Mota-Engil

Investor Presentation • Mar 31, 2021

Earnings Release 2020

March 31, 2021

01	Key Highlights	Page 03
02	Results Overview	Page 06
03	Regional Segments	Page 15
	1. Europe 2. Africa 3. Latin america
04	Outlook and Final Remarks	Page 22

05 Appendix Page ²⁵

01

Key Highlights

Earnings Release 2020

Pandemic Impact

Latin America

Mexico Peru Brazil Colombia Dominican Republic Panama

Africa Angola Mozambique Malawi South Africa Zimbabwe Uganda Rwanda Guinea Conakry Cameroon Ivory Coast Kenya Nigeria Ghana United Kingdom Europe

Portugal Spain

Poland Ireland

Covid Impact in 2020

P&L

• C.-€360 mn in Turnover
• C.-€45 mn in EBITDA
• C.€30 mn (provisions and impairment)
• Most affected: Africa and Latam (E&C)

Corporate Social Responsibility

• Safety and Health remained as a priority (employees and other stakeholders)
• Close cooperation with local communities

Mitigation measures and Strategy

• Liquidity protection
• Cost efficiency
• Revised down Capex

02 Results

Overview

Earnings Release 2020

6

EBITDA Margin of 16%

	2020	2019	YoY	2H20	YoY
P&L (€ mn)
Turnover	2,429	2,912	(17%)	1,272	(19%)
EBITDA	380	417	(9%)	236	6%
Margin	16%	14%	1 p.p.	19%	4 p.p.
EBIT	144	188	(23%)	112	15%
Margin	6%	6%	(0 p.p.)	9%	3 p.p.
Net financial results	(124)	(72)	(71%)	(84)	n.m.
Associates	(6)	(5)	(12%)	(4)	35%
Net monetary position1	11	2	n.m.	3	94%
EBT	26	112	(77%)	27	(62%)
Net income	8	70	(89%)	(2)	(105%)
Attributable to:
Non-controlling interests	28	43	(36%)	13	(51%)
Group	(20)	27	n.m.	(15)	n.m.
1The caption "Net monetary position" partially reflect the accounting of Zimbabwe as a hyperinflationary economy (IAS 29).

• Turnover down 17% YoY to €2,429 mn negatively impacted by Covid (c.€360 mn)

• Net interest costs were slightly down YoY

• EBITDA of €380 mn (Covid with negative impact of c.€45 mn), with positive trend in profitability (12% in 1H20 vs. 16% FY20)

• Net loss of €20 mn, of which €10 mn related to a one-off provision

• EBIT was down 23% YoY to €144 mn (c.€39 mn related to provisions and impairment, mainly related to Covid-19)

• Minorities mostly related to Angola and Mexico

Resilient operations in Europe

	2020	2019	YoY	2H20	YoY
(€ mn) P&L breakdown
Turnover	2 429 ,	2 912 ,	(17%)	1 272 ,	(19%)
Europe	1 046 ,	971	8%	591	5%
Africa	761	1 007 ,	(24%)	376	(32%)
Latin America	595	949	(37%)	290	(41%)
Other and intercompany	27	(14)	n.m.	16	n.m.
EBITDA	380	417	(9%)	236	6%
Margin	16%	14%	1 p.p.	19%	4 p.p.
Europe	117	93	26%	70	33%
Margin	11%	10%	2 p.p.	12%	3 p.p.
Africa	190	214	(11%)	121	(1%)
Margin	25%	21%	4 p.p.	32%	10 p.p.
Latin America	85	118	(28%)	58	(2%)
Margin	14%	12%	2 p.p.	20%	8 p.p.
Other and intercompany	(12)	(8)	(50%)	(12)	(17%)

• Europe's turnover was up 8% YoY to €1,046 mn, sustained by the E&C activity, namely Poland with a 65% YoY increase
• Africa's turnover was down 24% YoY to €761 mn due to the constraints related to Covid-19, mainly in Angola and Mozambique
• Latin America was the most impacted region by Covid-19 (mainly Peru, Mexico and Brazil) due to strict lockdowns and stoppages measures
• EBITDA in Europe was up 26% YoY, helped by both the E&C and the E&S businesses, which include adjustments in the waste treatment
• EBITDA margin in Africa reached 25% driven by the closure of some underperforming markets and completion of projects with lower margins
• EBITDA margin in Latin America was 14%, benefiting from the final phase in E&C projects with better margins

All-time high supported by larger contracts

• Record backlog level: €6,052 mn with increasing relevance of Long-Term contracts (Mining, Oil, Gas and Power)
• E&C represents 89% of the total with a comfortable level of backlog/sales ratio in the E&C activity of 3.1x
• Recent Awards (signed after December – not included in backlog):
  • US\$ 1,820 mn in Nigeria Design and build of a railway infrastructure in the Federal Republic of Nigeria and in the Republic of Niger (Kano-Maradi)
  • € 150mn in Poland S19 Lubartów Północ Lublin Rudnik (in a total amount of €300 mn in Europe in 1Q21)

Major construction projects in backlog at December 31¹

	Range (€ mn)	Country	Segment	Exp. Year o f Completion
Project
Tren Maya	> 250	Railway Mexico infrastructures		2022
Accra-Tema Motorway	> 250	Ghana	Roads
Vale Mining Moatize	> 250	Mozambique	Mining
International New Bugesera Airport	> 250	Rwanda	Airports	2023
Requalification of the Naval Soyo Base	> 250	Angola	Ports	2024
Gamsberg mine	[200;250[	South Africa	Mining	2029
Tultepec - Pirámides highway	[200;250[	Mexico	Roads	2023
Talasa hydroelectric facility	[200;250[	Colombia	Power	2024
gold Siguiri mine	[200;250[	Guinea Conakry	Mining	2022
Mandiana gold mine	[150;200[	Guinea Conakry	Mining	2025
road rehabilitation, Muamussanda-Saurimo EN230 section 6-10,	[100;150[	Angola	Roads	2022
General Hospital of Cabinda	[100;150[	Angola	Civil Construction	2022
Bordo landfill Poniente	[100;150[	Mexico	Urban infrastructures	2022

¹Selection of E&C projects above €100 mn.

namely in Mozambique and Guinea

Total capex of €197 mn in 2020

Capex was mainly	driven by:	Net capex (€ mn)		Capex in 2020 by		region (€	mn)
▪ Capex was adjusted due to the Covid-19	downwards during the year (-25% YoY) context that caused some delays in the	262	197	103	63	29	2
execution of some capital allocation efficiency	projects and as a risk mitigation and procedure	129		44
▪ E&C Capex reached €44 Turnover, in line with	mn, representing c.3% of the E&C recent years	65	93 60	59	49
▪ E&S capex of €93 mn	accounted for 47% of the total capex	68	44		14	11 7	2
and was mainly channelled with the regulator's regulatory period	to EGF (€73 mn) in accordance approved investment for the current	2019	2020	Europe	Africa	11 Latin America	Others
		E&C Capex			Maintenance
▪ Capex allocated to total and was mainly	long-term contracts was 31% of the related to mining projects in Africa,	Capex E&S Capex	contracts1 – long term		Growth contracts1 Capex – long term

1 Includes mining contractsin Africa and the Energy business in Latin America.

Downward trend in working capital continues

Positive trend in Working capital evolution

0 %

5 %

10%

15%

20%

25%

• Positive trend in the working capital management that resulted from alternative solutions to reduce financial requirements from the balance sheet in recent years, following a closer work with financial partners and clients
• Working capital/Turnover ratio reflected the efficient working capital measures in place, including:
• (i) Reinforcement of cooperation with multilaterals and ECA´s (AFC, Afrexim, Atradius, Cosec, KfW, SEK/EKN, UKEF, World Bank/Miga,…)
• (ii) Higher exposure to private clients, namely in the mining sector and to projects financed by the client with capital repatriation channels established
• (iii) Monetization (€50 mn) of Real Estate Inventories developed in Poland

(iv) Forex impact of -€45 mn

Resilient Cash Flow Generation (CFFO of €471 mn)

(€456 mn in 2019) (€ mn)

¹Net debt considers Angola's sovereign bonds denominated in US\$, US\$ linked and in kwanzas, Mozambique's and Ivory Coast's sovereign bonds, as "cash and cash equivalents" which amounted to €199 mn (€224 mn nominal value) in December 2020 (€223 mn Angola's and Ivory Coast's sovereign bonds in December 2019).

Stable liquidity position of €811 Mn

• Net debt¹ of €1,243 mn, up €30 mn YTD, notwithstanding the challenging context
• Leasing & Factoring amounted to €525 mn (of which €224 mn Factoring)
• Average debt maturity of 2.4 ² years and cost of debt of 5.0%, slightly down from 2019
• Net debt/Ebitda of 3.3x, despite a stable indebtedness level and going forward it is anticipated to correct to historical levels as EBITDA normalizes and equity ratio is strengthened
• Sale and redemption during 2020 of €47 Mn of Ivory Coast and Angolan sovereign bonds

GROSS DEBT MATURITY2, DECEMBER 2020 (€ mn)

COST OF DEBT AND NET DEBT/EBITDA

¹Net debt considers Angola's sovereign bonds denominated in US\$, US\$ linked and in kwanzas, Mozambique's and Ivory Coast's sovereign bonds, as "cash and cash equivalents" which amounted to €199 mn (€224 mn nominal value) in December 2020 (€223 mn Angola's and Ivory Coast's sovereign bonds in December 2019). ²Adjusted in accordance with waivers (€228 mn) obtained since 31 December 2020.

03 Regional Segments

Earnings Release 2020

Highlights 2020

1,046M€ Turno ver 1,144M€ Backlog ⁵ Countries

Portu gal Spain United Kingdom Poland Ireland

Growth supported by Poland with strong opportunities in Portugal

• E&C with a 14% YoY growth with resilient performance in Portugal (flat YoY) notwithstanding the pandemic context, and robust growth in Poland (65% YoY), in line with the expected execution of the backlog awarded in 2019/2020
• Optimistic outlook in Portugal with positive dynamics in the E&C activity (public tenders up 20% YoY to €4.8 bn with €2.4 bn awarded in 2020)
• New opportunities for larger projects awards in 2021 with European Union funds committed, to be reinforced by the European Recovery Plan
• E&S showed a slight decrease in turnover, impacted by the context, but with an improved profitability with the EBITDA margin reaching 25%
  • Positive performance in the waste collection (+9%, with international growth)
  • Resilient performance from the treatment segment (EGF)
• Outlook 2021: Turnover with single digit growth and stable profitability

Highlights 2020

761M€ Turno ver 3, 071M€ Backlog 13 Countries

Angola Mozambique Malawi South Africa Zimbabwe Uganda Rwanda

Guinea Conakry Cameroon Ivory Coast Kenya Ghana Nigeria

Earnings Release FY 2020 | Regional Segments

Africa with very positive outlook for the mid-term

• Logistics constraints limited the production pace in E&C projects during 2020, impacting Turnover (down 24% YoY), mainly due to Angola (-35%) and Mozambique (-21%), with EBITDA down 11% YoY

• EBITDA margin FY20 above the guidance (25%) with the recovery in the 2H20 after the conclusion in the 1H20 of projects with lower margins and the reduction of operations in less profitable and smaller markets

• Very positive results in 2020 in the commercial front, with new large contracts that assure a positive outlook for the next 2-3 years, reinforced by the new perspectives created with the strategic cooperation with CCCC

• Backlog was up €359 mn in 2020 not including the recently awarded contract in Nigeria (US\$1,820 mn)

• Mota-Engil aims to reinforce the partnership with ECA's and multilaterals from different geographies to finance long-term projects denominated in hard currency and with higher profitability, leveraging the 75 years track-record in Africa

• Outlook 2021: top-line growth and EBITDA margin in line with guidance of c.20%

Highlights 2020 595M€ Turno ver 1,837M€ Backlog 6 Countries

Mexico Peru Brazil Colombia Dominican Republic Panama

Earnings Release FY 2020 | Regional Segments

Strong impact of Covid-19

• The Group´s most affected region by pandemic (-37% YoY in turnover and -28% YoY in EBITDA), with significant turnover decrease in Peru (-47%) and Mexico (-25%), due to lockdowns and relevant stoppages decided by local authorities

• Mexico expects a strong recovery in 2021 with the existing backlog reinforced by several projects awarded in 2020 and with the National Investment Plan of Infrastructures (29 projects to be launched up to the end of 1H21 up to €9.2 bn)
• Other relevant markets such as, Peru, Brazil and Colombia expect to recover the "pre Covid-19" activity pace as soon as the sanitary conditions guarantee the fully development of the activities, which in some cases were resumed since 2H20
• Diversification strategy ongoing, strengthening the presence in the Oil&Gas and Waste activities in Brazil (SUMA Brasil), and Concessions, Energy (SGFénix) and Tourism (Costa Canuva) in Mexico, in order to support cash flow resilience
• Asset rotation strategy in concessional projects with the sale of a 37% stake in the APP Coatzacoalcos Villahermosa to Cerpi and the small operation of waste (Gisa)
• Outlook 2021: top-line increase with EBITDA margin of c.10%

04 Outlook and Final Remarks

Earnings Release 2020

Outlook

• 2021 expected to be an execution year, given backlog's quantity and quality, with total turnover expected to reach levels close to 2019
• EBITDA margin to remain resilient at historical levels
• Backlog to stand above €6 bn
• Capex in the range of €200 mn €250 mn (partially financed by down payments)
• Upcoming share capital increase and focus on organic cash-flow generation will help strengthening the capital structure

Final Remarks

2020:

• A challenging year impacted by one of the most unpredictable crisis
• Company showed resilience, capacity to adapt to a "new normal" and prepare the organization to return to growth
• Strategic partnership and investment agreement signed with CCCC
• Very positive year in the commercial front with a new record level of backlog (€ 6 bn, not included the new contract awarded in Jan. 21 in Africa of €1.5 bn)

2021:

• Share capital increase to support the expected growth and strengthen the capital structure / deleverage the company
• Strategy update to be announced in mid 2021

05 Appendix

Earnings Release 2020

Europe performance breakdown

	2020	2019	YoY	2H20	YoY
(€ mn) P&L breakdown
Turnover	1 046 ,	971	8%	591	5%
E&C	715	628	14%	393	14%
E&S	335	351	(4%)	198	(12%)
Other elim and interc ,	(4)	(7)	44%		103%
EBITDA	117	93	26%	70	33%
Margin	11%	10%	2 p p	12%	3 p p
E&C	36	31	14%	23	10%
Margin	5%	5%	0 p p	6%	0 p p
E&S	84	62	35%	49	50%
Margin	25%	18%	7 p p	25%	10 p p
Other elim and interc ,	(3)	-	n m	(2)	(99%)

Balance sheet

	Dec 20	Jun 20	Dec 19	YoY
Balance sheet (€ mn)
Fixed assets	1 332 ,	1 356 ,	1 358 ,	(27)
Financial investments	357	346	340	18
receivables Long term	186	161	190	(4)
held for sale (net) Non-current Assets	97	101	145	(48)
Working capital	7	139	115	(108)
	1 978 ,	2 101 ,	2 148 ,	(170)

Equity	146	235	328	(182)
Provisions	104	110	107	(3)
payables Long term	486	510	500	(14)
debt Net	243 1 ,	248 1 ,	213 1 ,	29
	1 978 ,	2 101 ,	2 148 ,	(170)

• Non-current assets held for sale reflect the sale of the "Mercado Urbano" and the change in the consolidation method (to equity) of the concessionaire APP Coatzacoalcos Villahermosa
• The evolution of Equity reflects the impact of forex reserves, namely related to the African subsidiaries, mainly Angola, Mozambique, Malawi and Zimbabwe

Disclaimer

This presentation used sources deemed credible and reliable but is not guaranteed as to accuracy or completeness.

It also contains forward looking information that expresses management's best assessments but might prove inaccurate.

The information contained in this presentation is subject to many factors and uncertainties and therefore subject to change without notice.

The company declines any responsibility to update, revise or correct any of the information hereby contained.

This presentation does not constitute an offer or invitation to purchase securities of Mota-Engil nor any of its subsidiaries.

Pedro Arrais Head of Investor Relations pedro.arrais@mota-engil.p t

Maria Anunciação Borrega Investor Relations Officer maria.borrega@mota -engil.pt

investor.relations@mota -engil.pt

Rua Mário Dionísio, 2 2796 -957 Linda - A -Velha Portugal Tel. +351 -21 -415 -8671

www.mota -engil.com

www.facebook.com/motaengil

linkedin.com/company/mota -engil

www.youtube.com/motaengilsgpsBalance sheet (€ mn) Fixed assets1,318 1,356 1,358 (41) Financial investments ^{339 346 340} (1) Long term receivables186161190(4)Non-current Assets held for sale (net) ^{97 101 145} (48) Working capital ^{14 139 115} (101) 1,9542,1012,148(194)Equity ^{119 235 328} (209) Provisions ^{106 110 107} (1) Long term payables 486510500(14)Net debt 1,243 1,248 1,213 ²⁹ 1,954 2,101 2,148 (194) Dec. 20 Dec. 19 YoY Jun. ²⁰