Grupo ACS

Earnings Release • May 13, 2021

1Q 2021 Results Presentation May, 13th, 2021

May, 14th, 2021

3M21 Key figures

Figures in € million and % variation	3M21 YoY Var. * reported		 FX headwinds from USD
SALES	6,389	-10.6%	depreciation (-9%)  Lower activity in North America due to COVID-19
BACKLOG	62,957	+3.1%	 Strong order intake in core regions
EBITDA	329	-4.3%	 Improved margins in operating activities (North America and Australia)
EBIT	205	-7.9%	 ABE traffic still affected by COVID-19 restrictions
NET PROFIT	195	+3.8%	 Operating resilience and improved financial results
NET FINANCIAL DEBT	3,691	+1,317	 Factoring reduction + cash reclassification of IS as AHS

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

3M21 – Results Presentation

Sales breakdown by key geographies

* Restated with 50% Thiess accounted for as Equity Method and excluding Industrial Services

Operating performance by activity

• » Impact on sales due to North American market with a particularly high Q1 20 which was still unaffected by COVID-19
• » Operating margin improvements in Australia and North America
• » Abertis contribution to EBITDA reduced by € 11 mn YoY down to negative € 8mn due to traffic decrease impacted by COVID- 19
• » Sales recovery due to retake of cleaning services of infrastructure that ceased during lockdown
• » Margin recovery to regular levels pre COVID-19

4

Net Profit by activities

Figures in € Million	3M20	3M21	YoY Var.
+ HOT1 Construction (Dragados ex ABE)	74	73	-1.3%
Concessions	10	(4)	n.a
Industrial Services2	120	110	-8.4%
Services (Clece)	(1)	7	n.a.
HQ Overheads	(15)	10
Attributable Net Profit	188	195	+3.8%
(1) Thiess contribution adjusted in 2020 to 50% stake

(2) Accounted for as discontinued operations.

Abertis 3M21 results

• Average daily traffic performance of -3.5% yoy. Traffic levels generally expected to improve when restrictions are relaxed over the next months
• Operating performance backed by recent acquisitions: RCO (Mexico) and ERC (USA)
• Dividend payment of € 601m in April 2021
• Capital structure reinforced with hybrid bonds issues of € 1.25bn in Nov 2020 and € 750m in Jan 2021

€ Million	3M20	3M21	Var.
Revenues	1,043	1,069	+2%
EBITDA	667	709	+6%
Net Profit pre PPA	119	84	-29%
Contribution to Grupo ACS Net Profit	2	(6)	n.a

Positive Backlog trend

Selected awards 1Q21

S E C VI R E S	ASIA PACIFIC CopperString 2.0 project, a high-voltage 1,092 transmission network in Queensland €MN extending from Townsville in the east to Mount Isa in the west (Australia)		S K L R VI O W CI	NORTH AMERICA Design and construction contract of an 11- mile corridor on I-10 highway (between Santan and South Mountain Freeway) in Arizona (United States)	152 €MN
S E C VI R E S	ASIA PACIFIC 10-year operation and maintenance contract for the infrastructure of the country's regional network awarded to UGL in New South Wales (Australia)	958 €MN	G N DI L UI B	EUROPE Amazon's logistics warehouse in the industrial area of Bobes in Asturias (Spain)	124 €MN
S K L R VI O W CI	NORTH AMERICA Contract for lane widening from the I-10/I-17 split to US 60, and from US 60 to south of Ray Road in Arizona (United States)	203 €MN	S K L R VI O W CI	NORTH AMERICA Contract for the widening of SR 417 from John Young Parkway to Landstar Boulevard from four (4) to six (6) general purpose lanes in Florida (United States)	96 €MN
S K L R VI O W CI	ASIA PACIFIC Bruce Highway Upgrade project in Queensland (Australia)	188 €MN	G N DI L UI B	NORTH AMERICA Construction of Pump Station in the Morena District of San Diego (United States)	91 €MN

3M21 NET DEBT EVOLUTION

Figures in € Million

Conclusions

Strategic focus towards more resilient and sustainable businesses in core markets with attractive investment opportunities

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.