Results Presentation February 19 th , 2020 Executive summary Net - PowerPoint PPT Presentation

ACS Group 2019 Results Presentation February 19 th , 2020

Executive summary Net Profit 2019 962 € mn +5.1 % POSITIVE EVOLUTION OF THE BUSINESSES Results Impact (420) € mn MIDDLE EAST EXIT - BICC CFO before investment 2,379 € mn +2.5 % SOLID CASH GENERATION 0.02 x € 54 mn Net Financial Debt MINIMUM FINANCIAL DEBT EBITDA North America Australia Europe GROWING PROJECT BACKLOG 32.2 € bn + 10.1 %* 19.4 € bn + 6.3 %* 14.3 € bn + 8.6 % Value chain Balanced risk profile STRATEGIC GROUP APPROACH integration *Annual growth adjusted by F/X 2

2019 Main operating figures Comparable 1 Var. Variation 39,049 SALES +6.5% +4.5% +6.0% 77,756 +7.7% BACKLOG 3,148 EBITDA +7.0% +7.2% 2,126 +3.7% EBIT +3.8% 962 +5.1% NET PROFIT +4.2% 2,379 +2.5% CFO before investment 2 (1) Adjusted by F/X (2) Operating cash flows before investments Data Euro Million 3

Net Debt evolution 2011- 2019 BBB (Investment grade) (87) Net Cash Position (ex Project Finance) 141 Project Finance (non-recourse) 0.02x EBITDA 54 Net Debt Position at 2019 year-end 9,334 Financial debt (ex projects) Project finance Endeudamiento financiero (ex proyectos) Financiación de Proyectos Solid financial position upheld 4,519 3,811 3,722 2,624 1,214 153 54 -3 2011 2012 2013 2014 2015 2016 2017 2018 2019 Data Euro Million 4

Geographical distribution 39,049 € mn +6.5% +4.5% adj. FX Sales 2019 Europe North America 20 % o/sales 50 % o/sales +0.0 % +16.4 % Africa 1 % o/sales Australia 19 % o/sales +0.4 % South America Asia 5 % o/sales 5 % o/sales +12.7 % -19.2 % Annual Growth Data Euro Million 5

Geographical distribution 77,756 € mn +7.7 % +6.0 % adj. FX Backlog 2019 Europe North America 18 % o/backlog 44 % o/backlog +8.6 % +11.8 % Africa 2 % o/backlog Australia 25 % o/backlog +7.7 % South America Asia 6 % o/backlog 5 % o/backlog -8.2 % -27.1 % Annual Growth Data Euro Million 6

Activity in the main markets Sales breakdown by key countries Backlog breakdown by key countries Annual nominal growth +17.6% 28,319 +19.2% +7.7% 16,932 19,365 +0,4% -3.1% +4.0% 7,286 -12.8% 7,464 +18.6% 5,419 +10.4% +160% -21.4% +21.4% 3,859 3,008 1,909 1,629 751 480 Estados Australia España Canadá Alemania Reino Australia Spain Canada Estados Australia España Canadá Alemania Reino Germany USA UK USA Australia Spain Canada Germany UK Unidos Unido Unidos Unido 43 % 19 % 14 % 4 % 2 % 1 % 36 % 25 % 10 % 5 % 4 % 2 % Weight over total sales Weight over total backlog Data Euro Million 7

Infrastructures – Sales evolution Annual nominal growth North America +7.5% Rest of Europe (+17.7%) F/X (-7.6%) 30.955 30,955 Germany 28.785 28,785 59% 3% (-20.8%) 3% Spain (-6.5%) 4% 2018 2019 24%  Solid growth in North America → 1% 6% Australia +18.4% +10.7% (+0.3%) South America +12.4% ex F/X +7.0% ex F/X (-6.6%) Asia (-12.1%)  Positive evolution in Australia’s construction activity → +2.3% in local currency Data Euro Million 8

Industrial Services – Sales evolution Annual nominal growth Spain Africa (+10.2%) (-35.5%) +2.3% F/X 40% Asia Pacific 3% 6.530 6,530 (-42.4%) 5% 6.385 6,385 2019 2018 27% 7% Rest of Europe  Development of renewable energies in (+12.3%) Spain + Industrial plants ’ projects offseting 17% large projects completion in 2018 year-end South America in Middle East North America (-1.9%) (+17.8%)  Significant growth in Europe and South America thanks to the execution of large industrial plants ’ projects Data Euro Million 9

Services – Sales evolution Annual nominal growth Rest of Europe (+17.9%) +5.0 % F/X 1.579 1.505 1,579 1,505 7% 2019 2018  Solid position in Spain with growing internationalization 93% Spain (+4.1%) Data Euro Million 10

Operating Results- EBITDA INFRASTRUCTURES INDUSTRIAL SERVICES SERVICES +8.1 % ex FX F/X 2.421 +3.5 % ex FX 2,421 F/X 2,238 2.238 +7.6 % ex FX 693 F/X 94 87 675 2018 2019 2018 2019 2018 2019 Margin Margin Margin Margin Margin Margin 7.8% 7.8% 10.6% 10.6% 5.9% 5.8% Margin’s stability with a more balanced Activity and market diversification allow Operating efficiency improvement + business mix and higher weight of maintaining operating margins international business growth Concessions Data Euro Million 11

Abertis’ 2019 Results  Abertis’ strategic plan: efficiency improvement ( € 150 million ABERTIS 2019 Var. comp* cost reduction) and investment in new assets to replace cash Revenues 5,361 +4.2% flows and diversify its geographical portfolio. EBITDA 3,737 +7.6%  Investment in Red de Carreteras de Occidente (RCO) in Mexico, Net Profit 1,101 +9.0% one of the largest highway operators in the country (5 concessions with 876 kilometres). Abertis expects to invest Net Debt 21,017 n.a aprox. € 1,500 million in the acquisition of its 50.1% stake. * Adjusted by exchange rate effecta and excluding extraordinary results EBITDA’s geographical distribution Traffic evolution in key regions Resto Rest Spain 5% España 4,3% Chile 12% Spain Brazil España Brasil 4,1% Brazil Brasil 34% 9% France Francia 1,0% Italy Italia 6% Chile -3,2% Francia France 34% 12

Net Profit 2018 2019 Non-recurrent Reported NP Restated* NP Var (%) Operating NP impact Data Euro Million Infrastructures 586 613 +4.6% (420) 193 401 358 (62) Construction -10.9% (420) 184 +38.3% 255 Concessions 255 Industrial Services 325 +7.8% 600 350 250 Services 37 +3.3% - 38 38 (32) 170 Corporation (39) 131 916 962 962 GROUP’S NET PROFIT +5.1% - * In accordance with IFRS 16 13

Non-recurrent impacts on 2019 results BICC’s NET IMPACT RENEWABLES’ SALE NET IMPACT Net results € mn Euro Million CIMIC HOT ACS Enterprise Value Period 2019 250 EBT (1,695) (1,695) (1,695) 2,200 € mn Period 2020 onwards 80 Taxes 550 550 550 Minorities - 311 725 Installed Projects Capacity Net Profit (1,145) (833) (420) Installed capacity 19 914 MW Pipeline 41 2010 MW TOTAL PROJECTS 60 2,924 MW Application of provisions in ACS (net impact) 170 IMPACT ON 2019 GROUP’S NET PROFIT (250) IMPACT ON 2019 GROUP’S NET PROFIT 250 With no impact on ACS Group’s Consolidated Net Profit 14

Free Cash Flow 2019 552 193 25 FFL atribuible / Attributable FFL/ Factoring 387 Operational Lease Bº Neto = 100% Net Profit = 100% 659 3,148 2,596 382 1,358 975 Net financial EBITDA Gastos financiero FFO Bruto Δ circulante CAPEX neto + FFL Minoritarios Proporcional ACS Net CAPEX + Minorities ACS Proportional working capital var Gross OCF netos Impuestos y operativo (neto de Arrend. Operativo expenses and others Operational lease (ex factoring) otros factoring) *EBITDA – Net financial expenses – Taxes + Dividends+/- Other adjustments Data Euro Million 15

Net financial investment and concession projects Figures in euro millions Rotation of Infrastructure and energy concessional asset 170* 690 95 595 674 340 260 170* 91 90 Investment in Accounted TOTAL Inversión en Desinversión en Inversiones en Desinversiones en Inversiones TOTAL Inversiones Urbaser pendiente TOTAL Inversiones Effective TOTAL Divestment in Investment in Divestment in Urbaser pending renewables and Net financial net financial renovables y otros renovables y otros concesiones de concesiones de financieras netas netas en proyectos + Venta de netas en proyectos net financial renewables and infra infra + PV sale and other energy investments investment and activos energéticos activos energéticos infraestructuras infraestructuras y financieras Fotovoltaicas y investments and y financieras other energy assets concessions concessions others assets projects contabilizadas otros efectivas project * € 170 mn which correspond to the partial sale of PV plants in Spain, still not cashed at 2019 year-end 16

Debt evolution 2019 2,596 (217) NET CASH (659) (690) 3 (1,054) (33) (54) NET DEBT Net Debt OCF before Exchange rate Working Capital Shareholders ’ Net Debt Net Investment Deuda Neta FFO antes de Capital Circulante CAPEX Inversiones Netas Remuneraciones Impactos tipo de Deuda Neta working capital impact and Dec - 2018 var remuneration Dec- 2019 (financial and INICIAL Capital Circulante (financieras y a accionistas cambio y otros FINAL and CAPEX others projects) y CAPEX proyecto) Data Euro Million 17