Slides
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3 November 2026 9M-2026 I-75, Florida, USA R e s u l t s Presentation
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Highlights Operating & financial performance Performance by business area Annexes Buenaventura-Buga, Colombia Table of Contents
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Highlights Ruta 78, Chile
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Financial data 9M-2026 Operating cash-flow €930M Revenue €3,777M Net profit EBITDA €1,111M Recourse Net Debt Ratio <1x€116M EBITDA margin 29.4% Consolidating growth, underpinned by the concession platform Turia Highway, Spain +21% vs 9M-25*+11% vs 9M-25 +9% vs 9M-25 +87% vs 9M-25 (*) Change in operating cash flow after deducting the cash contribution from the assets sold in Colombia in 2025. Highlights 4
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9M-2026 Milestones 5 A3, Italy Highlights Strategic opportunities ▪ USA, Canada and Europe offer an attractive pipeline of opportunities in concessions and water. ▪ Australia stands out for its growth prospects in water, particularly desalination and drinking-water treatment. Two new concessions in 2026 ▪ Ontario Science Centre (Canada). ▪ Ruta 57 (Chile). S&P Investment Grade rating obtained ▪ S&P Global Ratings has assigned Sacyr a corporate credit rating of BBB- with a Stable outlook. ▪ Another milestone in delivering the objectives of the 2024-2027 Strategic Plan.
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Ruta 57: Mercosur–Pacific logistics gateway €2,800M 20 years Amount TermYellowfield project Ruta 57, Chile Main trade corridor between the South Atlantic and the Pacific ports Connects Santiago with the Los Libertadores Pass, which handles around 50% of the freight entering Chile by land Highlights 6 €800M 116.1km Investment Length
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7 Windsor Hospital Concession Canada I-77 (North Carolina) I-285 West (Georgia) I-65 (Tennessee) I-495 (Virginia) USA Caldera-Taltal Highway Collipulli – Temuco Water projects Chile Adelaide Desalination Plant Wyaralong Water Treatment Plant Parkville Hospital Western Tower Australia Submitted Bids I-75, USA Key Strategic Opportunities Brazil Portuária do Sul Highway High-speed Rail Ireland Dublin Airport railway Italy A-22 Highway A-4 Brescia-Padua Highway A-4 Turin-Milan Highway Portugal Spain Integrated water cycles Highlights
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Canal del Dique, Colombia Highlights 8 Corporate Sustainability Assessment (CSA) ESG RATINGS77 AA+1 point +1 level vs. 2025 vs. 2025 Notable improvement in Risk Management 97th percentile of the sector Constr. & Eng. Our highest CSA score Stronger business ethics and Board oversight Leadership in Health & Safety Our best-ever rating Our ESG performance reaches new highs Surpassing our previous S&P Global and MSCI ratings CCC B BB BBB A AA AAA 0 100
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El Loa Airport, Chile Operating & Financial performance
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Main Figures REVENUE 3,777 3,412 +11% EBITDA 1,111 1,018 +9% % Concession EBITDA 90.5% 91.7% EBITDA margin 29.4% 29.8% EBIT 837 737 +13% NET PROFIT 116 62 +87% 9M-26 9M-25 Chg.Million Euros €930M Operating cash flow +21% vs 9M-25* Pedemontana-Veneta, Italy Operating & Financial performance <1x Recourse Net Debt ratio** Financial commitment met (*) Change in operating cash flow after deducting the cash contribution from the assets sold in Colombia in 2025. (**) Recourse net debt ratio: recourse net debt divided by the sum of recourse EBITDA and LTM concession distributions. 10
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11 steadily gaining value Concession platform €4,316 M Valuation 2026 Total Portfolio Distributions €19.9Bn Ontario Science Centre, Canada Operating & Financial performance
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S&P Investment Grade rating Second global rating, alongside Morningstar DBRS Greater visibility and access to international investors. Diversification of funding sources. Optimisation of debt cost and terms. Stronger competitive positioning in international tenders. Strengthened market confidence and financial credibility. Financial strength 12 AVO I, Chile BBB- Stable outlook Operating & Financial performance
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Shareholder remuneration Cash dividend Transactions in own shares A bet on value €3.5940M Via Forward Contracts Average reference price shares 13 +122% 2025 2026 €0.045 €0.10 Cash July 2025 Cash July 2026 In August a new forward contract was signed for 10M shares Operating & Financial performance
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6,359 -1,111 -390 571 443 1,014 6,972 DEC-2025 EBITDA WORKING CAPITAL OTHER ADJ. + TAX FINANCIAL RESULT NET INVESTMENT FINANCING FLOW, FX & OTHER SEP-2026 6,359 Funds from operations (FFO) -930 443 1,014 86 6,972 Million Euros 86 14 9M-26 Net Debt Evolution Operating & Financial performance
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264 -43 -10 19 -47 12 322 JUN-2026 EBITDA WORKING CAPITAL TAX CONCESSION DISTRIBUTIONS FINANCIAL EXPENSES NET INVESTMENT* CASH DIVIDEND PAYMENT FINANCING FLOW, FX & OTHER SEP-2026 264 Funds from operations (FFO) -81 12 43 81 3 322 (*) €33M corresponds to Concessions equity. 43 81 15 3 Q3-2026 Recourse Net Debt Evolution Million Euros Quarterly funds from operations fully cover the cash dividend payment Operating & Financial performance
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Performance by Business area Las Setas de Sevilla, Spain
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9M-25 Chg.9M-26 Equity invested 9M-26 Infra Concessions Total equity invested* Infra Concessions Distributions 9M-26 Infra Concessions €61M €1,768M €141M Ruta del Itata, Chile Performance by Business area REVENUE 1,536 1,266 +21% Operating income 981 883 +11% Construction income 555 383 +45% EBITDA 611 561 +9% EBITDA margin 62.3% 63.6% Million Euros Sacyr Concesiones A solid concession platform with new growth opportunities Operating income (+11%) and EBITDA (+9%). The sale of the concessions in Colombia in 2025 is offset by the full-year contribution of Ruta 68 and Ruta del Itata (Chile), and by progress on projects such as Buga- Buenaventura (Colombia), Camino de la Fruta (Chile) and the New Velindre Cancer Centre (UK). Construction income (+45%). Increase driven by growth in Chile and Colombia, as well as the new contribution from the Ontario Science Centre (Canada). Managed Lanes (USA): I-77 (North Carolina) ✓ Consortium pre-qualified. ✓ Request for Proposal (RFP) expected before the end of 2026. 17 *Total equity invested after deducting the divestment of four car parks in Spain.
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Backlog for Other Backlog for own concessions Buin Paine Hospital, Chile Sacyr Ing. & Infraestructuras REVENUE 2,419 2,205 +10% Italian Concession Assets 523 532 -2% Pure Construction 1,896 1,673 +13% EBITDA 434 407 +7% Italian Concession Assets 339 326 +4% Pure Construction 95 81 +18% Construction EBITDA margin 5.0% 4.8% BACKLOG (vs Dec.25) 12,801 12,470 +3% 9M-25 Chg.9M-26 In August, the following contracts were signed: • Frimley Park Hospital (UK), with an estimated investment of over £1,500M. ▪ Peel Health Campus in Mandurah (Australia), one of the most significant healthcare infrastructure projects in this Australian state. Revenue (+10%) and EBITDA (+7%) increased on progress in the construction of own projects in the USA, Canada, Paraguay, Chile and Spain, as well as the start of works in strategic markets such as Australia. All of this offsets the completion of works in Peru, Sweden and the USA. I-10 Highway (USA): Works have begun on the main bridge, both on the land side and in the Calcasieu River. The degree of completion stands at 25%. Driving our strategic businesses 76% 24% 18 Performance by Business area Million Euros
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Aguas Valle del Guadiaro, Spain Sacyr Agua REVENUE 323 212 +53% Operating income 234 212 +11% Construction income 89 - n/a EBITDA 55 46 +20% EBITDA margin 23.3% 21.5% BACKLOG (vs Dec.25) 8,089 6,979 +16% 9M-25 Chg.9M-26 The Perth desalination plant (Australia) has achieved a record production of 103.4GL, exceeding its nominal capacity of 100GL for the first time. It is Australia's second-largest desalination plant in terms of production and the seventh-largest in the world. Operating income (+11%) and EBITDA (+20%) saw double- digit growth, driven mainly by contributions from projects in Spain and Chile. Construction income increased (+€89M) due to the construction of the Antofagasta water reuse plant (Chile). Leading projects that create value Equity invested 9M-26 Water Concessions Total equity invested Water Concessions €23M €151M 19 Desalination proposal in North America. Approval by the Water Infrastructure Finance Authority of Arizona (WIFA) of the first phase of assessment of a proposal led by Sacyr to strengthen the long-term water supply. Performance by Business area Million Euros
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Ruta del Itata, Chile Conclusions 20 Solid increase in net profit +87% vs 9M-2025 Major strategic opportunities USA (managed lanes), Australia, Canada or Europe Shareholder remuneration The second cash dividend was paid in July 2026 Double-digit growth in operating cash-flow Strong cash generation of €930M (+21%) Investment-grade rating from S&P Global Ratings Financial discipline with two investment-grade ratings
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Ferrocarril Central, Uruguay Annexes
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Palma – Manacor (40%) Viastur (70%) Turia (56%) Eresma (51%) Arlanzón (55%) Parla Hospital (51%) Noreste Hospital (51%) Plaza Elíptica Transport Hub (51%) Moncloa Transport Hub (51%) Plaza Encarnación (100%) Aguas Valle del Guadiaro (100%) Emmasa (95%) Guadalajara treatment plant (100%) Aguas Biar treatment plant (100%) S.Vicente Barquera treatment plant (100%) Aguas de Soria (15%) Formentera desalination plant (100%) Roads 34 Transport hubs 2 Hospitals 8 Airports 5 Railway 1 Water 18 Other 4 Brownfield 44 Yellowfield 15 Greenfield 13 Total assets 72 Pedemontana-Veneta (49%) A3 (49%) A21 (49%) Via del Mare (49%) Turin Hospital (44%) Novara Hospital (44%) Sohar desalination plant (51%) Honaine desalination plant (26%) Skikda desalination plant (17%) Rutas del Este (60%) Accesos Asunción (60%) Brisal (5%) Viaexpresso (11%) Velindre Cancer Centre (31%) Valles del Desierto (71%) Rutas del Desierto (26%) Valles del Bío-Bío (26%) Ruta del Algarrobo (26%) Ruta del Limarí (75%) Américo Vespucio Oriente (50%) Ruta 78 (100%) Ruta 68 (100%) Los Vilos – La Serena (100%) Camino de la Fruta (100%) Ruta del Itata (100%) Ruta 57 (100%) Ruta Pie de Monte (100%) Antofagasta Hospital (26%) Buin Paine Hospital (90%) El Tepual Airport (32%) Chacalluta Airport (58%) El Loa Airport (80%) Antofagasta Airport (70%) Atacama Airport (70%) 5 integrated water cycles (51%) Antofagasta water reuse plant (100%) Coquimbo desalination plant (100%) Idaho University (50%) I-10 Highway (30%) Pirámides (51%) Tláhuac Hosp. (51%) Puerta de Hierro (100%) Buenaventura – Buga (100%) Canal del Dique (100%) RSC-287 (100%) Corredor Vial 21 & 24 (51%) Ferrocarril Central (40%) Perth desalination plant (100%) Anillo Vial Periférico (33%) Vial Sierra Norte (67%) Annexes Concession Asset map Ontario Science Centre(26%) 22
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Annexes Consolidated Income Statement 9M-2026 23 Thousand euros REVENUE 3,776,920 3,411,805 10,7% Other income 315,953 255,974 23,4% Total operating income 4,092,873 3,667,779 11,6% External and Operating Expenses -2,981,596 -2,650,108 12,5% EBITDA 1,111,277 1,017,671 9,2% Depreciation and amortisation expense -152,916 -143,508 6,6% Change in Provisions -121,776 -136,785 -11,0% NET OPERATING PROFIT 836,585 737,378 13,5% Financial results -442,591 -446,341 -0,8% Forex results -49,326 -51,525 -4,3% Results from equity accounted subsidiaries 26,864 21,386 25,6% Provisions for financial investments -31,721 60,375 n.a. Results from financial instruments 6,100 -3,133 n.a. Results from sales of non current assets 16,785 10 n.a. PROFIT BEFORE TAX 362,696 318,150 14,0% Corporate Tax -147,718 -137,104 7,7% RESULT FROM CONTINUING OPERATIONS 214,978 181,046 18,7% CONSOLIDATED RESULT 214,978 181,046 18,7% Minorities -98,643 -118,795 -17,0% NET ATTRIBUTABLE PROFIT 116,335 62,251 86,9% 9M 2026 9M 2025 Chg. %
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Annexes Consolidated Balance Sheet September 2026 24 Assets Equity & Liabilities Thousand euros Thousand euros NON CURRENT ASSETS 12,681,141 11,768,823 912,318 EQUITY 2,308,820 2,202,717 106,103 Intangible Assets 75,824 78,078 -2,254 Shareholder's Equity 1,064,208 1,040,326 23,882 Real estate investments 0 192 -192 Minority Interests 1,244,612 1,162,391 82,221 Concessions Investments 2,312,031 2,180,029 132,002 NON CURRENT LIABILITIES 11,208,059 10,322,559 885,500 Fixed Assets 339,401 336,487 2,914 Financial Debt 7,923,979 7,214,980 708,999 Right of use over leased assets 123,747 109,624 14,123 Financial Instruments at fair value 124,325 103,132 21,193 Financial Assets 1,469,833 1,348,932 120,901 Lease Obligations 96,394 77,437 18,957 Receivables from concession assets 8,287,324 7,635,171 652,153 Provisions 215,970 160,289 55,681 Other non Current Assets 66,142 73,090 -6,948 Other non current Liabilities 2,847,391 2,766,721 80,670 Goodwill 6,839 7,220 -381 CURRENT ASSETS 6,674,936 5,802,287 872,649 CURRENT LIABILITIES 5,839,198 5,045,834 793,364 Non current assets held for sale 69,064 7,380 61,684 Liabilities associated with the non current assets held for sale 78,673 4,192 74,481 Inventories 200,800 159,091 41,709 Financial Debt 1,503,291 1,254,879 248,412 Receivables from concession assets 890,354 852,038 38,316 Financial Instruments at fair value 32,098 21,626 10,472 Accounts Receivable 3,018,950 2,647,082 371,868 Lease Obligations 33,613 36,941 -3,328 Financial Instruments at fair value 40,226 25,966 14,260 Trade Accounts Payable 2,857,631 2,718,396 139,235 Financial Assets 210,356 79,357 130,999 Operating Provisions 173,381 249,038 -75,657 Cash 2,245,186 2,031,373 213,813 Other current liabilities 1,160,511 760,762 399,749 TOTAL ASSETS 19,356,077 17,571,110 1,784,967 TOTAL EQUITY & LIABILITIES 19,356,077 17,571,110 1,784,967 ChangeDec. 2025 Sep. 2026ChangeDec. 2025 Sep. 2026
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Annexes Income Statement by business area 9M-2026 25 Thousand euros REVENUE 1,536,330 2,419,396 323,277 -502,083 3,776,920 Other income 14,879 281,635 25,162 -5,723 315,953 Total operating income 1,551,209 2,701,031 348,439 -507,806 4,092,873 External and Operating Expenses -940,285 -2,266,692 -293,881 519,262 -2,981,596 EBITDA 610,924 434,339 54,558 11,456 1,111,277 Depreciation and amortisation expense -60,247 -62,195 -19,421 -11,053 -152,916 Change in Provisions -50,280 -61,250 -3,158 -7,088 -121,776 NET OPERATING PROFIT 500,397 310,894 31,979 -6,685 836,585 Financial results -227,399 -152,281 -13,479 -49,432 -442,591 Forex results -65,962 -4,174 1,792 19,018 -49,326 Results from equity accounted subsidiaries 20,977 1,737 5,122 -972 26,864 Provisions for financial investments -1,391 0 46 -30,376 -31,721 Results from financial instruments -6,079 0 -5,715 17,894 6,100 Results from sales of non current assets 9,238 5,830 -161 1,878 16,785 PROFIT BEFORE TAX 229,781 162,006 19,584 -48,675 362,696 Corporate Tax -68,053 -62,363 -2,228 -15,074 -147,718 RESULT FROM CONTINUING OPERATIONS 161,728 99,643 17,356 -63,749 214,978 CONSOLIDATED RESULT 161,728 99,643 17,356 -63,749 214,978 Minorities -43,923 -53,992 -1,594 866 -98,643 NET ATTRIBUTABLE PROFIT 117,805 45,651 15,762 -62,883 116,335 Sacyr Concesiones Sacyr Ing & Infra. Sacyr Water Holding & Adjustments Total
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Annexes Income Statement by business area 9M-2025 26 Thousand euros REVENUE 1,265,896 2,204,643 211,896 -270,630 3,411,805 Other income 16,250 242,251 11,317 -13,844 255,974 Total operating income 1,282,146 2,446,894 223,213 -284,474 3,667,779 External and Operating Expenses -721,001 -2,040,374 -177,650 288,917 -2,650,108 EBITDA 561,145 406,520 45,563 4,443 1,017,671 Depreciation and amortisation expense -45,468 -70,881 -18,368 -8,791 -143,508 Change in Provisions -95,528 -44,917 -1,609 5,269 -136,785 NET OPERATING PROFIT 420,149 290,722 25,586 921 737,378 Financial results -272,644 -148,792 -10,932 -13,973 -446,341 Forex results 9,313 7,271 -2,597 -65,512 -51,525 Results from equity accounted subsidiaries 24,391 -6,007 4,609 -1,607 21,386 Provisions for financial investments -511 -28 -15 60,929 60,375 Results from financial instruments -5,378 0 435 1,810 -3,133 Results from sales of non current assets 174 353 -66 -451 10 PROFIT BEFORE TAX 175,494 143,519 17,020 -17,883 318,150 Corporate Tax -62,872 -60,466 -4,479 -9,287 -137,104 RESULT FROM CONTINUING OPERATIONS 112,622 83,053 12,541 -27,170 181,046 CONSOLIDATED RESULT 112,622 83,053 12,541 -27,170 181,046 Minorities -63,570 -56,156 -751 1,682 -118,795 NET ATTRIBUTABLE PROFIT 49,052 26,897 11,790 -25,488 62,251 Sacyr Concesiones Sacyr Ing & Infra. Sacyr Water Holding & Adjustments Total
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Rolling Forward Inflation & Exchange Rates New Awarded Concessions Rolling Forward Inflation & Exchange Rates Operational Asset Management New Awarded Concessions Assets sold Colombia, Barbanza & car parks 311 -22 383 117 €4,601M 23 144 Investor Day 2024 2026 Valuation 27 Continuously growing platform 2025 Valuation -285 €4,316M 2026 Valuation (including disposals) 94 +€644m +16% vs 2025 €3,551M +€406M +11% vs ID-2024 €3,957M Annexes Note: This valuation does not include new concessions awarded after the H1 2026 results.
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28 2057-2081 € M € 100 M € 200 M € 300 M € 400 M € 500 M € 600 M € 700 M € 800 M € 900 M € 1.000 M Equity and distributions Total distributions from the assets€19.9Bn 2026-2033 Average distributions 2034-2044 Average distributions 2045-2056 Average distributions €430M €388M 2026 Valuation Investor Day-24 €478M €375M 2026 Valuation Investor Day-24 €525M €419M 2026 Valuation Investor Day-24 Average annual distributions€484M Portfolio strength evidenced by strong cash distributions Note: Excludes distributions from divested assets: 3 highways in Colombia, Barbanza highway and 4 car parks. This does not include new concessions awarded after the H1 2026 results. Annexes
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29 Net Cash Available €1,920M Firepower for new projects Equity & distributions € 0 M € 100 M € 200 M € 300 M € 400 M € 500 M € 600 M 2026 2027 2028 2029 2030 2031 2032 2033 Concession distributions Committed equity €3,440M Distributions €1,520M Committed equity €1,920M Net cash available 2026-2033 Note: Excludes distributions from divested assets: 3 highways in Colombia, Barbanza highway and 4 car parks. This does not include new concessions awarded after the H1 2026 results. Annexes
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Annexes Concessions - Traffic 30 Accumulated ADT SHADOW TOLL ROADS - SPAIN AUTOV. ARLANZÓN 25,018 25,005 0.1% AUTOV. ERESMA 9,698 9,548 1.6% AUTOV. NOROESTE C.A.R.M. 14,355 14,241 0.8% AUTOV. PALMA MANACOR MA-15 30,512 30,021 1.6% AUTOV. TURIA CV-35 44,186 43,732 1.0% AUTOV. VIASTUR AS-II 25,206 25,354 -0.6% FOREIGN TOLL ROADS PEDEMONTANA - VENETA 21,785 21,026 3.6% A3 SALERNO - NAPOLES 98,425 96,817 1.7% A21 35,120 34,977 0.4% TANGENCIAL-A4-A5 35,079 34,497 1.7% RSC-287 8,634 8,281 4.3% AMÉRICO VESPUCIO AVO I 39,159 38,964 0.5% RUTA DEL ITATA 9,556 9,842 -2.9% LOS VILOS - LA SERENA 7,480 7,780 -3.9% RUTA 43 - LIMARI 5,882 6,172 -4.7% RUTA 68 31,437 31,865 -1.3% RUTA 78 39,916 40,028 -0.3% RUTAS DEL ALGARROBO 5,073 5,231 -3.0% CAMINO DE LA FRUTA 4,381 4,200 4.3% RUTAS DEL DESIERTO 8,555 8,816 -3.0% VALLES DEL BIO BIO 9,558 10,118 -5.5% VALLES DEL DESIERTO 5,622 5,843 -3.8% PUERTA DE HIERRO 7,318 6,927 5.6% BUENAVENTURA-BUGA 5,563 5,618 -1.0% RUTAS DEL ESTE 17,381 16,585 4.8% VIA EXPRESSO 8,638 8,416 2.6% ACCUMULATED ADT (km weighted) 17,449 16,631 4.9% 9M-26 9M-25 Chg. % 26/25
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Million Euros Sep.2026 Dec.2025 Chg. Project Finance 6,650 6,300 350 Ex-project finance (recourse net debt) 322 59 263 Total Net Debt 6,972 6,359 613 Annexes Net debt Ex-project finance €322M 5% Project finance €6,650M 95% Fixed rate 65% Variable rate 14% Floating rate mitigated by inflation 21% By interest rate Debt type 31
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Alternative performance measures 32 The Sacyr Group presents its earnings in accordance with International Financial Reporting Standards (IFRS). The Group also provide certain additional financial measurements, known as Alternative Performance Measures (APMs) used by management in decision-making and evaluation of the Group's financial performance, cash flows and financial position. In order to comply with the Guidelines on Alternative Performance Measures (2015/1415en) published by the European Securitiesand Markets Authority (ESMA), the disclosures required for each APM are set out below, including its definition, reconciliation, explanation of its use, comparatives and consistency. Sacyr Group considers that this additional information will improve the comparability, reliability and comprehensibility of its financial information as it is common terminology used 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 statementof 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 andcash 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 net recourse debt (net debt excluding project financing) divided by the sum of recourse EBITDA and concessional distributions over the last twelve months. OPERATING CASH FLOW: Cash flow generated by the company's operating activities. FINANCIAL RESULT: The difference between Total finance income and Total finance costs. EBITDA TO CASH CONVERSION: The result of dividing operating cash flow by EBITDA. BACKLOG: Value of awarded 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, a 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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Note The financial information contained in this document is prepared according to the International Financial Reporting Standards. This information has not been audited and therefore may be modified in the future. This document does not constitute an offer, invitation or recommendation to buy, sell or exchange shares or make any kind of investment. Sacyr does not assume any type of damage or loss arising from any use of this document or its content. In addition, the Group uses Alternative Performance Measures to provide with additional information which enhances the comparability and comprehension of its financial information and facilitate the decision-making and the evaluation of the group´s performance. To comply with the Directives (2015/1415en) of European Securities and Markets Authority (ESMA) on Alternative Performance Measures, the most relevant APMs used in the preparation of this document are included in an annex to this document.