Full Year 2024 Financial Results

FY'24 Financial Results 1

This presentation has been prepared by ELLAKTOR S.A. (the "Company").

The information contained in this presentation has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of the Company, shareholders or any of their respective affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document.

Unless otherwise stated, all financials contained herein are stated in accordance with International Financial Reporting Standards ('IFRS').

This presentation does not constitute an offer or invitation to purchase or subscribe for any shares. Neither it nor any part of it shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever.

The information included in this presentation may be subject to updating, completion, revision and amendment and such information may change materially. No person is under any obligation to update or keep current the information contained in the presentation and any opinions expressed in relation thereof are subject to change without notice. This presentation is subject to any future announcement so material information made by the Company in accordance with the law.

This presentation does not constitute a recommendation regarding the securities of the Company.

This presentation also contains forward-looking statements, including comments concerning our objectives and strategies, and the results of our operations and our business, considering environmental and risk conditions.

However, by their nature, these forward-looking statements involve numerous assumptions, uncertainties and opportunities, both general and specific. The risk exists that these statements may not be fulfilled.

caution readers of this presentation not to place undue reliance on these forward-looking statements as several factors could cause future Group results to differ materially from these targets.

Forward-looking statements may be influenced in particular by factors such as the effects of competition in the areas in which we operate, and changes in economic, political, regulatory and technological conditions. We caution that the foregoing list is not exhaustive.

When relying on forward-looking statements to make decisions, investors should carefully consider the aforementioned factors as well as other uncertainties and events.

Group Business Update.

Balance Sheet Transformation

€293m Group liquidity (as of Dec 2024) and a solid capital structure, provide enhanced flexibility for strategic investments and/or shareholder rewards
€174m capital return (€0.5/share) implemented in July '24
€296m capital return (€0.85/share) implemented in March '25
Active management of liquidity generating substantial interest income

Business Outlook

Concessions

A €275m bond loan was issued and 100% subscribed for by Piraeus Bank to refinance existing debt and cover general corporate purposes, with €177m drawn down as of 28.01.2025

Real Estate

Following REDS' request, delisting of shares approved by HCMC, with effective date 21.6.2024
Recent expansion to the hospitality sector via (i) a 25-year lease of a 40-keys city hotel in Kifissias avenue and (ii) the acquisition of 10 hospitality yielding assets
Alimos Marina development proceeds as per plan

Transactions

Concessions

An additional 3.48% stake in Olympia Odos and its operator was acquired for €20.6m by exercising its preemptive rights, increasing participation to 20.48%
Non-binding offer received by Aktor in March '25 and exclusivity granted until 30.04.2025 for due diligence and finalization of the SPA

Real Estate

Signed an SPA in Apr '25 for the sale of Cambas and Gournes real estate assets for €85.6m, completion is expected by July 2025.
Alimos Marina stake transferred from AKTOR Concessions to REDS for €31m (consideration for equity & sub-debt)
Acquisition of Athens Properties BV for €80m, adding 10 prime, mixed-use buildings in Athens with an implied yield of 7.4%

RES

Remaining 25% of Anemos RES sold to MORE for €123.5m (equity) in January 2024

Environment

Completion of the sale of Helector to Motor Oil on Jan '25 following the SPA signed on 3.7.2024 for an equity consideration of €113.8m

Contents.

Group Financial & Business Update 1.

FY'24 Financial Results 5

Financial Highlights for FY 2024.

1. Group Revenue at €354m (C.O. €254m), 56% lower compared to the same period last year.
2. Group EBITDA at €170m (C.O. €150m), 26% lower compared to 2023. Group EBITDA margin at 48% (C.O. EBITDA margin at 59%).
3. Group Pre-tax Profit at €87.8m (C.O. €68.1m) vs. €116.3m in 2023. Group Net Income at €57.4m (C.O. €44.0m) vs. €85.2m in 2023
4. Group Net Cash(1): €226m vs. Net Cash(1) equal to €308m at the end of 2023.
5. Equity attributable to shareholders at €757m (~50% of total assets), or €2.17 per share
6. Group Operating Cash Flow at €32.2m, compared to negative €44.0m during the same period last year

FY'24 Group Revenue & EBITDA.

(C.O. -€46m, -59%) 78 66 78 77 32 ²⁵ ²³ ²⁴ ²⁴ 28 40 144 ⁹⁰ ¹⁰³ ¹⁰¹ 60 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Revenue QoQ (€m) C.O. D.O Environment D.O. Construction

	€m	12M'23	12M'24	Δ%	Q4'23	Q4'24	Δ%
e	Concessions	283.0	249.2	(12%)	75.9	28.5	(62%)
u n ve Re	Real Estate	10.4	3.7	(64%)	2.8	3.2	17%
	Other	1.5	0.9	(41%)	0.4	0.2	(44%)
	Eliminations	(7.5)	(0.1)	98%	(0.7)	(0.0)	94%
	Continuing Operations	287.4	253.6	(12%)	78.3	31.9	(59%)
	Discontinued Operations *	521.1	100.2	(81%)	65.7	27.8	(58%)
	Total	808.5	353.8	(56%)	144.0	59.8	(58%)

€m	12M'23	12M'24	Δ%	Q4'23	Q4'24	Δ%
Concessions A	180.2	166.8	(7%)	43.4	8.2	(81%)
D Real Estate T BI	61.7	(1.4)	<(100%)	52.1	1.3	(97%)
E Other	(13.9)	(15.8)	(14%)	(3.6)	(3.7)	(5%)
Continuing Operations	228.0	149.6	(34%)	91.9	5.8	(94%)
Discontinued Operations *	0.5	20.4	>100%	3.3	3.5	4%
Total	228.5	170.0	(26%)	95.3	9.2	(90%)

EBITDA Margin % C.O.	79%	59%		117%	18%
EBITDA Margin %	28%	48%		66%	15%

Segments: Business Update.

CONCESSIONS

The €42.5m Thermaiki Odos claim was collected in Feb'24
Attiki Odos handed over to the Hellenic Republic (05.10.2024)
Aegean Motorway SA successfully refinanced its debt and paid out its shareholders. AKTOR Concessions SA received €55.8m
Provisionally awarded (partnership AKTOR Concessions (60%) – AVAX SA (40%)) the PPP project "Rehabilitation and Modernization of TOEB Tavropou Irrigation Networks"
Issuance of a Bond loan of €275m to refinance debt and support general corporate purposes, €177m drawn by Jan '25
Actively participating in the various stages of numerous PPPs and Concessions (buildings, dams, irrigation), targeting a total market of more than €6bn
Closely monitoring the secondary market for likely transactions meeting minimum profitability criteria

REAL ESTATE

Broadened its asset base through the strategic acquisition of 10 prime, mixed-use buildings in Athens
Recent expansion to the hospitality sector via a 25-year lease of a 40-keys city hotel in Kifissias avenue
Alimos Marina Following ministerial decisions, building permit applications were submitted (Oct 2024)
Enhanced liquidity and capital flexibility once the sales of Cambas & Gournes, are concluded
Following the sale of Smart Park, the Group retains 25 acres of adjacent land for potential unified development.

ENVIRONMENT (Discontinued Operations)

A €12.5m contract was signed in Germany relating to a project for the composting of pre-select organic waste
Signing of a €3.9m contract for the execution of the project "Construction of a Cell for the Sanitary Landfill of Saline Slag"
A €65.5m contract signed (50% JV share) with PPC S.A. for the turnkey construction of a high-efficiency CHP plant at Kardia Power Station

Key Financial Figures 2.

Consolidated P&L - IFRS 5.

		Continuing Operations			Discontinued Operations			Total
€m	12M'23	12M'24	Δ%	12M'23	12M'24	Δ%	12M'23	12M'24	Δ%
Net sales	287.4	253.6	(11.7%)	521.1	100.2	(80.8%)	808.5	353.8	(56.2%)
Cost of Sales*	(89.7)	(81.7)	8.9%	(516.2)	(66.7)	87.1%	(605.9)	(148.4)	75.5%
Gross profit	197.7	172.0	(13.0%)	4.9	33.4	>100%	202.6	205.4	1.4%
Selling & Admin. expenses*	(31.8)	(37.1)	(16.5%)	(29.2)	(10.9)	62.7%	(61.1)	(48.0)	21.4%
Other income & Other gain/(loss)*	51.6	8.3	(83.8%)	24.9	(2.1)	<(100%)	76.5	6.2	(91.9%)
Share of profit/(loss) from associates	10.6	6.4	(39.8%)	(0.1)	(0.0)	82.4%	10.5	6.3	(39.6%)
EBITDA	228.0	149.6	(34.4%)	0.5	20.4	>100%	228.5	170.0	(25.6%)
EBITDA Margin (%)	79%	59%		0%	20%		28%	48%
Depreciation/Amortization	(71.2)	(59.8)	16.0%	(4.5)	(2.0)	54.9%	(75.8)	(61.9)	18.4%
Operating results	156.8	89.8	(42.8%)	(4.1)	18.4	>100%	152.8	108.1	(29.2%)
Income from dividends	1.0	2.6	>100%	-	-	-	1.0	2.6	>100%
Financial income & (expenses)	(27.2)	(24.2)	10.9%	(10.4)	1.3	>100%	(37.5)	(22.9)	39.0%
Profit/(Loss) before tax	130.7	68.1	(47.9%)	(14.4)	19.7	>100%	116.3	87.8	(24.5%)
Income tax	(23.3)	(24.1)	(3.7%)	(7.8)	(6.2)	20.3%	(31.1)	(30.4)	2.4%
Net profit/(loss)	107.4	44.0	(59.1%)	(22.2)	13.4	>100%	85.2	57.4	(32.6%)

*Excluding Depreciation and Amortization

Consolidated Balance Sheet (IFRS 5).

€m	Dec.'23	Dec.'24	Δ%	€m	Dec.'23	Dec.'24	Δ%
PPE, Intangible assets & Investment Property	448.7	453.0	1%	Equity excl. non-controlling interests	896.6	757.3	(16%)
Investment in subsidiaries, associates and joint ventures	84.0	195.2	132%	Non-controlling interests	78.1	19.5	(75%)
Financial assets at amortized cost and at FV through OCI	111.9	24.0	(79%)	Equity	974.7	776.8	(20%)
State financial contribution	216.1	174.5	(19%)	Total borrowings*	601.4	426.8	(29%)
Receivables*	404.8	159.6	(61%)	Lease liabilities*	63.0	70.8	12%
Other non-current assets	48.6	26.8	(45%)	Trade and other payables	107.8	49.1	(54%)
Other current assets	5.6	3.3	(42%)	Current income tax liabilities	23.7	0.8	(96%)
Time deposits over 3 months	190.0	71.4	(62%)	Dividends payable	0.0	0.0	0%
Cash (incl. restricted cash)	352.8	208.8	(41%)	Other current provisions	86.2	22.8	(74%)
Assets classified as held for sale	122.3	186.7	53%	Derivative financial instruments	52.2	52.5	0%
Total Assets	1,984.7	1,503.2	(24%)	Other non-current liabilities	75.9	47.7	(37%)

Key Developments / Significant Variations

❖ Increase in Investments in associates due to stake increase in Olympia Odos group (from 17% to 20.4%) and reclassification from FVOCI.

€m	Dec.'23	Dec.'24	Δ%	€m	Dec.'23	Dec.'24	Δ%
PPE, Intangible assets & Investment Property	448.7	453.0	1%	Equity excl. non-controlling interests	896.6	757.3	(16%)
Investment in subsidiaries, associates and joint ventures	84.0	195.2	132%	Non-controlling interests	78.1	19.5	(75%)
Financial assets at amortized cost and at FV through OCI	111.9	24.0	(79%)	Equity	974.7	776.8	(20%)
	216.1	174.5	(19%)	Total borrowings*	601.4	426.8	(29%)
	404.8	159.6	(61%)	Lease liabilities*	63.0	70.8	12%
	48.6	26.8	(45%)	Trade and other payables	107.8	49.1	(54%)
	5.6	3.3	(42%)	Current income tax liabilities	23.7	0.8	(96%)
Time deposits over 3 months	190.0	71.4	(62%)	Dividends payable	0.0	0.0	0%
	352.8	208.8	(41%)	Other current provisions	86.2	22.8	(74%)
Assets classified as held for sale	122.3	186.7	53%	Derivative financial instruments	52.2	52.5	0%
	1,984.7	1,503.2	(24%)	Other non-current liabilities	75.9	47.7	(37%)
				Liabilities classified as held for sale	0.0	56.0	nc
				Total liabilities	1,010.1	726.5	(28%)
			Total Equity and Liabilities	1,984.7	1,503.2	(24%)

❖ Decrease in Receivables caused by reclassification of Environment segment (€68.6m) under Assets classified as held for sale, and loan repayments from AKTOR (€72.5m), Thermaiki Odos (€21.3m), and Aegean Motorway (€57.4m).
❖ Equity decrease (€198m) mainly due to capital return (€174.1m) and dividend distribution by Attiki Odos to minority shareholders (€32.5m).
❖ Debt reduction (€174.6m) driven by AKTOR Concessions' loan repayment to Eurobank.
❖ Trade payables decrease driven by reclassification of Environment segment liabilities (€25.0m) under held-for-sale and expiry of Attiki Odos concession (€21.2m interoperability, €7.3m accrued expenses).
❖ Decrease in other current provisions due to completion of heavy maintenance by Attiki Odos.

Group(1) Net Debt Breakdown.

▪ (1) For comparability purposes Debt and Cash items have been adjusted as of 31.12.23 to reflect Environment (D.O.)

▪ Lease liabilities (IFRS 16) excluded throughout.

Consolidated Cash Flow (IFRS 5).

€m	12M '23	12M '24	Δ%
Cash and equivalents at start of period	413.5	302.9	(27%)
CFs from Operating Activities (C.O.)	64.4	20.2	(69%)
CFs from Operating Activities (D.O.)	(108.4)	12.0	111%
Total CFs from Operating Activities	(44.0)	32.2	>100%
CFs from Investment Activities (C.O.)	26.7	231.0	>100%
CFs from Investment Activities (D.O.)	(42.3)	7.5	>100%
Total CFs from Investment Activities	(15.5)	238.5	>100%
CFs from Financing Activities (C.O.)	(63.6)	(358.4)	<(100%)
CFs from Financing Activities (D.O.)	14.4	(7.4)	<(100%)
Total CFs from Financing Activities	(49.2)	(365.8)	<(100%)
Net increase / (decr.) in cash & equivalents	(108.7)	(95.2)	12%
Exchange differences in cash & eq./Cash of D.O.	(1.9)	(34.8)	n.a.
Cash and equivalents at end of period	302.9	172.9	(43%)
-of which D.O.	-	(0.0)	-

D.O. historically comparable

▪ CF from Investment Activities

Inflow of €123.5m from the sale of 25% participation in ANEMOS RES.
Inflow of €118.5m from maturity of time deposits >3 months
Inflow of loan repayments: €21.3m from Thermaiki Odos and €55.8m from AMSA to AKTOR Concessions; €64.5m from AKTOR SA to ELLAKTOR & subs (€8m from AKTOR to Helector shown in D.O.)
Outflow of €65.2m for the acquisition of additional shares of REDS SA
Outflow of €79.8m for the acquisition of Athens Properties BV

▪ CF from Financing Activities

Outflow concerning loan repayments to banks of €170.4m (mainly AKTOR Concessions: €147.7m and Moreas: €21.3m).
Outflow for Dividends & Capital Return to shareholders amounting €202.9m
Inflow from decrease in restricted cash €11m.

Financial Performance by Segment 3.

▪ Revenue of €249m (vs €283m in 2023) and EBITDA of €167m (vs €180m in 2023) on the back of Attiki Odos being handed over to the Hellenic Republic in Oct. '24

▪ Revenue fell to €3.7m (vs €10.4m in 2023), while losses of €1.4m (vs a profit of €61.7m) were recorded at the EBITDA level, attributed to the divestment of Smart Park at the end of 2023

Revenue QoQ (€m)

Environment (D.O.).

Turnover for FY'24 slightly higher by 0.1% to €100.2m, as a blended result of:
- Lower input volumes and gate fees in the Larnaca project
- A reduced pace of execution of construction contracts
- Higher DAM energy prices
- Higher recyclable selling prices
FY'24 EBITDA surged 44% to €20.4m, mainly due to cost optimizations, termination of a loss-making contract in Germany
Construction backlog as of 31.12.24: €90.7m
O&M backlog as of 31.12.24: €65.4m

ESG KPIs.

(1) Excluding biogenic emissions from biogas utilization units which is disclosed separately according to GHG protocol

(2) For third party due to RES electricity production and fed to the grid

2024 ESG Achievements.

Achieved an ESG Transparency Score of 98% from the Athens Stock Exchange (ATHEX)

19% reduction of GHGs emission of Scope 1&2 compared to 2023

Included for the first time in the national list of "The 50 Most Sustainable Companies in Greece" by the QualityNet Foundation

Launched the "SDGs Coffee Breaks" initiative to raise employee awareness on the 17 SDGs

Received a "B" rating from CDP for climate data disclosure

1,466 students from 40 primary and secondary schools received environmental education with the Group's support

Honored at the Bravo Sustainability Dialogue & Awards, under the "Market" pillar

Introduced a new platform to evaluate business partners based on ESG criteria

FY'24 Financial Results 21

For the assessment of alignment of D.O. there were insufficient data and assumptions have been made during the evaluation of the technical and the DNSH criteria.

FY'24 Financial Results 24

P&L by Segment FY24.

12M'24 in €m	Concessions	Real Estate	Other	Elimin.	Continuing Operations	Discontinued Operations**	Total
Net sales	249.2	3.7	0.9	(0.1)	253.6	100.2	353.8
Cost of Sales*	(79.6)	(1.7)	(0.4)	0.1	(81.7)	(66.7)	(148.4)
Gross profit	169.6	2.0	0.4	(0.1)	172.0	33.4	205.4
Selling & Administrative expenses*	(17.0)	(3.7)	(16.8)	0.4	(37.1)	(10.9)	(48.0)
Other income & Other gain/(losses)*	9.1	0.3	(0.7)	(0.4)	8.3	(2.1)	6.2
Share of profit/(loss) from associates	5.1	-	1.3	-	6.4	(0.0)	6.3
EBITDA	166.8	(1.4)	(15.8)	0.0	149.6	20.4	170.0
Depreciation/Amortization	(58.0)	(0.6)	(1.2)	-	(59.8)	(2.0)	(61.9)
Operating results	108.8	(2.0)	(17.1)	0.0	89.8	18.4	108.1
Income from dividends	2.6	-	-	-	2.6	-	2.6
Financial income & (expenses)	(25.6)	(0.6)	1.9	(0.0)	(24.2)	1.3	(22.9)
Profit/(Loss) before income tax	85.8	(2.6)	(15.1)	0.0	68.1	19.7	87.8
Income tax	(22.1)	(0.2)	(1.9)	-	(24.1)	(6.2)	(30.4)
Net profit/(loss)	63.7	(2.8)	(17.0)	0.0	44.0	13.4	57.4

*Excluding Depreciation and Amortization

** Environment

P&L by Segment FY23.

12M'23 in €m	Concessions	Real Estate	Other	Elimin.	Continuing Operations	Discontinued Operations**	Total
Net sales	283.0	10.4	1.5	(7.5)	287.4	521.1	808.5
Cost of Sales*	(95.1)	(0.4)	(0.8)	6.5	(89.7)	(516.2)	(605.9)
Gross profit	187.9	10.0	0.7	(1.0)	197.7	4.9	202.6
Selling & Administrative expenses*	(17.1)	(4.1)	(11.8)	1.1	(31.8)	(29.2)	(61.1)
Other income & Other gain/(losses)*	(0.4)	55.8	(3.6)	(0.2)	51.6	24.9	76.5
Share of profit/(loss) from associates	9.7	-	0.9	-	10.6	(0.1)	10.5
EBITDA	180.2	61.7	(13.9)	(0.0)	228.0	0.5	228.5
Depreciation/Amortization	(68.4)	(1.5)	(1.3)	-	(71.2)	(4.5)	(75.8)
Operating results	111.8	60.2	(15.2)	(0.0)	156.8	(4.1)	152.8
Income from dividends	0.9	0.1	-	-	1.0	-	1.0
Financial income & (expenses)	(22.9)	(5.4)	1.1	-	(27.2)	(10.4)	(37.5)
Profit/(Loss) before income tax	89.8	54.9	(14.1)	(0.0)	130.7	(14.4)	116.3
Income tax	(21.2)	(1.4)	(0.6)	-	(23.3)	(7.8)	(31.1)
Net profit/(loss)	68.6	53.5	(14.7)	(0.0)	107.4	(22.2)	85.2

*Excluding Depreciation and Amortization

** Construction & Environment

Net Debt by Segment.

31.12.2024 in € m	Concessions (excl. Moreas)	Real Estate	Other	Group (excl. Moreas)	Moreas (non recourse)	Group	Environment Held for Sale	Total Group
Short-term Debt	0.0	2.5	(0.0)	2.5	25.7	28.3	6.7	34.9
Long-term Debt	31.1	23.5	0.0	54.6	344.0	398.6	7.8	406.4
Total Debt	31.2	26.0	(0.0)	57.1	369.7	426.9	14.5	441.4
Cash	116.6	39.4	5.5	161.5	11.4	172.9	34.8	207.7
Time deposits over 3 months	71.4	-	-	71.4	-	71.4	-	71.4
Restricted Cash	-	14.9	0.1	15.0	20.9	35.9	2.3	38.2
Financial Assets at amortized cost	7.8	-	5.2	12.9	-	12.9	-	12.9
Total Cash + Liquid Assets	195.8	54.3	10.8	260.9	32.3	293.2	37.1	330.3
Net Debt/ (Cash)	(164.6)	(28.3)	(10.8)	(203.8)	337.5	133.7	(22.6)	111.1
Intra-segment debt	(182.0)	65.0	32.5	(84.5)	84.5	-	-	-

31.12.2023 in € m	Concessions (excl. Moreas)	Real Estate	Other	Group (excl. Moreas)	Moreas (non recourse)	Group	Environment Held for Sale	Total Group
Short-term Debt	22.8	2.5	0.6	25.9	21.0	46.9	6.0	52.8
Long-term Debt	168.9	0.0	0.0	168.9	367.7	536.6	11.9	548.5
Total Debt	191.7	2.5	0.6	194.8	388.6	583.4	17.9	601.4
Cash	121.1	61.5	84.9	267.5	14.4	281.8	21.0	302.9
Time deposits over 3 months	166.3	-	23.7	190.0	-	190.0	-	190.0
Restricted Cash	8.8	21.2	0.1	30.2	17.3	47.5	2.4	49.9
Financial Assets at amortized cost	9.6	-	-	9.6	-	9.6	-	9.6
Total Cash + Liquid Assets	305.7	82.7	108.7	497.1	31.7	528.9	23.4	552.3
Net Debt/ (Cash)	(114.0)	(80.2)	(108.1)	(302.3)	356.9	54.6	(5.5)	49.1
Intra-segment debt	(176.8)		97.5	(79.3)	79.3	-		-

Stock Performance & Shareholders.

▪ Performance since Jan. 3rd, 2022 until Apr. 11th, 2025

Glossary / Alternative Performance Measures.

Dimos Revelas

Group CFO [email protected]

Andreas Papanagiotopoulos Group Treasurer & Finance Manager/IRO [email protected]

[email protected]

ELLAKTOR HEADQUARTERS

25, Ermou St., GR 145 64 Nea Kifissia Athens - Lamia National Road, Olympic Village Interchange Greece

FY'24 Financial Results 30

TEL: +30 210 8185000 | FAX: +30 210 8185001 e-mail: [email protected] Site: www.ellaktor.com

AI assistant

Ellaktor S.A. Earnings Release 2024

2744_rns_2025-04-25_57bd54bb-91cc-42b3-b76f-510dbf87afcd.pdf

Full Year 2024 Financial Results