ELLAKTOR S A : FINANCIAL RESULTS H12021 PRESENTATION

ELLAKTOR Group

H1 2021 Financial Results

Disclaimer

This presentation has been prepared by ELLAKTOR S.A. (the "Company").

The information contained in this presentation has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of the Company, shareholders or any of their respective affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document.

Unless otherwise stated, all financials contained herein are stated in accordance with International Financial Reporting Standards ('IFRS').

This presentation does not constitute an offer or invitation to purchase or subscribe for any shares and neither it or any part of it shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever.

The information included in this presentation maybe subject to updating, completion, revision and amendment and such information may change materially. No person is under any obligation to update or keep current the information contained in the presentation and any opinions expressed in relation thereof are subject to change without notices. This presentation is subject to any future announcement so material information made by the Company in accordance with law.

This presentation does not constitute a recommendation regarding the securities of the Company.

This presentation also contains forward-looking statements, which include comments with respect to our objectives and strategies, and the results of our operations and our business, considering environment and risk conditions.

However, by their nature, these forward-looking statements involve numerous assumptions, uncertainties and opportunities, both general and specific. The risk exists that these statements may not be fulfilled. We caution readers of this presentation not to place undue reliance on these forward-looking statements as a number of factors could cause future Group results to differ materially from these targets.

Forward looking statements may be influenced in particular by factors as the effects of competition in the areas in which we operate, and changes in economic, political, regulatory and technological conditions. We caution that the foregoing list is not exhaustive.

When relying on forward-looking statements to make decisions, investors should carefully consider the aforementioned factors as well as other uncertainties and events.

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Content	pages
Business & Operational Update	3
Key Financial Figures	8
Performance by Segment	16
Appendix	22

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Quarterly Business Update

• 2Q Group Revenue at €200.3m, or 6% lower y-o-y, but +4% sequentially vs 1Q (€193m). 1H Group Revenue at €393.3m (-10%y-o-y), with rate of decline improving vs. 1Q (-14%y-o-y)
• Concessions 2Q Revenue at €57.9m (+42% y-o-y and +44% q-o-q) and 1H at €98.2m (+8% y-o-y), on the back of gradually increasing traffic volumes as a result of the gradual lifting of Covid-19 related traffic restrictions
• Environment 2Q Revenue at €31.1m (+25% y-o-yand +28% q-o-q)and 1H at €55.4m (+17% y-o-y)
• RES 2Q Revenue at €19.2m (-9%y-o-y and -41%q-o-q) as a result of particularly favorable weather conditions in
  1Q'21. 1H Revenue at €51.6m, or +14% y-o-y
• Construction 2Q Revenue at €92.8m (-27%y-o-y) stabilizing vs 1Q'21 (-4%q-o-q) and 1H at €189m (-26%y-o-y)
• Real Estate 2Q Revenue at €1.4m (+9% y-o-yand +10% q-o-q)and 1H at €2.6m (-15%y-o-y)

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Quarterly Profitability Update

• On 23rd of July, the Group was notified that the International Court of Arbitration in Qatar, awarded an amount of c. $98.5m in favor of a subcontractor and against the foreign consortium ALYSJ-JV in relation to a subcontracting agreement regarding the Gold Line of Doha Metro in Qatar. This event was announced by the Group on July 27th. Even though the arbitration ruling will be challenged by the JV through actions for annulment, the Group has decided to include a €26.15m provision in our quarterly accounts which is the amount perceived to be the potential risk to the Group
• For better understanding of the underlying profitability trends, EBITDA figures are also presented on a 'comparable' basis i.e. excluding the €26.15m P&L impact of the ICC ruling
• 2Q Group comparable EBITDA at €35.7m, up by 64% vs €21.8m recorded in the same quarter of last year and marginally down by 11% on a q-o-q sequential basis, while 1H Group comparable EBITDA at €75.9m, an increase of 5%
• 1H comparable EBITDA margin at 19.3%, materially improved by 280 bps compared to last year. 2Q comparable EBITDA margin at 17.8%, vs 10.2% in the same quarter of last year
• EBITDA (incorporating the negative impact from the arbitration) amounted to €9.5m in 2Q and €49.7m in 1H

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