Grupo ACS

Investor Presentation • Nov 13, 2023

Q3 2023 Results Presentation

November 13th, 2023

Q3 23 Key figures

€mn €mn €mn

Net Profit by Activities

Figures in million euros	Q3 22	Q3 23	Var (%)
Construction	255	309	+21.5%
Concessions	145	173	+18.9%
Services	22	22	+4.6%
Profit from the Activities	421	505	+19.7%
Corporation & others (1)	59	71
Net Profit	480	576	+19.9%

(1) Includes the net profit of the Energy and Real Estate activities, as well as the results from financial derivatives linked to ACS shares

LTM Cash Flow evolution

(1) Includes the purchase of HOT for €331 million and MACA for €126 million, as well as the purchase of 78% of SH288 and the sale transaction of 57% as a promissory note. (2) Includes, among others, extraordinary payments (Ichthys, Seattle and radials), the divestment of Ventia, other investments and adjustments for changes in scope and FX

Performance by Activity

REVENUES

24,638 +7.4% €mn vs Q3 22

EBIT

vs Q3 22 €mn 685

+7.8%

BACKLOG

• Consolidated growth trend across markets
• Double digit growth in US and Australia FX adjusted
• Outperformance coming from high growth segments with work done increasing c. +20% YoY

▪ Overall margin stability. Improvement from highend projects contribution partially off-set by escalation costs*

• Albeit significant FX impact from EUR strength…
• Order intake boosted by high growth markets (+94.6% YoY), particularly coming from energy transition and sustainable mobility projects

Construction performance by region

NOTE: Does not include Dragados revenue and backlog in Latam, as well as the revenues recorded by HOT HQ

Strategic approach to scale up growth market opportunities …

* According to ENR (Engineering News Record) Ranking, as of 2022 (excluding China)

… reflected in the Group's infrastructure backlog …

(1)Biopharma, Healthcare and Education

… with important awards in both high growth and traditional markets

• o Manufacturing facility for electric vehicle batteries for Panasonic Energy in De Soto, Kansas, USA
• o Expansion of the Western Downs Battery project for Neoen, one of the world's leading producers of exclusively renewable energy in Brisbane, Australia
• o Several contracts in the energy and mineral processing sector including the construction of a lithium hydroxide plant and four other contracts providing various energy services in Western Australia
• o Contract to develop, invest in, and manage delivery and operations of the Hopeland Solar Farm in Queensland, Australia

Energy transition Digital infrastructure Biopharma & healthcare

• o Construction of ten large scale data center projects in several US states, USA
• o Construction of a campus eventually comprising four separate data centers with 60MW capacity in Warsaw, Poland

Transportation & sustainable mobility

• o Construction of Calgary's Green Line Light Rail Project in Calgary, Canada

• o Development of the first major tunnel package of the Suburban Rail Loop East project for the Victorian government, Australia

• o Construction of a new 5-story tower adjacent to the existing Westchester Medical Center (WMC) in New York, USA

• o Construction of the Orlando Health Wiregrass Ranch Hospital in Wesley Chapel, Florida, USA
• o Design and construction of the new Bundaberg Hospital in Queensland, Australia
• o Construction of laboratories for three public sector clients in Kassel, Germany
• o Construction of a biological containment level 4 laboratory in Madrid, Spain
• o Construction of the extension of 2 new wings of the Hospital Universitario de Santiago, Spain

Defense

• o New graving dry dock for the maintenance and repair of the Pacific Fleet's nuclear submarines on the island of Hawaii, USA
• o Construction of two buildings at Offutt Air Base outside Omaha, Nebraska (United States), USA
• o Contract to provide strategic advice, planning, supply management, operations, and maintenance for the Australian Defense Force's (ADF) fuel network, Australia

Other infrastructure

• o New Stadium of the Tennessee Titans in Nashville and for the Buffalo Bills of the NFL in Orchard Park, New York, USA
• o Widening of US 69 in Tyler County Line, Texas, USA
• o Modernization of the facilities at Boston Logan's international Terminal E, Massachusetts, USA

Performance by activity

146 +114.7% REVENUES

255 +54.9% €mn vs Q3 22 EBITDA

NET PROFIT

173 +18.9%

€mn vs Q3 22

▪ Full consolidation of the SH 288 concession in Texas

€mn vs Q3 22

▪ Abertis strong performance after tariff increase (+7%) and good traffic evolution (+3.2%)

Performance by activity

• Tariffs increase since January (+8%). Positive traffic performance (ADT +3%)

• In Spain and France (72% of total debt), the cost of debt remains stable

• SH 288 soft cap increasing by 15% in 2023

• Impact of financial expenses derived from SH 288 acquisition.

* from the partial sale of the Canadian concession Windsor Essex Parkway (17 €mn)

Strengthening Abertis' global leadership in transport infrastructure concessions

• Commitment to promote a Growth Investment Plan expanding the portfolio of assets under management while maintaining an optimal capital structure in line with the requirements of credit rating agencies
• New governance scheme: 12 board members in equal shares, Mundys appointing CEO and Secretary of the Board, Grupo ACS appointing Chairman and CFO.
• Equal number of shares with no modification in the consolidation method of Abertis (Grupo ACS continues accounting as equity method investment)

Recent acquisitions agreements in Abertis

• Acquisition of a 56.76% stake of the SH-288 in Houston to Iridium
• Agreed price of USD 1.53bn. Closing expected before year-end
• 17km of managed lanes capturing the majority of traffic of South of Houston.
• 45 year life left concession relying on dynamic tolling that can be adjusted to maintain traffic above the target speed
• Connecting the city of Houston with the Gulf of Mexico and all the industry located in the area along with direct access to the world's largest medical complex; Texas Medical Center.

Revenues 90 \$mn

EBITDA 66 \$mn Traffic H1 23 +9%

Puerto Rico

PR-52 │ PR-66 │ PR-20 │ PR-53

• Award of the concession right to operate 4 highways in Puerto Rico for a period of 40 years (expiry 2063)
• Agreed price of USD 2.85bn. Closing expected before year-end
• 192km of toll roads (>60% of the island's tolled traffic) strategically connected to the metropolitan area of San Juan. Alternative routes very limited
• Favorable tariff mechanism with increases exceeding inflation (US CPI + 1.5%, uncapped)
• Operating efficiencies between Abertis' existing Metropistas concessions and newly awarded, previously public toll roads

Key Metrics 2023 (pro-forma) Key Metrics 2023 (pro-forma)

Revenues 170 \$mn EBITDA 130 \$mn Traffic H1 23 +8%

Geographical, Financial and Operational synergies

ACS and Mundys to preserve capital structure and maintain credit rating

Largest greenfield developer worldwide with a strong pipeline of new projects

CURRENT CONCESSIONAL ASSET PORTFOLIO

Performance by activity

REVENUES

1,434 +5.6% €mn vs Q3 22

EBITDA

79 +9.2% €mn vs Q3 22

BACKLOG

▪ Operating margin stability ▪ Strong operating performance in Spain and abroad

▪ Seasonality effect as most contract renewals are signed in 4Q

▪ Order intake +5.4% YoY (vs 9M 22)

Strategic capital allocation to support diversification, simplification and growth

NET PROFIT FROM +19.7% +12.8% EBIT +7.6% REVENUES

YoY

ACTIVITIES

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 business lines and its overall turnover. its Sepket 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 Sepkets and. in particular. with the National Securities Sepket 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.