Grupo ACS

Investor Presentation • Jul 28, 2021

1H 2021 Results Presentation July, 28th, 2021

May, 14th, 2021

6M21 Key figures

Figures in € million and % variation	6M21 reported	YoY Var.*
SALES	13,330	-3.5%	 Lower activity in North America affected by FX headwinds
BACKLOG	63,993	+1.6%	 Solid order intake in Q2  +3.3% FX adjusted
EBITDA	737	+14.6%	 Positive contribution from ABE based on traffic recovery  Operating margins
EBIT	482	+24.8%	improvement in HOCHTIEF Americas and Services
NET PROFIT	351	+4.8%	 Operating recovery trend despite negative non cash financial results
NET FINANCIAL DEBT	2,976	n.a.	 Q2 net debt reduction of € 715 mn backed by positive WC performance

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

Sales breakdown by key geographies

*Growth rates FX adjusted and excluding Industrial Services & Thiess

6M21 – Results Presentation

Operating performance by activity

• disrupting the region since Q2 2020
• » Abertis contribution to EBITDA increased by € 77mn YoY up to € 31 mn due to traffic recovery since mobility restrictions due to COVID- 19 were lifted.
• social services that ceased during lockdown
• » Margin recovery to regular levels pre COVID-19

EBITDA margin

Net Profit by activities

Figures in € Million	6M20	6M21	YoY Var.
+ HOT1 Construction (Dragados ex ABE)	151	158	+4.3%
Concessions	(16)	42	n.a
Industrial Services2	206	270	+31.0%
Services (Clece)	1	14	n.a.
HQ Overheads*	(6)	(132)
Attributable Net Profit	335	351	+4.8%
(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 (-94 in 2021)

Abertis 6M21 results

• Average daily traffic performance of 22.4% yoy. Traffic levels recovery thanks to the normalization of sanitary restrictions in all geographies
• Operating performance backed by recent acquisitions: RCO (Mexico) and ERC (USA)
• Dividend payment of € 601 m in April 2021
• Capital structure reinforced with hybrid bonds issues of € 1.25 bn in Nov 2020 and € 750 m in Jan 2021

Traffic evolution H1 21 vs H1 20

6M21 Highlights Abertis – Key figures

€ Million	6M20	6M21	Var.
Revenues	1,789	2,260	+26%
EBITDA	1,109	1,554	+40%
Net Profit pre PPA	134	262	+95%
Contribution to Grupo ACS Net Profit	(37)	25

6M21 – Results Presentation

Q2 recovery trend

(1) Net FFO = EBITDA - Financial Results - WC Variation - CAPEX & Operating Leases - Taxes - Other Operating income

LTM NET DEBT EVOLUTION

Figures in € Million

*Gross FFO = EBITDA - Financial Results - Taxes - Other Operating income

**F/X & Other Adjustments include the change in cash due to the reclassification of Industrial Services as Assets Held for Sale (859 €mn)

6M21 – Results Presentation

Positive Backlog trend

Conclusions

H1 2021 Resilient operating performance across regions

Significant improvement in Q2 Free Cash Flow from operations across activities

Solid backlog with strong order intake secured by attractive pipeline

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

6M21 – 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.