Slide 1: Home of Construction – Investor Presentation Q1 Results 2024
HOME OF CONSTRUCTION Investor Presentation: Q1 Results 2024 May 2024
Slide 2: Disclaimer
DISCLAIMER • This presentation was prepared by PORR AG (the "Company") solely for • This presentation contains forward-looking statements relating to the use at investors’ meetings and is provided solely for informational business, financial performance and results of the Company and/or the purposes
Slide 3: PORR at a Glance
1 PORR at a Glance Investor presentation: Q1 Results 2024 06.06.2024 I 3
Slide 4: PORR in Brief
PORR IN BRIEF ONE-STOP SHOP BU SIGN ILD E D OUR USP #3 VAT E D E MO L #3 Full-Service #6 Provider NO IS H RE #2 OPERATE #1 #7 #5 ~ 21,000 Staff members EUR 8.5 bn Order backlog EUR 6.6 bn Production output EUR 130.7m Earnings before tax (EBT) Home markets Project markets 2.3% EBIT margin to sales Ma
Slide 5: The 4 D's of PORR
THE 4 D‘S OF PORR DEMAND IN INFRASTRUCTURE AND BUILDINGS Deglobalisation Decarbonisation Digitalisation Demographic change Resilience & +1.5°C max. & Artificial intelligence & Urbanisation & regionalisation climate neutrality digital twins ageing society Nearshoring and reshoring to Energy transform
Slide 6: Focus on Intelligent Growth with Green and Lean
FOCUS ON INTELLIGENT GROWTH WITH GREEN AND LEAN Intelligent Growth Green and Lean Company Staff LEAN ESG Best in Class: In construction We live our PORR Principles Design-build contractor – one- Clear commitment to and technologies stop shop for every process ecological, environmentally- friendly co
Slide 7: Facts & Figures Q1 Results 2024
2 Facts & Figures Q1 Results 2024 Investor presentation: Q1 Results 2024 06.06.2024 I 7
Slide 8: Q1/24 at a Glance
Q1/24 AT A GLANCE 1 Stable construction environment Strong infrastructure intakes 4 Strong balance sheet Equity ratio of 19.7% (+0.5 PP yoy) 2 Resilient order book High level of EUR 8.4 bn maintained 5 Comfortable liquidity cushion Free cash flow improved 3 Reliable top line Earnings quality clearly
Slide 9: Promising Construction Environment
PROMISING CONSTRUCTION ENVIRONMENT STRONG ORDER INTAKE IN INFRASTRUCTURE Turnaround in construction starting in 2024 PORR‘s order backlog (in EUR m) 2.5% 2.5% CAGR: +2.5% 2.3% 1.7% 1.6% 8,211 8,439 Annual growth rates 1.5% 1.3% 1.4% 8,033 0.9% 0.0% 55% 59% 64% 23% 30% 17% 27% 19% -2.1% 9% 10% 9% 5%
Slide 10: Stable Order Intake
STABLE ORDER INTAKE Order intake (in EUR m) 1,429 1,278 1,311 64% 64% 16% 19% 6% 9% 14% 8% C+ / Prime Segment Q1/22 Q1/23 Q1/24 Top 10 % der Branche Miscellaneous Residential Non-residential Civil engineering ▪ +12% order intakes in infrastructure ▪ Full pipeline from European Recovery and Resilienc
Slide 11: Top Order Intakes 2023/24
TOP ORDER INTAKES 2023/24 Civil engineering Other Non-residential construction Residential construction Q2/23 Q3/23 Q4/23 Q1/24 Arge H53 Brenner Pumped storage Elisabeth-Selbert-Haus Waste to Energy plant Base Tunnel power plant office building Gorlice / PL / 95.8m AT / 479.6m Ebensee / AT / 167.0m
Slide 12: Stable Top Line, Improvement in Earnings
STABLE TOP LINE IMPROVEMENT IN EARNINGS Production output per segment (in EUR m) EBIT (in EUR m) EBIT (in % of revenue) CAGR: +9.7% 1,271 1,323 11.3 1,161 9.9 1,002 6.0 0.8% 0.9% 48% 0.5% 53% 16% 17% -0.5% 15% 12% 11% 5% -4.4 2% 12% 2% 8% Q1/21 Q1/22 Q1/23 Q1/24 Q1/21 Q1/22 Q1/23 Q1/24 Holding Infra
Slide 13: Cost Management Mastered
COST MANAGEMENT MASTERED ABSOLUTE COST DECREASE IN MATERIALS AND RELATED SERVICES Cost indices stablising on high levels PORR‘s cost ratios in % of revenue 120 130 Indexed per Q1/22 110 120 47% 100 26% 110 19% 90 100 80 Dez.21 Jun.22 Dez.22 Jun.23 Dez.23 Mär.22 Sep.22 Mär.23 Sep.23 Mär.24 AT: Road c
Slide 14: Balance Sheet Sustainably Optimised
BALANCE SHEET SUSTAINABLY OPTIMISED STRONG EQUITY DESPITE HYBRID REDEMPTION Equity (in EUR m) Net debt (+) / Net cash (-) (in EUR m) 860 107 815 100 799 795 Hybrid share: 25% +159m +147m 20.8% 19.7% 19.3% 19.2% -40 -59 2022 Q1/23 2023 Q1/24 2022 Q1/23 2023 Q1/24 ▪ Redemption of profit participation
Slide 15: Comfortable Liquidity Cushion
COMFORTABLE LIQUIDITY CUSHION FINANCIAL PROFILE FIXED UNTIL 2028 Liquidity (in EUR m) Maturity profile1 (in EUR m) 1,037 5 949 905 884 293 405 327 83 405 9 32 10 656 631 28 11 578 478 34 7 4 12 7 2024 2025 2026 2027 2028 >2028 2022 Q1/23 2023 Q1/24 Σ 7 7 45 12 115 27 Cash and cash equivalents Commit
Slide 16: Outlook 2024 Confirmed
OUTLOOK 2024 CONFIRMED. Stable order backlog Moderate increase in output Improvement in earnings Investor presentation: Q1 Results 2024 06.06.2024 I 16
Slide 17: Strategy: Intelligent Growth with Green and Lean
3 Strategy Intelligent Growth with Green and Lean Investor presentation: Q1 Results 2024 06.06.2024 I 17
Slide 18: PORR 2025 on Track
PORR 2025 ON TRACK IMPORTANT MILESTONES IN FUTURE PROGRAMME REACHED Milestones 2023 Measures 2025 Markets ▪ Promote sustainable construction ▪ Selective M&A: Pannonia Group, Sanitär Elementbau ▪ Extend value chain and permanent business ▪ 10% of projects from energy transition ▪ Optimise portfolio m
Slide 19: Green – Holistically Sustainable
GREEN HOLISTICALLY SUSTAINABLE Taking responsibility. Becoming market leader in circular construction. Focus Added value ▪ Decarbonisation ▪ Saving energy & resources ▪ Circular economy & habitats ▪ Life-cycle thinking in ▪ Occupational health & safety project management ▪ Working worlds ▪ Best Plac
Slide 20: ESG Ratings
ESG RATINGS BEST IN CLASS B C+ AA Bronze Climate Change & Water Prime Segment Best in industry Top 17 % of construction industry Investor presentation: Q1 Results 2024 06.06.2024 I 20
Slide 21: Insights into ESG@PORR
INSIGHTS INTO ESG@PORR SELECTED KPIS PART 1 Decarbonisation Occupational Safety Compliance Intensity of GHG emissions Work-related injuries* Anti-corruption training (Scope 1+2 in t CO2e) (per 1 million hours worked) (number of employees) 0.034 15.3 15.7 15.3 3,965 0.032 0.033 3,158 0.028 13.5 1,921
Slide 22: Insights into ESG@PORR
INSIGHTS INTO ESG@PORR SELECTED KPIS PART 2 Circular Economy Habitats Working Worlds Recycled materials used Total water consumption Share of female staff (tonnes) (Tm³) (in %) 109,515 380 104,841 93,200 16.1% 84,761 15.8% 15.8% 240 15.1% 218 171 2020 2021 2022 2023 2020 2021 2022 2023 2020 2021 202
Slide 23: PV Rollout
PV ROLLOUT KICK-OFF IN 2023 Hard facts for PORR … ▪ >30 rooftop systems until 2025 ▪ 5 free area locations on land and water until 2026 ▪ Power output potential: 21,800 kwP C+ / Prime Segment Top 10 % der Branche … strong opportunities for the environment. ▪ Combined utilisation of different renewab
Slide 24: BIM and Working Partnerships
AND WORKING PARTNERSHIPS Team: Collaboration, communication, identification, training, culture Standards: Technology: Building BIM standards, project guidlines, Information data management/ formats/ sharing, management Modeling soft- & hardware policies Processes: Planning, calculation, construction
Slide 25: LEAN for Maximum Efficiency
LEAN FOR MAXIMUM EFFICIENCY LEAN LEAN Management Design & Engineering … understand the value … efficient project chain, streamline the planning in coordination process with contractors LEAN@PORR: Mindset Planning Reliability >66 Certified LEAN leaders Rollout completion C+ / Prime Segment >19 LEAN e
Slide 26: Financial Performance
4 Financial Performance The figures have been rounded off using the compensated summation method. Absolute changes are calculated using the rounded values, relative changes (in percent) are derived from the non-rounded values. Investor presentation: Q1 Results 2024 06.06.2024 I 26
Slide 27: Earnings and Output 2023 per Segment
EARNINGS AND OUTPUT 2023 PER SEGMENT IN EUR M PL DE INFRA Output EBT Output EBT Output EBT 1,012 18.5 392 18.1 1,009 8.2 Poland +28% -13% -24% >+100% +17% >+100% Germany Czech Republic Slovakia CEE* Output EBT Austria AT / CH 678 19.7 Switzerland Output EBT +3.8% +68% 3,380 92.0 Romania +3.4% +8.6%
Slide 28: Segment Reporting: Resilient Order Book in Q1/24
SEGMENT REPORTING RESILIENT ORDER BOOK IN Q1/24 AT /CH DE PL CEE INFRA Order backlog Change in % in EUR m 3,307 1,253 1,391 837 1,586 -6.2% -8.7% +3.6% -5.5% +64.6% Order intake Change in % in EUR m 785 129 215 134 46 -7.4% -3.5% > +100% +2.9% -25.2% ▪ BMW production hall ▪ Expressway ▪ DCO clinic W
Slide 29: Key Financials at a Glance
KEY FINANCIALS AT A GLANCE Operating data in EUR m Q1/2024 Change Q1/2023 2023 Production output1 1,323 4.1% 1,271 6,577 Revenue 1,275.6 0.7% 1,266.3 6,048.5 EBIT 11.3 14.4% 9.9 140.3 EBT 8.0 78.8% 4.5 130.7 Net profit for the period 6.0 >100% 2.6 95.0 Earnings per share (in EUR) 0.03 <-100% -0.05 2
Slide 30: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT In EUR m Q1/2024 Change Q1/2023 2023 Production output1 1,323 4.1% 1,271 6,577 Revenue 1,275.6 0.7% 1,266.3 6,048.5 EBITDA 60.2 11.4% 54.0 344.3 in % of production output 4.6% 0.3 PP 4.3% 5.2% in % of revenue 4.7% 0.5 PP 4.3% 5.7% EBIT 11.3 14.4% 9.9 140.3 in % of produ
Slide 31: Consolidated Key Ratios
CONSOLIDATED KEY RATIOS In relation to production output Q1/2024 Change Q1/2023 2023 Income from companies accounted for 0.9% 0.5 PP 0.4% 1.5% using the equity method Material cost -17.9% 1.8 PP -19.7% -19.6% Cost of other related production services -45.1% 3.5 PP -48.5% -43.4% Personnel cost -25.3%
Slide 32: Consolidated Statement of Financial Position – Assets
CONSOLIDATED STATEMENT OF FINANCIAL POSITION Assets in EUR m 31.3.2024 Change 31.3.2023 31.12.2023 Intangible assets 185.6 -3.8% 194.0 185.4 Property, plant and equipment 1,192.3 10.1% 1,083.4 1,166.4 Investment property 35.0 1.5% 34.4 35.0 Shareholdings in companies accounted 75.6 -1.0% 76.4 76.5 f
Slide 33: Consolidated Statement of Financial Position – Equity and Liabilities
CONSOLIDATED STATEMENT OF FINANCIAL POSITION Equity and Liabilities in EUR m 31.3.2024 Change 31.3.2023 31.12.2023 Share capital 39.3 - 39.3 39.3 Capital reserve 358.8 - 358.8 358.8 Profit-participation rights/hybrid capital 200.7 -17.4% 243.0 247.5 Other reserves 190.4 59.7% 119.2 189.3 Non-control
Slide 34: International Shareholder Base
INTERNATIONAL SHAREHOLDER BASE STABLE CORE SHAREHOLDER Shareholder Distribution of structure free float 50.4% 13.2% 24.6% Syndicate* Not directly Austria assignable 49.6% Free float** 6.4% Germany 33.5% 8.2% Retail Rest of Europe 1.4% 12.7% Rest of the world USA *Syndicate (Strauss Group, IGO Indust
Slide 35: Dividend – Sharpened Profile
DIVIDEND SHARPENED PROFILE Dividend per share (in EUR), Dividend yield (in %) 0.75 0.60 0.50 5.9% 5.1% 3.6% 0.0% 0.00 2020 2021 2022 2023 ▪ +25% dividend payment ▪ Payout ratio at 33.9% ▪ Continuous dividend policy of 30-50% payout ratio ▪ Total shareholder return (TSR) at 13.9%* * Calculation: Divi
Slide 36: All-Time High in Earnings per Share
ALL-TIME HIGH IN EARNINGS PER SHARE UPLIFT POTENTIAL FOR SHARE PRICE Share price Earnings per share 20.2.2017 40 EUR 38.99* Analyst‘s recommendation: 3,00 7x BUY Earnings per share in EUR 30 1,50 Share price in EUR 20.05.2024 EUR 14.50 20 0,00 YTD: 12.3% 10 -1,50 1.1.2014 EUR 9.98* 0 -3,00 2014 2015
Slide 37: Broker Coverage
BROKER COVERAGE ANALYSTS‘S RECOMMENDATIONS Institution Analysts Price Target Recommendation Last Update Kepler Cheuvreux Patrick Steiner 16.0 Buy 03.05.2024 Warburg Research Philipp Kaiser 27.0 Buy 08.04.2024 SRC Research Stefan Scharff 20.5 Buy 22.03.2024 Montega Patrick Speck 20.0 Buy 22.03.2024 J
Slide 38: Service – Investor Relations
SERVICE INVESTOR RELATIONS Share information Next events ISIN AT0000609607 22-Aug-24 Half-Year Report Ticker POS VI 18-Nov-24 Interest payment No. of shares 39,278,250 Hybrid bond 2021 Market Vienna Stock 21-Nov-24 Report on the Exch. / prime 3rd quarter C+ / Prime Segment Top 10 % der Branche IR Co
Slide 39: Interim Report on the 1st Quarter 2024
Interim Report on the 1st Quarter 2024 Investor Presentation Q1/24 Investor presentation: Q1 Results 2024 06.06.2024 I 39