Integrated Report 2024

Integrated Report of ACS Group 2024

| Main Figures of the ACS Group

Operating and financial data

(1) Data restated for the reclassification of Industrial Services as a discontinued operation following its sale in December 2021 and adjusting for extraordinary impacts in the period.

(2) Profit before taxes + Fixed assets depreciation (+/-) Operating working capital variation (+/-) Tax payments, associates and other adjustments + Net CAPEX + Operating lease payments (IFRS16).

(3) For the sake of comparability, Scope 1 and 2 emissions have been restated from 2020 to 2023 according to the 2024 reporting criteria.

2024 ACS Group Integrated Report

The Integrated Annual Report is composed of this Consolidated Directors' Report, which includes the Non-Financial Information Statement (Sustainability Report), the Annual Corporate Governance Report and the Directors' Remuneration Report, all of which are attached by reference and are available on the websites of the ACS Group and the Spanish National Securities Market Commission (CNMV). The Consolidated Financial Statements for the year ended 31 December 2024 were prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union.

Consolidated Financial Statements

SustainabilityReport

Corporate Governance Report

RemunerationReport

ACS Group Website

Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.

"An integrated Group building the future"

Florentino Pérez

Chairman of the ACS Group

| P. 4

Letter from the Chairman

2024 has been a decisive year for the ACS Group, which has consolidated its position as a global leader in the infrastructure sector. With a clear strategic focus and integrated organisation, we have achieved excellent results that reinforce our commitment to innovation and transformation in the sectors in which we operate. The result is that, through our projects, ACS has driven the modernisation of key infrastructure, creating jobs and contributing to economic and social progress.

Thanks to the constant efforts of over 157,000 people who comprise our Group, we have achieved an unprecedented volume of sales: EUR 41,633 million, an increase of 16.5% on the previous year. This growth, based on our outstanding international presence, has positioned us among the leading Spanish companies with the greatest global expansion, reflecting the leadership of our companies in the main markets.

This progress has also yielded outstanding operating results, with EBITDA up 28.7% to EUR 2,456 million and net attributable profit of EUR 828 million, 6.1% higher than in 2023. These data are not just figures; they reflect a strategy that combines investment, sustainability and profitability, as set out in our Strategic Plan 2024-2026.

In particular, the total return for our shareholders in 2024 exceeded 26.9%, as a result of dividends paid during the year and a 20.6% annual revaluation in our share price. Over the last five years, the average annual return has been 14.1%, while over the last 25 years we have achieved an average return of 12.7%.

We are confident that this positive trend will continue. The context is favourable because the demand for traditional and new generation infrastructure - linked to sectors such as digitalisation, mobility or new energy sources - continues to grow.

We are very well positioned, as evidenced by the fact that our total project backlog reached EUR 88,209 million, up 19.9% compared to 2023.

This success is also built on strong alliances with the best partners. In 2024, we have strengthened our shareholder base with the incorporation of CriteriaCaixa, an international benchmark, and the subsequent appointment of its chairman, Isidro Fainé, as vice-chairman of our Group.

But beyond economic achievements, we have experienced moments of deep reflection and solidarity. We were deeply shaken by the havoc wreaked by the DANA floods in Valencia, a disaster that devastated the lives of the Valencian people and touch all Spaniards. In the face of adversity, we responded with solidarity and, through our Foundation and various Group companies, we made ourselves available to the public administrations to work in the rebuilding of damaged infrastructure and the reactivation of the affected areas. This is the spirit that defines ACS: a commitment to society that transcends mere business activity.

This year we also suffered the sad loss of Javier Echenique, a director of the company, whose 20 years of dedication to the growth and expansion of the Group have left an indelible mark on us all. His legacy lives on in our culture and values, which guide our every step.

We enter 2025 with the same enthusiasm and commitment that have brought us this far and that will continue to be key to the evolution of our company. We will continue to work to ensure that shareholders, customers, employees, institutions and suppliers continue to trust in the future of our Group.

Letter from the CEO

Growth, integration and future reflect the evolution of the ACS Group in 2024, a year in which we have continued to strengthen the foundations of a cohesive, expanding project committed to profitability.

In the year, we achieved a net profit of EUR 828 million and our sales increased by 16.5% to over EUR 41,600 million. In addition, our project backlog has grown by 20% year-on-year and reached an record high: EUR 88,209 million. Approximately 60% of this figure comes from the United States, where we are established leader in the sector.

By business area, the companies specialising in Integrated Solutions contributed EUR 536 million to the Group's results, while the Engineering and Construction and Infrastructure segments contributed EUR 156 million and EUR 205 million, respectively.

Similarly, in 2024, the Group has generated a net operating cash flow of almost EUR 2,100 million, an increase of over EUR 1,000 million compared with the previous year. This is undoubtedly one of the most important indicators because it measures our ability to invest, grow and remunerate our shareholders.

The data shows that we continue to make progress on the targets set out in our Strategic Plan 2024-2026, presented last April, in which we set ourselves the goal of generating up to EUR 4,000 million net operating cash flows and up to EUR 1,000 million of net profit by 2026. A solid roadmap to boost our growth through three key pillars: ACS's global leadership in high-growth and high added value segments; the reduction of the Group's risk profile; and the boost to investment in infrastructure, both traditional and new generation.

In 2024 we have made great strides in this direction. For example, the awards made to the Group in high-growth segments such as digitalisation, mobility, biopharma and critical metals, among others, already account for 50% of the total. In addition, we have continued to push for contracts with a low risk profile, which represent more than 85% of our current backlog.

Investment, the driver for our future growth and profitability, has established itself as one of our greatest strengths. In this line, our strategy for the development of data centres stands out, which has made it possible for us to already have a pipeline of 2.1GW of projects under development. In addition, we have identified opportunities for an additional 4GW in key regions in Europe, Australia and the United States.

At the same time, we have taken steps in the natural resources sector, where CIMIC has acquired an additional 10% holding in Thiess, in which it now holds 60% of the capital, giving it effective control of its operations and investment policy.

In the area of traditional infrastructure, we have also made significant progress, such as the award to a consortium led by Iridium, our concession development subsidiary, of a project to finance, build and operate for 50 years more than 25 km of managed lanes on the SR400 highway in Atlanta (Georgia).

Meanwhile, Abertis has continued to grow in the transport concessions operating segment, increasing its sales by 9.8% in 2024 to over EUR 6,000 million. The company plans to generate more than EUR 27,000 million in cash by 2033, which will allow it to maintain its current dividend policy over the next decade and continue to invest in new assets. This commitment to growth is evidenced, for example, by transactions such as the recent acquisition of a majority holding in the French A-63 toll motorway, which we closed in early 2025.

To supplement these strategic levers, we have continued to focus on adding specialised engineering and systems capabilities. This includes the acquisitions of engineering and mining services companies announced by Turner, Sedgman, Thiess and CIMIC.

We have also enhanced our operational efficiency through strategic integration and resource rationalisation. An example of progress in this area is the merger between Flatiron and Dragados North America, which led to the creation of the second largest civil engineering contractor in the United States.

The high cash flow generated by the ACS Group and its solid financial position, with a net debt of less than 0.3 times the Group's consolidated EBITDA, provide us with a capacity of more than EUR 6,000 million until 2030, i.e. around EUR 1,000 million per year without increasing our debt, to undertake future investments that will allow us to capitalise on the opportunities offered by the market.

And we plan to do so while intending to maintain attractive returns for shareholders. In line with this, the Board of Directors has proposed an increase in shareholder remuneration against the 2024 results, which is a clear demonstration of our commitment to value creation and the strength of our business model.

We are aware that all this is only possible thanks to the talent of our professionals, who have become ACS' main competitive edge. That is why this year we have gone a step further by launching ACS University, an educational platform that draws on the experience of our companies and with which we want to offer employees opportunities to develop new skills and continue to grow professionally. Enhancing their specialisation and training is particularly important in the context of the sophistication of the markets in which we operate.

This talent will also be key to ensuring the sustainability of our processes and products. We continue to take steps in this direction, as evidenced by our ambitious environmental targets, which include achieving climate neutrality by 2045. Acknowledgements such as the ACS Group's inclusion in the Dow Jones Sustainability Index (DJSI) in 2024 reinforce our conviction that this is the way forward.

We know that our global presence, our offer of high added value projects and the talent we have place us in a magnificent position to continue contributing value to our different stakeholders. This value involves, among other things, continuing to grow and increase the size of ACS. That is my goal and my challenge as CEO of a Group that has increased its market capitalisation twofold in the last three years, and whose ambition is to continue contributing to building a better future.

Consolidated Directors' Report