Martifer

Investor Presentation • Aug 21, 2023

DISCLOSURE

This document (20 pages) was prepared by Martifer SGPS, S.A. exclusively for the present disclosure. The referred financial information is unaudited information.

All communications, queries and requests for information relating to this document should be addressed to the representatives of Martifer SGPS, S.A..

13.4 M€

Positive EBITDA of 13.4 M€ (margin of 13.2% on Turnover)

43.9 M€

Positive Equity of 43.9 M€, with Equity attributable to the Group of 43.2 M€

92 M€

Gross Debt with a reduction of 5 M€ in relation to December 2022 to 92 M€. Net Debt was reduced in 7 M€ to 34 M€

105.4 M€

Operating Income reached 105.4 M€ of which 70.5 M€ in Metallic Constructions, 26.8 M€ in Naval Industry and 9.0 M€ in Renewables

35.4 M€

Gross Value Added amounted to around 35.4 M€, 35% of Turnover

9.1 M€

DESTAQUES

Net Profit attributable to the Group of 9.1 M€

431 M€

Order Book of 431 M€ in Metallic Constructions and in Naval Industry

69%

Turnover generated outside Portugal and exports amount to 69% of the total Turnover of the Group

RESULT ANALYSIS

M€	1H 2023 MARTIFER CONSOLIDATED
Operating Income	105.4
EBITDA	13.4
EBITDA Margin	13.2%
Amortisation and depreciation	-2.9
Provisions and impairment losses	0.1
EBIT	10.6
EBIT Margin	10.5%
Financial results	-1.7
Results in associate companies	0.8
Income tax	0.7
Net Income for the year	10.3
Attributable to the Group	9.1

(non audited)

EBITDA = Sales and services rendered + Other operating income - Cost of goods sold and materials consumed - Subcontracts - External services and supplies - Staff costs - Impairment losses on financial assets - Other operating costs EBITDA Margin = EBITDA/Turnover (101.1 M€)

EBIT = EBITDA - Amortisations and depreciations - Provisions - Impairment losses on non-financial assets EBIT Margin = EBIT/Turnover (101.1 M€)

OPERATING INCOME

In commercial and business management terms, the industrial maintenance and oil & gas segments are under the brand Martifer Renewables & Energy; however, in terms of economic and financial reporting, they are included in the Metallic Constructions area.

CAPEX AND FINANCIAL DEBT

Metallic Constructions

Naval Industry

Renewables & Energy - Wind and Solar

Total CAPEX of 2.7 M€, (excluding assets under right of use related to leases accounted under IFRS 16 - Leases), of which 1.5 M€ from Renewables, 1.0 M€ from Metallic Constructions and 0.2 M€ from Naval Industry.

CAPEX FINANCIAL DEBT (M€)

GROSS DEBT = Loans (+/-) Derivatives NET DEBT = Gross debt - Cash and cash equivalents

• Naval Industry

FINANCIAL DEBT | DEBT PHASING • Medium- and long-

EBITDA (M€)

ANNUAL CAPITAL REPAYMENTS (M€)

GROSS FINANCIAL DEBT | PROJECTION (M€)

GROSS DEBT/EBITDA AND NET DEBT/EBITDA

• term phasing of the financial Debt
• Average maturity of the Debt is 5.5 years
• Average Debt rate 6.23%
• Solid Liquidity Ratio
• Debt Service Coverage Ratio > 3x

Debt Service Coverage Ratio = EBITDA/Debt Service

∑(interest rate x capital debt) of each loan

total amount of loans Average rate=

BALANCE SHEET

(non audited)

ORDER BOOK

431 M€ METALLIC CONSTRUCTIONS AND NAVAL INDUSTRY

METALLIC CONSTRUCTIONS | OPERATIONAL ACTIVITY

HIGHLIGHTED PROJECTS:

PORTUGAL and visiting countries

• Several wind tower projects for wind parks in France, Spain, Italy, Germany, Iceland
• Multipurpose Oriente Office Building, Lisbon
• Office buildingAv. República 5-7, Lisbon

SPAIN

• Requalification of the commercial and office building Castellana 83-85, Madrid
• Coating of the roof and execution of the façade of the commercial areas and entrances of the Santiago Bernabéu Stadium, Madrid
• Renovation of the façades of the Bellas Artes Museum, with architecture by Norman Foster, Bilbao
• Renovation of Hotel Princesa window frames and composite exterior cladding

UNITED KINGDOM

• Railway bridges for the HS2 project, Birmingham
• Old Oak Common railway station for the HS2 project, London
• Manchester Airport Terminal 2 Extension (Pier 2), Manchester

FRANCE

• "Gare de Lyon" train station, Lyon
• "Gare de Noisy-Champs" train station, Paris
• Marseille Airport, Marseille

ANGOLA

• Supply of auxiliary structures for the Ocean Terminal of Barra do Dande
• Residential Condominiums "O nosso Zimbo phase 2", Angola

SAUDI ARABIA

• PARK & RIDE car parks to support the Riyadh Metro Stations, Riyadh

NAVAL INDUSTRY | OPERATIONAL ACTIVITY

NAVAL INDUSTRY 179 M€

The order book at the end of first half of 2023 amounted to 179 million Euros.

HIGHLIGHTED PROJECTS:

• Polar Expedition Vessels of the Explorer series
• River vessel Avalon Alegria

SHIP REPAIR IN 2022 132 vessels

In 2022, 132 ship repairs were carried out at the Group's two shipyards.

RENEWABLES & ENERGY | ENERGY AND O&M

LONG-TERM (ONGOING) CONTRACTS:

Galp Energia: General maintenance contract of Sines Refinery

Enerfuel:

General maintenance contract of Biodiesel Plant

Vulcan Minerals Inc. (Martifer-Visabeira): Locomotives traction engines general maintenance & repair

Vulcan Minerals Inc. (Martifer-Visabeira): Rolling stock wagons type HL6 general maintenance & repair

Siemens Energy:

Mechanical maintenance services of combined cycle power plants of gas turbines, steam turbines and generators

ONGOING CONTRACTS:

Galp Energia:

Full revamp of a diesel storage tank, located in Santa Maria Island, Azores, Portugal

TGE-Gas Engineering:

Mechanical erection of an ethane full containment type tank with 197,000 m3 capacity, located in Antwerp, Belgium

Boccard France:

Modularisation (engineering & design) and fabrication of Pipe Rack modules (PAR) for the pharmaceutical industry

RENEWABLES & ENERGY | HYDROGEN

GREEN.H2.ATLANTIC

Aimed at the production of green hydrogen in Sines through the conversion of the old coal fired plant into a green hydrogen production centre, with a 10% participation of Martifer Group.

The project was recognised by the Portuguese Trade & Investment Agency (AICEP) in September 2022 as a Potential National Interest project.

Green.H2.Atlantic plans to create:

1,147 direct jobs 2,744 indirect jobs

RENEWABLES & ENERGY | WIND AND SOLAR

PORTUGAL

PROJECTS IN CONSTRUCTION: 1 MWp (PV) 2.1 MW (Wind) PROJECTS UNDER DEVELOPMENT: 50 + 4.2 + 21 + 8.4 + 21 = 104.6 MW (Wind) 4 + 10 = 14 MWp (Solar)

POLAND

PROJECTS IN OPERATION: 4 x 1 MWp (PV) PROJECTS IN CONSTRUCTION: 2x1 MWp (PV) PROJECTS UNDER DEVELOPMENT: 50 MW (Wind) 148 MWp (PV)

ROMANIA

PROJECTS IN OPERATION: 42 MW (Wind) PROJECTS UNDER DEVELOPMENT: 17.7 MWp (PV)

ARGENTINA

PROJECTS UNDER DEVELOPMENT: 315 MWp (PV)

SUSTAINABLE VALUE CREATION

At Martifer Group, we know that only with everyone's commitment, will we be able to improve efficiency, strengthen resilience, performance and well-being in the long term. In 2023, our focus will again be on sustainable value creation.

2022 RESULTS

ENVIRONMENT

Working for an environmentally positive world and being resource efficient

Reduce energy consumption 16% less than in 2021 which equals 15% less CO2 emissions Reduce waste production: 35% less than in 2021 Over 90% of waste sent for recovery, for the 10th consecutive year

Renewable Energy: 62.35 MW of installed capacity | 43,439 t avoided CO2 emissions Production Unit for Self-consumption in Oliveira de Frades: 30% reduction of non-renewable energy consumption

SOCIAL

Creating fair and equal opportunities

Create equal opportunities considering diversity requirements, paying particular attention to gender Meritocracy and internal career development opportunities Investing in the development of our people: 8% more training hours compared to 2021 Promote work/life balance 6% less frequency of accidents at work compared to 2021

CARBON NEUTRALITY

Given the energy mix that the Group has, Martifer can today affirm that it is neutral in terms of emissions.

Living according to the values we have defined

GOVERNANCE

Stimulate the relationship and communication with the different stakeholders Adoption of the IPCG's (the Portuguese Institute of Corporate Governance) corporate governance best practices Diversity in the composition of the corporate bodies

SDG - The 2030 Agenda for Sustainable Development

During the 2023 financial year, Martifer Group will continue to intensify the achievement of its strategic axes, based on the pillars that have sustained the success of recent years, but with the renewed ambition of a sustained and sustainable growth and it will remain focused on the defined objectives and strategy:

• In Metallic Constructions, the focus remains on strengthening the Group's export profile, seeking opportunities in markets and clients that value quality and excellence, on organisation and valuing people, and on productivity;
• In Naval Industry, we expect to increase our ship repair capacity, positioning ourselves as one of the most important shipyards in Europe in this area, and to make ship repair and shipbuilding activities increasingly balanced in the relative weight of turnover;
• Reinforce the activity of Operation & Maintenance, particularly Industrial Maintenance;
• In Renewables & Energy, we want to grow gradually and consistently, increasing the relative weight of this business area in the Group, taking advantage of the opportunities associated with energy transition, decarbonisation of the economy and hydrogen (through the Green.H2.Atlantic consortium of which we are part);
• Make policies and procedures more dynamic through the ESG & Sustainability Committee, and above all allow the consolidation of sustainable value creation as the Group's main strategic goal.

REPRESENTATIVE FOR MARKET RELATIONS

Pedro Moreira

T. +351 232 767 700 F. +351 232 767 750

www.martifer.com