Grupo ACS

Earnings Release • Aug 14, 2020

COVID-19 impact on Grupo ACS

• CONSTRUCTION and INDUSTRIAL ACTIVITIES considered essential in most countries worldwide, thus showing resilience with lower impacts.
• ABERTIS: Significant reduction in contribution to the Group's Net Profit (-141 €mn YoY) due to confinement and mobility restriction measures applied. ABE revenue down by 31% YoY. Significant traffic recovery since restrictions have been lifted.
• FACILITY MANAGEMENT: Net Profit down by 18 €mn YoY after significant reduction in cleaning activities and maintenance of social infrastructures that were shut down (schools, leisure, non essential facilities and air transport)

1H20 Key figures

Figures in € million and % variation	1H20 reported	YoY Var.	YoY Var. EX ABERTIS
SALES	18,337	-2.6%	-2.6%
BACKLOG	75,812	-0.9%	-0.9%
EBITDA	1,345	-17.0%	-6.8%
EBIT	859	-21.8%	-6.7%
NET PROFIT	361	-30.9%	-5.1%
NET FINANCIAL DEBT	2,699	+1,974	n.a

Sales breakdown by activity

EBITDA breakdown by activity

Net Profit by activities

Figures in Euro Million
	1H19	1H20	Var.
Construction (Dragados + HOT ex ABE)	184	177	-3.7%
Concessions - Iridium	6	20	n.s.
Industrial Services	221	206	-7.0%
Services (Clece)	19	1	n.s.
HQ Overheads	(12)	(6)
Net Profit ex Abertis	419	398	-5.1%
Abertis contribution	104	(37)	n.a.
Attributable Net Profit	523	361	-30.9%

Abertis 1H20 results

Average traffic performance in 1H20 of -29% due to temporary lockdown measures. Improving traffic trends since end-April

• April 28th , 2020: Abertis paid half of the 875 €m dividend to its three shareholders. The AGM resolved the other half shall be paid in Q4 2020 subject to verification by the Abertis Board of Directors of COVID-19 impacts
• June 5 th , 2020: Abertis and GIC closed the acquisition of 72% of Red de Carreteras de Occidente (RCO) in Mexico
• Strong liquidity position after recent capital market transactions

1H20 Highlights Abertis – Key figures

Euro Million	1H19	1H20	Var.	LFL*
Revenues	2,592	1,789	-31%	-24%
EBITDA	1,784	1,109	-38%	-31%
Net Profit pre PPA	514	134	-74%	n.a

*comparable variations consider constant portfolio, FX rates and other non-comparable effects

Abertis contribution to Grupo ACS
Euro Million	1H19	1H20	Var.
EBITDA	130	(45)	-135.1%
PBT	130	(45)	-135.1%
Net Profit	104	(37)	-135.3%
Dividends	432	216	-50%

Free Cash Flow generation 1H20

Free Cash Flow factoring adjusted

Adjustment for ABE's dividend

Figures in Euro Million

Net Debt evolution 1H20

(2) Includes share acquisition of HOT (105 €mn) and CIM (190 €mn)

10

Positive Backlog trend

• » Robust backlog: highly diversified in terms of activities, geographies and risk
• » Positive outlook based on stimulus plan and green deal agreements as part of crisis response from Goverments
• » Project pipeline of 230 €bn in PPPs and 6 GW of renewable energy projects

Selected awards 2Q20

ASIA PACIFIC

Five-year contract extension by Jellinbah Group to continue to provide mining services at its Lake Vermont Coal Mine in Queensland (Australia)

NORTH AMERICA

Construction of a New Bed Tower and Clinical Services Podium adjacent to the existing Wexner Medical Center Hospital (Columbus, Ohio, United States)

NORTH AMERICA

Construction of a new facility to house all current USDOT and Volpe Center functions in a single building on the existing Cambridge campus. The new building is 13 stories tall and 400,000 sf (Cambridge, Massachusetts, United States)

NORTH AMERICA

CIVIL WORKS

BUILDING

Contract to widen and rehabilitate 53.6 lane miles of U.S. Highway 50 between Watt Avenue and Interstate 5 in Sacramento, California (United States)

351 €MN

1,539 €MN

400 €MN

376 €MN

ASIA PACIFIC

Contracts to provide maintenance for UGL´s clients in the oil and gas sector in Western Australia and Victoria (Australia)

277 €MN

EUROPE BUILDINGS

SERVICES

SERVICES FOR

CIVIL

CIVIL

SPECIALIZED FCILITIES

WORKS

WORKS

Renewal of the home help services contract for the Madrid City Council (Spain)

245 €MN

EUROPE

Design and construction of the project for a new section of the A15 motorway in Arnhem (Netherlands)

195 €MN

185 €MN

EUROPE

Contract to build the replacement of the A40 Rhine Bridge in Duisburg-Neuenkamp (Germany)

AMERICA, EUROPE & MIDDLE EAST

Several contracts in industrial maintenance and specialized facilities 152 €MN

Conclusions

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.