Porr Ag · VIE:POS
Porr — Investor Day (April 2025)
66 slides from Porr's investor day presentation, Apr 1, 2025
Slide 1: Investor Presentation: Capital Markets Day, April 2025
V4 Investor Unternehmenspräsentation Presentation: Capital März 2024 Markets Day, April 2025
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 Next Level
1 PORR Next Level Investor Presentation: Capital Markets Day 2025 01.04.2025 I Page 3
Slide 4: Clear focus on Europe
CLEAR FOCUS ON EUROPE NO SEVEN HOME MARKETS 97% Home markets UK 45.8% 14.3% DE PL CZ 23.2% 7.4% SK AT CH 1.9% 5.8% RO 3% Project markets QA Data as per 31.12.2024 Investor Presentation: Capital Markets Day 2025 01.04.2025 I Page 4
Slide 5: Our USP
CON N ST IG R ES UC D TIO N OUR USP ONE-STOP N D EM O SHOP ATI OL OV ITO EN R N O PERATION Investor Presentation: Capital Markets Day 2025 01.04.2025 I Page 5
Slide 6: Highlights out of the order book
HIGHLIGHTS OUT OF THE ORDER BOOK FINISHED & ONGOING PROJECTS Building construction Energy transition Bridge construction Tunnelling KinderKunstLabor, AT Suedlink ElbX, DE Salzbachtal bridge, DE U2 17-21, AT Hydro engineering Specialist civil engineering Industrial construction Port of Constanta, RO
Slide 7: The 4 D's of PORR
THE 4 D‘S OF PORR DEMAND IN INFRASTRUCTURE AND BUILDINGS Deglobalisation Decarbonisation Digitalisation Demographic change Regionalisation & Climate neutrality & Artificial intelligence & Urbanisation & resilience +1.5°C maximum digital construction ageing society Nearshoring and reshoring to Energy
Slide 8: Intelligent growth with Green and Lean
OUR STRATEGY INTELLIGENT GROWTH WITH GREEN AND LEAN 01.04.2025 I Page 8
Slide 9: Focus on intelligent growth with Green and Lean
FOCUS ON INTELLIGENT GROWTH WITH GREEN AND LEAN Intelligent Growth Green and Lean Company Employees Lean ESG Best in class for We live our Lean Clear commitment to ecological, construction & technologies PORR principles Construction environmentally-friendly construction Build on leading The Best Lea
Slide 10: Harmonised processes as basis
HARMONISED PROCESSES AS BASIS ONGOING DIGITAL TRANSFORMATION Maximum standards IMS Digitalisation Processes projects LEAN Standards Minimum standards PROCESS AND DIGITAL TRANSFORMATION Investor Presentation: Capital Markets Day 2025 01.04.2025 I Page 10
Slide 11: PORR Strategy: PORR Road as direction & target
PORR STRATEGY PORR ROAD AS DIRECTION & TARGET Next Level PORR 2029 KPIs Direction Projects Group Segment Trans- strategy strategy formation Digitalisation Guard rails/ Minimum LEAN standards ESG Investor Presentation: Capital Markets Day 2025 01.04.2025 I Page 11
Slide 12: Construction in Germany
CONSTRUCTION IN GERMANY DE HIGH PLANS FOR INFRASTRUCTURE EUR 500 bn EUR 50 bn of special funds in 12 years of Deutsche Bahn investments for climate, infrastructure & defense until 2027 for railway network Sources: Tageschau, Spiegel Investor Presentation: Capital Markets Day 2025 01.04.2025 I Page 1
Slide 13: Construction in CEE
CONSTRUCTION IN CEE FUNDING SECURED BY EUROPEAN UNION PL RO SK CZ EUR 19 bn within four years from the EUR 700m EUR 48 bn EUR 31.5 bn Recovery and Resilience Facility for the per year until 2029 until 2032 green transition & for healthcare infrastructure for railway infrastructure for airport infras
Slide 14: Construction in Austria
CONSTRUCTION IN AUSTRIA AT CIVIL ENGINEERING AS GROWTH DRIVER EUR 1.0 bn EUR 3.5 bn EUR 1.2 bn per year per year per year for residential construction for railway infrastructure for road infrastructure Sources: ÖBB, ASFINAG, Austrian Federal Ministry of Finance Investor Presentation: Capital Markets
Slide 15: PORR in motion
PORR IN MOTION FURTHER GROWTH SECURED Growth 2025: 6.4% Healthcare Data centres Market to double until 2032 1 trillion euro for Energy DE PL Modular 4.3% European transition climate neutrality residential CAGR in CEE CZ SK AT CH 4.9% growth Investments 2025: EPC until 2027 Railways RO EUR >20 bn fro
Slide 16: Data centres
Data centres DATA CENTRES TOP-LEAGUE CONSTRUCTION 0.7% of total output TOP 3 projects: • FRA32: 32 MW, DE • BER12: 16 MW, DE • WAW 11.1: 8 MW, PL Estimated market CAGR until 2032: 13% OUR USP: General contractor • One-stop shop for data centres 2022 2023 2024 2025 2026 2027 • Proven track record of
Slide 17: Healthcare
HEALTHCARE Healthcare FULL-SERVICE PROVIDER 1.9% of total output TOP 3 projects in order backlog: • DCO Clinic Wrocław, PL • Regional hospital Wr. Neustadt, AT • Pomeranian Medical University, Szczecin, PL Market development Estimated market CAGR until 2030: 4.8% OUR USP: One-stop shop • Covering th
Slide 18: Modular construction
Residential construction MODULAR CONSTRUCTION HOMES WITH SYSTEM 8.1% of total output TOP 3 projects in order backlog: • App. Bldg. Q17 Reininghaus, Graz, AT • App. Bldg. An der Schanze Lot A, Vienna, AT • App. Bldg. Donaustadtstraße 37, Vienna, AT Market development -0.8% Estimated CEE market OUR US
Slide 19: Industrial construction
INDUSTRIAL CONSTRUTION EPC PREFERED PARTNER 6.9% of total output TOP 3 projects in order backlog: • BMW Production plant, Munich, DE • LG3 Vienna Airport Terminal 3, Vienna, AT • Windar production building, Szczecin, PL Market development Home market growth until 2027: 4.9% OUR USP: Long-term partne
Slide 20: Energy works
Energy transformation ENERGY WORKS USING CLIMATE FOR A LIVING 3.2% of total output TOP 3 projects in order backlog: • ARGE Tunnel ElbX, Glücksstadt, DE • Pumped storage power plant, Ebensee, AT • Waste to energy plant, Gorlice, PL Market development Estimated market OUR USP: Power plants CAGR until
Slide 21: Road construction
ROAD CONSTRUCTION Roads FULL-SERVICE PROVIDER 24.1% of total output TOP 3 projects in order backlog: • Design & Build: Sibiu – Pitesti Lot 4, RO • ARGE D0 Bechovice – D1, CZ • Tramway Bucharest Lot 1, RO Market development 2025 road investments • AT/ASFINAG EUR 1.2 bn OUR USP: Design Slab Track & Bu
Slide 22: Railway construction
RAILWAY CONSTRUCTION Railways PATENTED SLAB TRACK AUSTRIA 7.2% of total output TOP 3 projects in order backlog: • ARGE Semmering base tunnel 4.1, AT • LK 131 Chorzów – Nakło, PL • Braník Bridge, CZ Market development 2025 railway investments • AT/ÖBB EUR 3.5 bn • DE/DB EUR 17 bn OUR USP: Slab Track
Slide 23: Tunnels, bridges & co.
TUNNELS, BRIDGES & CO. Tunnels & bridges HOME OF SPECIALITIES 25.7% of total output TOP 3 projects in order backlog: • ARGE H53 Brenner base tunnel, AT • Expressway SSW Hannover, DE • ARGE U2 17-21, AT Market development Broad infrastructure investments • EU Recovery & Resilience Facility • NextGene
Slide 24: Robotics@PORR
ROBOTICS@PORR VALUE ADDED THROUGH DIGITALISATION First point of contact Processes & services for prototyping & for using robotics on its testing robotics own construction sites solutions Marking robot Marking robot Marking robot for building construction for civil engineering for civil engineering E
Slide 25: Special surveying & modeling
SPECIAL SURVEYING & MODELING Drone & laser scanning, mobile mapping Result: digital point cloud Mobil mapping: Surface surveying at a speed of 80 km/ Further targets: Laser scanning: digital transformation in 20 seconds per scan building construction Investor Presentation: Capital Markets Day 2025 0
Slide 26: Construction is a people business
CONSTRUCTION IS A PEOPLE BUSINESS HR UPDATE 20.666 17.388 3.278 +263 Men Women Babys Staff Investor Presentation: Capital Markets Day 2025 01.04.2025 I Page 26
Slide 27: Building on PORR – growing with PORR
BUILDING ON PORR – GROWING WITH PORR PORR AS AN EMPLOYER Unique International Reliability. Shoulder to Shoulder. We are active across Europe and Appreciation. Passion. Pioneering Spirit. internationally, with staff from more than Our five principles connect us. 80 countries. Leader in technology POR
Slide 28: LEAN@PORR
LEAN@PORR GAIN ON EFFICIENCY LEAN LEAN Management Design & Engineering Mindset Planning Reliability … understand the value … efficient project chain, streamline the planning in coordination process with contractors 19 >2.000 areas with completed LEAN Thinker >130 LEAN Leaders C+ / Prime Segment LEAN
Slide 29: Lean logistics for industrial construction
LEAN LOGISTICS FOR INDUSTRIAL CONSTRUCTION USP FOR TOP-END CLIENTS ▪ Tight urban space conditions call for the development centralised logistics across all trades Tasks ▪ Separation of value creation & logistic activities ▪ Logistics team providing materials for skilled workers directly on-site & on
Slide 30: Decarbonisation plan
DECARBONISATION PLAN COMMITTED TO SCIENCE-BASED TARGETS INITIATIVE Alternative fuels & electrification Energy transition with green electricity Climate-friendly properties Optimised mixing Waste avoidance, Lower-emission Targets until 2030 processes reduction, materials & recycling transport -43% -2
Slide 31: ESG in numbers
ESG IN NUMBERS SELECTED KPIS & 2030 TARGETS Decarbonisation Circular economy Habitats GHG Emissions Scope 1&2 (in t CO2e) Internal recycling input rate (in %) Water intensity ratio (in m³/TEUR) 224,054 70.0% 0.1 127,711 51.1% 0.04 2024 2030 2024 2030 2024 2030 Employee satisfaction Occupational safe
Slide 32: ESG ratings
ESG RATINGS BEST IN CLASS Gold B C+ AA Top 3% Climate Change & Water Prime Segment Best in industry of construction industry Investor Presentation: Capital Markets Day 2025 01.04.2025 I Page 32
Slide 33: Results of PORR 2025 at a glance
RESULTS OF PORR 2025 AT A GLANCE Operating data in EUR m 2024 Change 2021 Production output1 6,747 17.8% 5,727 Revenue 6,190.5 19.7% 5,169.8 EBIT 158.4 66.3% 95.2 EBT 145.1 69.9% 85.4 Share price Profit 108.9 77.3% 61.4 Earnings per share (in EUR) 2.32 96.5% 1.18 +93% Financial Position indicators i
Slide 34: Cost control
COST CONTROL RENEWED FOCUS ON DISCIPLIN Overhead cost in % of revenue 8.2% Group-wide Absolute reductions programme for of EUR 41m 7.6% cost control 6.7% 2024: Cost increase through inflation & staff expense 2020 2022 2024 2030 Limberg III Salzburg, Austria Investor Presentation: Capital Markets Day
Slide 35: Risk management with project diversification
RISK MANAGEMENT WITH PROJECT DIVERSIFICATION GATE SYSTEM FOR OPTIMAL CONTROL Gate System for large-scale projects (EUR >20m) Number of projects per Share of production output project volume (#)1 per volume class (in %) Acquisition >100m 45 26% 2 milestones 50-100m 85 18% 20-50m 175 18% Construction
Slide 36: Bottom line impacts
BOTTOM LINE IMPACTS COST CONTROL AND RISK MANAGEMENT TO ENHANCE OPERATIONS EBIT margin (in %) 3.5% - 4.0% Peer Group Average: 3.7% 2.6% Improvements: 1.8% - Markets & Products - Lean Construction - Cost control - Risk management 2021 2024 2030 Peer Group Average Source: Deloitte “Global Powers of Co
Slide 37: Sound financial profile
SOUND FINANCIAL PROFIL EQUITY IMPROVEMENT TROUGH RETAINED EARNINGS Equity (in EUR m) 2025 ▪ Further reduction of hybrid capital by EUR 46.5m in February 894 ▪ Pro-forma share of hybrid capital in % of total 824 848 212 equity at 19.5% 165 300 20-25% Until 2030: 20-25% equity ratio 21.1% 21,4% ▪ Furt
Slide 38: Outlook
OUTLOOK Moderate growth in output and revenue EBIT margin 2.8% – 3.0% 2030 EBIT margin 3.5% - 4.0% Investor Presentation: Capital Markets Day 2025 01.04.2025 I Page 38
Slide 39: Facts & Figures FY Results 2024
2 FACTS & FIGURES FY Results 2024 Investor Presentation: Capital Markets Day 2025 01.04.2025 I Page 39
Slide 40: FY/24 at a glance
FY/24 AT A GLANCE 1 Improving construction environment Upwind in building construction 4 Equity position expanded Equity ratio at 21.1% 2 Full order books Increase in order intake and backlog 5 Free cash flow increase Solid development in net debt 3 6 Top line increase of 2.6% Outlook 2025 Double-di
Slide 41: Re-start in the construction market
RE-START IN THE CONSTRUCTION MARKET SUPPORTED BY INTEREST CUTS AND INVESTMENT PROGRAMMES Civil engineering growth engine put to work 2025 investment programmes (in EUR bn) Annual growth rates in Annual growth rates in 3.8% Euroconstruct-19 3.5% Transport infrastructure & AT 4.9 residential construct
Slide 42: Uplift in order intake
UPLIFT IN ORDER INTAKE SELECTIVE ACQUISITION Order intake (in EUR m) 6,659 6,835 6,846 6,414 52% 55% 13% 14% 8% 1,040m 18% 10% INFRA 169m 11% INFRA 13% 1% 2% 2% C+ / Prime Segment 2021 2022 2023 Top 10 % der2024 Branche Holding Infra CEE PL DE AT / CH ▪ Continued quarterly growth: +35% in Q4/2024 ▪
Slide 43: Top order intakes 2024
TOP ORDER INTAKES 2024 Civil engineering Other Non-residential construction Residential construction Q1/24 Q2/24 Q3/24 Q4/24 • Waste to energy plant • Data centre • TB1 - Tramway Bucharest • D0, Bechovice – D1 Gorlice / PL / 95.2m DE / n.a. Lot 1 motorway Bucharest / RO / 143.9m Prague / CZ / 194.2m
Slide 44: Strong order book
STRONG ORDER BOOK VISIBILITY FOR > 1.25 YEARS Order backlog (in EUR m) 8,204 8,452 8,543 7,764 56% 53% 28% 30% 15% 8% 4% 6% C+ / Prime Segment 2021 2022 Top 10 % der Branche 2023 2024 Miscellaneous Residential Non-residential Civil engineering ▪ +20% in segment PL due to infrastructure construction
Slide 45: Improved output
IMPROVED OUTPUT DELIVERED AS PROMISED Production output per segment (in EUR m) Double-digit increase in CEE and Infrastructure International, AT / CH with continuous CAGR: +5.6% growth 6,226 6,577 6,747 5,727 Strong uplift in civil engineering coming from road construction 51% Moderate 53% growth in
Slide 46: Increased performance
INCREASED PERFORMANCE ON TRACK TOWARDS 2025 GOAL On track towards 2025 goal EBIT (in EUR m) EBIT (in % of revenue) 158.4 158.4 140.3 140.3 120.1 120.1 2.8-3.0% 95.2 95.2 2.6% 2.3% 2.1% 1.8% 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 ▪ Strong improvement in bottom line with +12.9% ▪ Efficiency
Slide 47: Stable input cost
STABLE INPUT COST ABSOLUTE REDUCTIONS IN MATERIALS AND RELATED SERVICES Stagnating cost levels PORR‘s cost ratios in % of revenue 140 115 130 26% Indexed by Dec.22 Indexed per Q4/22 110 120 105 110 100 100 44% 90 95 80 20% 90 70 Dez.22 Jun.23 Dez.23 Jun.24 Dez.24 Dez.22 Jun.23 Dez.23 Jun.24 Dez.24 A
Slide 48: Hike in free cash flow
HIKE IN FREE CASH FLOW OPERATIONAL IMPROVEMENT Cash flow from operating activities (in EUR m) 1,008 1,037 1,022 419 949 375 287 276 263 138 99 191 236 156 177 96 2021 2022 2023 2024 Cash flow from investing activities Free cash flow ▪ Increase in committed cash lines ▪ Strong operating cash flow due
Slide 49: Further decrease in gross debt
FURTHER DECREASE IN GROSS DEBT LOW NET DEBT Gross debt (in EUR m) Net debt (in EUR m) 740 2 256 597 592 585 261 253 240 One-off effects: -40 EUR 104m -59 -65 2021 2022 2023 2024 IFRS 16: Long-term rentals 2021 2022 2023 2024 ▪ Decrease of gross debt of EUR 6.4m ▪ Various one-off effects visible: − M
Slide 50: Stable liquidity
STABLE LIQUIDITY NO NEED FOR REFINANCING Maturity profile of financial liabilities1 (in EUR m) 5 83 135 20 9 32 28 1 6 4 3 11 1 10 5 2 2025 2026 2027 2028 2029 2030 >2030 Σ 7 64 3 116 137 11 15 Term loans SSD floating SSD fixed Short-term / project-related Hybrid ▪ Maturity profile under control ▪ N
Slide 51: Rising equity
RISING EQUITY ONGOING HYBRID REDUCTION Equity (in EUR m) and equity ratio (in %) 894 860 848 824 799 24% 29% Hybrid share: 20% 36% 31% 20.8% 21.1% 20.3% 20.2% 19.3% C+ / Prime Segment Top 10 % der Branche 2021 2022 2023 2024 2024 pro forma ▪ Equity increase of 4.0% despite redemption of EUR 40.0m of
Slide 52: Dividend
DIVIDEND FOCUS ON SHAREHOLDER VALUE Dividend per share (in EUR), Dividend yield (in %) 0.901 0.75 0.60 0.50 5.9% 5.1% 5.1%1 3.6% C+ / Prime Segment Top 10 % der Branche 2021 2022 2023 2024 ▪ Payout ratio at 38.8% ▪ Total shareholder return of 45% in 2024 ▪ Continuous dividend policy of 30-50% payout
Slide 53: Financial Performance 2024
3 Financial Performance 2024 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: Capital Markets Day 2025 01.04.2025 I Page 53
Slide 54: Earnings and revenue FY/24 per segment
EARNINGS AND REVENUE FY/24 PER SEGMENT IN EUR M INFRA PL DE Revenue EBIT Revenue EBIT Revenue EBIT 403 -17.0 941 20.3 965 14.0 +16.5% <-100% -7.7% +32.9% -1.7% >+100% CEE* Revenue EBIT AT / CH 805 26.4 Revenue EBIT +20.1% +70.1% 3,001 108.3 +2.5% +8.5% * Containing country responsibility for Czech R
Slide 55: Segment reporting: resilient order book in 2024
SEGMENT REPORTING RESILIENT ORDER BOOK IN 2024 AT /CH DE PL CEE INFRA Order backlog Change in % in EUR m 3,256 1,274 1,656 887 1,316 +3.1% -4.7% +19.6% +4.6% -19.2% Order intake Change in % in EUR m 3,553 887 1,230 860 169 +10.1% -2.7% +32.1% +32.0% -83.7% ▪ BMW production hall ▪ Data Centre FRA32 ▪
Slide 56: Key financials at a glance
KEY FINANCIALS AT A GLANCE Operating data in EUR m 2024 Change 2023 2022 2021 Production output1 6,747 2.6% 6,577 6,226 5,727 Revenue 6,190.5 2.3% 6,048.5 5,786.0 5,169.8 EBIT 158.4 12.9% 140.3 120.1 95.2 EBT 145.1 11.0% 130.7 110.0 85.4 Profit 108.9 14.6% 95.0 82.6 61.4 Earnings per share (in EUR)
Slide 57: Consolidated income statement
CONSOLIDATED INCOME STATEMENT In EUR m 2024 Change 2023 2022 2021 Production output1 6,747 2.6% 6,577 6,226 5,727 Revenue 6,190.5 2.3% 6,048.5 5,786.0 5,169.8 EBITDA 368.8 7.1 % 344.3 318.9 287.5 in % of production output 5.5% 0.2 PP 5.2% 5.1% 5.0% in % of revenue 6.0% 0.3 PP 5.7% 5.5% 5.6% EBIT 158
Slide 58: Consolidated key ratios
CONSOLIDATED KEY RATIOS In relation to revenue 2024 Change 2023 2022 2021 Income from companies accounted for 0.7% -0.9 PP 1.6% 1.0% 1.2% using the equity method Material cost -20.2% 1.1 PP -21.3% -23.6% -22.0% Cost of other related production services -45.8% 1.4 PP -47.2% -45.6% -44.6% Personnel co
Slide 59: Consolidated statement of financial position: assets
CONSOLIDATED STATEMENT OF FINANCIAL POSITION Assets in EUR m 31.12.2024 Change 31.12.2023 31.12.2022 31.12.2021 Intangible assets 221.7 19.6% 185.4 194.1 187.5 Property, plant and equipment 1,269.2 8.8% 1,166.4 1,055.3 1,028.7 Investment property 36.4 4.1% 35.0 33.9 25.5 Shareholdings in companies a
Slide 60: Consolidated statement of financial position: equity and liabilities
CONSOLIDATED STATEMENT OF FINANCIAL POSITION Equity and Liabilities in EUR m 31.12.2024 Change 31.12.2023 31.12.2022 31.12.2021 Share capital 39.3 - 39.3 39.3 39.3 Capital reserve 358.8 - 358.8 358.8 358.8 Profit-participation rights/hybrid 211.8 -14.4% 247.5 247.5 300.0 capital Other reserves 256.4
Slide 61: Consolidated cashflow statement
CONSOLIDATED CASHFLOW STATEMENT Equity and Liabilities in EUR m 2024 Change 2023 2022 2021 Profit 108.9 14.6% 95.0 82.6 61.4 Operating cash flow 295.7 0.3% 295.0 267.6 234.8 Cash flow from working capital 78.8 <-100.0% -18.6 19.3 183.8 Cash flow from operating activities 374.5 35.5% 276.4 286.8 418.
Slide 62: Global share base
GLOBAL SHARE BASE STABLE CORE SHAREHOLDER Shareholder Distribution of structure free float 49.6% 24.4% Free float ** 29.3% Austria 50.4% Retail Syndicate* 6.8% Germany 1.9% 16.2% UK Not directly 6.3% assignable Rest of Europe *Syndicate (Strauss Group, IGO Industries Group) 1.4% 13.7% **Free float (
Slide 63: Earnings per share at top level
EARNINGS PER SHARE AT TOP LEVEL STRONG MOMENTUM Share price Earnings per share 3 20.2.2017 40 EUR 38.99* Oct. 2021 capital increase Earnings per share in EUR EUR 12.00 Share price in EUR 1,5 30 0 20 -1,5 10 1.1.2014 YE24: EUR 9.98* EUR 17.74 +40% p.a. -3 0 2014 2015 2016 2017 2018 2019 2020 2021 202
Slide 64: Broker coverage
BROKER COVERAGE ANALYST RECOMMENDATIONS Institution Analysts Price Target Recommendation Last Update Warburg Research Philipp Kaiser 36.0 Buy 31.03.2025 Joh. Berenberg, Gossler & Co. KG Jenna Xu 37.50 Buy 20.03.2025 ERSTE Group Michael Marschallinger 31.50 Buy 12.03.2025 Montega Patrick Speck 26.00
Slide 65: Service: Investor Relations
SERVICE INVESTOR RELATIONS Share information Next events ISIN AT0000609607 19-Apr-25 Record date for the Ticker POS VI participation on the No. of shares 39,278,250 145th AGM Market Vienna Stock 29-Apr-25 145th AGM Exch. / prime 06-May-25 Trade ex-dividend 07-May-25 Record Date IR Contact dividend C
Slide 66: Annual and Sustainability Report 2024
Annual and Sustainability Report 2024 Investor Presentation FY 2024