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IP - La Sociedad remite presentación de Resultados del 1er semestre 2024

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1

# H1 2024 RESULTS PRESENTATION July 30th, 2024

H1 2024 | Results Presentation

**H1 2024 overview**

![](_page_1_Picture_1.jpeg)

![](_page_1_Figure_2.jpeg)

#### *Notes:*

*[\(1\) Proforma adjustments in H1 2023 for comparison purposes include: i\) SH-288 contribution accounted for under the equity method, as in H1 2024, ii\) Thiess fully consolidated for the last two months of the half year, iii\) profits from Ventia reclassified as](Macabacus#<Links vendor="Macabacus"><Link version="9.5.8.0"><Source><![CDATA[https://grupoacs.sharepoint.com/sites/IR_Teams/Documentos compartidos/General/RESULTADOS/2024 - 6M (H1)/Backup excel/2024 - 6M (H1)_backup.xlsx]]></Source><SourceModified></SourceModified><ParentId>MLNK12a523654a5e4f7291d0622398a31623</ParentId><LinkId>MLNK7af5e62a0b2d421a800703dd60600b78</LinkId><FriendlyName></FriendlyName><Type>4</Type><Address>=Footnotes!$E$4</Address><LastUpdate>2024-07-30 11:52:30</LastUpdate><User>Javier Crespo Morales</User></Link></Links>)  non-recurrent, as it was sold during the year and iv) Financial derivatives contribution reclassified as non-recurrent, as they were cancelled by May-24.* 

*[\(2\) Ordinary NPAT adjusts for extraordinary items: i\) Net impact from financial derivatives on ACS shares in both periods and ii\) One-off non-cash gain at CIMIC, net of provisions,](Macabacus#<Links vendor="Macabacus"><Link version="9.5.8.0"><Source><![CDATA[https://grupoacs.sharepoint.com/sites/IR_Teams/Documentos compartidos/General/RESULTADOS/2024 - 6M (H1)/Backup excel/2024 - 6M (H1)_backup.xlsx]]></Source><SourceModified></SourceModified><ParentId>MLNK12a523654a5e4f7291d0622398a31623</ParentId><LinkId>MLNK7af5e62a0b2d421a800703dd60600b78</LinkId><FriendlyName></FriendlyName><Type>4</Type><Address>=Footnotes!$E$4</Address><LastUpdate>2024-07-30 11:52:30</LastUpdate><User>Javier Crespo Morales</User></Link></Links>) in 2024.*

## **P&L and operating KPIs**

### First half Ordinary NPAT grew at double digit, in line with the top-end of guidance range

| Euro<br>Million          | H1<br>2023     | (1)<br>H1<br>2023<br>PF | H1<br>2024     | (3)<br>yoy | yoy FX-adj |
|--------------------------|----------------|-------------------------|----------------|------------|------------|
| Sales                    | 17<br>033<br>, | 17<br>674<br>,          | 18<br>749<br>, | 6.1%       | 6.3%       |
| EBITDA                   | 934            | 1<br>040<br>,           | 1<br>157<br>,  | 11.3%      | 12.0%      |
| %<br>margin              | 5<br>5%        | 5<br>9%                 | 6<br>2%        | bps<br>29  |            |
| PBT                      | 612            | 483                     | 564            | 16.8%      | 17.4%      |
| %<br>margin              | 3<br>6%        | 2<br>7%                 | 3<br>0%        | bps<br>28  |            |
| NPAT                     | 385            | 385                     | 416            | 8.1%       | 8.6%       |
| EPS                      | €              | €                       | €              | 8.8%       | 9.4%       |
| New<br>orders            | 23<br>239<br>, | 23<br>802<br>,          | 27<br>506<br>, | 15<br>6%   | 15<br>9%   |
| Order<br>backlog         | 72<br>484<br>, | 76<br>863<br>,          | 86<br>693<br>, | 12<br>8%   | 11<br>5%   |
|                          |                |                         |                |            |            |
| Extraordinary<br>impacts | (84)           | (84)                    | (81)           |            |            |
| (2)<br>Ordinary<br>NPAT  | 301            | 301                     | 335            | 11.4%      | 11.8%      |

- **6.1% sales increase** across segments (+6.3% fx-adj.). Strong Q2 (+8% QoQ) reflecting ramp-up in the high-tech market
- **Strong order intake of € bn** (+15.9% on a comparable basis), boosting backlog to record levels (€87bn)
- **EBITDA growth of 11.3%** (+12.0% fx-adj.)
- **Net rofit N T of € mn,** implying an **8.8% EPS growth** (+9.4% fx-adj.) on the back of solid operating performance across segments
- **Ordinary Net Profit (NPAT) of € mn,** (+11.8% fx-adj.), once adjusted for extraordinary impacts**,** in line with **top-end of 8-12% guidance**

### **Sales by region H1 2024**

![](_page_2_Figure_11.jpeg)

#### *Notes:*

*[\(1\) Proforma adjustments in H1 2023 for comparison purposes include: i\) SH-288 contribution accounted for under the equity method, as in H1 2024, ii\) Thiess fully consolidated for the last two months of the half year, iii\) profits from Ventia reclassified as](Macabacus#<Links vendor="Macabacus"><Link version="9.5.8.0"><Source><![CDATA[https://grupoacs.sharepoint.com/sites/IR_Teams/Documentos compartidos/General/RESULTADOS/2024 - 6M (H1)/Backup excel/2024 - 6M (H1)_backup.xlsx]]></Source><SourceModified></SourceModified><ParentId>MLNK12a523654a5e4f7291d0622398a31623</ParentId><LinkId>MLNKb58b908884b644c7ab356bdcde80e801</LinkId><FriendlyName></FriendlyName><Type>4</Type><Address>=Footnotes!$E$5</Address><LastUpdate>2024-07-30 11:52:39</LastUpdate><User>Javier Crespo Morales</User></Link></Links>) non-recurrent, as it was sold during the year and iv) Financial derivatives contribution reclassified as non-recurrent, as they were cancelled by May-24. [\(2\) Ordinary NPAT adjusts for extraordinary items: i\) Net impact from financial derivatives on ACS shares in both periods and ii\) One-off non-cash gain at CIMIC, net of provisions,](Macabacus#<Links vendor="Macabacus"><Link version="9.5.8.0"><Source><![CDATA[https://grupoacs.sharepoint.com/sites/IR_Teams/Documentos compartidos/General/RESULTADOS/2024 - 6M (H1)/Backup excel/2024 - 6M (H1)_backup.xlsx]]></Source><SourceModified></SourceModified><ParentId>MLNK12a523654a5e4f7291d0622398a31623</ParentId><LinkId>MLNKb58b908884b644c7ab356bdcde80e801</LinkId><FriendlyName></FriendlyName><Type>4</Type><Address>=Footnotes!$E$5</Address><LastUpdate>2024-07-30 11:52:39</LastUpdate><User>Javier Crespo Morales</User></Link></Links>) in 2024. [\(3\) H1 2024 vs. H1 2023 PF.](Macabacus#<Links vendor="Macabacus"><Link version="9.5.8.0"><Source><![CDATA[https://grupoacs.sharepoint.com/sites/IR_Teams/Documentos compartidos/General/RESULTADOS/2024 - 6M (H1)/Backup excel/2024 - 6M (H1)_backup.xlsx]]></Source><SourceModified></SourceModified><ParentId>MLNK12a523654a5e4f7291d0622398a31623</ParentId><LinkId>MLNKb58b908884b644c7ab356bdcde80e801</LinkId><FriendlyName></FriendlyName><Type>4</Type><Address>=Footnotes!$E$5</Address><LastUpdate>2024-07-30 11:52:39</LastUpdate><User>Javier Crespo Morales</User></Link></Links>)*

![](_page_3_Picture_1.jpeg)

## **Attributable Ordinary NPAT breakdown**

Solid growth at Ordinary NPAT level, driven by strong performance in all segments

| Euro<br>Million                  | H1<br>2023 | H1<br>2024 | yoy         | yoy FX-adj |
|----------------------------------|------------|------------|-------------|------------|
| Integrated<br>Solutions          | 186        | 237        | 27<br>3%    | 28<br>0%   |
| Turner                           | 9<br>4     | 138        | 47<br>5%    | 47<br>3%   |
| CIMIC                            | 9<br>3     | 9<br>9     | 6<br>9%     | 8<br>6%    |
| Engineering<br>&<br>Construction | 72         | 77         | 7.5%        | 7.4%       |
| Dragados                         | 6<br>1     | 6<br>3     | 8%<br>3     | 6%<br>3    |
| HOCHTIEF<br>E&C                  | 1<br>1     | 1<br>4     | 28<br>1%    | 28<br>1%   |
| Infrastructure                   | 109        | 98         | (10<br>.4%) |            |
| Abertis                          | 9<br>5     | 8<br>9     | (5<br>5%)   |            |
| Iridium                          | 1<br>4     | 8          | (42<br>4%)  |            |
| HOCHTIEF<br>HQ                   | (34)       | (54)       |             |            |
| other<br>ACS<br>HQ<br>&          | (32)       | (23)       |             |            |
| (1)<br>Ordinary<br>NPAT          | 301        | 335        | 11.4%       | 11.8%      |
| NPAT                             | 385        | 416        | 8<br>.1%    | 8<br>.6%   |

### **Attributable Ordinary NPAT by segment H1 2024**

![](_page_3_Figure_6.jpeg)

- **T rner's** Attributable NPAT grew by 48% to **become the largest contributor to CS' net rofit**
- **CIMIC Ordinary N T reached € mn** (+7%), with solid performance in its underlying activities, mainly engineering-led services
- ▪ **&C contrib ted € mn** (+7.5%)
- **Infrastructure:** lower contribution impacted by non-operational items :
	- **Abertis** had a **solid top-line operational performance** with **revenue and EBITDA up 11.2% and +12.9%** respectively**.** Contribution impacted by new tax regulation in France and financial costs from new asset acquisitions
	- **Iridi m's** contribution consistent with current 44% stake in SH-288

![](_page_4_Picture_1.jpeg)

### **Cash flow performance**

### Strong cash flow generation in the first half of 2024, improving by €749mn yoy

| Million<br>Euro                               | 2023<br>H1 | 2024<br>H1 | yoy  | LTM      |
|-----------------------------------------------|------------|------------|------|----------|
| Profit<br>Before<br>(PBT)<br>Tax              | 612        | 564        | -48  | 1.079    |
| D&A                                           | 260        | 350        | +90  | 641      |
| Operating<br>WC<br>variation                  | (1<br>064) | (405)      | +659 | 586      |
| Taxes<br>, associates<br>and<br>other<br>adjs | 5<br>0     | 129        | +79  | (24)     |
| (OCF)<br>Operating<br>Cash<br>Flow            | (142)      | 638        | +780 | 2<br>282 |
| capex and<br>op. leases<br>Net                | (250)      | (280)      | -31  | (259)    |
| (NOCF)<br>Net<br>Operating<br>Cash<br>Flow    | (391)      | 358        | +749 | 1.802    |
|                                               |            |            |      |          |

- **Strong € bn NOC LTM,** supported by **working capital improvement of € mn**, driven by Dragados and Turner growth and strong cash conversion
	- − Dragados' stronger cash generation, resulting from improvements in WC management in North America and a lower risk contracting profile
	- − LTM €257mn factoring increase driven by revenue growth, including the incorporation of Thiess. Q2 2024 factoring variation, equivalent to Q2 2023
- Overall, **NOC of € mn, € mn yoy**, confirming the positive trend

### **Change in operating working capital** *(€mn)*

![](_page_4_Figure_10.jpeg)

### **Change in LTM Net Operating Cash Flow** *(€mn)*

![](_page_4_Figure_12.jpeg)

## **Financial position**

### Net debt position at June 2024 of €1.6bn, including €1.1bn Thiess net debt consolidation

![](_page_5_Figure_4.jpeg)

![](_page_5_Figure_5.jpeg)

**Net Debt n Net O erating Cash low NOC Net e ity investment and M& Shareholders rem neration erimeter change, and other Net Debt n (1) (2)**

- The group ended H1 2024 with a **net debt osition of € , mn, an increase of € mn**, after incorporating **€ bn of Thiess net debt** in the consolidation perimeter. Excluding the consolidation of Thiess, debt position reduced by €0.6bn
- Solid **Net Operating Cash Flow** within all business, **totaling € bn in the LTM**
- **Strategic investments of € bn YTD**, comprising equity contributions in Abertis (€650mn), 10% Thiess acquisition (€194mn), additional HT stake (€49mn), strategic bolt-on acquisitions (PYBAR, Vulcan, Minsol, Prudentia, Mintrex) and equity investments
- **In the LTM, net equity investments and M&A** impacted by the partial SH288 divestment to Abertis in H2 2023
- **S&P affirmed ACS's long-term rating** of BBB-/stable rating in July 2024

### **H1 2024 capital allocation**

![](_page_5_Figure_13.jpeg)

- **bertis ca ital increase**
	- **ity investment and M&**
	- **Thiess ac isition**
	- **Shareholders rem neration**
- *(1) Shareholders remuneration includes: €209mn dividends distributed in cash to ACS shareholders, €292mn dividends distributed in shares to ACS shareholders, €79mn dividends distributed to HOCHTIEF minorities, €59mn dividends distributed to other minority interests and €154mn of other treasury stock transactions.*
- *(2) Perimeter change and other includes the incorporation of Thiess net debt €1.1bn as of June 2024, other cash adjustments such as Ventia shares disposal in H2 2023 and the cash settlement of the derivatives over ACS shares in Q2 2024.*

### **Order backlog and new orders**

Continued growth in backlog visibility and diversification towards growth markets

![](_page_6_Figure_3.jpeg)

### **New orders development** *(€bn)*

![](_page_6_Figure_5.jpeg)

### **Order backlog development** *(€bn)*

![](_page_6_Figure_7.jpeg)

- Rigorous approach to tendering, project delivery and risk management paying-off
	- **Order backlog of € bn** up 12.8% on a comparable basis on the back of €27.5bn of new orders (up 15.6%). Backlog **visibility grew to 25.8 months**
	- **De-risking** process of our order book continues with lower risk contracts accounting for **over 85% of the total** (vs 65% in 2017)
	- **c.50% of new orders in new generation** infrastructure markets

*(1) Biopharma, Healthcare and Education.*

*(2) Work done LTM calculated assuming full consolidation of Thiess for comparability.*

![](_page_6_Picture_15.jpeg)

### **Selected recent significant project announcements**

![](_page_7_Picture_2.jpeg)

#### Energy transition

- o The **South Dade Transit Operations Center** in Miami, USA**:** new **electric bus maintenance and operations facility** with approximately 218,600 square feet to maintain, energize, and operate a new fleet of 100 articulated (60-ft) electric-battery-buses (BEB)
- o **700MWac Cobbora Solar Farm**, development rights for one of the largest solar farms and co-located large-scale battery energy storage system (BESS) project in New South Wales, Australia
- o **Four-hour battery for Neoen**, install and connect 348 Tesla Megapack 2 XL units incl. high voltage infrastructure, control and switchroom facilities, safety protection measures, earthworks in Western Australia
- o **HumeLink West project**; high voltage transmission project to connect and to significantly increase the capacity of the electricity network in Australia's eastern states
- o **EV Battery production,** manufacturing facility and support buildings for Panasonic Energy's USD 4bn investment program, Kansas, USA

#### New sustainable mobility

- o **Metro Trains Melbourne,** extension of contract to operate metropolitan passenger rail services, Australia
- o **Surrey Langley SkyTrain**, construction of elevated metropolitan railway line in Vancouver, Canada
- o **Suburban Rail Loop East project**, first major tunneling package as part of a consortium, Victoria, Australia
- o **Fast-charging networks for electric cars**; contract to finance, plan, build and operate a regional EV fast-charging network, Germany
- o **Atocha Transfer Station Complex** in Spain, which will connect the high speed between Puerta de Atocha-Almudena Grandes and Chamartín-Clara Campoamor

### Digital Infrastructure

- o **Semiconductor fabs** in Germany and Malaysia using **clean-room technology**
- o Expansion of a **data center** the Netherlands
- o **Data Center in Hyderabad**, India, civil, structural, architectural works including hot aisle containment, mechanical, electrical, plumbing, fire protection services and security systems
- o **Data Center in Jakarta,** Indonesia, fitting-out with mechanical, electrical, plumbing, fire protection services and security to support an additional 10MW IT load
- o **Meta hyperscale data center campus,** 65,000-squaremeter campus with multiple data center buildings in Jeffersonville, Indiana, USA
- o Several other **large-scale data center** projects in the US and Asia Pacific

#### Sustainable infrastructure

- o **Choa Chu Kang Waterworks**, reconstruction works for Singapore's Nation Water Agency, Singapore
- o **Major climate resiliency contracts**, to combat storm surges, rising sea levels, environmental threats resulting from climate change in Virginia Beach and Port Arthur, Texas, USA
- o **Burnett River replacement dam wall** project, infrastructure project to provide the region with a long-term water security and storage solution, near Bundaberg, Australia

#### BHE(1) and Social Infrastructure

- o **Northwestern Ryan Field**, stadium to serve primarily to host home collegiate football games for the school's team in Evanston, Illinois, USA
- o **Henry Ford Hospital,** facility with patient tower, ER department with trauma and healthcare space, medical procedural labs, acute intensive care in Detroit, Michigan, USA
- o **North District Hospital**, expansion project providing around 1,500 additional hospital beds, Hong Kong
- o **Geisinger Medical Center**, construction of new bed tower at Wyoming Valley campus, Pennsylvania, USA

#### Other

- o **Western Ridge Crusher Project**, end-to-end solution for design and construction of a new 30 Mtpa Iron ore primary crusher in Western Australia
- o **IH-35E,** improvements on the interchange including one additional general-purpose lane in each direction in Dallas County, Texas, USA
- o **New Île D'Orléans bridge** construction project in Quebec for the Canadian Ministry of Transport

H1 2024 | Results Presentation

H1 2024 | Results Presentation

# Performance by Segment

### **Turner**

### Very strong PBT growth on the back of expanding margins, Q2 sales acceleration and robust new orders growth

| Million<br>Euro      | H1<br>2023     | H1<br>2024     | yoy       | yoy FX-adj |
|----------------------|----------------|----------------|-----------|------------|
| Sales                | 7<br>619<br>,  | 8<br>650<br>,  | 13<br>.5% | 13<br>3%   |
| EBITDA               | 191            | 242            | 26<br>.7% | 26<br>.5%  |
| %<br>margin          | 2<br>5<br>%    | 2<br>8<br>%    | bps<br>29 |            |
| PBT                  | 178            | 247            | 38<br>.5% | 38<br>3%   |
| %<br>margin          | 2<br>3%        | 2<br>9%        | 52<br>bps |            |
| (1)<br>NPAT          | 126            | 175            | 38<br>.7% | 38<br>.5%  |
| Attributable<br>NPAT | 94             | 138            | 47.5%     | 47.3%      |
|                      |                |                |           |            |
| orders<br>New        | 9<br>585<br>,  | 13<br>067<br>, | 36<br>3%  | 36<br>1%   |
| Order<br>backlog     | 24<br>271<br>, | 30<br>029<br>, | 23<br>7%  | 21<br>9%   |
|                      |                |                |           |            |

| Million<br>Euro                   | H1<br>2023    | H1<br>2024    | yoy  |
|-----------------------------------|---------------|---------------|------|
| Operating<br>Cash<br>Flow<br>Net  | (167)         | (14)          | +153 |
| (Net<br>Debt)<br>Cash<br>/<br>Net | 2<br>040<br>, | 2<br>449<br>, | +409 |

- Strong **sales growth of 14%** after Q2 acceleration (13.3% fx-adj.)
- Significant increase in **PBT margin** to 3.0% in Q2 2024, **+70bps yoy (H1 2024 +52bps to 2.9%)** driven by Turner's successful strategy in advanced technology project opportunities and SourceBlue supply chain service solutions: **T + to € mn**
- **Net cash € mn yoy**. NOCF H1 2024 shows a strong performance with a yoy improvement of EUR 153m; H1 figure reflects seasonality
- Further significant **increase in new orders of to € bn** driving order backlog to new record of €30.0bn
- Acquisition of European advanced tech company, **Dornan Engineering signed in July 2024** (*see next slide)*

### **Order backlog** *(as of Jun 2024)*

![](_page_9_Figure_12.jpeg)

## **Turner – Strategic acquisition of Dornan Engineering in Europe**

![](_page_10_Picture_2.jpeg)

Decisive step that accelerates Turner's strategic expansion into Europe through the acquisition of an advanced-tech engineering business

#### **Sales split per market** *(FY 2023)*

![](_page_10_Figure_5.jpeg)

![](_page_10_Figure_7.jpeg)

- Dornan, headquartered in Ireland, is the **3rd largest MEP** (*Mechanical, Electrical and Plumbing*) **engineering company in Europe**
- With a €1.1bn order book, Dornan has a strong presence in the UK, Ireland, Germany, Netherlands, Denmark and Switzerland amongst others
- Dornan is expected to achieve revenues of around €700mn in 2024 and  **ITD of aro nd € mn Transaction enter rise val e of c € mn im lies an acquisition multiple of ~7.2x EBITDA**
- Dornan has a **similar business model and risk approach to Turner** and shares many of the direct relationship with blue chips and hyperscalers
- **Strong engineering capabilities**: design, engineering, project management, commissioning, procurement and modularization with > 1,000 employees
- The current shareholders are part of the key management team of Dornan, **Sales growth 2021** and will all stay in their current positions post transaction **-24E** *(€mn)*

### **CIMIC**

### Leveraging energy transition and natural resources opportunities supported by strategic M&A

| Euro<br>Million                  | (1)<br>H1<br>2023<br>PF | H1<br>2024     | (4)<br>yoy | yoy FX-adj |
|----------------------------------|-------------------------|----------------|------------|------------|
| Sales                            | 4<br>449<br>,           | 4<br>160<br>,  | (6<br>.5%) | (5<br>.0%) |
| EBITDA                           | 429                     | 500            | 16.5%      | 18.3%      |
| %<br>margin                      | 9<br>%<br>6             | 12<br>0<br>%   | 237<br>bps |            |
| PBT                              | 182                     | 249            | 36.6%      | 38.7%      |
| %<br>margin                      | 1%<br>4                 | 0%<br>6        | 189<br>bps |            |
| (2) (3)<br>Ordinary<br>NPAT      | 125                     | 126            | 0.4%       | 1.9%       |
| AttrIbutable<br>Ordinary<br>NPAT | 93                      | 99             | 6.9%       | 8.6%       |
| orders<br>New                    | 5<br>837                | 6<br>061       | 3<br>8%    | 5<br>4%    |
|                                  | ,                       | ,              |            |            |
| Order<br>backlog                 | 23<br>175<br>,          | 24<br>580<br>, | 1%<br>6    | 0%<br>4    |
|                                  |                         |                |            |            |

| Million<br>Euro                   | 2023<br>H1<br>PF | 2024<br>H1      | yoy  |
|-----------------------------------|------------------|-----------------|------|
| Cash<br>Flow<br>Net<br>Operating  | 43               | 21              | -22  |
| (Net<br>Debt)<br>Cash<br>/<br>Net | (984)            | (1<br>770)<br>, | -786 |

- Acquisition of an additional **10% of Thiess** for A\$320mn
- Ordinary NPAT excludes one-off Thiess related non-cash gain**,** partly offset by legacy project provisions
- **Attributable Ordinary NPAT growing by 7%** (excluding Ventia, +13.3%)
- NOCF reflects H1 seasonality and structural changes in working capital profile that aligns with lower risk, collaborative contracting model
- **New orders** of €6.1bn (+5.4% fx-adj.) with **robust backlog** of €24.6bn (+4% fx-adj.)

![](_page_11_Figure_11.jpeg)

![](_page_11_Figure_12.jpeg)

#### *Notes:*

*[\(1\) Proforma adjustments in H1 2023 for comparison purposes include: i\) Thiess fully consolidated for the last two months of the half year and ii\)](Macabacus#<Links vendor="Macabacus"><Link version="9.5.8.0"><Source><![CDATA[https://grupoacs.sharepoint.com/sites/IR_Teams/Documentos compartidos/General/RESULTADOS/2024 - 6M (H1)/Backup excel/2024 - 6M (H1)_backup.xlsx]]></Source><SourceModified></SourceModified><ParentId>MLNK12a523654a5e4f7291d0622398a31623</ParentId><LinkId>MLNKd335196c8ef243fbb77fbecf917748d5</LinkId><FriendlyName></FriendlyName><Type>4</Type><Address>=Footnotes!$E$8</Address><LastUpdate>2024-07-30 09:28:37</LastUpdate><User>Javier Crespo Morales</User></Link></Links>)  [profits from Ventia reclassified as non-recurrent, as it was sold during the year.](Macabacus#<Links vendor="Macabacus"><Link version="9.5.8.0"><Source><![CDATA[https://grupoacs.sharepoint.com/sites/IR_Teams/Documentos compartidos/General/RESULTADOS/2024 - 6M (H1)/Backup excel/2024 - 6M (H1)_backup.xlsx]]></Source><SourceModified></SourceModified><ParentId>MLNK12a523654a5e4f7291d0622398a31623</ParentId><LinkId>MLNKd335196c8ef243fbb77fbecf917748d5</LinkId><FriendlyName></FriendlyName><Type>4</Type><Address>=Footnotes!$E$8</Address><LastUpdate>2024-07-30 09:28:37</LastUpdate><User>Javier Crespo Morales</User></Link></Links>)* 

*[\(2\) Ordinary NPAT adjusts for extraordinary item: One-off non-cash gain at CIMIC, net of provisions, in 2024.](Macabacus#<Links vendor="Macabacus"><Link version="9.5.8.0"><Source><![CDATA[https://grupoacs.sharepoint.com/sites/IR_Teams/Documentos compartidos/General/RESULTADOS/2024 - 6M (H1)/Backup excel/2024 - 6M (H1)_backup.xlsx]]></Source><SourceModified></SourceModified><ParentId>MLNK12a523654a5e4f7291d0622398a31623</ParentId><LinkId>MLNKd335196c8ef243fbb77fbecf917748d5</LinkId><FriendlyName></FriendlyName><Type>4</Type><Address>=Footnotes!$E$8</Address><LastUpdate>2024-07-30 09:28:37</LastUpdate><User>Javier Crespo Morales</User></Link></Links>)*

*[\(3\) Before HT minorities in ACS.](Macabacus#<Links vendor="Macabacus"><Link version="9.5.8.0"><Source><![CDATA[https://grupoacs.sharepoint.com/sites/IR_Teams/Documentos compartidos/General/RESULTADOS/2024 - 6M (H1)/Backup excel/2024 - 6M (H1)_backup.xlsx]]></Source><SourceModified></SourceModified><ParentId>MLNK12a523654a5e4f7291d0622398a31623</ParentId><LinkId>MLNKd335196c8ef243fbb77fbecf917748d5</LinkId><FriendlyName></FriendlyName><Type>4</Type><Address>=Footnotes!$E$8</Address><LastUpdate>2024-07-30 09:28:37</LastUpdate><User>Javier Crespo Morales</User></Link></Links>)*

*[\(4\) H1 2024 vs. H1 2023 PF.](Macabacus#<Links vendor="Macabacus"><Link version="9.5.8.0"><Source><![CDATA[https://grupoacs.sharepoint.com/sites/IR_Teams/Documentos compartidos/General/RESULTADOS/2024 - 6M (H1)/Backup excel/2024 - 6M (H1)_backup.xlsx]]></Source><SourceModified></SourceModified><ParentId>MLNK12a523654a5e4f7291d0622398a31623</ParentId><LinkId>MLNKd335196c8ef243fbb77fbecf917748d5</LinkId><FriendlyName></FriendlyName><Type>4</Type><Address>=Footnotes!$E$8</Address><LastUpdate>2024-07-30 09:28:37</LastUpdate><User>Javier Crespo Morales</User></Link></Links>)*

![](_page_12_Picture_1.jpeg)

### **Engineering & Construction**

Solid civil engineering & public buildings prospects driven by infrastructure needs

| Million<br>Euro      | H1<br>2023     | H1<br>2024     | yoy        | yoy FX-adj |
|----------------------|----------------|----------------|------------|------------|
| Sales                | 386<br>4<br>,  | 679<br>4<br>,  | 6.7%       | 6.6%       |
| EBITDA               | 226            | 240            | 6.2%       | 6.1%       |
| %<br>margin          | 2<br>%<br>5    | %<br>5<br>1    | (2)<br>bps |            |
| PBT                  | 77             | 94             | 22.2%      | 22.0%      |
| %<br>margin          | 1<br>7<br>%    | 2<br>0<br>%    | bps<br>26  |            |
| (1)<br>NPAT          | 75             | 81             | 7.0%       | 6.9%       |
| Attributable<br>NPAT | 72             | 77             | 7.5%       | 7.4%       |
| orders<br>New        | 7<br>572<br>,  | 7<br>301<br>,  | (3<br>6%)  | (3<br>6%)  |
| Order<br>backlog     | 26<br>736<br>, | 29<br>192<br>, | 9<br>2%    | 8<br>9%    |

| Euro<br>Million                   | H1<br>2023 | H1<br>2024    | yoy  |
|-----------------------------------|------------|---------------|------|
| Operating<br>Cash<br>Flow<br>Net  | (349)      | 18            | +367 |
| (Net<br>Debt)<br>/<br>Net<br>Cash | 745        | 1<br>136<br>, | +390 |

- **Sales increased by 6.7%** yoy with stable **EBITDA margins of 5.1%.** Double digit growth in the US market
- **Strong T increase by + to € mn** backed by financial efficiency plans
- ▪ **acklog to € bn** and slightly softer E&C new orders in comparison to a strong H1 2023 despite strong order intake at Dragados, especially in sustainable mobility and transportation
- **Combination** of ACS Group Construction **businesses in North America (Flatiron and Dragados North America)**

### **Order backlog** *(as of Jun 2024)*

![](_page_12_Figure_11.jpeg)

![](_page_12_Figure_12.jpeg)

### **E&C – Integration of ACS Group leading civil engineering and construction businesses in N.A.**

![](_page_13_Picture_2.jpeg)

### Accretive to shareholders and a further step in A S roup's corporate simplification process

![](_page_13_Figure_4.jpeg)

#### **Dragados and HOCHTIEF have agreed to integrate their North American businesses to create a leading civil engineering and construction player:**

- **Unparalleled expertise**, geographical footprint, and combined technical capabilities
- **Combined resources** will support further growth in a rapidly expanding North American civil market

**Leading player combining** credentials in the US and Canada, highly skilled technical resources and a successful track-record in large infrastructure projects

The transaction will simplify the roup's structure in NA, **ensuring strategic alignment** across tendering, procurement and commercial approach towards collaborative models

Meaningful **annual run rate synergies estimated at around \$30-40mn**  focused on procurement, shared services and centralization of a wide range of corporate functions

**Value accretive proposition for HOCHTIEF, Dragados and ACS.** Dragados will fully consolidate the new entity through its 62% controlling stake

*Note: Transaction is subject to customary regulatory conditions. (\*) Including all the corresponding subsidiaries.*

Dragados Flatiron

## **Engineering & Construction – Dragados**

![](_page_14_Picture_2.jpeg)

Resilient EBITDA margins and growing order backlog

| Million<br>Euro  | H1<br>2023     | H1<br>2024     | yoy       | yoy FX-adj |
|------------------|----------------|----------------|-----------|------------|
| Sales            | 2<br>827<br>,  | 2<br>913<br>,  | 3<br>0%   | 2<br>9%    |
| EBITDA           | 147            | 152            | 3<br>2%   | 3<br>.1%   |
| %<br>margin      | 5<br>2<br>%    | 5<br>2<br>%    | bps<br>1  |            |
| PBT              | 53             | 66             | 25<br>.4% | 25<br>.1%  |
| %<br>margin      | 1<br>9<br>%    | 2<br>3<br>%    | bps<br>42 |            |
| NPAT             | 61             | 63             | 3<br>8%   | 3<br>6%    |
| orders<br>New    | 4<br>430<br>,  | 5<br>243<br>,  | 18<br>3%  | 18<br>3%   |
| Order<br>backlog | 16<br>215<br>, | 17<br>915<br>, | 10<br>5%  | 10<br>5%   |

| Million<br>Euro                   | 2023<br>H1 | 2024<br>H1 | yoy  |
|-----------------------------------|------------|------------|------|
| Operating<br>Cash<br>Flow<br>Net  | (393)      | 20         | +413 |
| (Net<br>Debt)<br>Cash<br>/<br>Net | 88         | 371        | +282 |

- **Sales growth of 3%** yoy to €2.9bn supported by a strong production in Spain and the US
- Stable **EBITDA at 5.2%** with a balanced mix of works
- **PBT up +25.4%** due to improved financial efficiency
- **Order backlog grew at 10.5%** underpinned by a strong order intake, particularly in the US (+18% yoy) and Spain (+15%)
- Net operating cash flow up by €413mn in the LTM driven by an **improvement of c € mn in working ca ital**
- **Net cash position** improved by €282mn yoy with a **balance of € mn as of June 30th, 2024** (vs. €350mn in December 2023)

### **Order backlog** *(as of Jun 2024)*

![](_page_14_Figure_13.jpeg)

# **Engineering & Construction – HOCHTIEF E&C**

![](_page_15_Picture_2.jpeg)

### Strong backlog and revenue growth

| Million<br>Euro                  | H1<br>2023     | H1<br>2024     | yoy        | yoy FX-adj |
|----------------------------------|----------------|----------------|------------|------------|
| Sales                            | 1<br>559<br>,  | 1<br>766<br>,  | 3%<br>13   | 2%<br>13   |
| EBITDA                           | 79             | 88             | 11.8%      | 11.7%      |
| %<br>margin                      | 5<br>1<br>%    | 5<br>0<br>%    | (7)<br>bps |            |
| PBT                              | 24             | 27             | 15.1%      | 15.1%      |
| %<br>margin                      | 1<br>5<br>%    | 1<br>5<br>%    | bps<br>3   |            |
| (1)<br>NPAT                      | 15             | 18             | 20<br>2%   | 20<br>2%   |
| Attributable<br>NPAT             | 11             | 14             | 28<br>.1%  | 28<br>.1%  |
| New<br>orders                    | 3<br>142<br>,  | 2<br>058<br>,  | (34<br>5%) | (34<br>6%) |
| Order<br>backlog                 | 10<br>521<br>, | 11<br>277<br>, | 7<br>2%    | 6<br>5%    |
|                                  |                |                |            |            |
| Million<br>Euro                  | H1<br>2023     | H1<br>2024     | yoy        |            |
| Operating<br>Cash<br>Flow<br>Net | 44             | (2)            | -46        |            |

- **Sales increased by 13%** yoy to €1.8bn.
- BT stable at €27mn, with firm margins
- **Net cash position** strongly increased by over €100mn yoy driven by good cash flow generation LTM. NOCF H1 2024 is driven by seasonal capital variations
- **Order backlog of € bn + yoy)**. New orders of €2.1bn were solid at over 1x work done; H1 2023 figures contained two major project wins in Europe worth over €1bn

### **Order backlog** *(as of Jun 2024)*

![](_page_15_Figure_10.jpeg)

**(Net Debt) / Net Cash 657 765 +108**

![](_page_15_Figure_11.jpeg)

![](_page_16_Picture_1.jpeg)

### **Infrastructure**

### High quality brownfield concessions and growth greenfield investment platform

| Euro<br>Million      | (1)<br>H1<br>2023<br>PF | H1<br>2024 | (3)<br>yoy  |
|----------------------|-------------------------|------------|-------------|
| Sales                | 50                      | 72         | 44.2%       |
| Abertis              | -                       | -          |             |
| Iridium              | 50                      | 72         | 44<br>2%    |
| EBITDA               | 142                     | 135        | (5<br>3%)   |
| Abertis              | 105                     | 98         | (7<br>4%)   |
| Iridium              | 37                      | 37         | 0<br>6%     |
| PBT                  | 115                     | 109        | (5<br>.4%)  |
| Abertis              | 105                     | 98         | (7<br>4%)   |
| Iridium              | 10                      | 12         | 15<br>1%    |
| (2)<br>NPAT          | 120                     | 106        | (11<br>.6%) |
| Abertis              | 105                     | 98         | (7<br>4%)   |
| Iridium              | 14                      | 8          | (42<br>4%)  |
| Attributable<br>NPAT | 109                     | 98         | (10<br>.4%) |
| Abertis              | 95                      | 89         | (5<br>5%)   |
| Iridium              | 14                      | 8          | (42<br>4%)  |

| Million<br>Euro                   | 2023<br>H1 | 2024<br>H1 | yoy  |
|-----------------------------------|------------|------------|------|
| Net<br>Operating<br>Cash<br>Flow  | 329        | 363        | +34  |
| (Net<br>Debt)<br>Cash<br>/<br>Net | (553)      | 347        | +900 |

- **Abertis** had a solid top-line **operational performance** with **revenue and EBITDA up 11.2% and +12.9%** respectively
- **On a like-for-like basis, sales at Iridi m by € mn**, mainly due to the additional contribution of the A13 and Skyports (although in ramp-up phase)
- Lower contribution at attributable NPAT level impacted by non-operational items:
	- Abertis contribution impacted by new tax regulation in France and financial costs from new asset acquisitions
	- Iridium contribution consistent with current 44% stake in SH-288
- **Net Debt osition at Iridi m im roved by € mn** due to the transactions related to the SH-288
- NO F increased by €34mn in the LTM driven by less net financial payments and working capital

![](_page_17_Picture_1.jpeg)

### **Infrastructure – Abertis**

### Stable contribution to ACS Group EBITDA and Net Profit on the back of strong operating performance and cash flow generation

| Million<br>Euro                           | H1<br>2023       | H1<br>2024       | yoy        |
|-------------------------------------------|------------------|------------------|------------|
| Sales<br>(100%)                           | 2<br>717<br>,    | 3<br>021<br>,    | 11.2%      |
| (100%)<br>EBITDA                          | 1<br>914<br>,    | 2<br>161<br>,    | 12<br>9%   |
| %<br>margin                               | 70<br>4<br>%     | 71<br>5<br>%     | bps<br>109 |
| (1)<br>Profit<br>(100%)<br>Net<br>pre-PPA | 397              | 402              | 1.3%       |
| Profit<br>(100%)<br>Net                   | 211              | 195              | (7<br>.4%) |
| Contribution<br>EBITDA<br>to              | 105              | 98               | (7<br>.4%) |
| Contribution<br>Profit<br>Net<br>to       | 95               | 89               | (5<br>.5%) |
| Capex                                     | 432              | 336              |            |
| (2)<br>(Net<br>Debt)<br>Cash<br>/<br>Net  | (22<br>337)<br>, | (24<br>677)<br>, |            |

### **Group Liquidity and Debt Maturity Profile** *(€bn)*

![](_page_17_Figure_6.jpeg)

#### **Strong operating performance**

- **Revenues +11% and EBITDA +13%** (+6% LfL) underpinned by the geographically diversified portfolio, inflation linked tariffs and contribution from new assets
- **Solid 0.8% traffic growth**(3) supported by positive *Heavy Vehicle* traffic evolution, contribution from new assets and strong performance in Spain, Mexico and Brazil
- **4.0%**(4) **average tariff increase**, resulting from regulated tariff mechanisms providing inflation protection

#### **Increased value of perpetual portfolio**

▪ New assets increased EBITDA by +6% and enhanced hard currency mix and EBITDA backlog

### **Strong liquidity and financial strength**

- **Ample group liquidity** of €7.4bn, comprising €3.6bn of available cash and €3.8bn of committed and undrawn credit lines, that covers debt maturities until 2026
- **Net debt red ced by € bn** from €25.9bn in December 2023 to €24.7bn
- Early repayment of €1.5bn at Holding with existing cash, reducing interest rate exposure and improving the debt profile. Additional repayments of €0.5bn of short-term debt with available cash during H2 2024.
- High proportion of fixed rate/hedged debt (83%)
- BBB– stable outlook by S&P and BBB stable outlook by Fitch.

(\*) Abertis Holding: Abertis Infraestructuras + Abertis HoldCo + Abertis Finance BV. / *(1) Net Profit pre-PPA (100%) is affected by a c.€11m accounting adjustments related to the capital increase. This adjustment is netted out at HoldCo level. / (2) Excludes Abertis HoldCo debt. / (3) ADT variation has been calculated including ADT 2023 for Autovia del Camino, SH-288 and Puerto Rico Toll Roads (PRTR ) for comparable purposes. / (4) Average tariff calculated without Argentina*

### **Infrastructure – Abertis**

### Key figures by country

|                 |             | EUROPE     |            |             |        | OVERSEAS |        |        |             | HOLDING         | TOTAL       |
|-----------------|-------------|------------|------------|-------------|--------|----------|--------|--------|-------------|-----------------|-------------|
|                 |             |            |            |             |        |          |        |        |             |                 |             |
| € Mn            | France<br>0 | Spain<br>0 | Italy<br>0 | (2)<br>USA  | Mexico | Chile    | Brazil | Arg.   | (3)<br>Int. | (4)<br>A.Infra. | Total Group |
| Km              | 1,769       | 631        | 236        | 309         | 1,011  | 412      | 3,193  | 175    | 152         | -               | 7,886       |
| Concessions     | 2           | 7          | 1          | 5           | 5      | 4        | 7      | 2      | 2           | -               | 35          |
| (1)<br>Traffic  | -1.8%       | +3.0%      | -0.2%      | -1.1% +2.3% | +2.6%  | -2.3%    | +3.7%  | -3.6%  | +2.4%       | n.a.            | +0.8%       |
| Revenues        | 988         | 302        | 228        | 308         | 388    | 263      | 427    | 70     | 47          | 0               | 3,021       |
| (1)<br>% Change | +2.2%       | +15.3%     | +2.0%      | +90.0%      | +11.1% | -8.1%    | +25.4% | +3.1%  | -20.3%      | n.a.            | +11.2%      |
| EBITDA          | 708         | 237        | 127        | 222         | 328    | 220      | 296    | 13     | 16          | -6              | 2,161       |
| (1)<br>% Change | +1.0%       | +16.8%     | +4.5%      | +93.9%      | +12.0% | -7.2%    | +34.3% | +46.1% | -17.5%      | n.a.            | +12.9%      |
| % Contribution  | +32.8%      | +11.0%     | +5.9%      | +10.3%      | +15.2% | +10.2%   | +13.7% | +0.6%  | +0.8%       | -0.3%           | +100.0%     |
| EBIT            | 205         | 74         | 40         | 113         | 229    | 74       | 256    | 11     | 2           | -8              | 995         |
| (5)<br>Capex    | 47          | 4          | 29         | 6           | 32     | 8        | 204    | 2      | 2           | 2               | 336         |
| Net Debt        | 4,476       | 380        | -30        | 3,208       | 2,040  | 567      | 1,952  | -13    | -45         | 12,140          | 24,677      |
| Cash            | 830         | 104        | 130        | 289         | 551    | 201      | 465    | 13     | 50          | 996             | 3,631       |
| Cost of Debt    | 1.8%        | 4.7%       | 4.0%       | 5.5%        | 10.2%  | 8.0%     | 11.3%  | n.a.   | 9.4%        | 2.7%            | 4.4%        |

*Note: Figures reported according to the Abertis management accounts as of 30 June of 2024, considering accounting perimeter, therefore excluding Abertis HoldCo. Average FX rate on 30 June of 2024: €/BRL 5.49 €/CLP: 1016.20; €/ARS 974.44; €/USD 1.08; €/MXN 18.50; €/INR 89.99.*

*(1) % change H1 2024 vs H1 2023. ADT variation has been calculated including ADT 2023 for Autovía del Camino, SH-288 and Puerto Rico Toll Roads (PRTR) for comparable purposes. / (2) Includes Virginia, Texas and Puerto Rico. / (3) India and Emovis. (4) Excludes Abertis HoldCo. / (5) Executed capex without M&A / (6) Average cost of debt of the H1 24 period post hedge.*

![](_page_18_Picture_7.jpeg)

H1 2024 | Results Presentation

H1 2024 | Results Presentation

# Conclusions

**Conclusions**

![](_page_20_Picture_1.jpeg)

#### Outstanding cash conversion supported by strong WC management **+6.3% REVENUES € mn** *(up 11.4% yoy)* **ORDINARY NET PROFIT +€ mn** Strategy of derisking and diversification delivering results **+€ mn H1 yoy NOCF** *(FX adjusted)* **LTM WC variation** Solid operating performance across all segments **EBITDA +12.0%** *(FX adjusted)* **c.50% New gen. infra awards +12.8% Lower risk Backlog Order Backlog growth >85%** Corporate transactions to support strategic plan *Thiess 10% stake Dragados N.A. / Flatiron integration Dornan Engineering* **€ bn LTM NOCF** *PYBAR MinSol Prudentia*

H1 2024 | Results Presentation

H1 2024 | Results Presentation

# Appendix

### **Strategic guidelines by segment**

![](_page_22_Picture_2.jpeg)

Strong cash generation to drive balance between yield and growth

| Integrated Solutions                                                                                                                                                                  |                                                                                                                                                                                                  | Infrastructure                                                                                                                                                                              | E&C                                                                                                                                                                              |                                                                                                                                                                                                                                                       |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                       |                                                                                                                                                                                                  |                                                                                                                                                                                             | Greenfield                                                                                                                                                                       | E&C                                                                                                                                                                                                                                                   |
| •<br>US leadership with<br>high<br>capillarity<br>•<br>Growing in high<br>value-added<br>services<br>& next gen markets<br>•<br>Expanding in Europe<br>•<br>Strong<br>cash conversion | •<br>Leading Australasian<br>player<br>•<br>Strong growth<br>fundamentals<br>•<br>Integrated across project<br>lifecycle<br>•<br>Unique position in next gen<br>markets and natural<br>resources | •<br>Perpetual value creation<br>model<br>•<br>Strong cashflow generation<br>driving deleverage<br>•<br>Sustainable €<br>mn annual<br>dividend<br>•<br>Best-in-class<br>asset<br>management | •<br>Investment track record<br>(~2.2x exit value/equity)<br>•<br>Diversified<br>asset portfolio<br>•<br>Equity investor in<br>next<br>gen<br>markets and core<br>infrastructure | •<br>Ongoing de-risking<br>•<br>Greater integration with<br>ACS Group<br>•<br>High technical expertise<br>•<br>Cross-selling opportunities<br>in high-growth markets<br>•<br>Cashflow stabilization<br>with<br>more steady working capital<br>profile |

Generated cash supports equity financing of our investment growth vectors and core assets, increasing long-term value

![](_page_23_Picture_1.jpeg)

## **CIMIC – 10% stake acquisition of Thiess**

The 10% stake acquisition will allow CIMIC to strengthen its governance over the day-to-day operations of the company. The group will fully consolidate Thiess starting in Q2 2024

| (AUD<br>million)<br>Thiess                              | 2022           | 2023           | yoy          |
|---------------------------------------------------------|----------------|----------------|--------------|
| Sales                                                   | 3<br>950<br>,  | 903<br>5<br>,  | 49<br>4%     |
| EBITDA                                                  | 1<br>151<br>,  | 1<br>471<br>,  | 27<br>8%     |
| %<br>margin                                             | 29<br>1<br>%   | 24<br>9<br>%   | (422)<br>bps |
| PBT                                                     | 386            | 428            | 10<br>9%     |
| %<br>margin                                             | 9<br>8<br>%    | 3<br>%<br>7    | (252)<br>bps |
| NPAT                                                    | 278            | 313            | 12<br>6%     |
| Contribution<br>profit<br>CIMIC<br>to<br>(50%<br>stake) | 93             | 110            | 18<br>3%     |
| Order<br>backlog                                        | 14<br>330<br>, | 14<br>684<br>, | 2<br>5%      |

- On 24 April, CIMIC announced the **acquisition of an additional 10% equity interest in Thiess**, for a purchase price of AUD 320 million, increasing IMI 's **ownership of Thiess to 60%**
- CIMIC and Elliott will continue to have equal board representation while **CIMIC will strengthen its governance over the day-to-day operations of the company**
- The group will **fully consolidate Thiess** starting in Q2 2024 and with it its **c € bn ann al ITD** into the group's accounts. The acquisition will be positive for IMI 's credit ratings
- Following this transaction, the **Elliott put option** for the remaining 40% is exercisable between April 2025 and December 2026
- With more than **15,000 employees**, Thiess operates in **Australia, Asia and the Americas** across more than 60 projects
- Strategy to **diversify by commodity** (critical minerals) and expand **services capabilities**

## **Infrastructure – Greenfield equity investments**

Strong international and well-diversified portfolio of assets with a current book value of €1.9bn

![](_page_24_Picture_3.jpeg)

![](_page_24_Picture_4.jpeg)

H1 2024 | Results Presentation

![](_page_25_Picture_1.jpeg)

# Legal Disclaimer

This document contains forward-looking statements on the intentions, expectations or forecasts of Grupo ACS or its management at the time the document was drawn up and in reference to various matters including, among others, its customer base, its performance, the foreseeable growth of its Activities and its overall turnover, its market share, the results of Grupo ACS and other matters relating to the Group's activities and current position. These forward-looking statements or forecasts can in some cases be identified by terms such as "expectation", "anticipation", "proposal", "belief" or similar, or their corresponding negatives, or by the very nature of predictions regarding strategies, plans or intentions.

Such forward-looking statements or forecasts in no way constitute, by their very nature, guarantees of future performance but are conditional on the risks, uncertainties and other pertinent factors that may result in the eventual consequences differing materially from those contained in said intentions, expectations or forecasts.

ACS, Actividades de CONSTRUCTION y SERVICES, S.A. does not undertake to publicly report on the outcome of any revision it makes of these statements to adapt them to circumstances or facts occurring subsequent to this presentation including, among others, changes in the business of the company, in its strategy for developing this business or any other possible unforeseen occurrence. The points contained in this disclaimer must be taken fully into account by all persons or entities obliged to take decisions or to draw up or to publish opinions on securities issued by Grupo ACS and, in particular, by the analysts and investors reading this document. All the aforesaid persons are invited to consult the public documentation and information that Grupo ACS reports to or files with the bodies responsible for supervising the main securities markets and, in particular, with the National Securities Market Commission (CNMV in its Spanish initials).

This document contains financial information drawn up in accordance with International Financial Reporting Standards (IFRS). The information has not been audited, with the consequence that it is not definitive information and is thus subject to possible changes in the future.

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H1 2024 | Results Presentation