Interim report
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continue Results H1-2026 29 July 2026 www.sacyr.com
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2 Table of Contents 1. Key figures and highlights 3 2. Consolidated Balance Sheet 15 3. Performance by Business Area 17 4. Share Performance 24 5. Annexes 25 Notes The financial information contained in this document has been prepared in accordance with International Financial Reporting Standards (IFRS). This information is unaudited and may therefore be subject to change in the future. This document does not constitute an offer, invitation or recommendation to buy, sell or exchange shares, nor to make any kind of investment. Sacyr accepts no liability of any kind for any damage or loss arising from any use of this document or its contents. In order to comply with the European Securities and Markets Authority (ESMA) Guideline (2015/1415es) on Alternative Performance Measures, the Annex included at the end of this document details the most significant APMs used in its preparation. Sacyr considers that this additional information enhances the comparability, reliability and understanding of its financial information.
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3 1.1. Key figures The results for the first half of 2026 confirm the strength of Sacyr’s concession model and, above all, the sharp acceleration in our profitability. EBITDA from concessions accounts for 91 % of the group’s total EBITDA, reflecting our commitment to a model characterised by high visibility, recurring revenue and stability. EBITDA reached €708 million, up 9 % on the first half of 2025, thereby consolidating a very positive trend in profitability with an EBITDA margin of 29 %. The trend in net profit is the main indicator of this profitable growth, reaching €78 million compared with the €31 million recorded in the same period of 2025, a 157%. This is a very significant acceleration, demonstrating that the maturation of our assets is clearly reflected in the bottom line of the income statement. Taken together, these results demonstrate the company’s ability to create value on a recurring basis, even in a challenging market environment. This strength is also reflected in cash generation for the first half of the year, which stood at €631 million, 18 % higher than the one accounted in the same comparable period, excluding the contribution from assets divested in Colombia during 2025. All this has been achieved whilst once again maintaining the ratio of recourse net debt to recourse EBITDA and concession distributions over the last twelve months below 1x, in line with the strategic commitment undertaken by the group. 1. Key figures and highlights
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4 Furthermore, we continue to increase our presence in English -speaking markets, as evidenced in the first half of the year by Sacyr securing its first concession in Canada. This strategic milestone consolidates the company’s presence in markets with high credit quality and attractive long -term growth prospects. The project represents a significant step forward in the international expansion of our concession’s platform and highlights Sacyr’s ability to compete successfully and generate value in highly regulated environments, thereby reinforcing our commitment to meeting the objectives set out in the 2024–2027 Strategic Plan. The key performance figures by business area for the first half of 2026 are shown below: Key Figures H1-2026 H1-2025 % Chg. Thousand euros Revenue 2,437,105 2,236,822 +9.0% Sacyr Concesiones 977,277 817,717 19.5% Operating income 642,223 572,397 12.2% Construction income 335,054 245,320 36.6% Sacyr Ingeniería e Infraestructuras 1,584,854 1,445,991 9.6% Sacyr Agua 185,008 139,272 32.8% Operating income 149,595 139,272 7.4% Construction income 35,413 - n.a. Holding & Adjustments -310,034 -166,158 n.a. EBITDA 708,002 646,876 +9.4% Sacyr Concesiones 401,807 350,622 14.6% Sacyr Ingeniería e Infraestructuras 270,390 260,946 3.6% Sacyr Agua 34,928 32,297 8.1% Holding & Adjustments 877 3,011 n.a. EBITDA margin 29.1% 28.9% Sacyr Concesiones* 62.6% 61.3% Sacyr Ingeniería e Infraestructuras 17.1% 18.0% Sacyr Agua* 23.3% 23.2% Net profit 78,322 30,517 +157% *Excluding construction revenue REVENUE Revenue stands at €2,437 million, distributed geographically as follows : (i) Southern Europe 49%, (ii) Latin America 41%, (iii) English-speaking countries 8% and (iv) Others 2%.
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5 EBITDA EBITDA amounted to €708 million (+9% compared with the first half of 2025), reflecting the strong operational performance of the business and the significant contribution from concession assets, with an EBITDA margin of 29%. The breakdown by business line is as follows: (I) Sacyr Concesiones: EBITDA rose by 15% compared with the first half of the previous year, despite the disposal of three assets in Colombia from the scope of consolidation. This growth reflects the solid operational performance of the concession portfolio and the increasing contribution from assets such as Ruta 68, Ruta del Itata, Camino de la Fruta, the Buin Paine Hospital and the Northern Airport Network in Chile, the Velindre Hospital in the United Kingdom, the Buga- Buenaventura and Puerta de Hierro motorways in Colombia, as well as various motorways in Spain. (II) Sacyr Engineering and Infrastructure. Pure construction EBITDA, excluding the contribution from the Italian motorways Pedemontana-Veneta, A3 and A21, stood at €62 million, 16 % higher than in the same period of 2025. This b usiness continues to perform well thanks to the start of works on projects such as the Ontario Science Centre (Canada), the Antofagasta water reuse plant (Chile), the Acesos Asunción road (Paraguay) and the underground infrastructure at Dublin Airport (Ireland), as well as progress on projects in the pipeline such as Buga - Buenaventura in Colombia, Velindre Hospital in the UK and various projects in Chile such as the Itata Road, Route 68 and the Melipilla–Malloco railway project, which, amongst others, offset the completion of projects in Portugal and Peru. The EBITDA margin for pure construction improved to 5%, compared with the 4.8% achieved in the first half of 2025. The backlog continues to reduce risk and focus on the Group’s own projects for its concessions, which now account for 76% of the total. (III) Sacyr Agua continues to show solid operational performance and recorded an EBITDA of €35 million in the first half of 2026, 8% higher than that achieved in the same period of the previous financial year. This growth is underpinned by the
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6 organic expansion of the business and the gradual transition of new contracts into the operational phase. As a result, the EBITDA margin remains stable at 23%. Concession EBITDA, which encompasses the Concessions assets, the Italian assets of the Engineering and Infrastructure division, and the water concession projects, amounts to €645 million. This figure represents 91% of the company’s total EBITDA, positionin g Sacyr as one of the world’s leading developers of greenfield projects in infrastructure, healthcare and water. NET OPERATING PROFIT (EBIT) In the first half of 2026, EBIT reached €518 million, 12% higher than in the same period of 2025. NET FINANCIAL RESULTS The financial result continued its upward trend, standing at -€284 million in the first six months of 2026, compared with -€289 million in the same period of the previous year. THE COMPANY’S ATTRIBUTABLE NET PROFIT Attributable net profit reached €78 million in the first half of 2026, representing a significant increase of 157% compared with the €31 million recorded in the same period of 2025. 1.2. Update on the valuation of concession assets The value of Sacyr’s concession assets continues to show a positive trend and steady growth. This half-year, as a demonstration of its commitment to transparency, Sacyr has updated the valuation of its Concessions and Water assets. As a result of this exercise, the combined value of both businesses stands at €4,601 million as of December 2026 (excluding divestments), representing an increase of +€644 million compared with the valuation carried out a year earlier, equivalent to growth of 16%. This solid increase is driven both by the rolling-forward effect resulting from the passage of time and by the inclusion of new projects awarded since the last valuation. This development strengthens the company’s position and highlights the capacity of its
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7 business model to generate value on a recurring and sustainable basis over the long term. This progress demonstrates the soundness of Sacyr’s strategy and its steady progress towards the target set out in the 2024 –2027 Strategic Plan, which aims to achieve a valuation of €5.1 billion by 2027, excluding divestments. The main changes in the valuation compared with that published in the first half of 2025 are set out below: Rolling forward: A positive contribution of €383 million, reflecting the temporary effect arising from the one -year advance in the life cycle of concession assets and the gradual realisation of projected cash flows. Inflation and exchange rates: The linking of revenue from concession assets to inflation trends and the impact of movements in exchange rates have had a positive effect on the valuation, contributing €23 million, which highlights the resilience of our portfolio. Operational management of assets: The active and efficient management of the asset portfolio has generated an additional value of €94 million , reflecting the operational performance of the assets and the ability to optimise the concession platform. New contract awards: The new contracts secured have contributed an additional €144 million since the previous valuation. Among the projects included in this new valuation are the Pie de Monte Road (Chile), the Coquimbo Desalination Plant (Chile), the City of Health and Science in Novara (Italy) and the Ontario Centre (Canada). This contribution highlights Sacyr’s ability to continue generating value through the
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8 identification, award and development of new business opportunities , as well as its high success rate in winning contracts. Finally, the valuation incorporates the effect of divestments made in the portfolio. Specifically, the assets in Colombia and the Barbanza motorway (Spain) were already included in the 2025 valuation, whilst the divestment in the first half of 2026 of four car parks in Spain affects the 2026 valuation. Taking these effects into account, the adjusted valuation of the concession assets stands at €4 ,316 billion as at December 2026, compared with €3,679 million as at December 2025, representing a +17% increase in valuation. In summary, the value of our concession assets continues to rise year on year. It now exceeds €4,600 million (excluding divestments), 16 % higher than in 2025, with an increase of +€644 million in a single year and a cumulative appreciation of 30% over the last two years. This growth is underpinned by the maturity of our concessions, our success in securing new contracts and the resilience of our portfolio, despite operating in an environment characterised by geopolitical uncertainty and volatility in the financial markets. All of this has been achieved, moreover, whilst realising value through selective divestments during the period. Furthermore, it is important to highlight that this valuation is underpinned by robust cash generation.
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9 The total projected distributions from our assets continue to grow and now reach €19.9 billion, with an annual average of over €480 million, which enables us to continue investing in new projects with financial discipline and to keep growing and increasing value year on year. 1.3. Highlights of the period First concession in Canada In February, Sacyr, through the Ontario Science Partners (OSP) consortium, was awarded the concession for the new Ontario Science Centre (Canada), the group’s first concession in the country and a significant milestone in the implementation of the 2024–2027 Strategic Plan. The project, which will run for 30 years and has a total value of CAD $1,040 million, comprises the design, construction, financing and maintenance of the new museum, as well as the refurbishment of iconic assets at Ontario Place. Financial close was achieved on 11 February, and construction of the project began in May following an official ceremony held in Toronto, chaired over by the Premier of Ontario, Doug Ford. Refinancing of syndicated loan In March, Sacyr completed the refinancing of its syndicated loan, increasing the amount from €470 million to €600 million. The transaction also made it possible to reduce the cost of financing and extend the maturity to five years. The high level of demand received – nearly double the amount ultimately subscribed – demonstrated the financial institutions’ confidence in the company’s sound credit profile and growth strategy.
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10 Inclusion in the STOXX®Europe 600 stock Index In April, Sacyr was included in the STOXX® Europe 600 Index, one of Europe’s leading stock market benchmarks. This inclusion enhances the company’s visibility and recognition amongst institutional investors, facilitates its inclusion in European investment portfolios and may contribute to greater liquidity in the share. Divestment of car parks, Spain In April, Sacyr completed the sale of four car parks in Spain as part of its strategy to rotate mature assets. The transaction, valued at €9 million, was completed at a multiple of 2.5 times the equity invested and at a valuation 26 % higher than the company’s internal estimate, highlighting Sacyr’s ability to unlock value from its assets through selective divestments. Financing of the Antofagasta Water Reuse Plant, Chile In April, Sacyr Agua successfully secured financing for the Salar de Antofagasta water reuse plant (Chile), amounting to US $460 million. The concession term is 35 years. The transaction was underwritten by BancoEstado, BTG Pactual and Banco Internacional and represents a historic milestone, as it is the first financing of a water reuse infrastructure project of this scale. The Antofagasta plant will be the largest of its kind in Latin America and will contribute to Chi le’s water security through sustainable, innovative and high - impact infrastructure. Start of construction on the I-10 motorway, Louisiana, USA Also in April, Sacyr and its partners began construction work on the I -10 motorway concession in Louisiana (United States). This is the company’s first transport infrastructure concession in the country and will require a construction investment of US $2.3 billion.
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11 The new infrastructure will increase capacity and improve traffic flow, comfort and safety. It will serve more than 90,000 vehicles a day by 2040. The project will generate an economic impact of US $3.3 billion for the region, create more than 16,000 jobs over the project’s lifecycle and generate US $1.9 billion in labour income. Completion of the Vanderbilt Beach Road Extension, Florida, USA In June, Sacyr completed the construction of the Vanderbilt Beach Road extension in Florida (United States). The 11 -kilometre stretch of road was completed two months ahead of the contractual deadline and had a budget of US $159 million. This new corridor enhances connectivity and mobility in south -west Florida and facilitates the region’s urban and economic development. The completion of this project demonstrates Sacyr’s ability to deliver complex infrastructure projects in the US market, with innovation and teamwork as its hallmarks. In total , Sacyr has now completed and handed over 13 road projects in the US: nine in Florida and four in Texas. 2026 Annual General Meeting The 2026 Annual General Meeting of Shareholders took place on 4 June . All proposed resolutions were approved , giving a boost to the company’s strategy and shareholder returns. The main resolutions included the following: Re-election of directors: The re-election of Demetrio Carceller Arce as a proprietary director and the re -election of María Jesús de Jaén Beltrá and José Joaquín Güell Ampuero as independent directors were approved. Independent directors continue to account for 50% of the Board of Directors, which comprises 43% female directors. Shareholder remuneration: The payment of two cash dividends totalling €0.15 gross per share was approved. Of this €0.15 per share, €0.10 gross was paid on 1 July, with a further €0.05 gross payable in January 2027. We are thus making progress towards fulfilling our commitment to distribute at least €225 in cash between 2025 and 2027.
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12 Shareholder remuneration In January, the company paid a dividend in the form of a ‘scrip dividend’, whereby shareholders could choose between: (i) selling their pre -emptive subscription rights to Sacyr at a guaranteed fixed price of €0.049 gross per right, and/or; (ii) receiving one new share for every 80 shares held. 90% of the company’s shareholders opted to receive new shares. Furthermore, at the 2026 Annual General Meeting, the payment of two cash dividends totalling €0.15 gross per share was approved, broken down as follows: (i) €0.10 gross per share paid on 1 July 2026 and (ii) €0.05 gross per share payable in January 2027. Thus, the cash dividend paid in 2026 amounts to €0.10 per share, compared with the €0.045 per share distributed in 2025, representing an increase of 122 %. This development reflects Sacyr’s firm commitment to growing and sustainable shareholder returns, in line with the objective of distributing at least €225 million in cash between 2025 and 2027. Signing of Concession Agreements Coquimbo Desalination Plant (Chile) In April, Sacyr Agua formalised the award of the contract for the design, financing, construction and operation of the new Coquimbo desalination plant, located in northern Chile. This is the first desalination plant for human consumption in the Coquimbo region, a project promoted by the General Directorate of Concessions of the Ministry of Public Works (MOP) which aims to guarantee the water supply in one of the areas most affected by drought in the country.
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13 Novara Hospital (Italy) In May, SIS, a consortium comprising Sacyr and Fininc, together with ABP Nocivelli, signed the contract for the concession project for the New City of Health and Science in Novara (Nuova Città della Salute e della Scienza di Novara) in Italy, a multifuncti onal complex that will include a new hospital and a university campus. This project, awarded by the Azienda Ospedaliera Universitaria Maggiore della Carità di Novara, a public institution of the Piedmont Region, includes the design, financing, construction and maintenance of the hospital for 25 years. The contract provides for an investment of over €525 million and has a construction period of five years. Ruta Pie de Monte (Chile) In June, the Official Gazette of Chile published the Supreme Decree awarding Sacyr the Ruta Pie de Monte Concession, a strategic project for the Biobío Region that will help improve connectivity within Greater Concepción and access to the Province of Arauco. With an estimated official budget of €330 million, the new dual-carriageway will stretch 20 km between San Pedro de la Paz and Coronel, to the east of the current Ruta 160. Total projected revenue over the concession period will amount to €3.8 billion. Ontario Science Centre (Canada) In February, the contract was signed for the development of the Ontario Science Centre, a project involving an investment of approximately CAD $1,040 million and a duration of 30 years. The initiative comprises the design, construction, financing and maintenance of the new museum, as well as the refurbishment of iconic assets at Ontario Place. Sustainability ESG ratings and awards S&P – Corporate Sustainability Assessment: in February, for the fifth consecutive year, Sacyr was included in the S&P Sustainability Yearbook . This prestigious recognition once again positions Sacyr amongst the sector’s leading companies in environmental, social and corporate governance practices.
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14 Sustainalytics: in February, the agency awarded Sacyr the Sustainalytics 2026 Industry ESG Leader badge, which recognises companies with exceptional ESG performance within the infrastructure sector. EthiFinance ESG Rating: in March, as a result of the company’s commitment to continuous improvement, the EthiFinance ESG agency awarded Sacyr a rating of 79 points. This improvement is evident across all the areas assessed and places the company above the sector average. FTSE Russell: in the 2026 assessment, Sacyr achieved a score of 4.5 out of 5 from FTSE Russell, securing the highest score in Corporate Governance. This recognition once again placed the company amongst the highest -rated in the Construction and Materials sector and highlig hted the strength of its sustainability and corporate governance practices. CDP – Supplier Engagement Leader 2025: in June, CDP, the world’s leading organisation in the field of climate disclosure, ranked Sacyr amongst the leading companies for responsible value chain management in the fight against climate change. We were awarded an A rating, making us part of the SEA A-List for the fifth consecutive year. Financial Times – Europe’s Climate Leaders 2026 : Also in June , Sacyr was included in the prestigious Europe’s Climate Leaders 2026 list, compiled by the Financial Times and Statista. This recognition highlights the European companies that have made the greatest progress in reducing greenhouse gas emissions (GHG). For the 6th consecutive year, the company features amongst the 600 European firms — 40 of which are Spanish — recognised for their commitment and leadership in climate action.
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15 The balance sheet as of 30 June 2026 is shown below: Net Debt. The company’s net debt as of 30 June 2026 stands at €6,788 million. A breakdown of this figure and the change compared with December 2025 is shown below: Project finance Net Debt: this amounts to €6,524 million, corresponding to very long-term project financing. This debt is repaid using the cash flows generated by the projects themselves. Ex-project finance Net debt ( Recourse Net Debt): this stands at €264 million; this debt relates to financing that is not considered to be linked to projects, and which is used by the parent company in its coordination and financial management Assets Equity & Liabilities Thousand euros Thousand euros NON CURRENT ASSETS 12,357,168 11,768,823 588,345 EQUITY 2,215,883 2,202,717 13,166 Intangible Assets 76,237 78,078 -1,841 Shareholder's Equity 1,028,680 1,040,326 -11,646 Real estate investments 190 192 -2 Minority Interests 1,187,203 1,162,391 24,812 Concessions Investments 2,254,285 2,180,029 74,256 NON CURRENT LIABILITIES 10,864,948 10,322,559 542,389 Fixed Assets 345,795 336,487 9,308 Financial Debt 7,671,156 7,214,980 456,176 Right of use over leased assets 98,271 109,624 -11,353 Financial Instruments at fair value 125,031 103,132 21,899 Financial Assets 1,402,788 1,348,932 53,856 Lease Obligations 72,840 77,437 -4,597 Receivables from concession assets 8,120,070 7,635,171 484,899 Provisions 195,860 160,289 35,571 Other non Current Assets 52,550 73,090 -20,540 Other non current Liabilities 2,800,061 2,766,721 33,340 Goodwill 6,982 7,220 -238 CURRENT ASSETS 6,403,924 5,802,287 601,637 CURRENT LIABILITIES 5,680,261 5,045,834 634,427 Non current assets held for sale 70,192 7,380 62,812 Liabilities associated with the non current assets held for sale 78,198 4,192 74,006 Inventories 188,382 159,091 29,291 Financial Debt 1,463,157 1,254,879 208,278 Receivables from concession assets 841,641 852,038 -10,397 Financial Instruments at fair value 29,616 21,626 7,990 Accounts Receivable 2,909,370 2,647,082 262,288 Lease Obligations 31,789 36,941 -5,152 Financial Instruments at fair value 48,268 25,966 22,302 Trade Accounts Payable 2,792,781 2,718,396 74,385 Financial Assets 261,572 79,357 182,215 Operating Provisions 171,704 249,038 -77,334 Cash 2,084,499 2,031,373 53,126 Other current liabilities 1,113,016 760,762 352,254 TOTAL ASSETS 18,761,092 17,571,110 1,189,982 TOTAL EQUITY & LIABILITIES 18,761,092 17,571,110 1,189,982 ChangeDec. 2025 Jun. 2026ChangeDec. 2025 Jun. 2026 2. Consolidated Balance Sheet
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16 activities as the company’s controlling entity, addressing the needs of the various business areas. The change in net debt for the first half of 2026 was as follows: Net investment: The increase in debt under this heading amounted to €691 million. The majority of this relates to the company’s own investment in concession projects through capital contributions to the projects and the corresponding drawdowns of debt for those projects. Other changes: In the first quarter, the transfer of debt held by the GUPC consortium to Sacyr’s consolidated balance sheet was included, taking advantage of the more favourable financial terms available from the parent company without affecting the company’s cash position or valuation. The change in net recourse debt in the first half of 2026 was as follows:
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17 Sacyr Concesiones Sacyr Concesiones has established itself as one of the world’s leading infrastructure developers and operators under public-private partnership schemes. The company has a young, diversified portfolio of low-risk assets, which generates increasing value as the concessions progress through their life cycle. Its portfoli o combines transport assets, including motorways, airports and transport interchanges, with social infrastructure such as hospitals and universities, providing a high level of recurring revenue, long-term visibility and business resilience. Furthermore, it has significant growth potential. in July, following the close of the financial year, bids were submitted for two Managed Lanes in the United States, a strategic market for our future growth, and there are also numerous strategic opportunities. Operating revenue and EBITDA grew by 12% and 15% respectively in the first half of 2026 compared with the same period of the previous financial year, despite the asset rotation carried out in Colombia. This performance reflects the solid operational performance of the concession portfolio and the growing contribution 3. Performance by Business Area
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18 from assets such as Ruta 68, Ruta del Itata, Camino de la Fruta, Buin Paine Hospital and the Northern Airport Network in Chile , Velindre Hospital in the United Kingdom, the Buga-Buenaventura and Puerta de Hierro motorways in Colombia , as well as various motorways in Spain. Construction revenue increased by 37% compared with the first half of the previous financial year, reflecting the rapid pace of project delivery for schemes such as the Los Vilos –La Serena , Ruta 68 and Ruta del Itata motorways in Chile , Accesos Asunción road in Paraguay, Buga–Buenaventura motorway in Colombia, and the start of construction work on the Ontario Science Centre in Canada. Total equity invested in infrastructure concessions continues to grow, reaching €1,735 million at the end of June 2026 (after deducting the divestment of four car parks in Spain carried out this half-year), compared with the €1,710 million recorded at the end of 2025, following the addition of a further €28 million during the half - year and after deducting the effect of the divestment of four car parks in Spain. Key milestones In February, Sacyr Concesiones secured its first concession in Canada , following the award of the new Ontario Science Centre , through the Ontario Science Partners (OSP) consortium. This is a 30-year concession project, with a total value of CAD $1,040 million (€645 million), comprising the design, construction, financing and maintenance of the new museum, as well as the refurbishment of iconic assets at Ontario Place. In March, operations began at Antofagasta Airport (Chile), which forms part of the Northern Airport Network alongside Atacama Airport . The project involves the modernisation and expansion of the airport facilities. In Antofagasta, the works include expanding the terminal building from 10,126 m² to over 30,000 m², along with the addition of five new boarding bridges, improvements to internal r oad networks and the expansion of the car park area.
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19 In May, the contract was signed for the Novara Hospital concession project in Italy, a multifunctional complex that will include a new hospital and a university campus. This project encompasses the design, financing, construction and maintenance of the hospital for 25 years. The contract provides for an investment of over €525 million and has a construction period of five years. In June, the final award of the Ruta Pie de Monte concession was published; this is a strategic project for the Biobío Region in Chile, which will help improve connectivity in Greater Concepción and access to the Province of Arauco. This project involves an investment of €330 million. Traffic trends The traffic data is shown below, although it is important to note that the majority of Sacyr’s assets are subject to an availability -based remuneration scheme or , where applicable, include mechanisms to mitigate traffic risk; consequently, traffic does not affect the assets’ revenue. Accumulated ADT SHADOW TOLL ROADS - SPAIN AUTOV. ARLANZÓN 22,544 22,415 0.6% AUTOV. ERESMA 9,245 9,216 0.3% AUTOV. NOROESTE C.A.R.M. 14,451 14,157 2.1% AUTOV. PALMA MANACOR MA-15 28,918 28,280 2.3% AUTOV. TURIA CV-35 44,481 44,149 0.8% AUTOV. VIASTUR AS-II 25,432 25,479 -0.2% FOREIGN TOLL ROADS PEDEMONTANA - VENETA 21,496 20,535 4.7% A3 SALERNO - NAPOLES 97,722 95,562 2.3% A21 34,128 33,605 1.6% TANGENCIAL-A4-A5 34,750 33,924 2.4% RSC-287 8,729 8,323 4.9% AMÉRICO VESPUCIO AVO I 38,522 37,894 1.7% RUTA DEL ITATA 9,661 9,743 -0.8% CAMINO DE LA FRUTA 4,685 4,201 11.5% LOS VILOS - LA SERENA 8,264 8,267 0.0% RUTA 43 - LIMARI 6,249 6,260 -0.2% RUTA 68 32,838 - n.a. RUTA 78 41,442 40,913 1.3% RUTA DEL ITATA 9,661 9,743 -0.8% RUTAS DEL ALGARROBO 5,285 5,359 -1.4% RUTAS DEL DESIERTO 8,516 8,689 -2.0% VALLES DEL BIO BIO 10,075 10,565 -4.6% VALLES DEL DESIERTO 5,970 5,819 2.6% PUERTA DE HIERRO 7,426 6,971 6.5% BUENAVENTURA-BUGA 5,595 5,509 1.6% RUTAS DEL ESTE 17,742 16,691 6.3% VIA EXPRESSO 8,130 7,882 3.1% ACCUMULATED ADT (km weighted) 17,520 16,422 6.7% H1-26 H1-25 Chg. % 26/25
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20 Sacyr Ing. & Infra. Sacyr Engineering and Infrastructure has established itself as a key player in the engineering and construction sector, with extensive capacity to undertake the design, execution and maintenance of projects across multiple sectors, including civil engineering, building construction, industry and water management. The division’s backlog stands at €13 billion and covers more than 62 months of activity. The division also plays a fundamental role as a strategic partner to Sacyr Concesiones, which projects now account for 76% of its total revenue portfolio, demonstrating a high degree of operational integration and strategic alignment between the two business areas. During the first half of 2026, revenue reached €1,584 million and EBITDA stood at €270 million for the division as a whole , representing increases of 10 % and 4 % respectively compared with the same period in 2025. Excluding the concession-related contribution from the three Italian assets included in this division (the Pedemontana-Veneta, A3 Napoli-Pompei-Salerno and A21 motorways), the core construction business achieved a revenue of €1,242 million, and an EBITDA of €62 million, compared with the €53 million reported in the first half of 2025 ,
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21 representing growth of 16% thanks to the start of works on projects such as the Ontario Science Centre (Canada) , the Antofagasta water reuse plant (Chile), the Accesos Asunción road (Paraguay) and the underground infrastructure at Dublin Airport (Ireland), as well as progress on projects in the pipeline such as Buga Buenaventura in Colombia, Velindre Hospital (United Kingdom) and various projects in Chile such as the Itata Road, Ruta 68 and the Melipilla –Malloco railway project, which, amongst others, offset the completion of projects in Portugal and Peru . Thus, the EBITDA margin for the Pure Construction segment (excluding Pedemontana Veneta, the A3 and the A21) stands at 5%, compared with the 4.8% achieved in the first half of 2025. Key milestones In February, Sacyr Ingeniería & Infraestructuras strengthened its presence in Australia following the signing of a framework collaboration agreement with the Australian construction firm Built, aimed at the joint development of construction projects in the country. As part of this strategic alliance, the joint venture formed by both companies was awarded the contract to build the new Peel Health Campus hospital in Mandurah , Western Australia, a highly complex social infrastructure project. Furthermore, in April, this alliance was shortlisted to build the Brisbane Stadium in Australia ’s most important venue for the 2032 Olympic Games. In April , work began on the concession for a section of the I -10 motorway in Louisiana (USA) , the largest investment in transport infrastructure in Louisiana’s history. The project, developed by the Calcasieu Bridge Partners (CBP) consortium, involves a construction investment of US $2.3 billion and will modernise one of the country’s most important infrastructure corridors, which is key to connectivity and the US energy sector. In May, the UK’s New Hospital Programme (NHP) selected Sacyr Ingeniería & Infraestructuras as one of the companies to develop the UK’s hospital programme, known as the Hospital 2.0 Alliance (H2A) , an ambitious programme launched to renew the country’s hospital network, which has a budget of €42 billion and will be rolled out over a 12 -year period. Thus, as part of this programme, in May the New Hospital Programme announced that Sacyr Ingeniería & Infraestructuras had been
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22 selected to build the new Frimley Park Hospital in the county of Surrey (UK), with an investment of £1,5 billion. Also in May, it began the works on the Ontario Science Centre (Canada) following an official ceremony held in Toronto, chaired over by the Premier of Ontario, Doug Ford. Sacyr Ingeniería e Infraestructuras and Amico are responsible for the museum’s construction. The total investment amounts to CAD $1,040 million (€645 million) and the museum is scheduled to open its doors in 2029. In June, we completed our 13 th road project in the United States , the Vanderbilt Road Extension in Collier County, Florida, an 11-kilometre extension. The corridor was opened to traffic two months ahead of the contractual deadline and facilitates the region’s urban and economic development. With this milestone, we have consolidated our presence and track record in this strategic market. Sacyr Agua With over three decades of experience, Sacyr Agua has a proven track record in water treatment, purification, desalination, wastewater treatment and water reuse. This
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23 experience enables the company to offer comprehensive, tailor -made solutions to tackle the challenge of water stress and positions it as Spain’s leader in desalination and water treatment in terms of installed capacity, consolidating its position as a benchmark in the sector thanks to its operational expertise and technological capabilities. Revenue and EBITDA grew by 33% and 8%, respectively, driven by the business’s organic growth , the gradual commissioning of awarded contracts and the start of projects such as the Antofagasta plant. At the end of June 2026, Sacyr Agua’s backlog stood at €8.2 billion, representing an 18% increase compared with December 2025. The portfolio’s strong performance provides a high degree of visibility regarding future activity and underpins the division’s growth prospects for the coming years. The equity invested in Sacyr Agua’s concession projects continues to grow, reaching €151 million at the end of June 2026, compared with the €128 million recorded at the end of 2025, following the injection of an additional €23 million during the first half of the year. This performance reflects the progress of strategic projects such as the Antofagasta Water Reuse Plant and the Coquimbo desalination plant , both in Chile , as well as the ongoing development of the division’s concession portfolio. Key milestones In March, the company expanded its presence in Spain with the acquisition of the water management company in Esparr aguera (Barcelona), adding a new water supply contract serving 23,000 residents and reinforcing its growth strategy in Catalonia. This transaction consolidates Sacyr Agua’s long-term commitment to the efficient, sustainable and professional management of municipal services. In April, Sacyr Agua formalised the contract for the design, financing, construction and operation of the Coquimbo desalination plant in northern Chile, which is the country’s first desalination plant to be operated under a concession and a key strategic milestone for the group’s Water division. The project, headed by Chile’s Ministry of Public Works, involves an investment of approximat ely US $318 million and will have an initial capacity of 800 litres per second, expandable to 1,200 l/s.
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24 Also in April, Sacyr Agua finalised the financing for the Antofagasta (Chile) water reuse plant, amounting to US $460 million. The concession term is 35 years. The plant, put out to tender by the Empresa de Servicios Sanitarios (Econssa), will be the largest in Latin America and will focus on reused water for the mining sector. It will substantially improve regional sustainability indicators and create more than 500 jobs in the area. In June, Sacyr Agua was awarded the contract by Canal de Isabel II to carry out conservation and maintenance services on the peripheral sewerage networks in Torrelaguna (lot 8) in the province of Madrid, with the aim of ensuring the system’s proper hydraulic functioning and extending the useful life of some essential infrastructure. In addition, the contract for the operation and maintenance of the Basaurbe and Markijana (Álava) wastewater treatment works has also been awarded. H1 2026 H1 2025 % Chg. Closing share price €4.68 €3.47 34.83% Average closing share price €4.40 €3.28 34.11% Maximum share price €4.94 €3.63 36.13% Minimum share price €3.86 €2.52 53.17% Market capitalisation at closing price (thousand euros) 3,767,828 2,763,503 36.34% Total trading cash volume (thousand euros) 1,574,198 1,083,881 45.24% Average daily trading volume (No. of shares) 2,899,516 2,615,204 10.87% Number of shares outstanding 805,780,142 796,857,798 1.12% Nominal share value 1 EURO 1 EURO 4. Share Performance
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25 Annex 1: Consolidated Income Statement Consolidated Income Statement Thousand euros REVENUE 2,437,105 2,236,822 9.0% Other income 193,556 172,584 12.2% Total operating income 2,630,661 2,409,406 9.2% External and Operating Expenses -1,922,659 -1,762,530 9.1% EBITDA 708,002 646,876 9.4% Depreciation and amortisation expense -107,221 -98,166 9.2% Change in Provisions -82,421 -84,817 -2.8% NET OPERATING PROFIT 518,360 463,893 11.7% Financial results -283,540 -288,942 -1.9% Forex results -41,787 -61,764 -32.3% Results from equity accounted subsidiaries 16,768 10,510 59.5% Provisions for financial investments -25,171 67,126 n.a. Results from financial instruments 25,370 13,143 n.a. Results from sales of non current assets 13,131 -507 n.a. PROFIT BEFORE TAX 223,131 203,459 9.7% Corporate Tax -88,692 -88,552 0.2% RESULT FROM CONTINUING OPERATIONS 134,439 114,907 17.0% CONSOLIDATED RESULT 134,439 114,907 17.0% Minorities -56,117 -84,390 -33.5% NET ATTRIBUTABLE PROFIT 78,322 30,517 156.7% H1 2026 H1 2025 Chg. % 5. Annexes
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26 Annex 2: Detail Concession Assets
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27 Annex 3: Income Statement by Business Area Consolidated Income Statement H1 2026 Thousand euros REVENUE 977,277 1,584,854 185,008 -310,034 2,437,105 Other income 9,758 170,666 18,043 -4,911 193,556 Total operating income 987,035 1,755,520 203,051 -314,945 2,630,661 External and Operating Expenses -585,228 -1,485,130 -168,123 315,822 -1,922,659 EBITDA 401,807 270,390 34,928 877 708,002 Depreciation and amortisation expense -39,842 -47,060 -12,941 -7,378 -107,221 Change in Provisions -29,582 -34,806 -2,013 -16,020 -82,421 NET OPERATING PROFIT 332,383 188,524 19,974 -22,521 518,360 Financial results -146,624 -97,440 -9,355 -30,121 -283,540 Forex results -48,157 -7,847 -628 14,845 -41,787 Results from equity accounted subsidiaries 12,945 1,077 3,296 -550 16,768 Provisions for financial investments -1,320 0 -18 -23,833 -25,171 Results from financial instruments -7,578 0 123 32,825 25,370 Results from sales of non current assets 7,798 3,593 -138 1,878 13,131 PROFIT BEFORE TAX 149,447 87,907 13,254 -27,477 223,131 Corporate Tax -38,849 -34,695 -1,187 -13,961 -88,692 RESULT FROM CONTINUING OPERATIONS 110,598 53,212 12,067 -41,438 134,439 CONSOLIDATED RESULT 110,598 53,212 12,067 -41,438 134,439 Minorities -25,494 -29,736 -1,422 535 -56,117 NET ATTRIBUTABLE PROFIT 85,104 23,476 10,645 -40,903 78,322 Sacyr Concesiones Sacyr Ing & Infra. Sacyr Water Holding & Adjustments Total
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28 Consolidated Income Statement H1 2025 Thousand euros REVENUE 817,717 1,445,991 139,272 -166,158 2,236,822 Other income 11,755 165,087 6,615 -10,873 172,584 Total operating income 829,472 1,611,078 145,887 -177,031 2,409,406 External and Operating Expenses -478,850 -1,350,132 -113,590 180,042 -1,762,530 EBITDA 350,622 260,946 32,297 3,011 646,876 Depreciation and amortisation expense -30,850 -49,131 -12,465 -5,720 -98,166 Change in Provisions -73,382 -9,494 -2,112 171 -84,817 NET OPERATING PROFIT 246,390 202,321 17,720 -2,538 463,893 Financial results -185,265 -96,940 -7,644 907 -288,942 Forex results 3,128 4,489 -2,473 -66,908 -61,764 Results from equity accounted subsidiaries 14,532 -5,938 2,887 -971 10,510 Provisions for financial investments -171 -30 -14 67,341 67,126 Results from financial instruments 3,418 0 338 9,387 13,143 Results from sales of non current assets 37 -77 -16 -451 -507 PROFIT BEFORE TAX 82,069 103,825 10,798 6,767 203,459 Corporate Tax -37,771 -41,302 -1,935 -7,544 -88,552 RESULT FROM CONTINUING OPERATIONS 44,298 62,523 8,863 -777 114,907 CONSOLIDATED RESULT 44,298 62,523 8,863 -777 114,907 Minorities -42,663 -41,253 -1,550 1,076 -84,390 NET ATTRIBUTABLE PROFIT 1,635 21,270 7,313 299 30,517 Sacyr Concesiones Sacyr Ing & Infra. Sacyr Water Holding & Adjustments Total
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29 Annex 4: Alternative Performance Measures Sacyr presents its results in accordance with International Financial Reporting Standards (IFRS). In addition, the company provides other financial measures, known as Alternative Performance Measures (APMs), which are used by management in decision- making and in assessing financial performance, cash flows or the financial position. In order to comply with the European Securities and Markets Authority (ESMA) Guidelines (2015/1415) on Alternative Performance Measures, the required breakdowns for each APM are detailed below, covering its definition, reconciliation, explanation of use, comparison and consistency. Sacyr believes that this additional information will improve the comparability, reliability and understanding of its financial information, as it uses terminology commonly employed in the financial sector and among investors. ALTERNATIVE PERFORMANCE MEASURES EBITDA: This indicator shows operating profit or loss prior to depreciation and amortisation and any change in provisions. EBITDA Margin: It is calculated by dividing EBITDA by Revenues. EV/EBITDA: It is a company’s enterprise value (total value of its assets) divided by its EBITDA. EBIT: Calculated as the difference between Operating income (Revenue, Own work capitalized, Other operating income, Government grants released to the income statement) and Operating expenses (Staff costs, Depreciation and amortization expense, Changes in provisions and Other). GROSS DEBT: Comprises Non -current financial debt and Current financial debt as shown on the liabilities side of the consolidated statement of financial position, which include bank borrowings and issues in capital markets (bonds). NET DEBT: Calculated as Gross debt less the consolidated balance sheet items of (i) Other current financial assets, and (ii) Cash and cash equivalents. PROJECT FINANCE DEBT (GROSS OR NET): The financial debt (gross or net) from project companies. In this type of debt, the guarantee received by the lender is limited to the project cash flow and its asset value, with limited recourse to shareholders. EX-PROJECT FINANCE DEBT (GROSS OR NET): Debt not considered as Project Finance Debt is considered Ex-Project Finance Debt. RECOURSE NET DEBT RATIO: This is the total recourse net debt (net debt excluding project financing) divided by the sum of recourse EBITDA and concessional distributions over the last twelve months.
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30 OPERATING CASH FLOW: Cash flow generated by the company's operating activities. EBITDA TO CASH CONVERSION: The result of dividing operating cash flow by EBITDA. FINANCIAL RESULT: The difference between Total finance income and Total finance costs. BACKLOG: Value of award and closed work contracts pending completion. These contracts are included in the backlog once they are formalized. The backlog is shown as the percentage attributable to the Group, as per the corresponding consolidation method. Once a contract has been included in the backlog, the value of production pending completion on the contract remains in the backlog, until it is completed or cancelled. Nevertheless, valuation adjustments are made to reflect any changes in prices and time periods agreed with the client. Due to a number of factors, all or part of the backlog linked to a contract may not actually become income. The Group's backlog is subject to adjustments and cancellation of projects and cannot be taken as an exact indicator of future earnings. Given that no comparable financial measure is foreseen under IFRS, reconciliation with the financial statements is not possible. Management considers that the backlog is a useful indicator of the Group's future revenues and a customary indicator used by companies in the sector in which Sacyr operates. CONCESSION PORTFOLIO: Represents estimated future revenues on concessions, over the concession period, based on the financial plan for each concession, and includes projected fluctuations in the exchange rate between the euro and other currencies, as well as changes in inflation, prices, tolls and traffic volumes. MARKET CAP: Number of shares at the end of the accounting period, multiplied by the share price at the end of the accounting period. LIKE-FOR-LIKE BASIS: On occasions, certain figures are corrected to permit a comparison between accounting periods, for example, by eliminating non -recurring impairment, significant changes in the consolidation scope that could distort the year - on-year comparison of indicators such as sales, the effect of exchange rates, etc. In each case, details are provided in the notes to the corresponding item . ADT (Average Daily Traffic): Defined as the total number of users of a concession during a day. ADT is normally calculated as the total number of vehicles travelling on the motorway each day.
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31 Investor Relations Department For further information: Tel: 902 196 360 // 900 101 360 ir@sacyr.com