Mota-Engil — Investor Presentation 2021

Nov 8, 2021

Strategic Plan 2022-2026 November 2021

1

Agenda

Introduction New

Ambition & Strategy

Organization

Group & Business Financials

2

I N T R O D U C T I O N

We are a leading integrated engineering Group entering in a new cycle of sustainable development

We are a leading integrated engineering Group

One of the largest players in the industry

Top 100 worldwide and Top 30 Europe¹

International footprint & Diversified portfolio

Combining mature and growth markets (Europe, Africa and Latam) with a diversified experience beyond Construction

Consolidated market position

Strong resilience during adverse economic periods (e.g.,

+1,3 p.p. EBITDA Mg in 2020 - COVID-19)

We are at the beginning of a new cycle

Shareholder strength and cohesion

Two strategic shareholders - Mota Family² and CCCC³ - as driving forces of the new cycle

New business opportunities in our core Regions

Global trends impacting demands of society (Climate Change, Urbanization, Population Growth) and Economic Recovery plans, resulting in new business opportunities

1. Source: Global Powers of Construction 2020 report - #76 Global Construction player

2. FM Sociedade de Controlo, SGPS, SA; 3. China Communications Construction Co., Ltd.

4

Ambition & Strategy

Our Ambition - A global player focused on delivering value for all in a sustainable way

Integrated engineering Group with a unique international footprint, focused on a sustainable growth model for each business

Integrated Group

with increasing contribution from long-cycle businesses¹ % of Group's EBITDA: 45% E&C | 55% NON-E&C

Balanced Footprint²

and increase of markets scale % of turnover: 1/3 each Region > 200M€ turnover per core market³

Sustainability

at the core of our strategy Recognized by sustainability indices

Focused on cash generation

across the businesses 18% Group's EBITDA mg with an improved cash conversion

Accountability & Profitability

of each business 3% Group's Net Profit

Strengthened balance sheet

committed towards maintaining a sustainable leverage < 2x Group ND / EBITDA

• 1. Long-term contracting and investment businesses Environment, Infrastructure Concessions, Industrial Engineering Services
• 1. Combining developed and growing markets Europe, Africa and Latam
• 1. Multi-business turnover (consolidated)

S T R A T E G I C A G E N D A 2 0 2 6

Our strategy – 5 strategic axes aiming for a superior performance and reinforcing the business portfolio

Strategic axes

Greater focus on Profitability in Engineering and Construction

Increasing concentration of resources on core markets (larger scale) to achieve higher levels of profitability

Stepped-Up Growth in Environment, Infra Concessions and Industrial Services

Increasing relevance of long-term cash generating businesses with accelerated growth in international development

Cross-Group Efficiency Program

Reinforcing synergies and efficiency enabled by global operating platforms

New path towards Sustainability and Innovation

Increasing efforts towards sustainability and innovation across all businesses

Debt optimization and diversification

Improving financial sustainability and aligning debt levels with businesses profiles

Greater focus on Profitability in Engineering and Construction

Closely monitor markets with strategic interest as a complement to the core markets

More selective and restrictive on opportunistic markets and projects

We will increase focus on core markets to achieve a higher profitability in E&C

Core markets will drive our focus and maintain our geographic balance…

Share of E&C revenue (%)

… therefore, reducing complexity to improve
sales and profitability

	2020	2026
Less complexity As result of focus on core markets with scale and know-how which allows less dispersion of resources	29 Individual markets	11 Hubs1
Larger scale per market As result of better market coordination (within each region) to target larger projects	avg. revenue/market 3x 53 M€	~150 M€
Improved profitability As result of more efficiency and larger projects, sustaining a benchmarking position within the industry	E&C EBITDA mg. 11 %	13 %

Balanced and more robust footprint founded on core markets that will drive profitable growth

Higher concentration of resources (commercial and operations) and support services improves efficiency and capacity to successfully target larger EPC projects

Top performer in E&C operating profitability within the industry and a rigorous, across-the board, Project Risk Management Framework

Stepped-Up Growth in Environment, Infra Concessions and Industrial Services

Keep growing Environment as a key strategic business (green business line)

Capture value potential of Infra Concessions portfolio and optimize capital allocation

Accelerate growth in Industrial Engineering Services leveraging on Group's footprint

We will concentrate our global Environment business in a new Business Unit with the aim of accelerating international growth

Leading position in Portugal and accelerated growth in international markets…

Environment revenue (M€) and share (%)

…through the deployment of five levers

& economic

Consolidate position in current markets

Invest in new international projects

Environment as a core non-E&C business, key to achieve Group's ambition for sustainability

Growth focused on new international projects, leveraging group's know-how across the waste management value chain, proven capacity to capitalize geographic presence as well as relations with local entities and synergies with the new shareholder

1. Within the privatized market

2. Review and renewal of contract portfolio of municipal services; and development of a commercial approach for Bio-Waste

3. EGF - Urban waste treatment (regulated)

We will build a new portfolio of Concessions leveraging our track record and key competencies

New portfolio of concessions with growth opportunities …

concessions; Asset¹ value split²(B€)

Consolidated vs Proportional ⁵

… to be further developed considering three levers

Track record in road concessions

Integrated concessions

lifecycle

Asset

management

management competencies Group's broad experience on developing road concessions – past portfolio of more than 12B€ in assets

Focused on greenfield development - full value capture of construction & concession integrated view

Regions where ME has strong presence with multiple opportunities (e.g. Latam)

O&M and asset rotation (more mature concessions) to increase cash generation and funding capacity for new greenfield opportunities

New Concessions management model allows to extract more value leveraging the group's engineering capabilities

Focused BU (ME Capital) to manage concessions O&M, and manage the asset rotation strategy

Maintain divestments of assets/businesses with reduced size and without strategic fit

1. Only road concessions were included

2. Split according to road concessions stage in its full lifecycle

3. Share weighted by total investment

4. Proportional to ME equity position, until maturity of current concessions

5. Proportional to Asset value measured as Mota-Engil's equity share in total concession investment

S T E P P E D - U P G R O W T H I N E N V I R O N M E N T , I N F R A C O N C E S S I O N S A N D I N D U S T R I A L S E R V I C E S

We will step up growth in Industrial Engineering Services by capitalizing on our markets footprint

Industrial Engineering Services¹ will be one of our main growth drivers…

Industrial Services revenue (M€)

1. Industrial Engineering Services (e.g. Contract Mining) – part of client's production chain; long term agreements with higher capex but more controlled risk

… by capitalizing on group's footprint and recent track record

Footprint in Regions with opportunities

Strong track

record

Continental footprint with capacity to mobilize resources and operate in multiple markets – key for industries with private players with activity in several countries (e.g. commodities)

Established relationships with large private players with multiple activities in Africa (e.g. Contract Mining)

Experience in Industrial Services in Africa and ME's proven capacity to operate in multiple markets as key elements in our value proposition

Industrial Engineering Services growth leveraging on E&C positioning in Africa

Stepped-up growth contributing to the increase share of long-cycle cash generation businesses in the Group

Cross-group Efficiency Program to keep driving efficiency

Continue to improve Working Capital to increase cashflow generation

CAPEX consistent with growth and capital allocation

We will keep improving operational efficiency across the group

We are committed to improve operational efficiency with an Opex reduction target…

Opex/Revenues (%)

… through a groupwide cost efficiency program

Maintain cost reduction discipline with efficiency targets in each business

Improve our procurement model, allowing synergies and best practices sharing within Business Units

Streamline our organizational structure, for increased efficiency and speed

COVID has allowed to improve efficiency that should be sustained and accelerated on the coming years

Operational efficiency improvement target to be retained in margin improvement

Global Service Platforms to capitalize on best practices from ME projects and capture further efficiencies

C R O S S - G R O U P E F F I C I E N C Y P R O G R A M T O K E E P D R I V I N G E F F I C I E N C Y

We will optimize Working Capital and CAPEX fully aligned with our growth path

We are targeting a working capital reduction and optimization of CAPEX intensity despite of Non-E&C businesses growth

Introducing standardized processes for Working Capital and CapEx management leveraging best practices from our core markets

Reinforcing Working Capital and Capex targets across the businesses to further improve discipline on capital allocation and cash generation

New path towards Sustainability and Innovation

Make sustainability a top priority, committing to SDG¹ targets & increasing visibility of efforts

Implement a structured innovation process, optimizing capital utilization

1. SDG – Sustainable Development Goals

We are highly committed to UN's SDGs and make sustainability as top priority

We are fully committed to improve on SDGs, with robust ESG targets…

SDGs in focus and key targets (Base year 2020)

40%	Reduction of GHG emissions (scope 1, 2 and 3) vs 2020	2030
80%	Valorized waste1 (%)	2030
50%	Reduction in accident incidence rate in projects	2026
30%	Women recruited or promoted as managers	2026
25M€	Cumulative Investment in Innovation 22-26	2026

Group committed to achieve carbon neutrality by 2050

…supported by sustainability strategic directions

Act for climate - Introduce principles of circularity in all businesses, higher renewable energy sourcing, and shift to new sustainable business solutions

Inspire progress- Align decision-making and performance measurement to ESG dimensions

Foster wellbeing and equality - Increase programs and campaigns to improve occupational health and safety, and promote gender equality in management positions, work-life balance and women education

Accelerate innovation - Increase efforts focused on transforming current businesses and creating new sustainable business models

Empower local communities- Support social, educational, environmental and cultural causes, adapted to the context and needs of the regions in which we are present

Strong commitment towards sustainability, aligning its sustainability strategy to SDGs since 2018

New Sustainability Corporate Unit to further develop competences and guidelines within the group

Ambition to attain top sustainability position, in rankings, ratings and indices

We will further scale innovation groupwide grounded on 3 types of initiatives

3 innovation initiatives to be developed…

Commitment to increase dedicated funds for innovation - 25M€ for new greenfield projects in the next 5 years

New sources of innovation funding such as partners and leveraging EU funds

S T R A T E G I C A G E N D A 2 0 2 6

Debt optimization and diversification

D	12

Reduce leverage improving debt ratios (ND/ EBITDA)

Optimize debt maturity and cost

Diversify sources of finance and decrease the dependence on current sources

We will strengthen our balance sheet to enable strong value creation for our stakeholders

We are committed to reduce our financial leverage … Net Debt / EBITDA

… and ensure a debt structure and maturity aligned with the businesses' profiles

Align debt levels with the Group's business development – lower financial leverage in E&C (target Net Debt/EBITDA < 1x); higher financial leverage in Non-E&C (target Net Debt/EBITDA < 3x)

Adjust gearing to each business lifecycle considering respective market value, financing options and risk profile – short-cycle investments (E&C) vs long-cycle investments (Non-E&C)

Monitor Group's cash flow generation improvement, either reinforcing group's equity position in strategic businesses or considering the sale of non-strategic assets

Commitment to reduce overall leverage in the forthcoming years, while optimizing debt maturity

Ambition to diversify funding sources and optimize cost of debt

C O O P E R A T I O N M E & C C C C

Our strategic development will benefit from a close cooperation between ME and CCCC to unlock further synergies

Greater focus on Profitability in Engineering and Construction

Stepped-Up Growth in Environment, Infra Concessions and Industrial Services

Cross-Group Efficiency Program

New path towards Sustainability & Innovation

Debt optimization and diversification

Synergies across the 5 strategic axes

Commercial cooperation towards markets Joint Ventures in specific markets

Joint investments in International markets - to accelerate Environment international growth

Collaboration on procurement – joint assessment of strategic procurement categories

Joint investments in innovation – applied innovation and corporate venturing

New financing sources to diversify debt, reduce cost and increase maturity

22

New Organization

We will ground our Organization & Governance on 5 guiding principles

Leaner and integrated functions to enable greater efficiency and agility

Cross-geography and cross-business support CoEs¹ to enable synergies (best practices and resource allocation)

Business Units accountability to capture each business potential value and promote entrepreneurial spirit

Combining Regional and Business perspectives to profit from markets know-how and position while ensuring focus on each business development

Sustainability & Innovation embedded in the future Group and business decisions

N E W O R G A N I Z A T I O N

We will evolve into a new organization model combining Group guidance and supervision with dedicated Business Units

1. Industrial Engineering Services managed by the Regional Business Units

25

Group & Business Financials

F I N A N C I A L S

Group with a sustainable profitable growth, while improving its balance sheet

B U S I N E S S F I N A N C I A L S

Our businesses portfolio will evolve towards an increasing contribution of long-term and stable cash generation

D I S C L A I M E R

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 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 onforward-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 solely on the basis of the information contained in prospectus in accordance with the applicable rules and regulations.

28 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).

G L O S S A R Y

"Backlog" means the amount of contracts awarded to be executed at the exchange rate of the reference date;

"CAPEX" means the algebraic sum of the increases and disposals of tangible assets, intangible assets and rights of use assets occurred in the period ;

"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", "Other operating income / (expenses)";

"EBITDA margin" or "(EBITDA Mg)" means the ratio between EBITDA and "Sales and services rendered";

"Equity ratio" means the ratio between "Total shareholders' Equity" and "Total Assets";

"FCF" ou "Free Cash Flow" corresponds to the changes between periods of Net debt added by the amount of dividends paid and the algebraic sum of the following captions of the consolidated income statement by natures: "Financial income and gains" and "Financial costs and losses";

"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", "Cash and cash equivalents with recourse – Term deposits", "Other financial investments recorded at amortised cost", "Loans without recourse" and "Loans with recourse";

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

"Net profit margin" means the ratio between "Consolidated net profit of the year - Attributable to the Group" and "Sales and services rendered";

"OPEX" corresponds to the algebraic sum of the following captions of the consolidated income statement by natures: "Cost of goods sold, materials consumed and Changes in production", "Third-party supplies and services", "Wages and salaries" and "Other operating / (expenses)";

"Turnover" or "Revenue(s)" or "Sales" corresponds to the caption of the consolidated income statement by natures of "Sales and services rendered";

29 "Working Capital" or "WC" corresponds to the algebraic sum of the following captions of the consolidated statement of financial position: "Deferred tax assets", "Inventories", "Customers and other debtors - Current", "Contract assets - Current", "Other current assets", "Corporate income tax" and "Deferred tax liabilities", "Derivative financial instruments – Current"; "Suppliers and sundry creditors – Current", "Contract liabilities - Current", "Other current liabilities", "Corporate income tax".