Mota-Engil

Investor Presentation • Aug 31, 2023

Strategic Plan 2022-2026

2023 Update

1 August 2023

2

Ambition & Strategy

A M B I T I O N

Our Ambition - A global player focused on delivering value for all in a sustainable way

Our legacy inspires and commits us to build a better world

Integrated Group with significant contribution from long-cycle businesses¹ % of Group's EBITDA: 60% E&C | 40% NON-E&C

Balanced Footprint² and increase of markets scale % of turnover: >25% each Region > 250M€ turnover per core market³

Creating Value

for all stakeholders of the Group Attain top position in recognized ESG ratings

Focused on cash generation across

the businesses 16% Group's EBITDA mg with improved cash conversion

Accountability & Profitability

of each business 3% Group's Net Profit

Strengthened balance sheet

committed towards maintaining a sustainable leverage < 2x Group Net Debt / EBITDA < 4x Group Gross Debt⁴/EBITDA Solvency ratio > 15%

3 1. Long-term contracting and investment businesses – Environment, Infrastructure Concessions, Industrial Engineering 2. Combining developed and growing markets – Europe, Africa and Latam 3. Multi-business turnover (consolidated) 4. Gross debt includes leasing, factoring and confirming

S T R A T E G I C A G E N D A 2 0 2 6

Our strategy – 5 strategic axes aiming for a superior performance and reinforcing the business portfolio

Strategic axes

Greater focus on Profitability in Engineering and Construction

Focused growth and concentration of resources on core markets (larger scale) to achieve higher levels of profitability

Stepped-Up Growth in Environment, Infra Concessions and Industrial Engineering

Significant relevance of long-term cash generating businesses with accelerated growth in international development

Cross-Group Efficiency Program

Reinforcing synergies and efficiency enabled by global operating platforms

New path towards Sustainability and Innovation

Increasing efforts towards sustainability and innovation across all businesses

Debt optimization and diversification

Improving financial sustainability and aligning debt levels with businesses profiles

Greater focus on Profitability in Engineering and Construction

Closely monitor markets with strategic interest as a complement to the core markets

More selective and restrictive on opportunistic markets and projects

We will increase focus on core markets to achieve a higher profitability in E&C

Core markets will drive our focus

Share of E&C¹ revenue (%)

… reducing complexity to improve sales and profitability

	2020
Less complexity As result of focus on core markets with scale and know how which allows less dispersion of resources	29 Individual markets
Larger scale per market As result of better market coordination (within each	avg. revenue3 53
region) to target larger projects	M€

Improved profitability As result of more efficiency and larger projects, sustaining a benchmarking position within the industry

E&C ¹ EBITDA mg.

Regional footprint founded on core markets that will drive profitable growth

Higher concentration of resources (commercial and operations) and support services improves efficiency and capacity to successfully target larger EPC projects

Top performer in E&C operating profitability within the industry and a rigorous, across-the board, Project Risk Management Framework

Expand E&C offerings in our core markets, with focus on Energy Transition, based on new partnerships to acquire these competencies

Attain Top 15 ranking in European Contractors

1. Excludes Industrial Engineering projects in Africa, and Energy and Concessions revenue in Latam 2. Hubs – includes core markets and aggregation of markets with interest 3. Considering total revenue under each regional BU – Europe, Africa and Latam

Stepped-Up Growth in Environment, Infra Concessions and Industrial Engineering

Keep growing Environment as a strategic business

Capture value potential of Infra Concessions portfolio and optimize capital allocation

Accelerate growth in Industrial Engineering leveraging on Group's footprint

Global Environment business concentrated in one Business Unit, to enhance further synergies and accelerate international growth

Leading position in Portugal and accelerated growth in international markets…

Environment revenue (M€) and share (%)

Leading position across the waste management value chain³ 79% Collection Treatment

…through the deployment of four levers

Growth focused on new environmental targets in Portugal (e.g. PERSU 2030), and new international projects, leveraging group's know-how across the waste management value chain, and proven capacity to capitalize geographic presence

1. In 2023 the Group will end its partnership with Urbaser, selling its stake in the Industrial Waste segment, and buying Urbaser's minority stake in all other segments. Not considering the Industrial Waste segment in the 2020 Environment revenue numbers, projected growth between 2020 and 2026 is 106% 2. Revenue and EBITDA % are also impacted by the adoption of IFRIC12, overstating both Revenues and Opex, and thus understating EBITDA Mg 3. Within the privatized market 4. Review and renewal of contract portfolio of municipal services; and development of a commercial approach for Bio-Waste 5. EGF - Urban waste treatment (regulated)

S T E P P E D - U P G R O W T H I N E N V I R O N M E N T , I N F R A C O N C E S S I O N S A N D I N D U S T R I A L E N G I N E E R I N G

We will continue to develop our Concessions portfolio leveraging our track record and key competencies

New portfolio of concessions with growth opportunities …

concessions; Net Present ¹ value split²Jun23

… to be further developed considering three levers

Track record in road concessions

Integrated concessions

lifecycle

management

Group's broad experience on developing road concessions – past portfolio of more than 12B€ in assets

Focused on greenfield development - full value capture of construction & concession integrated view

Regions where ME has strong presence with multiple opportunities (e.g. Latam)

~300 M€ Hidden value (NPV>Net book value)

Asset management competencies O&M and asset rotation (more mature concessions) to increase cash generation and funding capacity for new greenfield opportunities

New Concessions strategy, centralizing concessions assets and competencies, to enable value creation and perception, and assure an integrated concessions lifecycle management

Focused clusters to manage concessions O&M, and manage the asset rotation strategy

We will step up growth in Industrial Engineering by capitalizing on our markets' footprint

Industrial Engineering ¹ will be a key growth driver…

Industrial Engineering revenue (M€)

… by capitalizing on group's footprint and recent track record

Footprint in Regions with opportunities

Strong track

record

Continental footprint with capacity to mobilize resources and operate in multiple markets – key for industries with private players with activity in several countries (e.g. commodities)

Established relationships with large private players with multiple activities in Africa (e.g. Contract Mining)

Experience in Industrial Engineering in Africa and ME's proven capacity to operate in multiple markets as key elements in our value proposition

Industrial Engineering growth leveraging on E&C positioning in Africa

Stepped-up growth contributing to the increase share of longcycle cash generation businesses in the Group

Cross-group Efficiency Program to keep driving efficiency

Reduce operational costs within the Group

Continue to improve

Working Capital to

increase cashflow

generation

Capex consistent with growth and capital allocation

C R O S S - G R O U P E F F I C I E N C Y P R O G R A M T O K E E P D R I V I N G E F F I C I E N C Y

We will keep improving operational efficiency across the group

We are committed to sustainably improve operational efficiency with an Opex reduction target, despite 2022 increase…

Opex/Revenues (%)¹

… through a groupwide cost efficiency program

Maintain cost reduction discipline with efficiency targets in each business

Improve our procurement model, allowing synergies, economies of scale and best practices sharing within Business Units

Streamline our organizational structure, for increased efficiency and speed

COVID has allowed to improve efficiency that should be maintained on the coming years

Operational efficiency improvement target to be retained in margin improvement

Global Service Platforms to capture further synergies

C R O S S - G R O U P E F F I C I E N C Y P R O G R A M T O K E E P D R I V I N G E F F I C I E N C Y

We will improve Working Capital and optimize Capex fully aligned with our growth path

We are targeting a working capital reduction¹…

Working Capital / Revenues (%)

…and optimizing Capex intensity despite of significant turnover growth Capex to sales %

Introducing standardized processes for Working Capital and Capex management leveraging the Corporate Units and Global Service Platforms

Reinforcing Working Capital and Capex targets across the business units to further improve discipline on capital allocation and cash generation

New path towards Sustainability and Innovation

Make sustainability a top priority, committing to SDG¹ targets & increasing visibility of efforts

Implement a structured innovation process, optimizing capital utilization

We are highly committed to UN's SDGs and make sustainability as top priority

Based on our Material Topics…

LOCAL EMPLOYMENT creation and SKILLS

development

HEALTH AND SAFETY at work

ENERGY AND CLIMATE CHANGE

QUALITY AND SAFETY of the products/services and CRITICAL INCIDENT management

DIVERSITY, EQUITY and INCLUSION

CIRCULARITY

Group committed to achieve carbon neutrality by 2050 1. This target will be reviewed on a continuous basis, taking into consideration updated guidance and best practices

we are fully committed to improve on SDGs, with robust ESG targets…

40% Reduction of GHG emissions (scope 1, 2 and 3) vs 2021 ¹ 2030 50% Reduction in accident with lost time vs 2020 ²⁰²⁶ 25M€ Cumulative Investment in Innovation 22-26 vs 2020 ²⁰²⁶ 30% Women recruited or promoted as managers vs 2021 ²⁰²⁶ 80 % Recovery Waste 2030 Local talent in management roles 2026 Entities measuring CSR impact based on SDGs ²⁰²⁶ 100% Global Certification (9001,14001, 45001) 2026 75% 10%

…strengthening the Sustainability main Pillars

Leadership and Accountability, ensuring a positive leadership and engaging all stakeholders

Actions and Impact Analysis, empowering actions with positive impact

Partnerships, fostering solutions

Communication (internally and externally), promoting awareness, engaging and transparency

We will further scale innovation groupwide grounded on 4 pillars, and through 4 types of initiatives

Innovation to transform core businesses and accelerate non-E&C businesses rooted in 4 pillars

• Industry transformation
• Business model Innovation
• Efficiency
• Culture & Collaboration

4 innovation initiatives to be developed…

	Potentiate innovation culture through open platforms and collaboration
TRANSFORMATION OFFICE	Recognize and accelerate existing innovation projects and enable and support future projects, co-financing the projects with the BUs Consolidation platform for communication and coordination of all innovation projects	Commitment to increase dedicated funds
	Open Innovation, screen for partners with relevant capabilities (e.g., universities, startups, research centers)	for innovation - 25M€ for new greenfield
PARTNER ECOSYSTEM	Collaborate with partners to pilot solutions, technological developments and business models	projects in the next 5 years
	Identify and invest in high potential startups, that will leverage ME international footprint	New sources of
MEXT to INVEST	Incubate startups by providing them with mentoring & training, and ability to test solutions in a real-world environment	innovation funding such as partners and
	Incubator and manager of new rising Non-E&C businesses	leveraging EU funds
	Promote the development of new business with global potential, increasing its visibility and

The MEXT BIG THING perception of value

Commitment to dedicated funds for innovation - 25M€ for new projects in the

New sources of funding such as leveraging EU

7
-	-

Reduce leverage improving debt ratios

Optimize debt maturity and cost

Diversify sources of finance and decrease the dependence on current sources

D E B T O P T I M I Z A T I O N A N D D I V E R S I F I C A T I O N

We will strengthen our balance sheet to enable strong value creation for our stakeholders

… and ensure a debt structure and maturity aligned with the businesses' profiles

Align debt levels with the Group's business development, – lower financial leverage in E&C (target Net Debt/EBITDA < 1x); higher financial leverage Non-E&C (target Net Debt/EBITDA < 3x)

Adjust debt maturity profile to each business strategy, rationale and revenue lifecycle considering short-cycle investments (E&C) vs long-cycle investments (Non-E&C)

Diversification of funding sources, leveraging the Group's international footprint, and growing the Strategic Financial Partners network, allowing optimization of the cost of debt

Commitment to reduce overall leverage in the forthcoming years, while optimizing debt maturity

Ambition to diversify funding sources and optimize cost of debt

Our strategic development will benefit from a close cooperation between ME and CCCC to unlock further synergies

Stepped-Up Growth in Environment, Infra Concessions and Industrial Engineering

Cross-Group Efficiency Program

New path towards Sustainability & Innovation

Debt optimization and diversification

Mota-Engil: Strategic Axes Strategic Partnership: potential Synergies

Commercial cooperation & JV in specific markets Support new E&C offerings expansion

Joint investments in international markets – to accelerate growth in several areas, such as Environment, Renewable Energy & Industrial Engineering

Collaboration on procurement– joint assessment of strategic procurement categories Collaboration on Capex and related funding

Joint investments – applied innovation & corporate venturing Exchange experiences in management & processes

New financing sources to diversify debt, reduce cost and increase maturity – consider full spectrum of CCCC internal solutions

20

Group & Business Financials

Group with a sustainable profitable growth, while improving its balance sheet

	2020	2022	2026
Revenues (M€)	2,429	3,804	6,040	+16%	CAGR 20-26
EBITDA (M€) EBITDA margin (%)	380 16%	541 14%	955 16%	+17%	CAGR 20-26
Net Income (M€) Net Income margin (%)	-20 -	41 1%	180 3%	+200 M€	20 vs. 26
WC/ Revenues (%)	12%	5%	7%	-5 p.p.	20 vs. 26
CAPEX (M€) CAPEX/Revenues Average 22-26 (%)	170	400	410 7%	+240 M€	20 vs. 26
FCF1 (M€) FCF Average 17-20 vs 22-26 (M€)	230 168	400	320 201	+90 M€	20 vs. 26
Net Debt/EBITDA (x)	3.3x	1.7x	<2.0x	-1.3x	20 vs. 26
Solvency Ratio2,3 (%)	4%	8%	>15%	+11 p.p.	20 vs. 26

stability

Our businesses portfolio will evolve towards a relevant contribution of long-term and stable cash generation

EBITDA NET PROFIT CAPEX² ~ 70 % ^~ 60 % ^~ 50 % ^~ 40 % ~ 30 % ^~ 40 % ^~ 50 % ^~ 60 % REVENUES Non-E&C Group's sustainable growth engine Long-term financial E&C Enabler of short/medium-term cash generation Synergies with Non-E&C businesses Europe, Africa and Latam Environment, Capital, Industrial Engineering and Others¹ (Weight in 2026)

D I S C L A I M E R

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 onforward-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 solely on the basis of the information contained in prospectus 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).

G L O S S A R Y

"CAPEX" means the algebraic sum of the increases and disposals of tangible assets, intangible assets and rights of use assets occurred in the period;

"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", "Other operating income / (expenses)";

"EBITDA margin" or "(EBITDA Mg)" means the ratio between EBITDA and "Sales and services rendered";

"Solvency ratio" means the ratio between "Total shareholders' equity" and "Total Assets";

"FCF" or "Free Cash Flow" corresponds to the algebraic sum of the following captions: EBITDA, changes in working capital, income tax, CAPEX and changes in medium and long term balances;

"Gross Debt" corresponds to the algebraic sum of the following captions: Net debt and leasing, factoring and confirming balances;

"Leasing, factoring and confirming" corresponds to the algebraic sum of the following captions of the consolidated statement of financial position: "Other financial liabilities" and "Lease liabilities";

"Medium and long term balances" corresponds to the algebraic sum of the following captions of the consolidated statement of financial position: "Goodwill", "Financial investments in associated companies", "Financial investments in joint ventures", "Other financial investments recorded at amortised cost", "Other financial investments recorded at fair value through other comprehensive income", "Investment properties", "Customers and other debtors – Non current", "Other non-current assets", "Non-current assets held for sale", "Suppliers and sundry creditors – Non current", "Contract liabilities – Non current", "Other non current liabilities" , "Provisions" and " Non-current liabilities held for sale.

"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 – Demand deposits", "Cash and cash equivalents with recourse – Demand deposits", "Cash and cash equivalents with recourse – Term deposits", "Other financial applications", "Other financial investments recorded at amortised cost", "Loans without recourse" and "Loans with recourse";

"Net income" or "net profit" corresponds to the caption of the consolidated income statement by natures of "Consolidated net profit of the year - Attributable to the Group";

"Net profit margin" means the ratio between "Consolidated net profit of the year - Attributable to the Group" and "Sales and services rendered";

"OPEX" corresponds to the algebraic sum of the following captions of the consolidated income statement by natures: "Cost of goods sold, materials consumed and Changes in production", "Third-party supplies and services", "Wages and salaries" and "Other operating / (expenses)";

"Turnover" or "Revenue(s)" or "Sales" corresponds to the caption of the consolidated income statement by natures of "Sales and services rendered";

"Working Capital" or "WC" corresponds to the algebraic sum of the following captions of the consolidated statement of financial position: "Deferred tax assets", "Inventories", "Customers and other debtors - Current", "Contract assets - Current", "Other current assets", "Derivative financial instruments – Current", "Corporate income tax" and "Deferred tax liabilities", "Suppliers and sundry creditors – Current", "Contract liabilities - Current", "Other current liabilities", "Corporate income tax".