Ordinary net profit, excluding extraordinary impacts in both years, up 13.6% to € 489 million Sales reached € 29,702 million, up 12.5% year-on-year EBITDA grew by 17.9% to € 1,679 million Backlog exceeds € 86.5 billion, a record high after growing 15.5% in 12 months Net debt of € 2.4 billion including Thiess debt of € 1.12 billion following consolidation of the Australian mining services company in April 2024 Recent award of 50-year concession for the new SR-400 managed lanes toll road in Atlanta, Georgia (US) 1. Consolidated Results ACS Group’s net attributable profit in the third quarter of 2024 reached € 605 million, up 5.0% supported by the good operating performance of all activities, especially Turner in North America. Earnings per share (EPS) grew by 6,4% to € 2.36. The Group’s ordinary net profit, excluding extraordinary results in both years, increased by 13.6% to € 489 million. 2. Operating Results The Group’s EBITDA reached € 1,679 million, up 17.9% compared to the previous year. It is worth highlighting the strong growth of Turner, with an improvement in its operating margins, and the contribution of CIMIC following the acquisition of an additional stake in Thiess. EBIT was € 1,079 million, up 5.3% compared to the previous year, confirming the growth trend of previous quarters. 3. International Diversification ACS Group’s sales in the first nine months of 2024 reached € 29,702 million, up 12.5% compared to the previous year, with a solid performance from all activities. Backlog in September 2024 was € 86,500 million, up 15.5% from the same period of the previous year due to the volume of awards recorded in the year, which exceeded € 40,000 million, up 16.1% from the previous year. Around 50% of awards came from new generation infrastructure markets, driven by strong growth in the digital infrastructure segment, with major data center contracts in all regions. Key awards during recent months included: In the United States and Canada: Hoboken maritime terminal works in New Jersey, (US). Major climate resilience contracts to combat storm surges, sea level rise and environmental hazards in Virginia Beach and Port Arthur, Texas, (US). Modernization and expansion of Terminal 3 West at San Francisco Airport, California, (US). Road improvements for the 2029 US Open Golf Tournament in Pinehurst, North Carolina, (US). Construction of a new building for the Public Health Life Sciences Laboratory at the Governor W. Averell Harriman State Office Campus in Albany, New York, (US). Improvements to the Heritage Road Bridge over the Otay River in Chula Vista, California, (US). Construction of a large-scale data center with more than 65,000 m2 for Meta in Jeffersonville, Indiana (US). Expansion of Henry Ford Hospital, with new patient rooms, emergency room, laboratories and intensive care area, Detroit, Michigan (US). Construction of the new Geisinger Medical Center tower on the Wyoming Valley campus, Pennsylvania (US). Construction of several data centers in the US, with total revenue of € 3,600 million. Construction of the Surrey Langley Skytrain project, an elevated subway line, Vancouver (Canada). Design and construction of the New Îlle D'Orléans bridge, Quebec (Canada). Construction of the South Dade Transit Operations Center, a 218,600 m2 maintenance and management complex for 100 electric buses, Miami (US). Development of improvements to Interstate Highway 35 and construction of the FM 664 bridge in Ellis County, Texas (US). Water infrastructure, including the construction of a pump station and microtunnel for wastewater and stormwater, Seattle, Washington (US). In Asia Pacific Design and construction of Stage 2 of the 270 MW battery storage system Western Downs project in Queensland (Australia). HumeLink West high-voltage transmission Project to connect and significantly increase the capacity of the electricity grid in the Eastern states of Australia. Extension of contract to operate metropolitan Passenger rail services in Melbourne (Australia). First major tunneling Works package for Suburban Rail Loop East Project, Victoria (Australia). Civil, structural and architectural works for a data center in Hyderabad (India). Reconstruction Works for the National Water Agency of Singapore (Singapore). Burnett River Dam Preplacement Wall Project, near Bundaberg (Australia). Projects to improve transport safety, efficiency and reliability, comfort, connectivity and livability along the existing streetcar line from Adelaide CBD to Glenelg, (South Australia). Extension of Northern District Hospital to serve an additional 1,500 hospital beds (Hong Kong). Design and construction of the Royal Prince Alfred Hospital redevelopment, Sydney (Australia). Development of Cobbora solar farm (700 MWac) and large-scale battery energy storage system, New South Wales (Australia). Construction and installation of phase 2 of the 341 MW / 1,363 MWh Collie Battery, Western Australia (Australia). Equipping a multinational technology corporation's data center to support an additional 10 MW load, Jakarta (Indonesia). Six-year extension of the mining services contract at Mount Arthur South for customer BHP, New South Wales (Australia). In Europe Construction of the new administrative center of the City of Justice in Madrid, Spain. Construction of a campus with four 60 MW data centers, Warsaw (Poland). Construction of the new Atocha Passenger Station to connect the high-speed train between Atocha and Chamartín stations, Madrid (Spain). Fornebu metro station, Oslo (Norway). Construction and operation of a fast-charging network for electric vehicles (Germany). Public private partnership for the construction of a justice center with two. 38,500 sqm buildings, Frankfurt (Germany). Design, construction and operation of a 700-room student residential complex for Staffordshire University, Staffordshire (United Kingdom). 4. Results per Areas of Activity 4.1. Integrated Solutions Turner Turner showed solid sales growth of 14.3% year-on-year to € 13,585 million. Strong growth in contract awards (+32% in the year), worth more than € 19,307 million, boosted the project backlog by 17% to € 30,031 million, setting a new all-time record. Margins continued their upward trend, supported by the growth strategy in advanced technology projects and supply chain services solutions through SourceBlue. EBITDA grew by 30.5% to € 385 million, while pre-tax profit was € 393 million, up 39% on the previous year. Turner continues with its strategic plan for international growth; in July it reached an agreement to acquire the Irish electromechanical engineering firm Dornan Engineering for a company value of approximately 400 million euros. Headquartered in Dublin and employing more than 1,000 people. Dornan maintains a similar business model to Turner, with a quality multinational technology client base and a presence in such important markets as the United Kingdom, Ireland, Germany, the Netherlands, Denmark and Switzerland, among others. Cimic CIMIC’s sales amounted to € 7,083 million, up 20% supported by the integration of Thiess since April 2024 and the momentum in the advanced technology and energy transition markets. EBITDA grew by 8.2% on a comparable basis to € 847 million, including the contribution of Thiess since April 23, when it acquired an additional 10% stake. Profit before tax amounted to € 369 million, up 23.1%. Third quarter contract awards amounted to € 9,381 million, bringing the backlog to € 24,588 million as of September 2024. Cimic continued its investment strategy in projects related to the energy transition and natural resources, having invested more than A$500 million during the year, including the acquisition of 10% of Thiess, the purchase of specialized engineering companies Prudentia, Minsol and PYBAR, as well as the development of sustainable mobility and electric transmission projects. 4.2. Engineering and Construction Dragados Dragados also had a good operating performance. Sales grew by 1.3% year-on-year to € 4,331 million, with its EBITDA growing by 3.9% to € 232 million. The improvement in financial results allowed Dragados to increase its pre-tax profit by 21.7% to € 107 million. Dragados’ backlog was €17,812 million, growing by 10% in the third quarter, with important contracts awarded in the areas of sustainable mobility and transport. Hochtief I&C Hochtief’s Engineering and Construction business experienced solid growth in its operations, with sales growing by 11.5% to € 2,751 million and EBITDA standing at € 134 million. Pre-tax profit increased by 6.5% to € 43 million. Backlog exceeded € 11,064 million, growing by 2%. 4.3. Infrastructures The Infrastructure segment (Abertis and Iridium) contributed € 151 million to the Group’s ordinary profit, slightly lower than reported in the third quarter of 2023 due to a lower contribution from Abertis to profit, affected by the application of the tax rate in France on infrastructure concessions and the contribution of the new assets recently acquired. Abertis Abertis showed a solid operating performance, with revenue growth of 9.2% and 9.8% EBITDA growth, thanks to: Average traffic growth of 1.2%, and the contribution of newly acquired assets in Spain and Puerto Rico. Average tariff increases as a result of regulated inflation protection mechanisms. Abertis also continued with its growth strategy and has recently expanded its presence in the Chilean market with the acquisition of the Santiagos – Los Vilos highway, which is 223 km long and has an average daily traffic of more than 19,000 vehicles. The 30-year concession starts in April 2025 and requires an investment of approximately 1,000 million during the first 7 years. Iridium Iridium’s contribution to the Group’s profit decreased to € 11 million due to the lower participation in the SH288 toll road. Iridium is part of the consortium (33%) that has been awarded the new SR-400 managed-lane toll road in Atlanta, Georgia (USA). The project consists of the construction of two dedicated lanes in each direction on the 13-mile stretch of the SR-400 highway north of Atlanta and one lane in each direction on an additional 3 miles, as well as its operation and maintenance for 50 years, with an estimated total investment of USD 10.8 billion, including an initial concession fee of USD 4.05 billion. On the other hand, Iridium reached an agreement to acquire approximately 50% of the shares of Skyports, a global leader in advanced mobility (AAM) through the operation of vertiports, sustainable infrastructure for air mobility and drone flights. The agreement includes a right of first refusal for the construction of and investment in Skyports. 5. Financial Situation The Group closed the third quarter of 2024 with a net debt position of € 2.4 billion, an increase of € 1.810 million over the last twelve months includes Thiess' debt following its incorporation into the consolidation perimeter last April (€1.12 billion). Excluding this accounting impact, the Group has had an excellent evolution of its financial position, with a strong net operating cash flow for the last 12 months, exceeding € 1.8 billion. The net balance of financial and project investments and divestments over the last 12 months has reached €1,638 million, including the capital increase of Abertis for an amount of €650 million, the acquisition of 10% of Thiess for €193 million, the increase in the stake of Hochtief, complementary strategic investments such as the acquisition of PYBAR, Vulcan, Minsol and Prudentia. In this same period, the Group allocated € 963 million to shareholder remuneration, both for ACS and Hochtief’s minority shareholders, including the purchase of treasury shares as part of the company´s buyback programs.
