Obrascón Huarte Lain S A : Financials Statements and Directors´Report together with Independent Auditor´s Report (OHL S.A Financials Statements and Directors Report 2025 together with Independent Auditor´s Report)

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OBRASCÓN HUARTE LAIN, S.A. Financial Statements and Management Report for the year ended 31 December 2025, together with the Independent Auditor's report Audit Report on Financial Statements issued by an Independent Auditor OBRASCÓN HUARTE LAIN, S.A. Financial Statements and Management Report for the year ended December 31 st , 2025 (Free translation from the original in Spanish) Ernst & Young, S.L. C/ Raimundo Fernández Villaverde, 65 28003 Madrid Tel: 902 365 456 Fax: 915 727 238 ey.com AUDIT REPORT ON FINANCIAL STATEMENTS ISSUED BY AN INDEPENDENT AUDITOR Translation of a report and financial statements originally issued in Spanish. In the event of discrepancy, the Spanish-language version prevails (See Note 22) To the shareholders of OBRASCÓN HUARTE LAIN, S.A.: Report on the financial statements Opinion We have audited the financial statements of OBRASCÓN HUARTE LAIN, S.A. (the Company), which comprise the statement of financial position December 31 st , 2025, the statement of profit or loss, the statement of changes in equity, the statement of cash flows, and the notes thereto for the year then ended. In our opinion, the accompanying financial statements give a true and fair view, in all material respects, of the equity and financial position of the Company as at December 31 st , 2025 and of its financial performance and its cash flows for the year then ended in accordance with the applicable regulatory framework for financial information in Spain (identified in Note 2.1 to the accompanying financial statements) and, specifically, the accounting principles and criteria contained therein. Basis for opinion We conducted our audit in accordance with prevailing audit regulations in Spain. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements, including those related to independence, that are relevant to our audit of the financial statements in Spain as required by prevailing audit regulations. In this regard, we have not provided non-audit services nor have any situations or circumstances arisen that might have compromised our mandatory independence in a manner prohibited by the aforementioned requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key audit matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our audit opinion thereon, and we do not provide a separate opinion on these matters. Domicilio Social: Calle de Raimundo Fernández Villaverde, 65. 28003 Madrid - Inscrita en el Registro Mercantil de Madrid, tomo 9.364 general, 8.130 de la sección 3 a del Libro de Sociedades, folio 68, hoja nº 87.690-1, inscripción 1 a . C.I.F. B-78970506. Recognition of revenue from construction contracts Description As described in Note 4.11 to the accompanying financial statements, revenue is recognised using the percentage of completion method. Under this method, revenue is recognised based on costs incurred relative to total costs to be incurred. This requires measuring the proportion that costs incurred bear to total budgeted costs at the measurement date, and recognising revenue and margins in proportion to the total expected revenue and margins. The recognition of revenue from these contracts requires Company management to make significant estimates regarding, inter alia, the total costs required to perform the contract or the estimate of the margin considered in forecast revenue and estimated costs to be incurred, as well as the amount of any potential modifications and claims over the original contract that will finally be accepted by the customer. Due to the significance of the amounts involved, since this affects a considerable amount of total "Revenue" and the measurement of amounts to be billed for construction work performed, recognised in "Trade and other receivables" amounting to EUR 193,096 thousand at December 31st, 2025, as well as the complexity inherent in these estimates, which require Company management to make judgements in determining the assumptions considered, such that changes in these assumptions could give rise to material differences in the revenue recorded, we determined this to be a key audit matter. Information on the measurement bases used for these assets and the related disclosures on revenue are provided in Notes 4.11, 9.3 and 17.1 to the accompanying financial statements. Our response Regarding this matter, our procedures included, among others, the following: ▶ Understanding the process used by Company management and directors for revenue recognition and evaluating the design, implementation and operating effectiveness of the relevant controls established in that process. ▶ Selecting a sample of projects considering both quantitative and qualitative criteria, for which we obtained the related contracts to read and understand the most relevant clauses and their implications. ▶ Evaluating, for those contracts, the reasonableness of the assumptions used by Company management that affect revenue recognition by holding meetings with technical staff and managers in charge of carrying out projects, and analysing the reasons for any deviations between planned and actual costs and their impact on the estimate of the projects' margins. ▶ Analysing trends in margins relative to changes in selling prices and total budgeted costs. ▶ Evaluating the reasonableness of the estimate of amounts to be billed for construction work performed recognised as revenue at year-end, by verifying the situation of negotiations with customers of the main contracts and reviewing the reasonableness of the documentation supporting the probability of their recovery. ▶ Reviewing the disclosures made in the notes to the financial statements in conformity with the applicable financial reporting framework. Other information: management report Other information refers exclusively to the 2025 management report, the preparation of which is the responsibility of the Company's directors and is not an integral part of the financial statements. Our audit opinion on the financial statements does not cover the management report. Our responsibility for the management report, in conformity with prevailing audit regulations in Spain, entails: Checking only that the non-financial statement and certain information included in the Corporate Governance Report and in the Board Remuneration Report, to which the Audit Law refers, were provided as stipulated by applicable regulations and, if not, disclose this fact. Assessing and reporting on the consistency of the remaining information included in the management report with the financial statements, based on the knowledge of the entity obtained during the audit, in addition to evaluating and reporting on whether the content and presentation of this part of the management report are in conformity with applicable regulations. If, based on the work we have performed, we conclude that there are material misstatements, we are required to disclose this fact. Based on the work performed, as described above, we have verified that the information referred to in paragraph a) above is provided as stipulated by applicable regulations and that the remaining information contained in the management report is consistent with that provided in the 2025 financial statements and its content and presentation are in conformity with applicable regulations. Responsibilities of the directors and the audit and compliance committee for the financial statements The directors are responsible for the preparation of the accompanying financial statements so that they give a true and fair view of the equity, financial position and results of the Company, in accordance with the regulatory framework for financial information applicable to the Company in Spain, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so. The audit and compliance committee is responsible for overseeing the Company's financial reporting process. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with prevailing audit regulations in Spain will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with prevailing audit regulations in Spain, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: ▶ Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ▶ Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. ▶ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. ▶ Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern. ▶ Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with the audit and compliance committee of the Company regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the audit and compliance committee of the Company with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated with the audit and compliance committee of the Company, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter. Report on other legal and regulatory requirements European single electronic format We have examined the digital file of the European single electronic format (ESEF) of Obrascón Huarte Lain, S.A. for the 2025 financial year, consisting of an XHTML file containing the financial statements for the year, which will form part of the annual financial report. The directors of Obrascón Huarte Lain, S.A. are responsible for submitting the annual financial report for the 2025 financial year, in accordance with the formatting requirements set out in Delegated Regulation EU 2019/815 of 17 December 2018 of the European Commission (hereinafter referred to as the ESEF Regulation). Our responsibility consists of examining the digital file prepared by the directors of the Company, in accordance with prevailing audit regulations in Spain. These standards require that we plan and perform our audit procedures to obtain reasonable assurance about whether the contents of the financial statements included in the aforementioned digital file correspond in their entirety to those of the financial statements that we have audited, and whether the financial statements and the aforementioned file have been formatted, in all material respects, in accordance with the ESEF Regulation. In our opinion, the digital file examined corresponds in its entirety to the audited financial statements, which are presented, in all material respects, in accordance with the ESEF Regulation. Additional report to the audit and compliance committee The opinion expressed in this audit report is consistent with the additional report we issued to the audit and compliance committee on March 24 th , 2026. Term of engagement The Annual General Shareholders' meeting held on June 27 th , 2025 appointed us as auditors for the year ended December 31 st , 2025. Previously, we were appointed by resolution of the Annual General Meeting of Shareholders for a period of one year and we have been performing the audit work uninterruptedly since the year ended December 31 st , 2021. ERNST & YOUNG, S.L. (Registered in the Official Register of Auditors under No. S0530) (Signed on the original version in Spanish) José Enrique Quijada Casillas (Registered in the Official Register of Auditors under No. 15310) March 24 th , 2026 OBRASCÓN HUARTE LAIN, S.A. Separate financial statements for the year ended 31 December 2025 Contents FINANCIAL STATEMENTS SEPARATE FINANCIAL STATEMENTS Statement of financial position as at 31 December 2025 and 2024. 1 Statement of profit or loss for the year ended 31 December 2025 and 2024. 3 Statement of changes in equity for the year ended 31 December 2025 and 2024. 4 Statement of cash flows for the year ended 31 December 2025 and 2024 6 NOTES TO THE SEPARATE FINANCIAL STATEMENTS CORPORATE INFORMATION 7 Name, registered address and activity 7 Recapitalisation in 2024 and new share capital increase in 2025 7 BASIS OF PREPARATION 9 Financial reporting framework applicable to the Company 9 True and fair view 9 Non-mandatory accounting policies applied 10 Comparative information 10 Critical issues regarding the measurement and estimation of uncertainty 10 PROPOSED DISTRIBUTION OF PROFIT 11 ACCOUNTING POLICIES 11 Intangible assets 11 Property, plant and equipment 12 Impairment of intangible assets and property, plant and equipment 12 Investment properties 13 Non-current assets held for sale 13 Leases 13 Financial instruments 14 Inventories 18 Foreign currency transactions 19 Income tax 19 Revenue and expenses 19 Provisions 21 Termination benefits 22 Liabilities arising from long-term employee benefits 22 Environmental assets, liabilities and activities 23 Joint operations 23 Current versus non-current classification 24 Statement of cash flows 24 Related party transactions 24 INTANGIBLE ASSETS 25 PROPERTY, PLANT AND EQUIPMENT 27 LEASES 29 Finance leases 29 Operating leases 29 EQUITY INVESTMENTS IN GROUP COMPANIES AND ASSOCIATES 30 FINANCIAL ASSETS 31 Investments in group companies and associates: non-current loans 32 Non-current financial investments 33 Trade receivables and advances from customers 34 Trade receivables from group companies 37 Trade receivables from associates 37 Current investments in group companies and associates 37 Current financial investments 40 Risk management policy 40 CASH AND CASH EQUIVALENTS 51 EQUITY AND SHAREHOLDERS' EQUITY 51 Share capital 51 Legal reserve 52 Share premium 52 Other reserves and other equity instruments 53 Limitations on the distribution of dividends 53 Treasury shares 53 PROVISIONS, AND CONTINGENT ASSETS AND LIABILITIES 54 Provisions 54 Contingent assets 54 Contingent liabilities 55 FINANCIAL LIABILITIES 61 Non-current and current loans and borrowings 62 Non-current and current borrowings with group companies and associates 63 Trade payables 65 TAX MATTERS 67 Current tax receivables and payables 67 Reconciliation of accounting profit and taxable income 68 Breakdown of Spanish income tax 68 Tax recognised in equity 69 Deferred tax assets 69 deferred tax liabilities 70 Years open to inspection and tax audits 70 Global minimum tax (Pillar Two) 71 UTEs 71 REVENUE AND EXPENSES 71 Revenue 71 Cost of sales 73 Long-term employee benefit expenses 74 Losses on, impairment of and changes in trade provisions 74 Third-party finance income and costs 74 Impairment and gains/(losses) on disposal of financial instruments 75 Foreign currency transactions and balances 75 Backlog 79 RELATED PARTY TRANSACTIONS AND BALANCES 80 Transactions with group companies and associates 80 Related party transactions and balances 80 Remuneration of directors and key management personnel and conflicts of interest 81 ENVIRONMENTAL DISCLOSURES 83 OTHER DISCLOSURES 83 Employees 83 Audit fees 84 Statement of cash flows 84 EVENTS AFTER THE REPORTING PERIOD 85 ADDITIONAL NOTE FOR ENGLISH TRASLATION 86 Appendix I - UTEs 87 Appendix II - Equity of Group companies 88 Appendix III - Investments in Group companies 89 Appendix IV - Investments in associates 90 Appendix V - Identification of companies included in investments in Group companies 91 EUR Thousand Statement of financial position as at 31 December 2025 and 31 December 2024 ASSETS Note 31/12/2025 31/12/2024 NON-CURRENT ASSETS Intangible assets 5 6 8 9.1 9.2 15.5 Patents, licenses, trademarks and similar rights 9 9 Computer software 1.964 1.827 Other intangible assets 845 968 Property, plant and equipment 2.818 2.804 Land and buildings 711 715 Machinery and technical installations 17.527 14.765 Other installations, equipment and furniture 3.037 5.005 Investments in concessions 32 33 Other PP&E 12.224 12.467 PP&E under construction and advances 2.016 1.054 Investment properties 35.547 34.039 Land 4 4 Buildings 725 741 Non-current investments in group companies and associates 729 745 Equity instruments 639.070 602.135 Loans to companies 14.220 10.602 Non-current financial investments 653.290 612.737 Equity instruments 13 13 Debt securities 2.225 4.687 Other financial assets 113.902 9.198 Deferred tax assets 116.140 10.806 13.898 16.954 TOTAL NON-CURRENT ASSETS 819.330 681.177 CURRENT ASSETS Non-current assets held for sale 8 10 9.3 9.4 9.5 15.1 15.1 9.6 9.7 11 - 44.458 Inventories Raw materials and other supplies 18.305 19.956 Auxiliary shop projects and site installations 1.911 500 Advances to suppliers and subcontractors 21.704 18.581 Trade and other receivables 41.920 39.037 Trade receivables 388.615 406.268 Trade receivables from group companies 77.843 39.100 Trade receivables from associates 6.839 5.958 Other receivables 66.005 43.048 Employee receivables 522 709 Current tax assets 32.517 32.400 Other taxes receivable 12.314 10.107 Current investments in group companies and associates 584.655 537.590 Loans to companies 31.956 29.372 Other financial assets 193.801 64.694 Current financial investments 225.757 94.066 Equity instruments 3 3 Loans to companies 862 1.518 Derivatives - 95 Other financial assets 77.535 265.516 Current prepayments and accrued income 78.400 12.517 267.132 17.439 Cash and cash equivalents Cash 156.175 155.230 Cash equivalents 16.176 9.665 172.351 164.895 TOTAL CURRENT ASSETS 1.115.600 1.164.617 TOTAL ASSETS 1.934.930 1.845.794 Note: The accompanying Notes 1 to 21 and Appendices I to V thereto are an integral part of the statement of financial position as at 31 December 2025. EUR Thousand Statement of financial position as at 31 December 2025 and 31 December 2024 Equity and liabilities Note 31/12/2025 31/12/2024 EQUITY SHAREHOLDERS' EQUITY Capital Registered capital Share premium Reserves Legal and bylaw reserves Other reserves (Own shares and equity holdings) Prior years' profit or loss Profit/(loss) for the year Other equity instruments TOTAL CAPITAL AND RESERVES 12.1 345.858 217.781 12.3 1.207.402 1.205.479 12.2 29.556 29.556 12.4 105.885 109.338 12.6 (346) (303) (947.919) (898.960) 3 65.804 (48.959) 12.4 960 - 807.200 613.932 TOTAL EQUITY 807.200 613.932 NON-CURRENT LIABILITIES Non-current provisions Long-term employee benefits Other provisions Non-current loans and borrowings Finance lease payables Other financial liabilities Deferred tax liabilities Non-current accruals TOTAL NON-CURRENT LIABILITIES 13.1 2.005 4.749 7.799 7.585 9.804 12.334 14.1 7.1 1.131 1.193 46.435 52.397 47.566 53.590 15.6 9.571 8.807 17.5 30.279 30.607 97.220 105.338 CURRENT LIABILITIES Current provisions 13.1 91.833 83.054 Loans and borrowings 14.1 Bank borrowings 12.053 49.781 Finance lease payables 7.1 2.251 2.204 Other financial liabilities 29.305 11.629 43.609 63.614 Current loans and borrowings with group companies and associates 14.2 126.698 170.307 Trade and other payables Trade payables 385.746 441.495 Trade notes payable 80.007 80.330 Trade payables to group companies 14.3.2 33.191 34.981 Trade payables to associates 14.3.2 18.156 18.392 Personnel (salaries payable) 16.271 19.596 Current tax liabilities 15.1 5.778 5.110 Other taxes payable 15.1 40.252 39.682 Advances from customers 9.3 188.969 169.963 768.370 809.549 TOTAL CURRENT LIABILITIES 1.030.510 1.126.524 TOTAL EQUITY AND LIABILITIES 1.934.930 1.845.794 Note: The accompanying Notes 1 to 21 and Appendices I to V thereto are an integral part of the statement of financial position as at 31 December 2025. EUR Thousand Statement of profit or loss for the year ended 31 December 2025 and 31 December 2024 Note 2025 2024 Revenue Revenue Share of sales at UTEs (%) Change in inventories of auxiliary shops and site facilities Cost of sales: Cost of construction materials and machinery parts used Subcontracted work Other operating income: Non-trading and other operating income Grants related to income recognised in profit or loss Staff costs: Salaries, wages and similar Employee benefits expense Other operating expenses: External services Taxes other than income tax Losses on, impairment of and changes in trade provisions Other operating expenses Amortisation and depreciation Provision surpluses Impairment and gains/(losses) on disposals of property, plant and equipment Gains/(losses) on disposals and other I. OPERATING PROFIT/(LOSS) 17.1 754.519 796.314 279.273 205.666 1.033.792 1.001.980 1.412 (3.256) 17.2 (171.200) (192.834) (391.917) (416.216) 17.1 186.718 75.851 219 169 (206.577) (200.101) (34.709) (38.540) (228.533) (242.958) (9.978) (6.728) 17.4 13.880 15.572 (84.797) (7.231) 4.4, 5, 6 (13.688) (12.166) 4.468 - 5, 6 1.210 559 100.300 (25.899) Finance income: From investments in equity instruments Third parties 17.5 12 18 From marketable securities and other financial instruments: Group companies and associates 18.1 6.136 6.472 Third parties 17.5 8.701 12.220 Finance costs: On loans and borrowings from group companies and associates 14.2, 18.1 (5.103) (6.526) On loans and borrowings from third parties 17.5 (28.777) (21.974) Remeasurement of financial instruments at fair value Fair value through profit or loss 749 1.746 Exchange differences 5.523 (2.003) Impairment and gains/(losses) on disposal of financial instruments 17.6 Impairment and losses 100 129 Gains/(losses) on disposals and other (3.383) 27 II. NET FINANCE EXPENSE (16.042) (9.891) III. PROFIT/(LOSS) BEFORE TAX (I+II) 84.258 (35.790) Income tax expense 15.2 (18.454) (13.169) IV. PROFIT/(LOSS) FOR THE YEAR 65.804 (48.959) Note: The accompanying Notes 1 to 21 and Appendices I to V thereto are an integral part of the statement of profit or loss for the year ended 31 December 2025. EUR Thousand Statement of changes in equity for the year ended 31 December 2025 and 31 December 2024 STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025 2025 2024 PROFIT/(LOSS) FOR THE YEAR 65.804 (48.959) COMPREHENSIVE INCOME - - AMOUNTS TRANSFERRED TO PROFIT OR LOSS: - - Grants, donations and bequests received - - Tax effect - - TOTAL COMPREHENSIVE INCOME 65.804 (48.959) Note: The accompanying Notes 1 to 21 and Appendices I to V thereto are an integral part of the statement of changes in equity for the year ended 31 December 202 OBRASCÓN HUARTE LAIN, S.A. EUR Thousand Statement of changes in equity for the year ended 31 December 2025 and 31 December 2024 STATEMENT OF TOTAL CHANGES IN EQUITY FOR THE YEARS ENDED 31 December 2025 AND 2024 Capital and reserves Grants donations and bequests Total equity Capital Share premium Reserves (Own shares and equity holdings) Retained earnings (prior years' losses) Profit/(loss) for the year Other equity instruments Balance at 31 December 2023 147.781 1.205.479 141.121 (322) (851.913) (47.047) - - 595.099 Total recognised income/(expense) Transactions with equity holders or owners Capital increases/(reductions) (see Note 12.1) Transactions with shares or own equity instruments (net) -70.000 70.000 - - - - - -(2.227) (2.082) (145) -19 - 19 - - - - (48.959) - - - - - - - - - - - (48.959) 67.792 67.918 (126) Other changes in equity - - - - (47.047) 47.047 - - - Balance at 31 December 2024 217.781 1.205.479 138.894 (303) (898.960) (48.959) - - 613.932 Total recognised income/(expense) Transactions with equity holders or owners Capital increases/(reductions) (see Note 12.1) Transactions with shares or own equity instruments (net) -128.077 128.077 - -1.923 1.923 - -(3.453) (3.470) 17 -(43) - (43) - - - - 65.804 - - - - - - - - - - - 65.804 126.504 126.530 (26) Other changes in equity - - - - (48.959) 48.959 960 - 960 Balance at 31 December 2025 345.858 1.207.402 135.441 (346) (947.919) 65.804 960 - 807.200 Note: The accompanying Notes 1 to 21 and Appendices I to V thereto are an integral part of the statement of changes in equity for the year ended 31 December 2025. Obrascón Huarte Lain, S.A. - 2025 Separate Financial Statements OBRASCÓN HUARTE LAIN, S.A. EUR Thousand Statement of cash flows for the year ended 31 December 2025 and 31 December 2024 2025 2024 Note A) NET CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES 20.3 (76.933) 20.835 Profit/(loss) before tax 84.258 (35.790) Adjustments for: 20.3 13.940 7.221 (+) Amortisation and depreciation 13.688 12.166 (+/-) Other adjustments to profit/(loss), net (see Note 20.3) 252 (4.945) Working capital changes 20.3 (150.175) 68.203 Other cash flows used in operating activities: (24.956) (18.799) (-) Interest paid (29.681) (25.973) (+) Dividends received 17.5 12 18 (+) Interest received 11.564 17.069 (+/-) Income tax recovered/(paid) (13.453) (14.456) (+/-) Other amounts received from/(paid for) operating activities 6.602 4.543 B) NET CASH FLOWS USED IN INVESTING ACTIVITIES 20.3 (16.517) (10.012) Payments for investments: (25.208) (10.682) (-) Group companies, associates and business units (6.883) (2.711) (-) Property, plant and equipment, intangible assets and investment properties (14.951) (6.368) (-) Other financial assets (3.374) (1.603) Proceeds from sale of investments: 8.691 670 (+) Group companies, associates and business units 14 - (+) Property, plant and equipment, intangible assets and investment properties 4.882 514 (+) Other financial assets 3.795 156 C) NET CASH FLOWS FROM FINANCING ACTIVITIES 20.3 100.906 20.158 Proceeds from (and payments for) equity instruments: 126.504 67.792 (+) Issue 12.1 126.530 67.918 (-) Acquisition 12.6 (35.817) (15.055) (+) Disposal 35.791 14.929 Proceeds from (and payments for) financial liability instruments (37.728) 316 (+) Issue 2.435 332 (-) Redemption and repayment (40.163) (16) Dividends and interest on other equity instruments paid - - Other cash flows from/(used in) financing activities 12.130 (47.950) D) NET FOREIGN EXCHANGE DIFFERENCE - - E) NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (A+B+C+D) 7.456 30.981 F) CASH AND CASH EQUIVALENTS AT 1 JANUARY 11 164.895 133.914 G) CASH AND CASH EQUIVALENTS AT 31 DECEMBER (E+F) 11 172.351 164.895 Note: The accompanying Notes 1 to 21 and Appendices I to V thereto are an integral part of the statement of cash flows for the year ended 31 December 2025. OBRASCÓN HUARTE LAIN, S.A. NOTES TO THE SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ‌CORPORATE INFORMATION ‌Name, registered address and activity Obrascón Huarte Lain, S.A. ("OHL" or the "Company"), formerly Sociedad General de Obras y Construcciones Obrascón, S.A., was incorporated on 15 May 1911, with registered address at Paseo de la Castellana, 259-D. The company's object and business activity consist mainly of all manner of civil engineering and building construction works for public and private customers. Its object also includes the provision of public and private services, the operation of service concession arrangements and hotel complexes, real estate development and the sale of properties. The operations are primarily carried out in Spain, Latin America and elsewhere in Europe. ‌Recapitalisation in 2024 and new share capital increase in 2025 The Recapitalisation begun in 2024 was completed and became effective on 13 February 2025. It marked a major financial restructuring of the Group, with the following key components: Capital increases: two share capital increases were carried out for a combined EUR 150 million. A EUR 70 million capital increase without pre-emptive subscription rights ('Private placement'). A EUR 80 million capital increase with pre-emptive subscription rights for existing shareholders ('Rights Issue'). EUR 100 million of cash collateral securing the multi-product syndicated financing (MSF) and bilateral bonding lines. Proceeds from disposals, as follows: EUR 37.4 million from the sale of Centre Hospitalier de L'Université de Montréal. EUR 1.6 million from the sale of Whitehall Holdings S.à r.l. Amendments to the terms and conditions of the Notes issued by OHL Operaciones, S.A. in accordance with the consent solicitation, with approval by more than 90% of Noteholders: Extension of maturity to 31 December 2029. Review of PIK interest: 4.65% to January 2027, 6.15% from January 2027 and 8.95% from January 2028. Effective interest rate maintained at 5.1% Premium for voluntary early redemption if carried out with 18 months from the effective date. Greater financial flexibility through adjustments to other clauses. Payments and capitalisation of amounts under the Notes: Cash interest payable under the Notes for the interest period ended 15 September 2024 (exclusive), together with late payment interest accrued on that coupon to the effective date (exclusive) for EUR 11.4 million. Early redemption of Notes for EUR 139 million. Increase in the outstanding principal of the Notes as result of the capitalisation of the cash interest and PIK interest accrued from 15 September 2024 (inclusive) to the present date (exclusive) for EUR 19.7 million. Increase in the outstanding principal amount under the Notes as a result of the capitalisation of the OID Fee for EUR 6.6 million. This increase is an amount equal to the difference between the principal amount in the preceding paragraph and the result of multiplying that amount by 100/98 and will be distributed among OHLA Noteholders pro rata as a fee ("OID fee"). As a result, the outstanding principle under the Notes after the above actions stood at EUR 327.7 million. Payment of voting fees to Noteholders for EUR 2.2 million in relation to the Consent Solicitation and in accordance with the terms of the Lock-Up Agreement. Repayment and cancellation of the EUR 40 million bridging loan granted by CaixaBank and Banco Santander, and guaranteed by ICO. Amendments in guarantee facilities: Extension of the maturity of guarantee facilities for 12 months, with possibility of two subsequent automatic 12-month extensions subject to certain conditions. In addition, on 2 February 2026, an extension of the MSF and CESCE II facilities agreements was signed, with a new maturity set for 13 February 2027. Additional obligations, such as maintenance of a minimum balance in a centralised treasury account available at the end of each calendar quarter. On failure to comply with this requirement and to remedy this breach within three months, restrictions will be imposed on the availability of the MSF, CESCE (CESCE II) and new CESCE guarantee facilities agreements. This non-compliance would not trigger default of any above-mentioned agreements. As at 31 December 2025, the Group had met the minimum balance of EUR 100 million stipulated for that date. Restrictions to non-operating and uncommitted capex for non-compliance with conditions. New CESCE guarantee facility (CESCE III): A new guarantee line for up to EUR 260 million was signed on 6 March 2025, with minimum coverage of 50% by CESCE. Original maturity of 12 months, with possibility of two additional 12-month extensions subject to satisfaction of the same conditions as for existing guarantee facilities. On 2 February 2026, an extension of the CESCE III facility agreement was signed, with a new maturity set for 13 February 2027. Gradual drawdowns: the first EUR 210 million will be activated as existing collateral is released under the MSF guarantee facilities, in the same proportion; the remaining EUR 50 million are subject to additional terms and conditions. In addition to these transactions, in compliance with the agreed-upon commitments between OHLA Group, reference shareholders and financial creditors (Noteholders and financial institutions), in May 2025, the Company successfully completed a new EUR 50 million share capital increase with pre-emptive subscription rights (see Note 12.1), which was oversubscribed. This was carried out under the framework of the judgment handed down on 21 March 2025 by the Paris Court of Appeals dismissing the request to block the performance guarantees and advance payment guarantees provided by the Joint Venture formed by the Company and Rizzani de Eccher in favour of Kuwait under the Jamal Abdul Nasser Street contract. As a result, the interim measures were lifted and the guarantees enforced, resulting in a cash outflow of EUR 39.4 million for the Company (see Note 13.3.2). To mitigate this impact and reinforce the Group's liquidity position, on 27 March the Board of Directors agreed to carry out that share capital increase. ‌BASIS OF PREPARATION ‌Financial reporting framework applicable to the Company The accompanying financial statements were prepared by the directors in accordance with the financial reporting framework applicable to the Company, which is set out in: The Spanish Code of Commerce and other company law. The Spanish General Accounting Plan ( Plan General de Contabilidad ) approved by Royal Decree 1514/2007 of 16 November 2007, and subsequent amendments, the latest through Law 7/2024 of 20 December 2024, and industry adaptations. Mandatory standards approved by the Spanish Accounting and Auditing Institute ( Instituto de Contabilidad y Auditoría de Cuentas ) in implementing the General Accounting Plan and its implementing regulations. All other applicable Spanish accounting regulations. ‌True and fair view The accompanying financial statements were obtained from the Company's accounting records, which included the temporary business associations (UTEs) in which it has interests, and are presented in accordance with the financial reporting framework applicable to the Company and, in particular, with the accounting principles and rules contained therein and, accordingly, give a true and fair view of the Company's equity, financial position, results of operations and cash flows for the year. These financial statements, which were authorised for issue by the Company's directors, will be submitted for approval by shareholders at the Annual General Meeting. They are expected to be approved without any changes. The 2024 separate financial statements were approved at the Annual General Meeting held on 27 June 2025. As Obrascón Huarte Lain, S.A. is the head of a group of companies which make up the Obrascón Huarte Lain Group, under current legislation it must prepare consolidated financial statements separately. The consolidated financial statements were prepared in accordance with the International Financial Reporting Standards (IFRSs) in conformity with Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002. The 2025 consolidated financial statements of Obrascón Huarte Lain, S.A. and Subsidiaries prepared in accordance with the International Financial Reporting Standards as adopted by the European Union (EU-IFRS) show consolidated attributable equity of EUR 611,015 thousand and consolidated assets and profit attributable to the Parent of EUR 3,469,524 thousand and EUR 1,709 thousand, respectively. Obrascón Huarte Lain Group's 2025 consolidated financial statements, authorised for issue by the directors, will also be submitted for approval at the Annual General Meeting. The 2024 separate financial statements were approved at the Annual General Meeting held on 27 June 2025. ‌Non-mandatory accounting policies applied No non-mandatory accounting policies were applied. The directors have authorised for issue these financial statements taking into account all the mandatory accounting principles and standards with a significant effect thereon. All mandatory accounting principles were applied. ‌Comparative information In accordance with company law, for comparative purposes the Company presents for each item of the statement of financial position, the statement of profit or loss, the statement of changes in equity and the statement of cash flows, in addition to the figures for 2025, those for the previous period. Quantitative information for the previous period is also included in the notes to the financial statements unless an accounting standard specifically states that this is not required. ‌Critical issues regarding the measurement and estimation of uncertainty The preparation of these financial statements required the Company's directors to make estimates that affect the reported amounts of certain assets, liabilities, revenue, expenses and obligations recognised therein. These estimates relate basically to: The useful life of intangible assets and property, plant, and equipment, and impairment losses thereon (see Notes 4.1, 4.2 and 4.3). The assessment of possible impairment losses on certain assets (see Note 4.3). The recognition of construction contract revenue and contract costs (see Note 4.11). The amount of certain provisions (see Notes 4.12 and 13). The fair value of certain financial instruments (see Note 9). The assessment of potential contingencies for employment, tax and legal risks (see Notes 4.13, 13 and 15.7). Financial risk management (see Note 9.8). Although these estimates were made based on the best information available at year-end 2025 regarding the facts analysed, future events may require these estimates to be modified (upwards or downwards) in subsequent reporting periods. Any changes in accounting estimates would be applied prospectively. ‌PROPOSED DISTRIBUTION OF PROFIT The distribution of profit for the year proposed by the directors of Obrascón Huarte Lain, S.A. to be submitted for approval by shareholders at the General Meeting is as follows: EUR thousand 2025 profit 65,804 Appropriation: To the legal reserve 6,580 To the offset of prior years' losses 59,224 ‌ACCOUNTING POLICIES The main accounting policies used by the Company in preparing the annual financial statements in accordance with the 2007 General Accounting Plan ( Plan General de Contabilidad ) and its industry adaptation to construction companies in the 1990 General Accounting Plan, which are still effective in all matters that do not contravene the provisions of the new General Accounting Plan, were as follows: ‌Intangible assets As a general rule, intangible assets are measured on initial recognition at acquisition or production cost. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses. All of the Company's intangible assets have a finite useful life. Development expenditure The Company capitalises development expenditures incurred during the year that meet the following conditions: They are itemised by project and the cost can be clearly determined. There is evidence of the project's technical success and economic and commercial feasibility. The related assets are amortised on a straight-line basis over their estimated useful life (for a period of up to five years). Where there are doubts about the project's technical success and economic feasibility, any amounts capitalised are recognised directly in profit or loss for the period. Industrial property This item includes costs incurred to obtain the ownership of, or rights to use, the various types of intellectual property, including patents, utility model certificates, industrial designs and plant patents. Intellectual property is measured at acquisition or production cost, which includes the development expenditure incurred and capitalised when the outcome is successful and the property is placed on file in the appropriate register, and the intellectual property registration and formalisation costs. Research costs are not included under any circumstances. These assets are amortised on a straight-line basis over the estimated useful life, which is determined primarily by the period of protection. Computer software This item includes mainly costs arising from the installation and acquisition of computer software, which is amortised on a straight-line basis over a maximum period of four years. ‌Property, plant and equipment Property, plant and equipment are measured at cost, revalued in accordance with applicable legal provisions, including Royal Decree-Law 7/1996, net of accumulated depreciation and impairment losses, of any, as explained in Note 4.3. Costs incurred to enlarge, upgrade or improve property, plant and equipment which increase productivity, capacity or extend the useful life of the asset are capitalised as an increase in the cost of the asset. Upkeep and maintenance costs are expensed currently. Self-constructed property, plant and equipment are recognised at the accumulated cost, calculated by adding external costs and internal costs determined on the basis of the materials consumed in-house, direct labour incurred and manufacturing overheads. The Company depreciates its property, plant and equipment on a straight-line basis over the estimated useful lives of the assets. The estimated years of useful life of each group of assets are as follows: Years of estimated useful life Buildings 25-50 Machinery and technical installations 8-16 Other installations, equipment and furniture 10 Other property, plant and equipment 3-5 ‌Impairment of intangible assets and property, plant and equipment The Company reviews the carrying amount of its intangible assets and property, plant and equipment and compares it with the recoverable amount to determine whether the asset may be impaired. Recoverable amount is the higher of: Fair value less costs to sell: the price that would be agreed between two independent parties, and Value in use: estimate of the present value of the expected future cash flows. If the recoverable amount of an asset is below its carrying amount, an impairment loss is recognised. When an impairment loss subsequently reverses, income is recorded up to the amount of the previously recognised impairment loss. ‌Investment properties "Investment properties" in the accompanying statement of financial position reflects the net values of the land, buildings and other structures held to earn rentals or for capital appreciation. In 2025, a depreciation charge of EUR 15 thousand was recognised (2024: EUR 15 thousand). Investment properties are measured as explained in Note 4.2 on property, plant and equipment. ‌Non-current assets held for sale Non-current assets are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. The asset must be available for immediate sale subject to terms that are usual and customary for sales and its sale must be highly probable. A sale is considered to be highly probable when there is a plan to sell the asset and an active programme to locate a buyer has been initiated. The sale must also be expected to qualify for recognition as a completed sale within one year from the date of classification. Non-current assets classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. ‌Leases Leases are classified as finance leases when the conditions of the lease agreement indicate that substantially all the risks and rewards incidental to ownership of the asset are transferred. All other leases are classified as operating leases. Finance leases In finance leases in which the Company acts as lessee, the Company presents the cost of the leased assets in the statement of financial position in accordance with the nature of the leased asset, simultaneously recognising a liability for the same amount. This amount is the lower of the fair value of the leased asset or the present value of the minimum lease payments agreed upon, each determined at the inception of the lease, including the purchase option when it is reasonably certain that the option will be exercised. The calculation excludes contingent rents, costs for services and taxes to be paid by and reimbursed to the lessor. The total finance charge is allocated over the lease term and recognised in profit or loss for the reporting period in which it is accrued, using the effective interest rate method. Contingent rents are recognised as an expense in the period in which they are incurred. The assets recognised for these types of transactions are depreciated based on their nature, using similar criteria to those applied to other items of property, plant and equipment. Operating leases Operating leases are agreements whereby the lessor conveys to the lessee the right to use an asset for a specified period of time and, therefore, leases for rights of use that do not transfer the risks and rewards incidental to ownership of an asset and are accounted for in accordance with the contractual nature of each transaction. Expenses from operating leases are taken to the statement of profit or loss for the reporting period in which they are accrued. Any payment made or received in advance on entering into a leasehold is taken to the statement of profit or loss in accordance with the pattern of benefits transferred or received. ‌Financial instruments Financial assets Classification and measurement The financial assets held by the Company are classified into the following categories: Financial assets at fair value through profit or loss : this category includes financial assets that cannot be classified into any other category. Financial assets held for trading must be included in this category. Initial measurement These assets are initially measured at fair value. In the absence of evidence to the contrary, this is the transaction price, which is equivalent to the fair value of the consideration given. Directly attributable transactions costs are recognised in profit or loss for the reporting period. Subsequent measurement After initial recognition, these assets are measured at fair value through profit or loss. Financial assets at amortised cost : the Company classifies financial assets in this category, even if they are admitted to trading on an exchange, if the following conditions are met: The Company holds the financial assets within a business model who objective is to collect contractual cash flows. Management of a portfolio of financial assets to collect contractual cash flows does not necessarily imply that all the instruments must be held to maturity. Financial assets can be managed with this objective when sales occur or are expected to occur in the future. For this purpose, the Company considers the frequency, value and timing of sales in prior periods, the reasons for those sales and expectations about future sales activity. The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. These contractual cash flows are inherent to a basic lending agreement, but the loan agreed could be interest-free or at a below-market interest rate. This condition is presumed to be met in the case of a bond or simple loan with a specified maturity date whereby the Company receives a floating interest rate, which could be subject to a cap. Conversely, this condition is presumed not to be met in the case of instruments that are convertible into equity instruments of the issuer, loans that pay an inverse floating rate (i.e., the interest rate has an inverse relationship to market interest rates) or those in which the issuer may defer interest payments if payment would affect its solvency, without the deferred interest accruing additional interest. In general, this category includes receivables from trade transactions ("trade receivables") and receivables from non-trade transactions ("other receivables"). Initial measurement Loans and receivables are recognised initially at fair value. In the absence of evidence to the contrary, this is the transaction price, which is equivalent to the fair value of the consideration given plus directly attributable transaction costs. These are costs inherent in the transaction, which are capitalised. Nonetheless, trade receivables falling due within one year for which there is no contractual interest rate, and loans to personnel, dividends receivable and receivables on called-up equity instruments expected to be collected in the short term are measured at their nominal amount, provided that the effect of not discounting the cash flows is not material. Subsequent measurement They are measured at amortised cost. Accrued interest is recognised in profit or loss using the effective interest rate method. Financial assets at fair value through equity : financial assets included in this category are assets whose contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding and are not held for trading or eligible for classification as financial assets at amortised cost. Initial measurement Loans and receivables are recognised initially at fair value. In the absence of evidence to the contrary, this is the transaction price, which is equivalent to the fair value of the consideration given plus directly attributable transaction costs. These are costs inherent in the transaction, which are capitalised. Subsequent measurement These assets are measured at fair value, without deducting any transaction costs incurred on disposal. Changes in fair value are recognised directly in equity until the investment is derecognised or determined to be impaired, at which time the cumulative gain or loss previously deferred in equity is taken to profit or loss. Financial assets at cost : this category includes: equity investments in group companies, jointly controlled entities and associates. other equity investments whose fair value cannot be determined by reference to a quoted price in an active market for an identical instrument or cannot be estimated reliably. profit participating loans with contingent interest payments, either because a fixed interest rate or a floating rate contingent on compliance with a milestone by the borrower (e.g. obtaining profits) is agreed or because it is calculated exclusively by reference to the borrower's financial performance. any other financial asset classified initially in the portfolio of financial assets at fair value through profit or loss when it is not possible to obtain a reliable estimate of fair value. Initial measurement These assets are initially recognised at cost, which is equivalent to the fair value of the consideration given plus directly attributable transaction costs. These are costs inherent in the transaction, which are capitalised. Subsequent measurement These assets are subsequently measured at cost less any accumulated impairment. Derecognition of financial assets The Company derecognises financial assets when the contractual rights to the cash flows from the financial asset expire or have been transferred, provided that substantially all the risks and rewards of ownership have been transferred, such as in binding agreements for sales of assets, transfers of trade receivables in factoring transactions in which the Company retains no credit or interest rate risk, sales of financial assets with an agreement to repurchase them at fair value and securitisations of financial assets whereby the transferee neither retains any subordinated financing nor extends any type of guarantee or incurs any other type of risk. The Company does not derecognise financial assets in transfers whereby it retains substantially all the risks and rewards of ownership. These include discounted bills, factoring with recourse, sales of financial assets with an agreement to repurchase them at a fixed price or at the sales price plus interest, and securitisations of financial assets whereby the transferor retains subordinated financing or another type of guarantee that absorbs substantially all expected losses. The Company recognises a financial liability for the amount of the consideration received. Impairment Debt instruments at amortised cost or fair value through equity At least at each reporting date, the Company assess whether there is objective evidence that a financial asset, or group of financial assets with similar risk characteristics assessed on a collective basis, is impaired as a result of one or more events that occurred after initial recognition that result in a reduction or delay in the estimated future cash flows due to debtor insolvency. Where such evidence exists, the impairment loss is calculated as the difference between the carrying amount of the asset and the present value of the future cash flows expected to be generated by the asset discounted at the effective interest rate calculated at initial recognition. Impairment losses and reversals thereof where the amount of the impairment loss decreases due to an event occurring after recognition are recognised as expenses and income, respectively, in profit or loss. The reversal is limited to the carrying amount of the asset that would have been recognised at the reversal date had no impairment loss been recognised. For trade and other receivables, the criteria used by the Company to calculate the valuation allowances is to write down balances of a certain age or those affected by circumstances that justify a valuation adjustment such as customer disputes and litigation, even when the Company continues to take measures to recover the amounts in full. Equity instruments at fair value through equity With this type of investment, the Company considers the instrument to be impaired after a decline of a year and a half or forty percent of its quoted price with no recovery in value. However, it may be necessary to recognise an impairment loss before this period has elapsed or before the quoted price has dropped by that percentage. Impairment losses are recognised as an expense in profit or loss. Where the fair value increases, the impairment recognised in prior periods shall not be reversed with a credit to the statement of profit or loss; rather, the increase in fair value is recognised directly in equity. Financial assets at cost In this case, the impairment loss is measured as the difference between the carrying amount and the recoverable amount. The recoverable amount is the higher of the fair value less costs to sell and the present value of future cash flows from the investment, estimated as either those from dividends expected to be received from the investee and the disposal or derecognition of the investment, or from the share in the cash flows expected to be generated by the investee in the ordinary course of business and from disposal or derecognition. When estimating impairment of these types of assets, the investee's equity is taken into consideration, corrected for any unrealised gains existing at the measurement date, net of the related tax effect, unless better evidence of the recoverable amount of the investment in equity instruments is available. Impairment, and reversals thereof, are recognised as an expense or as income, respectively, in profit or loss. The loss can only be reversed up to the limit of the carrying amount of the investment that would have been disclosed at the reversal date had the impairment loss not been recognised. Interest and dividends received from financial assets Interest and dividends accrued on financial assets after acquisition are recognised in profit or loss. Interest is accounted for using the effective interest rate method, while dividends are recognised when the right to receive payment is established. Financial liabilities Classification and measurement Financial liabilities are classified for measurement purposes as: Financial liabilities at amortised cost : the Company classifies all its financial liabilities in this category except those that must be measured at fair value through profit or loss. In general, this category includes payables from trade ("trade payables") and non-trade transactions ("other payables"). Initial measurement These liabilities are recognised initially at fair value. In the absence of evidence to the contrary, this is the transaction price, which is equivalent to the fair value of the consideration received, adjusted for directly attributable transaction costs. These are costs inherent in the transaction, which are capitalised. Nonetheless, trade payables falling due within one year for which there is no contractual interest rate, and called-up equity holdings expected to be settled in the short term are measured at their nominal amount, provided that the effect of not discounting the cash flows is immaterial. Subsequent measurement They are measured at amortised cost. Accrued interest is recognised in profit or loss using the effective interest rate method. Nonetheless, payables falling due within one year measured at the nominal amount, in accordance with the preceding section, continue to be measured at that amount. Financial liabilities at fair value through profit or loss : the Company includes in this category financial liabilities held for trading and financial liabilities designated irrevocably upon initial recognition as at fair value through profit or loss. Initial and subsequent measurement These liabilities are initially measured at fair value. In the absence of evidence to the contrary, this is the transaction price, which is equivalent to the fair value of the consideration received. Directly attributable transactions costs are recognised in profit or loss. After initial recognition the Company measures the financial liabilities in this category at fair value through profit or loss. Derecognition of financial liabilities The Company derecognises a financial liability in any of the following circumstances: the obligation is extinguished because the debtor has paid the creditor to discharge the liability (with cash or other goods or services) or the debtor is legally released from any responsibility for the liability. the Company repurchases financial liabilities, even if it intends to reissue them in the future. there is an exchange between a borrower and a lender of debt instruments with substantially different terms, in which case the new financial liability is recognised. Similarly, a substantial modification of the terms of an existing financial liability, as explained for debt restructuring, is also accounted for as an extinguishment. Derecognition of a financial liability is accounted for as follows: the difference between the carrying amount of a financial liability (or part of that liability) extinguished and the consideration paid, including attributable transaction costs and any non-cash asset transferred or liability assumed, is recognised in profit or loss for the reporting period in which it arises. Equity instruments An equity instrument represents a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recognised in equity for the amount of proceeds received, net of issue costs. Treasury shares acquired by the Company in the year are recognised at the value of the consideration paid and are deducted directly from equity. Any gain or loss on the acquisition, sale, issue or cancellation of own equity instruments is recognised directly in equity and not in profit or loss. ‌Inventories Inventories are measured at the lower of cost, determined as the purchase price or cost of production, and net realisable value. The Company writes down the cost of inventories when net realisable value is below cost, recognising the expense in profit or loss. ‌Foreign currency transactions The Company's functional currency is the euro. Therefore, transactions in other currencies are considered to be denominated in foreign currency and are translated at the currency spot rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting dates. Any resulting gains or losses arising are recognised directly in the statement of profit or loss in the year they arise. ‌Income tax Tax expense (tax income) comprises current tax expense (current tax income) and deferred tax expense (deferred tax income). Current tax is the amount of taxes the Company pays as a result of income tax for a period. Deductions and other tax relief applicable to payable taxes, excluding withholdings and payments on account, and the carry forward of tax losses applied in the current reporting period are accounted for as a reduction in current tax. Deferred tax expense or income relates to the recognition and settlement of deferred tax assets and liabilities. These include the temporary differences, measured at the amount expected to be payable or recoverable, between the carrying amounts of assets and liabilities and their tax bases, as well as the carry forward of unused tax credits and tax losses. These amounts are measured by applying to the relevant temporary difference or tax credit the tax rate at which they are expected to be realised or settled. Deferred tax liabilities are recognised for all taxable temporary differences, except for those arising from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and affects neither accounting profit nor taxable profit or loss. Deferred tax assets are only recognised to the extent that it is probable that taxable profit will be available for the Tax Group against which these assets can be utilised. Deferred tax assets and liabilities arising from transactions charged or credited directly to equity are also recognised in equity. Recognised deferred tax assets are reassessed at the end of each reporting period and the appropriate adjustments are made to the extent that there are doubts as to their future recoverability. Unrecognised deferred income tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. At 31 December 2025 and 2024, the Company was head of the Obrascón Huarte Lain consolidated tax group. ‌Revenue and expenses The Company's general revenue recognition policy, in line with measurement standard 14 of the General Accounting Plan, contains the following principles: Core principle The first step for recognising revenue requires identifying the nature of the contract and its performance obligations. The Company generally satisfies its performance obligations in the Construction activities over time, whereby the customer simultaneously receives and consumes the benefits as the service is provided. The Company has clear criteria for recognising revenue over time that it applies consistently to the Construction activities for similar performance obligations. The Company measures the value of the goods and services for which control is transferred to the customer over time using the input method, or "stage of completion in proportion to contract costs incurred". In accordance with this method, the Company recognises revenue based on the proportion that costs incurred bear to the estimated total costs. This method requires measuring the proportion that costs incurred as at the measurement date bear to total budgeted costs and, therefore, recognising revenue and margins in proportion to the total expected revenue and margins. Recognition of revenue from contract modifications, claims and disputes A contract modification is a change in the scope of the contract, other than a change envisaged in the original contract, that may result in a change in the revenue associated with that contract. In most cases, modifications to the original contract require the customer to give technical and financial approval to enable the Company to bill and collect the amounts relating to that additional work. The Company does not recognise revenue relating to contract modifications until the customer approves these modifications; however, in cases where the additional work has been approved but the corresponding change in price has not yet been determined, it only recognises an amount to the extent that it is highly probable that a significant reversal in the amount of revenue will not occur. The costs of producing these units are recognised as incurred, irrespective of whether or not the modification has been approved. A claim is a request for indemnity to a customer. The Company applies the method used for contract modifications to claims. A dispute is the result of a discrepancy resulting from a claim made to the customer under the framework of a contract, the resolution of which is dependent on the mechanism established in the contract for the resolution of the dispute (whether conducted directly with the customer or through a court or arbitration proceeding). Revenue relating to disputes is not recognised, since the dispute demonstrates the absence of the customer's approval of the work completed. Statement of financial position balances related to revenue recognition Amounts to be billed for work performed/amounts billed in advance for construction work Unlike the method used to recognise contract revenue, the amounts billed to the customer are based on achievement of the various milestones established in the contract and on acknowledgement thereof by the customer through the certificate of completion. Accordingly, the amounts recognised as revenue for a given year do not necessarily coincide with the amounts billed to, or certified by, the customer. For contracts in which the transfer of goods or services to the customer is more than the amount certified, the difference is recognised in assets under "Amounts to be billed for work performed" under "Trade receivables", whereas in contracts in which the transfer of goods or services is less than the amount certified by the customer, the difference is recognised in liabilities under "Trade and other payables" in the statement of financial position. Costs to obtain and fulfil contracts The Company recognises as assets the costs of obtaining a contract (bid costs) and the costs incurred in fulfilling a contract or set-up costs (mobilisation costs) that are directly related to the principal contract, provided they will be recovered through performance of the contract. Bidding costs are only capitalised when they relate directly to a contract, it is probable that the costs will be recovered and the contract has been awarded or the Company has been selected as preferred bidder. Costs to obtain a contract that would have been incurred regardless of whether the contract was obtained are recognised as an expense unless those costs are explicitly chargeable to the customer (regardless of whether the contract is obtained). The asset is amortised on a systematic basis that is consistent with the transfer to the customer of the goods or services to which the asset relates. Costs to fulfil a contract (set-up or mobilisation costs) are capitalised if they are expected to be recovered and do not include costs that would normally be incurred by the Company had the contract not been obtained. They are recognised in profit or loss on the basis of the proportion of actual output to estimated output under each contract. Otherwise, these costs are recognised directly in profit or loss. Financing component For performance obligations for which the period between when the entity transfers a promised good or service to the customer and when the customer pays for that good or service is less than one year, the Company applies the practical expedient permitted by the standard and does not adjust the promised amount of consideration for the effects of a significant financing component. In cases where there is a contractual or legal right to charge late-payment interest owing to a delay in collection with respect to the contractually established periods, such interest is recognised only when it is highly probable that it will actually be received. ‌Provisions The Company's financial statements include all the material provisions with respect to which it is considered that it is probable that the obligation will have to be settled (see Note 13.1). Contingent liabilities are not recognised in the financial statements, but are disclosed (see Note 13.3). Provisions are classified under current or non-current liabilities based on the estimated period of time over which the related obligations will have to be settled. The most significant provisions are: Provision for taxes These provisions reflect the estimated tax liability of uncertain amount or timing, since payment depends on whether or not certain conditions are met. Provisions for litigation and third-party liability These provisions are recognised to cover potential adverse economic outcomes from legal proceedings and claims against the Company arising in the ordinary course of business. Provision for investees The provision is recognised to cover losses that the Company would have to bear in the event of the disposal or dissolution of Group companies or associates with an equity shortfall and no unrealised gains. Provisions for project completion These provisions are intended to cover expenses arising from the completion of a project until final settlement. The estimated costs in this connection accrue over the construction period based of production volumes. Provisions for management and other fees These provisions relate to the amount accrued in connection with project management and inspection fees, laboratory, layout and other fees payable at the reporting date. The amounts of these fees are established in the related project specifications and in current legislation. The estimated costs in this connection accrue over the construction period based of production volumes. Provisions for future losses These provisions are recognised immediately when it is evident that total contract costs will exceed total contract revenues and they are included in the estimate of the total budget for the contract. Other provisions These provisions relate to prepayments of expenses, such as guarantees and insurance, and provisions for third-party liability and other construction costs. ‌Termination benefits In accordance with the various collective bargaining agreements in force, the Company is required to pay termination benefits to employees terminated under certain conditions. "Provisions" in current liabilities in the statement of financial position include a provision for the liability incurred in this connection for temporary site employees, based on the average remuneration rate and the average length of service (see Note 13.1). Termination benefits that can be reasonably quantified are recognised as an expense in the year in which the decision is taken. ‌Liabilities arising from long-term employee benefits The Company classifies its long-term employee benefit obligations depending on their nature as defined contribution plans and defined benefit plans. Defined benefit plans are those in which the Company has an obligation to make predetermined contributions to a separate entity (for instance, an insurance company or a pension plan), provided that there is no legal, contractual or implicit obligation to make additional contributions if the separate entity cannot comply with the obligations assumed. Plans that do not entail a defined contribution are considered defined benefit plans. ‌Environmental assets, liabilities and activities An environmental activity is any operation whose main purpose is to prevent, reduce or repair damage to the environment. The Company's core business is construction. Most construction contracts include an environmental impact assessment and the performance of work to preserve, maintain and restore the environment. The Company does not consider the assets and expenses related to the provision of these services as environmental assets and expenses since they are performed for third parties. However, environmental claims and obligations are included, regardless of whether or not they arise from the Company's own operations or operations performed for third parties. Investments relating to environmental activities are measured at cost and capitalised as an increase in the cost of the related non-current assets in the year in which they are made. Expense to protect and improve the environment are recognised in the statement of profit or loss in the year in which they are incurred, regardless of when the resulting monetary or financial flow arises. Provisions for probable or certain third-party liability, ongoing litigation and outstanding environmental indemnity payments or obligations of undetermined amount not covered by insurance policies taken out are recognised when the liability or obligation giving rise to the indemnity or payment arises. ‌Joint operations A joint venture is an economic activity controlled by two or more natural or legal persons (venturers), which occurs when there is a bylaw or contractual arrangement whereby the venturers agree to share the power to govern the financial and operating policies in such a way that the strategic decisions require the unanimous consent of all of the venturers. Joint ventures may arise through the incorporation of a company, i.e. an actual joint venture, or through the incorporation of co-ownerships or temporary business associations (UTEs), i.e. joint operations. Standard practice in the construction industry is for certain construction projects to be performed through the grouping of several companies as a UTE. The main UTEs in which the Company had interests at 31 December 2025 are detailed in Appendix I to these notes to the financial statements. The Company recognises the outcome of construction work performed at UTEs using the same method as for its own construction projects, as explained in Note 4.11. The expenses incurred on behalf of, and other services provided to, UTEs are recognised when the expense is incurred or the service provided. These amounts are recognised under "Non-trading and other operating income" in the statement of profit or loss. Under recognition and measurement standard 20 of the General Accounting Plan, the venturer's annual financial statements include its share of the UTEs in which it has an interest at the end of the reporting period, integrating the various items of the statement of profit or loss and the statement of financial position of the UTEs using proportionate consolidation. These balances are disclosed in the following Notes, where material. The venturer's statement of changes in equity and statement of cash flows also reflect its proportional share of the items of the UTEs. ‌Current versus non-current classification Current assets comprise assets associated with the normal operating cycle, which generally is considered to be one year, as well as those expected to mature, or to be sold or realised in the short term, financial assets held for trading, except financial derivatives that will be settled in more than one year, and cash and cash equivalents. All other assets are classified as non-current. Similarly, current liabilities are liabilities associated with the normal operating cycle, financial liabilities classified as held for trading, except financial derivatives that will be settled in more than one year, and, in general, all liabilities expected to fall due or to be extinguished in the short term. All other liabilities are classified as non-current. ‌Statement of cash flows Cash flows are inflows and outflows of cash and cash equivalents, which are short-term, highly liquid investments that are subject to an insignificant risk of changes in value. The statement of cash flows is prepared using the indirect method, with the changes in cash flows during the year classified into: Operating activities: the principal revenue-producing activities of the Company and other activities that are not investing or financing activities. Investing activities: the acquisition and disposal of long-term assets and other investments not included in cash equivalents. Financing activities: activities that result in changes in the size and composition of the equity and borrowings of the Company that are not operating activities. ‌Related party transactions The Company carries out all transactions with related parties at arm's length. In addition, transfer prices are adequately supported, so the Company's directors consider that there are no material risks in this connection that could lead to significant liabilities in the future. ‌INTANGIBLE ASSETS Reconciliation of the carrying amount of this statement of financial position item at the beginning and end of 2025 and 2024: 2025 EUR thousand Item Opening balance Additions or charges Disposals or derecognitions Exchange differences Transfers Closing balance Development expenditure: Cost 18,457 - - - - 18,457 Accumulated amortisation (18,457) - - - - (18,457) - - - - - - Computer software: Cost 33,816 333 (127) (7) 715 34,730 Accumulated amortisation (23,262) (910) 126 7 - (24,039) Impairment losses (8,727) - - - - (8,727) 1,827 (577) (1) - 715 1,964 Patents, licences and trademarks Cost 170 - - - - 170 Accumulated amortisation (161) - - - - (161) 9 - - - - 9 Other intangible assets in progress Cost 968 592 - - (715) 845 968 592 - - (715) 845 Total: Cost 53,411 925 (127) (7) - 54,202 Accumulated amortisation (41,880) (910) 126 7 - (42,657) Impairment losses (8,727) - - - - (8,727) Total intangible assets 2,804 15 (1) - - 2,818 2024 EUR thousand Item Opening balance Additions or charges Disposals or derecognitions Exchange differences Transfers Closing balance Development expenditure: Cost 18,457 - - - - 18,457 Accumulated amortisation (18,457) - - - - (18,457) - - - - - - Computer software: Cost 34,990 401 (1,843) (6) 274 33,816 Accumulated amortisation (24,230) (878) 1,843 3 - (23,262) Impairment losses (8,727) - - - - (8,727) 2,033 (477) - (3) 274 1,827 Patents, licences and trademarks Cost 170 - - - - 170 Accumulated amortisation (160) (1) - - - (161) 10 (1) - - - 9 Other intangible assets in progress Cost 663 646 (67) - (274) 968 663 646 (67) - (274) 968 Total: Cost 54,280 1,047 (1,910) (6) - 53,411 Accumulated amortisation (42,847) (879) 1,843 3 - (41,880) Impairment losses (8,727) - - - - (8,727) Total intangible assets 2,706 168 (67) (3) - 2,804 No gain or loss on disposal of intangible assets was recognised in 2025 (2024: EUR 67 thousand loss). At 31 December 2025, the cost and accumulated amortisation included EUR 440 thousand and EUR 431 thousand, respectively, related to UTEs (2024: EUR 560 thousand and EUR 547 thousand, respectively). The cost and accumulated amortisation of intangible assets located abroad at 31 December 2025 amounted to EUR 671 thousand and EUR 570 thousand, respectively (2024: EUR 786 thousand and EUR 667 thousand, respectively). At 31 December 2025, fully amortised intangible assets still in use amounted to EUR 40,447 thousand (2024: EUR 39,052 thousand). ‌PROPERTY, PLANT AND EQUIPMENT Reconciliation of the carrying amount of this statement of financial position item at the beginning and end of 2025 and 2024: 2025 EUR thousand Item Opening balance Additions or charges Disposals or derecognitions Exchange differences Transfers Closing balance Land and buildings: Cost 851 - - - - 851 Accumulated depreciation (136) (4) - - - (140) 715 (4) - - - 711 Machinery and technical installations: Cost 64,223 5,304 (6,422) (690) 5,142 67,557 Accumulated depreciation (49,458) (6,912) 5,892 448 - (50,030) 14,765 (1,608) (530) (242) 5,142 17,527 Other installations, equipment and Cost 50,584 789 (14,576) (2,922) - 33,875 Accumulated depreciation (42,145) (836) 9,841 2,302 - (30,838) Impairment losses (3,434) - 3,035 399 - - 5,005 (47) (1,700) (221) - 3,037 Investments in concessions: Cost 119 - - - - 119 Accumulated depreciation (18) (1) - - - (19) Impairment losses (68) - - - - (68) 33 (1) - - - 32 Other property, plant and equipment: Cost 38,523 846 (5,757) (725) 4,846 37,733 Accumulated depreciation (25,565) (5,010) 4,906 502 - (25,167) Impairment losses (491) - 17 132 - (342) 12,467 (4,164) (834) (91) 4,846 12,224 Property, plant and equipment under Cost 1,054 10,952 - (2) (9,988) 2,016 1,054 10,952 - (2) (9,988) 2,016 Total: Cost 155,354 17,891 (26,755) (4,339) - 142,151 Accumulated depreciation (117,322) (12,763) 20,639 3,252 - (106,194) Impairment losses (3,993) - 3,052 531 - (410) Total property, plant and equipment 34,039 5,128 (3,064) (556) - 35,547 2024 EUR thousand Item Opening balance Additions or charges Disposals or derecognitions Exchange differences Transfers Closing balance Land and buildings: Cost 851 - - - - 851 Accumulated depreciation (133) (3) - - - (136) 718 (3) - - - 715 Machinery and technical installations: Cost 64,223 1,647 (2,753) 747 359 64,223 Accumulated depreciation (45,190) (5,907) 2,365 (726) - (49,458) 19,033 (4,260) (388) 21 359 14,765 Other installations, equipment and Cost 48,895 1,228 (1,248) 1,707 2 50,584 Accumulated depreciation (41,130) (809) 1,126 (1,332) - (42,145) Impairment losses (3,228) - - (206) - (3,434) 4,537 419 (122) 169 2 5,005 Investments in concessions: Cost 119 - - - - 119 Accumulated depreciation (17) (1) - - - (18) Impairment losses (68) - - - - (68) 34 (1) - - - 33 Other property, plant and equipment: Cost 37,483 1,265 (1,013) 790 (2) 38,523 Accumulated depreciation (21,629) (4,552) 936 (320) - (25,565) Impairment losses (483) - - (8) - (491) 15,371 (3,287) (77) 462 (2) 12,467 Property, plant and equipment under Cost 182 1,231 - - (359) 1,054 182 1,231 - - (359) 1,054 Total: Cost 151,753 5,371 (5,014) 3,244 - 155,354 Accumulated depreciation (108,099 (11,272) 4,427 (2,378) - (117,322) Impairment losses (3,779) - - (214) - (3,993) Total property, plant and 39,875 (5,901) (587) 652 - 34,039 The net gain on disposal of property, plant and equipment in 2025 amounted to EUR 1,210 thousand (2024: EUR 626 thousand). At 31 December 2025, the cost and accumulated depreciation included EUR 3,073 thousand and EUR 2,117 thousand, respectively, related to UTEs (2024: EUR 16,170 thousand and EUR 9,636 thousand, respectively and EUR 3,582 thousand of impairment losses). At 31 December 2024, the cost and accumulated depreciation of property, plant and equipment located abroad amounted to EUR 110,157 thousand and EUR 79,213 thousand, respectively (2024: EUR 121,994 thousand and EUR 88,126 thousand, respectively, and EUR 3,582 thousand of impairment losses). Fully depreciated property, plant and equipment still in use at 31 December 2025 amounted to EUR 87,519 thousand (2024: EUR 87,264 thousand). As explained in Note 7.1, the Company held property, plant and equipment under finance leases at the end of 2025. The Company takes out all the insurance policies it considers necessary to cover the potential risks that could affect its property, plant and equipment. ‌LEASES ‌Finance leases At year-end 2025, the Company recognised assets leased out under a finance lease for EUR 9,183 thousand related to machinery (2024: EUR 6,821 thousand). Set out below are total figures for finance lease transactions in which the Company acts as lessee, all measured at the present value of the minimum payments. The average duration of leases in force in 2025 was 37 months. EUR thousand Item 2025 2024 Amount recognised in assets: Original cost, excluding the purchase option 8,934 6,624 Value of purchase option 249 197 Total value of assets acquired under finance lease Payments: 9,183 6,821 Made in prior years 3,439 1,177 Made in the year 2,362 2,247 Outstanding: Within one year 2,251 2,204 Between 1 and 5 years 1,131 1,193 Total payments 9,183 6,821 Interest recognised under expenses in 2025 amounted to EUR 461 thousand (2024: EUR 500 thousand). ‌Operating leases Operating leases are leases in which substantially all the risks and rewards incidental to ownership are not transferred. The main operating leases relate to the Company's head office and other operating centres. Future minimum payments under non-cancellable leases at 31 December 2025 and 2024: EUR thousand Item 2025 2024 Within one year 11,889 10,793 After one year but not more than five years 16,692 18,955 More than five years 305 285 Total 28,886 30,033 There are no significant leases in which the Company acts as the lessor.

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