Sacyr S A : FY 2023 results report

Results

2023

Pedemontana-Veneta Highway, Italy

29 February 2024 www.sacyr.com

Index

Notes

The financial information contained in this document is prepared in accordance with International Financial Reporting Standards (IFRS). It is unaudited and therefore may be subject to change in the future. This document does not constitute an offer, invitation or recommendation to acquire, sell or exchange shares or to make any kind of investment. Sacyr assumes no liability of any kind in respect of any damage or loss arising from any use of this document or its contents.

In order to comply with the European Securities and Markets Authority (ESMA) Guideline (2015/1415es) on Alternative Performance Measures, the most relevant MARs used in the preparation of this document are detailed in the Annex included at the end of this document. Sacyr considers that this additional information favours the comparability, reliability and understanding of its financial information.

With all these effects, the valuation of the concession assets as at 31 December 2023 amounts to 3,254 million euros.

1. Continuing to create value: profitability and cash generation

The company continues to increase profitability thanks to the clear focus on concession activities, which by the end of 2023 account for 93% of the Group's total EBITDA and contribute to further increase our profitability to 33% EBITDA margin (+430bp compared to the same period of 2022).

Today we can affirm that Sacyr has consolidated its position as one of the world's leading concession groups. The result of the transformation carried out is reflected in the continuous growth in profitability with a recurrent, predictable and stable cash generation that has generated in this financial year 848 million euros of operating cash flow, which implies a +20%

more than in the same period of the previous year. In addition, it should be noted that distributions from concession assets have reached 220 million euros, with a continuous and uninterrupted increase in recent years.

1. Key figures

The operating figures of the income statement for 2023, broken down by business area, are as follows:

Revenues has reached 4,609 million euros by 2023 and is geographically distributed as follows: (i) Europe 42%, (ii) Latin America 49%, (iii) United States and Canada 6% and (iv) Others 3%. International revenues already accounts for more than 76% of the total.

EBITDA exceeded 1,523 million euros in 2023, compared to 1,428 million euros in 2022, an

increase of +7% with an EBITDA margin of 33%, +430 bps compared to the 2022 margin. These figures are detailed below by area:

1. Sacyr Concesiones grew, driven by the division´s operating revenues (+10%) and increased its EBITDA by +7% thanks mainly to: i) the good operating performance of the assets, ii) the contribution of the Chilean toll roads Ruta 78 and Los Vilos - La Serena, iii) the projects in Colombia, as well as iv) the inflation-linked revenues. Given the completion of the construction of important assets in 2022 and 2023, construction revenues fell this year (e.g. Ferrocarril Central in Uruguay), although in the last quarter of the year the start of the new projects awarded has softened this fall. The Water business contributed +3% growth in revenues and +15% in EBITDA, and continues to strengthen its position in countries such as Australia, Chile and Spain.

1. Sacyr Ingeniería e Infraestructuras continues with its strategy of prioritising business profitability over volume, focusing on projects for the Group's own concessions and collaborative contracts with clients. Excluding the contribution from the Pedemontana- Veneta and A3 Italian toll roads, it has managed to increase its EBITDA margin from 3.7% in 2022 to 4.6%.

Concessional EBITDA, which includes the Italian assets that form part of the Engineering and Infrastructure division plus the assets of the Concessions division itself, reached 1,411 million euros, representing 93% of the Group's total EBITDA, +8% more than in 2022, which places Sacyr as a company with a clear concessions profile, in line with its strategic objective.

EBIT has exceeded 1,250 million euros in 2023.

Net financial results were -719 million euros.

Result from discontinued operations includes the impact of the divestments of the Valoriza Servicios Medioambientales and Sacyr Facilities businesses. Profit from ordinary activities exceeded 330 million euros, adjusted by intra-group contracts of -19.2 million euros for a total profit from discontinued operations of 311 million euros.

Within the Corporate tax item, and as a consequence of the exit from the Spanish tax Group of the sold companies of the Services division and other sales such as the sale of 49% of Eresma, an amount of 133 million euros was impaired as these companies supported the recoverability of these deferred tax assets.

The Group's attributable net profit for 2023 exceeded 153 million euros compared to 111 million euros in 2022, up +39% year-on-year.

Highlights of the Period

1. Focus on Concessions

• New Concession in the United States: I-10 Calcasieu River Bridge

In July 2023, Sacyr Concesiones, together with Acciona and Plenary Americas, were selected to develop a 10 km section of the I-10 highway in Louisiana, which includes the

replacement of the existing bridge over the Calcasieu River. The $2. billion (1.9 billion euro) construction investment project will link the cities of Lake Charles and West Lake, and includes the design, construction, financing, operation and maintenance for 50 years of this infrastructure after 7 years of construction. After the financial closing in January 2024, the consortium signed the concession contract.

This is Sacyr's first major transport infrastructure concession contract in

US, one of the company's strategic markets in which it expects to continue to grow in the coming years. The bridge is expected to be in operation in 2031 and to serve more than 90,000 vehicles daily by 2040. For Sacyr, this is the first transport infrastructure concession in the United States and the second concession in the country, after the University of Idaho. This contract represents an important milestone for the Group, firmly advancing the 2021-2025 Strategic Plan's objective of increasing its concession weighting in English-speaking countries.

• Pedemontana-Venetamotorway fully open to traffic (Italy)

On 29 December 2023, Sacyr and its partner Fininc commissioned the entire Pedemontana-Veneta motorway. This is a main axis of the industrial areas of Vicenza and Treviso and connects Italy with centre of Europe. It is 162 km long: 94 km are the main road, linking 38 municipalities and the industrial area of Vicenza and Treviso, and 68 km are secondary accesses. The road has two tunnels: Tunnel de Malo (6 km) and the S. Urbano Tunnel (1.5 km) and eight viaducts. It has an investment of more than 2,600 million euros and a 39-year operation period from the end of construction. The initial traffic estimate for the entire motorway is 27,000 vehicles per day. Italy priority market for Sacyr, where SIS has a total of four concession

projects.

With the opening to traffic of this project, the Group has put into operation between 2022 and 2023, 8 of the most relevant assets of the portfolio, as shown below:

• Great success in the signing of awards and contracts

Sacyr continues to be extraordinarily successful in signing significant contracts and currently has committed equity of more than 600 million euros over the next four years:

I-10 (United States)

In July 2023 we were the preferred bidder for our first transport concession in the US, and on 31 January 2024, after the closing, the contract was signed for the design, construction, financing, operation and maintenance for a period of 50 years of operation and 7 years of construction of a section of the I-10 interstate highway (Louisiana, USA). It will require a construction investment of $2.1 billion (€1.9 billion).

This project is the largest in the history of the Louisiana Department of Transportation and one of the largest projects bid in North America in 2023.

Via del Mare (Italy)

In November 2023, Sacyr was awarded the new Via del Mare motorway, becoming the third concession in Italy. The contract was signed on 14 January. This motorway is expected to generate

traffic revenues of approximately 1,600 million euros over the 32 years of the concession. It is estimated that around 36,000 vehicles per day will use the motorway.

A21 (Italy)

In October 2023, the Italian Council of State confirmed the award of the operation of the Italian motorways A21 Turin-Alessandria-Piacenza, A5 Turin-Ivrea-Quincinetto, the A4/A5 Ivrea-Santhià link, the Turin Ring Road System (Satt) and the Turin-Pinerolo section to the SIS consortium, formed by Fininc and Sacyr. These motorways, already in operation, total 320 km.

This important contract, awarded by the Italian Ministry of Infrastructure and Transport in June 2021, has now been ratified by the Italian Council of State. It is expected to be signed on 5 March 2024.

El Loa Airport, Calama (Chile)

In October 2023, Sacyr and Agunsa were awarded the contract for the expansion, operation and extension of El Loa Airport in Calama, Chile. The 102 million euro project will triple the terminal's surface area and raise comfort and safety standards for users. The concession will require an investment of approximately 102 million euros (2,650,000 UF) and has a maximum concession term of 26 years. The airport began operations on 1st October.

In addition to these major contract awards, the group continues to actively seek the best opportunities in the market with the study of multiple projects in our main geographies. Below are some of the projects that are under study and some of which are close to being awarded.