Mota-Engil — Earnings Release 2025

Aug 27, 2025

27 AUGUST 2025

EARNINGS RELEASE

FIRST HALF 2025

EARNINGS RELEASE 1H25

TABLE OF CONTENTS

Page 17

04 Final Remarks and 2025 Guidance Page ³⁰

05 Q&A Page ³²

1. Latin America E&C 5. Mota-Engil Capital, Mext and Energy

EARNINGS RELEASE 1H25

KEY HIGHLIGHTS

€1,695mn (ND/EBITDALTM 1.68x)

€2,968mn (GD/EBITDALTM 2.95x) NET DEBT CAPEX GROSS DEBT³ CFO

€194mn (-37% YoY)

¹Additional €1.36 bn awarded after June 2025. ²After non-controlling interests.

3 Includes leasing, factoring and confirming.

Main events since December 2024

€490 mn: Oil&Gas maintenance services for Petrobras in Brazil

€614 mn: Industrial Engineering with Lydian Armenia CJSC (United Gold) in Armenia

€800 mn (Mota-Engil's stake): first stretch of the high-speed train (formally signed in July and financial close reached)

€108 mn: building construction project in Lisbon (August)

€292 mn: Queretaro-Irapuato railway project in Mexico (August)

€162 mn: additional awards under Work Stream II of the Bugesera International Airport in Rwanda (August)

Largest awards Chosen by clients, securing the future

€95 mn: issuance of the 2025-2030 Sustainability linked bonds, with demand 1.9x the initial amount of €50 mn (May)

€170 mn: sustainability-linked loan, supported by an African Development Bank (AfDB) partial credit guarantee of €120 mn (July)

€75 mn: private placement bond issue with the Industrial and Commercial Bank of China (July)

€120 mn: loan with the Bank of China (July)

US\$100 mn: increase of the credit facility with Standard Bank, from US\$300 mn to US\$400 mn (August)

US\$200 mn: financing agreement signed between the International Finance Corporation (World Bank) and Mota-Engil SGPS (August)

Financing Strengthened by leading financial partners

	Corporate
	Recognised by the market and strategically positioned to grow
	Completed the strategic acquisition of the remaining 50% stake in ECB, in Brazil, now fully owned by the Group (May)
	Approval of a dividend per share of €0.1497 (payment in June)
	ENR250, 2025 Top construction ranking: #2 in Latin America (2024: #2) #6 in Africa (#1 non-Chinese company in Africa) (2024: #8) #11 in Europe (2024: #14) #76 Worldwide (2024: #79) 5

First annual report (FY2024) compliant with the Corporate Sustainability Reporting Directive (CSRD)

First Rainforest Alliance certification in Mamaland, RaRe: Rainforest Recovered project

Best place to work in the Infrastructures & Construction segment by "Merco Talento Universitário 2024" ranking

Sustainability Committed to lasting sustainable impact

Solid execution on Building '26 and preparing the Upcoming Cycle

KEY HIGHLIGHTS

Laying the Foundations for the new Strategic Plan 2026-2030 to be announced in the 1Q26

EARNINGS RELEASE 1H25

RESULTS OVERVIEW

Record first half net profit of €59 mn (+20% YoY)

• Turnover reached €2,745 mn, up 0.5% YoY, driven by strong performance in Africa, particularly in E&C and especially in Industrial Engineering, as well as consistent growth in the Environment segment, whilst Latin America reflected a transition period following two consecutive years of significant growth, largely driven by the Tren Maya project in Mexico

• EBITDA amounted to €⁴⁴⁸ mn, with the margin expanding to 16%, reflecting improved profitability, which increased by 13% YoY, driven by robust performance across all business segments

• Net financial results and others reflect the impact of significant capex made in recent years, as well as the interest rate mix of local currency debt in Africa and Latin America, while a more visible improvement is expected from 2026 onwards, driven by the favorable trend in global interest

• Associates reflect the expected performance during the initial stage of the recently operations of the Lobito Corridor in Angola and the new

-

• rate curves
• Mexican concessions
• 2.2%

• Non-controlling interests are primarily related to the key operations in Mexico, Nigeria and Angola

• Group Net profit reached €⁵⁹ mn, up 20% YoY - ^a record level for ^a first half - resulting in a continuous improvement in net margin, which reached

P&L (€ mn)	1H25	1H24	YoY
Turnover	2 745 ,	2 732 ,	5% 0
EBITDA	448	396	13%
Margin	16%	15%	2 p p
EBIT	297	237	26%
Margin	11%	9%	2 p p
financial Net results and others	(114)	(73)	(57%)
financial Net interests and others	(117)	(95)	(23%)
Capital gains	3	22	(87%)
Associates	(5)	3	n m
EBT	179	167	7%
Net profit	121	118	2%
Attributable to:
Non -controlling interests	61	69	(11%)
Group profit Net	59	49	20%
Margin	2% 2	8% 1	0 4 p p

16% EBITDA margin highlights a sustained commitment to profitability

• In the E&C segment, Africa continued the growth trend observed in 1Q25, standing out as the region with the strongest growth and profitability, driven by both the E&C and Industrial Engineering segments, and consistently delivering as expected following the recent contract awards

• In Latin America, after more than two years of strong double-digit turnover growth, activity adjusted as expected following the completion of the Tren Maya project in Mexico, while profitability remained resilient

• In Europe, performance was impacted by tender and award delays following unexpected elections in Portugal, with some projects only recently unblocked, and public investment is expected to gain momentum from 2026. Turnover declined YoY due to the sale of the Polish operations (€79 mn in 1H24), while the EBITDA margin improved to 8%

• The E&C EBITDA margin of 16% reflects the successful execution of ^a disciplined commercial strategy, rigorous project selection, and ongoing operational optimisation, with profitability and cash generation consistently remaining the main focus

• The Environment segment recorded ^a significant turnover growth (+15% YoY) and a strong EBITDA increase (+20% YoY), contributing to consistent profitability and a sustainable long-term cash flow generation profile

• The OPEX50 efficiency program has positively contributed to strengthening the Group's overall culture of efficiency and its ongoing drive for improved profitability, delivering both immediate and long-term enhancements in business performance ⁹

P&L (€ mn) breakdown	1H25	%T	1H24	%T	YoY
(T) Turnover	2 745 ,		2 732 ,		5% 0
Engineering&Construction	2 380 ,		2 439 ,		(2%)
Europe	242		297		(18%)
Africa	1 047 ,		659		59%
E&C	690		468		48%
Industrial Engineering	357		191		87%
Latin America	1 091 ,		1 487 ,		(27%)
E&C	997		1 204 ,		(17%)
Energy and Concessions	94		282		(67%)
Other and intercompany	(0)		(4)		n.m.
Environment	304		264		15%
Capital and MEXT	61		63		(3%)
Other and intercompany	-		(34)		n.m.
EBITDA	448	16%	396	15%	13%
Engineering&Construction	379	16%	335	14%	13%
Europe	19	8%	22	7%	(13%)
Africa	255	24%	145	22%	77%
E&C	153	22%	92	20%	67%
Industrial Engineering	102	29%	53	28%	93%
Latin America	105	10%	168	11%	(37%)
E&C	102	10%	139	12%	(26%)
Concessions Energy and	3	3%	29	10%	(90%)
Environment	65	22%	54	21%	20%
Capital and MEXT	4	6%	4	7%	(14%)
Other and intercompany	-		3		n.m.

• Backlog reached €14.7 bn, following an order intake of €1.7 bn in 1H25
• The core markets accounted for c.68% of the E&C backlog, with Angola, Mexico, and Nigeria representing 21%, 16%, and 12%, respectively
• The Industrial Engineering activity represents 26% of the backlog, ensuring growth and ^a regional leading position in the segment, with solid and predictable margins both currently and in the future, as projects have an average execution period of five years, typically followed by contract extensions

• Backlog does not include recently awarded projects with ^a total amount of c. €1.36 bn:

• (i) In Portugal: the first stretch of the high-speed train Porto-Oiã (€800 mn) and a building construction project in Lisbon (€108 mn);
• (ii) In Mexico: the Queretaro railway project (c. €292 mn);
• (iii) In Rwanda: additional awards under Work Stream II of the Bugesera International Airport (c. €162 mn)

¹Does not include EGF's Waste Treatment business which still has a nine-year contract duration (LTM turnover: €356 mn). 2 Industrial Engineering.

€14.7 bn backlog¹ secures 2.7 years of E&C turnover visibility

¹Selection of projects above €200 mn plus 12 projects above €100 mn.

Major E&C and Industrial Engineering projects currently in backlog 1

Project	Range (€ mn)	Country	Segment	Contract start year	Exp. year of completion	Customer
Fertilizer industrial plant	> 1,000	Mexico	Buildings	2024	2028	PEMEX
/ Kano - Maradi Kano Dutse	[500,1,000[	Nigeria	Infrastructures Railway	2021	2026	of Federal Ministry Transportation
Maintenance Contract - Lobito Corridor	[500,1,000[	Angola	Railway Infrastructures	2022	2054	Lobito Atlantic Railway - LAR
Cacuso Zenza do Itombe- railway	[500,1,000[	Angola	Infrastructures Railway	2023	2029	of Ministry Transportation
Kano-Maradi-Dutse project - Rolling stock	[500,1,000[	Nigeria	Infrastructures Railway	2023	2026	of Federal Ministry Transportation
Amulsar Gold Mine	[500,1,000[	Armenia	Industrial Engineering	2025	2031	Lydian Armenia CJSC
Infrastructures of the Corimba waterfront	[500,1,000[	Angola	Road Infrastructure	2024	2029	Ministry of Public Works, Urbanism and Housing
Kurmuk Mine	[300,500[	Ethiopia	Industrial Engineering	2024	2029	Gold Corporation Allied
Gamsberg Mine	[300,500[	South Africa	Industrial Engineering	2021	2030	Vedanta Zinc International
Moatize Mine	[300,500[	Mozambique	Industrial Engineering	2024	2027	Vulcan
Gold Boto Mine	[300,500[	Senegal	Industrial Engineering	2023	2029	Group Managem
HLO - Oriental Lisbon Hospital	[300,500[	Portugal	Civil Construction	2024	2027	HLO - Sociedade Gestora do Edifício S .A. ,
Lafigué Mine	[300,500[	Ivory Coast	Industrial Engineering	2022	2028	Endeavour Mining PLC
Monterrey Subway L4, y 6 5	[300,500[	Mexico	Railway Infrastructures	2022	2027	Gobierno del Estado de Nuevo Leon
Sadiola Mine	[300,500[	Mali	Industrial Engineering	2024	2028	Allied Gold Corporation
TRI-K Gold Project	[200,300[	Guinea	Industrial Engineering	2024	2026	Managem Group
Consorcio Metro 80 Medellin	[200,300[	Colombia	Railway Infrastructures	2022	2027	EMP - Empresa Metro de Medellin
Cabinda-Miconje rehabilitation	[200,300[	Angola	Infrastructure Road	2023	2027	of Ministry Public Works, Urbanism and Housing
Maintenance and securiy services in Espírito Santo Basin	[200,300[	Brazil	Oil&Gas services	2025	2029	Petrobras
Autopista Tultepec - Pirámides	[200,300[	Mexico	Road Infrastructure	2020	2028	Concesionaria Tultepec-AIFA-Pirámides
Engineering, preparation, removal and disposal of platforms	[200,300[	Brazil	Oil&Gas services	2025	2030	Petrobras
Banana Port	[200,300[	of Democratic Republic Congo	Port Infrastructures	2025	2027	DP World
Extension of the red line Lisbon subway	[200,300[	Portugal	Railway Infrastructures	2023	2027	Metropolitano de Lisboa EP
of infrastructures of Rehabilitation the general the Nova Vida urbanization	[200,300[	Angola	Civil Construction	2024	2028	of Ministry Public Works, Urbanism and Housing

• Capex amounted to €¹⁹⁴ mn, ^a reduction of €¹¹⁵ mn (-37% YoY), representing 7% of Turnover, fully aligned with FY25 guidance and reflecting ^a disciplined investment approach
• 80% of capex was allocated to E&C growth and long-term contracts, primarily for new Industrial Engineering projects in Africa signed in 2H24, supporting the Group's strategy to focus on high-return and long-duration opportunities
• Maintenance capex in E&C accounted for less than 1% of turnover, benefiting from the successful optimisation of equipment management and procurement, which continues to enhance operational efficiency
• In the Environment unit, €⁹ mn was invested, with 89% directed to the regulated Waste Treatment business in Portugal (EGF), ^a stable assetbased investment model ensuring predictable returns and long-term value

Optimising investment: Prioritised for high-return projects with sharply reduction vs 1H24

1 Includes Industrial Engineering contracts in Africa and the Energy business in Latin America.

Strengthening the balance sheet with debt control, a strategic priority

• Working capital performance partially offset typical seasonal patterns, supported by significant collections in Nigeria and Angola, resulting in a Working capital & long-term balances to Turnover (LTM) ratio of 7% - effective cash conversion and strong commercial discipline
• The Equity-to-Assets ratio stood at 10%, following dividend distributions by the Group and its subsidiaries, typically concentrated in the first half of the year - generate consistent and distributable profits
• Strong commitment to capital structure reinforcement, supported by robust business-generated profitability and ongoing asset management optimisation initiatives - long-term financial resilience and sustainability

Total equity and Equity-to-Assets ratio

¹LFC - Leasing, factoring and confirming. 13

0%

2%

⁴⁵⁰ 531 746 ^{849 776} 8% 8% 10% 11% 10% Dec.21 Dec.22 Dec.23 Dec.24 Jun.25

4%

6%

8%

10%

12%

Balance sheet (€ mn)		Jun.25 Dec.24	Y D
Fixed assets	2,041	2,126	(86)
Financial investments	866	799	67
Provisions	(176)	(188)	11
Working capital & long-term balances	392	520	(128)
	3,123	3,258	(136)
Equity	/ 16	849	(12)
Net debt + LFC"	2,346	2,410	(64)
	3,123	3,258	(136)

0

100

200

300

400

500

600

700

800

900

Total equity Equity-to-Assets ratio

Debt reduction (-€64 mn) driven by solid cash-flow generation (€536 mn CFO) and selective investment criteria (capex -37% YoY)

²Price at 31/12/2024 €2.914.

¹Net debt considers Mozambique's sovereign bonds as "cash and cash equivalents," which amounted to €18 mn in June 2025 (nominal value €25 mn) and €21 mn in December 2024 (nominal value €25 mn). 2 Includes leasing, factoring and confirming.

Consistent delivery on debt ratios with €37 mn Net Debt reduction YTD

Net Debt¹ and Net Debt/EBITDA Gross Debt

² and Gross Debt/EBITDA

• Net Debt decreased by €³⁷ mn compared to December ²⁰²⁴
• Continuing compliance with debt ratios, with Net Debt/EBITDALTM reducing to 1.68x and Gross Debt/EBITDALTM falling to 2.95x, both remaining below the targets set in the Building '26 strategic plan

• Leasing, factoring, and confirming operations decreased to €⁶⁵¹ mn (€⁶⁷⁸ mn as of December 2024)

-

0.50x

1.00x

1.50x

2.00x

2.50x

3.00x

3.50x

4.00x

0

• Liquidity position exceeds the total amount of non-revolving financing instalments due over the next three years, with all short-term obligations fully secured
• Average Gross Debt¹ maturity increased to 2.8 years (2.5 years in Jun.24 and 2.7 years in Dec.24), driven by strategic refinancing operations with longer maturities, in line with the Group's objective to extend the average debt maturity profile
• Average cost of Gross Debt at 7.6%, down 0.1 p.p. compared to FY24, primarily influenced by the mix of interest rates on local currency financing operations
• Successful €⁹⁵ mn issuance of Sustainability-Linked Bonds 2025-2030 in May, with demand reaching 1.9x the initial €⁵⁰ mn offering
• Strengthening financing operations with Multilaterals, Development Finance Institutions (DFIs), and Chinese banks, with new loans signed after June (IFC, AfDB, Bank of China, and ICBC), contributing to the diversification of funding sources while securing longer maturities and more competitive pricing

Solid liquidity position securing full responsibility coverage

¹Excluding leasing, factoring and confirming.

BUSINESS UNITS

EARNINGS RELEASE 1H25

EARNINGS RELEASE 1H25

ENGINEERING AND CONSTRUCTION

EARNINGS RELEASE 1H25

• E&C Europe turnover decreased by 18% YoY to €²⁴² mn, primarily due to the sale of the Polish E&C operations in September 2024 (which had contributed €79 mn in 1H24), while in contrast, the Portuguese operations grew by 11% YoY, although some award and site handover delays, triggered by the unexpected

• EBITDA totalled €¹⁹ mn, down €³ mn YoY, but with the EBITDA margin increasing to 8% and the result was impacted by the Polish operations, which had contributed €4 mn in 1H24, but profitability in Portugal

• Backlog reached €⁸⁹⁴ mn, with ongoing works mainly in transport and healthcare infrastructure, including the

• The contract for the first stretch (Porto–Oiã) of the high-speed train project was signed, and the financial close was reached in July, for €800 mn (not included in the 1H25 backlog) with execution to begin

• elections in Portugal, have impacted the initial estimates for FY25
• remained resilient, reaching 8.4%
• new Lisbon Hospital and metro projects in the Lisbon area
• in 2026 and continue throughout 2030
• included in the backlog as of June 2025
• projects that will drive a more dynamic growth path in Portugal in the near future

• Recent award signed after June include ^a building construction project for ^a private client (€¹⁰⁸ mn) not

• Strategic public infrastructure projects in the pipeline, including the announced investments in ports, two Tagus River connections, and a new hospital in the Algarve, along with other significant private sector 20

Large-scale projects pipeline drives growth opportunities

EUROPE

Turnover	EBITDA	EBITDA margin
€242 mn	€19 mn	8%

(-18% YoY) (-13% YoY)

( +1 p.p. YoY)

EARNINGS RELEASE 1H25

ANGOLA ·MOZAMBIQUE ·MALAWI SOUTHAFRICA ·ZIMBABWE ·UGANDA · RWANDA ·GUINEA -CONAKRY · CAMEROON · IVORY COAST · KENYA ·NIGERIA ·SENEGAL · ETHIOPIA· DEMOCRATIC REPUBLIC OF CONGO · ARMENIA

16 COUNTRIES

Africa E&C

HIGHLIGHTS 1H25

EARNINGS RELEASE 1H25

• Significant turnover growth of 59% YoY to €1,047 mn, mainly driven by the Kano-Maradi railway in Nigeria,

• Core markets (Angola, Mozambique and Nigeria) account for 47% of turnover and 53% of regional EBITDA

• Remarkable EBITDA reaching €²⁵⁵ mn, up 77% YoY, with ^a margin of 24%, driven by improved profitability

- major infrastructure projects in Angola and a 87% increase in Industrial Engineering

• in both E&C and Industrial Engineering
• generation in the coming years
• four-year suspension due to security concerns
• -
  -

• Backlog hit ^a record of €9.4 bn, with €3.8 bn tied to long-term Industrial Engineering contracts, positioning Mota-Engil as a clear leader in this segment across the continent, being this strength, combined with the large-scale infrastructure projects, a solid foundation for continued strong profitability and robust cash

• Mozambique is expected to become ^a key value growth driver in the near future with the resumption of LNG projects, as recently confirmed by Total Energies' CEO and the Government of Mozambique, following a

• Key milestones in the recognition of Mota-Engil Africa's credibility by leading international institutions: • The €120 mn partial credit guarantee provided by the African Development Bank - supporting a minimum €170 mn sustainability-linked loan and marking the AfDB's first non-sovereign agreement of this kind • The US\$200 mn financing agreement signed between the International Finance Corporation and Mota-Engil SGPS, with proceeds primarily allocated to projects in Africa These landmark transactions strengthen Mota-Engil's relationships with leading Multilaterals and DFIs, positioning the Group as a key platform for attracting capital into the continent

Robust performance and key partnerships fuelling Africa expansion

AFRICA

Turnover EBITDA

€1,047 mn €255 mn

(+59% YoY) (+77% YoY)

EBITDA margin

24%

(+ 2 p.p. YoY)

• Industrial Engineering activity reached ^a turnover of €³⁵⁷ mn, up 87% YoY, and an EBITDA of €¹⁰² mn, up 93% YoY, with ^a margin of 29%, ^a strong performance that results primarily from the strategic decision to undertake significant investments in new contracts secured in recent years, most of which are now in full execution phase
• Ten projects currently in execution, each with an average tenor of five years, excluding contractual extensions that typically follow the initial contract
• ^A backlog of €3.8 bn sustains recurrent activity and visibility for upcoming cycles, reinforced by the recently added contract signed in Armenia with Lydian Armenia (85% owned by United Gold), amounting to €614 mn
• Several projects in the pipeline, always following ^a careful selection of clients, will strengthen Mota-Engil's positioning as the largest player in Africa and one of the top players worldwide
• Recurring contract renewals or extensions, leveraged by ^a reliable long-term track record based on competitiveness and strong performance delivered to clients, operational excellence, and strategic relationships with tier-1 clients
• An industrial activity that brings cash flow predictability throughout the contract life, with significant potential for efficiency improvements during the execution period and contract extensions

Industrial Engineering - Long-term model fuelling profitable growth

Mine	Commodity	Country	Backlog Jun-25	Client category	Customer
Amulsar	Gold	Armenia	614 000 ,	Private	Lydian Armenia CJSC
Gamsberg	Zinc	South Africa	514,029	Private	Black Mountain Mining
Kurmuk	Gold	Ethiopia	495 097 ,	Private	Allied Gold
Moatize	Coal	Mozambique	406 ,405	Private	Vulcan
Boto	Gold	Senegal	391 ,456	Private	Managem Group
Lafigué	Gold	Ivory Coast	332 291 ,	Private	Endeavour Mining
Sadiola	Gold	Mali	303 225 ,	Private	Allied Gold
Tri-K	Gold	Guinea	290 807 ,	Private	Group Managem
Agbaou	Gold	Coast Ivory	193 957 ,	Private	Allied Gold
Seguela	Gold	Ivory Coast	140 692 ,	Private	Gold Rox
Bonikro	Gold	Ivory Coast	97 307 ,	Private	Allied Gold

EARNINGS RELEASE 1H25

MEXICO·PERU·BRAZIL ·COLOMBIA ·PANAMA

5 COUNTRIES 1,091M€ TURNOVER 3,968M€ BACKLOG

Latin

America E&C HIGHLIGHTS 1H25

EARNINGS RELEASE 1H25

• Turnover in Latin America reached €1,091 mn, down 27% YoY, in line with expectations and previous

• Backlog remains robust at €⁴ bn, with 59% in Mexico and 30% spread across Brazil and Colombia, ensuring visibility and diversification and not including the recently awarded Queretaro-Irapuato railway

• In May 2025, Mota-Engil completed the strategic acquisition of the remaining 50% stake in ECB Brazil, now fully owned by the Group, opening up further opportunities in the country in light of the massive Infrastructure Investment Plan currently underway and the substantial prospects are presented by the significant investment program being implemented by Petrobras, where Mota-Engil has positioned itself

• guidance, reflecting the planned conclusion of the Tren Maya project in México in 2024
• EBITDA stood at €¹⁰⁵ mn, with ^a solid margin of 10%
• project in Mexico worth c.€292 mn
• competitively and has recently secured key contracts
• region's most strategic and value-accretive opportunities

• The pipeline is highly promising, particularly under Plan Mexico ²⁰²⁵–2030, which includes ^a portfolio of over US\$277 bn in investments across 2,000 projects, covering highways, railways (5,645 km of passenger lines), industrial parks, and clean energy generation (21.9 GW of new capacity in six years)

• Asset Rotation Policy remains ^a key pillar of the financial strategy, allowing continued reinvestment in the

Strong backlog and strategic moves pave the way for future growth

Turnover EBITDA

€1,091 mn €105 mn

(-27% YoY) (-37% YoY)

EBITDA margin

10%

(-1 p.p. YoY)

25

EARNINGS RELEASE 1H25

Environment

EARNINGS RELEASE 1H25

Growing turnover and elevated profitability

¹ Excludes future revenues from concession contracts (Waste Treatment).

• Turnover increased by ^a solid 15% YoY to €³⁰⁴ mn, driven by strong growth in key activities. Waste Collection surged 23% YoY and International activities grew 16% YoY. The Waste Treatment and International segments now represent 54% and 27% of turnover, respectively, highlighting a balanced and

• EBITDA rose 20% YoY to €⁶⁵ mn, with the margin improving to 22%, supported by enhanced profitability

• diversified portfolio
• across core activities
• Portugal

• The backlog¹ stands at €³⁴¹ mn, exclusively linked to Waste Collection services, with 47% concentrated in

• The new regulatory period for the Waste Treatment activity (EGF), covering ²⁰²⁵ to ²⁰²⁷, anticipates growth in both turnover and profitability, as already partially evidenced in the first half of 2025

• Significant investments are planned in Portugal to achieve the ambitious European sustainability targets by 2035, presenting a crucial opportunity to advance cutting-edge technologies and innovative business models, reinforcing Mota-Engil's leadership in the sector and its commitment to a sustainable future

ENVIRONMENT

Turnover	EBITDA	EBITDA margin
€304 mn	€65 mn	22%
(+15% YoY)	(+20% YoY)	(+1 p.p. YoY)

EARNINGS RELEASE 1H25

Mota-Engil Capital, MEXT and Energy

Concession business with key milestones

• Turnover of €61 mn, impacted by the sale of the Polish operations (which contributed €11 million in 1H24),

• EBITDA of €4 mn, representing a profitability margin of 6%, broadly stable compared to 1H24

• Concessional key projects underway: (i) the New Lisbon Hospital currently in the initial construction phase, and (ii) the high-speed train project that is advancing with the first stretch formally signed and with

- reflecting a streamlined focus on high-profitability markets

• the financial close already reached
• Foreseeable project pipeline:
  • Tender for the second stretch of the high-speed train is scheduled for 2H25
  • two Tagus river connections
• Developments in other strategic segments:
  • Aurios, M-ODU, Co-living Beato and Central Freixo
  • several other identified projects slated for development starting in 2026

• Concessional program that includes logistics and ports (Portos 5+), healthcare infrastructures and

• Real Estate investments led by Emerge, targeting high-value residential and office projects such as

• Mota-Engil Energia driving innovation through waste-to-value initiatives, including five biomethane production projects financed by the European Union's Recovery and Resilience Facility, alongside

Turnover	EBITDA	EBITDA margin
€61 mn	€4 mn	6%
(-3% YoY)	(-14% YoY)	(-1 p.p. YoY)

EARNINGS RELEASE 1H25

FINAL REMARKS AND 2025 GUIDANCE

Final Remarks and 2025 Guidance

2025 Guidance

Final remarks

✓Long-term Industrial Engineering and Waste Treatment projects increasing their contribution to turnover (19% vs. 13%

• ✓Overall stable activity, with Africa delivering significant growth, confirming successful project execution
• in 1H24) and EBITDA (32% vs. 23% in 1H24), underpinning sustainable growth
• ✓Solid backlog, recently reinforced, securing a strong revenue outlook for 2026 and beyond
• ✓Resilient profitability, supported by higher project returns and ^a selective commercial policy
• ✓Positive cash conversion driven by reduced capex and improved working capital
• extended maturities and more competitive interest rates

✓Debt profile remains well-controlled, with Net Debt/EBITDALTM at 1.68x and Gross Debt/EBITDALTM at 2.95x, supported by

• ✓Stable turnover, still dependent on the impact of delayed ramp-up of key projects, especially in Portugal and Mexico ✓EBITDA margin around 16%, consolidating the positive trend in recent years and improvement of net margin ✓Disciplined investment maintained, with capex at approximately 7% of turnover ✓Focus on free cash-flow generation, with ^a firm commitment to maintain Net Debt/EBITDA ^< 2x and Gross Debt/EBITDA ^< 4x
• management

✓Steady progress towards the Equity-to-Assets target ^> 15%, driven by improved profitability and optimised asset

Glossary

• "Mota-Engil" means Mota-Engil, SGPS, SA, the Holding company with controlling interest in other companies, which are called subsidiaries;
• "Assets" corresponds to the following caption of the consolidated statement of financial position: "Total assets";
• "Associates" corresponds to the following caption of the consolidated income statement by natures: "Gains / (losses) in associates and joint ventures";
• "Backlog" means the amount of contracts awarded and signed to be executed;
• "CAPEX" means the algebraic sum of the increases and disposals of tangible assets, intangible assets and right of use assets occurred in the period, except the ones associated with the Mexican concessions;
• "Capital gains" corresponds to the following caption of the consolidated income statement by natures: "Gains / (losses) on the acquisition and disposal of subsidiaries, joint ventures and associated companies";
• "CFO" corresponds to the algebraic sum of the following captions: EBITDA, Changes in working capital and Income tax;
• "EBIT" corresponds to the algebraic sum of EBITDA with the following captions of the consolidated income statement by natures: "Amortizations and depreciations"; "Impairment losses" and "Provisions";
• "EBIT margin" or "(EBIT Mg)" means the ratio between EBIT and "Sales and services rendered";
• "EBITDA" corresponds to the algebraic sum of the following captions of the consolidated income statement by natures: "Sales and services rendered", "Cost of goods sold, materials consumed and changes in production", "Third-party supplies and services", "Wages and salaries" and "Other operating income / (expenses)";
• "EBITDA margin" or "(EBITDA Mg)" means the ratio between EBITDA and "Sales and services rendered";
• "EBT" corresponds to the following caption of the consolidated income statement by natures: "Income before taxes";
• "Equity" corresponds to the following caption of the consolidated statement of financial position: "Total shareholder's equity";
• "Equity ratio" means the ratio between "Equity" and "Assets";
• "Financial investments" corresponds to the algebraic sum of the following captions of the consolidated statement of financial position: "Financial investments in associated companies"; "Financial investments in joint ventures"; "Other financial investments recorded at fair value through other comprehensive income" and "Investment properties";
• "Fixed assets" corresponds to the algebraic sum of the following captions of the consolidated statement of financial position: "Goodwill"; "Intangible assets"; "Tangible assets" and "Right of use assets";
• "Gross Debt" or "GD" corresponds to the algebraic sum of net debt with the balances of the following captions of the consolidated statement of financial position: "Cash and cash equivalents without recourse – Demand deposits", "Cash and cash equivalents with recourse – Demand deposits", "Other financial applications"; "Other financial investments recorded at amortized cost"; "Lease liabilities" and "Other financial liabilities - factoring and payment management operations";
• "Group net income" or " Group net profit" corresponds to the caption of the consolidated income statement by natures of "Consolidated net profit of the period - Attributable to the Group";
• "Income tax" corresponds to the caption of the consolidated income statement by natures of "Income Tax";
• "Leasing, Factoring and Confirming" or "LFC" corresponds to the sum of the following captions of the consolidated statement of financial position: "Other financial liabilities - factoring and payment management operations" and "Lease liabilities";

• "LTM" corresponds to the figure of the last twelve months;

• "Minorities" or "Non-Controlling Interests" corresponds to the caption of the consolidated income statement by natures of "Consolidated net profit of the period - Attributable to non-controlling interests";

• "Net Debt" or "ND" corresponds to the algebraic sum of the following captions of the consolidated statement of financial position: "Cash and cash equivalents without recourse – Demand deposits", "Cash and cash equivalents with recourse – Demand deposits", "Other financial applications", "Other financial investments recorded at amortized cost", "Loans without recourse" and "Loans with recourse";
• "Net financial results and others" corresponds to the algebraic sum of the following captions of the consolidated income statement by natures: "Financial income and gains"; "Financial costs and losses"; and "Gains / (losses) on the acquisition and disposal of subsidiaries, joint ventures and associated companies";
• "Net margin" means the ratio between "Group net profit" and "Sales and services rendered";
• "Provisions" corresponds to the following caption of the consolidated statement of financial position: "Provisions";
• "Turnover" or "Revenue(s)" or "Sales" corresponds to the caption of the consolidated income statement by natures of "Sales and services rendered";
• "Working capital & long-term balances corresponds to the following captions of the consolidated statement of financial position: "Total Assets" - "Total Liabilities", excluding "Fixed assets", "Financial investments", "Provisions", "Net Debt" and "LFC".

This document has been prepared by Mota-Engil, SGPS, S.A. ("Mota-Engil" or the "Company") solely for use at the presentation to be made on this date and its purpose is merely of informative nature and, as such, it may be amended and supplemented and it should be read as a summary of the matters addressed or contained herein ("Information").

The Information is disclosed under the applicable rules and regulations for information purposes only and has not been verified by an external auditor or expert and is not guaranteed as to accuracy or completeness.

The Information may contain estimates or expectations of Mota-Engil and thus there can be no assurance that such estimates or expectations are, or will prove to be, accurate or that a third party using different methods to assemble, analyse or compute the relevant information would achieve the same results. Some contents of this document, including those in respect of possible or assumed future performance of Mota-Engil and its subsidiaries ("Group") constitute forward-looking statements that expresses management's best assessments, but might prove inaccurate. Statements that are preceded by, followed by or include words such as "anticipates", "believes", "estimates", "expects", "forecasts", "intends", "is confident", "plans", "predicts", "may", "might", "could", "would", "will" and the negatives of such terms or similar expressions are intended to identify these forward-looking statements and information. These statements are not, and shall not be understood as, statements of historical facts. All forwardlooking statements included herein are based on information available to the Group as of the date hereof. By nature, forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors, seeing as they relate to events and depend upon circumstances that are expected to occur in the future and that may be outside the Group's control. Such factors may mean that actual results, performance or developments may differ materially from those expressed or implied by such forward-looking statements, which the Group does not undertake to update. Accordingly, no representation, warranty or undertaking, express or implied, is made hereto and there can be no assurance that such forward-looking statements will prove to be correct and, as such, no undue reliance shall be placed on forward-looking statements.

All Information must be reported as of the document's date, as it is subject to many factors and uncertainties.

The Information may change without notice and the Group shall not be under any obligation to update said Information, nor shall it be under any obligation to make any prior announcement of any amendment or modification

thereof.

The Information is provided merely for informative purposes only and is not intended to constitute and should not be construed as professional investment advice. Furthermore, the Information does not constitute or form part of, and should not be construed as, an offer (public or private) to sell, issue, advertise or market, an invitation nor a recommendation to subscribe or purchase, a submission to investment gathering procedures, the solicitation of an offer (public or private) to subscribe or purchase securities issued by Mota-Engil. Any decision to subscribe, purchase, exchange or otherwise trade any securities in any offering launched by Mota-Engil should be made in accordance with the applicable rules and regulations.

This Information and any materials distributed in connection with this document are for information purposes only and are not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any place, state, country or jurisdiction where such distribution, publication, availability or use would be contrary to any law or regulation or which would require any registration or licensing. This Information does not constitute an offer to sell, or a solicitation of an offer to subscribe or purchase any securities in the United States or to any other country, including in the European Economic Area and does not constitute a prospectus or an advertisement within the meaning, and for the purposes of, the Portuguese Securities Code (Cόdigo dos Valores Mobiliários) and the Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 (Prospectus Regulation).

The financial information presented in this document is not audited.

Disclaimer

Pedro Arrais Head of Investor Relations pedro.arrais@mota-engil.pt

Maria Anunciação Borrega Investor Relations Officer maria.borrega@mota-engil.pt

investor.relations@mota-engil.pt

Rua de Mário Dionísio, 2 2796-957 Linda-A-Velha Portugal Tel. +351-21-415-8671

www.mota-engil.com

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