Mota-Engil

Earnings Release • May 27, 2025

27 May 2025

TRADING UPDATE 1Q 2025

Page 3

02 Final Remarks and Outlook Page ⁸

Table of Contents

<2x

NET DEBT/EBITDA

GROSS DEBT/EBITDA

¹Group Net Profit (after non-controlling interests). 4

Sound performance with improved profitability

• Turnover reached €1,365 mn, reflecting continued growth, despite the divestment of the Polish operations (which contributed €33 mn to Europe E&C in 1Q24) and the completion of the Maya Train project. Growth was primarily driven by strong performances in the Africa E&C and Environment business units

• E&C business with turnover of €1,190 mn, reflecting an outstanding 42% YoY activity increase in Africa, reaching €506 mn, mostly driven by an exceptional growth in Industrial Engineering (+100% YoY) and solid performance

• Latin America achieved ^a remarkable turnover of €557 mn, accounting for 47% of total E&C revenue. This strong contribution came despite the anticipated impact of the Maya Train project conclusion and the shift to the equity consolidation method for certain Mexican concessions

• The Environment business turnover was up 15% YoY to €149 mn, driven by growth across all segments. Notably, the Waste Treatment segment grew by 6% YoY, representing 54% of total Environment revenue, and maintaining a stable

• in Construction (+24% YoY)
• profitability margin of 21%
• and predictable returns
• toward the 2026 strategic goals

• EBITDA was up 10% YoY to €215 mn, with ^a margin of 16% (+1 p.p. YoY), supported by a "best in class" margin in E&C, mainly driven by a higher contribution from Industrial Engineering Services, which continues to deliver strong

• Net profit attributable to the Group was up 37% YoY to €27 mn, reflecting the Group's solid performance, enhanced profitability focus, and steady progress 5

P&L breakdown (€ mn)	1Q25	%T	1Q24	%T	YoY
Turnover (T)	365 1 ,		352 1 ,		1%
Engineering&Construction	1 190 ,		1 210 ,		(2%)
Europe	127		141		(10%)
Africa	506		356		42%
E&C	335		270		24%
Industrial Engineering	171		85		100%
Latin America E&C	557 510		713 596		(22%) (14%)
Concessions Energy and	47		117		(60%)
Environment	149		130		15%
Capital and MEXT	26		32		(19%)
Other and intercompany	0		(20)		n.m.
EBITDA	215	16%	196	15%	10%
Engineering&Construction	183	15%	167	14%	10%
Europe	10	7%	10	7%	(3%)
Africa	119	24%	76	21%	57%
E&C	72	21%	55	20%	32%
Industrial Engineering	47	27%	21	25%	124%
Latin America	54	10%	81	11%	(33%)
E&C	54	10%	75	13%	(29%)
Energy and Concessions	1	1%	6	5%	(91%)
Environment	31	21%	27	21%	15%
Capital and MEXT	2	6%	3	8%	(42%)

• Backlog of €14,956 mn, reflects an order intake of €515 mn in the 1Q25, mainly related to E&C projects in Africa
• The E&C backlog of €14,518 mn, includes more than €3,600 mn (25%) related to IE projects, reinforcing Mota-Engil's leadership position in Contract Mining in Africa
• Core markets account for 70% of the E&C backlog, with Angola, Mexico and Nigeria representing for 23%, 17% and 13% respectively
• Backlog/Turnover ratio for the E&C of 2.7 years, reinforces ^a solid delivery outlook based on high profitable projects
• The backlog does not include the First Stretch of the High-Speed Train in Portugal, nor the recently signed contract with Petrobras for maintenance services in Brazil, amounting €250 mn

Backlog¹ of €15 bn with €515 mn new orders in 1Q25

¹ Does not include EGF's waste treatment business which still has a ten-year contract duration (LTM turnover: €354 mn). 2 IE: Industrial Engineering.

¹Selection of E&C projects above €200 mn.

Major E&C and industrial engineering projects currently in backlog 1

Project	Range (€ mn)	Country	Segment	Exp. Year of Completion	Customer
Fertilizer industrial plant	1 000 > ,	Mexico	Buildings	2027	PEMEX
Kano - Maradi / Kano Dutse	1 000 > ,	Nigeria	Railway Infrastructures	2026	Federal Ministry of Transportation
Maintenance Contract - Lobito Corridor	[500 1000[ ,	Angola	Railway Infrastructures	2054	Lobito Atlantic Railway - LAR
Kano-Maradi-Dutse project - Rolling stock	[500 1000[ ,	Nigeria	Infrastructures Railway	2027	of Federal Ministry Transportation
Cacuso Zenza do Itombe- railway	[500 1000[ ,	Angola	Infrastructures Railway	2029	of Ministry Transportation
Infrastructures of the Corimba waterfront	[500 1000[ ,	Angola	Road Infrastructure	2029	Ministry of Public Works Urbanism and Housing ,
Kurmuk Mine	[500 1000[ ,	Ethiopia	Industrial Engineering	2029	Gold Corporation Allied
Gamsberg Mine	[500 1000[ ,	South Africa	Industrial Engineering	2030	Vedanta Zinc International
Moatize Mine	[300 500[ ,	Mozambique	Industrial Engineering	2027	Vulcan
Subway L4 y 6 Monterrey , 5	[300 500[ ,	Mexico	Infrastructures Railway	2027	Gobierno del Estado de Nuevo Leon
Lafigué Mine	[300 500[ ,	Ivory Coast	Industrial Engineering	2028	Endeavour Mining PLC
Boto Gold Mine	[300 500[ ,	Senegal	Industrial Engineering	2029	Managem Group
Sadiola Mine	[300 500[ ,	Mali	Industrial Engineering	2028	Allied Gold Corporation
Gold TRI-K Project	[300 500[ ,	Guinea	Industrial Engineering	2029	Group Managem
HLO - Oriental Lisbon Hospital	[300 500[ ,	Portugal	Civil Construction	2027	HLO - Sociedade Gestora Edifício S do A ,
Cabinda-Miconje rehabilitation	[200 300[ ,	Angola	Road Infrastructure	2027	Ministry of Public Works Urbanism and Housing ,
Autopista Tultepec - Pirámides	[200 300[ ,	Mexico	Road Infrastructure	2028	Concesionaria Tultepec-AIFA-Pirámides
Agbaou Mine	[200 300[ ,	Ivory Coast	Industrial Engineering	2028	Allied Gold Corporation
of Extension the red line Lisbon subway	[200 300[ ,	Portugal	Infrastructures Railway	2026	Metropolitano de Lisboa EP
Consorcio Metro 80 Medellin	[200 300[ ,	Colombia	Infrastructures Railway	2027	EMP - Empresa Metro de Medellin
Banana Port	[200 300[ ,	Congo	Port Infrastructures	2027	DP World
Rehabilitation of the general infrastructures of the Nova Vida urbanization	[200 300[ ,	Angola	Civil Construction	2028	Ministry of Public Works Urbanism and Housing ,

Final Remarks and Outlook

Final Remarks and Outlook

2025 Guidance maintained

Final remarks

✓ Resilient turnover reflects ^a strong contribution from Africa, which accounts for 68% of the E&C backlog. All new projects are developed sustainable growth and long-term value creation

under a reinforced, comprehensive risk management framework, aligned with a production-to-cash strategy that ensures tighter execution controls, improved cash conversion, and enhanced profitability. This approach not only strengthens financial discipline but is also driving higher profitability, while reinforcing our unwavering commitment to cash flow optimization and the strategic priorities of

• ✓ Projects in the backlog ensure ^a solid delivery outlook and growing profitability
• ✓ Focus on profitability, driven by ^a selective and strategic commercial approach, reinforced by the ongoing Cross-group Efficiency Program (OPEX50), with expected impacts materializing in the 2H25 and 2026
• ✓ Sustained growth with ^a performance focus aligned with the financial strategy, ensuring compliance with the debt ratios committed for 2026 (Net Debt/EBITDA < 2x and Gross Debt/EBITDA < 4x)

• ✓ Developing ^a new Strategic Plan after achieving the majority of Building26's targets two years ahead of schedule

• ✓ Single-digit turnover growth, with Africa as the primary driver of profitability improvement, leveraged by the significant backlog in both Industrial Engineering and E&C segments

• ✓ Above-par EBITDA margin of 16%, supporting the improvement of the net profit margin, progressing steadily towards the 3% target set for 2026
• ✓ Disciplined Investment approach, with ^a Capex/turnover ratio below 7%
• ✓ Focus on free cash flow generation with ^a commitment to maintain Net Debt/EBITDA <2x and Gross Debt/EBITDA <4x
• ✓ Progressing organically towards the target of Equity/Assets >15%, leveraged by performance results
• ✓ Reinforcing debt sustainability by aligning maturities and reducing the cost of debt mix. ^A recent highlight is the €95 mn 2025-2030 issuance, with demand exceeding €106 mn

Sustainability-Linked Bond issuance (1.9x the initial €50 mn offer amount), at a 4.5% yield. This was, once again, an oversubscribed bond

Appendix

03

Financial calendar

Ex-dividend date: June 10, 2025

Dividend payment: June 12, 2025

First Half 2025 Results: August 27, 2025 (before market opening)

Nine Months 2025 Trading Update: November 18, 2025 (before market opening)

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• "Mota-Engil" means Mota-Engil, SGPS, SA, 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";
• "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 the Mexican concessions;
• "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";
• "Equity" corresponds to the following caption of the consolidated statement of financial position: "Total shareholder's equity";

• "Gross debt" 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 – Demand deposits", "Cash and cash equivalents with recourse – Demand deposits", "Other financial applications"; "Other financial investments recorded at amortized cost"; "Lease liabilities" and "Other financial liabilities factoring and payment management operations";

• "Group net income" 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";

• "LTM" corresponds to the Last Twelve Months figure;

• "Net debt" 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", "Other financial applications", "Other financial investments recorded at amortized cost", "Loans without recourse" and "Loans with recourse";

• "Turnover" or "Revenue(s)" or "Sales" or "Top-Line" corresponds to the caption of the consolidated income statement by natures of "Sales and services rendered".

This document has been prepared by Mota-Engil, SGPS, S.A. ("Mota-Engil" or the "Company") solely for its disclosure 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 forwardlooking 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 not audited.

Disclaimer

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

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Cameroon Côte d'Ivoire Kenya Nigeria Senegal Mali Ethiopia Democratic Republic of the Congo

Angola Mozambique Malawi South Africa Zimbabwe Uganda Rwanda Guinea-Conakry

Africa

Portugal Spain

Europe

Mexico Peru Brazil Colombia Panama

Latin America