Mota Engil SGPS S A informs about the Earnings Release regarding FY2025

Driven by Purpose, Built with History

Earnings Release

Full Year 2025

03 MARCH 2025

EARNINGS RELEASE 2025

Table of

Contents

01

Key Highlights

04

Final Remarks

and 2026 Guidance

Page 3

Page 9

Page 20

02

Results Overview

03

Business Units

3.5. Mota-Engil Capital and Mext

Page 33

Page 36

05

Q&A

2

EARNINGS RELEASE 2025

01 Key Highlights

3

EARNINGS RELEASE 2025

BACKLOG TURNOVER EBITDA

NET PROFIT2

€16.2bn

(+4% YTD)

€5.3bn

(-11% YoY)

€979mn

(+4% YoY; 18% margin)

€133mn

(+9% YoY; 2.5% margin)

Dec. 24 Dec. 25

FY24 FY25

FY24 FY25

FY24 FY25

NET DEBT

€1,941mn

(ND/EBITDA 1.98x)

GROSS DEBT3

€3,421mn

(GD/EBITDA 3.50x)

CAPEX 1

€396mn

(-22% YoY)

CFO

€924mn

(+€199 mn YoY)

EQUITY

€983mn

(Equity/Assets 12%)

4

1Restatement due to accounting policy change on Government grants (mainly related to EGF). 2After non-controlling interests. 3Includes leasing, factoring and confirming. 4

4

EARNINGS RELEASE 2025

Main events since June 2025

Main project awards

Increasing project size and reducing risk

€4.5 bn of new awards since July

€800 mn (Mota-Engil's stake): Portugal - first stretch of the high-speed train Porto-Oiã (formally signed in July and financial close reached) (July 2025)

€108 mn: Portugal - building construction project in Lisbon (August 2025)

€292 mn: Mexico - Queretaro-Irapuato railway project (first stretch) (August 2025)

€162 mn: Rwanda - additional awards under Work Stream II of the Bugesera International Airport (August 2025)

€735 mn: Brazil - Duque de Caxias refinery works (total of €700 mn; 33% stake in consortium) and contract extension of submarine warehouses works (€35 mn), both signed with Petrobras (October 2025)

€1,020 mn: Mexico - railway infrastructures awarded, including the second

stretch of the Querétaro-Irapuato railway for €820 mn (October 2025)

€1,255 mn: Brazil - signing of the Santos-Guarujá tunnel concession (January 2026)

US$100 mn: Mamaland agreement with Trafigura, focused on long-term natural resource management and environmental sustainability initiatives, including the generation of carbon credits, structured under a 40-year framework (January 2026)

Financial credibility

Reinforcing financing sources and partnerships

€120 mn: sustainability-linked loan with Bank of China

€75 mn: private placement bond issuance with the Industrial and Commercial

Bank of China (ICBC)

US$100 mn: increase of the credit facility limit with Standard Bank, from US$300 mn to US$400 mn

€170 mn: sustainability-linked loan, provided by Deutsche Bank, supported by

a partial credit guarantee from the African Development Bank (AfDB)

US$214 mn: financing agreement signed between the International Finance Corporation (World Bank) and Mota-Engil SGPS

US$100 mn: expansion of the existing syndicated facility by US$100 mn to

US$250 mn with the Trade and Development Bank Group (TDB Group)

US$29 mn: loan with Citi Bank

5

5

5

Sustainability at the core of our operations - Reinforcing our ESG credentials

Improving the sustainability positioning

2021 2025

ESG score improved

from 32 (2021) to 51 (2025)

NA

2021 2025

First Climate disclosure submitted in 2024: B- rating achieved in 2025

2021 2025

ESG score improved from 55 (2021) to 60 (2025)

Award for the "Most improved ESG Program" in Portugal within the AERI Iberian Equity Awards

Market recognition - Awarded "Most improved ESG Program" in Portugal

6

Driving Industry Leadership and Employer Excellence

INDUSTRY LEADERSHIP WORKPLACE EXCELLENCE

• Deloitte Global Powers of Construction ranking:

  #52 (2023: #56) - "Global construction companies by sales"

• ENR250 2025 Top construction ranking:

  #2 in Latin America (2024: #2)

  #6 in Africa (#1 Non-chinese company in Africa) (2024: #8)

  #11 in Europe (2024: #14)

• Mota-Engil Certified as "Great Place To Work®" for the

  years 2025-2026

• 50,995 employees worldwide

• 1,664 expatriates, 3.3% of the total

#76 Worldwide (2024: #79)

7

A Structurally Stronger, Value-Driven Platform for the Next Cycle

Strategic actions

Goals 2026

Consistent Performance Delivery

On target

Successful commercial strategy Focus on core markets and large size contracts Follow the client strategy

Turnover €6 bn

Turnover: +105%

2,5G2

CAGR 20%

2021 2025

Operational excellence Selective bidding approach Cross-group efficiency program

Enhanced profitability

Exit of non-performing markets and businesses Asset rotation in line with strategic guidelines

Robust financial structure Cash flow management conversion Maintaining a sustainable leverage

16% EBITDA margin

Net margin 3%

Net debt/EBITDA <2x 15% Solvency Ratio

EBITDA: CAGR 24%

EBITDA mg.: +257 bps

Net result: CAGR 54%

Net mg : +158 bps

Structurally improved

Net Debt/EBITDA: 2.7x

<2.0x

Equity: CAGR 22% Solvency ratio: +400 bps

2021 2025

2.7x

2021 2025

Profitable growth, margin expansion and disciplined capital management : 20% Revenue CAGR, 24% EBITDA CAGR with +257 bps EBITDA margin expansion, 54% net result CAGR with +158 bps net margin improvement, leverage ratio improved (2.7x <2.0x) and solvency ratio strengthened by 400 bps 8

EARNINGS RELEASE 2025

02 Results Overview

9

Strengthening Profitability: Record €133 mn Group Net profit (+9% YoY)

• Turnover was €5,301 mn, driven by robust growth in Africa and the Environment businesses, partly offset by the absence of the Polish operations (divested in 2024) and primarily impacted by project consignation and tender delays in Portugal and Mexico

• EBITDA increased 4% YoY to a record of €979 mn, with margin expanding to 18%, supported by all business segments and a sustained focus on cash flow generation

• Net financial interests and others reflect the higher capital employed in long-term, high-margin projects (contract mining and concessions) in previous years, as well as the interest rate mix of local currency debt in Africa and Latin America, partially offset by the evolution of global interest rate curves this year

• Associates reflect the expected performance during the initial development phase of the concession assets, namely the Lobito Corridor in Angola and the new Mexican concessions

• Non-controlling interests are mainly related to operations in Mexico, Nigeria and Angola

• Record Group Net profit of €133 mn (+9% YoY), with 2H25 net margin

reaching 2.9%, structurally aligned with the 2026 target of 3%

Improving margins, disciplined capital allocation and structurally higher profitability

1Restatement due to accounting policy change on Government grants (mainly related to EGF). 10

Record 18% EBITDA margin, reinforcing structural profitability

P&L breakdown (€ mn) 2025 %T 2024 1%T YoY

Engineering&Construction

Europe Africa

E&C

Industrial Engineering Latin America

E&C

Energy and Concessions Other and intercompany

Environment Capital and MEXT

Other and intercompany

5,300

583

1,748

1,330

418

2,976

2,559

417

(7)

567

141

(57)

(14%)

(27%)

22%

6%

73%

(33%)

(32%)

(34%)

(25%)

15%

1%

19%

EBITDA 979 18% 941 16% 4%

4,554

428

2,129

1,405

724

2,006

1,733

273

(9)

652

141

(46)

Turnover (T) 5,301 5,951 (11%)

• E&C turnover amounted to €4,554 mn, with EBITDA margin expanding 3

  p.p. YoY to 18%, driven by structurally stronger profitability in Africa

• The Industrial Engineering segment continued to deliver outstanding performance, with turnover up 73% YoY to €724 mn and a best-in-class EBITDA margin of 30%, reinforcing its role as a high-margin growth platform

  Engineering&Construction Europe	820 33	18% 8%	820 45	15% 8%	0% (27%)	•
  Africa	565	27%	453	26%	25%

• In Europe, turnover reached €428 mn, impacted by delays in key project consignation, tendering and awards in Portugal due to the unexpected legislative elections, as well as by the divestment of the Polish operations (€119mn in FY2024), while maintaining a resilient EBITDA margin of 8%

  E&C	349	25%	328	25%	6%
  Industrial Engineering	216	30%	125	30%	73%

  In Latin America, turnover declined 33% YoY to €2,006 mn, reflecting the expected transition period in Mexico, while preserving a solid EBITDA margin of 11%

  Latin America 222		11%	322	11%	(31%)
  E&C	201	12%	287	11%	(30%)
  Energy and Concessions	21	8%	35	8%	(41%)
  Environment	147	23%	109	19%	35%
  Capital and MEXT	15	11%	12	9%	25%
  Other and intercompany	(3)		0		n.m.

• The Environment segment delivered strong growth, with turnover up 15% YoY to €652 mn and EBITDA up 35% YoY to €147 mn, with margin expanding 4 p.p. to 23%, confirming its structural contribution to sustainable long-term cash flow generation

  +200 bps EBITDA margin expansion, establishing a structurally stronger profitability base for the next value cycle

  1Restatement due to accounting policy change on Government grants (mainly related to EGF). 11

  Record €16.2 bn value-driven Backlog1, with €5 bn awarded in 2025

  Higher Margin, Longer Duration, Greater Visibility

  Backlog evolution (€ mn)

  Backlog by Business Unit

  E&C backlog by segment

  E&C

  Environment + Capital

  15,602 16,153

  ENVIRONMENT 3%

  12,936

  12,556

  380

  15,277

  324

  15,727

  426

  + CAPITAL AND MEXT

  33%

  31%

  AFRICA E&C

  31%

  RAILWAY

  42%

  ROADS AND OTHERS

  LATIN

  AMERICA E&C

  12%

  16,153 mn 15,727 mn

  Dec. 23 Dec. 24 Dec. 25

  EUROPE E&C

  21%

  AFRICA IE2

  21%

  INDUSTRIAL ENGINEERING

  6%

  CIVIL CONSTRUCTION

  • The backlog is increasingly composed of multi-year infrastructure and long-duration projects, enhancing earnings visibility and margin resilience

  • Backlog reached a new all-time high of €16.2 bn, providing 3 years of E&C visibility and underpinning the Group's medium-to long-term profitable growth

  • Core markets represent 72% of the total E&C backlog, with Mexico (22%), Angola (18%), Portugal (12%) and Nigeria (8%), ensuring a diversified and resilient

    geographic growth mix

  • Industrial Engineering accounts for 21% of total backlog, reinforcing Mota-Engil's position as a leading player and structurally high-margin operator in Africa

  • Backlog does not include the following projects:

    1. In Brazil (€1.3 bn): PPP project for the construction, operation and maintenance of the Santos-Guarujá Submerged Tunnel.

    2. In Portugal (€ 115 mn): preferred bidder in Contumil-Ermesinde railway contract

  1Does not include EGF's Waste Treatment business which still has a nine-year contract duration (annual turnover 2025: €392 mn). 2Industrial Engineering. 12

  High-quality, large-scale, long-cycle projects underpinning earnings Visibility:

  E&C and IE major projects1

  Project	Range (€ mn)	Country	Segment	Contract start year	Exp. year of completion	Customer
  Fertilizer industrial plant	> 1,000	Mexico	Buildings	2024	2028	PEMEX
  Tren Querétaro - Tramo 2	[500,1,000[	Mexico	Railway Infrastructures	2025	2028	Agencia Reguladora del Transporte Ferroviario
  High-speed railway Porto-Oiã stretch	[500,1,000[	Portugal	Railway Infrastructures	2025	2030	Infraestruturas de Portugal
  Maintenance Contract - Lobito Corridor	[500,1,000[	Angola	Railway Infrastructures	2022	2054	Lobito Atlantic Railway - LAR
  Zenza do Itombe- Cacuso railway	[500,1,000[	Angola	Railway Infrastructures	2023	2029	Ministry of Transportation
  Infrastructures of the Corimba waterfront	[500,1,000[	Angola	Road Infrastructure	2024	2029	Ministry of Public Works, Urbanism and Housing
  Amulsar Gold Mine	[500,1,000[	Armenia	Industrial Engineering	2025	2031	Lydian Armenia CJSC
  Kano - Maradi / Kano Dutse	[500,1,000[	Nigeria	Railway Infrastructures	2021	2027	Federal Ministry of Transportation
  Kano-Maradi-Dutse project - Rolling stock	[500,1,000[	Nigeria	Railway Infrastructures	2023	2027	Federal Ministry of Transportation
  Kurmuk Mine	[300,500[	Ethiopia	Industrial Engineering	2024	2029	Allied Gold Corporation
  Gamsberg Mine	[300,500[	South Africa	Industrial Engineering	2021	2030	Vedanta Zinc International
  Monterrey Subway L4, 5 y 6	[300,500[	Mexico	Railway Infrastructures	2022	2027	Gobierno del Estado de Nuevo Leon
  HLO - Oriental Lisbon Hospital	[300,500[	Portugal	Civil Construction	2024	2027	HLO - Sociedade Gestora do Edifício, S.A.
  Boto Gold Mine	[300,500[	Senegal	Industrial Engineering	2023	2029	Managem Group
  Moatize Mine	[300,500[	Mozambique	Industrial Engineering	2024	2027	Vulcan
  Lafigué Mine	[300,500[	Ivory Coast	Industrial Engineering	2022	2028	Endeavour Mining PLC
  Tren Querétaro - Tramo 1	[300,500[	Mexico	Railway Infrastructures	2025	2027	Agencia Reguladora del Transporte Ferroviario
  Consorcio Metro 80 Medellin	[200,300[	Colombia	Railway Infrastructures	2022	2027	EMP - Empresa Metro de Medellin
  TRI-K Gold Project	[200,300[	Guinea	Industrial Engineering	2024	2029	Managem Group
  Autopista Tultepec - Pirámides	[200,300[	Mexico	Road Infrastructure	2020	2028	Concesionaria Tultepec-AIFA-Pirámides
  Cabinda-Miconje rehabilitation	[200,300[	Angola	Road Infrastructure	2023	2027	Ministry of Public Works, Urbanism and Housing
  GASLUB	[200,300[	Brazil	Oil&Gas services	2025	2029	Petrobras
  Extension of the red line Lisbon subway	[200,300[	Portugal	Railway Infrastructures	2023	2027	Metropolitano de Lisboa EP
  Rehabilitation of the Nova Vida urbanization	[200,300[	Angola	Civil Construction	2024	2028	Ministry of Public Works, Urbanism and Housing
  Sadiola Mine	[200,300[	Mali	Industrial Engineering	2024	2028	Allied Gold Corporation

  BACKLOG MAIN CHARACTERISTICS:

  • Predominantly multi-year infrastructure contracts

  • Meaningful exposure to railways, roads, contract mining and strategic logistics corridors

  • Strong footprint across 15+ countries, with a clear focus on core markets (Mexico, Angola, Portugal and Nigeria)

  • Increasing weight of Industrial Engineering and long-term contracts, a structurally higher-margin segment

  • Long execution cycles, with the majority of projects extending to 2028 and beyond

  • Exposure primarily to tier-1 institutional, public and concession-based counterparties

1Selection of projects above €200 mn. 13

Disciplined Capex focused on high-return segments (down €114 mn YoY)

Net capex (€ mn) Net capex by Business Unit (€ mn)

396 5102

12 283 60

34 7

39

8

Capital + Others Environment

IE&E contracts1

E&C growth

E&C maintenance

IE&E contracts1 Growth

244

31

8

Maintenance

12

9

24

27

29

5

4

3

2025 2024

Europe E&C Africa E&C Latin

America E&C

Environment Capital +

Others

• Capex remains selective, return-driven and aligned with the Group's disciplined capital allocation framework

• Capex/revenue ratio maintained at a disciplined 7%

• 64% of total capex allocated to Industrial Engineering & Energy contracts, primarily heavy equipment fleet supporting structurally higher-return projects

• E&C maintenance capex tightly controlled at c.1.5% of E&C turnover, reflecting asset management efficiency and procurement discipline

• Environment unit capex totalled €34 mn, of which 85% relates to the regulated asset base model of the Treatment business in Portugal (EGF), supporting stable and predictable cash flows

  1Includes Industrial Engineering contracts in Africa and the Energy business in Latin America. 2Restatement due to accounting policy change on Government grants (mainly related to EGF). 14

  Building a Portfolio of Long-Term, Value-Creating Greenfield Assets

  Financial capex by segment (€ mn)

  357 173

  Financial capex by Business Unit (€ mn)

  2025 2024

  Agro-forestry Airports
  
  Energy and mobility Industry
  
  Urban Infrastructures Railway
  
  Real Estate Roads
  
  Others
  
  

  Africa E&C Latin America E&C Capital Mext

  219

  38

  51

  49

  7

  83

  15

  77

  38

  49

  49

  65

  85

  22

  20

  19

  17

  30

  -46

  • Capital deployed into long-term, return-linked concession assets, supporting structural profitability and long-term value creation

  • 61% of financial capex was allocated to Latin America E&C, primarily Mexico, focused on transport and logistics infrastructure and urban concession assets with long-term revenue visibility

  • In Africa, €38 mn was invested in the Lobito Corridor, a strategic logistics asset and a Pan-African corridor with multi-decade revenue visibility

  • Initial equity investments were deployed in the first stretch of the Portuguese high-speed train and in the new Lisbon Hospital (HLO) project through ME Capital, positioning the Group in key long-cycle infrastructure assets

  • MEXT accounted for €49 mn, mainly driven by the M-ODU real estate redevelopment project in Porto and by the

    agro-forestry platform Mamaland, both aligned with long-term asset creation

  • The majority of these concessions and medium to long-term return projects are equity method accounted and currently are at an early execution stage, with value realization expected over the next strategic cycle. Short-term balance sheet impact, long-term value creation

  • Strategic capital allocation into long-cycle assets enhancing recurring earnings and market positioning

15

Strengthened Balance Sheet through disciplined capital management Investing for long-term growth

Total equity and Equity/Assets ratio

12%

11%

10%

8%

8%

983

746

849

531

Dec.21 Dec.22 Dec.23 Dec.24 Dec.25

Total equity Equity-to-Assets ratio

• Disciplined working capital & long-term balances management, ensuring an efficient 15% ratio to turnover

• Equity-to-assets ratio of 12%, reinforcing structural solvency even during a cycle of elevated long-term investment

• Debt profile extended and repriced through new financing transactions, aligning maturities with the long-cycle nature of the backlog projects and enhancing funding competitiveness. Net debt evolution also reflects €357 mn invested in long-term concession and greenfield assets

• Investing for growth while reinforcing solvency and capital discipline

  1Restatement due to accounting policy change on Government grants (mainly related to EGF).

  2Leasing, factoring and confirming 16

  Strong Cash Flow from Operations (€924 mn) and positive Free Cash Flow

  (€128 mn) underpin disciplined investment and balance sheet resilience

  2,410

  1

  CFO €924 mn

  (+27% YoY)

  2,255

  271

  59

  2,612

  357

1

671

1

678

979

671

396

133 78 43

1,732

Net debt / EBITDA 1.84x

1,584

Net debt / EBITDA 1.62x

1,941

Net debt / EBITDA 1.98x

18% margin

Effective tax rate 35%

15%

turnover ratio

To be monetized in line with the next milestone

o.w. IE&Energy contracts capex represent 64%

7.1% average interest rate/multi-currency mix

Dividend per

share of €0.1497

+ minorities

Long-term recurring earnings and structural value creation

1Leasing, factoring and confirming 17

Disciplined leverage management within strategic thresholds

Net debt1 and Net debt/EBITDA Gross debt2 and Gross debt/EBITDA

1,732

1,175

1.84x 3

1.98x

1.43x 3

1,941

3,421

2,796

2,982

3.40x

3

3.50x

3.17x

3

Dec. 23 Dec. 24 Dec. 25

Net Debt Net Debt / EBITDA

Dec. 23 Dec. 24 Dec. 25

Gross Debt Gross Debt / EBITDA

• Net debt at €1,941mn, with Net debt/EBITDA at 1.98x, remaining below the 2.0x strategic threshold

• Interest coverage ratio (EBIT/Net interest) of 2.7x, reflecting manageable funding costs

• Leverage metrics remain fully aligned with Building26 strategic targets, with Net debt/EBITDA below 2x and Gross debt/EBITDA below 4x

• Gross debt evolution reflects strategic long-term investments and extended funding maturities aligned with the backlog profile

• Leasing, Factoring and Confirming stable at €671 mn (€678 mn in Dec. 2024)

• Disciplined leverage supporting growth while preserving financial flexibility

  1Net debt considers Mozambique's sovereign bonds as "cash and cash equivalents" which amounted to €18 mn in December 2025 (nominal value €19 mn) and Mozambique's sovereign bonds as "cash and

  cash equivalents" which amounted to €21 mn (€25 mn nominal value) in December 2024.

  2Includes leasing, factoring and confirming.

  3Restatement due to accounting policy change on Government grants (mainly related to EGF). 18

  Strong Liquidity position and managed Debt maturity profile

  809

1,631

Gross debt1 maturity, December 2025

Liquidity: €1,631 mn

Cash available €791 mn

Sovereign bonds available

€18 mn

Undrawn credit lines

€822 mn

881

Undrawn credit lines

413

Cash and sovereign bonds available Refinanced or to be refinanced shortly Non-revolving

Revolving

Liquidity position

117

1 year 2 years 3 years 4 years 5 years > 5 years

1Excluding leasing, factoring and confirming. 19

EARNINGS RELEASE 2025

03 Business Units

20

EARNINGS RELEASE 2025

Engineering

and Construction

21

EARNINGS RELEASE 2025

3.1

Europe E&C

HIGHLIGHTS 2025

2

COUNTRIES

428M€

TURNOVER

1,895M€

BACKLOG

PORTUGAL • SPAIN

22

EUROPE E&C

EARNINGS RELEASE 2025

Key Infrastructure projects to be tendered in Portugal

Turnover: €428 mn (-27% YoY) EBITDA: €33 mn (-27% YoY) EBITDA margin 8% (flat)

• Turnover of €428 mn (-27% YoY), reflecting delays in the execution of key projects in Portugal following the unexpected early legislative elections, which postponed project consignations and awards, together with the impact of the 2024 divestment of the Polish E&C operations (€119 mn contribution in FY2024)

• EBITDA of €33 mn, with a resilient margin of 8%, demonstrating cost discipline and operational flexibility despite lower activity levels and the

  absence of contribution from the Polish operations sold in 2024

• Backlog strengthened to €1.9bn (+€967 mn YoY), driven by newly awarded flagship strategic projects, including the first stretch of the high-speed rail (Porto-Oiã) and the new Lisbon Hospital

• Positioned for execution ramp-up, with strong visibility on upcoming large-scale infrastructure tenders in Portugal

• Mota-Engil leads the Portuguese consortium for the national high-speed rail project (AVAN) and is strategically positioned for the upcoming

  phases, leveraging strong technical expertise, proven railway track record and global execution experience, as the western contractor with the highest

  number of railway kms delivered worldwide over the last four years

• The structural infrastructure program announced by the Portuguese Government reinforces medium to long-term market dynamism, including the development of the new Lisbon International Airport

• 2025 reflected a temporary activity adjustment in Portugal, while significantly strengthening backlog and positioning the business for a new

  
  
  
  
  
  
  

  execution cycle from 2026 onwards

  23

  EARNINGS RELEASE 2025

  3.2

  Africa E&C

  HIGHLIGHTS 2025

  15

  COUNTRIES

  2,129M€

  TURNOVER

  8,366M€

  BACKLOG

  ANGOLA • MOZAMBIQUE • MALAWI • SOUTH AFRICA ZIMBABWE • UGANDA • RWANDA • GUINEA-CONAKRY

  CAMEROON • IVORY COAST • KENYA • NIGERIA • SENEGAL ETHIOPIA • DEMOCRATIC REPUBLIC OF CONGO

  24

  
  
  

  Leading position in E&C and Mining assuring growth in the future

  Turnover: €2,129 mn (+22% YoY) EBITDA: €565 mn (+25% YoY) EBITDA margin 27% (+1 p.p. YoY )

  • Turnover of €2,129 mn (+22% YoY), driven by the outstanding performance of Industrial Engineering (+73% YoY), alongside major infrastructure projects in Nigeria (Kano-Maradi railway) and Angola

  • EBITDA of €565 mn (+25% YoY), with a margin of 27% (+1 p.p. YoY), reflecting disciplined commercial selection, operational excellence and

    improved planning and execution efficiency in large-scale contracts

  • Backlog of €8.4 bn, of which €3.4 bn in Industrial Engineering, reinforcing long-term revenue visibility and enhancing recurring cash-flow characteristics through contract mining extensions and long-duration projects

  • Mozambique activity expected to resume growth in the near term, supported by the pipeline of LNG-related project developments

  • Mota-Engil Africa is a leading EPC contractor and integrated solutions provider, recognized as a long-term strategic partner in complex

    infrastructure delivery. The company leverages its strong track record and institutional credibility to mobilise diversified international funding, ensuring

    robust project cash-flow management and enabling the execution of large-scale projects

  • Established financing partnerships include African and international Development Finance Institutions (DFIs), European Export Credit Agencies (ECAs), leading commercial banks and multilateral institutions such as the World Bank

  • Africa remains the Group's core profitability engine, combining scale, structurally high margins and long-cycle industrial contracts that

    
    
    
    
    
    
    

    enhance earnings visibility and cash-flow resilience

    25

    
    
    

    Industrial Engineering: Structural Long-Term, High-Return Cash Flow Platform

  • Turnover of €724 mn (+73% YoY) from 11 active projects, with 10 operating at full capacity (Armenia ramp-up expected in 2H26)

  • EBITDA of €216 mn (+73% YoY), delivering an outstanding 30% margin, confirming its structurally higher-return profile

  • Backlog of €3.4 bn, providing strong multi-year revenue visibility and underpinning future earnings growth

  • Average contract tenor of five years, with typical extensions aligned with the life-of-mine cycle, enhancing recurring revenues and profitability, particularly

    as the majority of upfront capex has already been deployed

  • Industrial Engineering represents a core growth pillar for the Group, combining high margins, operational scalability and highly predictable cash-flow generation

  • Strong positioning to benefit from the structural global demand for critical minerals and natural resources

  • Industrial Engineering combines high margins, long-duration contracts and strong cash conversion, positioning it as a key driver of sustainable value

    creation 26

    EARNINGS RELEASE 2025

    3.3

    Latin America E&C

    HIGHLIGHTS 2025

    5

    COUNTRIES

    2,006M€

    TURNOVER

    5,466M€

    BACKLOG

    MEXICO • PERU • BRAZIL • COLOMBIA • PANAMA

    27

    
    
    
    
    

    LATIN AMERICA E&C

    EARNINGS RELEASE 2025

    Public Investment Plans should take-off and resume growth

    Turnover: €2,006 mn (-33% YoY)

    EBITDA: €222 mn (-31% YoY)

    EBITDA margin 11% (flat YoY)

  • Turnover of €2,006 mn (-33% YoY), following the completion of the Tren Maya project in Mexico in 2024 and reflecting the typical timing adjustment in the launch of new projects, after the transition to the new federal administration

  • EBITDA of €222 mn, maintaining a solid 11% margin, with operational resilience and disciplined execution despite lower activity levels

  • Backlog increased significantly from €4.2 bn to €5.5 bn, driven by major awards in Mexico, including the Querétaro-Irapuato railway projects, and in Brazil through Oil & Gas decommissioning and maintenance contracts signed with Petrobras

  • Backlog does not yet include the recently awarded Santos-Guarujá Submerged Tunnel PPP in Brazil (€1.3 bn), signed in 2026

  • In May 2025, Mota-Engil completed the acquisition of the remaining 50% stake in ECB Brazil, now fully owned, reinforcing the strategic

    positioning to benefit from Brazil's large-scale Infrastructure Investment Plan

  • Mexico's infrastructure investment is expected to regain momentum, supported by opportunities in power and industrial construction and reinforced by the expected USMCA revision, positioning Mexico as a key nearshoring hub

  • Active evaluation of value crystallization opportunities within the Mexican concession portfolio, enhancing capital rotation and long-term value creation

  • Latin America is repositioned for a new growth cycle, supported by significantly reinforced backlog, strengthened presence in Brazil and

    
    
    
    
    
    
    

    capital allocation optionality through concession portfolio management

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    EARNINGS RELEASE 2025

    3.4 Business Units

    Environment

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    ENVIRONMENT

    EARNINGS RELEASE 2025

    Positive evolution in all segments with future ambitious challenges

    Turnover: €652 mn (+15% YoY) EBITDA: €147 mn (+35% YoY) EBITDA margin 23% (+4 p.p. YoY)

  • Turnover of €652 mn (+15% YoY), driven by solid performance across all activities, with waste collection and treatment up 14% and 12% YoY, respectively, and international operations growing 20% YoY, now representing 26% of total revenues

  • EBITDA of €147 mn (+35% YoY), with margin expanding to 23% (+4 p.p. YoY), reflecting operational efficiency, scale benefits and strong profitability across all segments

  • Backlog of €315 mn, exclusively related to Waste Collection services (excluding EGF's regulated future revenues, which generated €392 mn in FY2025), with Portugal representing 44% of the total

  • Significant investment opportunities in Portugal linked to European sustainability targets for 2035 (PERSU 2030), creating structural growth potential through technology upgrades, innovative business models, circular economy solutions and waste-to-energy developments

  • The Environment unit combines regulated cash-flow visibility with margin expansion and sustainability-driven growth, reinforcing the Group's

resilience and long-term value creation profile

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