HYPERSCALERS AND AI LEADERS ACS AS E&C ROLE ACS AS CLOUD/GPU PROVIDER ACS AS DEVELOPER AND INVESTOR OF DCs E&C SERVICES LARGE DC COLOCATION MARKET E2E integrated solutions for hypers, enterprises, and colo providers for the construction of DCs Large DC development and investment, offering colocation services for hyperscalers and AI players EDGE DCs FOR LOW LATENCY NEEDS Scale sustainable edge offering to ensure low -latency loads and high reliability for critical users (e.g., Defense, Banking, Government) CLOUD SERVICES TO REACH END USERS Position ACS as Cloud service player to capture new revenue streams and engage end users Data Centers Business
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8 8 E&C LANDSCAPE | RAPID DC GROWTH ACROSS ALL KEY GEOGRAPHIES WITH EMERGING NEW E&C REQUIREMENTS; ACS WELL POSITIONED TO CAPTURE FUTURE GROWTH ACROSS MARKETS ACS WELL -POSITIONED TO MEET ALL NEEDS ACROSS THE GLOBE • Construction schedule hinge on utility interconnections and transformer/ switchgear delivery Specific E&C requirements AMERICA 42GW commissioned 2025 +137GW announced new capacity • APAC projects will demand high-efficiency designs, renewable integration, and liquid cooling readiness to align with regulatory mandates APAC 10GW commissioned 2025 +22GW announced new capacity • Success depends on navigating utility approval and regulatory regimes in core hubs, while moving quickly in emerging metros DC Hotspots Malaysia Thailand Indonesia DC Hotspots Ohio Virginia Texas DC Hotspots Spain Nordics Eastern Europe DC E&C ServicesData Centers Business EUROPE 11GW commissioned 2025 +32GW announced new capacity
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9 9 AMERICA | ACS' SOLID TRACK RECORD IN THE US HAS FUELED STRONG GROWTH The Group is a top E&C player in data centers, trusted by the leading hyperscalers and with proven delivery across the U.S. Delivery excellence in America is fueling strong growth in the years ahead America ACS' revenue plan in DCs ($Bn) Total revenue breakdown (2025, $Bn) 2025E 2026E 2027E 2028E 2029 2030 8.1 13.4 15.5 16.6 18.8 20.6+21% 37% 15% 10% 23% 8% 4% 1%Enterprise 1 DC Developers Other Colo/Telco/ Enterprise Project backlog by End of year $17Bn Project backlog as of Sept 2025 $13Bn US Data Center Contractor Top 1 Hyper 1 Hyper 2Hyper 3 Hyper 4 DC E&C ServicesData Centers Business 1. First 9 months DC's higher margins and growing share in portfolio are driving Turner's EBITDA margin increase in the Americas from 2.8% in 9M1 2024 to 3.4% in 9M 2025
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10 10 EUROPE | CAPTURING STRONG GROWTH IN EUROPE BY LEVERAGING THE GROUP’S REGIONAL EXPERTISE ACS is leveraging its strong US capabilities to expand its E2E services across key European markets ACS expansion in Europe expected to boost revenues to €2.7 bn by 2030 Europe ACS' revenue plan in DCs (€Bn) Dornan – Mec. and Elec. company in Europe Top 3 DC E&C ServicesData Centers Business Identified pipeline as of 2025 > €13Bn Established Plan to expand 2025E 2026E 2027E 2028E 2029 2030 1.1 1.2 1.7 1.9 2.6 2.7 +21% Estimated revenues by client (%) 22% 10% 39% 15% 5% 8% 2% Hyper 1 Hyper 2 DC Developer 1 DC Developer 2 DC Developer 4 DC Developer 3 Others
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11 11 APAC | ACS HAS EXTENSIVE TRACK-RECORD OF DATA CENTER PROJECTS FOCUSED ON SOUTHERN ASIA AND AUSTRALIA ~550MW of DC projects executed or under development APAC ACS to grow revenues by x4 in the next 5 years APAC ACS's revenue plan in DCs ($Bn) DC contractor in APAC Top 5 DC E&C ServicesData Centers Business Executed or in progress $3Bn Identified pipeline 2025 $16.5Bn 2025E 2026E 2027E 2028E 2029E 2030 0.6 1.2 1.8 2.1 2.3 2.4 +31% Estimated revenues by client (%) 19% 3% 36% 25% 17% Hyper 1 Hyper 2 DC Developer 1 DC Developer 2 Others
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12 12 OUR E2E OFFERING | WE ARE FIRMLY ESTABLISHED AS A GLOBAL E2E SOLUTIONS PROVIDER IN THE DATA CENTER INDUSTRY Through SourceBlue, we manage $1.9B in annual equipment sales and deliver 5–10% savings DESIGN & ENG INEERING SUPPLY CHAIN & OPERATIONS We have E2E Global experience: AMERICA EUROPE APAC Consolidated experience as contractor and construction manager in DC industry sustained by local Group's capabilities SITE & CIVIL CORE & SHELL ASSEMBLY DC E&C ServicesData Centers Business Offsite manufacturing solutions accelerating construction timelines and reducing onsite labor MODULAR CONSTRUCTION Consolidated MEP assembly and productized delivery capabilities reinforced by Dornan and Fleischmann MEP ASSEMBLY / COMMISSION Our strategy is tailored to best capture the growth of the market Leveraging our established modular construction factories in our main geographies (Spain, UK, US, Poland, Australia, Germany) Global reinforcement of cross-collaboration among Group Operating Companies to grow in all geographies Expansion of SourceBlue's footprint in Asia and Europe Reinforced with acquisitions (e.g., Dornan, Fleischmann, Maverick) Reinforcement through the acquisitions of Dornan & Fleischmann Reinforced Integrated offering from Design & Engineering to Commissioning across key geographies EXECUTION Construction-focused professional engineering providing optimized technical solutions to complex design challenges
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13 13 OUR STANDARDIZED AND MODULAR SOLUTIONS | WE OFFER A STANDARD PRODUCT BASED ON MODULARIZATION AND FAST-DELIVERY, ALIGNED WITH HYPERSCALERS' REQUIREMENTS Productized delivery model with standard designs, processes, and manufacturing, accelerating speed to market and meeting hyperscalers’ demanding timelines Vertically-integrated offering spanning across design, procurement, manufacturing and delivery ensuring cost-efficient and attractive product quality and timelines Adapted-last-mile approach, where the product can be tailored to the final requirements of the customer (balancing standardization with configurability) Modular design with prefabricated components, enabling rapid delivery and easy on- site assembly across geographies DC E&C ServicesData Centers Business
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14 DC E&C BUSINESS VALUATION | GIVEN EXPECTED REVENUES AND MARKET VALUATION AS AN END-TO-END INFRASTRUCTURE PARTNER, WE EXPECT A VALUATION OF €13-15B FOR THE ACS DC E&C BUSINESS +€10-15B revenue growth vs. €9B revenue estimated in 2025 Sum of all Group Operating Companies' Revenues in 2030 €20-25B €1.2-1.3B +€0.8B EBITDA rise vs. €0.5B estimated in 2025 …valued at current E2E market multiples ~€13-15B ~€8-10B value growth vs. current ACS DC E&C Business Valuation of ~€5B Projected E&C Revenue in DCs by 2030… …with an EBITDA Margin of 5-6%… DC Eng. & Construction Revenues 2030 DC E&C EBITDA 2030 ACS DC E&C Est. Equity Value 2030 DC E&C ServicesData Centers Business 14
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15 15 ACS AS E&C ROLE ACS AS CLOUD/GPU PROVIDER E&C SERVICES LARGE DC COLOCATION MARKET Large DC development and investment, offering colocation services for hyperscalers and AI players EDGE DCs FOR LOW LATENCY NEEDS CLOUD SERVICES TO REACH END USERS Position ACS as Cloud service player to capture new revenue streams and engage end users Data Center DevelopmentData Centers Business Scale sustainable edge offering to ensure low -latency loads and high reliability for critical users (e.g., Defense, Banking, Government) ACS AS DEVELOPER AND INVESTOR OF DCs OUR VISION IN DATA CENTERS | BE A REFERENCE PLAYER IN THE DC INDUSTRY, DELIVERING FULL END-TO-END SOLUTIONS FOR HYPERSCALERS AND AI LEADERS E2E integrated solutions for hypers, enterprises, and colo providers for the construction of DCs
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16 OUR VISION: Consolidate our position as a global DC leader, creating long-term value, and serving the needs of hyperscalers & leading AI players Unique DC value proposition with a strong growth ambition and a focus on mid/ long term value creation, developed in collaboration with the Group’s companies Scale with ambition: Large scale DCs (typically +300 MW in US and +100-150 MW in other markets) based on a standard design, with a >3 GW capacity target by 2030 Hyperscaler & AI player focus: Tailored solutions built on market vision, enabling hyperscalers and AI players to achieve their targets Dedicated team from the industry: Bringing together the best experts across every field, supported by ACS Group global capabilities ACS-Global Infrastructure Partners (GIP) Development Platform: Partnering with a leading infrastructure investor such as GIP, a part of BlackRock 16 Data Center DevelopmentData Centers Business
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17 Land, power banking and permitting Commercialization Project financing Construction Facility management solutionsEngineering & Design OUR E2E OFFERING | OUR VALUE PROPOSITION COMPRISES A COMPREHENSIVE END-TO-END OFFERING ALONG THE DATA CENTER VALUE CHAIN • High-quality construction services • Comprehensive supply chain management for key equipment incl. cost and lead-time optimization • Land scouting, power securing incl. grid connection management and permitting services • Engagement w/government, regulations and local stakeholders These are core functions developed by our platform, actively supported by the Group's capabilities • Innovative financing solutions to secure funding and integrate large project expenditures into our balance sheet 17 Data Center DevelopmentData Centers Business Ready to Build Commercial Operation DateLease signing Financial closing • Building management & efficiency services • Maintenance of non-IT systems (power, water, HVAC, cooling) • Security & access control • Securing leasing contracts through established relation- ships with hyperscalers and AI players • Design & engineering for critical DC systems • Modular design capabilities tailored to tenants' specifications
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18 PORTFOLIO OF PROJECTS | PLATFORM WITH A CURRENT >1.7GW PORTFOLIO AND OPPORTUNITY TO SCALE UP IN STRATEGIC DC MARKETS 0.2 GW 0.6 GW 8 GW Chile 0.9 GW Europe Australia 0.1 GW USA 2 GW 11 GW Already secured in Platform Initial Portfolio ACS DC projects under study 2 with 1.6GW under exclusivity by ACS ACS-GIP Platform Initial portfolio >1.7 GW Texas – 335 MW Virginia – 300 MW Melbourne – c.240 MW Madrid I – 140 MW Madrid II – 137 MW Zaragoza I – 300 MW Zaragoza II – 400 MW 18 ACS Target DC portfolio 1 by 2030 1. Gross utility power 2. Projects under study have not been acquired yet by ACS and may not materialize or may not be included in the Platform Data Center DevelopmentData Centers Business >1.7 GW >3.0 GW of which… with remaining 1.3 GW on track to be secured based on…. 1 GW
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19 PORTFOLIO OF PROJECTS | ALL PROJECTS IN THE PLATFORM ARE AT AN ADVANCED STAGE OF PLANNING, PERMITTING AND DESIGN, WITH COD TAKING PLACE STARTING 2026 Data Center DevelopmentData Centers Business 1. According to land test fit completed; 2. Commercial Operations Date; 3. COD of the first Phase, delivery dates of subsequent phases subject to commercialization timelines Site development capacity1 Development status Power access COD2,3 Madrid 2 Zaragoza 1 Zaragoza 2 400 MW 137 MW 300 MW 2028 2028 2028 Urban planning on-going In design In design & zoning on-going Madrid 1 140 MW 2026In Construction1 3 Virginia 300 MW 2027Starting Early Works 2 Texas 335 MW 2027Starting Early Works Power access largely secured across sites 19 5 4 Melbourne c. 240 MW 2028Starting Early Works 6 7
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20 THE MADRID 1 DC CONSTRUCTION IS ON TRACK AND WE EXPECT TO BE OPERATIONAL IN Q4 2026 20 Data Center DevelopmentData Centers Business
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21 21 SUPPLY CHAIN / PROCUREMENT CONSTRUCTION OPERATIONS & MAINTENANCE Leveraging Turner's deep-expertise and the Group's local execution capabilities through joint ventures Turner JV with Dragados & CPB/UGL under GMP (Guaranteed Maximum Price) agreements Delivery within defined timeframes thanks to our standardized modular product offering 5 key operational areas within the platform: LEVERAGING GROUP STRENGTHS | OUR ASSETS WILL BENEFIT FROM THE GROUP'S CAPABILITIES ACROSS THE DC CONSTRUCTION VALUE CHAIN DESIGN & ENGINEERING Framework agreement with SourceBlue for the purchase of critical equipment Global OFCI 1 supply chain programs through GMP (Guaranteed Max. Price) formulation Integrated capabilities through specialized companies within the Group Strong expertise on design and installation of technical equipment for Data Centers (e.g., HVAC, humidification, dehumidification, pressurization) Operating Protocols Preventive Maintenance Incidence Response Corrective Maintenance Workforce Training Data Center DevelopmentData Centers Business 1. Owner Furnished - Contractor Installed DATA CENTER BUSINESS WITH GLOBAL SCALE AND LOCAL REACH
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22 22 …TARGETING SINGLE -TENANT LEASING MODEL WE ARE CURRENTLY ENGAGING IN ADVANCED NEGOTIATIONS WITH LEADING HYPERSCALERS … Recurring engagement through established relations with leading hyperscalers' senior leadership Strategy & Progress Key commercial aspects Targeting single tenant leasing model1 (+10 years) and considering triple-net2 (NNN) alternatives Most mature assets are under negotiation and near completion, targeting signed first lease agreements by H1 2026 Experienced commercial team from the industry, leveraging Group's existing capabilities Strong barriers to exit, typically no early contract terminations observed in the market with the global leading hyperscalers and other AI players Data Center DevelopmentData Centers Business 1. Including DC construction to tenant's specifications and full scope of O&M services provided by the landlord 2. Triple-net lease contracts include DC construction to tenant's specifications; landlord assumes property taxes, insurance and maintenance costs and a variable array of potential O&M services 3. Service Level Agreements (SLAs) included in leasing contracts specifying scope of services to be provided by landlord DC specifications and operating procedures to ensure compliance with hyperscalers' SLAs3
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23 FROM KEY HYPERSCALERS, COLOCATORS, ENERGY & EQUIPMENT PROVIDERS AND RELEVANT INSTITUTIONS OUR TEAM | TEAM WITH +45 PROFESSIONALS DEDICATED FULL TIME, PROVIDING KNOW-HOW AND KEY CAPABILITIES FROM ACS AND OTHER RELEVANT COMPANIES IN THE INDUSTRY 1. As the sum of the individual years of experience in DCs from each member of the ACS expert team +45 PEOPLE DEDICATED FULL -TIME (AND GROWING) 23 Data Center DevelopmentData Centers Business
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24 ACS-GIP PARTNERSHIP OVERVIEW | KEY TERMS SHAPING OUR PLATFORM ACS and GIP will join forces in a 50% / 50% partnership for DC development and operations across Europe, Americas, Asia and Australia PLATFORM STRUCTURE ASSET CONTRIBUTION SCHEDULE 7 DC assets accounting for >1.7 GW total capacity Initial Portfolio in Platform Responsible for investment, development, and construction of the DC, potentially rotating assets upon stabilization Provides E2E services to PropCo throughout the entire DC lifecycle, including post-rotation O&M services PropCos (SPVs) ServiceCo Initial Investment Earn-outs ACS to receive an additional up to €1.2Bn via multiple earn-outs subject to commercial milestones to take place in 2026-2029 ACS to contribute initial portfolio at €1Bn total valuation (7 DC assets & ServiceCo) ACS retaining 50% ownership and receiving €500Mn in net proceeds upfront DEVELOPMENT PARTNERSHIP PropCos (SPVs) ServiceCo DC1 DC2 DC3 DC4 DC5 DC6 DC7 €1Bn Representative schedule of gross ACS proceeds (€Bn)Platform structure 0.6 GW 0.9 GW 0.2 GW € 1.0 Bn + € 0.2Bn additional earn-outs if additional projects in pipeline 24 Data Center DevelopmentData Centers Business Distribution of the 7 DCs capacity (GW) GIP will contribute its investment expertise and leverage its operating experience in the data center spaceTop-tier partner Initial investment Initial scope earn-outs Projects in pipeline € 0.2Bn subject to addition of pipeline projects € 2.2 Bn Implied total Valuation (100%)
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25 Data Center Development VALUE CREATION | ONCE STABILIZED, DC ASSETS ARE EXPECTED TO REACH AN ENTERPRISE VALUE OF €20-25 M PER MW IT AND AN EQUITY VALUE OF €12-15 M PER MW IT Data Centers Business Enterprise Value Equity Value DC equity value evolution from development and operation (€M/MW IT) – 100% figures At commercialization Commercialization until signing of the first lease ~6 months At operation DC construction and stabilization of the DC ~18-24 months At end of DC lifespan Development and O&M recurring revenues ~30-35 years average DC lifespan Land & Power Banking Early development and permitting until ready-to-build Varies with progress in permit collection Permitting completed Vertical construction initiated DC stabilized 4 €M/ MW IT 4 €M/ MW IT 20-25 €M/ MW IT 12-15 €M/ MW IT 2 €M/ MW IT 2 €M/ MW IT +1 €M/ MW IT 25 1-1.5 €M/ MW IT 5 €M/ MW IT 0.5-1 €M/ MW ITEquity injected
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26 Data Center DevelopmentData Centers Business ACS DC BUSINESS TO REACH ~€11BN EQUITY VALUE BY 2030 WITH ~€ 2BN EQUITY TO BE INJECTED Equity injections until 2030 Gross equity needs Equity Value fully operational €8.2 Bn €6.1 Bn €14.3 Bn Equity Value in 2030 (2.1GW fully operational + 0.9GW under construction) €6.6 Bn €4.5 Bn €11.1 Bn €1.2 Bn €1.0 Bn €2.2 Bn (-) Platform Contribution/Earn -outs (-) Distributions/early monetization €2.9 Bn €1.8 Bn €4.7 Bn €1.0 Bn -- €1.0 Bn €0.2 Bn €0.8 Bn €1.0 Bn (-) Equity already injected €0.5 Bn -- €0.5 Bn €M/MW IT Multiple 2 Valuation for 3GW (2.1GW IT) portfolio (€Bn) Equity injections until 2030 Gross equity needs Equity Value fully operational Equity Value in 2030 (2.1GW fully operational + 0.9GW under construction) €7.0 Bn €4.6 Bn €11.6 Bn €1.2 Bn (-) Platform Contribution/Earn -outs (-) Distributions/early monetization €2.9 Bn €1.0 Bn -- €1.0 Bn €0.2 Bn €0.8 Bn €1.0 Bn (-) Equity already injected €0.5 Bn -- €0.5 Bn DCF Valuation for 3GW (2.1GW IT) portfolio (€Bn) Initial Portfolio (1.7 GW) Pipeline under study by ACS1 (1.3 GW) Total (3.0 GW) Initial Portfolio (1.7 GW) Pipeline under study by ACS1 (1.3 GW) Total (3.0 GW)On a 50% basis On a 50% basis €7.6 Bn €5.8 Bn €13.5 Bn 26 €1.0 Bn €2.2 Bn €1.8 Bn €4.7 Bn 1. Projects under study identified by ACS. Not acquired yet by ACS and may not materialize or may not be included in the Platform 2. 13 €M/MW IT considered for assets in operation, 7 €M/MW IT for assets under construction; 1.45 PUE ratio assumed Valuation for ACS 50% stake based on ACS own estimates
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27 ACS DC Portfolio Equity Value yearly evolution (€Bn) - 50% stake 2025 5 3 2028 7 5 2030 8 6 2032 1.1 7 11 14 Data Center DevelopmentData Centers Business ACS DC BUSINESS TO REACH ~€11BN EQUITY VALUE BY 2030 FROM CURRENT VALUATION OF €1.1BN (50%) Ready -to-build Lease signed Operational Operational Ready -to-build Lease signed - - - - 1.2 - DC capacity (GW IT) €11Bn Equity Value expected by 2030 €14Bn Equity Value expected by 2033 27 Current Platform valuation (€2.2Bn at 100%) Not rolled over to subsequent years Valuation methodology : Implied equity value based on development status • 13 €M/MW IT operational (eq. to 20- 25 €M/MW IT Enterprise Value) • 4 €M/MW IT commercialized • 2 €M/MW IT Ready -to-build Initial Platform Pipeline1 under study by ACS Valuation based on development status €-for-€ recognition of add. equity injections for DC capex a dvanced before commercialization (not considered in valuation multiples) , mainly related to LLE purchase 1. Projects under study identified by ACS. Not acquired yet by ACS and may not materialize or may not be included in the Platform 0.4 0.3 0.4 0.2 0.3 0.5 0.9 - 0.3 0.6 - 0.3 1.2 - - 0.9 - - Valuation for ACS 50% stake based on ACS own estimates
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28 …enhancing the Group's digital and technology leadership, delivering shareholder value, and generating capital for future growth opportunities Uniquely equipped with a set of factors positioning us for success in the Data Center Market… ACS Group has a proven track record and end-to-end integrated capabilities along the Data Center Value Chain De-risked investment model, with early power access, staged development and early commercialization Advanced negotiations with hyperscalers supported by Turner's established relationships in the industry High-growing market in which our Group is uniquely positioned to satisfy the significant global demand gap Decades of experience in asset investment, financing, and rotation across comparable liquid markets Partnership with GIP, a highly credible infra. investor with significant industry presence SUCCESS FACTORS | ADVANCED SITE DEVELOPMENT, GROUP CAPABILITIES & STRONG POSITIONING IN GROWING MARKET SET CONDITIONS FOR SUCCESS IN DATA CENTER INDUSTRY 28 Data Center DevelopmentData Centers Business
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29 29 Edge DCs & Cloud ACS AS E&C ROLE ACS AS CLOUD/GPU PROVIDER E&C SERVICES LARGE DC COLOCATION MARKET Large DC development and investment, offering colocation services for hyperscalers and AI players EDGE DCs FOR LOW LATENCY NEEDS CLOUD SERVICES TO REACH END USERS Position ACS as Cloud service player to capture new revenue streams and engage end users ACS AS DEVELOPER AND INVESTOR OF DCs Data Centers Business Scale sustainable edge offering to ensure low -latency loads and high reliability for critical users (e.g., Defense, Banking, Government) OUR VISION IN DATA CENTERS | BE A REFERENCE PLAYER IN THE DC INDUSTRY, DELIVERING FULL END-TO-END SOLUTIONS FOR HYPERSCALERS AND AI LEADERS E2E integrated solutions for hypers, enterprises, and colo providers for the construction of DCs
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30 30 STRUCTURE | ACS, THROUGH HOCHTIEF, IS DEVELOPING MODULAR & SUSTAINABLE EDGE DATA CENTERS WHILE STRENGTHENING EDGE CLOUD SERVICES European reference in modular, sustainable Edge DCs Modular, scalable platform (2–10 MW modules) expandable per site with standardized design for faster delivery Pipeline in Germany with the first sites underway and agreement with Palladio for up to 15 in Germany and further 10 in Austria, Switzerland, and Benelux Serves as foundation for ACS’ Edge expansion – potential of 60 DCs by 2032 - aligned with EU digital sovereignty plans Strengthening Edge offering by broadening into software and services, through Yorizon Cloud & software layer: portal, APIs1 and hypervisors enabling IaaS/PaaS/SaaS2 on YEXIO DCs AI-ready infra: regional platforms optimized for inference, driving demand for Edge sites Positions ACS closer to end-users and diversifies revenues in digital infra KPIs for the EDGE DCs 100% CO2-free thermal energy 60% Energy reuse 50% Faster time to deployment 30% Cost savings Software & platforms (apps, OS, reporting, security) Virtual servers & hosting Server & network distribution Power, cooling & sensors Construction & O&M Site, permits, fiber & grid1 2 3 4 5 6 Platform Layer Physical Layer Infrastructure Layer Real Estate Layer Application Layer IT Infrastructure Service Layer Edge DCs & CloudData Centers Business 1. Application Programming Interface; 2. Infrastructure/Platform/Software as a Service business models ACS' multi -layered Edge & Cloud platform
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31 31 BUSINESS PLAN | UP TO 33 INSTALLED EDGE DCs IN 2030, STARTING IN GERMANY AND EXPANDING ACROSS EUROPE IN THE NEXT YEARS Edge DC Development Plan Installed Edge DCs per year (#) 2025 2026 2027 2028 2029 2030 1 2 5 12 22 33 Germany A-CH-Benelux UK Scandinavia South-West 2025 First site operational in Heiligenhaus , launching the Edge DC rollout In parallel, kicked- off expansion initiatives in the UK and Netherlands Future… Active interest beyond Europe , mainly in Canada and APAC 4 new facilities to go live in Germany , consolidating presence across key regions in the country 2026-2027 International expansion with first Edge DCs commissioned in the UK and NL 2028 Continued scale -up with annual double -digit deployments , reaching broader European coverage 2029-2032 Mesh of decentralized Edge DCs Edge DCs & CloudData Centers Business Edge DCs Cloud Equity Value range subject to utilization rate Expected valuation 0.3 B€ 0.5-1 B€ Equity Value by 2030 Equity invested before 2030 - B€ ~1 B€ Equity Value by 2030 Equity invested before 2030 31
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32 32 OUR VALUE IN DATA CENTERS | ACS DC BUSINESS TO REACH >€25 BN EQUITY VALUE BY 2030 UNDERPINNED BY ITS E&C, DEVELOPMENT & INVESTMENT AND CLOUD SERVICES ACS AS E&C ROLE ACS AS CLOUD/GPU PROVIDER E&C SERVICES LARGE DC COLOCATION MARKET E2E integrated solutions for hypers and colo providers for the construction of DCs Large DC development and investment, offering colocation services for hyperscalers and AI players EDGE DCs FOR LOW LATENCY NEEDS CLOUD SERVICES TO REACH END USERS Position ACS as Cloud service player to capture new revenue streams and engage end users ACS AS DEVELOPER AND INVESTOR OF DCs Valuation RecapData Centers Business POTENTIAL DC ACS VALUATION (Equity Value, 2030) 1.4 €Bn11 €Bn13-15 €Bn Scale sustainable edge offering to ensure low -latency loads and high reliability for critical users (e.g., Defense, Banking, Government)
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33 33 33 Closing Remarks
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34 RECAP OF OUR STRATEGIC PRIORITIES Accelerate plans in new growth verticals : AI, Digital & Tech; Defense; Critical Minerals; Energy (Incl. Nuclear) Maintain leadership in traditional core infra: Transport, Social, Biotech, Healthcare, Education Scale AI and digital capabilities to drive efficiency and differentiation Transport : Develop 3 managed lanes projects (incl. SR400), pursuing five potential projects (GA, TN, NC, VA) Digital & Tech : Deliver 3 GW data center platform by 2030 and validate the Edge + Cloud model Accelerate investments in energy , mobility, and critical resources While maintaining a disciplined capital allocation and an adequate level of leverage Consolidate ACS as the E&C partner of choice for hyperscalers and AI players Deploy ACS -GIP Platform , with 1.7GW already under development, and continue maturing identified pipeline Expand Edge DCs in key metros and diversify client base Develop Cloud services on Edge DCs to capture new complimentary revenue streams CONSOLIDATE ROLE AS E2E SOLUTIONS PROVIDER ACROSS VERTICALS EXPAND ROLE AS NEXT - GEN INFRA DEVELOPER BE A REFERENCE PLAYER IN DC INDUSTRY 34 Closing Remarks
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35 35 GREENFIELD VALUE GENERATION | WE EXPECT TO REACH ~18B€ EQUITY VALUE BY 2030 THROUGH STRATEGIC INVESTMENTS IN CORE AND NEXT GENERATION INFRASTRUCTURE Levers to achieve our visionStrategy Recap & CMD Targets Transport Total greenfield Add. Equity Investment1 Total Equity Value By 2030 € 4.5 Bn € 18 Bn Target Equity Value by 20302024 CMD – Greenfield € 9 - 13 Bn € 3.5 - 5.5 Bn Equity invested 2024-2030 1. Equity deployments starting in 2025 2. 2.1 GW in operation and 0.9GW in advanced construction 3. Self-funded, using the asset as collateral Fully operational (2033+) Add. Equity Investment1 Total Equity Value €7.5 Bn € 35-40 Bn Early-stage investments Based on current timing of projects and expected fair market value • 1.3GW advanced pipeline • 1.7GW current portfolio Core DCs € 1.2 Bn € 7.0 Bn € 1.0 Bn € 4.5 Bn € 1.8 Bn € 8.3 Bn € 1.8 Bn € 6.0 Bn Mature investments SR400 + two additional managed lanes Managed Lanes € 1.5 Bn € 3.6 Bn € 3 Bn € 18 Bn Edge DCs3 €0.2 Bn €1.4 Bn € 0.2 Bn € 2.5 Bn Early-stage infra investments Energy, Industry & Natural Resources € 0.7 Bn € 1.5-2 Bn € 0.7 Bn €1.5- 2 Bn Digital & Tech
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36 ACS FUTURE VALUATION | SUSTAINED BUSINESS GROWTH AND VALUE-ACCRETIVE INVESTMENTS DOUBLE CURRENT VALUATION BY 2030, EXCL. INCREASE IN E&C EQUITY VALUE OF OTHER GROWTH VERTICALS €6B €5B €9B Current Market Cap €9B Equity Value increase from DC Engineering & Construction € 15-20B Equity Value Increase from Infrastructure investments €20-25 €14B €9B Intrinsic Valuation 2030 Not yet quantified Equity Value Increase from other E&C Business ~€20B >€ 45-50 B If valuation by 2030 materializes, shareholders will benefit from a >20% annual return (including dividends) €13-15B DC E&C equity value from revenue growth across the Group (+€9B vs. valuation today) +€15-20B generated by reaching ~3-4x equity value over equity injected (€5.5B injected) Infra Investments Data center E&C Other verticals E&C Potential ACS Market Cap (€B, 2030) Infra Investment Equity Value 2030 ~€8B from Transport ~€12.5B from Digital and Tech ~€2B from Energy, Industry & Nat. Res. 36 Closing Remarks Incremental E&C value from other growth verticals (Critical minerals, Defense, AI, Semicond., nuclear) Further info provided on upcoming Investor Days +2X vs today
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37 WE WILL BE FOLLOWING UP ON OUR BUSINESS LINES UPON COMPLETION OF MILESTONES Closing Remarks Upcoming Capital Markets Day in 2026 with updates on overall Business Progress & strategic updates on Key Growth Vectors in the appropriate format Today Abertis Business Extensions & M&A Announcements consolidating perpetual growth platform and unlocking latent value Group Strategic News New defense, Nuclear, and Critical Minerals strategic updates and Investor Days Data Centers Pipeline & Lease Agreements Signed Commercial Agreements with new capacity offtakers Development milestones of DC pipeline Managed Lanes Awards Award communication for 5 Managed Lanes in pipeline 2026: I-285E & I-24 2027: I-77 & I-285W 2028: I-495 2026 relevant milestones - dates to be confirmed 37
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38 EDIT