Mota-Engil — Earnings Release 2025

Mar 3, 2026

MOTA-ENGIL

Driven by Purpose, Built with History

Earnings Release

Full Year 2025

03 MARCH 2025

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MOTA-ENGIL
EARNINGS RELEASE 2025

Table of Contents

| Page 3

01
Key Highlights | Page 9

02
Results Overview | Page 20

03
Business Units

3.1 Europe E&C

3.2 Africa E&C

3.3 Latin America E&C

3.4 Environment

3.5. Mota-Engil Capital and Mext | Page 33

04
Final Remarks and 2026 Guidance | Page 36

05
Q&A |
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MOTAENGIL

EARNINGS RELEASE 2025

01

Key Highlights

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EARNINGS RELEASE 2025

MOTAENGIL

BACKLOG

<16.2bn

(+4% YTD)

Dec. 24

Dec. 25

TURNOVER

<5.3bn

(-11% YoY)

FY24

FY25

EBITDA

<979mn

(+4% YoY; 18% margin)

FY24

FY25

NET PROFIT²

<133mn

(+9% YoY; 2.5% margin)

FY24

FY25

NET DEBT

<1,941mn

(ND/EBITDA 1.98x)

GROSS DEBT³

<3,421mn

(GD/EBITDA 3.50x)

CAPEX¹

<396mn

(-22% YoY)

CFO

<924mn

(+€199 mn YoY)

EQUITY

<983mn

(Equity/Assets 12%)

¹Restatement due to accounting policy change on Government grants (mainly related to EGF).

²After non-controlling interests.

³Includes leasing, factoring and confirming.

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EARNINGS RELEASE 2025

MOTA-ENGIL

Main events since June 2025

Main project awards

Increasing project size and reducing risk
€4.5 bn of new awards since July

€800 mn (Mota-Engil's stake): Portugal - first stretch of the high-speed train Porto-Oiã (formally signed in July and financial close reached) (July 2025)
€108 mn: Portugal - building construction project in Lisbon (August 2025)
€292 mn: Mexico - Queretaro-Irapuato railway project (first stretch) (August 2025)
€162 mn: Rwanda - additional awards under Work Stream II of the Bugesera International Airport (August 2025)
€735 mn: Brazil - Duque de Caxias refinery works (total of €700 mn; 33% stake in consortium) and contract extension of submarine warehouses works (€35 mn), both signed with Petrobras (October 2025)
€1,020 mn: Mexico - railway infrastructures awarded, including the second stretch of the Querétaro-Irapuato railway for €820 mn (October 2025)
€1,255 mn: Brazil - signing of the Santos-Guarujá tunnel concession (January 2026)
US$100 mn: Mamaland agreement with Trafigura, focused on long-term natural resource management and environmental sustainability initiatives, including the generation of carbon credits, structured under a 40-year framework (January 2026)

Financial credibility

Reinforcing financing sources and partnerships

€120 mn: sustainability-linked loan with Bank of China
€75 mn: private placement bond issuance with the Industrial and Commercial Bank of China (ICBC)
US$100 mn: increase of the credit facility limit with Standard Bank, from US$300 mn to US$400 mn
€170 mn: sustainability-linked loan, provided by Deutsche Bank, supported by a partial credit guarantee from the African Development Bank (AfDB)
US$214 mn: financing agreement signed between the International Finance Corporation (World Bank) and Mota-Engil SGPS
US$100 mn: expansion of the existing syndicated facility by US$100 mn to US$250 mn with the Trade and Development Bank Group (TDB Group)
US$29 mn: loan with Citi Bank

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MOTAENGIL

KEY HIGHLIGHTS

EARNINGS RELEASE 2025

Sustainability at the core of our operations – Reinforcing our ESG credentials

Improving the sustainability positioning

S&P Global
ESG score improved from 32 (2021) to 51 (2025)

BCDP
Discloser
2021

B-
2021

NA
2021

EthiFinance
60
2025

ESG score improved from 55 (2021) to 60 (2025)

Award for the "Most improved ESG Program" in Portugal within the AERI Iberian Equity Awards

Market recognition – Awarded "Most improved ESG Program" in Portugal

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MOTAENGIL

KEY HIGHLIGHTS

EARNINGS RELEASE 2025

Driving Industry Leadership and Employer Excellence

INDUSTRY LEADERSHIP

TOP 100 IN THE WORLD

52 Global Powers of Construction 2024

Deloitte.

TOP 15 IN EUROPE

11 in the region

TOP 10 IN AFRICA

6 in the region

TOP 3 IN LATIN AMERICA

2 in the region

THE TOP 250

2000-2025: 2000-2025: 2000-2025: 2000-2025: 2000-2025: 2000-2025: 2000**

• Deloitte Global Powers of Construction ranking:

52 (2023: #56) – “Global construction companies by sales”

• 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)

WORKPLACE EXCELLENCE

Great Place To Work.
Certified
AUG 2025-AUG 2026 PT™

Great Place To Work.
Certified
AUG 2025-AUG 2026 PERU™

Great Place To Work.
Certified
AUG 2025-AUG 2026 NIGERIA™

• Mota-Engil Certified as “Great Place To Work®” for the years 2025-2026
• 50,995 employees worldwide
• 1,664 expatriates, 3.3% of the total

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MOTAENGIL

KEY HIGHLIGHTS

EARNINGS RELEASE 2025

A Structurally Stronger, Value-Driven Platform for the Next Cycle

Strategic actions	Goals 2026	Consistent Performance Delivery			On target
Successful commercial strategy
Focus on core markets and large size contracts
Follow the client strategy	Turnover €6 bn	Turnover: +105%
CAGR 20%	2,592	5,301	☑
Operational excellence
Selective bidding approach
Cross-group efficiency program	16% EBITDA margin	EBITDA: CAGR 24%
EBITDA mg.: +257 bps	2021	2025	☑
			16%	18%	☑
Enhanced profitability
Exit of non-performing markets and businesses
Asset rotation in line with strategic guidelines	Net margin 3%	Net result: CAGR 54%
Net mg: +158 bps	2021	2025	☑
			1%	3%	☑
Robust financial structure
Cash flow management conversion
Maintaining a sustainable leverage	Net debt/EBITDA <2x
15% Solvency Ratio	Structurally improved
Net Debt/EBITDA: 2.7x → <2.0x
Equity: CAGR 22%
Solvency ratio: +400 bps	2021	2025	☑
			2021	2025	☑

Profitable growth, margin expansion and disciplined capital management : 20% Revenue CAGR, 24% EBITDA CAGR with +257 bps EBITDA margin expansion, 54% net result CAGR with +158 bps net margin improvement, leverage ratio improved (2.7x -<2.0x) and solvency ratio strengthened by 400 bps

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MOTA ENGIL

EADHIN DE RELEASE 2025

02

Results Overview

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MOTAENGIL

RESULTS OVERVIEW

EARNINGS RELEASE 2025

Strengthening Profitability: Record €133 mn Group Net profit (+9% YoY)

P&L (€ mn)	2025	2024¹	YoY	2H25	YoY
Turnover	5,301	5,951	(11%)	2,556	(21%)
EBITDA	979	941	4%	530	(5%)
Margin	18%	16%	3 p.p.	21%	3 p.p.
EBIT	656	586	12%	358	3%
Margin	12%	10%	3 p.p.	14%	3 p.p.
Net financial results and others	(258)	(182)	(42%)	(145)	(32%)
Net financial interests and others	(271)	(240)	(13%)	(154)	6%
Capital gains	13	58	(78%)	10	(73%)
Associates	(16)	7	n.m.	(11)	n.m.
EBT	381	411	(7%)	202	(17%)
Net profit	248	273	(9%)	128	(18%)
Margin	4.7%	4.6%	0.1 p.p.	5.0%	0.2 p.p.
Attributable to:
Non-controlling interests	115	151	(24%)	54	(34%)
Group Net profit	133	123	9%	74	1%
Margin	2.5%	2.1%	0.4 p.p.	2.9%	0.6 p.p.

• Turnover was €5,301 mn, driven by robust growth in Africa and the Environment businesses, partly offset by the absence of the Polish operations (divested in 2024) and primarily impacted by project consignation and tender delays in Portugal and Mexico
• EBITDA increased 4% YoY to a record of €979 mn, with margin expanding to 18%, supported by all business segments and a sustained focus on cash flow generation
• Net financial interests and others reflect the higher capital employed in long-term, high-margin projects (contract mining and concessions) in previous years, as well as the interest rate mix of local currency debt in Africa and Latin America, partially offset by the evolution of global interest rate curves this year
• Associates reflect the expected performance during the initial development phase of the concession assets, namely the Lobito Corridor in Angola and the new Mexican concessions
• Non-controlling interests are mainly related to operations in Mexico, Nigeria and Angola
• Record Group Net profit of €133 mn (+9% YoY), with 2H25 net margin reaching 2.9%, structurally aligned with the 2026 target of 3%

Improving margins, disciplined capital allocation and structurally higher profitability

¹Restatement due to accounting policy change on Government grants (mainly related to EGF).

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MOTAENGIL

RESULTS OVERVIEW

EARNINGS RELEASE 2025

Record 18% EBITDA margin, reinforcing structural profitability

P&L breakdown (€ mn)	2025	%T	2024¹	%T	YoY
Turnover (T)	5,301		5,951		(11%)
Engineering&Construction	4,554		5,300		(14%)
Europe	428		583		(27%)
Africa	2,129		1,748		22%
E&C	1,405		1,330		6%
Industrial Engineering	724		418		73%
Latin America	2,006		2,976		(33%)
E&C	1,733		2,559		(32%)
Energy and Concessions	273		417		(34%)
Other and intercompany	(9)		(7)		(25%)
Environment	652		567		15%
Capital and MEXT	141		141		1%
Other and intercompany	(46)		(57)		19%
EBITDA	979	18%	941	16%	4%
Engineering&Construction	820	18%	820	15%	0%
Europe	33	8%	45	8%	(27%)
Africa	565	27%	453	26%	25%
E&C	349	25%	328	25%	6%
Industrial Engineering	216	30%	125	30%	73%
Latin America	222	11%	322	11%	(31%)
E&C	201	12%	287	11%	(30%)
Energy and Concessions	21	8%	35	8%	(41%)
Environment	147	23%	109	19%	35%
Capital and MEXT	15	11%	12	9%	25%
Other and intercompany	(3)		0		n.m.

• E&C turnover amounted to €4,554 mn, with EBITDA margin expanding 3 p.p. YoY to 18%, driven by structurally stronger profitability in Africa
• The Industrial Engineering segment continued to deliver outstanding performance, with turnover up 73% YoY to €724 mn and a best-in-class EBITDA margin of 30%, reinforcing its role as a high-margin growth platform
• In Europe, turnover reached €428 mn, impacted by delays in key project consignation, tendering and awards in Portugal due to the unexpected legislative elections, as well as by the divestment of the Polish operations (€119mn in FY2024), while maintaining a resilient EBITDA margin of 8%
• In Latin America, turnover declined 33% YoY to €2,006 mn, reflecting the expected transition period in Mexico, while preserving a solid EBITDA margin of 11%
• The Environment segment delivered strong growth, with turnover up 15% YoY to €652 mn and EBITDA up 35% YoY to €147 mn, with margin expanding 4 p.p. to 23%, confirming its structural contribution to sustainable long-term cash flow generation

+200 bps EBITDA margin expansion, establishing a structurally stronger profitability base for the next value cycle

¹Restatement due to accounting policy change on Government grants (mainly related to EGF).

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MOTAENGIL

RESULTS OVERVIEW

EARNINGS RELEASE 2025

Record €16.2 bn value-driven Backlog¹, with €5 bn awarded in 2025 Higher Margin, Longer Duration, Greater Visibility

Backlog evolution (€ mn)

Backlog by Business Unit

E&C backlog by segment

• The backlog is increasingly composed of multi-year infrastructure and long-duration projects, enhancing earnings visibility and margin resilience
• Backlog reached a new all-time high of €16.2 bn, providing 3 years of E&C visibility and underpinning the Group's medium-to long-term profitable growth
• Core markets represent 72% of the total E&C backlog, with Mexico (22%), Angola (18%), Portugal (12%) and Nigeria (8%), ensuring a diversified and resilient geographic growth mix
• Industrial Engineering accounts for 21% of total backlog, reinforcing Mota-Engil's position as a leading player and structurally high-margin operator in Africa
• Backlog does not include the following projects:
  i) In Brazil (€1.3 bn): PPP project for the construction, operation and maintenance of the Santos-Guarujá Submerged Tunnel.
  ii) In Portugal (€ 115 mn): preferred bidder in Contumil-Ermesinde railway contract

¹Does not include EGF's Waste Treatment business which still has a nine-year contract duration (annual turnover 2025: €392 mn). ²Industrial Engineering.

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MOTAENGIL

RESULTS OVERVIEW

EARNINGS RELEASE 2025

High-quality, large-scale, long-cycle projects underpinning earnings Visibility: E&C and IE major projects¹

Project	Range (€ mn)	Country	Segment	Contract start year	Exp. year of completion	Customer
Fertilizer industrial plant	>1,000	Mexico	Buildings	2024	2028	PEMEX
Tren Querétaro - Tramo 2	[500,1,000]	Mexico	Railway Infrastructures	2025	2028	Agencia Reguladora del Transporte Ferroviario
High-speed railway Porto-Olà stretch	[500,1,000]	Portugal	Railway Infrastructures	2025	2030	Infraestruturas de Portugal
Maintenance Contract - Lobito Corridor	[500,1,000]	Angola	Railway Infrastructures	2022	2054	Lobito Atlantic Railway - LAR
Zenza do Itombe- Cacuso railway	[500,1,000]	Angola	Railway Infrastructures	2023	2029	Ministry of Transportation
Infrastructures of the Corimba waterfront	[500,1,000]	Angola	Road Infrastructure	2024	2029	Ministry of Public Works, Urbanism and Housing
Amulsar Gold Mine	[500,1,000]	Armenia	Industrial Engineering	2025	2031	Lydian Armenia CJSC
Kano - Maradi / Kano Dutse	[500,1,000]	Nigeria	Railway Infrastructures	2021	2027	Federal Ministry of Transportation
Kano-Maradi-Dutse project - Rolling stock	[500,1,000]	Nigeria	Railway Infrastructures	2023	2027	Federal Ministry of Transportation
Kurmuk Mine	[300,500]	Ethiopia	Industrial Engineering	2024	2029	Allied Gold Corporation
Gamsberg Mine	[300,500]	South Africa	Industrial Engineering	2021	2030	Vedanta Zinc International
Monterrey Subway L4, 5 y 6	[300,500]	Mexico	Railway Infrastructures	2022	2027	Gobierno del Estado de Nuevo Leon
HLO - Oriental Lisbon Hospital	[300,500]	Portugal	Civil Construction	2024	2027	HLO - Sociedade Gestora do Edificio, S.A.
Boto Gold Mine	[300,500]	Senegal	Industrial Engineering	2023	2029	Managem Group
Moatize Mine	[300,500]	Mozambique	Industrial Engineering	2024	2027	Vulcan
Lafigué Mine	[300,500]	Ivory Coast	Industrial Engineering	2022	2028	Endeavour Mining PLC
Tren Querétaro - Tramo 1	[300,500]	Mexico	Railway Infrastructures	2025	2027	Agencia Reguladora del Transporte Ferroviario
Consorcio Metro 80 Medellin	[200,300]	Colombia	Railway Infrastructures	2022	2027	EMP - Empresa Metro de Medellin
TRI-K Gold Project	[200,300]	Guinea	Industrial Engineering	2024	2029	Managem Group
Autopista Tultepec - Pirámides	[200,300]	Mexico	Road Infrastructure	2020	2028	Concesionaria Tultepec-AIFA-Pirámides
Cabinda-Miconje rehabilitation	[200,300]	Angola	Road Infrastructure	2023	2027	Ministry of Public Works, Urbanism and Housing
GASLUB	[200,300]	Brazil	Oil&Gas services	2025	2029	Petrobras
Extension of the red line Lisbon subway	[200,300]	Portugal	Railway Infrastructures	2023	2027	Metropolitano de Lisboa EP
Rehabilitation of the Nova Vida urbanization	[200,300]	Angola	Civil Construction	2024	2028	Ministry of Public Works, Urbanism and Housing
Sadiola Mine	[200,300]	Mali	Industrial Engineering	2024	2028	Allied Gold Corporation

¹Selection of projects above €200 mn.

BACKLOG MAIN CHARACTERISTICS:

• Predominantly multi-year infrastructure contracts
• Meaningful exposure to railways, roads, contract mining and strategic logistics corridors
• Strong footprint across 15+ countries, with a clear focus on core markets (Mexico, Angola, Portugal and Nigeria)
• Increasing weight of Industrial Engineering and long-term contracts, a structurally higher-margin segment
• Long execution cycles, with the majority of projects extending to 2028 and beyond
• Exposure primarily to tier-1 institutional, public and concession-based counterparties

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MOTAENGIL

RESULTS OVERVIEW

EARNINGS RELEASE 2025

Disciplined Capex focused on high-return segments (down €114 mn YoY)

• Capex remains selective, return-driven and aligned with the Group's disciplined capital allocation framework
• Capex/revenue ratio maintained at a disciplined 7%
• 64% of total capex allocated to Industrial Engineering & Energy contracts, primarily heavy equipment fleet supporting structurally higher-return projects
• E&C maintenance capex tightly controlled at c.1.5% of E&C turnover, reflecting asset management efficiency and procurement discipline
• Environment unit capex totalled €34 mn, of which 85% relates to the regulated asset base model of the Treatment business in Portugal (EGF), supporting stable and predictable cash flows

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

2Restatement due to accounting policy change on Government grants (mainly related to EGF).

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MOTAENGIL

RESULTS OVERVIEW

EARNINGS RELEASE 2025

Building a Portfolio of Long-Term, Value-Creating Greenfield Assets

Financial capex by segment (€ mn)

Financial capex by Business Unit (€ mn)

• Capital deployed into long-term, return-linked concession assets, supporting structural profitability and long-term value creation
• 61% of financial capex was allocated to Latin America E&C, primarily Mexico, focused on transport and logistics infrastructure and urban concession assets with long-term revenue visibility
• In Africa, €38 mn was invested in the Lobito Corridor, a strategic logistics asset and a Pan-African corridor with multi-decade revenue visibility
• Initial equity investments were deployed in the first stretch of the Portuguese high-speed train and in the new Lisbon Hospital (HLO) project through ME Capital, positioning the Group in key long-cycle infrastructure assets
• MEXT accounted for €49 mn, mainly driven by the M-ODU real estate redevelopment project in Porto and by the agro-forestry platform Mamaland, both aligned with long-term asset creation
• The majority of these concessions and medium to long-term return projects are equity method accounted and currently are at an early execution stage, with value realization expected over the next strategic cycle. Short-term balance sheet impact, long-term value creation
• Strategic capital allocation into long-cycle assets enhancing recurring earnings and market positioning

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MOTAENGIL

RESULTS OVERVIEW

EARNINGS RELEASE 2025

Strengthened Balance Sheet through disciplined capital management Investing for long-term growth

Balance sheet (€ mn)	Dec.25	Dec.24¹	YTD
Fixed assets	2,094	1,989	105
Financial investments	881	799	82
Provisions	(194)	(188)	(6)
Working capital & long-term balances	814	658	156
	3,595	3,258	337
Equity	983	849	134
Net debt + LFC²	2,612	2,410	202
	3,595	3,258	337

Total equity and Equity/Assets ratio

• Disciplined working capital & long-term balances management, ensuring an efficient 15% ratio to turnover
• Equity-to-assets ratio of 12%, reinforcing structural solvency even during a cycle of elevated long-term investment
• Debt profile extended and repriced through new financing transactions, aligning maturities with the long-cycle nature of the backlog projects and enhancing funding competitiveness. Net debt evolution also reflects €357 mn invested in long-term concession and greenfield assets
• Investing for growth while reinforcing solvency and capital discipline

¹Restatement due to accounting policy change on Government grants (mainly related to EGF).

²Leasing, factoring and confirming

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MOTAENGIL

RESULTS OVERVIEW

EARNINGS RELEASE 2025

Strong Cash Flow from Operations (€924 mn) and positive Free Cash Flow (€128 mn) underpin disciplined investment and balance sheet resilience

1Leasing, factoring and confirming

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MOTAENGIL

RESULTS OVERVIEW

EARNINGS RELEASE 2025

Disciplined leverage management within strategic thresholds

Net debt¹ and Net debt/EBITDA

Gross debt² and Gross debt/EBITDA

• Net debt at €1,941mn, with Net debt/EBITDA at 1.98x, remaining below the 2.0x strategic threshold
• Interest coverage ratio (EBIT/Net interest) of 2.7x, reflecting manageable funding costs
• Leverage metrics remain fully aligned with Building26 strategic targets, with Net debt/EBITDA below 2x and Gross debt/EBITDA below 4x
• Gross debt evolution reflects strategic long-term investments and extended funding maturities aligned with the backlog profile
• Leasing, Factoring and Confirming stable at €671 mn (€678 mn in Dec. 2024)
• Disciplined leverage supporting growth while preserving financial flexibility

¹Net debt considers Mozambique’s sovereign bonds as “cash and cash equivalents” which amounted to €18 mn in December 2025 (nominal value €19 mn) and Mozambique’s sovereign bonds as “cash and cash equivalents” which amounted to €21 mn (€25 mn nominal value) in December 2024.

²Includes leasing, factoring and confirming.

³Restatement due to accounting policy change on Government grants (mainly related to EGF).

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MOTAENGIL

RESULTS OVERVIEW

EARNINGS RELEASE 2025

Strong Liquidity position and managed Debt maturity profile

Gross debt¹ maturity, December 2025

Liquidity: €1,631 mn
Cash available	€791 mn
Sovereign bonds available	€18 mn
Undrawn credit lines	€822 mn

• Liquidity of €1,631 mn comfortably exceeds non-revolving and non-refinanced maturities over the next three years
• Of the €881 mn maturing within one year, €397 mn (45%) has already been refinanced at the beginning of 2026
• Average gross debt maturity of 2.8 years, reflecting progressive tenor extension and a well-staggered maturity profile
• Average cost of gross debt reduced to 7.1% (-60 bps YoY), supported by competitive financing agreements signed in 2H25 with high-quality international institutions (IFC, Deutsche Bank supported by AfDB, Bank of China and ICBC)
• Cost of debt continues to reflect the structural mix of interest rates across multiple local currencies in the Group's operating geographies
• Robust liquidity ensures refinancing stability and strategic flexibility

¹Excluding leasing, factoring and confirming.

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MOTAENGIL

EARNINGS RELEASE 2025

03

Business Units

20

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MOTAENGIL
EARNINGS RELEASE 2025

Engineering and Construction

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MOTA-ENGIL

EARNINGS RELEASE 2025

3.1

Europe E&C

HIGHLIGHTS 2025

2 428MC

COUNTRIES TURNOVER

1,895MC

BACKLOG

PORTUGAL • SPAIN

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MOTAENGIL

EUROPE E&C

EARNINGS RELEASE 2025

Key Infrastructure projects to be tendered in Portugal

Turnover: €428 mn (-27% YoY)

EBITDA: €33 mn (-27% YoY)

EBITDA margin 8% (flat)

• Turnover of €428 mn (-27% YoY), reflecting delays in the execution of key projects in Portugal following the unexpected early legislative elections, which postponed project consignations and awards, together with the impact of the 2024 divestment of the Polish E&C operations (€119 mn contribution in FY2024)
• EBITDA of €33 mn, with a resilient margin of 8%, demonstrating cost discipline and operational flexibility despite lower activity levels and the absence of contribution from the Polish operations sold in 2024
• Backlog strengthened to €1.9bn (+€967 mn YoY), driven by newly awarded flagship strategic projects, including the first stretch of the high-speed rail (Porto-Oiã) and the new Lisbon Hospital
• Positioned for execution ramp-up, with strong visibility on upcoming large-scale infrastructure tenders in Portugal
• Mota-Engil leads the Portuguese consortium for the national high-speed rail project (AVAN) and is strategically positioned for the upcoming phases, leveraging strong technical expertise, proven railway track record and global execution experience, as the western contractor with the highest number of railway kms delivered worldwide over the last four years
• The structural infrastructure program announced by the Portuguese Government reinforces medium to long-term market dynamism, including the development of the new Lisbon International Airport
• 2025 reflected a temporary activity adjustment in Portugal, while significantly strengthening backlog and positioning the business for a new execution cycle from 2026 onwards

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MOTAENGIL

EARNINGS RELEASE 2025

3.2 Africa E&C

HIGHLIGHTS 2025

15	2,129MC	8,366MC
COUNTRIES	TURNOVER	BACKLOG

ANGOLA • MOZAMBIQUE • MALAWI • SOUTH AFRICA
ZIMBABWE • UGANDA • RWANDA • GUINEA-CONAKRY
CAMEROON • IVORY COAST • KENYA • NIGERIA • SENEGAL
ETHIOPIA • DEMOCRATIC REPUBLIC OF CONGO

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MOTAENGIL

AFRICA E&C

EARNINGS RELEASE 2025

Leading position in E&C and Mining assuring growth in the future

Turnover: €2,129 mn (+22% YoY)

EBITDA: €565 mn (+25% YoY)

EBITDA margin 27% (+1 p.p. YoY)

• Turnover of €2,129 mn (+22% YoY), driven by the outstanding performance of Industrial Engineering (+73% YoY), alongside major infrastructure projects in Nigeria (Kano-Maradi railway) and Angola
• EBITDA of €565 mn (+25% YoY), with a margin of 27% (+1 p.p. YoY), reflecting disciplined commercial selection, operational excellence and improved planning and execution efficiency in large-scale contracts
• Backlog of €8.4 bn, of which €3.4 bn in Industrial Engineering, reinforcing long-term revenue visibility and enhancing recurring cash-flow characteristics through contract mining extensions and long-duration projects
• Mozambique activity expected to resume growth in the near term, supported by the pipeline of LNG-related project developments
• Mota-Engil Africa is a leading EPC contractor and integrated solutions provider, recognized as a long-term strategic partner in complex infrastructure delivery. The company leverages its strong track record and institutional credibility to mobilise diversified international funding, ensuring robust project cash-flow management and enabling the execution of large-scale projects
• Established financing partnerships include African and international Development Finance Institutions (DFIs), European Export Credit Agencies (ECAs), leading commercial banks and multilateral institutions such as the World Bank
• Africa remains the Group's core profitability engine, combining scale, structurally high margins and long-cycle industrial contracts that enhance earnings visibility and cash-flow resilience

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MOTAENGIL

AFRICA E&C

EARNINGS RELEASE 2025

Industrial Engineering: Structural Long-Term, High-Return Cash Flow Platform

Mine	Commodity	Country	Backlog Dec-25 (M€)	Client category	Customer
Amulsar	Gold	Armenia	567	Private	Lydian Armenia CJSC
Gamsberg	Zinc	South Africa	494	Private	Black Mountain Mining
Kurmuk	Gold	Ethiopia	481	Private	Allied Gold
Boto	Gold	Senegal	328	Private	Managem Group
Moatize	Coal	Mozambique	322	Private	Vulcan
Lafigue	Gold	Ivory Coast	318	Private	Endeavour Mining
Tri-K	Gold	Guinea	271	Private	Managem Group
Sadiola	Gold	Mali	202	Private	Allied Gold
Agbaou	Gold	Ivory Coast	176	Private	Allied Gold
Seguela	Gold	Ivory Coast	147	Private	Rox Gold
Bonikro	Gold	Ivory Coast	71	Private	Allied Gold

• Turnover of €724 mn (+73% YoY) from 11 active projects, with 10 operating at full capacity (Armenia ramp-up expected in 2H26)
• EBITDA of €216 mn (+73% YoY), delivering an outstanding 30% margin, confirming its structurally higher-return profile
• Backlog of €3.4 bn, providing strong multi-year revenue visibility and underpinning future earnings growth
• Average contract tenor of five years, with typical extensions aligned with the life-of-mine cycle, enhancing recurring revenues and profitability, particularly as the majority of upfront capex has already been deployed
• Industrial Engineering represents a core growth pillar for the Group, combining high margins, operational scalability and highly predictable cash-flow generation
• Strong positioning to benefit from the structural global demand for critical minerals and natural resources
• Industrial Engineering combines high margins, long-duration contracts and strong cash conversion, positioning it as a key driver of sustainable value creation

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MOTA-ENGIL

EARNINGS RELEASE 2025

3·3 Latin America E&C

HIGHLIGHTS 2025

5

COUNTRIES

2,006MC

TURNOVER

5,466MC

MARKETING

MEXICO • PERU • BRAZIL • COLOMBIA • PANAMA

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MOTAENGIL

LATIN AMERICA E&C

EARNINGS RELEASE 2025

Public Investment Plans should take-off and resume growth

Turnover: €2,006 mn (-33% YoY)

EBITDA: €222 mn (-31% YoY)

EBITDA margin 11% (flat YoY)

• Turnover of €2,006 mn (-33% YoY), following the completion of the Tren Maya project in Mexico in 2024 and reflecting the typical timing adjustment in the launch of new projects, after the transition to the new federal administration
• EBITDA of €222 mn, maintaining a solid 11% margin, with operational resilience and disciplined execution despite lower activity levels
• Backlog increased significantly from €4.2 bn to €5.5 bn, driven by major awards in Mexico, including the Querétaro-Irapuato railway projects, and in Brazil through Oil & Gas decommissioning and maintenance contracts signed with Petrobras
• Backlog does not yet include the recently awarded Santos-Guarujá Submerged Tunnel PPP in Brazil (€1.3 bn), signed in 2026
• In May 2025, Mota-Engil completed the acquisition of the remaining 50% stake in ECB Brazil, now fully owned, reinforcing the strategic positioning to benefit from Brazil's large-scale Infrastructure Investment Plan
• Mexico's infrastructure investment is expected to regain momentum, supported by opportunities in power and industrial construction and reinforced by the expected USMCA revision, positioning Mexico as a key nearshoring hub
• Active evaluation of value crystallization opportunities within the Mexican concession portfolio, enhancing capital rotation and long-term value creation
• Latin America is repositioned for a new growth cycle, supported by significantly reinforced backlog, strengthened presence in Brazil and capital allocation optionality through concession portfolio management

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MOTAENGIL

EARNINGS RELEASE 2025

3.4 Business Units Environment

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MOTAENGIL

ENVIRONMENT

EARNINGS RELEASE 2025

Positive evolution in all segments with future ambitious challenges

Turnover: €652 mn (+15% YoY)

EBITDA: €147 mn (+35% YoY)

EBITDA margin 23% (+4 p.p. YoY)

• Turnover of €652 mn (+15% YoY), driven by solid performance across all activities, with waste collection and treatment up 14% and 12% YoY, respectively, and international operations growing 20% YoY, now representing 26% of total revenues
• EBITDA of €147 mn (+35% YoY), with margin expanding to 23% (+4 p.p. YoY), reflecting operational efficiency, scale benefits and strong profitability across all segments
• Backlog of €315 mn, exclusively related to Waste Collection services (excluding EGF's regulated future revenues, which generated €392 mn in FY2025), with Portugal representing 44% of the total
• Significant investment opportunities in Portugal linked to European sustainability targets for 2035 (PERSU 2030), creating structural growth potential through technology upgrades, innovative business models, circular economy solutions and waste-to-energy developments
• The Environment unit combines regulated cash-flow visibility with margin expansion and sustainability-driven growth, reinforcing the Group's resilience and long-term value creation profile

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MOTAENGIL

EARNINGS RELEASE 2025

3.5 Business Units

Mota-Engil

Capital and Mext

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MOTA-ENGIL

MOTA-ENGIL CAPITAL AND MEXT

EARNINGS RELEASE 2025

Concession business with flagship projects drive future revenues

Turnover: €141 mn (+1% YoY)

EBITDA: €15 mn (+25% YoY)

EBITDA margin 11% (+2 p.p. YoY)

• Turnover of €141mn (+1% YoY) and EBITDA of €15mn (+25% YoY), with margin expanding to 11% (+2 p.p. YoY)
• Flagship concession projects under execution:
• New Lisbon Hospital (HLO), currently in the initial construction phase
• High-speed train (first stretch - Porto–Oiã), formally signed with financial close achieved
• Robust and visible concession pipeline:
• Tender for the second stretch of the high-speed train and Algarve Hospital ongoing
• Wastewater plant in Porto Maldonado, Peru, awarded (24-year DBOTF concession)
• Broader concession program in Portugal, including logistics and ports (Ports 5+), healthcare infrastructure, high-speed train (3rd stretch) and Tagus river crossings
• Complementary strategic platforms enhancing long-term optionality:
• Real Estate investments (Emerge), focused on high-value residential and office developments, primarily in Oporto
• Mota-Engil Energia, advancing waste-to-value initiatives, including five biomethane production projects starting in 2026

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MOTA'ENGIL

EARTHSHOP RELEASE 2025

04

Final Remarks

and 2026 Guidance

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MOTAENGIL

FINAL REMARKS AND 2026 GUIDANCE

EARNINGS RELEASE 2025

Final Remarks

• Performance delivered in line with 2025 operational and financial targets, with a sustained focus on profitability and cash generation
• Record backlog of €16.2 bn providing strong medium-term visibility and underpinning future growth
• Record EBITDA margin of 18%, reflecting strict project selection and execution discipline, with net margin reaching the 2026 target of 3% in 2H25
• Disciplined, return-driven capital allocation, with capex at 7% of turnover focused on structurally higher-margin Industrial Engineering and tightly controlled maintenance spend
• Strong operating cash generation and positive free cash flow support strategic investment while preserving balance sheet resilience
• Leverage, liquidity and maturity profile remain within strategic guardrails, ensuring flexibility and controlled refinancing risk
• Strategic long-term investments building high-quality asset platform, with value creation expected over the next cycle
• A structurally repositioned Group: higher margins, value-driven backlog, disciplined capital allocation and strong financial position
• Proposed shareholder remuneration: dividend per share of €0.173

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MOTA-ENGIL
FINAL REMARKS AND 2026 GUIDANCE
EARNINGS RELEASE 2025

Guidance 2026

• Double-digit turnover growth (10–15%), driven by record backlog conversion and the ramp-up of large-scale, long-cycle projects across core markets
• EBITDA margin expected to remain at structurally 2025 levels, supported by strict project selection, a higher-quality backlog mix and an increasing contribution from higher-margin segments
• Net margin sustained at around 3%, after the structural profitability repositioning achieved over recent years
• Strong operating cash generation, maintaining Net Debt/EBITDA below 2x and Gross Debt/EBITDA below 4x
• Capital allocation remains return-driven, with capex maintained at ~7% of turnover
• Efficient concession portfolio management, promoting the disciplined rotation of mature assets, maximizing long-term value creation and enhancing recurring earnings visibility
• The Group enters 2026 with record backlog, structurally higher margins and controlled leverage, positioning it for sustained value creation

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36
MOTA-ENGIL

95

2025

EARNINGS RELEASE 2025

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37

MOTA-ENGIL

CAPITAL MARKETS DAY 2026

March 11th 2026 - 9h30
Ritz Hotel, Lisbon
Portugal

Mota-Engil reached, ahead of schedule, the goals of the latest Building26 Strategic Plan

Further optimisation measures to extract value from lower than average performing invested capital

New Strategic Plan
2026-2030

New targets and actions for a healthy growth with strict balance sheet and cash generation focus

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MOTA-ENGIL

GLOSSARY

EARNINGS RELEASE 2025

"Mota-Engil" means Mota-Engil, SGPS, S.A., 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 year, except the ones associated with concessions and medium-long term return projects;

"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-to-assets ratio" or "Solvency 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", "Cash and cash equivalents with recourse", "Other financial applications"; "Other financial investments recorded at amortized cost"; "Lease liabilities" and "Other financial liabilities - factoring and payment management operations";

"Group net result" or "Group net profit" corresponds to the caption of the consolidated income statement by natures of "Consolidated net profit of the year - 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";

"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", "Cash and cash equivalents with recourse", "Other financial applications", "Other financial investments recorded at amortized cost", "Loans without recourse" and "Loans with recourse";

"Net financial interests and others" corresponds to the sum of "Net financial results and others" less "Capital gains";

"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"; "Gains / (losses) on the acquisition and disposal of subsidiaries, joint ventures and associated companies" and "Net monetary position";

"Net margin" means the ratio between "Group net profit" and "Sales and services rendered";

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

"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".

38

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MOTAENGIL

DISCLAIMER

EARNINGS RELEASE 2025

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 forward-looking statements included herein are based on information available to the Group as of the date thereof.

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 (Código 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 non-audited.

39

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MOTA-ENGIL

Europe

Portugal
Spain

Latin America

Mexico
Peru
Brazil
Colombia
Panama

Africa

Angola
Mozambique
Malawi
South Africa
Zimbabwe
Uganda
Rwanda
Guinea-Conakry
Cameroon
Ivory Coast
Kenya
Nigéria
Senegal
Ethiopia
Democratic
Republic of Congo

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 Dionisio, 2
2796-957 Linda-A-Velha Portugal
Tel. +351-21-415-8671

www.mota-engil.com

facebook.com/motaengil
linkedin.com/company/mota-engil
youtube.com/motaengilsgps