Mota-Engil, SGPS, S.A. informs on: Earnings Release regarding the first half of 2025

FIRST HALF 2025

1

27 AUGUST 2025

1. Key Highlights Page 3

2. Results Overview Page 7

   TABLE OF CONTENTS

3. Business Units

   1. Europe E&C

   2. Africa E&C

   3. Latin America E&C

   4. Environment

      Page 17

      EARNINGS RELEASE 1H25

   5. Mota-Engil Capital, Mext and Energy

4. Final Remarks and 2025 Guidance Page 30

5. Q&A Page 32

2

2

EARNINGS RELEASE 1H25

3

EARNINGS RELEASE 1H25

KEY HIGHLIGHTS

BACKLOG1 TURNOVER EBITDA

NET PROFIT2

€14.7bn

(-6% YTD)

€2,745mn (+0.5% YoY)

€448mn (+13% YoY; 16% margin)

€59mn

(+20% YoY; 2.2% net margin)

Dec. 24 Jun. 25

1H24 1H25

1H24 1H25

1H24 1H25

NET DEBT

€1,695mn

GROSS DEBT3

€2,968mn

CAPEX

€194mn

CFO

€536mn

EQUITY

€776mn

(ND/EBITDA

LTM

1.68x)

(GD/EBITDA

LTM

2.95x)

(-37% YoY)

(+€98 mn YoY)

(Equity/Assets 10%)

1Additional €1.36 bn awarded after June 2025. 2After non-controlling interests. 3Includes leasing, factoring and confirming.

EARNINGS RELEASE 1H25

KEY HIGHLIGHTS

Largest awards

Chosen by clients, securing the future

€490 mn: Oil&Gas maintenance services for Petrobras in Brazil

€614 mn: Industrial Engineering with

Lydian Armenia CJSC (United Gold) in

Armenia

€800 mn (Mota-Engil's stake): first

stretch of the high-speed train (formally signed in July and financial close reached)

€108 mn: building construction project in

Lisbon (August)

€292 mn: Queretaro-Irapuato railway project in Mexico (August)

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

Financing

Strengthened by leading financial partners

€95 mn: issuance of the 2025-2030 Sustainability linked bonds, with demand 1.9x the initial amount of €50 mn (May)

€170 mn: sustainability-linked loan, supported by an African Development Bank (AfDB) partial credit guarantee of €120 mn (July)

€75 mn: private placement bond issue with the Industrial and Commercial Bank of China (July)

€120 mn: loan with the Bank of China (July)

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

US$200 mn: financing agreement signed between the International Finance Corporation (World Bank) and Mota-Engil SGPS (August)

Corporate

Recognised by the market and strategically positioned to grow

Completed the strategic acquisition of the remaining 50% stake in

ECB, in Brazil, now fully owned by the Group (May)

Approval of a dividend per share of €0.1497 (payment in June)

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)

#76 Worldwide (2024: #79)

5

Sustainability

Committed to lasting sustainable impact

First annual report (FY2024) compliant with the

Corporate Sustainability Reporting Directive (CSRD)

First Rainforest Alliance certification in Mamaland, RaRe: Rainforest Recovered project

Best place to work in the Infrastructures & Construction

segment by "Merco Talento Universitário 2024" ranking

Main events since December 2024

EARNINGS RELEASE 1H25

KEY HIGHLIGHTS

Solid execution on Building '26 and preparing the Upcoming Cycle

Sustainable growth

Profitability

Cash-flow

Balance sheet

1H25

Best ever first half (€2,745 mn)

and LTM turnover of €5,964 mn

EBITDA margin of 16%

Net margin of 2.2%

CFO €536 mn (+€98 mn YoY)

Net Debt/EBITDALTM of 1.68x Gross Debt/EBITDALTM of 2.95x

Turnover €6 bn

EBITDA margin of 16%

Net margin of 3%

Cash-flow improvement

Net Debt/EBITDA < 2x

Gross Debt/EBITDA < 4x

2026 goals

Goals delivered, value creation accelerated

6

RESULTS OVERVIEW

EARNINGS RELEASE 1H25

7

EARNINGS RELEASE 1H25

RESULTS OVERVIEW

Record first half net profit of €59 mn (+20% YoY)

• Turnover reached €2,745 mn, up 0.5% YoY, driven by strong performance in Africa, particularly in E&C and especially in Industrial Engineering, as well as consistent growth in the Environment segment, whilst Latin America reflected a transition period following two consecutive years of significant growth, largely driven by the Tren Maya project in Mexico

• EBITDA amounted to €448 mn, with the margin expanding to 16%, reflecting improved profitability, which increased by 13% YoY, driven by robust performance across all business segments

• Net financial results and others reflect the impact of significant capex made in recent years, as well as the interest rate mix of local currency debt in Africa and Latin America, while a more visible improvement is expected from 2026 onwards, driven by the favorable trend in global interest rate curves

  Group Net profit 59 49 20%

• Associates reflect the expected performance during the initial stage of the recently operations of the Lobito Corridor in Angola and the new Mexican concessions

  Margin

  1.8% 0.4 p.p.

• Non-controlling interests are primarily related to the key operations in Mexico, Nigeria and Angola

• Group Net profit reached €59 mn, up 20% YoY - a record level for a first half - resulting in a continuous improvement in net margin, which reached 2.2% 8

EARNINGS RELEASE 1H25

RESULTS OVERVIEW

16% EBITDA margin highlights a sustained commitment to profitability

P&L breakdown (€ mn) 1H25 %T 1H24 %T YoY

• In the E&C segment, Africa continued the growth trend observed in 1Q25, standing out as the region with the strongest growth and profitability, driven by both the E&C and Industrial Engineering segments,

  Turnover (T) 2,745 2,732 0.5%

  Engineering&Construction

  Europe Africa

  E&C

  E&C	997	1,204	(17%)
  Energy and Concessions	94	282	(67%)

  Industrial Engineering Latin America

  Other and intercompany Environment

  EBITDA	448	16%	396	15%	13%
  Engineering&Construction	379	16%	335	14%	13%
  Europe	19	8%	22	7%	(13%)
  Africa	255	24%	145	22%	77%

  Capital and MEXT Other and intercompany

  E&C

  Industrial Engineering Latin America

  E&C

  Energy and Concessions Environment

  Capital and MEXT Other and intercompany

  2,380

  242

  1,047

  690

  357

  1,091

  (0)

  304

  61

  -

  153

  102

  105

  102

  3

  65

  4

  -

  2,439 (2%)

  297 (18%)

  659 59%

  468 48%

  191 87%

  1,487 (27%)

  (4) n.m.

  264 15%

  63 (3%)

  (34) n.m.

  22% 92 20% 67%

  29% 53 28% 93%

  10% 168 11% (37%)

  10% 139 12% (26%)

  3% 29 10% (90%)

  22% 54 21% 20%

  6% 4 7% (14%)

  3 n.m.

  and consistently delivering as expected following the recent contract awards

• In Latin America, after more than two years of strong double-digit turnover growth, activity adjusted as expected following the completion of the Tren Maya project in Mexico, while profitability remained resilient

• In Europe, performance was impacted by tender and award delays following unexpected elections in Portugal, with some projects only recently unblocked, and public investment is expected to gain momentum from 2026. Turnover declined YoY due to the sale of the Polish operations (€79 mn in 1H24), while the EBITDA margin improved to 8%

• The E&C EBITDA margin of 16% reflects the successful execution of a disciplined commercial strategy, rigorous project selection, and ongoing operational optimisation, with profitability and cash generation consistently remaining the main focus

• The Environment segment recorded a significant turnover growth (+15% YoY) and a strong EBITDA increase (+20% YoY), contributing to consistent profitability and a sustainable long-term cash flow generation profile

• The OPEX50 efficiency program has positively contributed to strengthening the Group's overall culture of efficiency and its ongoing drive for improved profitability, delivering both immediate and long-term enhancements in business performance 9

EARNINGS RELEASE 1H25

RESULTS OVERVIEW

€14.7 bn backlog1 secures 2.7 years of E&C turnover visibility

Backlog evolution (€ mn)

Backlog by Business Unit

E&C backlog by segment

E&C

Environment + Capital

13,723

14,724

13,369

355

14,291

433

15,277

324

15,602

Jun. 24 Dec. 24 Jun. 25

ENVIRONMENT

+ CAPITAL AND MEXT

27% LATIN

AMERICA E&C

6%

EUROPE E&C

3%

14,724 mn

38% AFRICA E&C

26% AFRICA IE2

INDUSTRIAL ENGINEERING

24%

RAILWAY

45%

ROADS

AND OTHERS

14,291 mn

26%

5%

CIVIL CONSTRUCTION

• Backlog reached €14.7 bn, following an order intake of €1.7 bn in 1H25

• The core markets accounted for c.68% of the E&C backlog, with Angola, Mexico, and Nigeria representing 21%, 16%, and 12%, respectively

• The Industrial Engineering activity represents 26% of the backlog, ensuring growth and a regional leading position in the segment, with solid and predictable margins both currently and in the future, as projects have an average execution period of five years, typically followed by contract extensions

• Backlog does not include recently awarded projects with a total amount of c. €1.36 bn:

  1. In Portugal: the first stretch of the high-speed train Porto-Oiã (€800 mn) and a building construction project in Lisbon (€108 mn);

  2. In Mexico: the Queretaro railway project (c. €292 mn);

  3. In Rwanda: additional awards under Work Stream II of the Bugesera International Airport (c. €162 mn)

     1Does not include EGF's Waste Treatment business which still has a nine-year contract duration (LTM turnover: €356 mn).

     2Industrial Engineering. 10

     EARNINGS RELEASE 1H25

     RESULTS OVERVIEW

     
     
     
     
     
     

     Major E&C and Industrial Engineering projects currently in backlog1

     Project	Range (€ mn)	Country	Segment	Contract start year	Exp. year of completion	Customer
     Fertilizer industrial plant	> 1,000	Mexico	Buildings	2024	2028	PEMEX
     Kano - Maradi / Kano Dutse	[500,1,000[	Nigeria	Railway Infrastructures	2021	2026	Federal Ministry of Transportation
     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
     Kano-Maradi-Dutse project - Rolling stock	[500,1,000[	Nigeria	Railway Infrastructures	2023	2026	Federal Ministry of Transportation
     Amulsar Gold Mine	[500,1,000[	Armenia	Industrial Engineering	2025	2031	Lydian Armenia CJSC
     Infrastructures of the Corimba waterfront	[500,1,000[	Angola	Road Infrastructure	2024	2029	Ministry of Public Works, Urbanism and Housing
     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
     Moatize Mine	[300,500[	Mozambique	Industrial Engineering	2024	2027	Vulcan
     Boto Gold Mine	[300,500[	Senegal	Industrial Engineering	2023	2029	Managem Group
     HLO - Oriental Lisbon Hospital	[300,500[	Portugal	Civil Construction	2024	2027	HLO - Sociedade Gestora do Edifício, S.A.
     Lafigué Mine	[300,500[	Ivory Coast	Industrial Engineering	2022	2028	Endeavour Mining PLC
     Monterrey Subway L4, 5 y 6	[300,500[	Mexico	Railway Infrastructures	2022	2027	Gobierno del Estado de Nuevo Leon
     Sadiola Mine	[300,500[	Mali	Industrial Engineering	2024	2028	Allied Gold Corporation
     TRI-K Gold Project	[200,300[	Guinea	Industrial Engineering	2024	2026	Managem Group
     Consorcio Metro 80 Medellin	[200,300[	Colombia	Railway Infrastructures	2022	2027	EMP - Empresa Metro de Medellin
     Cabinda-Miconje rehabilitation	[200,300[	Angola	Road Infrastructure	2023	2027	Ministry of Public Works, Urbanism and Housing
     Maintenance and securiy services in Espírito Santo Basin	[200,300[	Brazil	Oil&Gas services	2025	2029	Petrobras
     Autopista Tultepec - Pirámides	[200,300[	Mexico	Road Infrastructure	2020	2028	Concesionaria Tultepec-AIFA-Pirámides
     Engineering, preparation, removal and disposal of platforms	[200,300[	Brazil	Oil&Gas services	2025	2030	Petrobras
     Banana Port	[200,300[	Democratic Republic of Congo	Port Infrastructures	2025	2027	DP World
     Extension of the red line Lisbon subway	[200,300[	Portugal	Railway Infrastructures	2023	2027	Metropolitano de Lisboa EP
     Rehabilitation of the general infrastructures of the Nova Vida urbanization	[200,300[	Angola	Civil Construction	2024	2028	Ministry of Public Works, Urbanism and Housing

     1Selection of projects above €200 mn plus 12 projects above €100 mn. 11

     EARNINGS RELEASE 1H25

     RESULTS OVERVIEW

     
     
     
     
     
     

     Optimising investment: Prioritised for high-return projects with sharply reduction vs 1H24

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

     194 309

     14

     6 156 9

     9 14

     Capital + Others

     14

     140

     15

     16

     Environment 9

     LT contracts1
     E&C growth
     
     

     E&C maintenance

     LT contracts1
     Growth
     
     

     Maintenance

     1

     14

     3

     139

13

1

6 1 9

7

1H25 1H24

Europe E&C Africa E&C Latin Environment Capital +

America E&C Others

• Capex amounted to €194 mn, a reduction of €115 mn (-37% YoY), representing 7% of Turnover, fully aligned with FY25 guidance and reflecting a disciplined investment approach

• 80% of capex was allocated to E&C growth and long-term contracts, primarily for new Industrial Engineering projects in Africa signed in 2H24, supporting the Group's strategy to focus on high-return and long-duration opportunities

• Maintenance capex in E&C accounted for less than 1% of turnover, benefiting from the successful optimisation of equipment management

  and procurement, which continues to enhance operational efficiency

• In the Environment unit, €9 mn was invested, with 89% directed to the regulated Waste Treatment business in Portugal (EGF), a stable asset-based investment model ensuring predictable returns and long-term value

  1Includes Industrial Engineering contracts in Africa and the Energy business in Latin America. 12

  EARNINGS RELEASE 1H25

  RESULTS OVERVIEW

  
  
  
  
  
  

  Strengthening the balance sheet with debt control, a strategic priority

  
  
  

  Total equity and Equity-to-Assets ratio

  11%

  531

10%

10%

8%

8%

849

746

776

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

Total equity Equity-to-Assets ratio

• Working capital performance partially offset typical seasonal patterns, supported by significant collections in Nigeria and Angola, resulting in a Working capital & long-term balances to Turnover (LTM) ratio of 7% - effective cash conversion and strong commercial discipline

• The Equity-to-Assets ratio stood at 10%, following dividend distributions by the Group and its subsidiaries, typically concentrated in the

  first half of the year - generate consistent and distributable profits

• Strong commitment to capital structure reinforcement, supported by robust business-generated profitability and ongoing asset management optimisation initiatives - long-term financial resilience and sustainability

  1LFC - Leasing, factoring and confirming. 13

  EARNINGS RELEASE 1H25

  RESULTS OVERVIEW

  
  
  
  
  
  

  Debt reduction (-€64 mn) driven by solid cash-flow generation (€536 mn CFO) and selective investment criteria (capex -37% YoY)

  2,410

  6781

  194

  448

  CFO €536 mn

  58 146

  32

  56

  117

  73

  2,346

  6511

  1,732

  1,695

  Net debt + LFC1	EBITDA	Income	Change in	Working capital	Capex	Concessions	Net financial	Dividends	Net debt + LFC1
  Dec.24		tax	working capital &	(milestone based			interests and		Jun.25
  			others	impact)			others

  16% margin

  Effective tax rate

  32%

  7% of

  turnoverLTM/working capital & long-term balances

  To be monetised in

  line with the next milestone

  7% of turnover/80%

  for growth and LT contracts

  Lobito Corridor and

  Mexican concessions

  7.6% average

  interest rate/multi currency mix

  €46 mn EGL (div.

  yield 4.4%2)

  +minorities)

  1Leasing, factoring and confirming. 14

  2Price at 31/12/2024 €2.914.

  EARNINGS RELEASE 1H25

  RESULTS OVERVIEW

  
  
  
  
  
  

  Consistent delivery on debt ratios with €37 mn Net Debt reduction YTD

  Net Debt1 and Net Debt/EBITDA Gross Debt2 and Gross Debt/EBITDA

  
  
  

  1,732 1,695

  1,175

  1,268

  1.81x

  1.68x

  1.40x

  1.44x

  Dec. 23 Jun. 24 Dec. 24 Jun. 25

  Net Debt Net Debt / EBITDA

• Net Debt decreased by €37 mn compared to December 2024

• Continuing compliance with debt ratios, with Net Debt/EBITDALTM reducing to 1.68x and Gross Debt/EBITDALTM falling to 2.95x, both

  remaining below the targets set in the Building '26 strategic plan

• Leasing, factoring, and confirming operations decreased to €651 mn (€678 mn as of December 2024)

  1Net debt considers Mozambique's sovereign bonds as "cash and cash equivalents," which amounted to €18 mn in June 2025 (nominal value €25 mn) and €21 mn in December 2024 (nominal value €25 mn).

  2Includes leasing, factoring and confirming.

  15

  EARNINGS RELEASE 1H25

  RESULTS OVERVIEW

  
  
  
  
  
  

  Solid liquidity position securing full responsibility coverage

  Liquidity: €895 mn

  Cash available €604 mn

  Sovereign bonds available

  €18 mn

  Undrawn credit lines

  €273 mn

  895

  Gross Debt1 maturity, June 2025

  
  
  

  187

805

505

Undrawn credit lines

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

Revolving

Liquidity position

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

• Liquidity position exceeds the total amount of non-revolving financing instalments due over the next three years, with all short-term obligations

  fully secured

• Average Gross Debt1 maturity increased to 2.8 years (2.5 years in Jun.24 and 2.7 years in Dec.24), driven by strategic refinancing operations with longer maturities, in line with the Group's objective to extend the average debt maturity profile

• Average cost of Gross Debt at 7.6%, down 0.1 p.p. compared to FY24, primarily influenced by the mix of interest rates on local currency financing operations

• Successful €95 mn issuance of Sustainability-Linked Bonds 2025-2030 in May, with demand reaching 1.9x the initial €50 mn offering

• Strengthening financing operations with Multilaterals, Development Finance Institutions (DFIs), and Chinese banks, with new loans signed after June (IFC, AfDB, Bank of China, and ICBC), contributing to the diversification of funding sources while securing longer maturities and more competitive pricing

16

1Excluding leasing, factoring and confirming.

BUSINESS UNITS

EARNINGS RELEASE 1H25

17

ENGINEERING

AND CONSTRUCTION

EARNINGS RELEASE 1H25

18

18

Europe E&C

HIGHLIGHTS 1H25

COUNTRIES

TURNOVER

BACKLOG

PORTUGAL・SPAIN

EARNINGS RELEASE 1H25

19

19

EARNINGS RELEASE 1H25

EUROPE

Large-scale projects pipeline drives growth opportunities

Turnover EBITDA

€242 mn €19 mn

(-18% YoY) (-13% YoY)

EBITDA margin

8%

( +1 p.p. YoY)

• E&C Europe turnover decreased by 18% YoY to €242 mn, primarily due to the sale of the Polish E&C operations in September 2024 (which had contributed €79 mn in 1H24), while in contrast, the Portuguese

  operations grew by 11% YoY, although some award and site handover delays, triggered by the unexpected elections in Portugal, have impacted the initial estimates for FY25

• EBITDA totalled €19 mn, down €3 mn YoY, but with the EBITDA margin increasing to 8% and the result was impacted by the Polish operations, which had contributed €4 mn in 1H24, but profitability in Portugal remained resilient, reaching 8.4%

• Backlog reached €894 mn, with ongoing works mainly in transport and healthcare infrastructure, including the new Lisbon Hospital and metro projects in the Lisbon area

  
  
  

• The contract for the first stretch (Porto-Oiã) of the high-speed train project was signed, and the financial close was reached in July, for €800 mn (not included in the 1H25 backlog) with execution to begin in 2026 and continue throughout 2030

• Recent award signed after June include a building construction project for a private client (€108 mn) not included in the backlog as of June 2025

• Strategic public infrastructure projects in the pipeline, including the announced investments in ports, two

  Tagus River connections, and a new hospital in the Algarve, along with other significant private sector

  projects that will drive a more dynamic growth path in Portugal in the near future 20

  Africa E&C

  16

  COUNTRIES

  HIGHLIGHTS 1H25

  1,047M€

  TURNOVER

  9,429M€

  BACKLOG

  ANGOLA · MOZAMBIQUE· MALAWI SOUTHAFRICA · ZIMBABWE· UGANDA ·

  RWANDA· GUINEA-CONAKRY · CAMEROON· IVORY COAST· KENYA· NIGERIA· SENEGAL · ETHIOPIA · DEMOCRATIC REPUBLIC OF CONGO · ARMENIA

  EARNINGS RELEASE 1H25

  21

  21

  
  
  

  EARNINGS RELEASE 1H25

  AFRICA

  
  
  
  
  
  

  Robust performance and key partnerships fuelling Africa expansion

  
  
  

  Turnover EBITDA

  €1,047 mn €255 mn

  (+59% YoY) (+77% YoY)

  EBITDA margin 24%

  (+ 2 p.p. YoY)

  
  
  

• Significant turnover growth of 59% YoY to €1,047 mn, mainly driven by the Kano-Maradi railway in Nigeria, major infrastructure projects in Angola and a 87% increase in Industrial Engineering

• Core markets (Angola, Mozambique and Nigeria) account for 47% of turnover and 53% of regional EBITDA

• Remarkable EBITDA reaching €255 mn, up 77% YoY, with a margin of 24%, driven by improved profitability in both E&C and Industrial Engineering

• Backlog hit a record of €9.4 bn, with €3.8 bn tied to long-term Industrial Engineering contracts, positioning Mota-Engil as a clear leader in this segment across the continent, being this strength, combined with the large-scale infrastructure projects, a solid foundation for continued strong profitability and robust cash generation in the coming years

  
  
  

• Mozambique is expected to become a key value growth driver in the near future with the resumption of LNG projects, as recently confirmed by Total Energies' CEO and the Government of Mozambique, following a four-year suspension due to security concerns

• Key milestones in the recognition of Mota-Engil Africa's credibility by leading international institutions:

  • The €120 mn partial credit guarantee provided by the African Development Bank - supporting a minimum

    €170 mn sustainability-linked loan and marking the AfDB's first non-sovereign agreement of this kind

  • The US$200 mn financing agreement signed between the International Finance Corporation and Mota-Engil SGPS, with proceeds primarily allocated to projects in Africa

These landmark transactions strengthen Mota-Engil's relationships with leading Multilaterals and DFIs,

positioning the Group as a key platform for attracting capital into the continent 22

EARNINGS RELEASE 1H25

AFRICA

Industrial Engineering - Long-term model fuelling profitable growth

• Industrial Engineering activity reached a turnover of €357 mn, up 87% YoY, and an EBITDA of €102 mn, up 93% YoY, with a margin of 29%, a strong performance that results primarily from the strategic decision to undertake significant investments in new contracts secured in recent years, most of which are now in full execution phase

• Ten projects currently in execution, each with an average tenor of five years, excluding contractual extensions that typically follow the initial contract

• A backlog of €3.8 bn sustains recurrent activity and visibility for upcoming cycles, reinforced by the recently added contract signed in Armenia with

  Lydian Armenia (85% owned by United Gold), amounting to €614 mn

• Several projects in the pipeline, always following a careful selection of clients, will strengthen Mota-Engil's positioning as the largest player in Africa and one of the top players worldwide

• Recurring contract renewals or extensions, leveraged by a reliable long-term track record based on competitiveness and strong performance delivered

  to clients, operational excellence, and strategic relationships with tier-1 clients

• An industrial activity that brings cash flow predictability throughout the contract life, with significant potential for efficiency improvements during the

  execution period and contract extensions 23

  Latin America E&C

  HIGHLIGHTS 1H25

  5

  COUNTRIES

  1,091M€

  TURNOVER

  3,968M€

  BACKLOG

  MEXICO· PERU· BRAZIL· COLOMBIA · PANAMA

  EARNINGS RELEASE 1H25

  24

  24

  
  
  

  EARNINGS RELEASE 1H25

  LATIN AMERICA

  
  
  
  
  
  
  
  
  

  Strong backlog and strategic moves pave the way for future growth

  Turnover EBITDA

  €1,091 mn €105 mn

  (-27% YoY) (-37% YoY)

  EBITDA margin

  10%

  (-1 p.p. YoY)

  
  
  

  • Turnover in Latin America reached €1,091 mn, down 27% YoY, in line with expectations and previous guidance, reflecting the planned conclusion of the Tren Maya project in México in 2024

  • EBITDA stood at €105 mn, with a solid margin of 10%

  • Backlog remains robust at €4 bn, with 59% in Mexico and 30% spread across Brazil and Colombia, ensuring visibility and diversification and not including the recently awarded Queretaro-Irapuato railway project in Mexico worth c.€292 mn

    
    
    

  • In May 2025, Mota-Engil completed the strategic acquisition of the remaining 50% stake in ECB Brazil, now fully owned by the Group, opening up further opportunities in the country in light of the massive Infrastructure Investment Plan currently underway and the substantial prospects are presented by the significant investment program being implemented by Petrobras, where Mota-Engil has positioned itself competitively and has recently secured key contracts

  • The pipeline is highly promising, particularly under Plan Mexico 2025-2030, which includes a portfolio of over US$277 bn in investments across 2,000 projects, covering highways, railways (5,645 km of passenger lines), industrial parks, and clean energy generation (21.9 GW of new capacity in six years)

  • Asset Rotation Policy remains a key pillar of the financial strategy, allowing continued reinvestment in the

    region's most strategic and value-accretive opportunities 25

    Environment

    EARNINGS RELEASE 1H25

    26

    
    
    

    EARNINGS RELEASE 1H25

    ENVIRONMENT

    
    
    
    
    
    
    
    
    

    Growing turnover and elevated profitability

    Turnover EBITDA

    €304 mn €65 mn

    (+15% YoY) (+20% YoY)

    EBITDA margin

    22%

    (+1 p.p. YoY)

    
    
    

  • Turnover increased by a solid 15% YoY to €304 mn, driven by strong growth in key activities. Waste Collection surged 23% YoY and International activities grew 16% YoY. The Waste Treatment and International segments now represent 54% and 27% of turnover, respectively, highlighting a balanced and diversified portfolio

  • EBITDA rose 20% YoY to €65 mn, with the margin improving to 22%, supported by enhanced profitability across core activities

    
    
    

  • The backlog1 stands at €341 mn, exclusively linked to Waste Collection services, with 47% concentrated in Portugal

  • The new regulatory period for the Waste Treatment activity (EGF), covering 2025 to 2027, anticipates growth in both turnover and profitability, as already partially evidenced in the first half of 2025

  • Significant investments are planned in Portugal to achieve the ambitious European sustainability targets by 2035, presenting a crucial opportunity to advance cutting-edge technologies and innovative business models, reinforcing Mota-Engil's leadership in the sector and its commitment to a sustainable future

    1 Excludes future revenues from concession contracts (Waste Treatment). 27

    Mota-Engil Capital, MEXT and Energy

    EARNINGS RELEASE 1H25

    28

    28

    
    
    

    EARNINGS RELEASE 1H25

    MOTA-ENGIL CAPITAL, MEXT AND ENERGY

    
    
    
    
    
    
    
    
    

    Concession business with key milestones

    Turnover EBITDA

    €61 mn €4 mn

    (-3% YoY) (-14% YoY)

    EBITDA margin 6%

    (-1 p.p. YoY)

    
    
    

  • Turnover of €61 mn, impacted by the sale of the Polish operations (which contributed €11 million in 1H24),

    reflecting a streamlined focus on high-profitability markets

  • EBITDA of €4 mn, representing a profitability margin of 6%, broadly stable compared to 1H24

  • Concessional key projects underway: (i) the New Lisbon Hospital currently in the initial construction phase, and (ii) the high-speed train project that is advancing with the first stretch formally signed and with the financial close already reached

  • Foreseeable project pipeline:

    • Tender for the second stretch of the high-speed train is scheduled for 2H25

      
      
      

    • Concessional program that includes logistics and ports (Portos 5+), healthcare infrastructures and two Tagus river connections

  • Developments in other strategic segments:

    • Real Estate investments led by Emerge, targeting high-value residential and office projects such as

      Aurios, M-ODU, Co-living Beato and Central Freixo

    • Mota-Engil Energia driving innovation through waste-to-value initiatives, including five biomethane production projects financed by the European Union's Recovery and Resilience Facility, alongside

several other identified projects slated for development starting in 2026 29

FINAL REMARKS AND 2025 GUIDANCE

EARNINGS RELEASE 1H25

30

30