Sacyr S A : Audit Report and Consolidated financial statements 2025

Financial Reports 2025

sacyr.com

‌Financial Reports 2025

‌Financial Reports 2025

A

Consolidated Annual Accounts

B

Table of contents

Notes to the Consolidated Financial Statements

C

Annexes

D

Consolidated Management Report

E

Audit Report on the Consolidated annual accounts

Consolidated Statement of Non-Financial Information and Sustainability Information

Financial Reports

2025

A

Consolidated Annual Accounts 6

Consolidated balance sheet at

december 31, 2025 (Thousands of euros) 8

Consolidated balance sheet at

december 31, 2025 (Thousands of euros) 9

Consolidated income statement for the year ending on december 31,

2025 (Thousands of euros) 10

Consolidated statement of comprehensive incomefor the year ending on december 31, 2025

(thousands of euros) 11

Consolidated cash flow statement for the year ending on december 31,

2025 (thousands of euros) 12

Consolidated statement of changes in equityfor the year ending on

B

december 31, 2025 (thousands of euros) 14

Notes to the Consolidated Financial Statements 16

1. Sacyr's activity 18

2. Consolidation Perimeter and

   Subsidiaries 20

3. Basis of presentation and consolidation 26

4. Non-current assets held for sale

   and discontinued operations 49

5. Tangible fixed assets 50

6. Leases 51

7. Concession projects 52

8. Other intangible assets 58

9. Goodwill 60

10. Investments accounted for using

    the equity method 61

11. Contribution of companies consolidated by the proportional

    consolidation method 73

12. Receivables from concessions 74

13. Non-current and current financial assets79

14. Tax status 81

15. Other non-current assets 88

16. Stocks 89

17. Trade and other receivables 89

18. Cash and cash equivalents 90

19. Equity 91

20. Deferred income 95

21. Provisions 96

22. Contingent liabilities and guarantees 98

23. Bank borrowings 99

24. Non-current payables and non-

    current payables to associates 102

25. Derivative financial instruments 103

26. Trade creditors and other accounts payable and Current

    payables to associates 108

27. Risk management and control policy 109

28. Net turnover 116

29. Supplies 116

30. Other operating expenses 117

31. Gain (loss) on sale/purchase of assets 117

32. Financial expenses and income 118

33. Earnings or losses per share 119

34. Remuneration and other benefits to the Board of Directors and senior

    management 120

35. Related party transactions 123

36. Events after the reporting date 127

37. Environment 127

38. Audit fees 128

39. Personnel 129

40. Segment information 130

41. Disclosures by geographic areas 136

    C

42. Additional note for English translation 137

Annexes 138

Annex I: Consolidation perimeter for

the year 2025 140

Annex I: consolidation perimeter for

the year 2024 166

Annex II: main UTEs of the Sacyr

Group for the year 2024 192

Annex II: main UTEs (temporary joint ventures) of the Sacyr Group for the

year 2025 195

Annex III: consolidated tax group of

Sacyr, S.A. for the fiscal year 2024 198

Annex III: consolidated tax group of

Sacyr, S.A. for the fiscal year 2025 200

Annex IV: alternative performance

D

measures 202

Consolidated Management Report 206

1. Position of the entity 209

2. Economic context 209

3. Our activity in 2025 214

4. Portfolio by activity 225

5. Liquidity and capital resources 227

6. Risks and uncertainties 227

7. Events after the close of 2025 227

8. Foreseeable evolution of the

   Sacyr Group 227

9. Innovation activities 228

10. Acquisition and disposal of own shares228

11. Annual report on corporate

    governance and remunerations 228

12. Average period of payment to

E

suppliers 228

Audit Report on the Consolidated

annual accounts 230

‌Financial Reports 2025

A

Consolidated Annual Accounts

B

Notes to the Consolidated Financial Statements

C

Annexes

D

Consolidated Management Report

E

Audit Report on the Consolidated annual accounts

Consolidated Statement of Non-Financial Information and Sustainability Information

Financial Reports

2025

A

‌Consolidated Annual Accounts

‌Financial Reports 2025

A

Consolidated Annual Accounts

B

Notes to the Consolidated Financial Statements

C

Annexes

D

Consolidated Management Report

E

Audit Report on the Consolidated annual accounts

Consolidated Statement of Non-Financial Information and Sustainability Information

Financial Reports

2025

Sacyr Group

Sacyr, S.A. and subsidiaries

CONSOLIDATED BALANCE SHEET AT DECEMBER 31, 2025 (THOUSANDS OF EUROS)

* As indicated in note 3, the consolidated financial situation statement as of December 31, 2024 has been restated.

Notes 1 to 41 of the Consolidated Report and Annexes I, II, III and IV are an integral part of the consolidated financial statements.

CONSOLIDATED BALANCE SHEET AT DECEMBER 31, 2025 (THOUSANDS OF EUROS)

* As indicated in note 3, the consolidated financial situation statement as of December 31, 2024 has been restated.

Notes 1 to 41 of the Consolidated Report and Annexes I, II, III and IV are an integral part of the consolidated financial statements.

‌Financial Reports 2025

A

Consolidated Annual Accounts

B

Notes to the Consolidated Financial Statements

C

Annexes

D

Consolidated Management Report

E

Audit Report on the Consolidated annual accounts

Consolidated Statement of Non-Financial Information and Sustainability Information

Financial Reports

2025

Grupo Sacyr Group

Sacyr, S.A. and subsidiaries

CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDING ON DECEMBER 31, 2025 (THOUSANDS OF EUROS)

Notes 1 to 41 of the Consolidated Report and Annexes I, II, III and IV are an integral part of the consolidated financial statements.

Sacyr Group

Sacyr, S.A. and subsidiaries

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDING ON DECEMBER 31, 2025 (THOUSANDS OF EUROS)

Notes 1 to 41 of the Consolidated Report and Annexes I, II, III and IV are an integral part of the consolidated financial statements.

‌Financial Reports 2025

A

Consolidated Annual Accounts

B

Notes to the Consolidated Financial Statements

C

Annexes

D

Consolidated Management Report

E

Audit Report on the Consolidated annual accounts

Consolidated Statement of Non-Financial Information and Sustainability Information

Financial Reports

2025

Sacyr Group

Sacyr, S.A. and subsidiaries

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDING ON DECEMBER 31, 2025 (THOUSANDS OF EUROS)

* As indicated in note 2, the consolidated balance sheet as of December 31, 2024 has been restated.

Notes 1 to 41 of the Consolidated Report and Annexes I, II, III and IV are an integral part of the consolidated financial statements.

‌Financial Reports 2025

A

Consolidated Annual Accounts

B

Notes to the Consolidated Financial Statements

C

Annexes

D

Consolidated Management Report

E

Audit Report on the Consolidated annual accounts

Consolidated Statement of Non-Financial Information and Sustainability Information

Financial Reports

2025

Sacyr Group

Sacyr, S.A. and subsidiaries

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDING ON DECEMBER 31, 2025 (THOUSANDS OF EUROS)

Notes 1 to 41 of the Consolidated Report and Annexes I, II, III and IV are an integral part of the consolidated financial statements.

‌Financial Reports 2025

A

Consolidated Annual Accounts

B

Notes to the Consolidated Financial Statements

C

Annexes

D

Consolidated Management Report

E

Audit Report on the Consolidated annual accounts

Consolidated Statement of Non-Financial Information and Sustainability Information

Financial Reports

2025

B

‌Notes to the Consolidated Financial Statements

1. Contingent liabilities and guarantees. .98

2. Bank borrowings 99

3. Non-current payables and non-

   current payables to associates 102

4. Derivative financial instruments 103

5. Trade creditors and other accounts payable and Current

   payables to associates 108

6. Risk management and control policy 109

7. Net turnover 116

8. Supplies 116

9. Other operating expenses 117

10. Gain (loss) on sale/purchase of assets 117

11. Financial expenses and income 118

12. Earnings or losses per share 119

13. Remuneration and other benefits to the Board of Directors and

    senior management 120

14. Related party transactions 123

15. Events after the reporting date 127

16. Environment 127

17. Audit fees 128

18. Personnel 129

19. Segment information 130

20. Disclosures by geographic areas 136

21. Additional note for English translation137

1.

2.

3.

5.

6.

7.

8.

9.

Sacyr's activity 18

Consolidation Perimeter and Subsidiaries 20

Basis of presentation and

consolidation 26

Non-current assets held for

sale and discontinued operations 49

Tangible fixed assets 50

Leases 51

Concession projects 52

Other intangible assets 58

Goodwill 60

11.

12.

13.

4.

14.

Contribution of companies consolidated by the

proportional consolidation method 73

Receivables from concessions 74

Non-current and current

financial assets 79

Tax status 81

10. Investments accounted for

using the equity method 61

1. Other non-current assets 88

2. Stocks 89

3. Trade and other receivables 89

4. Cash and cash equivalents 90

5. Equity 91

6. Deferred income 95

7. Provisions 96

‌Financial Reports 2025

A

Consolidated Annual Accounts

B

Notes to the Consolidated Financial Statements

C

Annexes

D

Consolidated Management Report

E

Audit Report on the Consolidated annual accounts

Consolidated Statement of Non-Financial Information and Sustainability Information

Financial Reports

2025

Sacyr Group

Sacyr, S.A. and subsidiaries

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDING

December 31, 2025

1.

Sacyr's activity

The Sacyr Group (formerly known as the Sacyr Vallehermoso Group until it changed its name following the approval of the General Shareholders' Meeting on 27 June 2013) is formed by the Parent, Sacyr, S.A. (hereinafter the Parent or Sacyr, S.A.) and its subsidiaries (together, the Group or Sacyr Group), which are listed in Annex I of this consolidated

1. The management of all types of concessions, subsidies and administrative permits for projects, services and mixed ventures awarded to the Company by the central, regional, provincial and local governments, and investment in the capital of companies responsible for such concessions.

2. The operation of mines and quarries and the sale of the products extracted.

3. The manufacture, purchase, sale, import, export and distribution of equipment, and the installation of construction equipment and materials or other items for use in construction.

4. The acquisition, use in any form, sale, transfer and disposal of all types of intellectual property and patents, and other kinds of industrial property.

5. The manufacture and sale of prefabricated and other products related to construction.

6. The provision of support services to Spanish and foreign subsidiaries and investees.

7. The exploitation, import, export, transport, distribution sale and commercialization of raw materials of any type, whether vegetable or mineral.

report. The company Sacyr, SA (incorporated in Spain) arose from the merger by absorption of the Sacyr, S.A. Group (absorbed company) by Vallehermoso, S.A. (absorbing company) in the year 2023.

The Parent Company's registered office and main offices are located at Calle Condesa de Venadito, 7, Madrid; and it is registered in the Mercantile Register, Spain, volume 1884, folio 165, page M-33841, entry 677, with tax identification number A-28013811.

Its company object is as follows:

The Company may also carry out any of the activities comprised in its corporate purpose indirectly through equity investments in other entities or companies with similar or identical corporate purposes.

Annex I of this consolidated report provides a list of the subsidiaries that comprise the Sacyr Group, their activities and registered addresses and the percentage of ownership held by the Group.

The 2025 individual financial statements of each Group company will be presented for approval at the respective General Shareholders' Meetings within the periods established by prevailing legislation. The Sacyr Group's consolidated

1. The acquisition and construction of urban property for rent or sale.

2. The purchase and sale of land, building rights and urban development lots, as well as their allocation, land transformation, development of urban infrastructure, division into lots, subdivision, compensation, etc., and, in some cases, subsequent construction of buildings, with involvement in the entire urban development process through to construction.

3. The administration, conservation, maintenance and, in general, all activities related to the provision of urban facilities and services and the associated land, infrastructure, civil engineering works and other urban facilities provided for by local planning stipulations, either on the Company's own behalf or for third parties, and the provision of architecture, engineering and urban development services relating to the urban lots or their ownership.

4. The provision and sale of all types of services and supplies relating to communications, IT and power distribution networks, as well as collaboration in the marketing and brokerage of insurance, security services and transport services, either on the Company's own behalf or for third parties.

5. The management and administration of shopping malls, senior citizen homes and malls, hotels and tourist and student accommodation.

6. The contracting, management and execution of all kinds of construction work in the broadest sense, both public and private, including roads, water supply projects, railways, port facilities, buildings, environmental projects and, in general, all activities related to construction.

7. The acquisition, administration, management, development, operation through rental or any other means, construction, purchase and sale of all types of properties, as well as the provision of advisory services in any of the above activities.

8. The development of all types of engineering and architectural projects, as well as the management, oversight and advisory services on the execution of all types of construction work.

9. The acquisition, holding, exploitation, administration and sale of all kinds of marketable securities on the Company's own behalf, except for those activities reserved by law, and specifically by the Spanish Securities Market Act, for other types of entities.

10. The management of public water supply, sewer systems and sewage works.

financial statements for 2025 were prepared by the Parent's Board of Directors on February 26, 2026. They are expected to be approved at the Parent's General Shareholders' Meeting without any modifications.

Unless stated otherwise, the figures in these consolidated financial statements are shown in thousands of euros, rounded to the nearest thousand.

‌Financial Reports 2025

A

Consolidated Annual Accounts

B

Notes to the Consolidated Financial Statements

C

Annexes

D

Consolidated Management Report

E

Audit Report on the Consolidated annual accounts

Consolidated Statement of Non-Financial Information and Sustainability Information

Financial Reports

2025

2.

Consolidation Perimeter and Subsidiaries

For the purposes of preparing the these consolidated financial statements, the companies are classified as follows:

1. Subsidiaries: legally independent companies that form a single economic unit with a unified management strategy and over which the Group exercises effective direct or indirect control.

2. Jointly ventures: a joint arrangement in which the parties which have joint control over this arrangement hold rights over its net assets.

3. Jointly controlled operations: a joint arrangement in which the parties which have joint control over this arrangement hold rights over its net assets and have obligations with respect to its liabilities.

4. Associates: companies over which one or more Group companies have significant management influence.

   1. Companies included in the consolidation perimeter

      The subsidiaries have been fully consolidated, whereby all the assets, rights and liabilities of subsidiaries are included in the consolidated balance sheet of Sacyr, S.A. and all the income and expenses used to determine the subsidiaries' results are included in the consolidated income statement.

      Joint ventures have been accounted for using the equity method.

      Jointly controlled operations included in the scope of consolidation were proportionately consolidated if they have two or more venturers related by a contractual agreement that establishes joint control. The application of this method entails the inclusion, line by line and to the percentage stake, in the financial statements of the joint venture.

      Associates have been accounted for using the equity method. Under this method, an investment in an associate is initially recognized at cost and its carrying amount is then increased or decreased to reflect the Group's share in the profit or loss of the associate for the year, since the acquisition date. Furthermore, in the event of changes recognized directly in the associate's equity, the Group recognizes its share of these changes directly in its own equity.

      Companies included within the consolidation perimeter for these financial statements are listed in Annex I, along with details of the ownership interest held by the Group, the consolidation method used, their classification group, activity, registered office and other relevant information.

      The items in the consolidated balance sheet and the consolidated income statement of the foreign companies included in the scope of consolidation have been translated into euros at the respective exchange rates, with the following currencies generating the greatest exposure:

      U.S. dollar / euro	1.1304	1.1746	1.082	1.0354
      Australian dollar / euro	1.75218	1.76023	1.64028	1.67315
      Chilean peso / euro	1074.66	1066.58	1020.91	1035.28
      Brazilian real / euro	6.3068	6.4585	5.8332	6.3943
      Peruvian Nuevo Sol / Euro	4.0284	3.9454	4.0615	3.8894
      Colombian peso / euro	4574.6	4429.82	4406.14	4559.16
      Pound sterling / euro	0.85678	0.87172	0.84658	0.82746
      Omani Rial / euro	0.4353	0.4516	0.4166	0.3987
      Uruguayan Peso / euro	46.3795	45.86927	43.4616	45.2186
      Paraguayan guarani / euro	8513.1308	7747.5332	8.180.337	8.096.594
      Canadian dollar / euro	1.5783	1.6118	1.4821	1.4890

      As of December 31, 2024 and 2025, no company has been excluded from the consolidation perimeter.

   2. Changes in the consolidation perimeter

The Group files all relevant notices when its interest in any of its direct or indirect subsidiaries exceeds 10% and on any subsequent acquisitions of more than 5%.

B1) FISCAL YEAR 2024

(b.1.) Business combinations and other acquisitions or increases in interests in subsidiaries, joint ventures, jointly controlled operations and/or associates

‌Financial Reports 2025

A

Consolidated Annual Accounts

B

Notes to the Consolidated Financial Statements

C

Annexes

D

Consolidated Management Report

E

Audit Report on the Consolidated annual accounts

Consolidated Statement of Non-Financial Information and Sustainability Information

Financial Reports

2025

(b.2.) Disminución de participaciones en entidades dependientes, negocios conjuntos, operaciones conjuntas y/o inversiones en asociadas u otras operaciones de naturaleza similar

(*) The sale of the company Autopista del Guadalmedina, Concesionaria Española, S.L. (5% interest) generated a consolidated loss before taxes amounting to 6,727 thousand euros, as indicated in note 31.

(b.3.) Other changes in the composition of the Group.

There were no additional changes during fiscal year 2024.

B2) FISCAL YEAR 2025

(b.1.) Business combinations and other acquisitions or increases in interests in subsidiaries, joint ventures, jointly controlled operations and/or associates

‌Financial Reports 2025

A

Consolidated Annual Accounts

B

Notes to the Consolidated Financial Statements

C

Annexes

D

Consolidated Management Report

E

Audit Report on the Consolidated annual accounts

Consolidated Statement of Non-Financial Information and Sustainability Information

Financial Reports

2025

(b.2.) Decrease in interests in subsidiaries, joint ventures, jointly controlled operations and/or associates, and other similar transactions

(*) The company Inversiones Hodos 4G S.A.S. has been divested, the holding company of the Colombian companies: Desarrollo Vial al Mar S.A.S. (37.50% interest), Unión Vial Río Pamplonita S.A.S. (100% interest) and Concesionaria Vial Unión del Sur S.A.S. (60% interest). The operation resulted in a 79,675 thousand euros loss in the Consolidated Income Statement as described in Note 31.

(b.3.) Other changes in the composition of the Group.

There were no additional changes during fiscal year 2025.

‌Financial Reports 2025

A

Consolidated Annual Accounts

B

Notes to the Consolidated Financial Statements

C

Annexes

D

Consolidated Management Report

E

Audit Report on the Consolidated annual accounts

Consolidated Statement of Non-Financial Information and Sustainability Information

Financial Reports

2025

3.

Basis of presentation and consolidation

1. Basis of presentation

   The Parent's directors have prepared these consolidated financial statements in accordance with International Financial Reporting Standards as adopted by the European Union (IFRS-EU).

   (a.1.) Mandatory standards, amendments and interpretations for all years beginning from January 1, 2025 [IAS 8.28]

   • IAS 21 (Amended) "Lack of exchangeability" IAS 21. There have been no significant effects on the Group.

     (a.2.) Standards, amendments, and interpretations that have not yet come into force, but can be adopted early [IAS 8.29]

   • IFRS 9 and IFRS 7 (Amendment)"Amendments to classification and measurement of financial instruments". It is expected to have no significant effect on the Group.

   • IFRS 9 and IFRS 7 (Amendment) "Contracts pertaining to Nature-dependent Electricity". It is expected to have no significant effect on the Group.

   • Annual Improvements to IFRS® Accounting Standards. Volume 11. The amendments apply to annual periods starting on or after January 1, 2026. The purpose of the amendments is to avoid any possible confusion arising from inconsistencies in the wording of the regulations by addressing changes in the following standards:

     ¬ IFRS 1 "First time adoption of IFRS";

     ¬ IFRS 7 "Financial Instruments: Information to be disclosed";

     ¬ IFRS 9 "Financial instruments";

     ¬ IFRS 10 "Consolidated Financial Statements"; and

     ¬ IAS 7 "Cash flow Statement".

     It is expected to have no significant effect on the Group.

     (a.3.) Standards, interpretations and amendments to existing standards that cannot be adopted early or have not been adopted by the European Union

   • IFRS 18 "Presentation and disclosure in the financial statements". It is expected to have no significant effect on the Group.

   • IFRS 19 "Subsidiaries without public accountability: Breakdowns". It is expected to have no significant effect on the Group.

   • IAS 21 (Amendment) "Translation to a hyperinflationary presentation currency"

     Conren Tramway Offices (Spain)

     
     
     

2. Comparison of information

   For comparative purposes, the consolidated financial statements as of December 31, 2025 include the figures as of the end of the previous fiscal year on the consolidated balance sheet and the figures for the twelve-month period ending on December 31, 2024 in the consolidated income statement, consolidated statement of comprehensive income, consolidated cash flow statement and consolidated statement of changes in equity. The explanatory notes include comparative information for the same periods of the previous year.

   In order to facilitate the comparability of the information for this year with that of the previous year, the information at December 31, 2024 appearing in these consolidated financial statements has been homogenized.

   In accordance with IFRS 5, at December 31, 2023 the Group classified the activity of Sociedad Concesionaria Viales Andinas, S.A. (51%) and its subsidiaries as a non-current asset held for sale. As of December 31, 2025, the requirements for classification as non-current assets held for sale are not met.

   ‌Financial Reports 2025

   A

   Consolidated Annual Accounts

   B

   Notes to the Consolidated Financial Statements

   C

   Annexes

   D

   Consolidated Management Report

   E

   Audit Report on the Consolidated annual accounts

   Consolidated Statement of Non-Financial Information and Sustainability Information

   Financial Reports

   2025

   Tangible fixed assets	363,626	363,780
   Rights of use of leased assets	105,844	105,844
   Concession projects	1,651,448	1,703,604
   Other intangible assets	81,778	81,778
   Goodwill	7,904	7,904
   Investments accounted for using the equity method	153,179	153,179
   Receivables from concessions	7,721,889	8,615,203
   Non-current financial assets	214,008	259,540
   Derivative financial instruments	97,056	97,056
   Deferred tax assets	673,290	924,315
   Other non-current assets	76,236	76,236

   EQUITY OF THE PARENT COMPANY	1,006,793	1,006,793
   Share capital	779,907	779,907
   Share premium	185,723	185,723
   Reserves	201,509	201,509
   Income aftributable to the parent company	113,373	113,373
   Own shares	(15,873)	(15,873)
   Hedging operations	7,005	7,005
   Conversion differences	(264,961)	(264,961)

   NON-CONTROLLING INTERESTS

   1,055,851

   1,055,851

   B) NON-CURRENT LIABILITIES

   9,907,356

   11,069,171

   B) CURRENT ASSETS

   6,822,163

   5,579,982

   Deferred income	31,984	31,984
   Non-current provisions	137,112	138,452
   Bank borrowings	7,387,399	8,203,630
   Non-current payables	632,807	626,754
   Lease obligations Long-term	85,595	85,595
   Derivative financial instruments	21,223	117,063
   Deferred tax liabilities	914,268	1,168,725
   Non-current payables to associates	696,968	696,968

   Non-current assets held for sale	1,446,857	0
   Stocks	175,971	176,020
   Trade and other receivables	2,358,288	2,372,463
   ¬ Customers from sales and services	564,758	571,871
   ¬ Customers from construction contracts	1,072,402	1,072,402
   ¬ Personnel	970	1,002
   ¬ Public Sector Debtors	194,913	199,595
   ¬ Other receivables	525,245	527,593
   Receivables from concessions	1,039,077	1,118,719
   Current financial investments	98,465	98,537
   Derivative financial instruments	14,588	14,588
   Cash and cash equivalents	1,620,759	1,726,932
   Other current assets	68,158	72,723

   C) CURRENT LIABILITIES

   5,998,421

   4,836,606

   Liabilities related to non-current assets held for sale	1,257,077	0
   Bank borrowings	1,222,773	1,293,989
   Trade creditors and other accounts payable	3,193,997	3,216,185
   ¬ Suppliers	2,342,547	2,359,253
   ¬ Personnel	43,795	43,980
   ¬ Current tax liabilities	45,613	45,613
   ¬ Public Sector creditors	114,346	114,664
   ¬ Other accounts payable	647,696	652,675
   Current payables to associates	23,440	23,440
   Lease obligations short-term	39,286	39,286
   Derivative financial instruments	7,793	9,651
   Current provisions	254,055	254,055

   TOTAL ASSETS

   17,968,421

   17,968,421

   As a consequence of the aforementioned effects, and in view of the presentation of these consolidated financial statements, the figures contained on the consolidated balance sheet for 2024 have been homogenized to reflect the effect of the aforementioned changes:

   ASSETS

   December 31, 2024 (Audited)

   December 31, 2024 (Restated)

   EQUITY AND LIABILITIES

   December 31, 2024 (Audited)

   December 31, 2024 (Restated)

   A) NON-CURRENT ASSETS

   11,146,258

   12,388,439

   A) EQUITY

   2,062,644

   2,062,644

   TOTAL EQUITY AND LIABILITIES

   17,968,421

   17,968,421

   ‌Financial Reports 2025

   A

   Consolidated Annual Accounts

   B

   Notes to the Consolidated Financial Statements

   C

   Annexes

   D

   Consolidated Management Report

   E

   Audit Report on the Consolidated annual accounts

   Consolidated Statement of Non-Financial Information and Sustainability Information

   Financial Reports

   2025

   Tangible fixed assets	356,314	356,423
   Rights of use of leased assets	131,760	131,760
   Concession projects	1,514,656	1,563,347
   Other intangible assets	86,749	86,742
   Goodwill	9,038	9,038
   Investments accounted for using the equity method	127,187	127,187
   Receivables from concessions	7,201,787	8,081,645
   Non-current financial assets	195,295	240,670
   Derivative financial instruments	69,152	69,152
   Deferred tax assets	689,056	943,776
   Other non-current assets	41,369	41,369

   EQUITY OF THE PARENT COMPANY	795,759	795,759
   Share capital	683,084	683,084
   Share premium	46,314	46,314
   Reserves	95,710	95,710
   Income aftributable to the parent company	153,222	153,222
   Own shares	(2,218)	(2,218)
   Hedging operations	4,378	4,378
   Conversion differences	(184,841)	(184,841)

   NON-CONTROLLING INTERESTS

   954,262

   954,262

   B) NON-CURRENT LIABILITIES

   9,229,825

   10,503,225

   B) CURRENT ASSETS

   6,886,284

   5,657,538

   Deferred income	32,071	32,071
   Non-current provisions	135,457	136,569
   Bank borrowings	6,783,838	7,701,895
   Non-current payables	677,013	675,829
   Lease obligations Long-term	117,189	117,189
   Derivative financial instruments	22,550	120,761
   Deferred tax liabilities	814,446	1,071,650
   Non-current payables to associates	647,261	647,261

   Non-current assets held for sale	1,581,239	11,762
   Stocks	211,366	211,436
   Trade and other receivables	2,201,046	2,275,753
   ¬ Customers from sales and services	549,587	611,785
   ¬ Customers from construction contracts	1,069,258	1,069,258
   ¬ Personnel	1,532	1,542
   ¬ Public Sector Debtors	143,447	147,806
   ¬ Other receivables	437,222	445,362
   Receivables from concessions	1,077,099	1,236,549
   Current financial investments	91,168	91,194
   Derivative financial instruments	23,123	24,863
   Cash and cash equivalents	1,680,368	1,781,802
   Other current assets	20,875	24,179

   C) CURRENT LIABILITIES

   6,328,801

   5,055,401

   Liabilities related to non-current assets held for sale	1,378,509	0
   Bank borrowings	1,395,840	1,478,383
   Trade creditors and other accounts payable	3,221,699	3,244,042
   ¬ Suppliers	2,280,794	2,299,440
   ¬ Personnel	39,581	39,799
   ¬ Current tax liabilities	36,196	36,196
   ¬ Public Sector creditors	143,424	144,315
   ¬ Other accounts payable	721,704	724,292
   Current payables to associates	19,960	19,960
   Lease obligations short-term	47,680	47,680
   Derivative financial instruments	29,995	30,218
   Current provisions	235,118	235,118

   TOTAL ASSETS

   17,308,647

   17,308,647

   The homogenized data for the fiscal year of 2023 are as follows:

   ASSETS

   December 31, 2023 (Audited)

   December 31, 2023 (Restated)

   EQUITY AND LIABILITIES

   December 31, 2023 (Audited))

   December 31, 2023 (Restated)

   A) NON-CURRENT ASSETS

   10,422,363

   11,651,109

   A) EQUITY

   1,750,021

   1,750,021

   TOTAL EQUITY AND LIABILITIES

   17,308,647

   17,308,647

   ‌Financial Reports 2025

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   Consolidated Annual Accounts

   B

   Notes to the Consolidated Financial Statements

   C

   Annexes

   D

   Consolidated Management Report

   E

   Audit Report on the Consolidated annual accounts

   Consolidated Statement of Non-Financial Information and Sustainability Information

   Financial Reports

   2025

3. Accounting policies

   T he a c c om p a nyi n g c on sol i d ate d f i n a n c i al statements were prepared in accordance with IFRS-EU and comprise the consolidated balance sheet, consolidated income statement, consolidated statement of comprehensive income, consolidated statement of cash flows, consolidated statement of changes in equity, and the consolidated notes to the report, which form an integral part of the consolidated financial statements. These consolidated financial statements have been prepared on a historical cost basis, except for financial assets at fair value through other comprehensive income, financial assets at fair value through profit and loss and derivative financial instruments, which have been measured at fair value.

   The accounting policies were applied uniformly to all Group companies.

   The main accounting principles applied by the Sacyr Group and which have had a material effect on the preparation of the consolidated financial statements are as follows:

   (c.1.) Use of judgments and estimates

   In preparing the consolidated financial statements, the Parent Company ' s directors have made estimates for the determination of certain items, which are based mainly on historical experience and other factors whose consideration is believed to be reasonable under the circumstances. These estimates refer to:

   • The assessment of potential impairment losses on some assets (see Notes 5, 7, 8, 9.10 and 12).

   • The useful life of property, plant and equipment and intangible assets (see Notes 5, 7, 8 and 9).

   • The recoverability of deferred tax assets (see Note 14).

   • Estimates for the consumption of intangible concession assets (see Note 7).

   • Provisions against liabilities (see Note 21).

   • Income from construction contracts (see note 3.c.24).

     The Group continuously revises its estimates. However, given the inherent uncertainty of such

     estimates, there is substantial risk of significant changes in the future value of these assets and liabilities should the assumptions, facts or circumstances on which these estimates were based change significantly. The key assumptions about the future that carry a significant risk of causing material changes in the value of assets or liabilities in the coming year are as follows:

   • Impairment of non-financial non-current assets

     The Group performs impairment tests at least annually on goodwill and on those assets indicated in IAS 36 (Impairment of Assets) for which there are indications of impairment. Impairment testing involves making estimates of future cash flows to be generated by the various cash-generating units. Estimates of future cash flows may depend on forecasts of demand, inflation or interest rates that are subject to uncertainty.

   • Impairment of the value of financial assets

     The Group calculates an annual impairment on financial assets (including the concession asset receivable) in line with the expected loss model established in IFRS 9 as indicated in note 3c.9.2. The Group uses observable market data to estimate the probabilities of default assigned to each financial asset.

   • Deferred tax assets

     Deferred tax assets are recognized based on the Group's estimate of their future recoverability in light of projected future taxable profit. Estimates of future fiscal earnings are based on the Group's business plans, which depend on uncertain variables such as demand, inflation, interest rates, and the evolution of the markets and geographic areas in which it operates.

   • Provisions

     The Group recognizes provisions against risks based on judgments and estimates as to their probability and the amount of any loss, recognizing the corresponding provision when the risk is considered probable.

   • Measurement of fair value, value in use and present value

     Measurements of fair value, value in use and present value require the Group to calculate future cash flows and make assumptions about the future values of these flows and the discount rates to apply. Estimates and related assumptions are based on past experience and other factors believed to be reasonable under the circumstances.

   • Percentage-of-completion method based on costs

     For construction contracts, the Group considered the percentage of completion method to be the most appropriate method for determining progress in meeting the obligations, as indicated in Note 3.c.24.

     (c.2.) Basis of consolidation

     The consolidated financial statements comprise the financial statements of Sacyr, S.A. and subsidiaries at December 31, 2025. The financial statements of the subsidiaries are prepared for the same accounting period as those of the Parent, using uniform accounting policies. Adjustments are made as required to harmonize any differences in accounting policies.

     Information on subsidiaries, joint ventures and associates is provided in Annex I, which forms an integral part of these consolidated financial statements.

     (c.2.1.) Consolidation principles

     Consolidated companies are consolidated from the date that the Group obtains control of the company and deconsolidated when the Group ceases to exercise control. When control of a subsidiary ceases during the course of a year, the consolidated financial statements report its results only for the part of the year during which the subsidiary was under Group control.

     (c.2.2.) Subsidiaries

     Entities included in the scope of consolidation are fully consolidated in the following circumstances:

     1. the Parent Company has a direct or indirect interest of more than 50% because it holds the majority of the voting rights in the corresponding administrative bodies;

     2. (ii) those other entities in which the interest is equal to or less than 50% but in which there are agreements with shareholders that allow the Sacyr Group to control the management of the company.

        (c.2.3.) Jointly controlled operations

        Companies included in the scope of proportional consolidation are fully consolidated in the following circumstances: A joint operation is an arrangement in which the parties exercising joint control over the arrangement have rights to its assets and obligations for its liabilities. The application of this method entails the inclusion, line by line and to the percentage stake, in the financial statements of the joint operation.

        The Sacyr Group includes temporary joint ventures (Uniones Temporales de Empresas, or UTEs) and economic interest groupings (Agrupaciones de Interés Económico, or AIEs) under this item (see Annex II).

        (c.2.4.) Associates

        The companies in which the Sacyr Group does not hold control, but over which it does exercise significant influence or joint control in those cases in which the requirements of IFRS 11 are not met in order to be classified as "Jointly controlled operations", were accounted for using the equity method. For the purpose of preparing these consolidated financial statements, it was considered that the Group exercises significant influence over those companies in which it has a holding of over 20%, except in specific cases where, although the percentage ownership is lower, the existence of significant influence can be clearly demonstrated, as it may participate in the financial and operating decisions of the investee, mainly through representation on the board of directors, participation in policy-making processes or the provision of essential technical information.

        ‌Financial Reports 2025

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        Consolidated Annual Accounts

        B

        Notes to the Consolidated Financial Statements

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        Annexes

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        Consolidated Management Report

        E

        Audit Report on the Consolidated annual accounts

        Consolidated Statement of Non-Financial Information and Sustainability Information

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        2025

        Investments in associates are recognized on the consolidated balance sheet at cost plus changes in the percentage of ownership subsequent to the initial acquisition, depending on the Group's interest in the net assets of the associate, minus any impairment in value. The consolidated income statement reports the Group's percentage interest in the profit or loss of the associate. In the event of a result recognized directly in the associate's equity, the Group also posts this result in its percentage directly in its equity.

        (c.2.5.) Transactions between companies included in the consolidation perimeter

        The following transactions and balances have been eliminated on consolidation:

   • Reciprocal debit and credit balances and costs and income arising from intra-group transactions.

   • Gains and losses from buying and selling property, plant and equipment and any unrealized gains on stocks or other assets if its amount is significant.

   • Internal dividends and interim dividends payable recognized by the company paying them.

     (c.2.6.) Year-end closing dates

     The reporting date for the financial statements of most Sacyr Group companies is 31 December. In there are any cases in which the fiscal years do not end on 31 December, pro-forma financial statements have been prepared as at that date.

     (c.2.7.) Non-controlling interests

     The value of the share of minority interests in the equity and profit or loss for the year of consolidated subsidiaries is shown in "Non-controlling interests" on the consolidated balance sheet and in "Non-controlling interests (profit)" on the consolidated income statement, respectively.

     (c.2.8.) Conversion of financial statements of foreign subsidiaries

     The consolidated balance sheet and consolidated income statement items of consolidated foreign companies are converted to euros using the following methods:

   • All assets, rights and obligations are converted to euros using the exchange rate prevailing at the foreign subsidiaries' reporting date.

   • Consolidated income statement items are translated using an average exchange rate as an approximation of the exchange rates prevailing at the time of the transactions.

   • The difference between the equity of foreign companies, including the consolidated income statement for the year converted at year-end exchange rates, and the net worth arrived at by converting the assets, rights and obligations at the exchange rate prevailing at the foreign subsidiaries' balance sheet date is shown as "Conversion differences" under equity on the consolidated balance sheet.

     The exchange rates used for translation processes have been obtained from financial information providers for exchange rate quotations from international markets.

     Transactions in currencies other than the functional currency of each company are posted for accounting purposes using the exchange rates in effect at the dates on which the transactions are carried out in those companies, and the functional currency amounts are subsequently converted to euros as explained in this note.

     (c.3.) Business combinations and goodwill

     Business combinations are posted using the acquisition method.

     Identifiable assets acquired and liabilities assumed are recognized at their fair value at the acquisition date. For each business combination, the acquirer measures any non-controlling interests in the acquiree either at fair value of the non-controlling interest's proportionate share of the acquiree's identifiable net assets. Acquisition costs are recognized as expenses in the income statement.

     When the Group acquires a business, it will classify or designate the acquired assets and liabilities as necessary based on contractual agreements, economic circumstances, accounting and operating policies and other relevant conditions applying at the acquisition date.

     If the business combination is carried out in several steps, the Group remeasures its previous interest in the equity of the acquiree previously held at fair value at the acquisition date and recognizes any resulting gains or losses in income.

     Any contingent consideration that the Group acquires or transfers is recognized at fair value at the acquisition date. Subsequent changes in fair value of contingent considerations classified as an asset or liability will be recognized with any resulting gain or loss being recognized in either consolidated income or consolidated other comprehensive income. If the contingent consideration is classified as equity, it should not be revalued and its subsequent settlement should be accounted for in equity.

     Goodwill arising from a business combination is initially measured at cost at the time of the acquisition. This is the excess of the consideration transferred plus any non-controlling interest in the acquiree over net identifiable assets acquired and liabilities assumed. If the consideration is less than the fair value of the acquiree's net assets, the difference is recognized under income.

     After initial recognition, goodwill is measured at cost minus accumulated impairment losses. Goodwill is tested for impairment annually or more frequently if events or changes in circumstances indicate that the carrying amount may be impaired.

     For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group's cash-generating units, or groups of cash-generating units, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units.

     Impairment is determined for goodwill by assessing the recoverable amount of the cash-generating unit or group of cash-generating units to which the goodwill relates. Where the recoverable amount of the cash-generating unit or group of cash-generating units is less than their carrying amount, the Group recognizes an impairment loss.

     Impairment losses relating to goodwill cannot be reversed in future periods.

     If goodwill has been allocated to a cash-generating unit and the entity disposes of an activity within that unit, the goodwill associated with the activity is included in the carrying amount of the activity when determining the gain or loss on disposal and is measured based on the relative values of the disposed activity and the portion of the cash-generating unit that continues to be held.

     (c.4.) Other intangible assets

     This item includes computer software, industrial property, research and development expenses and leasehold assignment rights. These assets are carried at acquisition or production cost, less accumulated amortization and any accumulated impairment losses. An intangible asset is recognized only if it is probable that the future economic benefits attributable to the asset will flow to the Group and the cost of the asset can be measured reliably.

     Costs incurred in each development project are capitalized when the Group can demonstrate:

   • the technical feasibility of completing the intangible asset so that it will be available for use or sale,

   • the intention to complete the asset in order to use it and the ability to use or sell it exists,

   • how the asset will generate future economic benefits,

   • the availability of resources to complete the asset, and

   • the ability to measure reliably the expenditure during development

     ‌Financial Reports 2025

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     Consolidated Annual Accounts

     B

     Notes to the Consolidated Financial Statements

     C

     Annexes

     D

     Consolidated Management Report

     E

     Audit Report on the Consolidated annual accounts

     Consolidated Statement of Non-Financial Information and Sustainability Information

     Financial Reports

     2025

     Capitalized development costs are amortized over the period of expected future income or income from the project.

     The "Computer software" account includes the amount of computer software acquired from third parties, and only in those cases in which it is expected to be used for several years. They are amortized over their useful life, which is usually four years.

     The "Transfer rights" item includes the amounts paid for the rights to lease premises. They are amortized over their useful life, which is usually five years.

     The "Other Intangible Fixed Assets" item includes the amount of other assets not included in the previous categories.

     Gains or losses arising from the derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset, and are recognized in the consolidated income statement when the asset is derecognized.

     (c.5.) Property, plant and equipment

     Property, plant and equipment are stated at acquisition cost, which includes all costs and expenses directly related to the items of property, plant and equipment acquired until such items are in working condition, minus accumulated depreciation and any impairment losses incurred.

     T he co sts of exp ansi on , mo dernizati on or improvements that represent an increase in productivity, capacity or efficiency, or a lengthening of the useful lives of the assets, are capitalized as an increase in the cost of the related assets.

     Repair and maintenance expenses incurred during the year are charged to the consolidated income statement.

     Depreciation expense is recorded in the consolidated income statement on a straight-line basis over the estimated useful life of each component of property, plant and equipment, except for land, which is not depreciated. The elements are amortized as soon as they are available for use.

     Depreciation of property, plant and equipment is provided on a straight-line basis over the following years of estimated useful life, except for machinery, which is depreciated on a straight-line basis in almost all cases:

     	Years of amortization
     Buildings for own use	50 - 68
     Machinery	5-10
     Elements for on-site installations	2 - 4
     Tools and associated equipment	4 - 8
     Transport elements	5 - 8
     Furniture and fixtures	9 - 12
     Information processing equipment	3 - 4
     Special complex installations	2 - 4
     Other fixed assets	5

     At each year-end, the Group reviews and adjusts, if necessary, the residual values, useful lives and depreciation method of property, plant and equipment.

     Finance costs directly attributable to the acquisition or development of property, plant and equipment are capitalized when the assets require more than one year to be ready for use.

     (c.6.) Leases

     The Group acts as lessee of various plants, machinery, vehicles, buildings and other equipment. The Group applies a single recognition and valuation model for all leases in which it operates as lessee, except for low value assets and short-term leases.

   • Rights of use

     The Group recognizes the rights of use at the start of the lease. In other words, the date on which the underlying asset is available for use. Rights of use are valued at cost, minus accumulated amortization and impairment losses, and they are adjusted for any changes in the valuation of the associated lease liabilities. The initial cost of rights of use includes the amount of lease liabilities recognized, initial direct costs and lease payments made prior to the lease commencement date. Incentives received are deducted from the initial cost.

     Rights of use are amortized on a straight-line basis over the shorter of the estimated useful life and the lease term:

     	Years of amortization
     Buildings for own use	50 - 68
     Machinery	5 - 10
     Elements for on-site installations	2 - 4
     Tools and associated equipment	4 - 8
     Transport elements	5 - 8
     Furniture and fixtures	9 - 12
     Information processing equipment	3 - 4
     Special complex installations	2 - 4
     Other fixed assets	5

     However, if the Group believes that it is reasonably certain to obtain ownership of the leased asset at the end of the lease term or exercise the purchase option, the rights of use would be amortized over the useful life of the asset. Rights of use are subject to impairment analysis.

     The Group's lease agreements do not include decommissioning obligations or restoration obligations.

     Rights of use are presented under a separate item on the balance sheet.

   • Lease liabilities

     At the start of the lease, the Group recognizes lease liabilities at the present value of the lease payments to be made during the lease term. Lease payments include fixed payments (including payments that contractually would qualify as variable, but in substance fixed) minus lease incentives, variable payments that depend on an index or rate and amounts expected to be paid as residual value guarantees. Lease payments also include the price of exercising a purchase option if the Group is reasonably certain that it will exercise that option and lease termination penalty payments if the lease term reflects the Group's exercising of the option to terminate the lease. Variable lease payments that do not depend on an index or rate are recognized as an expense in the period in which the event or condition that triggers the payment occurs.

     When calculating the present value of lease payments, the Group uses the incremental interest rate at the lease commencement date if the interest rate implicit in the lease cannot be readily determined. After the commencement date, the amount of lease liabilities is increased to reflect the accumulation of interest and is reduced by the lease payments made. In addition, the lease liability shall be remeasured if a modification, change in the term of the lease, change in the fixed lease payments in substance, or change in assessment is made to purchase the underlying asset. The liability also increases if there is a change in future lease payments resulting from a change in the index or rate used to determine such payments.

   • Short-term leases and leases of low-value assets

     The Group applies the short-term lease recognition exemption to its machinery and equipment leases that have a lease term of 12 months or less from the commencement date and do not have a purchase option. It also applies the exemption from recognition of low value assets to leases of office equipment that are considered low value. Lease payments on short-term leases and low-value asset leases are recognized as a straight-line expense over the term of the lease.

   • Judgments applied in determining the term of the lease with option to renew

     The Group determines the term of the lease as the non-cancelable term of a lease, to which are added the optional periods for extending the lease, if it is reasonably certain that the option will be exercised. Also included are the periods covered by the option to terminate the lease if it is reasonably certain that the option will not be exercised.

     The Group has the option, under certain of its contracts, to lease the assets for additional periods of three to five years. The Group assesses whether it is reasonably certain it will exercise the option to renew.

     ‌Financial Reports 2025

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     Consolidated Annual Accounts

     B

     Notes to the Consolidated Financial Statements

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     Annexes

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     Consolidated Management Report

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     In other words, it considers all the relevant factors that create an economic incentive to renew. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances within its control that affects its ability to exercise, or not exercise, the renewal option. The Group included the renewal period as part of the lease term for plant and machinery leases due to the importance of these assets to its operations. These leases have a short non-cancelable period (i.e. three to five years) and there would be a negative effect on production if replacement does not easily occur. Renewal options for motor vehicle leases were not included as part of the lease term because the Group has a policy of leasing motor vehicles for no longer than five years and therefore the renewal options are not expected to be exercised.

     (c.7.) Concession projects

     Under the various concession agreements, until each concession project becomes operational, all planning, construction, expropriation and other expenses, including the corresponding portions of administration expenses and finance costs until the start-up date, and the depreciation of other property, plant and equipment, are capitalized as investments in concession projects.

     Investment in these concession projects includes any revaluations applied by any company under prevailing legislation until the date of transition to IFRS-EU.

     The positive difference in valuation resulting from comparing the theoretical value of shareholders' equity at the date of purchase of certain subsidiaries with the value of the investment made is recorded under the heading of investment in operating concession projects.

     Certain companies have begun to depreciate some items of property, plant and equipment whose estimated useful life is less than the concession period. These items are depreciated over their estimated useful life.

     In relation to the rest of the investment in concession projects, i.e., reversible assets that are not technically depreciated during the concession period, the Group,

     except for the hospital concession companies that have opted for straight-line depreciation during the concession period, applies an amortization method associated with the economic consumption pattern of the concession asset generally based on demand.

     In the case of administrative concessions acquired through business combinations after January 1, 2004 (date of transition to IFRS), these, in accordance with IFRS 3, are measured at fair value (obtained from valuations based on the analysis of cash flows discounted at their present value at the date of acquisition) and are amortized based on the pattern of use described above.

     For accounting methods see note 3.c.10.

     (c.8.) Financial assets

     Financial assets are classified depending on the valuation category which is determined on the basis of the business model and the characteristics of the contractual cash flows. The Group only reclassifies investments in debt instruments when and only when it changes its business model for managing such assets.

     For valuation purposes, acquisitions and disposals of investments are recognized on the trade date, i.e. the date on which the Group undertakes to acquire or sell the asset. Investments are initially recognized at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Financial assets measured at fair value through profit or loss are initially recognized at fair value and transaction costs are charged to the income statement. Investments are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership.

     Interest income from financial assets at fair value through profit or loss is recognized in the income statement as part of other income when the Group's right to receive payments is established.

     For assets measured at fair value, gains and losses will be recorded in the income statement or other comprehensive income.

     The Group's financial assets are classified as follows:

   • Financial assets at amortized cost: Investments in debt instruments that are held for the collection of contractual cash flows are valued at amortized cost when such cash flows represent only payments of principal and interest. They are included in current assets, except for maturities greater than 12 months from the balance sheet date on which they are classified as non-current assets, unless they are within the Group's normal operating cycle.

     In addition, this category includes deposits and guarantees granted to third parties. These assets are subsequently carried at amortized cost using the effective interest method. Accounts receivable that do not explicitly accrue interest are valued at their nominal value, provided that the effect of not financially updating the cash flows is not significant. Subsequent valuation, if any, continues to be made at face value.

   • Financial assets at fair value through other comprehensive income: Assets held for the collection of contractual cash flows and for the sale of financial assets, where the cash flows from the assets represent only payments of principal and interest, are measured at fair value through other comprehensive income. Movements in carrying value are taken through other comprehensive income, except for the recognition of impairment gains or losses, interest income and foreign exchange gains and losses which are recognized in profit or loss. Unrealized gains and losses arising from changes in fair value are recognized in other comprehensive income. When these financial assets are derecognized, the accumulated fair value adjustments recognized in equity are included in the consolidated income statement as gains and losses.

     The fair values of listed investments are based on current purchase prices. If the market for a financial asset is not active (and for unlisted securities), the Group establishes the fair value using measurement techniques that include the use of recent free transactions between interested

     and duly informed parties, referring to other instruments substantially equal and discounted cash flow analysis. In the event that none of the aforementioned techniques can be used to estimate fair value, investments are recorded at acquisition cost minus any impairment losses.

     For equity instruments included in this category, the Group's management has chosen to present the fair value gains and losses of equity instruments under other comprehensive income. There is no subsequent reclassification of gains and losses from fair value to the income statement following derecognition of the investment. Impairment losses (and the reversal of impairment losses) on equity instruments measured at fair value through other comprehensive income are not reported separately from other changes in fair value.

     Dividends from such investments continue to be recognized in profit or loss when the Group is entitled to receive the payments.

   • Financial assets at fair value through the consolidated income statement: Assets that do not meet the amortized cost or fair value through other comprehensive income criteria are measured at fair value through the profit or loss. Realized and unrealized gains and losses that arise from changes in the fair value of the category of financial assets at fair value through profit or loss are included in the income statement in the year in which they arise.

     (c.9.) Impairment

     (c.9.1.) Impairment of property, plant and equipment and intangible assets

     Impairment losses are recognized for all those tangible and intangible assets or, as the case may be, for the cash generating units of which they form part, when their carrying amount exceeds the related recoverable amount. Impairment losses are recognized in the consolidated income statement.

     At the end of each reporting period, the Group reviews each tangible and intangible asset for indications of impairment that may indicate that the recoverable

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     Consolidated Annual Accounts

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     Notes to the Consolidated Financial Statements

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     Annexes

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     Consolidated Management Report

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     Audit Report on the Consolidated annual accounts

     Consolidated Statement of Non-Financial Information and Sustainability Information

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     amount is less than the carrying amount. If there are indications of impairment, the Group calculates the recoverable amount of the asset and records the corresponding impairment for the difference between the carrying amount and the recoverable amount.

     For goodwill and intangible assets of indefinite life the Group calculates at the end of each year, regardless of whether or not there are indications of impairment, the recoverable amount of the asset and proceeds to record the corresponding impairment if the carrying amount exceeds the recoverable amount.

     The recoverable amount of an asset is the higher of fair value minus selling costs and the value in use. In assessing value in use, the Group estimates the future cash flows generated by the asset and calculates its present value, discounting them using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For assets that do not generate largely independent cash flows, the recoverable amount is determined for the cash-generating units to which the asset belongs.

     Impairment losses in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the unit and, second, to reduce the carrying amount of the other assets based on a review of the individual assets that show indications of impairment.

     Except in the case of goodwill, a previously recognized impairment loss is reversed if there has been a change in the estimates used to determine the asset's recoverable amount. The reversal of an impairment loss is recognized in the consolidated income statement.

     An impairment loss can only be reversed up to the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset.

     (c.9.2.) Impairment of financial assets and trade accounts

     The impairment model requires the recognition of impairment provisions based on the expected loss model rather than just incurred credit losses.

     The Group applies the simplified approach to its customer accounts, accounts receivable and other assets, which correspond mostly to customers of recognized solvency with whom it has extensive experience, recognizing the expected credit loss for the entire life of the assets.

     For trade receivables and contract assets, as long as they do not contain a significant financial component, the Group applies the simplified approach, which requires recognizing a loss allocation based on the expected loss model throughout the asset's life on each date of presentation. The Group's model encompasses internal information, such as the balance exposed to customers, external factors such as customer credit ratings and agency risk ratings, as well as the specific circumstances of customers considering the information available on past events, current conditions and prospective elements.

     (c.10.) Concession assets

     IFRIC 12 regulates the accounting processing of public-private partnership agreements on service concession arrangements from the concession operator's point of view and prescribes accounting methods based on the nature of the agreements entered into with the grantor. It applies to public-private service concession agreements when:

   • The grantor controls or regulates which services the concession operator needs to provide in respect of infrastructure, to whom it should provide the services and at what price.

   • The grantor controls all significant residual interests in the infrastructure once the concession agreement expires.

   Under such agreements, the concession operator acts as service provider, rendering construction or infrastructure upgrade services, and operating and maintenance service during the lifetime of the concession assigning the contract price to each of the performance obligations.

   Depending on the type of rights that the concession operator receives as consideration for the construction or upgrade work, the following accounting methods are applied:

   1. Intangible asset model

      This method is usually applied when the concession operator has the right to charge users for the use of the public service. The right is not unconditional but depends on users using the service. Therefore the concession operator assumes the demand risk.

      In these cases, the asset that should be recognized as consideration for the construction or upgrade services (i.e., the value of the right to charge users for a public service under the concession) is measured in accordance with IAS 38 "Intangible assets" and amortized over the lifetime of the concession.

   2. Financial model

      Under this model, the concession operator recognizes a financial asset where it has an unconditional contractual right to receive from the grantor (or from others on the grantor's behalf) cash or another financial asset as consideration for the construction and operation services provided, and the grantor has little or no possibility of avoiding the payment. This implies that the grantor guarantees payment to the concessionaire of a fixed or determinable amount or of the deficit, if any. In this case, the operator assumes no demand risk, as it would be paid even if no one used the infrastructure.

      In this case the measurement shall be in accordance with IAS 32, IFRS 9 and IFRS 7 in relation to financial assets. The concession right is recognized under financial assets from the moment the Group acquires the unconditional right to receive cash or other financial assets from the grantor, calculated using an effective interest rate equal to the internal rate of return of the financial asset.

   3. Mixed model

      This model consists of applying the financial model for the part of the contract in which collection of

      an amount by the grantor is guaranteed, and the intangible model for the part not guaranteed by the grantor and in which the investment is expected to be recovered by charging the users of the public service.

      The Group recognizes separately the income and expenses corresponding to the services of construction or improvement of its infrastructure intended for concession and those obtained in the phase of rendering maintenance or operation services of the infrastructure, which are recognized in both cases in accordance with IFRS 15 "Income from ordinary activities from contracts with customers".

      (c.11.) Non-current assets (disposable groups) held for sale and discontinued operations

      1. Non-current assets (disposable groups) held for sale

         Non- current assets (or disposable groups) are classified as held for sale when it is considered that their carrying amount will be recovered through a sale transaction rather than through continuing use. This condition is deemed to have been met only when the sale is highly probable, and is available for immediate sale in its present condition and is expected to be completed within one year as from the classification date. These assets are stated at the lower of carrying amount and fair value minus the costs of disposal and they are not subject to depreciation.

      2. Discontinued operations

         Any component of the Group that has been disposed of or otherwise disposed of or classified as held for sale and represents a significant line of business or geographical area of operation, is part of an individual plan or is a subsidiary acquired exclusively for sale is classified as a discontinued operation. Income generated by discontinued operations is submitted in a single line item in the consolidated income statement net of taxes

         ‌Financial Reports 2025

         A

         Consolidated Annual Accounts

         B

         Notes to the Consolidated Financial Statements

         C

         Annexes

         D

         Consolidated Management Report

         E

         Audit Report on the Consolidated annual accounts

         Consolidated Statement of Non-Financial Information and Sustainability Information

         Financial Reports

         2025

         (c.12.) Stocks

         Stocks are valued as follows:

         • Properties: are valued in accordance with the cost system indicated below for developments in progress or at cost price in the case of acquisition of properties already constructed, including costs directly related with the purchase.

         • Developments in progress: includes costs incurred in real estate developments whose construction has not been completed. These costs include those directly applicable to the construction that have been approved by the technicians responsible for the construction management, the expenses corresponding to the promotion and the financial expenses incurred during the construction period. Once construction has begun, the cost value of the land on which the buildings and other constructions have been built is included in the value of the buildings and other constructions.

         • Land lots and adaptation of land are valued at cost of acquisition, which includes costs directly related with purchases. Also included as an increase in the value of undeveloped land and plots are the costs of urbanization, project and planning up to the time of completion of the site development work.

         • Stockpiles of raw and auxiliary materials and consumables are valued at acquisition cost.

         • Products and work in progress are measured at production cost, which includes the cost of materials, labor and any direct production costs incurred.

           Stocks include financial expenses accrued during the construction period.

           The Group adjusts the value of inventories when the cost recorded exceeds their market value, using independent expert appraisals for this purpose.

           Start-up costs include costs incurred up to the time the work begins, which are charged to cost based on the degree of progress of the work over the duration of the project.

           In the real estate business, impairment is recorded for those developments in which losses are estimated, and these are covered in full.

           (c.13.) Trade accounts

           In the consolidated balance sheet, trade receivables for sales and services include the discounted bills pending maturity at December 31, and their balancing entry is shown as accounts payable to credit institutions.

           (c.14.) Cash and cash equivalents

           Cash and cash equivalents comprise cash on hand, at banks and short-term deposits with an original maturity date of three months or less and which are not subject to significant value variations. Cash available in the various Group entities is not always available for transfer to the Group's parent company due to tax restrictions, restrictions arising from financial obligations associated with infrastructure projects or restrictions arising from the existence of minority interests.

           (c.15.) Capital increase costs

           Expenses incurred in connection with capital increases are recorded as a reduction of funds raised in equity, net of any tax effect.

           (c.16.) Own shares

           Shares of the Parent held by the Group are shown at cost and recognized as a deduction from equity. No gain or loss is recognized in profit or loss on the purchase, sale or redemption of own shares. Any gains or losses on the sale of these shares are recognized directly in equity at the time they are sold.

           (c.17.) Provisions and contingencies

           Provisions are recognized in the consolidated balance sheet when the Group has a present obligation (whether legal, contractual or constructive) as a result of a past event and it is probable that an outflow of resources embodying future economic benefits will be required to settle the obligation. The amounts recognized as provisions represent the best estimate of the payments required to offset the present value of these obligations at the consolidated balance sheet date.

           Provisions are reviewed at the closing date of each consolidated balance sheet and are adjusted to reflect

           the best current estimate of the respective liability at any time.

           The policy followed with respect to the recognition of provisions for liabilities and charges is to record the estimated amount required to cover probable or certain liabilities arising from litigation in progress and from outstanding indemnities or obligations, sureties and other similar guarantees. It is allocated when the liability or obligation giving rise to the indemnity or payment arises.

           The provision for work in progress, included on the liability side of the consolidated balance sheet, pertains to the estimated amount of possible obligations for the completion of work whose payment is not yet determinable as to its exact amount or is uncertain as to the date on which it will occur, depending on the fulfillment of certain conditions. Allocations are made on the basis of the best estimates of the annual accrual.

           The Group assesses its obligations and liabilities by considering as contingent liabilities those possible obligations that arise from past events and whose existence will be confirmed by uncertain future events not under the control of the Group.

           (c.18.) Financial liabilities

           Financial liabilities are classified, for valuation purposes, under the following categories:

         • Financial liabilities at amortized cost (Financial debt)

           Financial debt is initially recognized at fair value, net of any transaction costs incurred. Subsequently, financial debts are valued at amortized cost. Any difference between the income obtained (net of transaction costs) and the redemption value is recognized under profit/loss over the life of the debt in accordance with the effective interest rate method. Fees paid to obtain credit facilities are recognized as credit facility transaction costs to the extent that it is probable that some or all of the facility will be drawn down. In this case, fees are deferred until the disposition occurs. To the extent

           that there is no evidence that it is probable that all or part of the credit line will be drawn down, the fee is capitalized as a prepayment for liquidity services and amortized over the period to which the availability of the credit facility relates.

           Financial debt is eliminated from the consolidated balance sheet when the obligation specified in the contract has been paid, canceled or expired. The difference between the carrying amount of a financial liability that has been settled or transferred to another party and the consideration paid, including any asset transferred other than cash or liability assumed, is recognized under profit or loss as other financial income or expenses.

           Financial debt is classified as current liabilities unless the Group has an unconditional right to defer settlement for at least 12 months after the balance sheet date.

         • Financial liabilities at fair value through profit or loss

           These are liabilities that are acquired for the purpose of selling them in the short term. Derivatives are considered in this category unless they are designated as hedging instruments (see note c. 22). These financial liabilities are measured, both initially and in subsequent valuations, at fair value, with changes in fair value being recognized in the consolidated income statement for the year.

           (c.19.) Foreign currency transactions

           Transactions in foreign currencies are converted by the Group entities at the functional currency into euros at the exchange rate at the date of the transaction. Gains or losses arising from foreign currency transactions are recorded in the consolidated income statement as they occur.

           Accounts receivable and payable in foreign currencies are converted to euros at the year-end exchange rate. Unrealized exchange rates gains/losses arising from transactions are included in the consolidated income statement.

           ‌Financial Reports 2025

           A

           Consolidated Annual Accounts

           B

           Notes to the Consolidated Financial Statements

           C

           Annexes

           D

           Consolidated Management Report

           E

           Audit Report on the Consolidated annual accounts

           Consolidated Statement of Non-Financial Information and Sustainability Information

           Financial Reports

           2025

           (c.20.) Government grants

           Government grants are recorded when there is reasonable assurance that the grant will be received and all conditions attached to the grant will be met.

           Non-refundable subsidies that finance reversible assets are recorded as deferred income at their fair value. These subsidies are included under profit/ loss in proportion to the depreciation of the assets financed thereby.

           Certain Chilean companies have recognized in their financial statements the annual subsidies to be received from the Chilean Ministry of Public Works established in their concession contracts. They are included under profit/loss using the same criteria as those used to depreciate the concession assets.

           (c.21.) Income tax

           The income tax expense for each year is calculated as the sum of the current tax resulting from the application of the respective tax rate to the taxable income for the year, after applying the tax credits and deductions that are fiscally admissible, and the change in deferred tax assets and liabilities recognized in the consolidated income statement.

           The income tax expense is recognized in the consolidated income statement except in those cases in which this tax is related with items directly reflected under equity, in which case the tax is recognized under in that statement.

           Sacyr, S.A. and its subsidiaries, which comply with the provisions of Royal Decree 4/2004, dated March 5, 2004, approving the redrafted text of the Corporate Income Tax Law, opted, by resolution of the respective administrative bodies of each company, to apply the tax consolidation regime, notifying the A.E. A.T., which informed the head of the tax group of its tax identification number 20/02.

           The companies included in the tax perimeter are listed in Annex III to these consolidated financial statements.

           Current tax assets and liabilities are the estimated amounts payable to or receivable from the Company for current taxes.

           The tax rates in effect at the date of the consolidated balance sheet.

           Deferred income tax is posted using the liability method of posting for all temporary differences between the tax basis of assets and liabilities and their carrying amounts in the financial statements.

           The Group recognizes deferred tax assets for deductible temporary differences, unused tax credits and taxable losses not applied to the extent that it is probable that there will be a taxable profit against which the deductible temporary difference, tax credit or taxable losses not applied can be utilized unless:

         • the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination, and which, at the time of the transaction, affected neither accounting profit nor taxable profit or loss.

         • In respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and sufficient taxable profit will be available against which to apply the temporary differences.

           The Group reviews the carrying amount of deferred tax assets at each year-end and reduces them to the extent that it is no longer probable that sufficient taxable profit will be available to allow some or all of the deferred tax asset to be utilized. In addition, the Group reviews unrecognized deferred tax assets at each year-end and recognizes them to the extent that it becomes probable that future taxable profit will allow the deferred tax asset to be recovered.

           The Group recognizes deferred tax liabilities for all taxable temporary differences except:

         • when the deferred tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and that, at the t ime of the transaction, affected neither accounting profit nor taxable profit or loss.

         • with respect to taxable temporary differences associated with investments in subsidiaries and interests in joint ventures, if the timing of the reversal of the temporary differences can be controlled by the Parent Company and it is probable that the temporary difference will not reverse in the foreseeable future.

           Deferred tax assets and liabilities are measured at the effective tax rates that are expected to apply to the year in which the assets are realized or the liabilities are settled, based on tax rates (and tax legislation) enacted or substantively enacted at the consolidated balance sheet date.

           The Group applies the exception to recognize and disclose information on deferred tax assets and liabilities deriving from the implementation of Law 7/2024, as required by IAS 12.

           (c.22.) Hedging derivative financial instruments

           The Group uses the hedge accounting model stipulated in IFRS 9. This requires the Group to ensure that hedge accounting relationships are aligned with its risk management objectives and strategy and to apply a more qualitative, forward-looking approach to assess hedge effectiveness.

           The Group' s risk management strategies and hedging documentation are aligned with the requirements of IFRS 9 and these relationships are treated as continuing hedges.

           Derivative financial instruments are initially recognized at fair value on the date the contract is signed and are subsequently adjusted to fair value at each balance report date. The recognition of the gain or loss resulting from changes in fair value in each period shall depend on whether the derivative instrument is formally designated as a hedging

           instrument, and if so, the nature of the item being hedged.

           The effective portion of changes in the fair value of derivatives designated and qualifying as cash flow hedges are recognized under other comprehensive income. The gain or loss corresponding to the ineffective portion is recognized immediately under financial income in the income statement.

           Amounts accumulated under "Other consolidated comprehensive income" are transferred to the consolidated income statement in the year in which the hedged item affects profit or loss.

           When the hedging instrument matures or is sold, or when a hedging transaction no longer qualifies for hedge accounting, the gains or losses accumulated in equity up to that time will continue to form part of equity and are recognized when the anticipated transaction is finally recognized in the income statement. However, if it is no longer probable that such a transaction will occur, the cumulative gain or loss accumulated in "Other consolidated comprehensive income" is immediately transferred to the consolidated income statement.

           The Group designates certain derivatives as hedges of a specific risk associated with a recognized asset or liability or a highly probable forecast transaction that may affect profit or loss for the year (cash flow hedges).

           For derivative financial instruments not designated as hedging instruments or that do not qualify for designation as such, changes in fair value at each measurement date are recognized as a financial result (income or expense) in the consolidated income statement. In these cases, derivative financial instruments are considered to be included under the category of financial assets or liabilities at fair value through profit or loss.

           When the Group uses interest rate options to hedge the risk of changes in cash flows to the hedged financing and designates the hedging relationship, it excludes from the hedging relationship the time value of the options.

           ‌Financial Reports 2025

           A

           Consolidated Annual Accounts

           B

           Notes to the Consolidated Financial Statements

           C

           Annexes

           D

           Consolidated Management Report

           E

           Audit Report on the Consolidated annual accounts

           Consolidated Statement of Non-Financial Information and Sustainability Information

           Financial Reports

           2025

           (c.23.) Related parties

           The Group defines related parties as its direct and indirect shareholders, related companies, directors and key management personnel, as well as any individuals or legal entities dependent on such people.

           (c.24.) Income recognition

           In general, income and expenses are recognized on an accrual basis, i.e. when the actual flow of goods and services they represent occurs, regardless of when the resulting monetary or financial flow arises.

           The application of IFRS 15 involves the following aspects:

           1. General income recognition criteria

              IFRS 15 indicates that for each contract with a customer, the various separate performance obligations contained in the contract should be identified and the contract price should be allocated to each of said identified performance obligations.

              An entity recognizes ordinary income from a contract to the extent that it meets its contractual obligations to perform by transferring a promised good or service to the customer at the price assigned to the obligation indicated above. When establishing the exact moment at which the transfer of the good or service to its customer takes place, the entity must determine whether the obligations of the contract are met over time or at a given moment.

              Given the nature of the Group's activities, the transfer of goods and services to its customers is generally satisfied over time because either the customer simultaneously receives and consumes the benefits provided by the entity's performance of the obligations, or the entity's performance of the obligations does not create an asset with an alternative use for the entity and the entity has a claimable right to payment of what has been performed to date or a right to compensation for what has been performed to date in the event of termination.

              Once it has been established that the transfer of goods or services occurs over time, the entity must determine an appropriate method to measure the progression in the fulfillment of the obligations and recognize the respective income according to the price assigned to the obligation and the progression in its fulfillment.

              The methods selected by the Group to measure progress in meeting its contractual obligations vary depending on the specific good or service covered by the contract, but in general terms the following were considered to be the most appropriate:

         • Elapsed time method

           For recurring service agreements (maintenance, cle ani n g , waste co l le cti o n , etc . ) w i th a homogeneous transfer pattern over time and with fixed periodic payments over the life of the contract (monthly payments, annual installments, etc.), the Group considered that the most appropriate method of measuring progress in compliance with obligations is the elapsed time method, whereby income is recognized on a straight-line basis over the term of the contract and their costs on an accrual basis

         • Percentage-of-completion method based on costs

           In the case of construction contracts, the Group considered the percentage-of-completion method to be the most appropriate method for determining the pro gressio n in co mpliance with the obligations. Under this method, the costs incurred are measured each month in relation to the total estimated costs for completing the contract, giving rise to a percentage of the percentage of completion. Recognized income shall be the total estimated amount of the contract multiplied by the percentage of completion. Costs under these contracts are recognized on an accrual basis.

           The difference between the original production amount at the beginning of each project and the amount certified up for each of them up to the annual accounts date, is posted as "Completed work pending certification" under "Trade and other receivables" or under a "Certified work pending

           implementation" item in the chapter "Trade and other receivables".

           The estimated costs of termination of the project or contract are provisioned on an accrual basis to "Trade provisions" on the consolidated balance sheet over the life of the project or contract and recognized under profit or loss based on the proportion of work completed as a percentage of estimated costs. Costs incurred after completion of work but before its final termination are charged against these provisions.

           • Income posted in concession companies (IFRIC 12)

             The Group's concession companies record their ordinary income in accordance with IFRIC 12, as described in note 3.c.10.

             1. Income recognition from modifications, claims and disputes

A contract modification is a change in the scope or price of a contract (or both). The Group's general criterion is to recognize the income deriving from a contract modification when there is agreement by the customer. The Group's criterion is not to recognize income deriving from said additional work until there is approval from the customer, which, in general, is considered to be when the customer gives their technical and economic approval.

In the event that the work is approved but the valuation is pending, income recognition will be made under the conditions indicated in IFRS 15 for "variable consideration" assumptions.

The recognition of income in the case of 'variable consideration' implies that income from variable consideration is recognized only when it is highly probable that a significant reversal of the amount of recognized ordinary income will not occur in the future when the uncertainty associated with such claims or variable prices is subsequently resolved, taking into account both the probability and the scale of such a reversal.

T he costs related with the execution of amendments to the contract are recognized when they occur, regardless of whether or not

the customer has approved them and whether or not ordinary income related to their execution has been recognized.

A claim is a request for payment or compensation to the customer (e.g., compensation assumptions, reimbursement of costs, legally binding inflation revision) subject to an application procedure directly to the customer. The Group's criterion for such claims is to apply the procedure set out about for modifications when such claims are not covered by the contract, or as variable consideration when they are covered by the contract, but their quantification is required.

A dispute is the result of a disagreement or rejection following a complaint to the customer under the contract, the resolution of which is pending a procedure directly with the customer or a judicial or arbitration procedure. In accordance with the criteria followed by the Group, income related with disputes in which the enforceability of the amount claimed is disputed will not be recognized, and previously recognized income will be written off, as the dispute demonstrates the absence of approval by the customer of the work completed. In the event that the customer disputes the value of the work performed, income recognition will be based on the criterion applied in those cases of "variable consideration" discussed above. Only in those cases in which there is a legal report confirming that the disputed rights are clearly enforceable and that therefore at least the costs directly related to the related service will be recovered, may income be recognized.

(c.25.) Subrogable mortgage loans.

Subrogable mortgage loans are included under bank borrowings on the consolidated balance sheet and are classified as current when they are linked to the financing of stocks classified as current assets on the consolidated balance sheet

(c.26.) Advances received on orders.

This line item appears under " Trade and other payables" on the liability side of the accompanying consolidated balance sheet and includes prepayments received from customers on uncompleted work.

‌Financial Reports 2025

A

Consolidated Annual Accounts

B

Notes to the Consolidated Financial Statements

C

Annexes

D

Consolidated Management Report

E

Audit Report on the Consolidated annual accounts

Consolidated Statement of Non-Financial Information and Sustainability Information

Financial Reports

2025

(c.27.) Severance payments.

Except in the case of just cause, companies are obliged to compensate their employees hired for work or service when they cease to perform the work for which they were hired.

In the absence of any foreseeable need for abnormal termination of employment and given that employees who retire or terminate their services voluntarily do not receive severance payments, any severance payments are charged at the time the decision is made and communicated to the employee.

(c.28.) Profit-sharing and bonus plans.

The Group recognizes a liability and a bonus expense based on formulas that take into account different economic and financial indicators after certain adjustments, recognizing a provision when contractually obliged.

(c.29.) Environment

Uruguay Central Railway

Costs incurred to acquire systems, equipment and installations for the purpose of eliminating, mitigating or monitoring the potential environmental impact of the Group's activities carried out in the normal course of business are considered to be investments in fixed assets.

Other environment-related expenses that do not concern the acquisition of fixed assets are recorded as expenses for the year.

The parent company's directors consider that any contingencies arising in connection with environmental matters are adequately covered by existing insurance policies.

(c.30.) Segment information.

The Group identifies segments based on the following factors:

• Similar economic characteristics of the businesses.

• To provide consolidated financial statements to users, with the relevant financial information on the activities of the Group's businesses and the economic environments in which it operates.

The Group's directors monitor the volume of assets, turnover and operating results of the operating segments separately for the purposes of making decisions on the allocation of resources and assessing results and performance. (See note 40) of the notes to the consolidated financial statements.

Non-current assets held for sale and discontinued operations

4.

S.A. del Norte contributed 6,285 thousand euros in increases in Concession Projects and 283 thousand euros in Concession Projects under construction.

In fiscal year 2025, there were also increases in concession projects under construction due to increased investment in a number of companies where work is ongoing, mainly in Sociedad Concesionaria Aeropuerto de Arica, S.A., Sociedad Concesionaria Ruta del Elqui, S.A., Concessionária Rota de Santa María, S.A. and in Unión Vial Camino del Pacífico, S.A.S.

Transfers posted for concession projects under construction to concession projects mainly pertain to the company Concessionária Rota de Santa María, S.A.

‌Financial Reports 2025

A

Consolidated Annual Accounts

B

Notes to the Consolidated Financial Statements

C

Annexes

D

Consolidated Management Report

E

Audit Report on the Consolidated annual accounts

Consolidated Statement of Non-Financial Information and Sustainability Information

Financial Reports

2025

The concession projects under construction and in operation of the Group's concession companies at the end of fiscal years 2024 and 2025 are as follows: