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H1 2025 RESULTS PRESENTATION July 30th , 2025
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H1 2025 | Results Presentation FY 2025 guidance: Ordinary NPAT growth target of up to 17% (€ 6 – 800mn) ✓ Positioned to further expand strong presence in strategic growth markets with significant equity investment opportunities New orders of € bn, representing 1.2x book to bill ✓ Order backlog at €89.3bn, up 11.8% yoy FX-adj., equivalent to c.2 years of work done reflecting the sustained demand in Data Centers, Biopharma and Defense Sustained LTM Net Operating Cash Flow ("NOCF”) pre-factoring of € .8bn ✓ EBITDA increased 23.9% (27.7% FX-adj.) to €1.4bn ✓ Excellent operating performance and cash conversion from operations ✓ LTM NOCF pre-factoring has consistently increased for the past 4 years at a CAGR of 45.8% Ordinary NPAT(1) grew by 17.0% (19.4% FX-adj.) ✓ Outstanding sales growth of 28.6% (31.8% FX-adj.) supported by a strong performance across segments ✓ Continued positive evolution of operating margins ✓ Net Profit of €450mn, up 8.1% /9.9% yoy FX-adj. 2 H1 2025 Overview New orders (€bn)Net Profit (NPAT) (€mn) Net Debt position of € bn driven by strategic capital allocation ✓ €1.06bn H1 capital allocation: • €436mn Dornan acquisition • €476mn net equity investments (including €315mn in DCs) • €148mn shareholder remuneration Note: (1) Ordinary NPAT adjusts for extraordinary items. In 2024: (i) net impact from financial derivatives cancelled by May-24, net of provisions and (ii) one-off non-cash gain at CIMIC, net of provisions, and other extraordinary results in ACS HQ. In 2025: (i) one-off results in ACS HQ mainly related to the recognition of Group tax positions and (ii) restructuring costs on Dragados and CIMIC. H1 2025 Hochtief's €146mn capital gain related to FlatironDragados' transaction is eliminated at ACS level given it´s an intragroup merger. Note: (1) Ordinary NPAT adjusts for extraordinary items. In 2024: (i) net impact from financial derivatives cancelled by May-24, net of provisions and (ii) one-off non-cash gain at CIMIC, net of provisions, and other extraordinary results in ACS HQ. In 2025: (i) one-off results in ACS HQ mainly related to the recognition of Group tax positions and (ii) restructuring costs on Dragados and CIMIC. H1 2025 Hochtief's €146mn capital gain related to FlatironDragados' transaction is eliminated at ACS level given it´s an intragroup merger. 6 +9.9% yoy FX-adj. (NPAT) Ordinary NPAT(1) NPAT +17.0%/ +19.4% FX-adj. (Ordinary NPAT) LTM NOCF pre-factoring (€mn) , , +15.3% / +18.1% FX-adj. +265mn yoy
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H1 2025 | Results Presentation €24.1bn P&L and operating KPIs 62% 22% 15% 1% North America Asia Pacific Europe RoW 3 Sales by region H1 2025 Profit Before Tax (€mn) Euro Million H1 2024 H1 2025 yoy yoy FX-adj. Sales 18,749 24,108 28.6% 31.8% EBITDA 1,157 1,434 23.9% 27.7% % margin 6.2% 5.9% (22) bps PBT 564 708 25.4% 28.5% % margin 3.0% 2.9% (8) bps NPAT 416 450 8.1% 9.9% EPS 1.62 € 1.76 € 8.7% New orders 27,506 31,722 15.3% 18.1% Order backlog 86,693 89,342 3.1% 11.8% Extraordinary impacts (81) (58) Ordinary NPAT 335 392 17.0% 19.4%(2) (1) 6 +25.4% / +28.5% FX-adj. Ordinary NPAT grew by 17.0% (19.4% FX-adj.) ▪ Sales increased by 28.6% driven by the strong performance of Turner, along with the integration of Dornan and the full consolidation of Thiess. On a comparable basis, sales grew by 21.5% FX-adjusted ▪ EBI DA reached € , mn, up % with operating margin expansion across business segments. Overall margin remained stable, reflecting business mix effects ▪ PBT rose to € mn, a 25.4% increase, particularly fueled by Turner´s outperformance and the solid evolution of FlatironDragados ▪ Ordinary NPAT(2) grew by 17.0% or 19.4% FX-adj , reaching € mn ▪ Strong order intake of € bn, resulting in a book to bill of 1.2x for H1. The Order backlog stood at € n, up 11.8% FX-adj. supported by strong growth in Digital Infrastructure, Biopharma and Defense Notes: (1) Avg. FX rates: H1 2024: 1.079 USD/EUR, 1.643 AUD/EUR. H1 2025: 1.100 USD/EUR, 1.732 AUD/EUR (2) Ordinary NPAT adjusts for extraordinary items. In 2024: (i) net impact from financial derivatives cancelled by May-24, net of provisions and (ii) one-off non-cash gain at CIMIC, net of provisions, and other extraordinary results in ACS HQ. In 2025: (i) one-off results in ACS HQ mainly related to the recognition of Group tax positions and (ii) restructuring costs on Dragados and CIMIC. H1 2025 Hochtief's €146mn capital gain related to FlatironDragados' transaction is eliminated at ACS level given it´s an intragroup merger. Notes: (1) Avg. FX rates: H1 2024: 1.079 USD/EUR, 1.643 AUD/EUR. H1 2025: 1.100 USD/EUR, 1.732 AUD/EUR (2) Ordinary NPAT adjusts for extraordinary items. In 2024: (i) net impact from financial derivatives cancelled by May-24, net of provisions and (ii) one-off non-cash gain at CIMIC, net of provisions, and other extraordinary results in ACS HQ. In 2025: (i) one-off results in ACS HQ mainly related to the recognition of Group tax positions and (ii) restructuring costs on Dragados and CIMIC. H1 2025 Hochtief's €146mn capital gain related to FlatironDragados' transaction is eliminated at ACS level given it´s an intragroup merger.
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H1 2025 | Results Presentation 4 Solid growth at NPAT level, driven by very strong performance in Integrated Solutions and E&C ▪ urner’s Attributable NPAT grew by 64%, driven by the strong momentum in digital infrastructure and biopharma ▪ CI IC delivered € mn, supported by strong performance in data centers, negatively impacted by FX movements ▪ E&C’s attributable NPAT increased by 21.4%, reflecting a higher contribution of FlatironDragados and solid results in Hochtief Europe ▪ Abertis showed a resilient operational performance, with NPAT contribution impacted by tax regulation in France ▪ Restructuring costs of €16mn at CIMIC and Dragados from efficiency measures focused on cost reduction, optimization and organization streamlining Attributable Ordinary NPAT breakdown Euro Million H1 2024 H1 2025 yoy yoy FX-adj. Integrated Solutions 237 327 38.0% 42.1% Turner 138 227 64.0% 67.2% CIMIC 99 101 1.7% 7.2% Engineering & Construction 77 93 21.4% 22.1% Infrastructure 98 91 (7.1%) (6.7%) Abertis 89 83 (7.7%) Iridium 8 8 (1.5%) HOCHTIEF HQ (54) (98) ACS HQ & other (23) (21) Ordinary NPAT 335 392 17.0% 19.4% NPAT 416 450 8.1% 9.9% EPS 6 € 6 € 8.7% (1) (2) Notes: (1) Avg. FX rates: H1 2024: 1.079 USD/EUR, 1.643 AUD/EUR. H1 2025: 1.100 USD/EUR, 1.732 AUD/EUR (2) Ordinary NPAT adjusts for extraordinary items. In 2024: (i) net impact from financial derivatives cancelled by May-24, net of provisions and (ii) one-off non-cash gain at CIMIC, net of provisions, and other extraordinary results in ACS HQ. In 2025: (i) one-off results in ACS HQ mainly related to the recognition of Group tax positions and (ii) restructuring costs on Dragados and CIMIC. H1 2025 Hochtief's €146mn capital gain related to FlatironDragados' transaction is eliminated at ACS level given it´s an intragroup merger. Notes: (1) Avg. FX rates: H1 2024: 1.079 USD/EUR, 1.643 AUD/EUR. H1 2025: 1.100 USD/EUR, 1.732 AUD/EUR (2) Ordinary NPAT adjusts for extraordinary items. In 2024: (i) net impact from financial derivatives cancelled by May-24, net of provisions and (ii) one-off non-cash gain at CIMIC, net of provisions, and other extraordinary results in ACS HQ. In 2025: (i) one-off results in ACS HQ mainly related to the recognition of Group tax positions and (ii) restructuring costs on Dragados and CIMIC. H1 2025 Hochtief's €146mn capital gain related to FlatironDragados' transaction is eliminated at ACS level given it´s an intragroup merger.
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H1 2025 | Results Presentation ▪ Adjusting for factoring variations, robust NOCF of € bn, supported by a sustained cash flow conversion and strong growth from Turner − Over the past four years, LTM NOCF pre-factoring has grown steadily at a CAGR of 45.8%, which highlights the strength and consistency of the business’s cash flow generation ▪ H1 cash flow figures reflect characteristic seasonality with yoy variation including Thiess consolidation ▪ Net operating capex & leases increased, primarily due to the full consolidation of Thiess starting in Q2 2024 ▪ LTM NOCF at €1.6bn impacted by the lower use of factoring 5 Strong and steady cash flow generation with €1.8bn NOCF pre-factoring in the LTM; an improvement of €265mn vs. H1 2024 Cash flow performance Euro Million H1 2024 LTM H1 2024 LTM H1 2025 LTM yoy EBITDA 1,866 2,132 2,733 +601 Operating WC pre-factoring variation (385) 329 220 -109 Taxes, interests, associates and other (139) (435) (315) +121 Operating Cash Flow (OCF) pre-factoring 1,342 2,026 2,638 +613 Net capex and op. leases (470) (480) (827) -347 NOCF pre-factoring 872 1,545 1,811 +265 Factoring variation 5 257 (191) -448 Net Operating Cash Flow (NOCF) 877 1,802 1,620 -182 LTM Net Operating Cash Flow pre-factoring (€mn) , , - 200 400 600 00 1,000 1,200 1,400 1,600 1, 00 2,000 +45.8% CAGR
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H1 2025 | Results Presentation 6 Net debt position as of June 2025 of €2.2bn driven by strategic capital allocation ▪ The Group ended H1 2025 with a net debt position of € bn, an increase of €0.6bn yoy, mostly due to capital allocation initiatives in the last twelve months ▪ Strong NOCF of € 6bn, impacted by lower use of factoring ▪ Net equity investments and &A of over € bn, comprising the acquisition of Dornan (€0.4bn), additional HT stake (€0.1bn) and €0.7bn of net equity investments ▪ Shareholder remuneration of €6 mn Notes: (1) Shareholder remuneration includes: €247mn of dividends distributed in cash to ACS shareholders, €265mn of dividends distributed in shares to ACS shareholders, €71mn of dividends distributed to HOCHTIEF minority interests, €107mn of dividends distributed to other minority interests and positive €36mn of other treasury stock transactions. (2) Includes the net of the SH-288 compensation cash collection and the repayment of the associated debt, exchange rate and other adjustments. ( ,6 ( , Net Debt un Net Operating Cash Flow (NOCF Net equity investment and &A Shareholders remuneration erimeter change, F and other Net Debt un ,6 ( ( , (6 (1) -€597 mn yoy (2) Financial position H1 2025 Capital allocation (€mn) Figures in millions of euros 6 6 Dornan acquisition Shareholder remuneration Other net equity inv and &A €1.1bn (Equivalent to 1.8bn before factoring variations)
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H1 2025 | Results Presentation Digital Infrastructure % Energy % Sustainable mobility % B E & Social infrastructure % Defense % eneral building % ransportation % Critical metals & natural resources % Other % 6 40.0 50.0 60.0 0.0 0.0 0.0 100.0 % 7 Notes: (1) Biopharma, Health and Education. ▪ Rigorous approach to tendering, project delivery and risk management paying-off ▪ Order backlog of € bn, up 11.8% yoy FX-adjusted on the back of €31.7bn of new orders (up 15.3%, 18.1% FX-adj.) supported by Digital Infrastructure, Defense and Biopharma ▪ Backlog visibility at c.2 years and H1 book to bill of 1.2x ▪ Well-positioned to capture German increased infrastructure investment focus. New awards in the country in H1 have grown by c.40% yoy € bn (1) Order backlog and new orders Continued growth in backlog visibility and diversification towards growth markets New orders (€bn) Order backlog development (€bn) (50.0) (40.0) ( 0.0) (20.0) (10.0) - 10.0 20.0 .0 1 .0 1 .0 2 .0 2 .0 .0 .0 4 .0 4 .0 New orders Book to bill CAGR
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H1 2025 | Results Presentation o Four high-performance onshore converter stations: planning contract for c.710 km high-voltage line, intended to bring wind power from Northern Germany to the Ruhr area starting in 2030, Germany o Western Power electricity infrastructure works, design, supply, install, commission extensions to existing Neerabup 132 KV and 330 KV substations, 40 km north of Perth, Western Australia o Darwin LNG Life Extension, to extend the operational life of the Darwin LNG facility, ensuring continued gas processing and marine loading service, Northern Territory, Australia o New Dunedin Hospital, largest hospital project to date with an eleven-story efficient and patient centered inpatients building for Health in New Zealand o Sacramento Republic FC Stadium, new 12,000 seat soccer stadium represents an investment in the city’s cultural, civic, and economic future in Sacramento, California, USA o Logan International Airport Terminal A to B Connector, improved transfers and connections, $190mn, Boston, Massachusetts, USA o One Beverly Hills - Podium, serving as contractor on the first phase of a luxury resort and destination project of two residential towers, a hotel, and a club, in Beverly Hills, California, USA o Sustainable research center for University of Duisburg-Essen, 5- story interdisciplinary research facility equipped with a large-scale photovoltaic system and e-mobility facilities, Germany(2) o Krefeld Event Center, refurbishment and expansion of a former industrial boiler house into a modern venue for concerts and events, on the Mies van der Rohe campus, Germany (2) Selection of recent significant new orders BHE(1) and Social Infrastructure Energy 8 Notes: (1) Biopharma, Health and Education. (2) Awarded in July 2025. Digital & Advanced Technology o CoreWeave Lancaster Data Center, $6bn, 100 MW of IT capacity and up to 300 MW, one of the first large-scale data centers of its kind in the region, Pennsylvania, USA(2) o High density, liquid cooling-ready 64 MW data center for a multinational technology corp. in Cyberjaya, Malaysia o Data Center in Melbourne, Australia: 64 MW of IT capacity across 25,000m², designed to meet AI-intensive workload o Data Center in Louisiana, USA for Meta: part of the largest data center campus to date for the company for a total value >$10bn o Several new orders in the semiconductor sector such as the expansion of an assembly and test facility for chip lithography machines in the U.S. o Design and construction of the Queensland Resources Common User Facility in Townsville, a government-backed initiative to accelerate vanadium and other critical minerals processing o Lake Vermont Mine, AUD 2.3bn, full mining services, maintenance and asset management of the fixed and mobile equipment, Bowen Basin, Queensland, Australia o Mardie Salt & Potash Project, detailed engineering works for BCI minerals salt potash plant, Western Australia o Karlawinda Gold Mine 5-year extension, covering full mining services including load and haul, drill and blast, engineering and technical services, Western Australia o Stobie Open Pit nickel/copper mine, services including mining operations, maintenance and asset management at nickel/copper project for Vale Base Metals, Canada Critical Metals and Natural Resources o Deutsche Bahn Rail Infrastructure project, refurbishment of 42-km-long, double-track section of the right bank of the Rhine from Wiesbaden to Lorchhausen, Germany o Long Bridge North Project, $1bn, c.1.6-kilometer rail link from East Potomac Park to L’Enfant Interlocking, Washington D.C., USA o Via 15, extension and widening of A12 and A15 over a distance of 23km as part of a major PPP contract, near Arnheim, Netherlands o Logan and Gold Coast Faster Rail project: design and pre-construction contract for the main works package in Queensland, Australia o Second main line of the S-Bahn rail network to link the Ostbahnhof and Marienhof stations in the heart of Munich, Germany Transport Infrastructure & Sust. Mobility o Army Aviation Program of Works, Stage 2 Delivery Phase, at RAAF Base Townsville, in Queensland, includes the construction and upgrade of command, training, maintenance, logistics and airfield infrastructure o Wild Horse Reservoir in Park County, Colorado, project to improve Aurora Water’s system reliability and resiliency o Choa Chu Kang Waterworks, Leighton Asia, reconstruction works for Singapore´s Nation Water Agency o Major climate resiliency contracts: combat storm surges, rising sea levels and environmental threats from climate change, in Virginia Beach and Port Arthur, Texas, USA Defense & Others
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H1 2025 | Results Presentation 9 Performance by Segment H1 2025 | Results Presentation
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H1 2025 | Results Presentation 10 Turner Outstanding growth and increasing profitability driven by strategic sectors ▪ Continued strong sales growth of 44% yoy FX-adj., primarily driven by organic growth (up 37% FX-adj.) particularly high-tech and BHE (2) projects. In addition, Dornan contributes further to the overall outstanding growth ▪ B reached €392mn (up 62.0% FX-adj.) with further PBT margin improvement by 36 bps to 3.2%, supported by Turner’s successful strategy focused on advanced-tech projects ▪ Excellent NOCF of €377mn resulting from the operational outperformance, an increase of € mn yoy, bringing H1 net cash to €2.7bn, up €+298mn, even after Dornan acquisition ▪ Outstanding new orders momentum, up 25.1% FX-adj. to €16.0bn in H1 2025, driving very strong order backlog of €33.1bn, up 21.4% FX-adj. Note: (1) Before HT minorities in ACS. % % % % % Digital Infrastructure Energy B E & Social infrastructure eneral building Other €33.1bn Order backlog (as of Jun 2025) Euro Million H1 2024 H1 2025 yoy yoy FX-adj. Sales 8,650 12,216 41.2% 44.0% EBITDA 242 408 68.7% 72.0% % margin 2.8% 3.3% 54 bps PBT 247 392 58.9% 62.0% % margin 2.9% 3.2% 36 bps NPAT 175 283 61.4% 64.6% Attributable NPAT 138 227 64.0% 67.2% New orders 13,067 16,034 22.7% 25.1% Order backlog 30,029 33,113 10.3% 21.4% (1) Euro Million H1 2024 H1 2025 yoy Net Operating Cash Flow (14) 378 +393 NOCF pre-factoring (76) 347 +423 (Net Debt) / Net Cash 2,449 2,747 +298 Cash flow and financial position : (2) Biopharma, Health and Education.
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H1 2025 | Results Presentation 11 CIMIC Leveraging digital and energy infrastructure and critical metals opportunities supported by strategic M&A ▪ Strong sales growth, particularly in strategic markets such as advanced technology, healthcare and defense, supported by the full consolidation of Thiess since Q2 2024 ▪ EBITDA margins remained stable, underpinned by strong contribution from high- tech jobs across both UGL and LAIO ▪ Ordinary B reached €232mn, reflecting a 26.8% increase FX-adj. after adjusting H1 2024 for the one-off non-cash gain, net of provisions ▪ NOCF reflects seasonality, factoring variations and the on-going change in the WC profile as large transport infra projects are finalizing. On a comparable basis and adjusted for factoring volume changes, comparable NOCF pre-factoring shows a € mn yoy improvement ▪ Solid order backlog of €23.2bn, driven by growth across all segments, especially in data center and BHE % % % % 6% % % Digital Infrastructure Energy Sustainable mobility B E & Social infrastructure Defense ransportation Critical metals & natural resources € bn Euro Million H1 2024 H1 2025 yoy yoy FX-adj. Sales 4,160 5,256 26.3% 33.2% EBITDA 500 630 25.9% 32.8% % margin 12.0 % 12.0 % - Ordinary PBT 193 232 20.3% 26.8% % margin 4.6% 4.4% (22) bps Ordinary NPAT 126 126 0.0% 5.5% Ordinary Attributable NPAT 99 101 1.7% 7.2% New orders 6,061 6,606 9.0% 14.9% Order backlog 24,580 23,178 (5.7%) 5.0% (1) (2) (3) Order Backlog (as of Jun 2025) Notes: (1) H1 2024 Ordinary PBT excludes extraordinary impact of the accounting gain, net of provisions, in 2024. (2) Before HT minorities in ACS. (3) H1 2025 Ordinary KPIs exclude the one-off impact from restructuring costs. Euro Million H1 2024 H1 2025 yoy Net Operating Cash Flow 21 (451) -471 NOCF pre-factoring (171) (389) -218 (Net Debt) / Net Cash (1,770) (2,151) -382 Cash flow and financial position
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H1 2025 | Results Presentation 12 ▪ Sales increased by 13.3% yoy FX-adj., driven by strong performance in both Dragados and HOCHTIEF E&C's high-growth segments (high-speed transportation and defense), with notable momentum in North America ▪ EBITDA margin improved by 53 bps to 5.7%, supported by a significant uplift in FlatironDragados performance ▪ Ordinary B of €136mn, up 47.1% FX-adj. and supported by a positive financial performance ▪ NOCF level was impacted by the lower use of factoring and a high comparison base due to strong collections recorded in H1 2024 ▪ Backlog grew by 8.2% FX-adj to €30.0bn, supported by a robust order intake of €7.9bn, particularly in sustainable mobility and transportation. The book to bill ratio exceeded 1.2 times ▪ Well-positioned to capture German civil engineering and public building prospects driven by infrastructure investment focus Engineering & Construction Dragados and HOCHTIEF E&C contributed to solid growth and improved profitability in the segment Euro Million H1 2024 H1 2025 yoy yoy FX-adj. Sales 4,679 5,219 11.5% 13.3% EBITDA 240 295 23.0% 24.0% % margin 5.1 % 5.7 % 53 bps Ordinary PBT 94 136 45.6% 47.1% % margin 2.0 % 2.6 % 61 bps Ordinary NPAT 81 98 21.5% 22.1% Ordinary AttrIbutable NPAT 77 93 21.4% 22.1% New orders 7,301 7,864 7.7% 9.0% Order backlog 29,192 30,040 2.9% 8.2% (1) (2) % % 6% 6% 6% % % S ermany Spain Canada Poland Others 6% % % % % 6% Energy Sustainable mobility B E & Social infrastructure Defense eneral building ransportation Other € bn € bn Order Backlog (as of Jun 2025) Cash flow and financial position Euro Million H1 2024 H1 2025 yoy Net Operating Cash Flow 18 (228) -245 NOCF pre-factoring (35) (76) -41 (Net Debt) / Net Cash 1,136 1,291 +155 Notes: (1) Before HT minorities in ACS. (2) H1 2025 Ordinary KPIs exclude the one-off impact from restructuring costs.
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H1 2025 | Results Presentation Infrastructure Euro Million H1 2024 H1 2025 yoy Sales 72 92 26.9% Abertis - - Iridium 72 92 26.9% EBITDA 135 121 (10.0%) Abertis 98 90 (8.2%) Iridium 37 32 (14.8%) PBT 109 97 (11.4%) Abertis 98 90 (8.2%) Iridium 12 7 (38.5%) NPAT 106 98 (7.7%) Abertis 98 90 (8.2%) Iridium 8 8 - Attributable NPAT 98 91 (7.1%) Abertis 89 83 (7.7%) Iridium 8 8 - (1) 13 ▪ Iridium’s sales increased by 26.9%, driven by the contribution of the A13 and a general positive performance across operating entities ▪ Abertis showed a resilient operational performance, with NPAT contribution impacted by the new tax regulation in France ▪ Dividend of approx. €600mn (ACS share €297mn) paid by Abertis in Q2 2025 Infrastructure High-quality brownfield concessions and high-growth greenfield investment platform Note: (1) Before HT minorities in ACS.
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H1 2025 | Results Presentation Robust operating performance ▪ Revenues and EBITDA on a comparable basis both up +6% like-for-like underpinned by traffic growth across almost all geographies and tariffs linked to inflation ▪ Solid 2.6% traffic growth supported by a robust HV traffic evolution (+2.8%) and a high LV performance in most assets (+2.6%) – Particularly strong performance in Spain (+5.4%), France (+2.6%), Chile (+5%) and Brazil (+2.9%) Continued investment in the portfolio ▪ Full consolidation of Atlandes (A-63) from 1st of June, with full impact in balance sheet and 1 month in P&L. Abertis acquired a 51.2% stake of A-63 road in France, a 104-km toll strategic corridor between Spain and northern Europe, with €134m EBITDA in 2024 and a remaining life of 26 years ▪ Concession Santiago-Los Vilos in Chile: operational management and full consolidation from 1st April Financial strength and liquidity ▪ Net debt as of end of une set at € bn ▪ € mn shareholder capital increase to support growth, strengthening the balance sheet (to be disbursed in H2 2025) ▪ Successful access to capital markets in H1 2025, with €1.8bn bonds issued by the group at attractive terms ▪ Ample group liquidity of €6.9bn(2) comprising €3.0bn (2) available cash and €3.9bn committed and undrawn credit lines, covers debt maturities until 2027 ▪ Future refinancing needs will be reduced by free cash flows generated by the business Euro Million H1 2024 H1 2025 yoy Sales (100%) 3,021 2,983 (1.3%) EBITDA (100%) 2,161 2,117 (2.0%) % margin 71.5 % 71.0 % (57) bps Net Profit pre-PPA (100%) 402 383 (4.8%) Net Profit (100%) 195 179 (8.2%) Contribution to EBITDA 98 90 (8.2%) Contribution to Net Profit 89 83 (7.7%) Capex 336 269 (Net Debt) / Net Cash (24,677) (23,753) (1) 14 Infrastructure - Abertis Group's liquidity profile and debt maturities (€bn) Available cash Committed and undrawn credit llines Abertis Holding (*) Subsidiaries 1.0 1.6 1.7 2.1 0.3 1.3 1.8 2.7 2025 2026 2027 2028 1.3 2.9 3.5 4.8 3.0 3.9 Liquidity 6.9 (2) (2) (*) Abertis Holding: Abertis Infrastructure + Abertis HoldCo + Abertis Finance BV. / (1) Excludes Abertis HoldCo debt. / (2) Adjusted by the forthcoming €400m shareholders' equity contribution supporting the Atlandes (A-63) acquisition, expected in H2 2025. Resilient operating performance and strong cash flow generation
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H1 2025 | Results Presentation 15 Infrastructure - Abertis Note: Figures reported according to Abertis management accounts as of 30 June of 2025, considering accounting perimeter, thus excluding Abertis HoldCo. Average FX rate on 30 June of 2025: €/BRL 6.29 €/CLP: 1,042.43; €/ARS 1,390.36; €/USD 1.1 €/MXN 21.80; €/INR 93.97. (1) Percentage change H1 2025 vs H2 2024. For comparable purposes ADT variation has been calculated including Atlandes (France) and Santiago - Los Vilos (Chile), since they are full consolidated, and excluding SH-288 (Texas), and Rutas del Pacifico (Chile) and Conipsa (Mexico) which concessions will finish in 2025. / (2) Includes 6 months operations of Texas (SH-288) in H1 2024. / (3) India and Emovis. / (4) Excludes Abertis HoldCo with €1,000Mn of third parties' debt. / (5) Capex executed without M&A / (6) Due to one-off accounting impact of Intervias (Brazil) extension in 2024. / (7) Including the forthcoming €400m shareholders' equity contribution supporting the Atlandes (A-63) acquisition, expected in H2 2025 Key figures by country € n France Spain Italy USA Mexico Chile Brazil Arg. Int. A.Infra. Total Group Km 1,873 631 236 293 937 494 3,193 175 152 - 7,983 Concessions 3 7 1 4 5 5 7 2 2 - 36 Traffic +2.6% +5.4% +0.9% 0% +2.1% +5.0% +2.9% +1.2% +6.1% n.a. +2.6% Revenues 1,032 313 226 285 356 320 328 75 47 0 2,983 % Change +4.4% +3.6% -1.0% -7.4% -8.1% +21.9% -23.2% +7.2% +1.5% n.a. -1.3% EBITDA 736 244 128 211 298 267 207 13 18 -6 2,117 % Change +4.0% +3.0% +0.7% -5.0% -9.0% +21.5% -29.9% -4.3% +11.0% n.a. -2.0% % Contribution 34.8% 11.5% 6.0% 9.9% 14.1% 12.6% 9.8% 0.6% 0.9% (0.3%) 100.0% Capex 32 3 35 19 36 30 109 2 2 3 269 Net Debt 5,382 382 -137 2,905 1,666 506 1,884 -4 -52 11,222 23,753 Cash 552 55 137 369 544 179 388 4 52 317 2,598 EUROPE OVERSEAS HOLDING TOTAL (1) (6) (1) (5) (2) (3) (4) (6) (6) (+6% LfL) (+6% LfL) 23,353 2,998717 10,822 (7) (7)(7) (7)
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H1 2025 | Results Presentation Conclusions and strategic priorities 16 H1 2025 | Results Presentation
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H1 2025 | Results Presentation 17 Conclusions ORDINARY NET PROFIT € mn € 8bn LTM NOCF pre-factoring Backlog €89.3bn Strong operating performance Robust contracting activity Capital allocation priorities +28.6% SALES LTM NOCF pre-factoring 4-year CAGR of 45.8% €24,108mn +17.0% yoy +19.4% yoy FX-adjusted ✓ Significant greenfield infrastructure investment opportunities in Data Centers and Managed Lanes ✓ Strategic accretive M&A in brownfield core infrastructure and bolt-on acquisitions to enhance engineering capabilities ✓ Shareholder value creation through attractive remuneration and long-term growth ✓ Group-level investment grade rating of BBB- New orders € bn 1.2x first half book to bill +11.8% yoy FX-adjusted, c.2 years of work done
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H1 2025 | Results Presentation Appendix H1 2025 | Results Presentation
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H1 2025 | Results Presentation SR-400 commercial closing and pricing ▪ DBFOM contract involving the widening and rehabilitation of ~25 km of SR 400 in Atlanta, adding dynamic toll lanes in both directions. ▪ High revenue potential due to strong local demographics, flexible tolling, and strategic connectivity ▪ Service Commencement scheduled 66 months after financial closing, followed by 50-year O&M term ▪ ACS stake: 33.33% Equity & O&M (ACS Infra, with Acciona and Meridiam), and 50% Construction (Flatiron Dragados, with Acciona) ▪ Construction value of $4.6bn and concession fee estimated at $4.1bn First privately managed express lane project in Georgia reaches key financing milestones Winning proposal from SR400 Peach Partners Financial closing ▪ Equity capital requirements for ACS’s share of c.$1.2bn, subject to final financing pricing ▪ Financial Close on track: The TIFIA application package was successfully approved by the U.S. Secretary of Transportation on June 12. Key Dates: − Preliminary Official Statement (POS) Published July 17 − Senior Loan / Private Activity Bonds (PABs) Pricing July 29 − TIFIA Closing July 30 − PABs Closing August 5 − Concession Fee Payment August 15 ▪ Ratings achieved: The PABs Loan has been assigned a rating of "Baa3" by Moody's and a preliminary rating of "BBB+" by Kroll. The TIFIA Loan has been assigned a rating of"Baa3" by Moody's and a preliminary rating of "BBB" by Kroll ▪ Project Delivery ahead of schedule: Following the issuance of NTP 1 (Dec 2024), the contractor achieved NTP 2 ahead of schedule (Apr 2025). All teams remain focused on achieving NTP 3 in Q1 2026, ahead of the contractual target of Jul 2026 Future GDOT projects (B & C as managed lanes) 19
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H1 2025 | Results Presentation € mn € 6mn € mn Capital invested € mn € mn € mn(1) Capital invested € mn € mn € mn € mn Capital invested € mn € mn 20 Solid, well-diversified portfolio of infrastructure assets and investments in Data Centers and Sustainable Mobility Social infrastructure Railroads Highways Energy Total by company € mn • Large-scale Data Centers (estimated investment 2024-2025) TOTAL GROUP otal capital invested as of une of € mn (2) Infrastructure - Capital investments in greenfield projects Note: (1) Includes electric vehicle charging network. (2) Valuation of the portfolio excluding DC investments and sustainable mobility as of December 2024 of €1.2bn. Data Centers and Sustainable Mobility c.€ mn (2024-2025) € mn € mn • Edge Data Centers (YEXIO & Yorizon, capital contribution) • Sustainable Mobility: Skyports (vertiports) and Glydways (RPT) Infrastructure portfolio
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H1 2025 | Results Presentation 21 Legal Disclaimer This document contains forward-looking statements on the intentions, expectations or forecasts of Grupo ACS or its management at the time the document was drawn up and in reference to various matters including, among others, its customer base, its performance, the foreseeable growth of its Activities and its overall turnover, its market share, the results of Grupo ACS and other matters relating to the Group’s activities and current position. These forward-looking statements or forecasts can in some cases be identified by terms such as “expectation”, “anticipation”, “proposal”, “belief” or similar, or their corresponding negatives, or by the very nature of predictions regarding strategies, plans or intentions. Such forward-looking statements or forecasts in no way constitute, by their very nature, guarantees of future performance but are conditional on the risks, uncertainties and other pertinent factors that may result in the eventual consequences differing materially from those contained in said intentions, expectations or forecasts. ACS, Actividades de Construcción y Servicios, S.A. does not undertake to publicly report on the outcome of any revision it makes of these statements to adapt them to circumstances or facts occurring subsequent to this presentation including, among others, changes in the business of the company, in its strategy for developing this business or any other possible unforeseen occurrence. The points contained in this disclaimer must be taken fully into account by all persons or entities obliged to take decisions or to draw up or to publish opinions on securities issued by Grupo ACS and, in particular, by the analysts and investors reading this document. All the aforesaid persons are invited to consult the public documentation and information that Grupo ACS reports to or files with the bodies responsible for supervising the main securities markets and, in particular, with the National Securities Market Commission (CNMV in its Spanish initials). This document contains financial information drawn up in accordance with International Financial Reporting Standards (IFRS). The information has not been audited, with the consequence that it is not definitive information and is thus subject to possible changes in the future. H1 2025 | Results Presentation
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