Grupo ACS

Investor Presentation • Nov 12, 2021

3Q 2021 Results Presentation November, 12th, 2021

May, 14th, 2021

9M21 Key figures

Figures in € million and % variation	9M21 reported	YoY Var.*
SALES	20,365	-2.8%
BACKLOG	66,380	+8.6%
EBITDA	1,165	+12.5%
EBIT	775	+12.1%
NET PROFIT	545	+24.7%
NET FINANCIAL DEBT	3,573	-734

□ Stable sales, FX adjusted.

• □ Book-to-bill over 1.1x with backlog at peak
• □ Strong order intake across activities and regions
• □ Raise in contribution from ABE supported by traffic recovery to pre-pandemic levels
• □ Positive performance of core activities showing resilient operating margins.
• □ Improved Financial position based on solid operating performance

* Pro-forma comparable with Industrial Services as discontinued operations and Thiess accounted for as Equity Method in both periods

Sales breakdown by key geographies

Operating performance by activity

9M21 – Results Presentation

Abertis 9M21 results

• Average daily traffic performance of 21.6% yoy. Traffic levels recovery at or above 2019 levels thanks to the normalization of sanitary restrictions in all geographies
• Operating performance backed by recent acquisitions: RCO (Mexico) and ERC (USA)
• Strong liquidity and significant debt reduction. Debt repaid with proceeds from hybrid bonds issuance. Fitch agency reaffirms BBB rating for ABE.
• Agreement with the Chilean Government to extend the Autopista Central concession in exchange for a new investment (>300 €mn) to improve mobility in Santiago
• Disposal of the stake of Alienor (35%) to Eiffage for 222 €mn (August 2021)

9M21 Highlights Abertis – Key figures

€ Million	9M20	9M21	Var.
Revenues	2,989	3,651	+22%
EBITDA	1,918	2,530	+32%
Net Profit pre PPA 318		516	+62%
Contribution to Grupo ACS Net Profit	(8)	87	N/A

⁹M21 – Results Presentation

Net Profit by activities

Figures in € Million	9M20	9M21	YoY Var.
+ HOT1 Construction (Dragados ex ABE)	205	209	+2.0%
Concessions	16	107	n.a
Industrial Services2	243	325	+33.7%
Services (Clece)	6	20	n.a.
HQ Overheads*	(32)	(115)
Attributable Net Profit	437	545	+24.7%
(1) Thiess contribution adjusted in 2020 to 50% stake

• (2) Accounted for as discontinued operations.
  • *It includes non cash negative impact from financial instruments value change (-73 in 2021)

9M Net Debt Evolution

(1) Adjusted for 859 €mn net cash of Industrial services perimeter of sale

(2) FFO = EBITDA - Financial Results - Taxes - Other Operating income – Net CAPEX – Op. Lease payment

(3) Includes currency effects, reduction of factoring balance and adjustments for debt related to Assets Held for Sale

9M21 – Results Presentation

Backlog recovery to Pre-pandemic levels

Backlog evolution Order intake trend

Comparable Figures: FX & Perimeter changes Adjusted

Figures in € Billion

Solid backlog at historical highs

5Years Backlog evolution*

• Solid backlog performance over the past 5 years (+36.0%)
• Infrastructure backlog recovery supported by outperformance in contracting activities and the award of large volume projects after the delays resulted from the pandemic in 2020
• Services backlog remained stable after the lifting of restrictions and the awarding of emergency contracts in 3Q20

TOTAL BACKLOG PER ACTIVITY

* Growth FX Adjusted excluding Industrial Services & 50% of Thiess

Figures in € Billion

Recent awards

CIVIL

SERVICES

BUILDING

PPP

	ASIA PACIFIC Construction and operations phase (to 2051) of three-lane twin tunnels of the North East Link Primary Package PPP in Melbourne (Australia)	2,539 €MN	S K L R VI O W CI	ASIA PACIFIC Upgrade the Warringah Highway awarded to a Joint Venture between CPB Contractors and Downer, for the Government of New South Wales (Australia)	499 €MN
S K R O W	ASIA PACIFIC Development of stage 1 of Sydney's M6 (Australia) motorway in New South Wales	1,234 €MN	S E C VI R E S	ASIA PACIFIC Contract for the operations of the Auckland passenger rail network in New Zealand	355 €MN
	ASIA PACIFIC CopperString 2.0 project, a high-voltage transmission network in Queensland extending from Townsville in the east to Mount Isa in the west (Australia)	1,092 €MN	S K L R VI O W CI	EUROPE Design and Construction of the new station to be established in Curzon Street to connect the new High Speed 2 line in Birmingham (United Kingdom)	313 €MN
	NORTH AMERICA Construction of the new Veterans Medical Administration Center in Kentucky (United States)	701 €MN	T N E M E Y G T A LI N CI A A M F	EUROPE Renewal and re-awarding of the cleaning service for the health departments of the Consellería de Sanidad de la Generalitat Valenciana (Spain)	63 €MN

Conclusions

Recovery trend confirmed in profitability, cash flow and backlog ON TRACK TO MEET 2021 TARGETS

9M21 – Results Presentation

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 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.