ACS Actividades de Construcción y Servicios S A : 2024 Results Presentation

FY 2024 RESULTS PRESENTATION

February 28th , 2025

FY 2024 | Results Presentation

Cash flow performance

Strong cash flow generation during the year

Euro Million		FY 2023	FY 2024	yoy
Profit Before Tax (PBT)		1,127	993	-134
Non-cash extraordinary items	(1)	(237)	222	+459
D&A		551	866	+315
Operating WC variation		(73)	596	+669
Taxes, associates and other adjs.		133	115	-18
Operating Cash Flow (OCF)		1,502	2,793	+1,291
Net capex and op. leases		(449)	(699)	-249
Net Operating Cash Flow (NOCF)		1,053	2,094	+1,041

▪ Strong NOC of €2.1bn in 2024, up €1,041mn yoy:

• • Strong operating performance and excellent cash conversion
  • Solid WC performance
• Net operating capex primarily contains mining and job-costed tunneling equipment purchased and deployed for major projects at CIMIC, now including Thiess

Change in NOCF (€mn)

					2	26	2,0	4	+€1,041
				1				mn yoy
	2	4	161
1,0
NOC	Turner	CIMIC	&C	Infra	s and	NOC
202						non core acti ities	2024

Note:
(1) Includes all extraordinary impacts: In 2023: MtM of derivatives at ACS HQs. In 2024: CIMIC's capital gain and SH-288 termination, all net of provisions and other non-recurring results from the infrastructure segment derived from regulatory changes and a
favorable court ruling.	5

FY 2024 | Results Presentation

Financial position

Net debt position as of December 2024 of €702mn, reflecting accounting impact of Thiess' c.€1bn net debt consolidation

Figures in millions of euros

		(1,148)
2,0	4	-$1.102 mn
yoy
		(862)

400 (1,186)

(

02)

• The group closed 2024 with a net debt position of €0. bn, an increase of €1.7bn since September 2024
• The position in the year has increased by only €1.1bn, even after the consolidation of Thiess´ net debt of €1bn and €862mn of shareholder remuneration
• Strategic in estments of €1. bn, comprising equity contributions in Abertis
  (€650mn), 10% Thiess acquisition (€194mn), additional HT stake (€130mn), strategic bolt-on acquisitions (PYBAR, Vulcan, Minsol, Prudentia) and equity investments
• S&P affirmed ACS's long-term rating of BBB-/stablein July 2024

Net ebt ec	Net Operating	Net e uity
2	Cash	lo	in estment and
	(NOC	)	M&A

Shareholders	(1)	Perimeter	(2)
remuneration		change,	and
		other

Net ebt ec 24

FY 2024 Capital allocation

		6 0	Abertis capital increase
862		uity in estment and M&A
€2.0bn
	10% Thiess ac uisition

1 4	0	Shareholders remuneration

1. Shareholder remuneration includes: €241mn of dividends distributed in cash to ACS shareholders, €273mn of dividends distributed in shares to ACS shareholders, €71mn of dividends distributed to HOCHTIEF minority interests, €56mn of dividends

distributed to other minority interests and €220mn of other treasury stock transactions.
(2) Includes the incorporation of the Thiess net debt of €1.0bn, the monetization of forward contracts, the repayment of debt associated with the stake in SH-288, exchange rate impact and other perimeter adjustments.	6

FY 2024 | Results Presentation

Order backlog and new orders

Continued growth in backlog visibility and diversification towards growth markets

Other	igital
Infrastructure
%
10%	nergy
Natural resources
	%
11%

Sustainable mobility 1 %

New orders (€bn)

1.21.2

1.1

.1	4	.1	1.

Transportation 18%

€88.2bn

	& Social
	infrastructure
	14%
eneral building	Sustainable
infrastructure
1 %
%

(1)

2022 202 2024

Ne orders ook to bill

Order backlog development (€bn)

• Rigorous approach to tendering, project delivery and risk management paying-off
• Order backlog of €88.2bn, up 19.9% FX-adj. on the back of €51.5bn of new orders (up
  14.2% FX-adj.) and the incorporation of Thiess. Backlog visibility continues to be above 2 years
• The process of de-risking our order backlog continues with lower risk contracts representing more than 85% of the total (vs. 65% in 2017)
• c.50% of new orders are in new generation infrastructure markets

24.24.4

.88.2

2022024

acklog		acklog isibility (in months)(2)

(1) Biopharma, Health and Education.	7
(2) Production calculated assuming full consolidation of Thiess to ensure comparability.

FY 2024 | Results Presentation

Selection of recent significant new orders

Energy transition

1. Western Downs Battery, design and construct Stage 2 of the 270 MW project in Queensland, Australia

1. 700MWac Cobbora Solar Farm, development rights for solar farm and co-located large-scalebattery energy storage system (BESS) project in New South Wales, Australia

1. HumeLink West project, high voltage transmission project significantly increasing the capacity of the electricity network in Australia's eastern states

New sustainable mobility

1. Metro Trains Melbourne, extension of contract to operate metropolitan passenger rail services, Australia

1. Surrey Langley SkyTrain, construction of elevated metropolitan railway line in Vancouver, Canada

1. Suburban Rail Loop East project, to deliver the first major tunneling package as part of a consortium, Victoria, Australia.

1. Fast charging networks for electric cars; contract to finance, plan, build and operate a regional fast-chargingnetwork, Germany

1. Long Slip Rail Enhancement, of 2,000-footadjacent to the Hoboken Terminal Yard

Digital infrastructure

1. Meta data center >$10bn, build company's largest data center campus to date, Louisiana, USA(2)

1. Several new orders in the semiconductor sector such as the expansion of an assembly and test facility for chip lithography machines in the U.S.

1. Vantage Data Center Campus, $2bn project for cloud technologies and artificial intelligence in Ohio, USA

1. Other data center projects across the US, Canada and Southeast Asia with a total value of >8bn

Sustainable infrastructures

1. Choa Chu Kang Waterworks, Leighton Asia, reconstruction works for Singapore´s Nation Water Agency

1. Major climate resiliency contracts, to combat storm surges, rising sea levels, environmental threats resulting from climate change in Virginia Beach and Port Arthur, Texas, USA

1. Burnett River replacement dam wall project, infrastructure project to provide the region with a long- term water storage and security solution near Bundaberg, Australia

1. Wild Horse Reservoir in Park County, Colorado, up to 93,000 acre feet of water to improve Aurora Water's system reliability and resiliency

BHE(1) and Social Infrastructure

1. UC Merced, new Health & Behavioral Sciences Medical Education Building at the University of California, USA

1. Tennessee Titans new stadium, centerpiece of the city's larger redevelopment in Nashville, Tennessee, USA

1. North District Hospital, Leighton Asia expansion project providing around 1,500 additional hospital beds, Hong Kong

1. San Francisco Airport, modernization and expansion of Terminal 3 West, San Francisco, California, USA

1. Life Sciences Public Health Lab on the Governor W. Averell Harriman State Office Building Campus in Albany, New York

Transportation

1. SR 400 Express Lanes, new high-speed lanes of more than 25km in Georgia, USA(2)

1. IH 10 Highway, Colorado, USA

1. US Open Phase II, Roadway improvements, widening and reduced conflict intersections for 2029 US Open Golf Tournament, North Carolina, USA

1. Tram Grade Separation Projects along the existing tram line from Adelaide's CBD to Glenelg, South Australia

Critical metals

1. Stobie Open Pit nickel/copper mine, services including mining operations, maintenance and asset management at nickel/copper project for Vase Base Metals, Canada

1. Eloise Copper Mine: development of an underground link and construction of storage piles.

(1)	Biopharma, Health and Education.	8
(2)	Project not yet included in the backlog figure.

FY 2024 | Results Presentation

Performance by Segment

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FY 2024 | Results Presentation

Turner

Margin expansion and new orders growing at 31% yoy support continued strong growth

Euro Million	FY 2023	FY 2024	yoy	yoy FX-adj.
Sales		16,185	19,264	19.0%	18.6%
EBITDA	433	551	27.1%	26.7%
% margin	2.7 %	2.9 %	18 bps
PBT	(1)	416	570	37.2%	35.5%
% margin	2.6%	3.0%	39 bps
NPAT	(2)	295	411	39.5%	39.0%
Attributable NPAT	224	327	45.8%	45.4%
New orders	18,595	24,383	31.1%	30.6%
Order backlog	24,581	31,930	29.9%	21.7%

Project Order backlog (as of December 2024)

• Very strong PBT growth of 37% to €570mn(1), with FY sales growth of 19% and a margin expansion
• Continued significant PBT margin expansion up to 3.0%, driven by Turner's successful strategy focused on advanced-tech projects

▪ Exceptional Net Operating Cash lo of € 12mn, up €254mn yoy, bringing

year-end net cash to €3.1bn, an increase of €695mn yoy

▪ Strong growth in new orders, up 31% yoy to €24.4bn, driven by data center
	projects (+138%) and healthcare (+62%)
▪	New order backlog record of €31.9bn
▪	Dornan acquisition, successfully closed in January 2025, will reinforce Turner's
	expansion in the European advanced-tech market, where there is a backlog of

4%

20%

%

€31.9bn

42%

2%

igital Infrastructure

nergy

& Social infrastructure

eneral building

Other

identified opportunities of o er €20bn

Cash flow and financial position

Euro Million	FY 2023	FY 2024	yoy
Net Operating Cash Flow	458	712	+254
(Net Debt) / Net Cash	2.397	3.092	+695

Nota:

1. 2024 PBT excludes Dornan acquisition costs.

(2) Before HT minorities in ACS.

10