BUILDING with PURPOSE

EARNINGS RELEASE 2023

5 March 2024

PLANET

PEOPLE

COMMUNITY

TABLE OF CONTENTS

EARNINGS RELEASE 2023

01 Key Highlights

Page 2

02 Results Overview

Page 6

03 Business Units

Page 16

  1. Europe E&C
  2. Africa E&C
  3. Latin America E&C
  4. Environment
  5. Mota-EngilCapital & MEXT

04 Concessions Strategic Insight

Page 28

05 Final Remarks and Outlook

Page 30

06 Q&A

Page 33

1

01

KEY HIGHLIGHTS

EARNINGS RELEASE 2023

2

EARNINGS RELEASE 2023

KEY HIGHLIGHTS

Key Highlights

BACKLOG

TURNOVER

EBITDA

€13bn

€

mn

€837mn

5,552

(+55% YoY; 15% margin)

(+46% YoY)

12,936

5,552

837

12,566

3,804

541

2022

2023

2022

2023

2022

2023

NET PROFIT

€113mn

(+120% YoY; 2% margin)

113

52

2022 1

2023

NET DEBT

GROSS DEBT2

CAPEX

FCFO

EQUITY

€1,175mn

€2,796mn

€513mn

€688mn

€746mn

(ND/EBITDA 1.4x)

(GD/EBITDA 3.3x)

(o.w. 76% growth

(+€80 mn YoY)

(+€193 mn YoY;

and LT contracts)

Equity/Assets 10%

+2p.p. YoY)

1 Restated. Effect of the conclusion of the Price Purchase Allocation process associated with the gain of control in Concesionaria CUA, S.A.P.I. de C.V. in 2022 (IFRS 3 requirement) 2 Includes leasing, factoring and

confirming.

3

EARNINGS RELEASE 2023

KEY HIGHLIGHTS

Delivering

Well positioned to achieve the recently revised Strategy targets for 2026

Strategic Pillar

Strategic Plan target 2026

2021

2022

2023

Accountability & Profitability

Net margin Group 3%

0.9%

1.4%

2%

Net debt/EBITDA <2x

2.7x

1.7x

1.4x

Strengthened balance sheet

Gross debt/EBITDA <4x

6.0x

4.5x

3.3x

Financial autonomy

10%

(Equity/Total assets) > 15%

8%

8%

Focused on cash generation

16% EBITDA margin

16%

14%

15%

Improve FCFO

€350 mn

€608 mn

€688 mn

Shaping The Future

  • Focus on Core Markets, larger projects, concessions and long-term contracts, promoting higher efficiency and profitability
  • Extraction of greater value in Environment: New cycle after the conclusion of the transaction with Urbaser will accelerate the Strategic Plan execution
  • Focus on increasing profitability: Next cycle with a more resilient balance sheet (agreement for the disposal of Polish operations to be concluded in 2024)
  • Asset Rotation Strategy and value generation with greater impact in the upcoming years (construction phase at full speed) and delivery of profitability

4

EARNINGS RELEASE 2023

KEY HIGHLIGHTS

ESG as a Top Priority in the Strategic Agenda

Committed to further improvements towards ESG targets

S&P Global ESG Score

S&P Global ESG score above industry mean

Source: S&P Global, 2024,Mota-Engil,SGPS, S.A. ESG Score.

5

02

RESULTS OVERVIEW

EARNINGS RELEASE 2023

6

EARNINGS RELEASE 2023

RESULTS OVERVIEW

Record turnover and net profit

2023 2022¹ YoY 2H23 YoY

P&L (€ mn)

Turnover

5,552

3,804

46%

2,994

22%

EBITDA

837

541

55%

485

45%

Margin

15%

14%

1 p.p.

16%

19%

EBIT

516

244

112%

303

87%

Margin

9%

6%

3 p.p.

10%

4 p.p.

Net financial results and others

(136)

(102)

(33%)

(57)

(31%)

Financial results

(176)

(146)

(20%)

(91)

(1%)

Capital gains

40

44

(8%)

34

n.m.

Associates

15

(3)

n.m.

8

n.m.

EBT

396

139

185%

255

248%

Net profit

266

99

168%

178

212%

Attributable to:

Non-controlling interests

153

48

216%

95

237%

Group

113

52

120%

83

187%

Margin

2.04%

1.35%

1 p.p.

2.78%

2 p.p.

  • Record Turnover up 46% YoY to €5,552 mn on the back of strong order intake and fuelled by an outstanding execution in E&C
  • EBITDA increased 55% YoY to €837 mn with EBITDA margin expanding to 15% supported by better profitability in E&C
  • Operational performance reflecting EBIT improvement, with margin up 3 p.p. YoY to 9%
  • Financial results reflect the strategy of increasing debt raising in local currencies to actively and naturally hedge our position, along with higher interest rates context
  • Minorities mainly impacted by the strong performance of the core markets, mostly Mexico, but also Nigeria and Angola
  • Record net profit at €113 mn, representing a net margin of 2%

1 Restated. Effect of the conclusion of the Price Purchase Allocation process associated with the gain of control in Concesionaria CUA, S.A.P.I. de C.V. in 2022 (IFRS 3 requirement).

7

EARNINGS RELEASE 2023

RESULTS OVERVIEW

Excellent execution reflected in higher profitability

2023

%T

2022

%T

YoY

2H23

%T

YoY

P&L breakdown (€ mn)

Turnover (T)

5,552

3,804

46%

2,994

22%

Engineering&Construction

4,922

3,198

54%

2,633

27%

Europe

666

510

31%

375

45%

Africa

1,518

1,183

28%

843

15%

E&C

1,163

822

42%

663

22%

Industrial Engineering

355

361

(2%)

180

(6%)

Latin America

2,750

1,519

81%

1,424

31%

E&C

2,288

1,209

89%

1,191

35%

Energy and Concessions

461

311

48%

233

13%

Other and intercompany

(12)

(14)

12%

(9)

(48%)

Environment

518

556

(7%)

264

(22%)

Capital and MEXT

134

105

27%

69

22%

Other and intercompany

(22)

(55)

61%

28

n.m.

EBITDA

837

15%

541

14%

55%

485

16%

45%

Engineering&Construction

714

15%

411

13%

74%

417

16%

50%

Europe

54

8%

40

8%

33%

39

10%

50%

Africa

321

21%

225

19%

43%

174

21%

20%

E&C

233

20%

128

16%

81%

134

20%

44%

Industrial Engineering

88

25%

97

27%

(9%)

41

23%

(23%)

Latin America

340

12%

146

10%

133%

204

14%

105%

E&C

315

14%

118

10%

168%

187

16%

121%

Energy and Concessions

25

5%

28

9%

(12%)

17

7%

11%

Environment

110

21%

131

24%

(16%)

58

22%

(4%)

Capital and MEXT

12

9%

4

4%

199%

7

11%

298%

Other and intercompany

1

(5)

n.m.

2

n.m.

  • E&C top-line up 54% YoY to €4,922 mn with double-digitgrowth in all regions, with full speed in major projects in Latam (+81% YoY)
  • E&C EBITDA increased 74% YoY to €714 mn, reflecting a better profitability in all regions, mainly in Africa (+43% YoY) and Latin America (+133% YoY)
  • Environment turnover reached €518 mn, down 7% YoY with the Waste Treatment activity representing 53% of the total
  • Capital & MEXT turnover reached €134 mn (+27% YoY) and EBITDA was €12 mn

8

EARNINGS RELEASE 2023

RESULTS OVERVIEW

High quality Backlog1 of €13 bn with €6 bn awarded in 2023

Backlog evolution (€ mn)

E&C backlog

Environment + Capital backlog

12,936

12,566

451

380

7,553

407

12,115

12 556

7,146

2021

2022

2023

Backlog by Business Unit

E&C backlog by segment

ENVIRONMENT

3%

46%

32%

+ CAPITAL&MEXT

RAILWAY

ROADS

AND OTHERS

34%

55%

5%

LATIN

AFRICA

AMERICA

17%

CIVIL

8%

CONSTRUCTION

INDUSTRIAL

EUROPE

ENGINEERING

  • Record backlog following a strong order intake in 2023 and underpinned by large projects
  • Core Markets represents 73%, with Mexico being the market with the largest backlog (25% of the total), followed by Nigeria (18%) and Angola (13%)
  • The backlog bodes well for a positive revenue stream in 2024 and reflects a comfortable E&C Backlog/Revenue ratio of 2.6 years, not yet considering the order intake amounting to €1.6 bn of new contracts already awarded in the first weeks of 2024
  • Major projects not included in the backlog worth €1.6 bn (signed after Dec. 2023): €875 mn in Angola (urban infrastructures and maritime works); €380 mn in Portugal (New Lisbon Hospital); €275 mn in Peru (two mining projects) and €100 mn in Mexico (infrastructures)

1Not considering revenues from concession contracts (highways and waste treatment).

9

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Mota-Engil SGPS SA published this content on 04 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 March 2024 00:22:01 UTC.