1H 2017 July 28 th 2017 Executive Summary STRONG TOP LINE - PowerPoint PPT Presentation

Results Presentation 1H 2017 July 28 th 2017

Executive Summary STRONG TOP LINE PERFORMANCE maintaining operating efficiency standards +28% (AUD) top line growth in Stable operating margins CIMIC SOLID GROUP FINANCIAL STRUCTURE after the strong delevering process BBB credit rating across the Group & Corpororate Syndicated Maintaining Net Debt to EBITDA loan refinancing below 0,7x SIGNIFICANT NET INCOME GROWTH aligned with our targets € 416 mn in 1H17 +18.4% LFL* vs 1H16 Double digit bottom line growth in construction UNDERPINNED BY A GROWING BACKLOG despite currency headwinds € 65.2bn mn as of Jun17 +5.9% vs Jun16 +7.4% ex FX 1H 17 – Results Presentation * Like for like (ex Forex and Urbaser) 2

Key performance indicators 1H 2017 Var. YoY Var. PRO-FORMA* SALES 17,386 € mn +11.7% +9.4% EBITDA 1,224 € mn +12.2% +10.1% EBIT 900 € mn +7.6% +5.9% NET PROFIT 416 € mn +7.2% +18.4% NET DEBT 1,654 € mn -55.8% -57.7% BACKLOG +5.9% 65.20 € bn +7.4% 1H 17 – Results Presentation * Excluding F/X effect and Urbaser contribution in 2016 3

Construction EBIT 1H17 SALES 1H17 EBITDA 1H17 Net Profit 1H17 € 13.102 Mn € 834 Mn € 546 Mn € 196 Mn +17.1% +6.9% +15.5% +24.9% growth vs 1H16 growth vs 1H16 growth vs 1H16 growth vs 1H16 4.2% -30 bp +12.6% 6.4% +10 bp 1.5% +10 bp ex forex margin vs 1H16 margin vs 1H16 margin vs 1H16 SALES BREAKDOWN BY ACTIVITY SALES BREAKDOWN BY GEOGRAPHY Iridium Dragados +5.1% Spain € 40 mn € 2,045 mn 2,045 € 552 mn 0% 16% Rest of Europe 4% € 1,017 mn HOT HQ € 59 mn 1,946 8% Asia Pacific 1% € 4,396 mn 1H16 1H17 HOT Europa 33% € 840 mn CIMIC 6% € 4,347 mn +17.6% 11,018 33% HOT America South America North America € 5,772 mn € 233 mn € 6,904 mn 44% 2% 9,366 53% 1H16 1H17 1H 17 – Results Presentation

Industrial Services EBIT 1H17 SALES 1H17 EBITDA 1H17 Net Profit 1H17 € 3,590 Mn € 379 Mn € 358 Mn € 209 Mn +3.9% +8.6% +3.9% +4.6% growth vs 1H16 growth vs 1H16 growth vs 1H16 growth vs 1H16 +3.0% 10.6% +0 bp 10.0% +50 bp 5.8% +0 bp ex forex margin vs 1H16 margin vs 1H16 margin vs 1H16 SALES BREAKDOWN BY ACTIVITY SALES BREAKDOWN BY GEOGRAPHY Renewables +20.0% Networks Africa € 22 mn 1,648 € 327 mn € 307 mn 1% 9% 9% Spain € 976 mn 1,373 EPC Asia Pacific 27% € 551 mn EPC € 1,648 mn Specialized 15% 1H17 1H16 46% Products -6.6% € 1,184 mn Rest of Europe 33% € 223 mn 1,924 6% South America € 832 mn North America 23% Support services Control Systems 2,060 € 701 mn € 414 mn 20% 11% 1H16 1H17 1H 17 – Results Presentation

Services CLECE SALES 1H17 EBITDA 1H17 EBIT 1H17 Net Profit 1H17 € 705.9 Mn € 37.1 Mn € 20.6 Mn € 29.3 Mn -1.5% +0.4% +3.9% +0.5% growth vs 1H16 growth vs 1H16 growth vs 1H16 growth vs 1H16 -1.2% 5.3% +10 bp 4.2% +30 bp 2.9% +0 bp ex forex margin vs 1H16 margin vs 1H16 margin vs 1H16 Sales stability on a like for like basis A domestic business opening boarders International  5% 1H17 only contibuting CLECE:  Urbaser restated as discontinued operations in 2016 accounts after its sale agreement the past Sales September  SINTAX sold at the beginning of 2017 no longer Spain contributing in 2017 95% 1H 17 – Results Presentation

Net Profit breakdown by activity Figures in € million 6M17 Variation Weight 6M16 3M17 Construction 157 196 +24.9% 46% Industrial Services 200 209 +4.6% 49% Services 49 23 -52.8% 5% Corporation (17) (12) Reported Net Profit 388 416 +7.2% Adjustments (2) (─) F/X impact ( ─ ) (39) Urbaser contribution Like-for-like Net Profit 349 414 +18.4% 1H 17 – Results Presentation 7

Focused de-leveraging enables stable credit rating 1.5x 1.5x 1.5x S&P Global BBB / A-2 1.2x INVESTMENT GRADE 2,213 0.7x 0.6x Net Debt / EBITDA 193 609 Syndicated loan refinanced conditions 437 203 3,722 3,741 3,508 223 2,624 1,654 1,214 dec-14 jun-15 dec-15 jun-16 dec-16 jun-17 Net Debt AHS Debt Figures in € million 1H 17 – Results Presentation 8

1S 2017 Net Debt Evolution Financial Operating Net SH’ F/X impact Net Debt Net Debt EBITDA expenses & WC var Investments remuneration & other Jun 2017 Dec 2016 taxes 0.68 x € 143 mn Net financial expenses paid EBITDA € 129 mn Corporate 40 148 taxes paid 224 € 45 mn others € 100 mn Urbaser ST receivable € (60) mn FOREX 1,015 € 223 mn Net CAPEX and other adj. 1,224 € 1 mn Net Financial/ Project 1,654 investments 317 1,214 Seasonality effect € 305 mn HOCHTIEF € 907 mn (+5.5% vs 1H16) € 710 mn ACS exHOT Funds from operating activities bf WC var and CAPEX 1H 17 – Results Presentation 9

Deseasonalized operating WC variation (LTM evolution) Figures in € million 800 Neutral effect target achieved HOCHTIEF restructuring process taking 600 place + domestic market downturn 400 200 0 Dec 16 Sep 14 Dec 14 Dic 14 Mar 15 Jun 15 Sep 15 Dic 15 Dec 15 Mar 16 Jun 16 Sep 16 Dic 16 Mar 17 Jun 17 (200) (400) WC recovery from previous periods (600) RIGOUROUS WC MANAGEMENT POLICY implementation across the group (800) (1,000) 1H 17 – Results Presentation * 10

Robust backlog … +5.9% LTM growth +7.4% ex F/X Backlog breakdown 65.20 LTM var Book to Bill ratio = 1,06x 1.60 +15.3% 1.99 61.55 37.92 +3.9% 8.91 € (0.91) bn FX impact € 2.52 bn 11.70 -5.9% changes in perimeter 35.87 -0.8% 18.87 LTM +19.9% 23.73 1H16 Production Order Intake 1H17 F/X & adj backlog backlog Figures in € billion 1H 17 – Results Presentation 11

… highly diversified 65.20 Bn € With a leading position in the US and Australia BACKLOG NORTH AMERICA EUROPE 22.21 Bn € 34 % oversales 12.08 Bn € 18.5 % oversales +0.1% +2.3% SOUTH AMERICA ASIA PACIFIC 4.92 Bn € AFRICA 25.22 Bn € 7.5 % oversales 39 % oversales 0.77 Bn € 1 % oversales +31.4% +10.6% -22.5% LTM growth 1H 17 – Results Presentation 12

Main awards of the period ASIA-PACIFIC SOUTH AMERICA Project for the construction of a new Contract for the installation and 853 € MN metro railway crossing deep under the maintenance of the photovoltaic plants 247 € MN Sydney Harbour comprising contract to of Santa María and Orejana with an deliver twin 15.5km tunnels and installed capacity of 166 MW and associated civil works on Stage 2 of the 125 MW respectively in Chihuahua Sydney Metro project( Australia) and Sonora (Mexico) EUROPE ASIA-PACIFIC Execution of Zuidasdok project 197 € MN Project for expanding of the comprising the broadening and 421 € MN existing Terminal 1 at Hong Kong tunneling of the A10 South in International Airport. Amsterdam, the road will go underground at the level of the current Amsterdam Zuid station ASIA-PACIFIC (Amsterdam, Netherlands) 197 € MN EPC project for the construction of a photovoltaic plant in Matsuzaka with an ASIA-PACIFIC installed capacity of 100MW (Japan) 357 € MN Contract for mining services in Mount Pleasant coal mine (New NORTH AMERICA South Wales, Australia) Project for the construction of the 136 € MN new bridge on the current NC12 ASIA-PACIFIC 298 € MN road between Pea Island Project for the construction of East National Wildlife Refuge and the Kowloon cultural centre in Hong city of Rodanthe (North Carolina, Kong United States) ASIA PACIFIC operation at Yallourn mine (Australia) 296 € MN Extension of the contract for mining 1H 17 – Results Presentation

Summary +18.4% (Like for Like) 1 SOLID OPERATING PERFORMANCE Net Profit growth Commitment to keep 2 HEALTHY FINANCIAL POSITION Investment grade rating +7.2% (Like for Like) 3 ROBUST BACKLOG ACROSS ACTIVITIES backlog growth 4 Focused on SH’s DISCIPLINED CAPITAL ALLOCATION POLICY value creation 1H 17 – Results Presentation 14

Comments about potential Abertis transaction 1H 17 – Results Presentation 15