Vinci Sa · EURONEXT:DG
Vinci Sa — Investor Day (December 2023)
90 slides from Vinci Sa's investor day presentation, Dec 12, 2023
Slide 1: Cobra IS Strategic booster to VINCI
Cobra IS Strategic booster to VINCI 12 December 2023 - Madrid
Slide 2: Speaker: Christian Labeyrie
Speaker CHRISTIAN LABEYRIE Executive Vice-President, Chief Financial Officer, Member of VINCI Executive Committee
Slide 3: Cobra IS boosts VINCI's strategy
MEGATRENDS VINCI’S OFFERING Energy: VINCI Energies + Cobra IS Energy transition Mobility needs VINCI VINCI Autoroutes Construction Urban redevelopment Digital transformation VINCI VINCI Concessions Immobilier Cobra IS boosts VINCI’s strategy to act as an essential partner to society in addressing gl
Slide 4: Energy value chain: generation, transmission, consumption
Power Powergeneration generation Power transmission & distribution Power consumption Digitalization & transformation Energy efficiency Buildings Solar Infrastructure Storage Transmission Distribution Substations Systems Lines Networks Industry Wind Mobility Low-carbon energy Mobility decarbonation 4
Slide 5: VINCI Group at a glance
>120 ~4,000 >300,000 €69 bn countries where number of est. number of market VINCI operates business units contracts p.a. capitalization 08/12/23 2022 GROUP REVENUE 2022 GROUP EBIT EMPLOYEES AT YEAR-END 2022 36% 23% 50% Real Estate & Real Estate(2) Holdings 2% 1% Construction 16% €1.6 bn €22.3 bn Con
Slide 6: Agenda and speakers
Speakers Introduction Christian Labeyrie Cobra IS – Strategic booster to VINCI’s business model Christophe Pélissié du Rausas Cobra IS in a nutshell José María Castillo Lacabex Coffee break at ~10.10am CET (~30’) Flow business José Luís García Domenech Raúl Llamazares Cristina Sanz EPC projects Pedr
Slide 7: Speaker: Christophe Pélissié du Rausas
Speaker CHRISTOPHE PÉLISSIÉ DU RAUSAS Vice-President, Business Development, Member of VINCI Executive Committee
Slide 8: Energy services and projects: VINCI's worldwide presence
1 Strategic booster 2 3 4 5 6 ENERGY SERVICES AND PROJECTS VINCI GROUP – THE REAL WORLDWIDE PLAYER ACROSS 5 CONTINENTS Contribution of Energy division to the Group perf. (2022) € LTM revenue(1) REVENUE EBIT 24.8 23% 18.5 36% 17.8 11.3 8.6 6.5 5.8 4.7 4.2 CAPITAL EMPLOYED EMPLOYEES 3.4 3.3 2.5 2.5 17
Slide 9: Strategic booster: key reasons
1 Strategic booster 2 3 4 5 6 • Ideally positioned megatrend to capture opportunities from the energy transition worldwide • Perfect fit to VINCI's expertise and capabilities Global leadership from historical strongholds in the Iberian peninsula and Latin America Unique expertise in managing large a
Slide 10: Business model combining short- and long-term activities
1 Strategic booster 2 3 4 5 6 Business model intrinsically combining short-term and long- term activities to create sustainable value Number of contracts Agile and decentralized structure: autonomy and empowerment are key words Business units Multicultural workforce sharing the same objectives and a
Slide 11: Similar expertise within VINCI Energies and Cobra IS
1 Strategic booster 2 3 4 5 6 ENERGY SERVICES AND PROJECTS RENEWABLE ASSETS Flow business EPC Similar expertise and industry applications within VINCI Energies and Cobra IS Highly valuable expertise Deep capabilities and solid Two highly renowned and complementary groups in their in large track-reco
Slide 12: Record-breaking financial performance
1 Strategic booster 2 3 4 5 6 RECORD-BREAKING FINANCIAL PERFORMANCE OPERATING MARGIN(1) ORDER BOOK 6+% VINCI’s estimate at acquisition €8.3 bn As at Dec 21 for the relevant transaction perimeter 1.8x 7.4% €14.9 bn LTM as at Sep 23 As at Sep 23 12 Note: (1) Operating income from ordinary activities
Slide 13: Milestones in the renewable journey
1 Strategic booster 2 3 4 5 6 MILESTONES IN THE RELEVANT ILLUSTRATIONS OF COBRA IS EXPERTISE, BOTH IN FLOW BUSINESS AND EPC RENEWABLE JOURNEY In operation Construction of Fiber-to-the-Home The Femern Tunnel, Germany & 7(1) offshore windfarm energy Belmonte photovoltaic farm, Brazil (FTTH) networks,
Slide 14: Revenue, margin and renewable capacity targets
1 Strategic booster 2 3 4 5 6 ENERGY SERVICES & PROJECTS RENEWABLE ASSETS REVENUE OPERATING MARGIN TARGET CAPACITY 2025 TARGET CAPACITY 2030 ~5 GW >12 GW Capacity Capacity (in operation or (in operation or under construction) under construction) (1) (1) ≥ €7.5 bn ≥7.5% Revenue in 2025 Operating marg
Slide 15: Speaker: José María Castillo Lacabex
Speaker JOSÉ MARÍA CASTILLO LACABEX Chief Executive Officer, Cobra IS Member of VINCI Executive Committee
Slide 16: Cobra IS in a nutshell
1 2 Cobra IS in a nutshell 3 4 5 6 65 Countries COBRA IS BUSINESS SNAPSHOT • Installation, operation and maintenance services in all the critical infrastructure ~42,000 Employees Flow • profitable revenuelong-term framework contracts Solid track record of steady flow of , guaranteeing a business • S
Slide 17: Cobra IS history
1 2 Cobra IS in a nutshell 3 4 5 6 1944 1989 2003 2014 2022 2023 Creation of • Acquisition of Grupo Merger with First PV Plant Joining VINCI Start of production in Grupo Cobra Cobra by Grupo ACS in Brazil Belmonte • Entry in Portugal (174 MW) (Brazil – 570 MW) 1999 2003 2017 2019 2022 Creation of En
Slide 18: Strategic differentiators
1 2 Cobra IS in a nutshell 3 4 5 6 STRATEGIC DIFFERENTIATORS 18
Slide 19: Decentralized structure and management team
1 2 Cobra IS in a nutshell 3 4 5 6 DECENTRALIZED ORGANIZATIONAL STRUCTURE STRONG SUBGROUPS MANAGEMENT TEAM 15 Autonomous Subgroups José María Marco Carlos Eduardo A. Pedro Carlos Castillo Lacabex Rodríguez Vidal Olesko Ascorbe Trian Díaz Hidalgo Operating in 65 countries Regional Business Line Jesús
Slide 20: Revenue and backlog by business and geography
1 2 Cobra IS in a nutshell 3 4 5 6 All numbers presented as of September 2023 Spain Rest of Europe By business 2.8 Revenue (€ bn) 0.7 Revenue (€ bn) LTM revenue Backlog 4.6 5.9 Backlog (€ bn) EPC Flow Backlog (€ bn) 35% business 33% €6.1 bn €14.9 bn Flow business EPC 65% 67% By geography Central & S
Slide 21: Energy services value chain
1 2 Cobra IS in a nutshell 3 4 5 6 value chain services Energy Project Development Project Delivery O&M Projects construction value Infrastructure chain Networks Facilities Control Integrated Investments Systems Projects Assets 21
Slide 22: Projects selection process
1 2 Cobra IS in a nutshell 3 4 5 6 NO COMPROMISE ON KEY RISKS PROJECTS Commercial SELECTION PROCESS Technical Clients Contractual-legal Financial Suppliers Safety Regulation Projects Ethics Environment Focus on high quality contracts to deliver industry leading margin 22
Slide 23: Build & sell to develop, own & operate
1 2 Cobra IS in a nutshell 3 4 5 6 2020 2023 End 2024 Offshore Commissioned Expected cumulated wind auction ● Belmonte solar farm 0.6 GW capacity to be in 1997 2014 2017 award First Wind farm First PV plant Large award of (Brazil) operation or under (Round IV) in In construction construction develop
Slide 24: Commitment to zero accident
1 2 Cobra IS in a nutshell 3 4 5 6 Our commitment: Achieving ZERO ACCIDENT in all our activities • Promotion of safety in all activities around the world, among employees, and all third parties • Protecting employees and third parties in the facilities of each of the companies • Complying with curre
Slide 25: Cobra IS adheres to VINCI Manifesto
1 2 Cobra IS in a nutshell 3 4 5 6 ENVIRONMENTAL SOCIAL GOVERNANCE • Embarked within VINCI’s environmental • Improvement of our due diligence regarding • Corporate Compliance Programme since 2017 ambition and 2030 targets Human Rights Protocol • Adherence to VINCI’s Codes of Ethic - • Scopes 1&2: -4
Slide 26: Subgroups supporting Cobra IS performance
1 2 Cobra IS in a nutshell 3 4 5 6 15 SUBGROUPS ALL SUPPORTING COBRA IS’ PERFORMANCE Activity fueled by both flow business and EPC projects Industry leading margin thanks to selectivity and focus on quality Record and healthy backlog, highlighting retention of client base and recurring business 26 N
Slide 27: Speaker: José Luís García Domenech
Speaker Primary resp : Cobra IS JOSÉ LUÍS GARCÍA DOMENECH Chief Financial Officer, Cobra IS
Slide 28: Flow business revenue
1 2 3 Flow business 4 5 6 51 Countries REVENUE – FLOW BUSINESS (€ bn) ~30 k Employees 65% 49% 4.0 15 subgroups 2.8 ~1.4x 1.7 43% 29% 0.8 Doubling its international exposure while maintaining its leader position in Spain €4.0 bn 71% 2.0 2.3 57% LTM revenue 2017 2023 LTM €5.0 bn Spain International Se
Slide 29: Strong tailwinds bolstering flow business
1 2 3 Flow business 4 5 6 Global need of new and upgraded ELECTRIFICATION power lines (i.e. doubling the existing 1940s network)(1) Rapid expansion of electric trains in the global railway energy mix(2) Strong 80+ years expertise tailwinds successfully addressing client needs ENERGY to realise their
Slide 30: Flow business: networks, facilities, control systems
1 2 3 Flow business 4 5 6 €1.3 bn €1.6 bn €1.1 bn 28% 32% 40% Networks Facilities Control systems DISTRIBUTION ELECTRICAL TRAFFIC/TUNNEL NETWORKS INSTALLATIONS & SYSTEMS MAINTENANCE PUBLIC/URBAN GAS/WATER/ MECHANICAL RAILWAYS SMART CITIES TRANSPORT LIGHTING COMMUNICATIONS INSTALLATIONS, INSTALLATION
Slide 31: Flow business by geography
1 2 3 Flow business 4 5 6 All numbers presented as of September 2023, in € bn Spain & Portugal Rest of Europe By geography 2.4 Revenue 0.3 Revenue LTM revenue 3.4 Backlog 0.2 Backlog Top 5 countries: 75% RoW 25% Chile 3% €4.0 bn Spain Peru 4% 57% Mexico 8% Portugal 5% Sep 23 Backlog Central & South
Slide 32: High diversification of contracts and clients
1 2 3 Flow business 4 5 6 Client knowledge and trust HIGH DIVERSIFICATION OF CONTRACTS AND CLIENTS Market-tailored know how STRONG RISK In-house developed solutions MANAGEMENT FLOW BUSINESS Operational excellence RECURRING AND PREDICTABLE REVENUE STREAM Leadership and strong track record 32
Slide 33: Multitude and diversity of clients
1 2 3 Flow business 4 5 6 MULTITUDE AND DIVERSITY OF CLIENTS LTM revenue by client LTM revenue by type of client Public clients Admin. 34% Top 10 clients 14% 19% Services 34% Public €4.0 bn €4.0 bn Cos 20% Other 81% Private clients 66% Manufacturing 32% 34% 66% 33
Slide 34: Strong client stickiness
1 2 3 Flow business 4 5 6 ERM LON T T GT OR E RM SH Strong client stickiness ~45% High renewal rate revenue generated from O&M multi-years contracts 34
Slide 35: Operation and maintenance of critical networks
1 2 3 Flow business 4 5 6 LTM revenue: €1.3 bn PUBLIC/URBAN DISTRIBUTION NETWORKS GAS/WATER/COMMUNICATIONS NETWORKS Cobra IS provides LIGHTING operation and maintenance services in • Urban and rural distribution networks • GIS(1) GAS WATER COMMUNICATIONS all the critical networks • Remote control sy
Slide 36: Networks clients and Cobra IS entities
1 2 3 Flow business 4 5 6 DISTRIBUTION NETWORKS PUBLIC/URBAN LIGHTING COMMUNICATION NETWORKS Client Cobra IS entity Client Cobra IS entity Client Cobra IS entity 36
Slide 37: Facilities: electrical, mechanical, railways
1 2 3 Flow business 4 5 6 LTM revenue: €1.6 bn ELECTRICAL MECHANICAL MECHANICAL RAILWAYS INSTALLATIONS & INSTALLATIONS & ASSEMBLY & INSTALLATIONS & MAINTENANCE MAINTENANCE MAINTENANCE MAINTENANCE Cobra IS offers high level of service, based on • Substations (AIS and • Mechanical installations • Mech
Slide 38: Facilities clients and Cobra IS entities
1 2 3 Flow business 4 5 6 ELECTRICAL INSTALLATIONS & MAINTENANCE MECHANICAL ASSEMBLY & MAINTENANCE RAILWAYS INSTALLATIONS & MAINTENANCE Client Cobra IS entity Client Cobra IS entity Client Cobra IS entity 38
Slide 39: Control systems: technology integrator
1 2 3 Flow business 4 5 6 LTM revenue: €1.1 bn Cobra IS is a multinational TRAFFIC/TUNNEL TRANSPORT SMART CITIES technology integrator SYSTEMS SYSTEMS TECHNOLOGY offering the best solution tailored to each client, providing: • Intelligent traffic and tunnel • Buses • Safety systems • Light rail • Mo
Slide 40: Traffic and transport systems clients
1 2 3 Flow business 4 5 6 TRAFFIC/TUNNEL SYSTEMS TRANSPORT SYSTEMS Client Cobra IS entity Client Cobra IS entity 40
Slide 41: Flow business key takeaways
1 2 3 Flow business 4 5 6 Deeply rooted local presence based on 80+ years expertise, with 1 strong brands, proximity & trust with clients 2 Significant growth prospects in buoyant and fragmented markets 3 Recurring and predictable revenue stream thanks to a wide range of complementary activities and
Slide 42: Speaker: Raúl Llamazares
Speaker RAÚL LLAMAZARES Chief Executive Officer, Intecsa Industrial 42
Slide 43: EPC: engineering, procurement, construction
1 2 3 4 EPC 5 6 28 Countries ENGINEERING PROCUREMENT CONSTRUCTION under a single contract ~10 k BACKLOG – EPC (€ bn) SUBGROUPS SECTORS Employees Renewable 67% power plants 8 Power subgroups 9.9 * transmission Water 48% ~2.5x infrastructures Benefitting from global trends Conventional €2.1 bn 4.0 pow
Slide 44: EPC market perspectives and dynamics
1 2 3 4 EPC 5 6 MARKET PERSPECTIVES/DYNAMICS ~30,000 km of transmission lines Worlwide capex installed in Brazil needed to build new Installed capacity (thousand GW) since 20 years 40 or retrofit existing 30 T&D lines(1) 20 10 0 Worldwide capex 2010 2021 2022 2030 2035 2040 2050 to develop clean Fos
Slide 45: EPC by expertise and geography
1 2 3 4 EPC 5 6 Sep 23 backlog (€ bn) By expertise LTM revenue Backlog 15% 4%6% Europe excl. Spain 7% 7% Spain 4.7 2% €2.1 bn 47% 16% €9.9 bn 1.4 0.2 66% 0.5 29% By geography Central & South LTM revenue Backlog America Rest of World 0.4 C. & S. Europe C. & S. 0.1 America excl. Spain America 1.6 Euro
Slide 46: EPC experience and selectivity
1 2 3 4 EPC 5 6 50 years of experience Selectivity Seasoned in-house Local knowledge and Contracts negotiations project directors partners Appropriate partnerships Extraordinary in-house Worldwide procurement Managing preventable engineering skills network and diversification risks in accordance wit
Slide 47: EPC
1 2 3 4 EPC 5 6 47 Note: (1) Oil & Gas, Health, Education, Agricultural and Mobility
Slide 48: EPC project risk review process
1 2 3 4 EPC 5 6 SUBSIDIARY LEVEL GROUP LEVEL SUBSIDIARY LEVEL Key factors to • Tender If project > €50 m(1) analyse: documentation • Monthly • Client & country analysis progress • Scope • Equipment and monitoring (project size) materials Catch up plan if • Technical quotations needed feasibility • C
Slide 49: Renewable power plants
Renewable power plants MORINO MIYAKO BIOMASS . 2 JANZANARES PV PLANT, ENERGY PLANT SENDAI CIUDAD REAL JAPAN SPAIN 2 ee SEMI OFFSHORE HVDC GRID CONNECTION DOLWING GERMAN NORTH SEA PUELCHE WIND FARM CHILE
Slide 50: Power transmission lines
Power transmission lines LA NINA TRANSMISSION LINE 354 KM PERU PAMPA TRANSMISSION LINE 326 KM BRAZIL REDENOR TRANSMISSION LINE 273 KM CHILE HiIMARRAO TRANSMISSION LINE 1,150 KM BRAZIL
Slide 51: Conventional power plants, water and other projects
Conventional power plants, water & other projects OQcobra MBINED POWER PLANT 000 Mw = UZBEKISTAN > / FEMERN TUNNEL LUMINUS COMBINED CYCLE POWER PLANT 7 MEA itera Larions: 870 MW BELGIUM JNSTRUMENTATION AND CONTROL SYSTEMS rd A Vl DENMARK/GERMANY coffe IS
Slide 52: EPC key takeaways
1 2 3 4 EPC 5 6 1 Outstanding track record to execute complex EPC projects worldwide First mover advantage in several markets thanks to a differentiated 2 technical expertise and a leadership in innovation 3 Ideally positioned to capture growth driven by energy transition 4 Operational excellence th
Slide 53: Speakers: Pedro Ascorbe, Cristina Sanz
Speakers PEDRO ASCORBE President, Dragados Offshore CRISTINA SANZ Vice-President Operations, Dragados Offshore 53
Slide 54: HVDC offshore platforms and deal flow to 2040
1 2 3 4 EPC 5 6 DEVELOPING THE WORLD’S FIRST DRASTIC SHIFT FROM OIL & GAS A SUSTAINED DEAL FLOW UNTIL 2040 HVDC OFFSHORE PLATFORMS TO RENEWABLE 9 High Voltage Direct Current (HVDC) offshore 4 Order intake by year in € bn >60 GW of identified new opportunities converters platforms for a total of almo
Slide 55: Cobra IS yards: a competitive edge
Cobra IS' 4 yards: a competitive edge for a niche market Cadiz Yard Algeciras Yard wr 7 2 projects 6 projects "55 | Exclusive agreement with All Seas for the tran 9] offshore installation of units cobra IS
Slide 56: Platform dimensions and weight
1 2 3 4 EPC 5 6 Weight: ~40,000 t (4x ) 77 m 41 m 106 m 56
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Slide 58: Speaker: Bautista García
Speaker BAUTISTA GARCÍA Operations Head of Industrial Plants & Energy, Grupo Cobra 58
Slide 59: Refinery auxiliary units and complementary works
1 2 3 4 EPC 5 6 AUXILIARY UNITS MAIN COMPLEMENTARY WORKS Hydrogen and nitrogen production plant Modernization of the electrical system Electricity and steam generation system for Integration of refinery process telecommunication systems Production and storage of Dredging of docks sulphuric acid Stor
Slide 60: Refinery impact: environment, jobs, economy
1 2 3 4 EPC 5 6 Oil production at high Pioneering Employment & Positive economic environmental standards technology positive social impact footprint Higher volume of oil Optimization of crude uses Creation of ~7,000 direct jobs > $0.7 bn in tax income for Peru (65k → 95k barrels per day) (o/w 2,000
Slide 61: Project lessons: procurement and crisis handling
1 2 3 4 EPC 5 6 One of the most modern 1 Partnering in Peru with a demanding client (Petroperú) refineries in the world Complex project achieved with highly-skilled project directors and 2 relevant on-site management 3 A globalized procurement on time and within budget 4 Handling exogeneous crisis:
Slide 62: Speakers: José María Castillo Lacabex, José Antonio Fernández
Speakers JOSÉ MARÍA CASTILLO LACABEX Chief Executive Officer, Cobra IS Member of VINCI Executive Committee JOSÉ ANTONIO FERNÁNDEZ Head of Renewable Energy, Cobra IS
Slide 63: Renewable energy portfolio
1 2 3 4 5 Renewable energy 6 26 Solar PV plants 71 Wind farms 10 Solar Thermal ~3.5 GW ~2 GW Projects 0.6 GW Cobra IS has evolved from a “build and flip” player to a retained asset business model today 63
Slide 64: Rising demand for electrification
1 2 3 4 5 Renewable energy 6 Rising demand Green agenda of Attractive CO2 for policy makers long-term prospects reduction electrification in renewable power imperative 64
Slide 65: Market perspectives in Cobra IS geographies
1 2 3 4 5 Renewable energy 6 FOCUS ON MARKET PERSPECTIVES IN COBRA IS’ GEOGRAPHIES Almost 30,000 GW of additional electricity production capacity to be installed worldwide to reach the 2050 Net Zero scenario, of which >85% coming from solar and wind (13x vs current solar and wind installed capacity)
Slide 66: Local presence and engineering structure
1 2 3 4 5 Renewable energy 6 • Critical proximity with key stakeholders Deep local presence through Cobra IS subgroups and • Selection based on market knowledge business units • Credible local sales team Robust industry-specific engineering structure • Efficient risk management • Optimizing both bui
Slide 67: Experienced renewable team of ~90 people
1 2 3 4 5 Renewable energy 6 HIGHLY EXPERIENCED TEAM OF ~90 PEOPLE Supported by Plant operation Origination & Development Energy management Financial modeling & Engineering Construction management team financing O&M Optimize the Merchant/PPA Definition of the financial Asset performance and Project
Slide 68: Estimated renewable pipeline
1 2 3 4 5 Renewable energy 6 By technology Solar PV Onshore Estimated pipeline(1) by geography Wind ~90% ~10% 15 GW By geography RoW 10% Spain/Portugal ~30% US/Australia ~30% 15 GW C. & S. America ~30% By development stage Advanced Early 30% Geographies with pipeline > 2 GW stage 15 GW Geographies w
Slide 69: Offshore wind projects in England
1 2 3 4 5 Renewable energy 6 Morecambe, England 480 MW (fixed technology) White Cross, England 100 MW (floating technology) 69
Slide 70: Assets in operation and under construction
1 2 3 4 5 Renewable energy 6 At the end of 2023 Spain In operation 3 MW Total in operation Under construction ~800 MW Portugal Total under construction In operation 33 MW Brazil In operation 570 MW Under construction 601 MW 70 Onshore wind PV plants
Slide 71: Belmonte solar farm, Brazil
1 2 3 4 5 Renewable energy 6 €370 m Capex invested 50% Commissioning July 2023, operating a net Target gearing (0% currently) installed capacity of 570 MW. 1,200 hectares 54% PPA Currently 25% average load factor 75% PPA Targeted Fully operational, the plant produces around 1,200 GWh of renewable en
Slide 72: Belmonte: execution strengths
1 2 3 4 5 Renewable energy 6 Administrative & fiscal deep understanding 28 permits and authorizations granted Knowledge of local partners Ability to work alongside local subcontractors Competitive and efficient >1 million solar panels secured from China after a competitive tender procurement & logis
Slide 73: Spanish solar PV project financing
1 2 3 4 5 Renewable energy 6 PROJECT HIGHLIGHTS ~€700 m ~70% Project financing Target gearing 21 solar PV plants across Spain Financial closing in October 2023 with Santander & Natixis Total capacity of ~1.2 GW Flexible & competitive financing structure Commercial operation dates 10-year corporate P
Slide 74: Storage
• Competitive edge for renewable Complementary service to energy tenders energy production facilities • Synergy with our own renewable energy developments Efficient management of • Facilitating merchant selling energy delivery • Maximizing economic benefit Securing electricity • Providing back-up po
Slide 75: Annual addition and installed capacity targets
1 2 3 4 5 Renewable energy 6 ANNUAL ADDITION AND INSTALLED CAPACITY MID-TERM TARGET - 2025 LONG-TERM TARGET - 2030 2025 ambition geographical split as estimated today Capacity in operation or under construction ~1.5 GW Other average addition per annum until 2030 15% Brazil Australia 35% 10% Capacity
Slide 76: Mature vs emerging markets return targets
1 2 3 4 5 Renewable energy 6 MATURE MARKETS EMERGING MARKETS O/w Spain, Portugal, USA, Australia O/w Brazil, Ecuador, Colombia Target project IRR(1) High single digit Low double digit Target project gearing From 50% to 70% Revenue structure Principle of 70% PPA/30% Merchant EBITDA margin > 70% 76 No
Slide 77: Approach to building a renewable asset portfolio
1 2 3 4 5 Renewable energy 6 COBRA IS APPROACH TO BUILD A HIGH-QUALITY PORTFOLIO OF RENEWABLE ASSETS • The principle of Cobra IS business model is to develop assets to be retained, operated controlled and fully consolidated by VINCI • The JV (VINCI 51%/ACS 49%) has the right to buy, at market price,
Slide 78: Renewable energy key takeaways
1 2 3 4 5 Renewable energy 6 1 Successful 25+ years track-record Smart positioning across the value chain with strong technical capabilities 2 and local footprint At the end of 2023, 2 GW of renewable assets in operation or under 3 construction Strong pipeline of projects to further expand footprint
Slide 79: Speakers: Christian Labeyrie, José María Castillo Lacabex
Speakers CHRISTIAN LABEYRIE Executive Vice-President, Chief Financial Officer, Member of VINCI Executive Committee JOSÉ MARÍA CASTILLO LACABEX Chief Executive Officer, Cobra IS Member of VINCI Executive Committee
Slide 80: Revenue and margin profiles vs peers
1 2 3 4 5 6 Ambitions REVENUE AND MARGIN PROFILES (2022) Revenues 6.1* 16.7 8.1 15.9 5.3 10.3 2.8 17.7 (in € bn) EBIT(A) 0.45* 1.1 0.5 0.9 0.3(1) 0.5 0.1 0.4(2) (in € bn) EBIT(A) margin 7.4%* 6.8% 6.3% 5.6% 5.1% 5.1% 3.8% 2.3% Company HQ Listed Part of a listed group * LTM at September 30, 2023 80 N
Slide 81: Financial objectives
1 2 3 4 5 6 Ambitions REVENUE OPERATING MARGIN Remain selective to protect High-growing underlying markets Ambition margins and ensure Growth higher than GDP profitable growth (1) Financial ≥ €7.5 bn (1) ≥7.5% objectives Revenue in 2025 Operating margin (2) (ie. 22-25 CAGR ~11%) in 2024-2025 81 Note
Slide 82: Renewable assets targets
1 2 3 4 5 6 Ambitions RENEWABLE ASSETS TARGET CAPACITY 2025 TARGET CAPACITY 2030 ~5 GW >12 GW Capacity Capacity (in operation or (in operation or under construction) under construction) ANNUAL ADDITION & CAPEX DEPLOYMENT ~1.5 GW ~€1 bn Average addition per Average capex annum until 2030 deployed per
Slide 83: Renewable capacity targets 2030 vs peers
1 2 3 4 5 6 Ambitions RENEWABLE CAPACITY TARGETS 2030 HORIZON (GW) 154 80 80 65 47 50 30 20 24 >12 13 15 13 6 10 Cobra IS Pure-play 1 Pure-play 2 Pure Play 3 Pure-play 4 Pure-play 5 Pure-play 6 Pure-play 7 Pure-play 8 Diversified 1 Diversified 2 Diversified 3 Diversified 4 Diversified 5 Diversified
Slide 84: Capital allocation: free cash flow, M&A, dividends
1 2 3 4 5 6 Ambitions FREE CASH FLOW Mobility infrastructure (motorways, airports) Renewable energy assets (solar PV, wind farms) SHARES M&A DIVIDENDS BUYBACKS VINCI Energies: focus on bolt-on acquisitions To offset the dilution Clear and consistent Average pay-out ratio strategy > 50 % over the las
Slide 85: Geographic complementarity and worldwide reference player
1 2 3 4 5 6 Ambitions Geographic complementarity to become the worldwide reference player in energy services and projects Step up of Group’s expertise in delivering turnkey EPC projects in the energy sector Differentiated renewable development platform to broaden Group’s concessions portfolio and ex
Slide 86: Cobra IS together @ VINCI
col IS fogether @ VINCI Hie
Slide 87: Notes
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Slide 90: Notes
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