19 November 2015

Results overview	Regional segments	Final remarks
PAGE 3	PAGE 12	PAGE 22
	Europe
	Africa
	Latin America

Key highlights

Consolidation of EGF in the 3Q15, according to plan
Entry in Mexico's electricity generation business with a current capacity of 288 MW and additional potential up to 2,000 MW
Agreement to sell the ports and logistics business achieved during 3Q15, with closing expected to take place in next months
Turnover reached €1,793 Mn, reflecting the increased contribution both from Europe and Latin America
EBITDA margin of 14%, impacted by Africa's lower margin, which already reached 20%, in line with medium long term guidance
Backlog in September 2015 at €4.3 Bn, of which 48% in Latin America
Net debt of €1,555 Mn mostly impacted by EGF related debt consolidation and acquisition, whose impact was €233 Mn in the 3Q15
De-listing process of Mota-Engil Africa ongoing and expected to be completed on 10th December
Company's focus on strategy execution has allowed a resilient delivery, notwithstanding a challenging year in terms of operational performance

Net income of €16 Mn

MOTAENGIL

P&L (€ Mn)

	9M15	9M14	YoY	3Q15	YoY
Turnover	1,793	1,789	0%	719	8%
EBITDA	252	313	(20%)	107	(10%)
Margin	14%	18%	(3 p.p.)	15%	(4 p.p.)
EBIT	112	195	(43%)	35	(53%)
Margin	6%	11%	(5 p.p.)	5%	(6 p.p.)
Net financial income	(79)	(85)	7%	(37)	(8%)
Associates	35	(12)	n.m.	27	n.m.
EBT	68	99	(31%)	26	(28%)
Net income	37	73	(49%)	9	(69%)
Attributable to:
Non-controlling interests	21	23	(8%)	5	(43%)
Group	16	50	(68%)	3	(81%)

Turnover of €1,793 Mn, from which 61% outside Europe
EBITDA margin of 14% impacted by worse performance in Africa
EBIT margin decreased to 6%, reflecting higher non-cash costs related to EGF consolidation of €14 Mn and to a non-recurrent provision for real estate assets in Central Europe of €24 Mn
Net financial income reflects higher interest expenses, following the increase in net debt in 3Q15
Associates driven by strong contribution from Ascendi, mainly related to the accounting in 3Q15 of €24 Mn related to a capital gain, following the deal with Ardian

EBITDA at healthy levels

	9M15	9M14	YoY	3Q15	YoY
Turnover	1,793	1,789	0%	719	8%
Europe	756	649	16%	302	15%
Africa	593	840	(29%)	214	(25%)
Latin America	508	375	35%	218	53%
Other and interc.	(63)	(76)	17%	(15)	25%
EBITDA	252	313	(20%)	107	(10%)
Margin	14%	18%	(3 p.p.)	15%	(4 p.p.)
Europe	82	69	19%	38	18%
Margin	11%	11%	0 p.p.	13%	(1 p.p.)
Africa	119	217	(45%)	48	(37%)
Margin	20%	26%	(6 p.p.)	23%	(4 p.p.)
Latin America	48	34	40%	22	66%
Margin	9%	9%	0 p.p.	10%	1 p.p.
Other and interc.	3	(7)	n.m.	(1)	60%

P&L breakdown (€ Mn) Turnover impacted by continued recovery in Europe and growth acceleration in Latin America
Activity in Africa still challenging, but showing a significant improvement QoQ, as expected
EBITDA margin of 14% affected by lower profitability in Africa, but also benefited from higher profitability in 3Q15 in the remaining regions
EBITDA margin in Africa (20%) in line with medium long term guidance

Total Backlog of €4.3 Bn

Total backlog at September reached €4.3 Bn impacted by project execution that more than off set the contribution of new contracts awarded during 3Q15
Total backlog continues to be sustained by Africa and Latin America, which accounted for 78% of the total
Backlog to sales¹ ratio healthy at 2.2x

Capex well controlled in line with strategy

Total net capex reached €79 Mn, down from €124 Mn in 9M14, reflecting the strategy to optimize invested capital, namely in the context of a slower activity in Africa
Africa still accounted for 67% of total capex, which was mainly channelled to maintenance activities related to SADC and Angola
Notwithstanding acceleration of project execution in Latin America, capex only accounted for 18% of the total, as the Group is able to subcontract services in that region
Europe net capex includes divestments amounting to €10 Mn in the E&C activity in Portugal, of which €5 Mn related to the sale of land and buildings and €5 Mn related to sales of fixed assets to Africa region

Positive operating cash flow

Cash-flow (€ Mn)

	9M15	9M14
Net debt start Position	1,159	972
EBITDA	252	313
Change in working capital	(211)	(330)
Operating cash-flow	41	(17)
Maintenance capex	(65)	(76)
Net Financials	(79)	(85)
Corporate tax	(31)	(26)
Free cash-flow bf growth capex	(134)	(204)
Growth capex	(13)	(47)
Dividends	(38)	(58)
Changes in m/l term & perimeter	(239)	34
Financial assets	28	-
Change in debt position	397	275
Net debt end position	1,555	1,246

Net debt/EBITDA ¹

3.8x 3.0x

Operating cash flow maintained the positive trend in the 9M15, notwithstanding a challenging year
Excluding EGF, change in working capital would have been negative in €149 Mn, mainly negatively affected by Africa
M/L term perimeter contribution mostly reflects EGF consolidation with an impact of €200 Mn
Net debt/EBITDA¹ of 3.8x, but with the commitment to achieve a threshold of 3.0x

EGF consolidation in 3Q15

	Sep.15	Jun.15	Dec.14	Sep.-Dec.

Fixed assets	1,292	1,032	1,036	256
Financial investments	341	334	282	59
Long term receivables	260	235	228	31
Non-current Assets held for sale (net)	216	30	30	186
Working capital	659	563	448	211
	2,768	2,193	2,024	744
Equity	680	616	578	102
Provisions	128	123	125	2
Long term payables	405	156	162	243
Net debt 1	1,555	1,298	1,159	397
	2,768	2,193	2,024	744
Invested Capital	2,235	1,914	1,736	499

Balance sheet (€ Mn) Increase in fixed assets due to EGF consolidation in 3Q15
Non-current Assets held for sale (net) evolution reflects the reclassification of the ports and logistics assets (net of liabilities) that will be sold
Excluding EGF, working capital would have been €597 Mn, up €34 Mn QoQ
Africa working capital up only €7 Mn QoQ, despite acceleration in activity in 3Q15 and challenging environment
- Long-Term payables mainly related to EGF, namely investment subsidies

Net debt impacted by EGF

Net debt, including leasing and factoring, amounted to €1,789 Mn, of which €90 Mn corresponds to the consolidation of EGF and €165 Mn to the debt related to EGF's acquisition
EGF related non-recourse net debt of €193 Mn
Leasing and factoring of €234 Mn, with leasing accounting to 75% of the total
Average cost of debt of 5.72% and average debt life extended to 2.63 years, helped by July's bond issue and EGF debt structure (6.1% and 2.04 years, respectively in June 2015)
Comfortable liquidity position of €545 Mn, from which €255 Mn in undrawn credit lines

Net debt maturity, September 2015 (€ Mn) Debt (€ Mn)

Results overview	Regional segments	Final remarks
PAGE 3	PAGE 12	PAGE 22
	Europe
	Africa
	Latin America

EBITDA margin of 11%

Key financials (€ Mn)

	9M15	9M14	YoY	3Q15	YoY
Turnover	756	649	16%	302	15%
E&C	480	411	17%	177	0%
E&S	279	242	15%	127	47%
Waste	109	59	85%	70	230%
Logistics	156	150	4%	52	(2%)
Energy	13	33	(60%)	4	(64%)
Other, elim. and interc.	(3)	(3)	0%	(1)	(62%)
EBITDA	82	69	19%	38	18%
Margin	11%	11%	0 p.p.	13%	(1 p.p.)
E&C	30	31	(%)	7	n.m.
Margin	6%	7%	(1 p.p.)	4%	(7 p.p.)
E&S	52	38	36%	31	115%
Margin	19%	16%	3 p.p.	25%	8 p.p.
Waste	33	13	154%	25	419%
Margin	30%	22%	8 p.p.	35%	13 p.p.
Logistics	19	22	(16%)	6	(23%)
Margin	12%	15%	(3 p.p.)	12%	(3 p.p.)
Energy	1	3	(60%)	0	(69%)
Margin	8%	8%	0 p.p.	10%	(2 p.p.)
Other, elim. and interc.	0	0	n.m.	0	n.m.

E&C activity in Central Europe more than offset Portugal's challenging environment
E&C EBITDA impacted by profitability in Portugal in 3Q15 due to lower dilution of fixed costs as a result of a contraction in activity
Waste activity contributed to 39% of the E&S turnover, with EGF having an impact of €48 Mn in 3Q15
Healthy E&S EBITDA margin even excluding EGF contribution in the 3Q15

Profitability expected to continue sustained

EGF's organic waste valorisation center

E&S profitability expected to continue to be resilient
Sale of the ports and logistics business to be completed in the next months, leading to a cash inflow of €275 Mn
Plans to leverage on EGF competencies towards internationalization of the business, namely in Latin America

A-1 Motorway Stryków-Tuszyn construction works

Backlog in E&C of €748 Mn, of which 54% in Central Europe
Outlook for activity evolution in Portugal still subdued, but Central Europe should offer upside in activity in the medium term
Profitability improvement in Central Europe expected to continue positive trend

A challenging year, but healthy profitability

Backlog detail

Turnover of €593 Mn, from which 52% and 42% in SADC and Angola, respectively
In 3Q15 activity accelerated 11% QoQ due to more intense activity mainly in Mozambique
EBITDA margin of 20% in 9M15 and reaching 23% in 3Q15, reflecting higher activity and focus on cost optimization
Backlog of €1.3 Bn spread among 11 countries, with Angola and Mozambique representing 58% of the total

Several projects ongoing

Calueque dam, Angola

Several projects to contribute to activity evolution until year end, such as Luanda's roads rehabilitation and the Calueque dam projects in Angola and several projects in Mozambique
Continued strong focus on working capital evolution in Angola, which to date has not shown significant deterioration
Actions in place to maximize profitability given the current context, by managing project execution pace, optimise costs and invested capital

Backlog being executed

Turnover increased 35% YoY to €508 Mn in 9M15 and 32% QoQ in 3Q15, reflecting good progress in project execution
Mexico represented 48% of total turnover, almost tripling YoY
EBITDA margin remained stable at 9% in 9M15, having reached 10% in 3Q15 with the positive contribution of Peru, Mexico and Brazil
Backlog amounted to €2.1 Bn, 59% of which in Mexico, which is currently the country with the strongest order book
Financial closing of the concession Cardel-Poza Rica already achieved and of both concessions Tuxpan-Tampico and Gran Canal expected to materialize in the next months

Positive outlook remains

Guadalajara's metro works, Mexico

Several major projects being executed according to plan, such as the Guadalajara's metro project
Financial close of several concessions in Mexico and Colombia ongoing, which will drive future revenues and cash flow
A significant pipeline of projects still remains in the region, mainly in Mexico in several sectors, such as in oil&gas
Entry in Mexico's liberalized electricity generation sector, starting with the operation of hydro plants with a capacity of c.300 MW, but with a potential to reach 2,000 MW through a CCGT

Results overview PAGE 12 Regional segments Final remarks Europe Africa Latin America PAGE 3 PAGE 22

Final remarks

Challenging year in terms of operational performance, but management strongly committed to deliver on delineated strategy
Strategic decisions leveraging Mota-Engil profile: acquisition of EGF, disposal of the ports and logistics business and entry in the electricity generation business in Mexico
Europe E&C continues to recover from the bottom, mainly from stronger contribution in Central Europe, while the E&S resilient contribution also benefited from EGF activity
Africa still challenging, but profitability has been sustained throughout the year
Backlog execution in Latin America at good pace, with a strong backlog reassuring positive activity outlook
Committed to continue extending debt maturities and to optimize the capital structure
The disposal of a minimum stake of around 40% in Ascendi is ongoing, which will help streamlining the corporate structure and further strengthen the capital structure and will, as well, allow for a potential partnership in order to expand operations abroad, leveraging the E&C activity

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.

The financial information presented in this document is non-audited.

Operating and financial information related to Africa segment disclosed by Mota-Engil in this presentation differs from that disclosed by Mota-Engil Africa NV, a listed company in Amsterdam Stock Exchange.

João Vermelho Director, Head of Investor Relations

Email: [email protected]

Maria Anunciação Borrega Investor Relations Officer