Slides
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9M 2025 RESULTS PRESENTATION November 14th , 2025
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9M 2025 | Results Presentation Increased FY 2025 Ordinary NPAT guidance of €8 – €8 mn (up to c %) ✓ Compares with previous top end of the guidance of up to 17% ✓ Positioned to further expand strong presence in strategic growth markets with significant equity investment opportunities New orders of € bn, up 1 6% FX-adj. ✓ Order backlog at 89.3bn, equivalent to c.2 years of work done reflecting the strong demand in Data Centers, Biopharma and Defense ✓ c.55% of new orders are in high-growth segments Sustained LTM Net Operating Cash Flow ("NOCF”) of € bn, up €1 mn yoy ✓ EBITDA increased 32.0% (38.0% FX-adj.) to €2.2bn ✓ Excellent operating performance and cash conversion ✓ LTM NOCF pre-factoring increased by 318mn yoy Very strong Ordinary NPAT(1) growth to € 8 mn, up 1 % yoy (+23.8% FX-adj.) ✓ Outstanding sales growth of 23.7% (28.3% FX-adj.) supported by a strong performance across segments ✓ Continued positive evolution of operating margins ✓ Net Profit of €655mn, up 11.6% yoy FX-adj. 2 9M 2025 Overview New orders (€bn)Net Profit (NPAT) (€mn) Net Debt position of € bn driven by strategic capital allocation ✓ €1.4bn 9M capital allocation: • €436mn Dornan acquisition • €555mn net equity investments (including €345mn in DCs) • €422mn shareholder remuneration Note: (1) Ordinary NPAT adjusts for extraordinary items. In 2024: (i) one-off non-cash gain at CIMIC, net of provisions, (ii) non-cash impact from SH-288 termination, net of provisions and extraordinary items. 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. 9M 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) one-off non-cash gain at CIMIC, net of provisions, (ii) non-cash impact from SH-288 termination, net of provisions and extraordinary items. 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. 9M 2025 Hochtief's €146mn capital gain related to FlatironDragados' transaction is eliminated at ACS level given it´s an intragroup merger. 8 8 6 6 Ordinary NPAT(1) NPAT +19.5%/ +23.8% FX-adj. (Ordinary NPAT) LTM NOCF pre-factoring (€mn) 1, 6 1,881 +8.7% / +12.6% FX-adj. +318mn yoy +11.6% yoy FX-adj. (NPAT)
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9M 2025 | Results Presentation €36.8bn 6 % % 1 % 1% ort merica ia aci c urope o 3 Sales by region 9M 2025 Comparable Profit Before Tax (€mn) Euro Million 9M 2024 9M 2025 yoy yoy FX-adj. Sales 29,702 36,753 23.7% 28.3% EBITDA 1,679 2,217 32.0% 38.0% % margin 5.7% 6.0% 38 bps PBT 735 1,104 50.1% 55.9% % margin 2.5% 3.0% 53 bps NPAT 605 655 8.3% 11.6% EPS 6 € € 8.2% 11.6% New orders 40,354 43,850 8.7% 12.6% Order backlog 86,555 89,274 3.1% 8.9% Extraordinary impacts (116) (70) Ordinary NPAT 489 585 19.5% 23.8% Ordinary PBT 860 1,104 28.3% (2) (1) 86 1,1 +28.3% yoy Ordinary NPAT grew by 19.5% (23.8% FX-adj.) ▪ Continued strong sales growth of 28.3% FX-adj., 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 21.7% FX-adjusted ▪ BI D of €2,217mn, up 32.0% with operating margin expansion across businesses and at consolidated level (+38 bps), despite the usual business-mix effects ▪ PBT of €1,104mn, up 50.1%. On a comparable ordinary basis PBT grows by 28.3%(3), particularly driven by Turner´s outperformance and the solid evolution of FlatironDragados ▪ Ordinary NPAT(2) increased by 19.5% or 23.8% FX-adj , reac ing €585mn ▪ Strong order intake of €43.9bn, resulting in a book to bill of 1.1x. The Order backlog tood at €89.3bn, up 8.9% FX-adj. supported by strong growth in Digital Infrastructure Notes: (1) Avg. FX rates: 9M 2024: 1.085 USD/EUR, 1.638 AUD/EUR. 9M 2025: 1.121 USD/EUR, 1.748 AUD/EUR (2) Ordinary NPAT adjusts for extraordinary items. In 2024: (i) one-off non-cash gain at CIMIC, net of provisions, (ii) non-cash impact from SH-288 termination, net of provisions and extraordinary items. 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. 9M 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: 9M 2024: 1.085 USD/EUR, 1.638 AUD/EUR. 9M 2025: 1.121 USD/EUR, 1.748 AUD/EUR (2) Ordinary NPAT adjusts for extraordinary items. In 2024: (i) one-off non-cash gain at CIMIC, net of provisions, (ii) non-cash impact from SH-288 termination, net of provisions and extraordinary items. 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. 9M 2025 Hochtief's €146mn capital gain related to FlatironDragados' transaction is eliminated at ACS level given it´s an intragroup merger. (3) Ordinary PBT adjusts for extraordinary impacts in 9M 2024: i) One-off non-cash gain at CIMIC, net of provisions, and ii) non-cash impact from SH-288 termination, net of provisions and extraordinary items. (3) (3) P&L and operating KPIs
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9M 2025 | Results Presentation 4 Solid growth at NPAT level, driven by very strong performance in Integrated Solutions and E&C ▪ urner’ attributable NPAT grew by 64.6%, driven by the strong momentum in digital infrastructure and despite FX headwinds ▪ CI IC delivered €151mn, supported by strong performance in High-tech projects, while negatively impacted by FX movements ▪ &C’ attributable NPAT increased by 32.5% reflecting a higher contribution by 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 €28.6mn at CIMIC and Dragados from efficiency and cost reduction initiatives Euro Million 9M 2024 9M 2025 yoy yoy FX-adj. Integrated Solutions 369 514 39.2% 45.1% Turner 221 363 64.6% 70.0% CIMIC 149 151 1.4% 8.2% Engineering & Construction 119 157 32.5% 33.8% Infrastructure 151 139 (7.8%) Abertis 140 110 (21.5%) Iridium 11 29 162.6% HOCHTIEF HQ (95) (162) ACS HQ & other (54) (63) Ordinary NPAT 489 585 19.5% 23.8% NPAT 605 655 8.3% 11.6% EPS 6 € € 8.2% (1) (2) Notes: (1) Avg. FX rates: 9M 2024: 1.085 USD/EUR, 1.638 AUD/EUR. 9M 2025: 1.121 USD/EUR, 1.748 AUD/EUR (2) Ordinary NPAT adjusts for extraordinary items. In 2024: (i) one-off non-cash gain at CIMIC, net of provisions, (ii) non-cash impact from SH-288 termination, net of provisions and extraordinary items. 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. 9M 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: 9M 2024: 1.085 USD/EUR, 1.638 AUD/EUR. 9M 2025: 1.121 USD/EUR, 1.748 AUD/EUR (2) Ordinary NPAT adjusts for extraordinary items. In 2024: (i) one-off non-cash gain at CIMIC, net of provisions, (ii) non-cash impact from SH-288 termination, net of provisions and extraordinary items. 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. 9M 2025 Hochtief's €146mn capital gain related to FlatironDragados' transaction is eliminated at ACS level given it´s an intragroup merger. Attributable Ordinary NPAT breakdown
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9M 2025 | Results Presentation ▪ obu t OCF of € bn, supported by a sustained cash flow conversion and strong growth from Turner. The comparison against the 2024 base is affected by the lower use of factoring ▪ On a pre-factoring basis, OCF improved by €318mn vs. 9M 2024 LTM ▪ 9M 2025 cash flow reflects characteristic seasonality with yoy variation including Thiess consolidation impact ▪ Net capex & operating leases increased, primarily due to the full consolidation of Thiess starting in Q2 2024 5 Strong and steady cash flow generation with €2.0bn NOCF in the LTM Cash flow performance Euro Million 9M 2023 LTM 9M 2024 LTM 9M 2025 LTM yoy EBITDA 1,909 2,164 2,994 +830 Operating WC pre-factoring variation (556) 213 272 +58 Taxes, interests, associates and other (81) (238) (581) -342 Operating Cash Flow (OCF) pre-factoring 1,272 2,139 2,685 +546 Net capex and op. leases (471) (576) (805) -228 NOCF pre-factoring 802 1,562 1,881 +318 Factoring variation 77 258 94 -164 Net Operating Cash Flow (NOCF) 879 1,820 1,974 +154 LTM Net Operating Cash Flow pre-factoring (€mn) 1, 6 1,881 +€318mn yoy
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9M 2025 | Results Presentation 6 Net debt position as of September 2025 of €2.2bn driven by strategic capital allocation ▪ The Group ended 9M 2025 with a net debt po ition of € bn, a decrease of €173mn yoy, driven by the trong OCF of € bn, reflecting continued strong cash conversion and facilitating significant strategic capital allocation initiatives ▪ et equity inve tment and & of over €1 bn in t e , driven by the acquisition of Dornan (€0.4bn) and €0.8bn of other net equity investments (including more than €0.4bn in Data Center projects and more than €0.2bn in social infrastructure, energy and transport concessions) ▪ S are older remuneration of € 1mn in the LTM ▪ S&P investment grade credit rating recently confirmed at BBB-, stable outlook Notes: (1) Shareholder remuneration includes: €221mn of dividends distributed in cash to ACS shareholders, €293mn of dividends distributed in shares to ACS shareholders, €78mn of dividends distributed to HOCHTIEF minority interests, €110mn of dividends distributed to other minority interests and positive €251mn 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. ( , ) ( , ) et Debt Sep et Operating Ca Flo ( OCF) et equity inve tment and & S are older remuneration erimeter c ange, F and ot er et Debt Sep 1, (1 ) (1, ) ( 1) (1) +€173 mn yoy (2) Financial position 9M 2025 Capital allocation (€mn) Figures in millions of euros 6 1 Dornan acqui ition S are older remuneration Data Center inve tment Ot er net equity inv and & €1.4bn
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9M 2025 | Results Presentation 86 6 8 40.0 50.0 60.0 0.0 80.0 90.0 100.0 + % Digital Infra tructure 16% nergy Infra tructure % Su tainable mobility 1 % B & Social infra tructure 1 % Defen e % eneral building 16% ran portation 1 % Critical mineral & natural re ource 1 % Ot er 1 % 7 Notes: (1) Biopharma, Health and Education. ▪ Rigorous approach to tendering, project delivery and risk management paying-off ▪ Order backlog of €89.3bn, up 8.9% yoy FX-adjusted on the back of €43.9bn of new orders (up 8.7%, 12.6% FX-adj.) supported by Digital Infrastructure, Defense and Biopharma ▪ Backlog visibility at c.2 years ▪ Well-positioned to capture German infrastructure investment focus ▪ c.55% of new orders are in high-growth segments €8 bn (1) Order backlog and new orders Continued growth in backlog visibility and diversification towards growth markets New orders (€bn) Order backlog development (€bn) , , , 1, 1, 1,1 (50,0) (40,0) ( 0,0) (20,0) (10,0) - 10,0 20,0 10,0 20,0 0,0 40,0 50,0 60,0 0,0 e order Book to bill CAGR
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9M 2025 | Results Presentation Digital & Advanced Technology o Wisconsin data center, $15bn DC complex alongside partners, part of $500bn Stargate program, USA o CoreWeave Data Center, more than $6bn client commitment for a state-of-the-art DC with initial 100 MW and potential to expand to 300 MW, purpose-built to power the most cutting-edge AI use cases, Pennsylvania, USA o High density, liquid cooling-ready 64 MW data center for a multinational technology corp. in Cyberjaya, Malaysia o Data Center in Alcalá, joint collaboration with Dragados, Iridium, Turner & SourceBlue participation, in the context of the DC platform, started construction in Madrid 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 Queensland's Gateway to Bruce Upgrade, AUD 950m, improvement of safety, connectivity and resilience across the Gateway Motorway and Bruce Highway corridors, Australia o Memphis International Airport, $700m, multi-year program of airport modernization, Tennessee, USA 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 LAX Airfield and Terminal Modernization Project (ATMP), structures and utilities works for the Los Angeles World Airports, USA o Line 3 North construction of the Seville Metro Selection of recent significant new orders BHE(1) & Social Infrastructure Energy Infrastructure 8 Notes: (1) Biopharma, Health and Education. o Sellafield nuclear site works, €685m contract for up to 15 years involving design, engineering, and delivery of civil infrastructure works in support of nuclear operations and decommissioning in collaboration with Sellafield and its partners, UK o Muchea Battery Energy Storage System, Construction of 164 MW / 905Mwh battery north-east of Perth which will support the energy transition and strengthen the electricity grid, WA, Australia o Four high-performance onshore converter stations: planning contract for key projects for c.710 km high-voltage electricity transmission line, intended to bring wind power from Northern Germany to the Ruhr area starting in 2030, Germany o Lithium de France, front-end engineering design (FEED) work for a major lithium project in France o Iron Bridge Magnetite, awarded a two-year extension, with option to extend a further two years. Thiess will expand delivery of mining and asset management services in the Pilbara region, WA, Australia 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 Karlawinda Gold Mine 5-year extension, covering full mining services including load and haul, drill and blast, engineering and technical services, Western Australia Critical Minerals & Natural Resources o New Huntington Bank Field, Cleveland Brown’s new NFL stadium, visionary project to set a new standard in stadium innovation and fan engagement while also attracting year-round events beyond football, Ohio, USA o MET Tang Wing Project at Metropolitan Museum of Art to add nearly 50% more exhibition space for the collection of 20th- and 21st-century art in New York City, USA o 343 Madison Avenue, new skyscraper including underground transit entrance serving Grand Central Terminal in Midtown Manhattan, one of the busiest transit hubs in New York, USA o AdventHealth – Avista New Hospital, significant expansion of facility’s capacity, new 5-story building in Louisville, Colorado, USA Transport Infrastructure & Sust. Mobility o US Air Force Civil Engineering Services,10-year global construction services award o Pearl Harbor Dry Dock, Construction of the P-209 Dry Dock 3 replacement at Joint Base Pearl Harbor- Hickam, the project is part of the U.S. Navy’s Shipyard Infrastructure Optimization Program, Hawaii, USA 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 Defense
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9M 2025 | Results Presentation 9 Performance by Segment 9M 2025 | Results Presentation
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9M 2025 | Results Presentation 10 Turner Outstanding growth and increasing profitability driven by strategic sectors ▪ Very strong sales increase of 42.6% yoy FX-adj., primarily driven by organic growth (up 35.5% FX-adj.) particularly in data centers and BHE(3) projects; strong performance from Dornan ▪ Out tanding ordinary B gro t to €629mn (up 65.3% FX-adj.) with further PBT margin increase of 46 bps to 3.4%, driven by Turner’s successful strategy focused on advanced-tech projects ▪ Continued positive new orders momentum, up 25.3% FX-adj. to €23.4bn in 9M 2025, driving very strong order backlog expansion to €34.4bn, up 19.6% FX-adj. % 1% % 6% % Digital Infra tructure nergy Infra tructure B & Social infra tructure eneral building Ot er €34.4bn Order backlog (as of Sep 2025) Euro Million 9M 2024 9M 2025 yoy yoy FX-adj. Sales 13,585 18,759 38.1% 42.6% EBITDA 385 642 66.7% 72.2% % margin 2.8% 3.4% 59 bps Ordinary PBT 393 629 60.1% 65.3% % margin 2.9% 3.4% 46 bps Ordinary NPAT 278 453 62.8% 68.1% Ordinary Attributable NPAT 221 363 64.6% 70.0% New orders 19,307 23,418 21.3% 25.3% Order backlog 30,301 34,379 13.5% 19.6% (1) (2) :Notes: (1) Before HT minorities in ACS. (2) 9M 2025 Ordinary KPIs net of stamp duty paid for Dornan acquisition. (3) Biopharma, Health and Education.
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9M 2025 | Results Presentation 11 CIMIC Leveraging digital, energy and critical minerals opportunities , supported by strategic M&A ▪ Sales up 12.6%, supported by the full consolidation of Thiess since Q2 2024; Sales stable yoy on a comparable basis with solid increases in strategic growth markets ▪ Ordinary B reac ed €351mn, reflecting a 20.0% increase FX-adj. after adjusting 9M 2024 for the one-off non-cash gain, net of provisions ▪ Ordinary net profit stable (up 7.1% FX-adj.) ▪ Solid order backlog of €23.0bn, driven by growth across all segments, especially in data center, defense and sustainable mobility. New orders +4,1% yoy FX-adj. % % 1 % 11% 6%11% % Digital Infra tructure nergy Infra tructure Su tainable mobility B & Social infra tructure Defen e ran portation Critical mineral & natural re ource € bn Euro Million 9M 2024 9M 2025 yoy yoy FX-adj. Sales 7,083 7,979 12.6% 20.2% EBITDA 848 953 12.3% 19.8% % margin 12.0 % 11.9 % (0) bps Ordinary PBT 312 351 12.5% 20.0% % margin 4.4% 4.4% (1) bps Ordinary NPAT 187 188 0.3% 7.1% Ordinary Attributable NPAT 149 151 1.4% 8.2% New orders 9,381 9,157 (2.4%) 4.1% Order backlog 24,588 23,006 (6.4%) 3.1% (1) (3) (2) Order Backlog (as of Sep 2025) Notes: (1) 9M 2024 Ordinary PBT excludes extraordinary impact of the accounting gain, net of provisions, in 2024. (2) Before HT minorities in ACS. (3) 9M 2025 Ordinary KPIs exclude the one-off impact from restructuring costs.
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9M 2025 | Results Presentation 12 ▪ Sales increased by 13.8% 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 47 bps to 5.6 %, supported by a significant uplift in FlatironDragados performance ▪ Ordinary B of €224mn, up 51.8% FX-adj. and supported by a positive financial performance ▪ Backlog up by 1.6% FX-adj to €28.9bn, supported by a robust order intake of €9.5bn, particularly in sustainable mobility and transportation ▪ Well-positioned to capture German civil infrastructure and public building investment Engineering & Construction Dragados and HOCHTIEF E&C contributed to solid growth and improved profitability in the segment Euro Million 9M 2024 9M 2025 yoy yoy FX-adj. Sales 7,082 7,872 11.2% 13.8% EBITDA 366 444 21.2% 24.4% % margin 5.2 % 5.6 % 47 bps Ordinary PBT 150 224 50.0% 51.8% % margin 2.1 % 2.8 % 74 bps Ordinary NPAT 125 165 32.6% 33.9% Ordinary AttrIbutable NPAT 119 157 32.5% 33.8% New orders 10,161 9,453 (7.0%) (5.1%) Order backlog 28,875 28,869 - 1.6% (1) (2) % 18% 16% 6% 6% % % S ermany Spain Canada Poland Others % 1% % % % % 16% Su tainable mobility nergy Infra tructure B & Social infra tructure Defen e eneral building ran portation Ot er € 8 bn € 8 bn Order Backlog (as of Sep 2025) Notes: (1) Before HT minorities in ACS. (2) 9M 2025 Ordinary KPIs exclude the one-off impact from restructuring costs.
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9M 2025 | Results Presentation Euro Million 9M 2024 PF 9M 2025 yoy Sales 119 188 58.8% Abertis - - Iridium 119 188 58.8% EBITDA 207 214 3.4% Abertis 152 119 (21.8%) Iridium 55 95 72.8% PBT 166 168 1.2% Abertis 152 119 (21.8%) Iridium 14 49 247.7% NPAT 163 148 (9.1%) Abertis 152 119 (21.8%) Iridium 11 29 162.6% Attributable NPAT 151 139 (7.8%) Abertis 140 110 (21.5%) Iridium 11 29 162.6% (2) (1) 13 ▪ Iridium’ ale increa ed by 58.8%, driven by the contribution of the A13, the financial close of the SR-400 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 Notes: (1) 9M 2024 PF excludes extraordinary non-cash impact from SH-288 termination in 2024 for comparison purposes. (2) Before HT minorities in ACS.
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9M 2025 | Results Presentation Robust operating performance ▪ Revenues +6% and EBITDA +7% on a comparable basis like-for-like underpinned by traffic improvement across main geographies and tariffs linked to inflation ▪ Solid 2.3% traffic growth supported by a robust HV traffic evolution (+2.7%) and a high LV performance in most assets (+2.2%) – Strong performance in Spain (+4.9%), Chile (+4.6%), Brazil (+2.3%) and France (+1.9%) Continued investment in the portfolio ▪ Full consolidation of Atlandes (A-63) from 1 June and Santiago-Los Vilos from 1 April ▪ Fluminen e’ ne contract until strengthens Abertis’ leadership in Brazil – The 21-year extension includes a tariff adjustment with minimal traffic risk and is expected to deliver approximately €110mn in EBITDA by 2030 Financial strength and liquidity ▪ et debt at end of September a € bn(2), €0.3bn higher than in Dec. 2024 (€22.6bn), adjusted by €0.4bn shareholder capital increase disbursed on 15th Oct. 2025 ▪ oody’ assigned first-time Baa3 rating to Abertis Infra with stable outlook ▪ Successful € n hybrid tap of the hybrid bond issued in May, to partially refinance the €750Mn hybrid bond callable in April 2027 through a tender offer for the same amount. New issuance completed at 4.375% yield, below coupon of 4.75% ▪ Ample group liquidity of €7.0bn(2) comprising €3.2bn (2) available cash and €3.8bn of committed and undrawn credit lines, that covers debt maturities until 2027 ▪ Future refinancing needs will be reduced by free cash flows generated by the business Euro Million 9M 2024 PF 9M 2025 yoy Sales (100%) 4,585 4,611 0.6% EBITDA (100%) 3,229 3,246 0.5% % margin 70.4 % 70.4 % (4) bps Net Profit pre-PPA (100%) 605 543 (10.3%) Net Profit (100%) 304 238 (21.8%) Contribution to EBITDA 152 119 (21.8%) Contribution to Net Profit 140 110 (21.5%) Capex 487 469 (Net Debt) / Net Cash (23,986) (23,337) (1) 14 Infrastructure - Abertis Group's liquidity profile and debt maturities (€bn) Available cash Committed and undrawn credit llines Abertis Holding (*) Subsidiaries 0.3 1.9 1.8 2.2 0.2 1.3 1.8 2.7 2025 2026 2027 2028 0.5 3.1 3.6 4.9 3.2 3.8 Liquidity 7.0 (2) (2) (*) Abertis Holding: Abertis Infrastructure + Abertis HoldCo + Abertis Finance BV. / (1) Excludes Abertis HoldCo debt. / (2) Adjusted by the €400m shareholders' equity contribution supporting the Atlandes (A-63) acquisition, cash in on 15th October 2025. Resilient operating performance and strong cash flow generation
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9M 2025 | Results Presentation 15 Infrastructure - Abertis Note: Figures reported according to Abertis management accounts as of 30 September of 2025, considering accounting perimeter, thus excluding Abertis HoldCo. Average FX rate on 30 September of 2025: €/BRL 6.32 €/CLP: 1,069.96; €/ARS 1,593.74; €/USD 1.12 €/MXN 21.79; €/INR 95.92. (1) Percentage change 9M 2025 vs 9M 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 9 months operations of Texas (SH-288) in 9M 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 €400m shareholders' equity contribution supporting the Atlandes (A-63) acquisition, disbursed on 15th October 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 4 4 7 2 2 - 34 Traffic +1.9% +4.9% +1.0% -1.1% +1.8% +1.4% +4.6% +2.3% +1.4% +5.7% n.a. +2.3% Revenues 1,666 501 348 437 538 441 501 104 75 0 4,611 % Change +7.3% +3.2% -0.6% -4.7% -4.9% +11.0% -16.0% -3.6% +6.3% n.a. +0.6% EBITDA 1,127 406 201 330 451 364 327 17 28 -6 3,246 % Change +6.8% +2.9% +1.8% +0.5% -4.8% +9.5% -19.7% -8.6% +14.4% n.a. +0.5% % Contribution 34.7% 12.5% 6.2% 10.2% 13.9% 11.2% 10.1% 0.5% 0.9% (0.2%) 100% Capex 69 5 50 36 81 41 178 3 3 3 469 Net Debt 5,084 381 -147 2,906 1,695 432 1,941 -2 -52 11,099 23,337 Cash 823 56 147 338 536 245 416 2 52 150 2,765 EUROPE OVERSEAS HOLDING TOTAL (1) (6) (1) (5) (2) (3) (4) (6) (+6% LfL) (+7% LfL) 22,937 3,165550 10,699 (7) (7)(7) (7)
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9M 2025 | Results Presentation Conclusions 16 9M 2025 | Results Presentation
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9M 2025 | Results Presentation 17 Conclusions ORDINARY NET PROFIT € 85mn €2.0bn LTM NOCF Backlog €89.3bn Strong operating performance Robust contracting activity Capital allocation priorities +23.7% SALES LTM NOCF pre-factoring +318mn yoy €36,753mn +19.5% yoy +23.8% 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 €43.9bn c.55% of new orders in high-growth segments +8.9% yoy FX-adjusted, c.2 years of work done 9% - 17% €8 - €8 mn (up to c.25% vs. 2024) Increased 2025 Ordinary NPAT Guidance
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9M 2025 | Results Presentation Appendix 9M 2025 | Results Presentation
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9M 2025 | Results Presentation ACS Group – Main KPIs 19 New orders and backlog Euro Million 9M 2024 9M 2025 yoy 2024 New orders 40,354 43,850 8.7% 51,521 Turner 19,306 23,418 21.3% 24,383 CIMIC 9,381 9,157 (2.4%) 12,849 Engineering & Construction 10,161 9,453 (7.0%) 12,003 HQs and non-core activities 1,505 1,822 21.1% 2,287 Order backlog 86,555 89,274 3.1% 88,209 Turner 30,301 34,379 13.5% 31,930 CIMIC 24,588 23,006 (6.4%) 24,009 Engineering & Construction 28,875 28,869 - 29,256 HQs and non-core activities 2,791 3,020 8.2% 3,014 Note: (1) Non recurrent infra results include impact from SH-288 termination, net of provisions and extraordinary items in 2024 and other non-recurring results from the infrastructure segment derived from regulatory changes and a favorable court ruling in 2024. (2) Ordinary NPAT adjusts for extraordinary items. In 2024: (i) one-off non-cash gain at CIMIC, net of provisions, (ii) non-cash impact from SH-288 termination, net of provisions and extraordinary items. 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. 9M 2025 Hochtief's €146mn capital gain related to FlatironDragados' transaction is eliminated at ACS level given it´s an intragroup merger. Operating results Euro Million 9M 2024 9M 2025 yoy 2024 Sales 29,702 36,753 23.7% 41,633 Turner 13,585 18,759 38.1% 19,264 CIMIC 7,083 7,979 12.6% 10,213 Engineering & Construction 7,082 7,872 11.2% 9,505 Infrastructure 119 188 58.8% 173 HQs and non-core activities 1,834 1,955 6.6% 2,478 EBITDA 1,679 2,217 32.0% 2,456 Turner 385 642 66.7% 551 CIMIC 847 953 12.4% 1,197 Engineering & Construction 366 444 21.2% 511 Infrastructure 207 214 3.4% 281 Non-recurrent infra results (182) - (211) HQs and non-core activities 55 (36) 127 Euro Million 9M 2024 9M 2025 yoy 2024 PBT 735 1,104 50.1% 993 Turner 393 629 60.1% 565 CIMIC 369 333 (9.8%) 475 Engineering & Construction 150 202 35.1% 192 Infrastructure 166 168 1.2% 214 Non-recurrent infra results (181) - (248) HQs and non-core activities (161) (228) 41.7% (206) Ordinary NPAT 489 585 19.5% 684 Turner 221 363 64.4% 327 CIMIC 149 151 1.4% 209 Engineering & Construction 119 157 32.5% 156 Infrastructure 151 139 (7.8%) 205 HQs and non-core activities (149) (226) 51.0% (214) NPAT 605 655 8.3% 828 (2) (1) (1)
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9M 2025 | Results Presentation Income Statement 20 Notes: (1) Includes financial income and expenses, exchange rate differences, changes in fair value of financial instruments, and impairment and gains/losses from the disposal of financial instruments. (2) Includes impairment and gains/losses from the disposal of fixed assets, and equity accounted income from non-operating activities. (3) Ordinary NPAT adjusts for extraordinary items. In 2024: (i) one-off non-cash gain at CIMIC, net of provisions, (ii) non-cash impact from SH-288 termination, net of provisions, and (iii) 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. 9M 2025 Hochtief's €146mn capital gain related to FlatironDragados' transaction is eliminated at ACS level given it´s an intragroup merger. Euro Million 9M 2024 9M 2025 yoy yoy FX-adj. Sales 29,702 36,753 23.7% 28.3 % EBITDA 1,679 2,217 32.0% 38.0 % Margin (%) 5.7% 6.0% 38 bps EBIT 1,079 1,497 38.8% 45.1 % Ordinary financial result (279) (406) Other results (65) 13 PBT 735 1,104 50.1% 55.9 % Margin (%) 2.5% 3.0% 53 bps Taxes 50 (264) Minority interest (180) (185) NPAT 605 655 8.3% 11.6% EPS 6 € € 8.2% 11.6% Extraordinary impacts (116) (70) Ordinary NPAT 489 585 19.5% 23.8% (1) (2) (3)
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9M 2025 | Results Presentation Euro Million 9M 2024 9M 2025 yoy Sales 4,331 6,639 53.3% EBITDA 232 369 59.5% % margin 5.3 % 5.6 % 22 bps Ordinary PBT 107 182 69.9% % margin 2.5 % 2.7 % 27 bps Ordinary NPAT 96 116 21.0% New orders 6,926 7,701 11.2% Order backlog 17,812 22,294 25.2% (2)(1) 21 Engineering & Construction - Dragados Notes: (1) 9M 2024 is represented on a statutory basis, not made comparable by adjusting for the current consolidation of FlatironDragados. (2) 9M 2025 Ordinary KPIs exclude the one-off impact from restructuring costs.
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9M 2025 | Results Presentation Backlog by geography and country Euro Million 9M 2024 9M 2025 yoy yoy FX-adj. Backlog by geography 86,555 89,274 3.1% 8.9% North America 45,543 48,285 6.0% Asia Pacific 19,730 22,907 16.1% Europe 15,981 17,518 9.6% RoW 5,301 565 (89.3%) Backlog by country 86,555 89,274 3.1% 8.9% USA 41,786 45,747 9.5% 13.1% Australia 19,446 17,762 (8.7%) (2.6%) Spain 6,897 7,280 5.5% 5.5% Canada 3,757 2,537 (32.5%) (28.3%) Germany 4,933 5,164 4.7% 4.7% Rest of Europe 4,150 5,074 22.2% n.a. RoW 5,585 5,710 2.2% n.a. Sales and backlog by geography 22 Sales by geography and country Euro Million 9M 2024 9M 2025 yoy yoy FX-adj. Sales by geography 29,702 36,753 23.7% 28.3% North America 18,211 22,839 25.4% Asia Pacific 6,254 7,936 26.9% Europe 4,249 5,676 33.6% RoW 988 302 (69.4%) Sales by country 29,702 36,753 23.7% 28.3% USA 16,762 21,605 28.9% 33.1% Australia 6,141 6,667 8.6% 15.8% Spain 2,656 2,999 12.9% 12.9% Canada 1,449 1,234 (14.8%) (9.6%) Germany 719 917 27.5% 27.5% Rest of Europe 874 1,761 101.5% n.a. RoW 1,101 1,572 42.7% n.a.
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9M 2025 | Results Presentation Balance Sheet 23Note: The factoring balance as of 30 September 2025 stood at €1,381mn. Financial balance sheet - Net assets Euro Million Dec-24 Sep-25 Fixed assets 10,320 9,650 Tangible and intangible assets 3,999 4,095 Non-current financial assets 4,923 4,270 Deferred tax assets 1,398 1,285 Goodwill 4,754 5,023 Working capital (6,153) (4,608) Assets held for sale 1,687 1,584 Total net assets 10,608 11,649 Financial balance sheet - Liabilities and equity Euro Million Dec-24 Sep-25 Net equity 5,115 4,946 Equity 4,406 4,663 Value change adjustments 308 (15) Minority interests 401 298 Long-term liabilities 3,395 3,103 Other long-term liabilities 3,395 3,103 Long-term financing 10,398 11,371 Project finance 144 137 Long-term financial debt 10,256 11,236 Long-term deposits (1) (2) Short-term financing (9,697) (9,070) Project finance 128 90 Short-term financial debt 2,671 2,015 Other current financial assets (1,081) (1,379) Cash and banks (11,414) (9,796) Liabilities held for sale 1,396 1,299 Total liabilities and equity 10,608 11,649
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9M 2025 | Results Presentation Cash flow performance 24 Euro Million 9M 2024 9M 2025 9M 2024 LTM 9M 2025 LTM EBITDA 1,679 2,217 2,164 2,994 Operating WC variation pre-factoring variation (992) (1,011) 213 272 Taxes, interests, associates and other (28) (349) (238) (581) Operating Cash Flow (OCF) pre-factoring 660 856 2,139 2,685 Net capex (303) (319) (320) (414) Operating lease payments (201) (291) (256) (391) Net Operating Cash Flow (NOCF) pre-factoring 155 246 1,562 1,881 Factoring variation 182 (29) 258 94 Net Operating Cash Flow (NOCF) 337 217 1,820 1,974 Financial investments/disposals (1,363) (991) (1,638) (776) Other financial sources 629 0 630 (0) Free Cash Flow (397) (774) 812 1,198 Dividends paid (353) (394) (389) (409) Treasury stock and capital operations (479) (28) (574) (42) Cash generation / (consumption) (1,229) (1,196) (151) 746 Exchange rate effects (63) (385) (172) (81) Perimeter change and other adjustments (1,508) 56 (1,487) (493) Net Debt variation (2,800) (1,525) (1,810) 173 Net Cash / (Debt) beginning of period 400 (702) (590) (2,400) Net Cash / (Debt) end of period (2,400) (2,227) (2,400) (2,227)
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9M 2025 | Results Presentation Average exchange rate (€ vs. currency) Sep-24 Dec-24 Sep-25 Var. LTM Var. YTD US Dollar 1.0849 1.0787 1.1205 3.3% 3.9% Australian Dollar 1.6382 1.6409 1.7477 6.7% 6.5% Closing exchange rate (€ vs. currency) Sep-24 Dec-24 Sep-25 Var. LTM Var. YTD US Dollar 1.1134 1.0353 1.1734 5.4% 13.3% Australian Dollar 1.6102 1.6726 1.7743 10.2% 6.1% FX rate impact 25
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9M 2025 | Results Presentation 26 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. 9M 2025 | Results Presentation
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