Investor Relations Company Presentation

Q1 2021 results – May 11, 2021

© Turner Construction Company

Marcelino Fernández Verdes, CEO
Peter Sassenfeld, CFO
Mike Pinkney, Head of Corporate Strategy
Tobias Loskamp, Head of Capital Markets Strategy
1
Table of contents

 Highlights 3
 Cash flow 5
 Net cash 6
 Recent project awards 7
 Order book 8
 Americas 9
 Asia Pacific 10
 Europe 11
 Abertis 12
 Outlook and dividend 13

Appendix
© HOCHTIEF © HOCHTIEF

 Group overview & one-offs 15

 P&L 16
 Balance sheet 17
 Group financing structure 20
 Americas 21
 Asia Pacific 23
 Europe 26
 Abertis 30
 f/x rates 33
 HOCHTIEF Group overview 34

© TWA Hotel/David Mitchell © CPB Contractors

2
HOCHTIEF Group – Q1 2021 overview
Nom. net profit Op. net profit
Nom. net profit of EUR 86m, -3% yoy; Op. net profit of EUR 99m, +6% pre-Abertis 135

115 89 86 98 99

 Sales in Q1 2021 of EUR 4.9bn, yoy -12% (-9% fx-adjusted) vs. a high pre-COVID-19 comparison 95

75

level; robust operational margins 55

35

 Abertis net profit contribution of EUR -3m in Q1 2021 (vs. EUR 1m in Q1 2020) due to COVID-19 15

-5
Q1 2020 Q1 2021 Q1 2020 Q1 2021
mobility restrictions; improving trend like-for-like like-for-like

New Orders Order Backlog

New orders of EUR 5.9bn, +31% yoy; order backlog up 6% yoy to EUR 47.6bn +6%; +3% fx-adj.

47.6
45.0
HTEU
 Strong recovery in new orders driven by Asia Pacific and Americas, notwithstanding COVID-19
4.3
+31%, +33% fx-adj. 4.1
5.9
19.6 HTAP
 Geographically diversified order book with 50% in Americas, 41% Asia Pacific, 9% Europe
0.3 17.5
4.5
0.5 2.2
1.0

23.4 23.7
HTAM
2.9 3.3

Net cash from operating activities pre-factoring of EUR 675m LTM remains robust Q1 Q1 Q1 Q1
2020 2021 2020 2021
like-for-like

 Net cash from op. act. pre-factoring of EUR -449m in Q1 2021, reflecting seasonality, lower
like-for-like

sales (EUR -666m yoy) and COVID-19 impacts Net cash

 Net op. capex significantly lower at EUR 20m in Q1 2021, after 50% Thiess divestment 7

Net cash up EUR +141m yoy, after EUR 722m shareholder remuneration LTM
+141
 Strong liquidity position of EUR 5.3bn, additional EUR 1.7bn undrawn loan facilities
 HOCHTIEF issued a EUR 500m 8-year rated bond with 0.625% coupon, in April 2021 -134
Q1 2020 Q1 2021

Guidance FY 2021 confirmed, improving trends in Group’s key markets

Op. net profit
 Guidance 2021: op. NPAT EUR 410 – 460m, +11% to +25% yoy LFL, subj. to market conditions
 FY 2020 dividend of EUR 3.93 / share approved at the AGM on May 6, 2021, unchanged 65%
payout ratio
 Strong position in our key markets, solid tender pipeline of >620bn in 2021+ incl. PPP pipeline
of EUR 180bn and numerous stimulus packages

Note: In this presentation all figures for Q1 2020 are like-for-like, i.e. are comparable with Q1 2021 re. Thiess at-equity consolidation 3
HOCHTIEF Group – Q1 2021 key figures

Q1
Q1 Δ Q1 Δ Q1 LTM est. FY
2020
2021 in % in EURm Q1 2021 2020
(EUR million) like-for-like

Sales adjusted 4,934.4 5,600.8 -11.9% -666.4 21,561.5 23,679.2

Operational profit before tax/PBT 157.6 151.8 3.8% 5.8 555.3 802.3
Operational profit before tax/PBT pre-Abertis 160.6 150.6 6.6% 10.0 576.6 819.4
Operational PBT margin in % 3.2 2.7 0.5 2.6 3.4
Operational PBT pre-Abertis margin in % 3.3 2.7 0.6 2.7 3.5
Operational net profit 99.2 97.7 1.5% 1.5 360.3 476.7
Operational net profit pre-Abertis 102.2 96.5 5.9% 5.7 381.6 493.8

EBITDA 247.7 248.0 -0.1% -0.3 978.5 1,749.7

EBITDA margin in % 5.0 4.4 0.6 4.5 7.4
EBIT 172.8 192.2 -10.1% -19.4 676.0 1,046.1
EBIT margin in % 3.5 3.4 0.1 3.1 4.6
Profit before tax / PBT 145.4 143.2 1.5% 2.2 550.2 881.9
Profit before tax / PBT pre-Abertis 148.4 142.0 4.5% 6.4 571.5 899.0

Tax rate (taxes / PBT in %) 27.0 21.6 5.4 37.7

Net profit 86.0 88.9 -3.3% -2.9 308.6 427.2
Net profit pre-Abertis 89.0 87.7 1.5% 1.3 329.9 444.3

Net cash from op. act. pre-factoring -448.7 -362.0 -24.0% -86.6 674.7 1,098.1
Net cash from operating activities -597.0 -298.2 -100.2% -298.8 375.5 742.8
Net operating capital expenditure 20.4 36.4 -44.0% -16.0 105.9 371.1
Free cash flow from operations pre-factoring -469.1 -398.5 -17.7% -70.6 568.9 727.0
Free cash flow from operations -617.4 -334.7 -84.5% -282.7 269.6 371.7
Free cash flow pre-factoring -555.6 -566.2 1.9% 10.6 440.8 1,787.0

Net cash / net debt 6.8 -134.3 105.1% 141.1 617.9

New orders 5,907.9 4,512.7 30.9% 1,395.2 23,624.0 23,069.9

Work done 5,769.2 6,116.1 -5.7% -346.9 23,104.4 24,549.6
Order backlog 47,610.7 44,991.6 5.8% 2,619.1 45,840.4
Order backlog visibility (in months) 25.0 19.7 26.9% 5.4 23.5

Direct employees (end of period) 33 501 51 980 -35.6% -18 479 46 644
Note: Operational profits are adjusted for non-operational effects
Sales FY 2020 adjusted for Gorgon and other minor effects

4
HOCHTIEF Group – Cash Flow performance

• Net cash from op. act. pre-factoring of EUR -449m in Q1 2021, reflecting seasonality, lower sales yoy EUR -666m (-12%)
and COVID-19 impacts. Robust EUR 675m LTM
• Factoring volume further reduced to EUR 957m at end-Q1 2021
• Net op. capex to deliver infrastructure works reduced by EUR 16m yoy
• Free cash flow from ops. pre-factoring of EUR -469m in Q1 2021; EUR 569m LTM

5
HOCHTIEF Group – Net cash development

• HOCHTIEF net cash position of EUR 7m Net cash (+) / net debt (-)
 Quarterly cash development shows typical
seasonality Q1 Q1 ∆ ∆ FY
2021 2020 yoy qoq 2020
period end (EUR million)
 YoY increase in net cash of EUR 141m,
after EUR 722m shareholder HOCHTIEF Group 7 -134 141 -611 618

remuneration LTM: HOCHTIEF Americas 1,100 1,156 -55 -299 1,400

HOCHTIEF Asia Pacific -154 -532 378 -268 114

 EUR 406m HOT dividend and
HOCHTIEF Europe 504 354 150 -41 544
 HOT and CIM share buybacks EUR
Corp. HQ & consolidation -1,443 -1,112 -331 -3 -1,440
317m

• Strong liquidity position of EUR 5.3bn per end

Q1 2021. Additionally EUR 1.7bn unused credit Net cash Q1 2021 yoy
facilities
• HOCHTIEF issued a EUR 500m 8-year rated
bond with 0.625% coupon in April 2021

• S&P revised HOT rating to BBB- investment

grade with stable outlook on March 9, 2021

6
 HOCHTIEF Group – Selected recent significant project announcements
Amazon TI - 555 108th Ave NE, Turner
(03/2021) construction management
services for app. 1 million square feet in a
42-story office building in Bellevue,
Washington, USA
Hospital at St. Elizabeths East, USD
375 m, Turner (03/2021) JV, 136-bed
acute care hospital and ambulatory care
pavilion to offer specialty services,
Washington, D.C., USA
Sanderson Building Project, Turner
(02/2021) construction of two buildings and
an underground parking structure for
strictly commercial office use, Burnaby,
British Columbia, Canada
Morena Pump Station, USD 110 m,
Flatiron (01/2021) Use of proven water
purification technology to clean recycled
water to produce high-quality drinking
water, San Diego, California, USA
I-10 Broadway Curve project,
USD 616 m, Flatiron (01/2021) JV
widening of almost 18 kilometers of
freeway, Arizona, USA
IQHQ Phase 1 Parking and 3A
Structure, Turner (11/2020) office
buildings and parking garage on a life
sciences campus in San Diego, California,
USA
San Diego International Airport, USD
2.3 bn, Turner & Flatiron (09/2020) JV,
construction of a new 1.2 million-square-
foot terminal with 30 gates, California, USA
A1 Rhine Bridge, EUR 216 m,
HOCHTIEF (02/2021) JV,
completion of an app. 1 km long
bridge section in Leverkusen,
Germany
Lake Vermont Extension, AUD 2.5 bn, Thiess
(06/2020) full-service mining operations, Queensland,
Australia
A7 Altona Tunnel, EUR 580 m,
HOCHTIEF (01/2021) JV, 2.2
km noise protection tunnel in
Hamburg, Germany
Mount Owen/Caval Ridge Extension, AUD
450 m, Thiess (09+10/2020) mining services
in NSW/QLD, Australia
Refurbishment of 18-story
office building, EUR 90
million, HOCHTIEF (11/2020) in
a listed complex consisting of
four buildings in Berlin, Germany
Bruce Highway Upgrade, AUD 289 m,
CPB Contractors (03/2021) priority
road project of 18 kilometres new
highway, realignments to local roads,
19 bridges and new interchange in
Queensland, Australia
ECI Contract for Copperstring 2.0,
AUD 1.7 bn, UGL & CPB Contractors
(03/2021) substations and high-voltage
transmission network in Queensland from
Townsville in the east to Mount Isa in the
west, Australia
Country Regional Network contract,
AUD 1.5 bn, UGL (02/2021) operation
and maintenance of rail infrastructure for
10 years, NSW, Australia
Field Optimisation contract, AUD 570
m, Ventia (12/2020) JV, network
services, national optic fibre and data
and IP services, maintenance and
building services, Australia
Defense Training Facilities, AUD 800
m, CPB Contractors (11/2020)
development of the Australia-Singapore
Military Training Initiative (ASMTI) facilities
project in North Queensland, also
preferred bidder for the project’s second
phase
Mining Operations contract
extensions, AUD 286 m, Sedgman
(10+12/2020) mining services in
Queensland and NSW, Australia
7
HOCHTIEF Group – Order backlog and New orders

Order backlog (EUR bn) New orders (EUR bn)

Book-to-Bill-Ratio
+6%; +3% fx-adjusted Q1 2021
% of
total +31%, +33% fx-adj.
1.0
47.6 100%
45.0 45.8
4.3 9%
4.1 4.3 5.9
HT Europe 0.9
0.3
17.5 18.9 19.6 4.5
41% HT Asia Pacific 2.2
0.5
1.0 1.0
HT Americas

23.4 22.6 23.7 3.3

2.9
50% 1.0

Q1 FY Q1 Q1 Q1
2020 2020 2021 2020 2021

• HOCHTIEF Group:
 Order backlog of EUR 47.6bn, up yoy 6%. Focus remains on developed markets. High quality with around two-thirds of the order
book in construction management, contract mining, services & alliance-style construction contracts
 New orders EUR 5.9bn (yoy +31%). Disciplined bidding approach continues in all divisions
• HT Americas: Order backlog EUR 23.7bn, +9% fx-adj. yoy and stable qoq. Solid new orders of EUR 3.3bn (+23% fx-adj.)
• HT Asia Pacific: EUR 19.6bn order backlog, +12% yoy, +4% qoq, new orders more than doubled yoy to EUR 2.2bn in Q1 2021
• HT Europe: Order backlog of EUR 4.3bn stable qoq and +4% yoy with Q1 new orders of 0.3bn
• Strong pipeline of projects to be tendered and / or awarded in key markets identified, >EUR 620bn in 2021 and thereafter:
 Asia Pacific (54% of total): CIMIC: AUD 520bn in 2021+
 Americas (36%): Turner: USD 92bn in 2021, USD 99bn beyond that; Flatiron: USD 13bn in 2020, USD 60bn 2021+
 Europe (10%): EUR 13bn in 2021, EUR 50bn beyond
• PPP project pipeline of approx. EUR 180bn
* New orders excl. f/x-effects within CIMIC backlog

8
HOCHTIEF Americas – Q1 2021 results
Essentials Financials
Results / Cash
• Sales down yoy by 11% fx-adjusted reflecting COVID (EUR million) Q1
2021
Q1
2020
Q1
change yoy
Q1
change yoy
FY
2020
impact and strong Q1 2020 USD sales increase of in EURm

16% yoy; sales up 3% fx-adj. compared with pre- Total sales / divisional sales 3,221.9 3,927.6 -18.0% -705.7 14,676.1

Operational profit before tax/PBT 90.9 87.7 3.6% 3.2 336.5

COVID Q1 2019 level Operational PBT margin in % 2.8 2.2 0.6 2.3

• Op. PBT of EUR 91m and op. net profit of EUR 58m Operational net profit 58.2 56.0 3.9% 2.2 244.4

in Q1 2021 both increased by +4% EBITDA 113.9 113.9 0.0% 0.0 430.4

• Net cash from op. activities reflects seasonal EBIT 93.4 93.3 0.1% 0.1 344.5

working capital variation and lower sales level Nominal profit before tax/PBT 88.4 87.1 1.5% 1.3 325.9

Nominal net profit 56.4 55.5 1.6% 0.9 236.5

• Solid Net cash position of EUR 1.1bn
Net cash from operating activities -309.4 -232.7 -33.0% -76.7 642.6

Net cash from op. act. pre factoring -278.8 -153.5 -81.6% -125.3 673.4

Orders Gross operating capital expenditure 6.8 4.3 58.1% 2.5 22.2

• New orders of EUR 3.3bn in Q1 2021 show strong Net cash / net debt 1,100.1 1,155.5 -4.8% -55.4 1,399.5

increase (+13% yoy, +23% fx-adj.) New orders 3,308.9 2,942.3 12.5% 366.6 15,391.8

Work done 3,211.6 3,749.4 -14.3% -537.8 14,283.8

• Order backlog stands at EUR 23.7bn (+2% yoy, Order backlog 23,728.6 23,378.9 1.5% 349.7 22,599.2
+9% fx-adj.)
Employees (end of period) 11 899 12 254 -2.9% - 355 12 000
Note: Operational profits are adjusted for non-operational effects

Outlook HOCHTIEF Americas 2021

• Operational PBT 2021 of approx. EUR 320-350m, subject to
market conditions

9
HOCHTIEF Asia Pacific, CIMIC (in AUD) – Q1 2021 results

Essentials Financials
• Solid revenue and profit compared to Q1 2020 which had no Q1 2020
Q1 2021 comparable1 Δ%
material impact from COVID-19
(AUD m)
Revenue 2,178.9 2,355.8 -7.5%
EBITDA 217.4 200.6 8.4%
• Increased EBITDA, EBIT and PBT margins of 10.0%, 7.0% and EBITDA margin 10.0% 8.5% 1.5pp

5.5% respectively, supported by cost reduction initiatives. Stable D&A

EBIT
-65.2
152.2
-39.5
161.1
-65.1%
-5.5%

NPAT margin at 4.6% EBIT margin

Net finance costs2
7.0%
-31.9
6.8%
-42.5
+0.2pp
24.9%

• Improved Free op. cash flow pre-factoring by AUD 106m yoy.

Profit before tax 120.3 118.6 1.4%
PBT margin 5.5% 5.0% +0.5pp
Income tax -20.2 -16.1 -25.5%
• Decrease in capex and interest, finance costs and taxes compared Effective tax rate 16.8% 13.6% -

to ‘Q1 2020 reported’, due to 50% sale of Thiess. Capex now mainly Non-controlling interests
NPAT
0.1
100.2
5.1
107.6
-98.0%
-6.9%

for job-costed tunneling equipment NPAT margin 4.6% 4.6% 0.0pp

• FY 2021 focus is managing working capital, generating cash-

Q1 2020 Q1 2020
(AUD m) Q1 2021 comparable3 reported
backed profits and a rigorous approach to tendering, project delivery Operating cash flow pre-factoring
Variation in factoring
-125.8
-183.8
-166.7
247.2
-16.3
-10.3
and risk management Operating cash flow
4
-309.6 80.5 -26.6
Interest, finance costs and taxes -23.5 -57.2 -103.2
• Net debt of AUD 215m due to seasonality and AUD 184m reduction Net operating cash flow
Gross capital expenditure5
-333.1
-19.5
23.3
-51.8
-129.8
-162.9
in factoring Gross capital proceeds6 1.9 3.2 5.7
Net capital expenditure -17.6 -48.6 -157.2
• Strong investment grade credit ratings confirmed by Moody’s Free operating cash flow 7
Free operating cash flow pre-factoring
-350.7
-166.9
-25.3
-272.5
-287.0
-276.7
(Baa2/Stable) in January 2021. S&P revised rating of (BBB-
/Stable/A-3) in March 2021, with stable outlook
(AUD m) Q1 2020 FY 2020
8
Net cash/(debt) -215.0 190.4

• Work in hand of AUD 30.2bn, well diversified across Construction,

Net contract debtors -203.7 -294.7

Services and Mining. New work of AUD 3.5bn in Q1 2020, well

Q1 2020
9
(AUD m) Q1 2021 comparable FY 202010
positioned to recover to a more normal level in FY21 Construction
Services10
11,734.0
9,819.0
15,473.0
9,084.0
12,526.0
8,825.0

• As at 31 March, the pipeline of relevant tenders to be bid on / be Investments11

Total work in hand 12
8,630.0
30,183.0
6,858.0
31,415.0
8,728.0
30,079.0
awarded is approx. AUD 520bn for the remainder of 2021 and 1 Comparable periods have been adjusted to reflect Thiess as a 50% equity accounted JV in the P&L

beyond, incl. AUD 130bn of PPP opportunities 2 Net finance costs include interest income and finance costs
3 Q1 2020 cash flows have been adjusted to be on a comparable basis and exclude 100% of Thiess cash flows
4 Operating cash flow includes cash flow from operating activities and changes in short term financial assets and investments before interest, finance costs and

Outlook 2021 CIMIC

taxes
5 Gross capital expenditure is payments for property, plant and equipment
6 Gross capital proceeds are proceeds received from the sale of property, plant and equipment
7 Free operating cash flow is defined as net operating cash flow less net capital expenditure for property, plant and equipment

FY 2021 NPAT guidance of AUD 400m-430m maintained,

8 Net cash/(debt) includes cash and equivalent liquid assets (which includes cash, cash equivalents and short term financial assets and investments)
9 Comparable WIH has been adjusted to reflect CIMIC's current 50% share of Thiess' WIH
10 As a result of the Thiess transaction, Services WIH now includes the Sedgman business. Services WIH has been restated for FY 2020 to include Sedgman

subject to market conditions 11 Investments WIH includes WIH from CIMIC's share of investments including Ventia and Thiess
12 WIH includes CIMIC's share of work in hand from joint ventures and associates

10
HOCHTIEF Europe – Q1 2021 results
Essentials Financials
Results / Cash (EUR million) Q1 Q1 Q1 FY
2021 2020 change yoy 2020
• Sales of EUR 286m up 8% yoy notwithstanding COVID
impacts, with continuing disciplined bidding approach Total sales / divisional sales 286.3 264.0 8.4% 1,270.7

• Op. PBT of EUR 14m in Q1 2021, with solid margin Operational profit before tax/PBT 14.4 13.2 9.1% 57.9

Operational PBT margin in % 5.0 5.0 0.0 4.6

• Op. Net profit stable at EUR 13m
Operational net profit 13.4 13.3 0.8% 56.0
• Net cash from op. activities in Q1 reflects seasonality;
yoy variation shows improvement of EUR 38m EBITDA 22.9 29.8 -23.2% 110.8

EBIT 11.1 18.7 -40.6% 62.8

• Solid net cash position of EUR 504m, up EUR 150m yoy
Nominal Profit before tax / PBT 10.5 10.2 2.9% 42.9

Nominal Net profit 8.0 10.2 -21.6% 40.2

Orders
Net cash from operating activities -28.9 -67.0 38.1 120.8
• New orders of EUR 322m, EUR 1.7bn LTM, equivalent Gross operating capital expenditure 2.4 3.0 -0.6 10.2
to 1.1x work done. Largest project wins in Q1 2021 were
the expansion of quay facilities of Rotterdam Harbor Net cash / net debt 503.9 353.8 150.1 544.4

(“Princess Amalia Harbor”) and the completion of the New orders 321.5 537.4 -40.2% 1,961.3
autobahn A1 Rhine Bridge in Leverkusen Work done 356.0 331.1 7.5% 1,566.6
• Order backlog up 4% yoy to EUR 4.3bn. Visibility of Order backlog 4,298.8 4,127.8 4.1% 4,319.9
nearly 3 years
Employees (end of period) 4 935 5 214 -5.4% 5 055

of which Germany 3 180 3 262 -2.5% 3 237

Note: Operational profits are adjusted for non-operational effects

Outlook 2021 HOCHTIEF Europe

• Op. PBT of EUR 40 - 60m, subject to the market
conditions

11
Abertis – Q1 2021 results

Essentials Abertis - Key figures (100%)

• Average daily traffic performance of -3.5% yoy for Q1 (EUR million) Q1 Q1 change FY
2021 2020 yoy 2020
2021 still affected by mobility restrictions but benefiting
from Abertis diversified portfolio and the resilience of Operating revenues 1,069 1,043 2% 4,054
heavy vehicles (+8.2% yoy): France (total ADT -9%), Operating revenues comparable 1)
-3%
Spain (-19%), Italy (-9%), Brazil (-1%), Chile (+1%), EBITDA 709 667 6% 2,628
1)
Mexico (-1%) and USA (-1%) Comparable EBITDA -2%
Abertis net profit pre-PPA 84 119 -29% 365
• Traffic levels generally expected to improve when
restrictions are relaxed over the next months 1) Comparable variations consider constant portfolio, fx rates and other non-comparable effects

• Operating revenues up 2% yoy (on comparable basis

-3%) and EBITDA up 6% yoy (on comparable basis -
2%), mainly due to the full consolidation of RCO Abertis Investment – contribution to HOCHTIEF
(Mexico) and ERC (USA) (EUR million) Q1 Q1 change FY
• Abertis’ net profit pre-PPA amounts to EUR 84m for 2021 2020 yoy 2020
the first three months, a reduction of -29% yoy Nominal result 1) -3.0 1.2 - -17.1
• Abertis profit contribution to HOCHTIEF (20%
stake) after PPA amounted to EUR -3m Operational result 2) -3.0 1.2 - -17.1

• Dividend payment of EUR 601m in April 2021 Abertis - dividend received - - - 172.8
(HOCHTIEF share EUR 119m received on April 28, 1) Nominal result included in EBITDA, PBT and Net Profit / NPAT
2021), with dividend policy of EUR 600m in 2022 2) Operational result included in PBT and Net Profit / NPAT

• Capital structure reinforced with hybrid bonds issues

of EUR 1.25bn in Nov 2020 and EUR 750m in Jan 2021
Outlook 2021 Abertis Investment
• We expect our Abertis Investment to return to profitability,
subject to market conditions

12
HOCHTIEF Group – Capital allocation and outlook

Op. net profit guidance 2021 (EURm) Capital allocation

 Shareholder remuneration
 FY 2020 dividend of EUR 3.93/share, unchanged 65%
payout ratio
 EUR 168m returned to HOCHTIEF shareholders in FY
2020 through share buybacks (3.5% of share capital)
 CIMIC also carried out a EUR 170m buyback

Organic growth opportunities

 Strong pipeline of projects to be tendered and / or awarded
in key markets – EUR >620bn in 2021+
 PPP opportunities of EUR 180bn
 Significant government stimulus and infrastructure plans
 USD 2.3trn US infrastructure plan over 8yrs
(USD 621bn transportation infrastructure, USD 689bn
social infrastructure)
 Australian regional governments plan AUD 300bn
infrastructure investments 2021-24
 EU green deal & EUR 750bn pandemic recovery fund

Guidance 2021
 Operational net profit EUR 410 – 460m, an increase of
+11% to +25% yoy LFL, subject to market conditions

13
Appendix: Q1 2021

Dinda
© Airubon
© Vladimir
© CPB Contractors
©Marcel Steinbach

Pioneer River Bridge, Mackay, QLD, Australia

14
HOCHTIEF Group - overview

Q1
HOCHTIEF Group Q1
2020
Δ% FY
HOCHTIEF Group Q1
Q1
Δ% FY
2021 Q1 2020 2020
(EUR million) like-for-like 2021 Q1 2020
(EUR million) like-for-like

Orders (nominal) P&L-key figures (operational)

New orders 5,907.9 4,512.7 30.9% 22,228.8 Profit before tax (operational) 157.6 151.8 3.8% 549.5
HOCHTIEF Americas 3,308.9 2,942.3 12.5% 15,391.8
HOCHTIEF Asia Pacific 2,246.1 1,000.3 124.5% 4,755.4 PBT-margin on sales (operational) 3.2 2.7 0.5 2.6
HOCHTIEF Europe 321.5 537.4 -40.2% 1,961.3
HQ/Consolidation 31.4 32.7 -4.0% 120.3 Net profit (operational) 99.2 97.7 1.5% 358.9
Work done 5,769.2 6,116.1 -5.7% 23,451.3 Cash & Capex
HOCHTIEF Americas 3,211.6 3,749.4 -14.3% 14,283.8
HOCHTIEF Asia Pacific 2,170.2 2,003.1 8.3% 7,480.3 Net cash from operating activities -597.0 -298.2 -100.2% 674.3
HOCHTIEF Europe 356.0 331.1 7.5% 1,566.6 HOCHTIEF Americas -309.4 -232.7 -33.0% 642.6
HQ/Consolidation 31.4 32.5 -3.4% 120.6 HOCHTIEF Asia Pacific -226.9 0.8 -28,462.5% -281.7
HOCHTIEF Europe -28.9 -67.0 56.9% 120.8
Order backlog (yoy) 47,610.7 44,991.6 5.8% 45,840.4
HQ/Consolidation -31.8 0.7 -4,642.9% 192.6
HOCHTIEF Americas 23,728.6 23,378.9 1.5% 22,599.2
HOCHTIEF Asia Pacific 19,584.0 17,485.2 12.0% 18,922.1 Gross operating capex 22.7 41.2 -44.9% 143.9
HOCHTIEF Europe 4,298.8 4,127.8 4.1% 4,319.9
HOCHTIEF Americas 6.8 4.3 58.1% 22.2
HQ/Consolidation -0.7 -0.3 -133.3% -0.8
HOCHTIEF Asia Pacific 12.5 32.5 -61.5% 107.8
Order backlog (ytd) 47,610.7 n. a. 3.9% 45,840.4 HOCHTIEF Europe 2.4 3.0 -20.0% 10.2
HOCHTIEF Americas 23,728.6 n. a. 5.0% 22,599.2 HQ/Consolidation 1.0 1.4 -28.6% 3.7
HOCHTIEF Asia Pacific 19,584.0 n. a. 3.5% 18,922.1
Net operating capex 20.4 36.4 -44.0% 121.9
HOCHTIEF Europe 4,298.8 n. a. -0.5% 4,319.9
HQ/Consolidation -0.7 0.0 12.5% -0.8 HOCHTIEF Americas 6.4 1.7 276.5% 20.4
HOCHTIEF Asia Pacific 11.3 30.5 -63.0% 93.5
P&L-key figures (nominal) HOCHTIEF Europe 1.7 2.8 -39.3% 4.7
HQ/Consolidation 1.0 1.4 -28.6% 3.3
Sales (nominal) 4,934.4 5,600.8 -11.9% 21,502.5
HOCHTIEF Americas 3,221.9 3,927.6 -18.0% 14,676.1 Net cash / net debt 6.8 -134.3 105.1% 617.9
HOCHTIEF Asia Pacific 1,395.6 1,376.7 1.4% 5,435.0 HOCHTIEF Americas 1,100.1 1,155.5 -4.8% 1,399.5
HOCHTIEF Europe 286.3 264.0 8.4% 1,270.7 HOCHTIEF Asia Pacific -153.8 -531.5 71.1% 114.1
HQ/Consolidation 30.6 32.5 -5.8% 120.7 HOCHTIEF Europe 503.9 353.8 42.4% 544.4
HQ/Consolidation -1,443.4 -1,112.1 -29.8% -1,440.1
EBITDA 247.7 248.0 -0.1% 978.8
HOCHTIEF Americas 113.9 113.9 0.0% 430.4 Note: Operational profits are adjusted for non-operational effects
HOCHTIEF Asia Pacific 138.7 116.5 19.1% 492.7
HOCHTIEF Europe 22.9 29.8 -23.2% 110.8
HQ/Consolidation -27.8 -12.2 -127.9% -55.1

EBIT 172.8 192.2 -10.1% 695.4

HOCHTIEF Americas 93.4 93.3 0.1% 344.5
HOCHTIEF Asia Pacific 97.0 93.4 3.9% 347.5
HOCHTIEF Europe 11.1 18.7 -40.6% 62.8
HQ/Consolidation -28.7 -13.2 -117.4% -59.4

Profit before tax (nominal) 145.4 143.2 1.5% 548.0

HOCHTIEF Americas 88.4 87.1 1.5% 325.9
HOCHTIEF Asia Pacific 63.5 56.7 12.0% 200.1
HOCHTIEF Europe 10.5 10.2 2.9% 42.9
HQ/Consolidation -17.0 -10.8 -57.4% -20.9

PBT-margin on sales (nominal) 2.9 2.6 0.3 2.5

HOCHTIEF Americas 2.7 2.2 0.5 2.2
HOCHTIEF Asia Pacific 4.6 4.1 0.5 3.7
HOCHTIEF Europe 3.7 3.9 -0.2 3.4
HQ/Consolidation -55.6 -33.2 -22.4 -17.3

Net profit (nominal) 86.0 88.9 -3.3% 311.6

HOCHTIEF Americas 56.4 55.5 1.6% 236.5
HOCHTIEF Asia Pacific 36.8 35.1 4.8% 113.9
HOCHTIEF Europe 8.0 10.2 -21.6% 40.2
HQ/Consolidation -15.2 -11.9 -27.7% -79.0

15
HOCHTIEF Group – Statement of earnings

• Sales: -12% yoy (-9% fx-adjusted) on a like for like HOCHTIEF Group
Q1
Q1 ∆%
Q1
∆%
FY
2020 Q1 Q1
basis (i.e. adjusted for Thiess effect) vs. a high pre- (EUR million) 2021
like-for-like like-for-like
2020 reported
reported
2020

COVID-19 comparison level; nominal -19.8% Sales 4,934.4 5,600.8 -11.9% 6,155.5 -19.8% 22,953.8
yoy (fx-adjusted -17%); 96% sales are international Change in inventories 4.9 20.2 75.7% 31.0

• Materials and personnel costs: Decreased in line

Materials -3,649.6 -4,453.7 -18.1% -17,435.1
Personnel costs -911.5 -1,093.3 -16.6% -4,418.6

with sales decrease Other operating income 42.6 48.6 -12.3% 1,651.8
Other operating expenses -216.8 -285.1 -24.0% -1,169.6

• Result from equity accounted companies: Results from at equity accounted companies
Net non-operating expenses adjustment
37.4
6.3
31.3
11.9
-19.5%
47.1%
106.9
29.5

Includes earnings contribution from Abertis (EUR - EBITDA 247.7 248.0 -0.1% 435.4 -43.1% 1,749.7

3m vs EUR 1m in Q1 2021) and first-time equity Depreciation and amortization -74.9 -55.8 -174.4 -57.1% -703.6
EBIT 172.8 192.2 -10.1% 261.0 -33.8% 1,046.1
method consolidated net profit of Thiess
Net interest income and other financial result -21.1 -42.0 -49.8% -134.7

• Depreciation and amortization: Q1 2020 still Net non-operating expenses adjustment

Profit before tax / PBT
-6.3
145.4 143.2 1.5%
-11.9
207.1
47.1%
-29.8%
-29.5
881.9
included depreciation and amortization from Thiess Taxes -39.2 -30.9 -60.1 -34.8% -332.3
Tax rate (taxes / PBT in %) 27.0 21.6 29.0 -2.0 37.7
• Net interest income and other financial result: Profit after tax 106.2 112.2 -5.3% 147.0 -27.8% 549.6
Improvement mostly due to lower interest expense Minority interest -20.2 -23.3 -32.1 -37.1% -122.4
as a result of better interest terms Consolidated net profit 86.0 88.9 -3.3% 114.9 -25.2% 427.2

• Tax rate: Decrease to 27% (prior year 29%) reflects

the first-time at Equity consolidation of Thiess

16
HOCHTIEF Group – Balance sheet (assets)*

Non-current assets: HOCHTIEF Group Q1 FY Δ

• Intangible assets, PPE: Increase in intangible (EUR million) 2021 2020 FY
assets due to fx-related increases in goodwill at
Assets 16,831.1 16,981.6 -150.5
CIMIC
• Equity-method investments: Increase mainly due Non-current assets 5,405.7 5,263.8 141.9

to equity valuation of 50% stake in Thiess and fx- Intangible assets 1,085.9 1,041.5 44.4
Property, plant and equipment 902.3 912.1 -9.8
effects at CIMIC
Investment properties 20.4 20.6 -0.2
Equity-method investments 2,495.8 2,409.2 86.6
Current assets: Other financial assets 77.1 63.6 13.5
• Trade receivables: Seasonal increase as well as Financial receivables 114.4 111.6 2.8
fx-effects Other receivables and other assets 188.5 180.5 8.0
Income tax assets 2.9 4.1 -1.2
• Marketable securities and Cash and cash
Deferred tax assets 518.4 520.6 -2.2
equivalents: Ongoing strong Group liquidity
position of EUR 5.3bn Current assets 11,425.4 11,717.8 -292.4
Inventories 295.1 284.1 11.0
• Assets held for sale: Derecognition after signing of Financial receivables 132.6 114.0 18.6
sale agreement for BICC as of February 15, 2021 Trade receivables and other receivables 5,654.7 5,040.0 614.7
Contract assets 1,619.6 1,413.8 205.8
Trade receivables 3,354.9 2,992.4 362.5
Other receivables and other assets 680.2 633.8 46.4
Current income tax assets 21.9 27.8 -5.9
Marketable securities 505.9 473.5 32.4
Cash and cash equivalents 4,815.2 4,949.9 -134.7
Assets held for sale 0.0 828.5 -828.5

* = 2020 figures as reported

17
HOCHTIEF Group – Balance sheet (liabilities and equity)*

Shareholders’ equity: HOCHTIEF Group Q1 FY Δ

2021 2020 FY
Changes in Q1 2021 (EUR million)

• Profit after taxes: EUR 106m Liabilities and shareholders’ equity 16,831.1 16,981.6 -150.5
• Fx-effects: EUR 120m
Shareholders' equity 1,193.3 962.6 230.7
• Dividends: EUR -28m Attributable to the group 894.2 669.6 224.6
• Other: EUR 33m Minority interest 299.1 293.0 6.1

Non-current liabilities 5,713.5 5,305.2 408.3

Provisions for pensions and similar obligations 443.1 481.6 -38.5

Current liabilities: Other provisions 374.5 358.6 15.9

Financial liabilities 4,350.0 3,932.1 417.9
• Financial liabilities: Increase mainly due to Lease liabilities 276.7 279.4 -2.7
reclassification of HOCHTIEF AG loan liabilities from Trade payables 124.1 114.7 9.4
non-current to current liabilities Other liabilities 90.5 95.2 -4.7

• Trade payables and other liabilities: Nearly Deferred tax liabilities 54.6 43.6 11.0

unchanged on year-end 2020 level Current liabilities 9,924.3 10,713.8 -789.5

• Liabilities associated with assets held for sale: Other provisions 767.3 775.5 -8.2
Financial liabilities 1,165.9 1,051.4 114.5
Derecognition after signing of sale agreement for BICC
Lease liabilities 123.1 123.1 0.0
as of February 15, 2021
Trade payables and other liabilities 7,800.1 7,857.1 -57.0
Current income tax liabilities 67.9 69.6 -1.7
Liabilities associated with assets held for sale 0.0 837.1 -837.1

* = 2020 figures as reported

18
HOCHTIEF Group – Statement of cash flows*

HOCHTIEF Group
Q1 Q1 ∆ ∆% FY
2021 2020 Q1 Q1 2020
(EUR million)

Profit after tax / PAT 106.2 147.0 -40.8 -27.8% 549.6

Depreciation, amortization, impairments and impairment reversals 68.5 169.4 -100.9 -59.6% 689.7
Changes in provisions -29.9 -17.3 -12.6 -72.8% -3.7
Changes in deferred taxes 23.6 46.5 -22.9 -49.2% 233.2
Gains / losses from disposals of non-current assets and marketable securities -1.7 -4.2 2.5 59.5% -20.6
Other non-cash income and expenses and deconsolidations -13.4 24.5 -37.9 -154.7% -317.3
Net working capital change -750.3 -753.6 3.3 0.4% -388.8
Changes in other balance sheet items 0.0 0.0 0.0 n. a. 0.7
Cash flow from operating activities -597.0 -387.7 -209.3 -54.0% 742.8
Intangible assets, property, plant and equipment, and investment properties -20.4 -99.8 79.4 79.6% -371.1
Operational purchases -22.7 -106.0 83.3 78.6% -397.2
Other purchases 0.0 0.0 0.0 n. a. 0.0
Payments from asset disposals 2.3 6.2 -3.9 -62.9% 26.1

Acquisitions and participating interests -50.2 -123.7 73.5 59.4% 1,155.1

Disbursements for the acquisition of Abertis HoldCo 0.0 0.0 0.0 n. a. 0.0
Other purchases -50.4 -123.9 73.5 59.3% -286.1
Payments from asset disposals / divestments 0.2 0.2 0.0 0.0% 1,441.2

Changes in cash and cash equivalents due to changes in the scope of consolidation -14.4 1.4 -15.8 -1,128.6% -64.9

Changes in marketable securities and financial receivables -26.3 -221.7 195.4 88.1% -71.3
Cash flow from investing activities -111.3 -443.8 332.5 74.9% 647.8
Payments from repurchase / sale of treasury stock 0.0 -19.1 19.1 100.0% -168.1
Payments for repurchase of treasury stock at CIMIC 0.0 -2.4 2.4 100.0% -169.8
Payments into equity by non-controlling interests 4.6 4.5 0.1 2.2% 19.7
Payments from equity to non-controlling interests 0.0 0.0 0.0 n. a. -15.0
Payments for the purchase of additional shares in subsidiaries 0.0 -100.5 100.5 100.0% -103.8
Dividends to HOCHTIEF`s and non-controlling interests -2.0 -6.1 4.1 67.2% -441.0
Proceeds from new borrowing 714.4 3,829.4 -3,115.0 -81.3% 3,980.4
Debt repayment -278.1 -1,729.5 1,451.4 83.9% -3,445.9
Repayment of lease liabilities -40.3 -69.3 29.0 41.8% -298.7
Cash flow from financing activities 398.6 1,907.0 -1,508.4 -79.1% -642.2
Net change in cash and cash equivalents -309.7 1,075.5 -1,385.2 -128.8% 748.4
Effects of exchange rates changes 160.3 -141.9 302.2 213.0% -256.5
Overall change in cash & cash equivalents (acc. balance sheet) -149.4 933.6 -1,083.0 -116.0% 491.9
Cash and cash equivalents at the start of the year 4,964.6 -4,803.6 9,768.2 203.4% 4,458.0
Cash and cash equivalents at year-end 4,815.2 -3,870.0 8,685.2 224.4% 4,949.9 * = 2020 figures as reported

19
HOCHTIEF Group financing structure Q1 2021

Net cash / Net debt calculation:

end Q1 2021 end Q1 2020 end FY 2020 • Strong liquidity position of EUR 5.3bn per end-Q1
period end (EUR m) 2021 (cash, cash equivalents and marketable
Cash and cash equivalents 4,815 5,392 4,950 securities)
Marketable securities 506 639 474
Financial Receivables 133 142 114
• Additional EUR 1.7 bn undrawn loan facilities
Other financial assets 68 110 63

Financial assets 5,522 6,282 5,600

Bonds or notes issued 2,544 1,720 2,656

Amounts due to banks 2,929 4,653 2,276
Other financial liabilities 42 43 50
Financial liabilities 5,515 6,416 4,982

Net cash (+) / Net debt (-) 7 -134 618

Debt Maturity profile (EURm): Other financial liabilities

1,400 1,271 Amounts due to banks
14
1,077 Bonds or notes issued
1,200
4
777 803
1,000 788
907 8
800 15
617 546 538
600 1
607
400
250
546 87 538 106
200 350
0 285 0.5 250 50 11
155 178 106 11
86 50
0
ufn 2021 2022 2023 2024 2025 2026 2027 2029 2031 2034 2037
20
HOCHTIEF Americas

© CJF-Design
© Jeff Allen
© UGL
Rodanthe Bridge, Rodanthe, NC, USA
21
HOCHTIEF Americas
Segmental overview
Building: Order backlog FY 2020
• Turner #1 US building construction management company, Market Leader
in sustainable construction (Green Building), healthcare, education, commercial
offices and hotels & convention centers segments1) 8%
4% Transportation/Misc
16%
2% Commercial/Data/Retail
• Segment-specific expertise and nation-wide network provide competitive 3%
Education/R&D
advantage Healthcare
16%
Hotel/Residential
• Strong reputation as construction manager provides quality contracts from repeat Industrial
customers: limited risks, low fixed costs, low capital intensity 11% 40% Public/Justice
Sports/Entertainment
• 80% private clients, 20% government contracts

Civil:
• Flatiron #9 US transportation infrastructure contractor also ranks high in
segments: highways, bridges, mass transit and rail1), active in Western parts of
the US, Texas, North & South Carolina, West Virginia & Canada 6%
Highway
• Most contracts are local government contracts; e.g. several contracts with the 21%
Bridges
California Department of Transportation and the Colorado Department of 44%
Transit
Transportation. Airports
20% Water
• Additional footprint in Eastern US infra market through E.E. Cruz, New York
9%
region

1) Source: latest ENR ranking

22
HOCHTIEF Asia Pacific

© UGL
©Thiess

Pacific National maintenance, Spotswood, Australia

23
HOCHTIEF Asia Pacific

Results:
Financials
• reflect HOCHTIEF’s stake in CIMIC (78.6% end Mar 2021 (EUR million) Q1 Q1 Q1 FY
versus 76.1% a year ago), associated financing & holding 2021 2020
like-for-like
change yoy 2020

costs, and impact of variations in fx Total sales / divisional sales 1,395.6 1,376.7 1.4% 6,886.3

• Nominal Net profit of EUR 37m, PBT margin of 4.6% Total sales / divisional sales adjusted 1,395.6 1,376.7 1.4% 7,611.7

Nominal profit before tax / PBT 63.5 56.7 12.0% 534.0

• Net debt position of EUR -154m due to seasonality and
Nominal PBT margin in % 4.6 4.1 0.5 7.0
reduction in factoring Nominal net profit 36.8 35.1 4.8% 229.5

Net cash / net debt -153.8 -531.5 377.7 114.1

New orders / order backlog:
Order backlog 19,584.0 17,485.2 12.0% 18,922.1
• Strong, diversified order book at EUR 19.6bn, equivalent to
more than 2.5 years’ sales Employees (end of period) 16 404 34 296 -52.2% 29 341

• Project pipeline across all operating companies:

Major projects CIMIC is currently bidding for:
e.g. M6 Stage 1; Western Harbour Tunnel; Warringah
Freeway Upgrade; Sydney Metro West – Tunnels and Outlook 2021 CIMIC
Excavation package; Inland Rail PPP; North East Link- FY 2021 NPAT guidance range AUD 400m-430m, subject to
primary package PPP; Auckland Rail Franchise for Auckland market conditions
Transport, NZ; North Runway Modification Works, Hong
Kong; Relocation of Shatin Sewage Treatment Works to
Caverns – package 1, Honk Kong; Winu Copper Project; T3
Copper-Silver Project, Botswana

24
HOCHTIEF Asia Pacific – CIMIC
Breakdown of key figures FY 2020
By segment:
Revenue (AUD 12.6 bn)1) 3) PBT (AUD 839 m)2) 3) Order backlog (AUD 30.1 bn)

4)
12%
29% 30%
42%
17%
52%

60%
19% 10%
29%

Construction Services Investments Thiess

By market:
Revenue Order backlog

7%
17%

Domestic Domestic
International International
83%
93%

1) Including revenue from associates and joint ventures, 2) split pre holding costs, 3) Underlying result excludes the FY 20 one-off items (post tax), 4) Thiess 50%

25
HOCHTIEF Europe

© HOCHTIEF
Tunnel Schnelsen, Hamburg, Germany
26
HOCHTIEF Europe:
Growth in HOCHTIEF’s regional construction markets
• HDB’s1) latest sales forecast (Apr 2021) for the German
German constr. market sales growth
construction market:
 nominal sales growth in 2021: 0% (equivalent to -2.0% 5.9%
4.5%
in real terms)
 Sales growth in 2020: +5.9% nominal (4.5% in real-
terms) 0.0%

-2.0%
• German federal government plans to invest record amount
of some EUR 270bn in the period to 2030 in expanding 2020 2021e
and maintaining transportation network.2) nominal real-terms

1) Federation of the German construction industry 2) German federal government, 2030 Transport Infrastructure plan

27
General market overview PPP
• Australia: the coalition of governments continue to support the National PPP Policy Framework which
established that projects valued over AUD 50m should be considered for PPP procurement
• Germany: government program of 11 PPP roads (one to two A-Model projects per year) are still
confirmed but is progressing with some delay. Very strong pipeline in social infrastructure, mainly on
state and community level driven by education & administration projects
• UK: one segment showing a positive development is the water sector: waste and water projects has
been published by semi public utility companies. Scotland in particular has good prospects, but
steady projects are also expected in Wales and Ireland
• Norway: public roads authority continued with procurement of major road projects through PPPs (12-
year National Transport Plan (2018-2029)). Further procurements are now expected from 2020
onwards
• Eastern Europe: there remains a steady flow of individual projects, Czech Republic has recently
announced D35 as a next potential project
• Greece: has a number of P3 projects in early procurement, the new government has restarted some
road projects e.g. in Crete

PPPs of HOCHTIEF Europe (Q1 2021):

No. of Contract volume Total investment HT capital required HT capital provided

projects in EURm in EURm in EURm in EURm
Total Roads 9 8,252.4 211.1 183.8
Total Social infrastructure 23 2,953.0 1,504.6 22.5 22.7
Total 32 2,953.0 9,757.0 233.6 206.5

28
PPP Pipeline and recent PPP project awards

Greenfield PPP market opportunities Recent project awards

• Greenfield PPP tender pipeline, identified by project from • Rodenkirchen Comprehensive School, Cologne, Germany,
2020, currently amounts to over EUR 180bn HOCHTIEF (09/2020), new school building as part of a PPP
• Historical tender success ratio of ~30% (higher in certain project
geographies) • A12/A15 motorway project (ViA15), Netherlands, EUR
1.2bn, HOCHTIEF JV (01/2020) ), DBFOM contract
• Sydney Metro City & Southwest PPP, NSW, Australia, UGL
& Pacific Partnerships JV (11/2019), contract extension to
operate & maintain full metro line from Rouse Hill to Bankstown
Greenfield PPP project pipeline from 2021 • Cross River Rail, Brisbane, Australia, AUD 5.4bn, TSD PPP
and RIS package (04/2019), Pacific Partnerships, CPB
Contractors & UGL in JV
10%
• Los Angeles Int. Airport Automated People Mover, USD
20%
4.6bn, Financial Close (06/2018) in JV an elevated 2.25 mile-
long guideway with six stations as well as pedestrian bridges to
25%
airport terminals, parking garages and fixed facilities; operation
and maintenance for ~25 years.
45%
• Via Pacific Partnerships, CIMIC is well positioned to take
advantage of increasing usage of PPP model having delivered
Australia/NZ USA Canada Europe >20 PPP projects with a market value of around AUD 32bn

29
Abertis Investment

© Abertis
© Miquel Gonzalez/Abertis

Red de Carreteras de Occidente (RCO), Mexico

30
Abertis – RCO acquisition (closed in June 2020)

• Abertis & GIC acquired a 76% stake in Red de Carreteras de Occidente (RCO) – One of the largest transport
operators in Mexico (876km toll roads/5 concessions) managing the primary connection between Mexico‘s two largest cities -
Mexico City and Guadalajara - in the country‘s fast-growing industrial corridor
• Abertis to fully consolidate RCO and to invest EUR 1.5bn for a 53% stake
• RCO financials (2019): >EUR 400m revenues, >EUR 300m EBITDA, EUR 2bn net debt
• Extending lifespan of Abertis’ concession portfolio, geographic diversification and growth platform, attractive capex profile,
proven track-record and clear regulatory framework
• Investment program signed with Mexican Government in February 2020: RCO will invest 8bn pesos (>EUR 300m) in the
construction of 3 toll-free branches (managed by FARAC I) in exchange for a six-year concession extension (to 2048)
• RCO is a quality asset with good strategic fit for Abertis and a source of long-term cash flow generation

FARAC CONIPSA COVIQSA COTESA AUTOVIM

31
 Abertis – Elizabeth River Crossings acquisition (closed in December 2020)

• Abertis and Manulife Investment Management have

closed the acquisition of 100% stake of Elizabeth River
Crossings (ERC), in Hampton Roads, Virginia, USA. The
deal has been carried out through a consortium in which
Abertis holds 55.2%; Abertis to fully consolidate ERC

• The asset, with an enterprise value of ca. €2bn, started

tolling operations in 2014 and has a remaining term of 50
years. The acquisition of ERC in Virginia is a further
important step in Abertis’ growth strategy in the key target
market of the United States, one of the most important
markets for infrastructure investment in the world.

• The Elizabeth River Crossings tunnels are located in

the Hampton Roads region and are one of the most
highly travelled roads in the Virginia Beach-Norfolk-Newport
News metropolitan area. The concession has a residual
duration of 50 years, until April 2070. Elizabeth River
Tunnels provide access to important employment,
commercial, military and waterside areas in Norfolk and the
rest of the Hampton Roads area, which is home to the
deepest commercial port on the East Coast.

32
f/x rates and effects

End of period:
Q1
March March Change
31, 2021 31, 2020 (%)

EUR/USD 1.17 1.10 7%

USD/EUR 0.85 0.91 -7%
EUR/AUD 1.54 1.80 -14%
AUD/EUR 0.65 0.56 17%

Period average:
Q1
March March Change
31, 2021 31, 2020 (%)
EUR/USD 1.20 1.10 9%
USD/EUR 0.83 0.91 -8%
EUR/AUD 1.56 1.71 -9%
AUD/EUR 0.64 0.58 10%

33
Appendix: HOCHTIEF Group overview

CZ
Scott Pease
© CJF-Design
HOCHTIEF
©© © HOCHTIEF
©Mark_Dexter

Green Point, Prague, Czech Republic

34
The HOCHTIEF Group

• HOCHTIEF is an engineering-led global infrastructure group with leading

positions across its core activities of construction, mining, services and
concessions/public-private partnerships (PPP) focused on Australia, North
America and Europe.

• Founded in 1873
• Ranked #2 in ENR Top 250 International Contractors 1)
• Key figures (FY 2020):
– 47,000 employees
– Op. PBT: EUR 802m
– Op. net profit: EUR 477m

2)
2020 Sales by region (EUR 24bn)
2%
4%

Americas

30% Asia/Pacific
Germany
64% Rest of Europe

1) Source: ENR The Global Sourcebook, Dec. 2020 (based on international sales volume) 2) adjusted for Gorgon and other minor effects

35
HOCHTIEF, leading positions in developed markets – FY 2020

Corporate Headquarters (strategic & operational management holding company)

© Miquel Gonzalez/Abertis0
© CPB Contractors

© BB-Hebenstreit
© Flatiron

© CPB Contractors

Division Division Division Abertis Infraestructuras

HOCHTIEF Americas HOCHTIEF Asia Pacific HOCHTIEF Europe
Largest US building Leading position in Australian Leading German-based 20% equity investment in
construction management and S.E. Asian construction, contractor and PPP developer leading international toll road
company and top 10 civil contract mining, services and focused on Central and operator
engineering contractor PPPs Northern European markets

Americas (EUR 14.7bn) Asia Pacific (EUR 6.9bn) Europe (EUR 1.3bn)
Sales1) 64% 30% 6% Total: EUR 24bn2)

Americas (EUR 237m) Asia Pacific (EUR 230m) Europe (EUR 40m) Abertis (EUR -17m)
Nominal
47% 43% 9% Total: EUR 427m
net profit1)

1) Total incl. Headquarters and consolidation 2) adjusted for Gorgon and other minor effects

36
Shareholder remuneration

• Strong share price performance since Dec 2012 Shareholder structure

• 2020 ordinary dividend: (70.65m shares)
 EUR 3.93 per share vs EUR 5.80 in 2019
 Total dividend payment for 2020 of EUR 278m
• Dividend policy
 Payout ratio increased to 65% of nominal net profit from fiscal year 2018

Dividend (EUR per share) Market cap 2012-19 (year-end in EURm) Share price performance (2012-today)

37
Group transformation: Streamlined, diversified and cash focused model
Improving performance…

…driven by group transformation 1)

Reshaping the portfolio to focus on core competences in Construction, Contract mining, PPP and Services
1) Operational earnings are adjusted for deconsolidation effects

38
HOCHTIEF Group – Performance Summary 2013-20 (I)

Sales Op. net profit/Op. PBT margin

(EUR m)
(EUR m)

1)

Order book Order book visibility

(Order book/work done)
(EUR bn)

39
HOCHTIEF Group – Performance Summary 2012-20 (II)

Free Cash Flow from Operations1) Net Cash (+) / Net Debt (-) Cash-in from ∆ NWC

(EUR m)
2)

(EUR m)
3)
(EUR m)

Gross Capex

(EUR m)

1) Free Cash Flow from Operations is after capex, working capital changes, taxes and financial costs, but before divestments, dividends etc.
2) 2016 net cash position is after EUR 402m net investments (M&A) and EUR 367m HOT & CIM share buybacks in 2016
3) Net cash 2020 is after EUR 442m of HOT and CIM share buybacks and CIM share purchases

40
CR – Corporate Responsibility Program
Focusing on six areas with clearly defined objectives

1. Compliance Set standards with Code of Conduct

2. Attractive working environment
3. Procurement
4. Sustainable products and
services
Further strengthen position as a sought-after employer and make
a name for ourselves among the most attractive employers in
the industry
Redouble efforts to ensure fair, transparent procurement
processes and further step up purchases of sustainable
products and materials
Develop sustainable products and services, taking an
integrated approach and ensuring top quality from end to end

5. Active climate and resource Conserve natural resources and enhance protection; save
protection actively carbon emissions ourselves and jointly with our clients

6. Corporate citizenship Get involved wherever our company is at work or can offer added
value by virtue of its capabilities

41
Disclaimer

This presentation and the report contain forward-looking statements. These statements reflect the current views, expectations
and assumptions of the Executive Board of HOCHTIEF Aktiengesellschaft and are based on information currently available to the
Executive Board. Such statements involve risks and uncertainties and do not guarantee future results, performance or events.
Actual results, performance or events relating to HOCHTIEF Aktiengesellschaft and the HOCHTIEF Group, including but not
limited to possible future divestments, profit before tax, consolidated net profit and dividends, may differ materially from the
expectations and assumptions described in such statements due to, among other things, changes in the general economic,
sectoral and competitive environment, risks associated with capital markets, currency exchange rate fluctuations, changes in
international and national laws and regulations, in particular with respect to tax laws and regulations, the conduct of other
shareholders, and other factors. Statements on dividends are additionally subject to the recognition of a corresponding
unappropriated net profit in the published separate financial statements of HOCHTIEF Aktiengesellschaft for the fiscal year
concerned and the adoption by the competent decision-making bodies of appropriate resolutions taking into account the
prevailing situation of the Company. HOCHTIEF Aktiengesellschaft does not assume any obligations to update any forward-
looking statements.

42
Financial calendar and contacts

27 July 2021 H1 results 2021 (provisional)

For further information

please contact:
Investor Relations
HOCHTIEF Aktiengesellschaft
Alfredstrasse 236
45133 Essen, Germany
Phone: +49 201 824 1870
Fax: +49 201 824 9 1870
investor-relations@hochtief.de Mike Pinkney Tobias Loskamp Nadine Wärmer Martina Horst

43