Yearly Financial Report 2025

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Yearly Financial Report 2025

PORR Yearly Financial Report 2025

ONE STEP AHEAD

FIGURES

2025

ONE STEP AHEAD

Operating data

in EUR m

Change 2024 2023 2022

Earnings indicators

2025

in EUR m

Change 2024 2023 2022

31.12.2025

Financial position indicators

in EUR m

Change 31.12.2024 31.12.2023 31.12.2022

Cash flow and investments

2025

in EUR m

Change 2024 2023 2022

1 The production output corresponds to the output of all companies and consortiums (fully consolidated, equity method, proportional or those of minor significance) in line with the interest held by PORR AG.

2 Investments in property, plant and equipment and intangible assets

ONE STEP AHEAD

GROUP MANAGEMENT REPORT FINANCIAL STATEMENTS FURTHER INFORMATION

PORR offers holistic construction solutions and thinks beyond borders. We put people and the environment first in our work. We apply our innovation strength for sustainable success and we're

always one step ahead.

2025

Non-financial indicators

Total energy consumption

Gross Scope 1 & 2 GHG emissions

Total Gross Significant Scope 3 GHG emissions Female staff at PORR

LTIFR

Trainings on compliance & anti-corruption

Change 2024

Key data regarding shares

The figures have been rounded off using the compensated summation method. Absolute changes are calculated using the rounded values, relative changes (in percent) are derived from the non-rounded values.

1

PORR Yearly Financial Report 2025

ONE STEP AHEAD

CONTENTS

ONE STEP AHEAD

04 212

ONE STEP

AHEAD

06 Foreword by the Executive Board

08 Supervisory Board Report

10 Highlights

16 PORR on the Stock Exchange

20

GROUP

MANAGEMENT REPORT

Non-ffnancial statement

22 Mission Statement

24 Business Model

28 Group Strategy

35 Stakeholder Engagement

38 Corporate Governance

48 ESG Governance

52 Double Materiality Analysis

62 About the Report

64 Environment

128 Social

174 Governance

184 Markets & Performance

190 Segment Report

202 Forecast Report

203 Risk Report

208 Disclosure acc. to Sec. 243a (1) Austrian Commercial Code

CONSOLIDATED FINANCIAL STATEMENTS

296

FURTHER

INFORMATION

298 EU Taxonomy

305 Biodiversity-sensitive Areas

307 Glossary

311 Auditor's Report

1. Statement of all Legal Representatives

2. Appropriation of Earnings

3. Acknowledgements

4. Financial Calendar & Contacts

2

S3 Bolków

Kamienna Góra, Poland

3

‌ONE STEP

Rudolf-Fettweis works

Forbach, Germany

4

AHEAD

The 2025 financial year was the most successful in PORR's 157-year history. This outstanding achievement is the result of team spirit, expertise and the dedication of every PORRian.

06 Foreword by the Executive Board 08 Supervisory Board Report

10 Highlights

16 PORR on the Stock Exchange

5

‌PORR Yearly Financial Report 2025

ONE STEP AHEAD

DAY AFTER DAY

ONE STEP AHEAD

Dear stakeholders,

When I look back on everything PORR has accomplished in the 2025 financial year, I am filled with pride. In a geopolitically challenging environment and against the backdrop of a construction industry experiencing only a gradual recovery, we not only delivered exciting new projects, expanded our range of services and capitalised on market developments. Our share price has also soared, enabling us to be listed on the Austrian Traded Index (ATX). PORR is now among the 20 largest and most liquid companies on the Vienna Stock Exchange. In addition, we launched our sustainability strategy and defined a clear roadmap for achieving specific decarbonisation targets. Milestone projects such as the opening of Austria's first gypsum-to-gypsum recycling plant are contributing to this.

For PORR, this means continuing to expand to additional growth markets in 2026 as well as broadening our range of services in a targeted way. One of these is the PORR Healthcare sector, which has been established following the acquisition of the former VAMED subsidiary VAMED Standortentwicklung und Engineering GmbH (VSG). To address the high demand for affordable housing, we're launching PORR Living - a modular-construc-tion-based solution enabling rapid and cost-efficient residential development. To this end, the first projects will be implemented this year. We're also strengthening our focus on industrial construction and data centres. Infrastructure will remain the key growth driver in 2026. While large-scale transport infrastructure expansion continues in Poland, Romania and the Czech Republic, we also anticipate increased order volumes in Germany.

In 2025, major infrastructure contracts served as key growth drivers. These included the 1.8 km Lueg Bridge in Austria,

Poland's longest high-speed rail tunnel in Łódź, a railway line in Romania, as well as several railway modernisation projects in Poland and the Czech Republic. In Germany, projects such as the revitalisation of the Siemensbahn in Berlin and the overhaul

The European construction industry continues to grow.

of the Kachlet Danube lock came in. Building construction also gained momentum, including follow-up contracts for a pharmaceutical production facility in Germany, several healthcare construction projects and the Graz Center of Physics in Austria. Residential construction contributed too, for example through the Nordbahnhof Areal 3E residential complex in Vienna and the Kladno Living project in the Czech Republic.

Overall, PORR increased its order backlog by 11.7% and order intake by 14.1%. This is also good news for the coming year as the cushion of orders significantly exceeds one year's production output. Production output remained stable at EUR 6.8 bn. Many large-scale infrastructure projects are currently in the design phase under design-build contracts and are therefore not yet reflected in this figure. Our decarbonisation plan has also yielded its first success stories. In the first year, we managed to reduce emissions intensity by 14.3% while keeping production output stable through the use of alternative fuels, the expansion of renewable energy and a consistent energy-efficiency strategy.

What lies ahead? The outlook for 2026 remains positive: This year is expected to be even better. The European construction industry is returning to growth. After two consecutive years of decline, the bottom appears to have been reached: Production output is forecast to grow by 2.4% already in 2026. Civil engineering will remain the strongest segment. But building construction is also expected to expand and residential construction to stabilise. In 2026, the residential construction segment in Europe is forecast to grow by 2.3%.

Under our Green and Lean strategy, we're continuing to implement projects to make us more efficient, leaner and more sustainable: These include innovations in recycling, digitalisation, LEAN Construction, the use of renewable energy and in emission reduction.

Although the geopolitical environment remains difficult to assess, we expect our dynamic development to continue. On the one hand, we're not taking any risks in this regard: We have no operations in Ukraine or Russia at present, for example, and this will remain the case for the foreseeable future. We're also closely monitoring the current conflict in the Middle East, which, according to current assessments, will not have a material impact on our reduced activities in the region. At the same time, PORR is capable of responding quickly to short-term market changes. Based on our high order backlog and the expected development of the market, the Executive Board anticipates moderate growth in production output and revenue in 2026 along with an increase in the EBIT margin. The long-term objective remains an EBIT margin of 3.5% to 4.0% by 2030.

Many of you have been with PORR for years - in some cases for decades. I would like to take this opportunity to thank you for your loyalty and the trust you have placed in us for all these endeavours. Let's look forward to another successful year together.

Yours sincerely, Karl-Heinz Strauss

6

ONE STEP AHEAD GROUP MANAGEMENT REPORT FINANCIAL STATEMENTS FURTHER INFORMATION

Klemens Eiter

Executive Board Member and CFO

Karl-Heinz Strauss

Chairman of the Executive Board and CEO

Josef-Dieter Deix

Executive Board Member and COO

Claude-Patrick Jeutter

Executive Board Member and COO

7

‌REPORT OF THE

SUPERVISORY BOARD

After a challenging year in 2024, the European construction industry is showing initial signs of recovery. According to EURO-CONSTRUCT, moderate growth of 0.3% was expected for 2025, accelerating to 2.4% in 2026. Despite these positive signals, the industry continues to face significant challenges. High interest rates, rising construction costs and persistent inflation are dampening growth. Residential construction in particular continues to develop at a slow pace, albeit somewhat better than in the previous year.

Thanks to its clear strategic focus and broad range of services, PORR was able to successfully navigate the challenging market conditions and achieve outstanding results.

The order books are at a record high. PORR has acquired numerous major projects in the infrastructure sector. In Poland, it is building the country's longest railway tunnel, at 5 km, in Łódź. It is also making an important contribution to strengthening Poland's energy infrastructure with the construction of a 34 km gas pipeline between Kolnik and Gdańsk. And in Włocławek, a thermal waste treatment plant is being built that will generate around 45,000 MWh of electricity. In Austria, PORR is working on the Brenner Base Tunnel and making good progress. In September, the first breakthrough between Austria and Italy took place, marking a milestone. In Romania, PORR was awarded a design-build contract for the renovation and modernisation of the 32.6 km Craiova - Caransebeș railway line. It is also building one of Europe's largest onshore wind farms in Romania, which will supply around 700,000 households with electricity once completed.

In addition, PORR received several new contracts in building construction, including projects for the automotive industry and the construction of the Insel Gartenfeld comprehensive school in Germany. In the healthcare sector, it is building the mother-and-child ward of a hospital in Poland and the MIA Liesing health centre in Austria.

PORR is further strengthening its expertise in selected future-ori-ented areas through strategic acquisitions. The majority takeover of Knape Bahnbau GmbH has expanded its expertise in railway construction in Germany. The acquisition of VAMED subsidiary VSG enables PORR to offer a full range of services in the field of healthcare infrastructure from a single source.

Another highlight in 2025 was PORR's promotion to the Austrian Traded Index (ATX). This makes it one of the 20 largest and most liquid listed companies in Austria. The excellent share price performance over the past year and the increased trading volume were decisive factors in this success.

Further progress was also achieved in the area of sustainability during the reporting year. The sustainability rating agency Eco-Vadis once again confirmed PORR's strong position and singled out its performance in the areas of environment, labour and human rights, as well as its commitment to implementing the science-based targets. In terms of figures, 2025 was the most successful year in the company's 157-year history:

Following a successful previous year, production output increased again by 1.0% year-on-year to EUR 6.8 bn. The strongest increases were achieved in the segments Infrastructure

International and DE, which recorded growth of 16.7% and 10.7% respectively.

With EBIT of EUR 196.7m, the previous year's performance of EUR 158.4m was exceeded by 24.2%.

The order backlog developed particularly well. It grew to a record high of over EUR 9.5 bn, which corresponds to an increase of just under 12% year-on-year. The strongest growth was recorded in the segment CEE with 55%, followed by the segment PL with 15% and the segment AT / CH with 12%.

The Supervisory Board has actively encouraged and supported the company's development in keeping with the responsibilities assigned to it. It would like to thank the Executive Board for the good cooperation and the comprehensive response even to critical questions.

In line with Section 81 of the Stock Corporation Act, the Executive Board has kept the Supervisory Board constantly informed of full details of the development of the business and financial position of the Group and its shareholdings, of staff and planning matters, and of investment and acquisition projects through spoken and written reports, and discussed the strategy, business development and risk management with the Supervisory Board. In a total of five meetings, the Supervisory Board passed the relevant resolutions that were required. The level of attendance at Supervisory Board meetings by members that had been elected by the AGM was 100%.

The necessary approval for the transactions for which consent is required under Section 95 Paragraph 5 of the Stock Corporation Act and pursuant to the rules of procedure for the Executive Board was obtained; in urgent cases, written voting was used for authorisation of this nature.

Supervisory Board Committees

The following Supervisory Board committees were formed in the 2025 financial year to provide support and ensure the efficient handling of complex issues:

Audit Committee

The Audit Committee dealt with the following main topics in five meetings in 2025:

• Proposal for the appointment of the auditor of the annual and consolidated financial statements and the auditor of the nonfinancial statement for the 2025 financial year

• Supervision of the audit of the individual and consolidated financial statements, the audit plan and key audit areas

• Internal audit report on the audit plan and related party transactions

• Monitoring the effectiveness and functionality of the internal control system and risk management system

• Approval of non-audit services provided by the (Group) auditors

• Audit and preparation of the adoption of the annual financial statements as of 31 December 2024 as well as the audit of the management report, the (consolidated) corporate governance report, the (consolidated) report on payments to government entities, the consolidated financial statements as of 31 December 2024 including the Group management report (including consolidated non-financial statement) and the proposal for the appropriation of earnings

• Monitoring the accounting process

• Reciprocal communication between the (Group) auditors and the Audit Committee

  In two of these meetings, there was also the opportunity for an exchange between the Audit Committee and the (Group) auditor without the presence of the Executive Board.

  Nomination Committee

  At two meetings in 2025, the Nomination Committee dealt with the re-election of Supervisory Board members and with Executive Board matters, including the nomination of Executive Board member Josef-Dieter Deix.

  Remuneration Committee

  The Remuneration Committee dealt with the following main topics in two meetings in 2025:

• Variable remuneration for members of the Executive Board

• Audit of the remuneration report

• Adjustment and amendment of the remuneration policy

• Approval of secondary activities of members of the Executive Board

• Parameters of the employment contract for the new Executive Board member Josef-Dieter Deix

  Sustainability Committee

  The Sustainability Committee dealt with the following main topics in two meetings in 2025:

• ESG reporting:

  • Introduction of the term Corporate Sustainability Reporting Directive (CSRD), including non-financial statements and key audit areas for limited assurance

  • Updating the double materiality analysis and the resulting adjustments

  • Further improving data quality and underlying ESG processes

• Sustainability strategy:

  • Sustainability Strategy 2030 as an integral part of the Group strategy

  • Decarbonisation plan 2030, including carbon footprint and investment costs

  • Occupational safety and further improving the safety strategy

  • Internal and external communication of the sustainability strategy

• Market & Regulatory Affairs

  • Regulatory developments and their impact on PORR

  • ESG requirements as a market and procurement factor

• ESG risks:

  • ESG risk management, including climate, social and governance risks

• Initiatives and pilot projects

Annual and consolidated financial statements 2025

The annual financial statements of PORR AG as of 31 December 2025, including the notes to the financial statements and the management report, and the consolidated financial statements that had been prepared as of 31 December 2025 in accordance with the IFRS accounting standards (IFRS, as applied in the EU) and the Group management report, were audited by Ernst & Young Wirtschaftsprüfungsgesellschaft m.b.H., Vienna. The audit, based on the bookkeeping and documentation of the company as well as the explanations and documentation provided by the Executive Board, revealed that the bookkeeping records and the yearly financial statements and consolidated accounts complied with the legal requirements and provided no cause for complaint. The management report and Group management report accord with the individual and consolidated financial statements. The Group has produced a (consolidated) corporate governance report. The consolidated non-financial statement has been included in the Group management report of the consolidated financial statements. The aforementioned auditing firm, acting as the (Group) auditor, has issued an unqualified audit opinion on the annual and consolidated financial statements. The consolidated non-financial statement has been audited by the aforementioned auditing firm; a limited assurance has been issued.

The audit report prepared by the (Group) auditor, the corporate governance report, the report on payments to government entities and the Executive Board's proposal on the appropriation of earnings were dealt with in detail with the auditors in a meeting on 25 March 2026 in the Audit Committee and submitted to the Supervisory Board. The Executive Board proposes to pay out a dividend of EUR 1.05 per share entitled to dividends from the net retained profits of EUR 41,242,630.80 with the rest of the balance carried forward.

The Audit Committee and the Supervisory Board have approved the yearly financial statements as of 31 December 2025, the management report, the corporate governance report, the report on payments to government entities, as well as the Executive Board's proposal for the appropriation of earnings following intensive discussion and review. The yearly financial statements as of 31 December 2025 have thus been adopted. The Audit Committee and the Supervisory Board also approved the consolidated accounts for 2025 that had been prepared in accordance with IFRS and the Group management report (including consolidated non-financial statement). The Supervisory Board agreed with the Executive Board's proposal regarding the appropriation of earnings.

The Supervisory Board thanks customers and shareholders for the confidence they have placed in PORR and their commitment to the company, as well as the Executive Board and staff for their dedication over the past year and their good collaboration.

25 March 2026, Vienna Iris Ortner

Chair of the Supervisory Board

‌HIGHLIGHTS

ONE STEP AHEAD

Lueg Bridge in Tyrol:

A new bridge for greater safety

After more than 55 years, PORR is replacing the 1.8 km Lueg Bridge on the A13 Brenner motorway in Tyrol as part of a consortium. Around 32,000 cars use the bridge every day. Since March 2025, the structure has been gradually replaced by two separate support structures, creating a composite slab-beam bridge. Considered extremely challenging from a construction logistics perspective, the project is scheduled for completion by 2030. The new construction will significantly improve safety and traffic flows in the future.

Scan the QR code to learn more.

VAMED:

A company for better health

PORR has taken over the Austrian project business of VIACAMA, formerly VAMED AG. Specifically, this involves VAMED Standortentwicklung und Engineering GmbH, or VSG for short. The company provides comprehensive planning services, including operational and organisational planning, medical technology and the construction of hospitals and healthcare facilities. PORR Healthcare thereby offers all services required to realise healthcare projects from the initial idea to commissioning. The approximately 150 employees have been assumed and ongoing projects are being continued. The package also includes minority shareholdings in spas operating under

the VAMED Vitality World brand.

Scan the QR code to learn more.

BUILDING FOR THE ENERGY TRANSITION

• IFC standards

• KPI reporting and audits

• Certified materials

• Waste, environmental and biodiversity management

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Wind park in Romania:

A project for sustainable energy

Romania aims to increase the energy share accounted for by renewables to 86% by 2050 - an ambitious goal. And PORR is contributing to achieving it. Leading independent energy producer Rezolv Energy commissioned PORR with the second construction phase of the VIFOR wind farm. It will be one of the largest onshore wind farms in Europe and the largest to be built in Romania in the past ten years. The contract includes the design and build of 42 concrete foundations and 42 crushed-stone platforms for turbine installation and maintenance, 40 km of access roads and 75 km of power and fibre-optic cables. Once completed, VIFOR will have a capacity of 461 MW and generate

electricity for over 700,000 households. Commissioning is planned for 2027.

Scan the QR code to learn more.

PORR joins ATX:

An innovative share for the stakeholders

As one of Austria's 20 largest and most liquid listed companies, PORR has moved up from the ATX Prime to the Austrian Traded Index, or ATX for short. The decisive factors were the strong share price performance, with an increase of 118% between 1 September 2024 and 31 August 2025, and the trading volume, which quadrupled. The promotion to the ATX is another step in PORR's long success story on the Austrian capital market: Allge-meine österreichische Baugesellschaft was first listed on the Vienna Stock Exchange on 8 April 1869, the year it was founded. This makes PORR the ATX's oldest listed share. The financial magazine "Börsianer" awarded PORR the title of "Austria's Most Innovative Share 2025".

Scan the QR code to learn more.

Railway tunnel in Poland:

A long tunnel for higher speeds

In Poland, PORR is building the country's longest and widest tunnel, which is being bored in a single section. It will be around 4.6 km long and form part of the important railway line 85 - known as the Y - connecting Warsaw, the new central airport and Łódź. In addition to the structure itself, the special superstructure is responsible for enabling speeds of up to 160 km/h. The "Slab Track Austria" technology developed and patented by PORR is being used for the first time in a Polish railway tunnel. PORR will need just 48 months to complete the project, which has a contract value of more than EUR 400m.

Scan the QR code to learn more.

CLOSED CIRCLE

• Up to 60,000 t gypsum waste per year

• Up to 40% recycled content in plasterboard

• 100% renewable hydropower

• Rail transport used

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From waste to valuable resource:

A recycling plant for gypsum

With the opening of the gypsum-to-gypsum recycling plant in Stockerau, the joint venture between PORR, Saint-Gobain and Saubermacher - GzG Gipsrecycling GmbH - has launched Aus-tria's first closed-loop gypsum recycling system. For the first time in Austria, gypsum waste can be processed into recycled material, which will be added to new plasterboard panels produced by Saint-Gobain. This conserves natural resources. As a construction company, we take our responsibility for sustainability very seriously. It was therefore important for us to develop an innovative response to the landfill ban at an early stage, thereby playing a key role in shaping the circular economy in Austria. The new plant has established a process that can serve as a model. Gypsum waste, which was previously considered worthless, is now being turned into high-quality recycled material. Together

with its partners, PORR has pioneered the collection and recycling of gypsum waste.

Scan the QR code to learn more.

Data centre Berlin:

A growth market for PORR

The use of artificial intelligence and cloud technologies is growing rapidly - and with it the demand for data centres. PORR plays a leading role in this important growth market in the construction industry. PORR has already delivered several data centre facilities in Germany and Poland for international operators. It acts as a full-service provider throughout the entire life cycle, relying on LEAN Construction and Building Information Modelling (BIM) and placing a particular focus on safety. During the construction of three data centres, PORR achieved almost 1.5 million accident-free working hours. Vantage Data Centres recognised the BER12 project in Berlin as the "Development Project of the Year EMEA" and awarded it the Vision Zero Health & Safety Award.

Scan the QR code to learn more.

Better traffic flow:

A ring road for Prague

Start of construction work: To reduce traffic through Prague, PORR is building a key section of a motorway bypass as part of a 50/50 consortium. The 12.6 km section of the Prague Ring Road is one of the largest road construction projects in the Czech Republic. Specifically, it involves the Běchovice - D1 section, where two cut-and-cover tunnels are being built along with 19 bridges with a combined length of almost 2 km. Excavation works alone will amount to 4,000,000 m3. In order to minimise the impact on local residents, measures such as embankments, green belts and noise barriers have been implemented and alternative routes for transport to and from the site have been chosen. The total contract volume amounts to EUR 385m.

Scan the QR code to learn more.

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SUSTAINABILITY

ONE STEP AHEAD

Sustainable construction site: Sustainability where it matters

In 2025, PORR became the first construction company in Austria to receive ÖGNI basic certification for sustainable construction sites in building construction and civil engineering. With this, PORR is setting a new minimum standard for its construction sites in Austria and systematically integrating sustainability criteria into its construction work. The certificate creates a uniform basis for environmental and resource protection, occupational safety and social responsibility, and makes sustainability in everyday construction site operations measurable and verifiable.

See chapter

E5 Resource use & circular economy p. 125

Risk management: Identifying climate risks early on - safeguarding corporate value

In the reporting year, PORR developed key principles for the further development of its sustainability risk management. A clear target framework was defined, outlining a structured approach to the future handling of climate-related and other sustainability-relevant risks. On this basis, PORR analysed available methods and tools for the systematic recording of physical and transitional climate risks and decided to introduce an appropriate tool. In addition, new regulatory requirements were examined and their possible effects on the business model, processes and risk management were assessed.

See chapter

E1 Climate change p. 90

Service portfolio: Project options beyond the standard

PORR is systematically developing its service portfolio to enable sustainable alternatives throughout the entire construction process. Customers can choose lower-emission, more resource-effi-cient and compliant solutions early on in the project phase - from planning and material selection to construction site operations and demolition. PORR also has special expertise in the construction of pumped storage power plants, infrastructure for wind energy facilities, environmental engineering and recycling. These services support the implementation of sustainability-related requirements in a range of project contexts.

See chapter

Project highlights p. 10

Sustainability Strategy

7 Measures integrated

39 Measures

in implementation

9 Measures planned

See chapter

Group strategy p. 30

Ratings

C+

See website

www.porr-group.com/en/esg-ratings

Selected KPIs

Decarbonisation

Equal opportunities

Governance

GHG emissions Scope 1 & 2

(in kt CO²e)

Proportion of women at PORR

16.7

17.0

18.0

(in %)

Training on compliance & anti-corruption

(in %)

173.6

127.7

224.1

88.7

96.5

95.0

2024 2025 2030

Reduction of Scope 1 and Scope 2 emissions by 22.5% through use of alternative fuels and increased in-house electricity generation -measurable progress in operational decarbonisation.

See chapter

E1 Climate change p. 76

2024 2025 2030

Increase the proportion of women to 17.0% through structured support measures - targeted strengthening of diversity and employee resilience within the company.

See chapter

S1 Own workforce p. 147

2024 2025 2030

96.5% participation rate in compliance and anti-corruption training - clear protection against regulatory and reputational risks through systematic preventative measures.

See chapter

G1 Business conduct p. 181

EU Taxonomy

33.9

66.1

5.8

Revenue

(in %)

23.1

6.9

76.9

CAPEX

(in %)

18.2

5.1

81.8

OPEX

(in %)

Taxonomy-eligible Thereof taxonomy-aligned Not taxonomy-eligible

See chapter

EU Taxonomy p. 66

Decarbonisation target 2030

(in kt CO²e)

4,500

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

0

4,071.8

3,546.2

3,095.9

202.3 161.4

21.7 12.2

114.9

12.8

Our Commitment

Scope 1 & 2

GHG emissions Base year 2024

-43%

2025

-22.5%

Scope 3

GHG emissions Base year 2024

-25%

2025

-12.9%

2024 2025 2030 Net Zero

Scope 1 Scope 2 Scope 3

See chapter

E1 Climate change p. 76

‌PORR

ON THE STOCK EXCHANGE

Positive development of capital markets

The international capital markets started 2025 in an environment characterised by geopolitical tensions, monetary policy uncertainty and trade policy risks. While the first interest-rate cuts were made in Europe due to declining inflation rates and the European Central Bank (ECB) continued its easing course, the US Federal Reserve (Fed) initially remained cautious in view of persistent inflation risks and a robust labour market. At the same time, protectionist rhetoric from the US and announcements of possible punitive tariffs against various countries and industries caused noticeable uncertainty on the financial markets and led to increased volatility at the start of the year.

The economic environment remained mixed for the rest of the year. Robust economic growth in the US contrasted with subdued growth momentum in Europe. While the Fed postponed planned interest rate cuts several times, the ECB continued its easing policy and lowered key interest rates in the course of the year. The performance of the European stock markets was supported in particular by extensive infrastructure and defence programmes and high dividend yields, which increasingly directed capital into value stocks. In the US, on the other hand, expectations of rapid monetary easing proved a disappointment and temporarily dampened market sentiment.

From the summer onwards, a recovery increasingly took hold on the international stock markets. In the US, solid corporate earnings, continued high demand for technology based on artificial intelligence (AI) and robust economic growth had a stabilising effect. In addition, the easing of the trade conflict between the US and China and the agreement on a trade deal between the UK and the US helped the mood on the market. In Europe, the ECB's monetary policy easing measures, increasing rotation into value stocks and high dividend yields led to a noticeable upturn in the markets. The Fed's interest rate cut in September and expectations of further monetary policy stimulus gave the stock markets an additional boost in the second half of the year.

Despite the challenging macroeconomic and geopolitical environment, international stock markets performed well overall in 2025, showing a significant recovery after a volatile start to the year. The US benchmark index, the Dow Jones Industrial Average, closed up around 13% on its level at the start of 2025. At the same time, the broader US S&P 500 index recorded an annual increase of around 16%, while the technology-heavy Nasdaq Composite achieved even higher gains. The positive market movements also continued in Europe. The EURO STOXX 50, a key indicator for the performance of European large caps, recorded significant price gains over the course of the year. The German benchmark index DAX 40 was among the stronger European indices, achieving an annual gain of around 23%, which was attributable to factors such as improved economic growth and strong corporate earnings figures.

The Austrian benchmark index ATX performed particularly well, rising by over 45% in 2025 to become one of the best-perform-ing European stock indices. This was one of the highest annual results in ATX history.

Overall, the performance of international stock markets in 2025 reflected investors' growing confidence that the economic environment could stabilise and strengthen sustainably despite ongoing geopolitical risks and uncertainties surrounding monetary policy.

PORR shares with strong performance

PORR shares continued their very positive performance in 2025 and were among the strongest stocks on the Austrian capital market. After a volatile start to the year, with the year low of EUR 17.52 on 13 January 2025, the shares experienced an extremely dynamic trajectory over the rest of the year. On 5 December 2025, the share reached its year high of EUR 32.90.

On the last trading day of the year, 30 December 2025, the closing price of the PORR share was EUR 32.15, up 81.2% on the previous year's closing price (30 December 2024: EUR 17.74). Market capitalisation increased significantly as a result. The average daily trading volume in 2025 was 127,473 shares, significantly above the previous year's level.

The exceptionally positive share price performance was supported by a strong operating performance, sustained high investor interest in infrastructure stocks and the successful placement of treasury shares in June. In addition, the significant increase in free float and the inclusion of PORR shares in the Austrian benchmark index ATX in September 2025 had a positive impact.

Sale of treasury shares

On 17 June 2025, PORR AG successfully placed all 1,703,674 treasury shares with international institutional investors in an accelerated bookbuilding process. The sale price per share was EUR 26.50, generating gross proceeds of EUR 45.1m.

The shares sold consisted of those acquired as part of the share buyback programme launched in 2024 and completed in April 2025, as well as treasury shares already held.

In addition, the Strauss Group, part of the syndicate with the IGO Industries Group, sold a total of 1,175,000 shares on 17 June 2025. The sale of shares by SuP Beteiligungs GmbH, which is attributable to the CEO of PORR AG, Karl-Heinz Strauss, reduced the proportion of syndicated shares held by SuP to around 11.4%.

Share price and trading volumes of the PORR share 2025

(Index)

Share price performance in %

Average daily trading volume/month no. of shares in thousands

200 60

180 50

160 40

140 30

120 20

100 10

80

Jan

0

Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2025

PORR share ATX - Austrian Traded Index Trading volume of PORR share

PORR share - stock market indicators

Price as of 31 December

Market capitalisation as of 31 December Year high

Year low

Earnings per share Dividends per share Dividend yield Payout ratio

Price-earnings ratio

Number of shares in issue as of 31 December

2024

1 Proposal to the AGM

Analyst coverage

PORR shares are currently covered by eight brokers, who have issued the following recommendations:

ERSTE Group Bank AG Buy

Joh. Berenberg, Gossler & Co. KG Buy

Montega AG Buy

ODDO BHF SCA Neutral

SRC Research Buy

M.M. Warburg & CO (AG & Co.) KGaA Hold Jefferies Buy

RBI Buy

Dividend policy

The Executive Board and Supervisory Board of PORR will propose a dividend of EUR 1.05 per share to the Annual General Meeting for the 2025 reporting year. This represents a dividend yield of 3.3% and a payout ratio of 35.0%.

PORR is maintaining its dividend policy, which provides for a payout ratio of 30% to 50%. The payout ratio is defined as the ratio of the dividend per share to earnings per share.

Shareholder structure

(in %)

Syndicate (Strauss Group, IGO Industries)

Group 47.4%

Breakdown of free float1

(in %)

Austria

9.1% Germany

12.0%

Retail 28.3%

Free float

(of which 2.3% PORR Management)

52.6%

Not directly assignable 10.8%

Rest of the World 1.5%

UK

7.9%

Rest of Europe

13.6%

USA 16.8%

1 includes PORR Management and PORR AG treasury shares

International Shareholder Structure

The percentage of shares in issue held by the syndicate (Strauss Group, IGO Industries Group) shrank to 47.4%, while the free float grew to 52.6%. This led to an increase in the liquidity of the share as well as PORR's attractiveness on the capital market. According to an analysis conducted in February 2026, the free float at the end of the year was primarily distributed among investors from the USA (16.8%), Germany (12.0%) and the rest of Europe (13.6%). This was followed by investors from Austria (9.1%) and the United Kingdom (7.9%). Retail investors accounted for 28.3% of total free float. Around 10.8% is not directly assignable.

Investor Relations

In investor communications, PORR's Investor Relations team strives to build comprehensive, long-term relationships with its stakeholders. The focus here is on timely and open communication and maximum transparency in reporting. In addition to fulfilling legal requirements, the aim is to achieve a sustainable increase in the value of the company and, consequently, shareholder value. Stakeholders include private and institutional investors, analysts and cross-sector interest groups, banks, media and ESG rating agencies.

In 2025, PORR's investor communications were characterised by a significantly increased capital market presence. In particular, the inclusion of PORR shares in the Austrian benchmark index ATX, the successful placement of treasury shares and the significantly increased free float led to a noticeable increase in

international attention. Accordingly, communication activities were further intensified and the focus was placed more strongly on expanding the international investor base.

In 2025, the PORR Investor Relations team, together with the Executive Board, participated in around 60 capital market events in Austria and abroad, as well as in virtual form. In addition, several roadshows were organised, while PORR was also a guest at various roundtables. Discussions with existing and potential investors were held in a large number of individual and group meetings. As part of its regular mandatory reporting, PORR also invited analysts, investors and banks to quarterly conference calls. Questions from numerous guests were also answered at the Annual General Meeting and at other capital market events. In addition, the Investor Relations team seeks direct exchange with existing and future stakeholders via social media and various new communication formats.

All relevant information, current financial reports, presentations, fact sheets and the financial calendar are available at any time at https://www.porr-group.com/en/ir. In addition, the website provides daily updates on the share price as well as information and contact details for broker coverage. Details on outstanding bonds, corporate governance and other corporate actions are also provided. All documents relating to the Annual General Meeting can also be found in this section.

All interested stakeholders are invited to register at ir@porr-group.com for the PORR newsletter on earnings releases and press releases. Questions and concerns regarding PORR shares can also be submitted by telephone or e-mail to the PORR Investor Relations team. PORR is also represented on the social media platforms LinkedIn (PORR Group) and Instagram (porr_group), where it offers a comprehensive flow of information and the opportunity to submit questions, concerns and comments at any time.

ONE STEP AHEAD GROUP MANAGEMENT REPORTFINANCIAL STATEMENTS FURTHER INFORMATION

The FORM Offfce Building

Warsaw, Poland

19

Non-ffnancial statement

22 Mission Statement

24 Business Model

28 Group Strategy

35 Stakeholder Engagement

38 Corporate Governance

48 ESG Governance

52 Double Materiality Analysis

62 About the Report

64 Environment

128 Social

174 Governance

184 Markets & Performance

190 Segment Report

202 Forecast Report

203 Risk Report

208 Disclosure acc. to Sec. 243a (1) Austrian Commercial Code

ARGE H53 Brenner Base Tunnel,

Tyrol, Austria

20

ONE STEP AHEAD GROUP MANAGEMENT REPORT FINANCIAL STATEMENTS FURTHER INFORMATION

REPORT

Earnings before interest and taxes (EBIT)

(in EUR m)

140.3 158.4

196.7

Production output by market

(in EUR m)

95.2

120.1

2021 2022 2023 2024 2025

Equity ratio

(in %)

20.3

19.3

20.8 21.1

21.1

2021 2022 2023 2024 2025

All figures have been rounded off using the compensated summation method.

Absolute changes are calculated using the rounded values, relative changes (in percent) are derived from the non-rounded values.

21

‌NON-FINANCIAL STATEMENT

MISSION

ONE STEP AHEAD

Our vision:

PORR - HOME OF CONSTRUCTION.

TO BUILD A BETTER WORLD.

We believe in a better world, a home facilitated by sustainable buildings. Those who build, change the world. For more than 150 years, standing at the forefront of the construction industry with new technologies has been in our DNA.

Our goal is to shape the environment sustainably, while driving innovation and growth. And with it a world worth living in for everyone - today and tomorrow. This allows us to offer holistic construction solutions from a single source - from design to construction to operations, in building construction, civil engineering and infrastructure.

Innovation, expertise and reliability - powered by PORR

Our Principles

Passion

Working together for the best solution.

No compromises when it comes to construction.

The best minds at PORR.

Reliability

Commit - don't command. Responsibility starts with me. Rules are not a matter of personal choice.

Shoulder to shoulder

Dare to go beyond your silo. No lone wolves, please. Information & knowledge should be shared.

Appreciation

Diversity - definitely.

I am not the centre of the universe. Fairness is a point of honour to us.

Pioneering spirit

Always one step ahead. Entrepreneurs at heart.

Mistakes are a learning opportunity.

Home markets

Project markets

NO

UK

NL

PL

BE DE

CZ

SK

7

CH AT

RO

European home markets

~21,000

IT

~6.8

Staff from around 94 countries

bn EUR

Production output

QA

‌OUR

BUSINESS MODEL

Home of Construction

PORR is and will remain a construction company. It is one of Europe's leading construction companies and has its headquarters in Vienna. On its home markets of Austria, Germany, Switzerland, Poland, the Czech Republic, Slovakia and Romania, it offers a comprehensive range of services on a permanent basis. Here, it relies on its strong market position, regional focus and outstanding market knowledge. In addition, it operates a highly selective project business and offers its expertise in areas such as tunnelling, railway construction and specialist civil engineering in selected international project markets and in cooperation with local partners.

As a proven infrastructure expert, PORR realises complex and extensive construction projects as a general contractor and design-build provider - as a one-stop shop. From design, planning and construction to operation, demolition and revitalisation, it covers the entire construction value chain. It has its own resources for raw material extraction, logistics and recycling, enabling it to implement construction projects in a way that is especially economical and sustainable.

As the "Home of Construction", its focus is on building. Since its foundation over 156 years ago, PORR has been working to create a better world. The result is long-lasting structures, both in building construction and civil engineering.

PORR relies on lean processes, innovative technologies and partnership-based project delivery using Building Information Modelling (BIM). Circular construction is also an integral part of the PORR Group's strategy: Intelligent Growth with Green and Lean.

Organisation

PORR relies on a lean organisational structure with clearly defined areas of responsibility, thereby ensuring transparency and comparability within the Group. Central functions are housed in PORR AG, while operational control is decentralised across five segments.

The segment AT / CH bundles country responsibility for the two home markets of Austria and Switzerland. PORR is represented in Austria with its entire range of services. In Switzerland, PORR focuses exclusively on civil engineering. The portfolio is complemented by strategic shareholdings, including Knape Bahnbau and Ing. A. Sauritschnig Alu-Stahl-Glas.

The segment DE concentrates on the majority of PORR's activities on its home market of Germany. In addition to permanent business, the design-build contractor unit is integrated here to promote holistic project management. It includes all German shareholdings and the Government Services unit. In the project markets of Italy and the Benelux countries, the focus is on individual, specifically selected projects.

The segment PL holds overall country responsibility for the home market of Poland. In addition, all PORR shareholdings in Poland, including Stump Franki, are reported here.

The segment CEE includes the home markets of the Czech Republic, Slovakia and Romania, along with all local shareholdings.

The segment Infrastructure International contains PORR's international expertise in tunnelling and Slab Track International. The cross-sector responsibility for the project markets of Norway, Qatar and the UK as well as other countries is also anchored here.

Extract from the Organisational Chart

PORR AG

pde Integrale Planung

PORR Equipment Services

PORR Bau

GmbH

PORR Beteiligung und Management

Shared Service Center

AT / CH

DE

PL

CEE

Infrastructure International

Austria Switzerland

Germany Project markets

Poland Czech Republic Slovakia Romania

Tunnelling Project markets

All non-operational areas of PORR - the Shared Service Center -are reported in the Holding. PORR Beteiligungen und Management GmbH is also integrated here.

Further details on the segments can be found from page 191 onwards.

One-stop shop

PORR builds as much as possible itself. Its comprehensive expertise covers an exceptionally broad range of construction services. In addition to pure construction, the integral components of its service portfolio are design, planning, operation, modernisation, revitalisation, demolition and recycling. With cutting-edge environmental engineering and resource-efficient construction methods, PORR is actively driving the transition towards a circular economy in the construction industry. As a general contractor and design-build provider, it takes a holistic approach and is responsible for every phase of a project in both building construction and civil engineering. In infrastructure construction in particular, PORR is one of the few specialists capable of realising highly complex large-scale projects with the utmost efficiency and reliability.

Civil engineering

The projects primarily involve structures that are below or directly on the earth's surface and serve as essential infrastructure. In addition to road, railway, tunnel and bridge construction, this also includes the construction of pipelines, power plants and other infrastructure. Structural engineering and specialist civil engineering combine highly complex technical challenges and form the foundation of almost every structure. Pile technology and hydraulic engineering place extreme demands on those carrying out the work and require a high degree of technical expertise. In addition to new construction, the expansion and modernisation of all these structures are essential components of this area.

PORR's clients are primarily public road and railway operators and energy suppliers. In addition, PORR's specialist civil engineering and structural engineering units also implement projects for private real estate developers and industrial companies.

PORR is a leading specialist in infrastructure construction and covers the entire construction value chain. Its strengths lie in its expert solutions, maximum flexibility and reliability. PORR's own gravel deposits and quarries ensure maximum self-sufficiency and independent output.

Building construction

Projects range from traditional residential construction to office and hotel buildings, shopping centres, event venues and highly specialised data centres. Industrial construction includes production facilities, research buildings and logistics centres, while public-sector building construction focuses on administrative buildings, educational and healthcare facilities. In addition, the revitalisation and modernisation of existing buildings is becoming increasingly important.

The clients are diverse. In the public sector, municipalities and non-profit organisations are among the main clients. Industrial construction is characterised by leading companies, including listed corporations such as data centre operators, logistics service providers and pharmaceutical manufacturers. In residential construction, the focus is on private real estate developers, cooperatives and social housing developers.

PORR is a design-build contractor that handles projects from design and planning to turnkey delivery, manages the entire process and is responsible for coordinating with subcontractors. As a full-service provider, it covers all areas of building construction with its comprehensive range of services and also offers consulting services and sustainable modernisation solutions. With PORR Living, it also offers a solution based on modular construction, which can be used to build affordable housing.

Environmental engineering

The projects actively contribute to environmental protection by implementing innovative processes and promoting a circular economy. In urban areas, the focus is on remediation of contaminated sites, demolition, dismantling, and revitalising buildings, as well as on solutions for waste recycling and disposal. Measures for protecting water and soil and reducing noise pollution are also part of the core area of environmental engineering.

The clients are mainly internal customers from the building construction and civil engineering sectors, as well as external buyers of gravel produced by PORR.

PORR focuses on urban mining to keep resources in closed cycles, as well as on sustainable building materials. In addition to its core competencies in remediating contaminated sites and dismantling structures, it also offers transport and recycling as well as the treatment of hazardous and non-hazardous waste, demolition waste and construction waste. The company's own deposit resources, such as gravel production and earthworks, round off its range of environmental engineering services.

Design & Engineering

The projects primarily include the planning and development of construction projects in which design and adherence to strict time and cost frameworks are crucial. In addition, load-bearing capacity and building and protection regulations are strictly observed.

The clients mainly include internal customers from the building construction and civil engineering sectors. Building certification and consulting services are offered as well.

PORR focuses on partnership-based implementation across every phase of a structure's lifespan. It uses BIM and LEAN for planning, calculation, coordination and execution. Real-time data processing ensures maximum transparency. Designs can be created in line with recognised building guidelines such as LEED, BREEAM or ÖGNI.

Special competencies

The projects cover everything that does not fit into traditional building construction or civil engineering. Complex project delivery requires extensive expertise, new technologies and the use of synergies across every area of construction.

The clients range from internal clients to healthcare and real estate companies. In addition, construction materials such as asphalt and concrete, as well as facades, are also offered to other construction companies.

PORR has developed numerous specialist competencies itself, including innovative foundations for wind power plants and the Slab Track Austria system for high-speed railway lines. Its extensive portfolio also includes sealing work, asphalt and concrete production, including mastic asphalt, as well as concrete ceiling and facade construction. PORR also regularly works on key projects in the fields of airport construction, high-rise construction and steel construction and also focuses on sustainable solutions in timber construction. Its expertise also extends to facility and property management, as well as healthcare construction and operation and public-private partnership models (PPP models).

Value creation

SBM-1

Due to PORR's broad range of services, it is capable of covering every essential step in the construction value chain with its own activities. The individuality of the orders means that the responsibilities and areas of expertise are regulated differently between PORR and its external partners. As a result, individual steps in the value chain can be both upstream and downstream. This makes PORR dependent on its clients and customers and their activities.

The overarching focus is on circular construction and on keeping resources in the construction cycle in a sustainable manner.

PORR value chain

Upstream activities

Upstream activities can include the extraction and processing of raw materials for manufacturing materials, the production of building materials, and the design and planning of construction projects. Material stakeholders include suppliers, engineering firms, architects and planners. PORR can also extract some raw materials itself (e. g. quarrying) and thereby produce materials itself (mixing plants). In some cases, it is also commissioned to design and plan construction projects. In this case, the activities described are also part of PORR's own work.

Own activities

The realisation of a project is often preceded by a tender. Here, participating construction companies must meet predefined requirements. At PORR, decisions on whether to participate in a tender are made as part of bid management. Applications are submitted by the project management team, sometimes with the involvement of the prequalification department. Following the successful acquisition of the contract, work begins on construction site planning, material procurement and the selection and commissioning of subcontractors.

The construction and project execution are usually PORR's largest contribution to value creation. The duration of this phase varies depending on the type and scope of a project. Building construction projects, such as residential buildings and industrial buildings, usually have shorter construction times, while several years are to be expected in civil engineering. The material stakeholders for this phase are the company's own workforce. The handover to the client marks the completion of a project. The waste generated during construction is either recycled by external waste disposal companies or by PORR itself.

Downstream activities

Finally, the structure then enters the utilisation phase. This is outside of PORR's scope of influence and therefore also outside of the value chain. At the end of a structure's useful life, PORR takes on the revitalisation or demolition, the professional recycling and the landfilling or disposal of materials - provided this has been contracted.

Extracting and processing raw materials Mining and processing

Production of construction materials

Mixing and production processes

Design and planning

Engineering, building certification, personnel planning

Internal reuse

External reuse,

final disposal

End of useful life Recycling and landfilling

Construction and project execution Preparation, operational construction, handover to client

Management and acquisition

Tendering & contract award process, procurement of materials, selection of subcontractors

Upstream Own activities Downstream

ONE STEP AHEAD GROUP MANAGEMENT REPORT FINANCIAL STATEMENTS FURTHER INFORMATION

Center of Physics

Client: Bundesimmobiliengesellschaft

Graz, Austria

27

‌OUR

GROUP STRATEGY

PORR's Group strategy is based on its vision PORR - Home of Construction. To Build a Better World. That's why PORR is the home of knowhow and a magnet for the best people. With its comprehensive service portfolio, it covers the entire construction value chain and puts its core competency front and centre - to build a better world.

The future of construction in Europe is characterised by four megatrends: Deglobalisation, decarbonisation, digitalisation and demographic change - in short: the four "Ds". These are the key framework conditions in which PORR operates. The Group's strategy involves selective, sustainable growth on its seven home markets, a focus on circular construction, partnership-based project management and lean processes. In a nutshell: Intelligent Growth with Green and Lean.

Four megatrends

In the construction industry, the four Ds - deglobalisation, digitalisation, decarbonisation and demographic change - are the key framework conditions driving both demand and construction processes. This is why PORR's long-term Group strategy is also aligned with them.

Deglobalisation

Regionalisation reduces international dependency. Geopolitical tensions and economic uncertainties have caused lasting damage to confidence in an efficient global economy. That's why more and more companies are turning to nearshoring and reshoring,

i.e. bringing supply and production chains to their own country or a neighbouring country.

Local supply networks increase resilience. They result in shorter delivery times, fewer currency fluctuations, greater sustainability and faster response times. This requires modern transport infrastructure and reliable digital infrastructure. Local company sites are established by building production, research and storage facilities.

Decarbonisation

The EU has pledged to achieve climate neutrality. To this end, it has earmarked substantial investments totalling EUR 1.0 trn in new technologies and production processes. This is resulting in comprehensive renovation strategies for existing buildings and requirements for new buildings - which must be emission-free from 2030. Energy generation from renewable energy sources is to be expanded at the same time.

The rise in temperature shall remain below 1.5 degrees Celsius. This is the aim of the Paris Climate Agreement, to which around 200 countries have signed up. The focus is on national climate contributions, which include measures to reduce greenhouse gas (GHG) emissions and to promote resilience to climate change. These open up significant opportunities for the construction industry.

Digitalisation

Technology and research are driving artiffcial intelligence. The EU is supporting digitalisation with investments of around EUR 180 bn through various programmes including "Horizon Europe". In addition to robotics, this also includes basic research into artificial intelligence (AI). This requires extensive resources for buildings in the areas of data centres and chip production, where clean rooms are particularly in demand.

Digitalisation in construction has arrived. Highly sensitive sensors on massive pieces of construction equipment, robots that can handle routine tasks, and drones have long been a familiar sight on construction sites. In addition, BIM enables efficient coordination with all project participants thanks to the digital twin. 3D printers, virtual reality and an extended use of AI are the next steps towards a digital construction site.

Demographic change

In future, around 80% of Europeans will live in cities. This leads to numerous challenges. For example, sustainable infrastructure and a reliable public transport system - think smart mobility - are essential for life in urban centres. Sufficient affordable housing also needs to be made available.

The average age in Europe is rising by 4.5 years as a result of low birth rates and increasing life expectancy. This development not only has an impact on demand for healthcare and the amount of labour available, but also necessitates changes in urban planning, housing requirements and public transport.

Intelligent Growth with Green and Lean

BP-2, SBM-1

PORR's corporate strategy remains focused on "Intelligent Growth" with "Green and Lean". The focus is on expanding the strong market position on the seven home markets. PORR wants to be the market leader in resource-conscious, circular