Slides
Page 1
A LEGACY OF INSPIRATION Earnings Release FIRST HALF 2026 27 AUGUST 2026
Page 2
Key Highlights 3 6 17 30 33 #1 Results Overview#2 Business Units#3 Final Remarks and Guidance 2026#4 Q&A#5 2
Page 3
Key Highlights 01 3
Page 4
EARNINGS RELEASE 1H26 16,153 17,714 Dec. 25 Jun. 26 59 74 1H25 1H26 441 487 1H25 1H26 2,745 2,898 1H25 1H26 BACKLOG TURNOVER EBITDA €17.7bn (+10% YTD; 3.2x TurnoverLTM) €2.9bn (+6% YoY) €487mn (+10% YoY; 17% margin) NET PROFIT 2 €74mn (+24% YoY; 2.6% margin) 1Restatement due to accounting policy change on Government grants (mainly related to EGF). 2After non-controlling interests. 3Includes leasing, factoring and confirming LTM – Last Twelve Months. €3,514mn (GD/EBITDALTM 3.43x) €1,990mn (ND/EBITDALTM 1.94x) NET DEBT CAPEX €185mn (6.4% Turnover) GROSS DEBT 3 FCF €159mn (FCF/ EBITDA: 33%) EQUITY €1,045mn (Equity/Assets 11%) 1 4
Page 5
EARNINGS RELEASE 1H26 Main events since December 2025 Major contract awards - Low risk, diversified and focus on strategic growth markets Financing and Corporate – Strategic partnerships Reinforcing ESG - Recognised excellence E&C NATURAL RESOURCESCONCESSIONS CIRCULARITY ▪ €1,255 mn Santos-Guarujá Tunnel, Brazil – 30 years PPP ▪ US$1.8 bn Lobito Corridor extension, DRC – 30 years PPP ▪ €113 mn Petrobras, Brazil ▪ US$258 mn Kurmuk Gold Mine (extension), Ethiopia ▪ Incorporation of “ME Mining Services” – aligned with the decision announced in the CMD and the Focus 2030 Strategic Plan presentation ▪ US$100 mn Mamaland, Malawi - agreement with Trafigura, under a 40- year sustainability and carbon credits framework ▪ Biomethane starting operations in 4Q26 (Waste-to-Value strategy) ▪ €114 mn railway, Portugal ▪ €200 mn Giga factory, Portugal ▪ €185 mn transport infra, Mexico ▪ US$655 mn Kano-Maradi (extension), Nigeria ▪ US$140 mn Juliaca Airport, Peru 5 ▪ Strategic Partnership Framework with IFC (World Bank Group) to jointly develop infrastructure projects across Africa ▪ Financial Close of the Lobito Corridor ▪ €200 mn: Afreximbank new loan ▪ €110 mn: Sustainability-Linked Bonds 2031 issue, with demand at 2.6x the initial €50 mn offering ▪ €100 mn: Mauritius Commercial Bank new loan ▪ €145 mn: Increase of the credit facility limit with BBVA ▪ Dividend per share of €0.173 approved (payment in May) Most attractive company to work by university students #1 Infrastructure (PT) Moatize · Best Mine (2026) by Vulcan´s HSE Awards Recognition by Total Energies · Outstanding HSE Mozambique Most attractive company to work for Infrastructure sector in Portugal (randstad · 2026) SUMA · Trusted Environmental Brand · 2026 BUILTWORLDS GLOBAL INNOVATOR (2026)
Page 6
Results Overview 02 6
Page 7
EARNINGS RELEASE 1H26 7 Accelerating profitable growth drives record Group net profit to €74 mn • Turnover increased 6% to €2,898 mn, driven by accelerating activity in 2Q26 across all business segments, with strong contributions from Africa and Latin America • EBITDA increased 10% YoY to €487 mn, with margin expanding to 17%, reflecting disciplined project selection and the growing contribution from structurally higher-return activities • Net financial results and others reflect the higher capital employed in long- term, higher-return projects (contract mining and concessions), together with the Group’s multi-currency funding mix, including local-currency debt in Africa and Latin America • Associates benefited from mature concession assets, partly offsetting the impact of the initial development phase of the Lobito Corridor project in Angola and new concessions in Mexico • Non-controlling interests are mainly related to operations in Mexico, Nigeria and Angola • Record Group net profit of €74 mn (+24% YoY), 2.5x the level of three years ago, reinforcing the structural profitability improvement underpinning FOCUS 2030 1Restatement due to accounting policy change on Government grants (mainly related to EGF). P&L (€ mn) 1H26 1H251 YoY Turnover 2,898 2,745 6% EBITDA 487 441 10% Margin 17% 16% 1 p.p. EBIT 313 297 5% Margin 11% 11% 0 p.p. Net financial results and others (110) (114) 4% Associates (2) (5) 55% EBT 201 179 13% Net profit 135 121 12% Margin 4.7% 4.4% 0.3 p.p. Attributable to: Non-controlling interests 62 61 0% Group Net profit 74 59 24% Margin 2.6% 2.2% 0.4 p.p.
Page 8
EARNINGS RELEASE 1H26 8 Execution and operational excellence across all segments • In Europe, turnover reached €194 mn, with a resilient EBITDA margin of 8%, despite delays in key project consignations in Portugal, while progress is expected during 2H26, supporting a gradual ramp-up in activity towards year-end and into 2027 • Africa continued to deliver strong profitable growth, with turnover up 11% YoY to €1,158 mn and EBITDA margin expanding to 25%, supported by growth in both E&C (+8% YoY) and Industrial Engineering (+15% YoY), together with disciplined project selection and efficient execution of key large-scale projects • Latin America accelerated significantly during the 1H26, with turnover increasing 7% YoY to €1,171 mn and EBITDA growing 14%, while maintaining a solid 10% margin, mainly supported by Mexico and the growing contribution from Brazil (+104% YoY) • Environment maintained its resilient and predictable performance, with turnover increasing 3% YoY to €314 mn and EBITDA growing 12%, driving a 2 p.p. margin expansion to 21% 1Restatement due to accounting policy change on Government grants (mainly related to EGF). P&L breakdown (€ mn) 1H26 %T 1H251 %T YoY Turnover (T) 2,898 2,745 6% Engineering&Construction 2,520 2,380 6% Europe 194 242 (20%) Africa 1,158 1,047 11% E&C 747 690 8% Industrial Engineering 411 357 15% Latin America 1,171 1,091 7% E&C 1,075 997 8% Energy and Concessions 96 94 2% Other and intercompany (3) (0) n.m. Environment 314 304 3% Capital and MEXT 61 61 (0%) EBITDA 487 17% 441 16% 10% Engineering&Construction 422 17% 379 16% 11% Europe 15 8% 19 8% (20%) Africa 287 25% 255 24% 12% E&C 168 23% 153 22% 10% Industrial Engineering 118 29% 102 29% 16% Latin America 120 10% 105 10% 14% E&C 114 11% 102 10% 12% Energy and Concessions 6 6% 3 3% 100% Environment 65 21% 58 19% 12% Capital and MEXT 3 6% 4 6% (3%) Other and intercompany (3) 0 n.m.
Page 9
EARNINGS RELEASE 1H26 9 40% LATIN AMERICA E&C 12% EUROPE E&C 28% AFRICA E&C E&C and IE backlog by segmentBacklog by Business Unit • Record backlog of €17.7 bn, providing 3.7 years of E&C execution visibility and supporting long-term growth • Backlog increased by €4.1 bn during 1H26 (vs. €1.7 bn in 1H25), reflecting strong commercial momentum and disciplined project selection • Backlog quality continues to improve, with a larger proportion of long-duration contracts supported by robust financing structures and higher expected cash generation, reinforcing long-term earnings visibility • Core markets represent 75% of E&C backlog, with diversified exposure across Mexico (21%), Angola (16%), Brazil (14%), Portugal (12%), Nigeria (7%), Mozambique (3%) and Peru (2%) reinforcing the resilience of the Group’s geographically diversified growth platform • Industrial Engineering represents 18% of total backlog, increasing the contribution from long-term, higher-margin activities and supporting recurring revenue and cash-flow generation • E&C Backlog does not include additional projects (signed after June) totalling €2.5 bn, providing further upside to revenue visibility across key markets: Mexico €185 mn, Peru US$140 mn, Brazil €47 mn, Portugal €64 mn, Nigeria US$655 mn and Democratic Republic of Congo US$1.8 bn 32% RAILWAY 19% CIVIL CONSTRUCTION AND OTHERS 26% INDUSTRIAL ENGINEERING 11% ROADS, PORTS AND AIRPORTS 2%ENVIRONMENT + CAPITAL AND MEXT Backlog evolution (€ mn) 1Does not include EGF’s Waste Treatment business which still has an eight-year contract duration (Turnover LTM: €417 mn). 2Industrial Engineering. Record €17.7 bn backlog 1 with enhanced quality and long-term visibility for FOCUS 2030 14,291 15,727 17,356 433 426 35814,724 16,153 17,714 Jun. 25 Dec. 25 Jun. 26 E&C Environment + Capital 17,714 mn 17,356 mn 18% AFRICA IE2 12% INDUSTRIAL AND OIL&GAS
Page 10
EARNINGS RELEASE 1H26 10 1Selection of projects above €200 mn. Major E&C projects1 BACKLOG HIGHLIGHTS: • Inclusion of the landmark €1.3 bn Santos–Guarujá Tunnel PPP project in Brazil in the 1Q26 • Strong contribution from core markets, namely Portugal, Angola, Nigeria, Mexico and Brazil • Exposure to sovereign key transport infrastructures, including railways, roads and strategic logistics corridors • Selective bidding approach leading to a backlog profile evolving towards higher-quality, longer-duration and more cash- generative projects • Risk mitigation with exposure primarily to tier-1 private and sovereign clients, backed by robust financing schemes Project Range (€ mn) Country Segment Contract start year Exp. year of completion Customer Concession of the tunnel Santos-Guarujá >1,000 Brazil Road Infrastructure 2026 2031 São Paulo State Government Fertilizer industrial plant [500,1,000[ Mexico Industrial 2024 2028 PEMEX Tren Querétaro - Tramo 2 [500,1,000[ Mexico Railway Infrastructures 2025 2028 Agencia Reguladora del Transporte Ferroviario Maintenance Contract - Lobito Corridor [500,1,000[ Angola Railway Infrastructures 2022 2054 Lobito Atlantic Railway - LAR High-speed railway Porto-Oiã stretch [500,1,000[ Portugal Railway Infrastructures 2025 2030 Infraestruturas de Portugal Kurmuk Mine [500,1,000[ Ethiopia Industrial Engineering 2024 2029 Allied Gold Corporation Zenza do Itombe- Cacuso railway [500,1,000[ Angola Railway Infrastructures 2023 2029 Ministry of Transportation Infrastructures of the Corimba waterfront [500,1,000[ Angola Road Infrastructure 2024 2029 Ministry of Public Works, Urbanism and Housing Amulsar Gold Mine [500,1,000[ Armenia Industrial Engineering 2025 2031 Lydian Armenia CJSC Kano-Maradi-Dutse project - Rolling stock [500,1,000[ Nigeria Railway Infrastructures 2023 2027 Federal Ministry of Transportation Monterrey Subway L4, 5 y 6 [300,500[ Mexico Railway Infrastructures 2022 2027 Gobierno del Estado de Nuevo Leon Gamsberg Mine [300,500[ South Africa Industrial Engineering 2021 2030 Vedanta Zinc International HLO - Oriental Lisbon Hospital [300,500[ Portugal Civil Construction 2024 2027 HLO - Sociedade Gestora do Edifício, S.A. Kano - Maradi / Kano Dutse [300,500[ Nigeria Railway Infrastructures 2021 2027 Federal Ministry of Transportation Consorcio Metro 80 Medellin [300,500[ Colombia Railway Infrastructures 2022 2027 EMP - Empresa Metro de Medellin Boto Gold Mine [200,300[ Senegal Industrial Engineering 2023 2029 Managem Group Autopista Tultepec - Pirámides [200,300[ Mexico Road Infrastructure 2020 2028 Concesionaria Tultepec-AIFA-Pirámides Tren Querétaro - Tramo 1 [200,300[ Mexico Railway Infrastructures 2025 2027 Agencia Reguladora del Transporte Ferroviario Lafigué Mine [200,300[ Ivory Coast Industrial Engineering 2022 2028 Endeavour Mining PLC TRI-K Gold Project [200,300[ Guinea Industrial Engineering 2024 2029 Managem Group Moatize Mine [200,300[ Mozambique Industrial Engineering 2024 2027 Vulcan Cabinda-Miconje rehabilitation [200,300[ Angola Road Infrastructure 2023 2027 Ministry of Public Works, Urbanism and Housing GASLUB [200,300[ Brazil Oil&Gas services 2025 2029 Petrobras Extension of the red line Lisbon subway [200,300[ Portugal Railway Infrastructures 2023 2027 Metropolitano de Lisboa EP Sines Factory [200,300[ Portugal Industrial 2026 2028 CALB (Europe), SA Rehabilitation of the Nova Vida urbanization [200,300[ Angola Road Infrastructure 2024 2028 Ministry of Public Works, Urbanism and Housing
Page 11
EARNINGS RELEASE 1H26 11 • Capex/turnover remained disciplined below the 7% target, while E&C maintenance capex remained tightly controlled at c.1% of E&C turnover, reflecting efficient asset management and equipment procurement synergies • Capex was primarily allocated to higher-return projects with long-term cash generation potential, fully aligned with the Group’s disciplined capital allocation strategy • 63% of total capex was allocated to Industrial Engineering contracts, mainly related to heavy equipment that can generally be deployed throughout the life span of the contract, including contractual extensions, and subsequently redeployed across other projects over its useful life • Environment capex totalled €14 mn, of which 76% was allocated to EGF’s regulated asset base model (Waste Treatment in Portugal), supporting stable, recurring and predictable long-term cash flows 5 15 11 13 1 1 7 12 1 2 117 Europe E&C Africa E&C Latin America E&C Environment Capital + Others 6 139 14 3 Net capex (€ mn) Capital + Others 31 16 20 15 117 140 14 9 3 14 1H26 1H25 185 194 Disciplined capex allocation focused on higher-return activities Net capex by Business Unit (€ mn) E&C growth IE contracts1 Environment E&C maintenance 1Includes Industrial Engineering contracts in Africa. 23 Maintenance Growth IE contracts1
Page 12
EARNINGS RELEASE 1H26 12 Optimising the assets cycle to maximize the added value from investments 10 5 5 61 Africa E&C Capital &Others Environment Latin America E&C Financial capex by Business Unit (€ mn)Financial capex by segment (€ mn) • Financial capex reached €81 mn in 1H26, mainly allocated to transport and urban infrastructure in Mexico, supporting the development of long-term strategic public assets aimed at reducing the country’s infrastructure gap • In Africa, financial capex was primarily related to the Lobito Corridor, where financial close has since been successfully achieved with DFC alongside DBSA, representing a major milestone in securing long-term financing for this strategic infrastructure asset and reinforcing its value creation potential • New investments in circularity, including Bioenergy (biomethane) and Mamaland (agroforestry), further diversify the portfolio towards long-term cash-generating activities • Long-cycle assets are actively managed to maximise value creation through disciplined investment, asset maturation and selective monetisation, supporting recurring earnings and capital recycling over the long term 4 5 7 -6 10 12 17 2 19 20 55 10 1H26 1H25 Others Roads Real Estate Railway Urban Infrastructures Industry Energy and mobility Airports Agro-forestry 81 73
Page 13
EARNINGS RELEASE 1H26 13 Robust financial position with well managed working capital • Strict working capital management, supporting cash generation and partially offsetting continued investment in long-term strategic assets • Equity/Assets ratio at 11%, reflecting a strengthened balance sheet following the significant investment cycle of recent years and despite the seasonal impact of the annual shareholder dividend fully paid in 1H26 • Financial investments evolution reflects the continued build-up of the Group’s long-term concession portfolio, currently in an investment and asset maturation phase • As concession assets mature, selective asset rotation between 2027 and 2030 is expected to crystallise value and recycle capital into new growth opportunities, in line with FOCUS 2030 • Net debt remained broadly stable YTD (+€20 mn), despite €81 mn of financial capex in long-term concessions and greenfield assets Total equity and Equity/Assets ratio 1Leasing, factoring and confirming 531 746 849 776 983 1 0458% 10% 11% 10% 12% 11% 2% 4% 6% 8% 10% 12% 14% 16% Dec.22 Dec.23 Dec.24 Jun.25 Dec.25 Jun.26 0 200 400 600 800 1 000 1 200 Total equity Equity-to-Assets ratio Balance sheet (€ mn) Jun.26 Dec.25 YTD Fixed assets 2,171 2,094 77 Financial investments 1,099 881 218 Provisions (188) (194) 6 Working capital & long-term balances 595 814 (219) 3,677 3,595 82 Equity 1,045 983 62 Net debt + LFC1 2,632 2,612 20 3,677 3,595 82
Page 14
EARNINGS RELEASE 1H26 14 1,941 2,124 2,124 2,158 2,162 2,162 2,347 2,457 1,909 2,526 1,990 671 487 66 32 28 185 110 69 642 81 642 Net debt + LFC Dec.25 EBITDA Income tax Changes in working capital Working capital (milestone based impact) Capex Net financial interests and others Dividends Net debt + LFC Jun.26 excluding concessions Concessions and medium- long term return investments Net debt + LFC Jun.26 2,612 2,6322,551 Dividend per share of €0.173 + minorities 7.1% average interest rate/multi- currency mix 63% IE | below 7% Turnover To be monetized in line with the next milestone 11% Turnover ratio Effective tax rate 33% 17% margin | +10% YoY FCF €159 mn | FCF / EBITDA ratio of 33% (vs. 11% average 2021-2025) Strong cash generation supports growth investment with leverage discipline 1Leasing, factoring and confirming. CFO €453 mn 1 1) 1 1 1 Long-term recurring earnings and structural value creation Net debt / EBITDA 1.86x Net debt / EBITDA 1.94x 1 Net debt / EBITDA 1.98x 1
Page 15
EARNINGS RELEASE 1H26 15 2,982 2,968 3,421 3,514 3.17x 2.97x 3.50x 3.43x 1,500 2,000 2,500 3,000 3,500 4,000 Dez. 24 Jun. 25 Dez. 25 Jun. 26 Gross Debt Gross Debt / EBITDA 1,732 1,695 1,941 1,990 1.84x 1.70x 1.98x 1.94x 1.00x 1.20x 1.40x 1.60x 1.80x 2.00x 2.20x 2.40x 2.60x 2.80x 3.00x 1,250 1,350 1,450 1,550 1,650 1,750 1,850 1,950 2,050 Dec. 24 Jun. 25 Dec. 25 Jun. 26 Net Debt Net Debt / EBITDA 1Net debt considers Mozambique’s sovereign bonds as “cash and cash equivalents” which amounted to €18 mn in June 2026 (nominal value €20 mn) and €18 mn in December 2025 (nominal value €19 mn). 2Includes leasing, factoring and confirming. 3Restatement due to accounting policy change on Government grants (mainly related to EGF). Leverage remains within Focus 2030 targets Net debt1 and Net debt/EBITDA Gross debt2 and Gross debt/EBITDA • Net debt stood at €1,990 mn, with Net Debt/EBITDA improving to 1.94x from 1.98x in December 2025, remaining below the 2.0x FOCUS 2030 threshold • Gross Debt/EBITDA improved to 3.43x from 3.50x in December 2025, remaining comfortably below the 4.0x FOCUS 2030 threshold • Interest coverage (EBIT/Net Interest) remained solid at 3.2x, supporting the Group’s ability to meet the debt service obligations while maintaining an adequate financial structure • Gross debt evolution reflects the Group’s investment cycle in strategic long-term, higher-return assets, supporting future earnings and value creation • Leasing, Factoring and Confirming decreased to €642 mn from €671 mn in December 2025, reflecting continued discipline in the use of these financing instruments 33 3 3
Page 16
EARNINGS RELEASE 1H26 16 • Robust liquidity of €1,441 mn comfortably covers non-revolving and non-refinanced maturities over the next three years, preserving financial flexibility • Of the €873 mn maturing within one year, €396 mn (45%) has already been refinanced, significantly reducing near-term refinancing requirements • The €110 mn 2026–2031 sustainability-linked bond, issued at a 4.60% coupon, further extended the debt maturity profile and diversified the Group’s funding sources • Average gross debt maturity improved to 2.8 years, while the average cost of gross debt decreased to 7.1%, reflecting the Group’s diversified funding mix and the structural interest-rate environment across the local currencies of its operating geographies Robust liquidity and improved debt maturity profile Liquidity: €1,441 mn Cash available €863 mn Sovereign bonds available €18 mn Undrawn credit lines €559 mn Gross debt1 maturity, June 2026 1Excluding leasing, factoring and confirming. Non-revolving Revolving Refinanced or to be refinanced shortly Undrawn credit lines Cash and sovereign bonds available 882 157 320 695 380 491 340 93 559 396 Liquidity position 1 year 2 years 3 years 4 years 5 years > 5 years 873 1,441
Page 17
17 Business Units 03
Page 18
Engineering and Construction 18
Page 19
3.1 Europe 2 COUNTRIES HIGHLIGHTS 1H26 194M€ TURNOVER 2,198 M€ BACKLOG 19
Page 20
EARNINGS RELEASE 1H26 Solid Backlog and strategic pipeline secures long-term growth • Turnover of €194 mn (-20% YoY) was impacted by delays in project consignations and awards, which are now expected to take place throughout the 2H26 • EBITDA of €15 mn, with a resilient margin of 8%, demonstrating cost discipline and efficient project management amid less than anticipated projects being executed • Backlog strengthened to €2.2 bn (+€1,304 mn YoY), driven by newly awarded flagship strategic projects, including the first stretch of the high-speed rail (Porto–Oiã) and the Phase 1 of the “New Sines Gigafactory” project (CALB) • 2026 will be still impacted by delays in project consignation, with recovery back-end loaded for the second half of the year onwards • Positioned to bid for major flagship projects to be tendered, with strong visibility on upcoming large- scale transport infrastructure projects in Portugal • The €60 bn to be invested in infrastructures until 2035 in Portugal, supported with the recent announcements from the Portuguese Government, with the new Lisbon airport (€7.9 bn-€8.9 bn investment with construction works expected to start by 2029), the two new Tagus crossing in a PPP with a new bridge and a tunnel (in which Mota-Engil will be bidding in consortium), 15 new concessions in ports and logistics (€4 bn) opens a new strategic pipeline in which Mota-Engil will maintain the same commercial strategy, promoting Portuguese consortia for the E&C works Turnover: €194 mn (-20% YoY) EBITDA: €15 mn (-20% YoY) EBITDA margin 8% (flat YoY) 20
Page 21
3.2 Africa 15 COUNTRIES HIGHLIGHTS 1H26 1,158 M€ TURNOVER 8,115 M€ BACKLOG 21
Page 22
EARNINGS RELEASE 1H26 Leading position in E&C and Industrial Engineering assures future growth Turnover: €1,158 mn (+11% YoY) EBITDA: €287 mn (+12% YoY) EBITDA margin 25% (+1 p.p. YoY ) • Turnover of €1,158 mn (+11% YoY), driven by the outstanding performance of the Industrial Engineering (+15% YoY), alongside major infrastructure projects in Nigeria (Kano–Maradi railway) and Angola • EBITDA of €287 mn (+12% YoY), with a margin of 25% (+1 p.p. YoY), reflecting disciplined commercial selection, operational excellence and improved planning and execution efficiency in large-scale contracts • Backlog of €8.1 bn, of which €3.2 bn in Industrial Engineering, securing long-term revenue visibility due to the long-term profile of the mining contracts and mining extensions • Mota-Engil signed the contract with the Democratic Republic of Congo for the operation, modernisation, rehabilitation and maintenance of the Congolese part of the Lobito Corridor (Dilolo- Sakania) through a 30 years PPP, with the financial support of the DFC • Mozambique activity expected to resume growth in the near term, supported by the pipeline of LNG- related project developments • Mota-Engil Africa is a leading player in the region maintaining a diversified presence across 15 countries, supported by a backlog exceeding €8 bn and long-standing relationships with governments, multilaterals and private sector clients • The competitive advantage also relies on the role of an integrated solution provider, namely in what regards the project financing framework, usually backed by multilaterals, European Export Agencies and International Development Agencies • The track record, know-how and support of those financial institutions enable the payment in hard currency in Europe and underpin the successful management of working capital 22
Page 23
EARNINGS RELEASE 1H26 • Turnover of €411 mn (+15% YoY) from 11 active projects, with 10 operating at full capacity • EBITDA of €118 mn (+16% YoY), delivering an outstanding 29% margin, confirming its structurally higher-return profile • Backlog of €3.2 bn, providing recurrent and long-term visibility for revenue and cash-flow streams • The mining contract awarded by Allied Gold Corporation for the Kurmuk Gold Mine project in Ethiopia was recently revised: (i) duration of 60 months extended by an additional one year; (ii) contract value from US$584 mn to US$842 mn (+44%) and (iii) capex up by US$15 mn to US$114 mn (+15%) • The Amulsar gold project is expected to start operations in the 3Q26 • Average contract tenor of five years, with typical extensions aligned with the life-of-mine cycle, enhancing recurring revenues and profitability Leading player in Africa and starting operations in Armenia in the 3Q26 23 Backlog Jun-26 (M€) Kurmuk Gold Ethiopia 703 Private Allied Gold Amulsar Gold Armenia 581 Private Lydian Armenia CJSC Gamsberg Zinc South Africa 466 Private Black Mountain Mining Boto Gold Senegal 283 Private Managem Group Lafigué Gold Ivory Coast 266 Private Endeavour Mining Tri-K Gold Guinea 247 Private Managem Group Moatize Coal Mozambique 236 Private Vulcan Sadiola Gold Mali 172 Private Allied Gold Agbaou Gold Ivory Coast 140 Private Allied Gold Seguela Gold Ivory Coast 111 Private Rox Gold Bonikro Gold Ivory Coast 26 Private Allied Gold 3,232 CustomerClient categoryMine Commodity Country
Page 24
3.3 Latin America 6 COUNTRIES HIGHLIGHTS 1H26 1,171 M€ TURNOVER 6,907 M€ BACKLOG 24
Page 25
EARNINGS RELEASE 1H26 Infrastructure gaps drive high investment infrastructure programs Turnover: €1,171 mn (+7% YoY) EBITDA: €120 mn (+14% YoY) EBITDA margin 10% (flat YoY) • Turnover of €1,171 mn (+7% YoY), starts to reflect the ramp up of public investment in Mexico, with South American markets, namely Brazil and Colombia, increasing its combined contribution with a c. 90% growth YoY, and with Brazil emerging as a value driver for the region in a new and growing cycle • EBITDA of €120 mn, maintaining a solid 10% margin, in line with historical performance • Backlog increased significantly €2.9 bn YoY to €6.9 bn, driven by major awards in Mexico, including the Querétaro–Irapuato railway projects, and in Brazil through Oil & Gas decommissioning and maintenance contracts signed with Petrobras and the Santos-Guarujá submersed tunnel • Santos–Guarujá Tunnel 30-year PPP in Brazil (€1.3 bn), signed in 2026, is advancing, having received its first technical opinion in favour of the Environmental Impact Study and Report of São Paulo State • Mota-Engil is part of the consortium that won the Rota dos Sertões 30-year PPP concession, one of the main logistics corridors in northeastern Brazil, with 502 km and an investment estimated at €755 mn • Mota-Engil is well-positioned to capitalize on Brazil's growing infrastructure investment cycle, supported by established partnerships, proven know-how and historic presence in the country • Mexico's infrastructure investment is recovering, supported by a visible pipeline focused on transport (highways and railways) and energy infrastructures (power generation and data centres) 25
Page 26
3.4 Environment 26
Page 27
EARNINGS RELEASE 1H26 Recurrent cashflow with upside from structural investment requirements Turnover: €314 mn (+3% YoY) EBITDA: €65 mn (+12% YoY) EBITDA margin 21% (+2 p.p. YoY) • Turnover of €314 mn (+3% YoY), reflects an improvement in all activities, with the waste treatment and the International activity representing 60% and 26% of the total, respectively • EBITDA of €65 mn (+12% YoY), with margin expanding to 21% (+2 p.p. YoY), reflecting the recurring and resilient operational profitability • Backlog of €283 mn, exclusively related to Waste Collection services (excluding EGF’s regulated future revenues, which generated €190 mn in 1H26), with Portugal representing 60% of the total • Significant investment opportunities in Portugal linked to European sustainability targets for 2035 (PERSU 2030), creating structural growth potential through technology upgrades, innovative business models, circular economy solutions and waste-to-energy developments • Optimised investment decisions, guided by a disciplined assessment of capital requirements and return thresholds, are a key driver of value creation • The Environment unit continues to confirm the regulated cash-flow visibility with margin expansion while contributing to a sustainable activity that supports the country’s environment targets • Mota-Engil Energia, advancing waste-to-value projects, including five biomethane production projects (annual capacity of 170 GWh) starting in 2026, of which one plant will start operations in the 4Q26 27
Page 28
Capital and MEXT 28 3.5
Page 29
EARNINGS RELEASE 1H26 Concession business with flagship projects drive future revenues Turnover: €61 mn (flat YoY) EBITDA: €3 mn (-3% YoY) EBITDA margin 6% (flat YoY) • Turnover of €61 mn (flat YoY) and EBITDA of €3 mn (-3% YoY), with margin stable at 6% • Flagship concession projects under execution: New Lisbon Hospital (HLO) and the high-speed train (first stretch - Porto–Oiã, with environmental permits delivered in August 2026) • Robust and visible concession pipeline: • Tender for the Algarve Hospital ongoing (2H26) • Wastewater plant in Porto Maldonado awarded in Peru (24-year DBOTF concession) • Broader concession program in Portugal, including logistics and ports (Ports 5+), healthcare infrastructure, high-speed train (LusoLav) and Tagus river crossings • Complementary strategic platforms enhancing long-term optionality: • Real Estate investments (Emerge), focused on high-value residential and office developments, primarily in Oporto • Mota-Engil, through REMO, is increasing its contribution to decarbonization and fleet electrification, with new contracts in Portugal to supply 200 ultra-fast charger units, a contract to supply 22 electric buses, and through ATIV, through which it will start to produce biochar in 2027 29
Page 30
EARNINGS RELEASE 1H26 30 04 Final Remarks and Guidance 2026 30
Page 31
EARNINGS RELEASE 1H26 31 Final remarks Strong 1H26 execution reinforces the path towards FOCUS 2030 01 GROWTH • Profitable growth continued in 1H26, with turnover up 6% and EBITDA up 10%, driving record net profit of €74 mn, reflecting the Group’s ability to efficiently execute a growing backlog built on a commercial strategy focused on profitability and risk mitigation • Record €17.7 bn backlog combines scale, quality and long-term visibility, supported by disciplined project selection, robust financing structures and higher expected cash generation • Strong commercial momentum and the progressive ramp-up of recently awarded projects support continued growth into 2H26 and beyond 02 DIVERSIFICATION • Industrial Engineering continues to expand its contribution to Group profitability and cash generation, supported by long-duration, higher-return contracts • Concessions are increasingly reinforcing the Group’s long-term value creation platform, leveraging Mota-Engil’s E&C capabilities across core markets • New circularity investments, including biomethane and agroforestry, further broaden the portfolio of long-term cash- generating activities 03 FINANCIAL DISCIPLINE • Leverage remains disciplined and within FOCUS 2030 targets, with Net Debt/EBITDA below 2x and Gross Debt/EBITDA below 4x, supported by active debt portfolio management focused on extending maturities and reducing funding costs • FCF of €159 mn, representing 33% of EBITDA, demonstrates strong underlying cash generation while continuing to invest for long-term growth • Robust liquidity of €1.44 bn provides financial flexibility, supporting the Group’s growth strategy and future investment requirements • Disciplined capital allocation remains focused on higher-return activities, while keeping Capex/Turnover below the 7% FOCUS 2030 target 31
Page 32
EARNINGS RELEASE 1H26 32 Guidance 2026 confirmed On track to deliver profitable growth, supported by strong execution, a resilient business model and disciplined capital allocation 01 Double-digit turnover growth (10–15%), supported by record backlog conversion and the progressive ramp-up of large-scale long-cycle projects across core markets 02 EBITDA margin structurally resilient at 2025 levels, supported by strict project selection, improved backlog quality and the increasing contribution from structurally higher-margin activities 03 Net margin expected to remain around 3%, reflecting the structural profitability improvement achieved in recent years 04 Strong operating cash generation and disciplined leverage, maintaining Net Debt/EBITDA below 2x and Gross Debt/EBITDA below 4x 05 Disciplined and return-driven capital allocation, with Capex/turnover at around 7%, while supporting the ramp-up of higher-return activities, including the Amulsar gold mine in Armenia in 3Q26 06 Active management of the concession portfolio, focused on asset maturation and long-term value creation, while preserving flexibility for selective asset monetization
Page 33
33 Q&A 05
Page 34
EARNINGS RELEASE 1H26 34 • “Mota-Engil” means Mota-Engil, SGPS, S.A., the Holding company with controlling interest in other companies, which are called subsidiaries; • “Assets” corresponds to the following caption of the consolidated statement of financial position: “Total assets”; • “Associates” corresponds to the following caption of the consolidated income statement by natures: “Gains / (losses) in associates and joint ventures”; • “Backlog” means the amount of contracts awarded and signed to be executed; • “CAPEX” means the algebraic sum of the increases and disposals of tangible assets, intangible assets and right of use assets occurred in the period, except the ones associated with concessions and medium-long term return projects; • “Capital gains” corresponds to the following caption of the consolidated income statement by natures: “Gains / (losses) on the acquisition and disposal of subsidiaries, joint ventures and associated companies”; • “CFO” corresponds to the algebraic sum of the following captions: EBITDA, Changes in working capital and Income tax; • “EBIT” corresponds to the algebraic sum of EBITDA with the following captions of the consolidated income statement by natures: “Amortizations and depreciations”, “Impairment losses” and “Provisions”; • “EBIT margin” or “(EBIT Mg)” means the ratio between EBIT and “Sales and services rendered”; • “EBITDA” corresponds to the algebraic sum of the following captions of the consolidated income statement by natures: “Sales and services rendered”, “Cost of goods sold, materials consumed and changes in production”, “Third-party supplies and services”, “Wages and salaries” and “Other operating income / (expenses)” • ; • “EBITDA margin” or “(EBITDA Mg)” means the ratio between EBITDA and “Sales and services rendered”; • “EBT” corresponds to the following caption of the consolidated income statement by natures: “Income before taxes”; • “Equity” corresponds to the following caption of the consolidated statement of financial position: “Total shareholder’s equity”; • “Equity-to-assets ratio” or “Solvency ratio” means the ratio between “Equity” and “Assets”; • “Financial investments” corresponds to the algebraic sum of the following captions of the consolidated statement of financial position: “Financial investments in associated companies”, “Financial investments in joint ventures”, “Other financial investments recorded at fair value through other comprehensive income” and “Investment properties”; • “Fixed assets” corresponds to the algebraic sum of the following captions of the consolidated statement of financial position: “Goodwill”, “Intangible assets”, “Tangible assets” and “Right of use assets”; • "Gross Debt” or “GD” corresponds to the algebraic sum of net debt with the balances of the following captions of the consolidated statement of financial position: “Cash and cash equivalents without recourse”, “Cash and cash equivalents with recourse”, “Other financial applications”, "Other financial investments recorded at amortized cost“, "Lease liabilities" and "Other financial liabilities - factoring and payment management operations“; • “Group net result” or “ Group net profit” corresponds to the caption of the consolidated income statement by natures of “Consolidated net profit of the period - Attributable to the Group”; • “Income tax” corresponds to the caption of the consolidated income statement by natures of “Income Tax”; • “Leasing, Factoring and Confirming” or “LFC” corresponds to the sum of the following captions of the consolidated statement of financial position: “Other financial liabilities - factoring and payment management operations” and “Lease liabilities”; • “Net Debt” or “ND” corresponds to the algebraic sum of the following captions of the consolidated statement of financial position: “Cash and cash equivalents without recourse”, “Cash and cash equivalents with recourse”, “Other financial applications”, "Other financial investments recorded at amortized cost", “Loans without recourse” and “Loans with recourse”; • “Net financial interests and others” corresponds to the sum of “Net financial results and others” less “Capital gains”; • “Net financial results and others” corresponds to the algebraic sum of the following captions of the consolidated income statement by natures: “Financial income and gains”, “Financial costs and losses”, “Gains / (losses) on the acquisition and disposal of subsidiaries, joint ventures and associated companies” and “Net monetary position"; • “Net margin” means the ratio between “Group net profit” and “Sales and services rendered”; • “Non-Controlling Interests” corresponds to the caption of the consolidated income statement by natures of “Consolidated net profit of the period - Attributable to non-controlling interests”; • “Provisions” corresponds to the following caption of the consolidated statement of financial position: “Provisions”; • “Turnover” or “Revenue(s)” or “Sales” corresponds to the caption of the consolidated income statement by natures of “Sales and services rendered”; • “Working capital & long-term balances corresponds to the following captions of the consolidated statement of financial position: “Total Assets” - “Total Liabilities”, excluding “Fixed assets”, “Financial investments”, “Provisions”, “Net Debt” and “LFC”.
Page 35
EARNINGS RELEASE 1H26 35 This document has been prepared by Mota-Engil, SGPS, S.A. (“Mota-Engil” or the "Company") solely for use at the presentation to be made on this date and its purpose is merely of informative nature and, as such, it may be amended and supplemented and it should be read as a summary of the matters addressed or contained herein (“Information”). The Information is disclosed under the applicable rules and regulations for information purposes only and has not been verified by an external auditor or expert and is not guaranteed as to accuracy or completeness. The Information may contain estimates or expectations of Mota-Engil and thus there can be no assurance that such estimates or expectations are, or will prove to be, accurate or that a third party using different methods to assemble, analyse or compute the relevant information would achieve the same results. Some contents of this document, including those in respect of possible or assumed future performance of Mota-Engil and its subsidiaries (“Group”) constitute forward- looking statements that expresses management’s best assessments, but might prove inaccurate. Statements that are preceded by, followed by or include words such as “anticipates”, “believes”, “estimates”, “expects”, “forecasts”, “intends”, “is confident”, “plans”, “predicts”, “may”, “might”, “could”, “would”, “will” and the negatives of such terms or similar expressions are intended to identify these forward-looking statements and information. These statements are not, and shall not be understood as, statements of historical facts. All forward-looking statements included herein are based on information available to the Group as of the date hereof. By nature, forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors, seeing as they relate to events and depend upon circumstances that are expected to occur in the future and that may be outside the Group’s control. Such factors may mean that actual results, performance or developments may differ materially from those expressed or implied by such forward-looking statements, which the Group does not undertake to update. Accordingly, no representation, warranty or undertaking, express or implied, is made hereto and there can be no assurance that such forward-looking statements will prove to be correct and, as such, no undue reliance shall be placed on forward-looking statements. All Information must be reported as of the document’s date, as it is subject to many factors and uncertainties. The Information may change without notice and the Group shall not be under any obligation to update said Information, nor shall it be under any obligation to make any prior announcement of any amendment or modification thereof. The Information is provided merely for informative purposes only and is not intended to constitute and should not be construed as professional investment advice. Furthermore, the Information does not constitute or form part of, and should not be construed as, an offer (public or private) to sell, issue, advertise or market, an invitation nor a recommendation to subscribe or purchase, a submission to investment gathering procedures, the solicitation of an offer (public or private) to subscribe or purchase securities issued by Mota-Engil. Any decision to subscribe, purchase, exchange or otherwise trade any securities in any offering launched by Mota-Engil should be made in accordance with the applicable rules and regulations. This Information and any materials distributed in connection with this document are for information purposes only and are not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any place, state, country or jurisdiction where such distribution, publication, availability or use would be contrary to any law or regulation or which would require any registration or licensing. This Information does not constitute an offer to sell, or a solicitation of an offer to subscribe or purchase any securities in the United States or to any other country, including in the European Economic Area and does not constitute a prospectus or an advertisement within the meaning, and for the purposes of, the Portuguese Securities Code (Cόdigo dos Valores Mobiliários) and the Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 (Prospectus Regulation). The financial information presented in this document is non-audited.
Page 36
www.mota-engil.com mota-engil motaengil.group motaengil.group motaengilgps Pedro Arrais Head of Investor Relations pedro.arrais@mota-engil.pt Maria Anunciação Borrega Investor Relations Officer maria.borrega@mota-engil.pt investor.relations@mota-engil.pt Rua de Mário Dionísio, 2 2796-957 Linda-A-Velha Portugal Tel. +351-21-415-8671 www.mota-engil.com Angola Mozambique Malawi South Africa Zimbabwe Uganda Rwanda Guinea-Conakry Cameroon Ivory Coast Kenya Nigeria Senegal Ethiopia Democratic Republic of Congo Africa Portugal Spain Europe Mexico Peru Brazil Colombia Panama Uruguay Latin America