ELLAKTOR S A : Six Month Financial Report

SIX-MONTH FINANCIAL REPORT

for the period from 1 January to 30 June 2021

(pursuant to Article 5 of Law 3556/2007)

ELLAKTOR SA

25, ERMOU STREET, KIFISSIA 145 64 TAX ID NO.: 094004914-TAX OFFICE FOR SOCIÉTÉS ANONYMES SA Reg. No: 874/06/Β/86/16 - 100065 G.E.MI. (General Electronic Commercial Registry) No 251501000

ELLAKTOR SA

Six-month Financial Report for the period from 1 January to 30 June 2021

All amounts are in € thousand, unless stated otherwise

Contents of Six-month Financial Report

Α. Statements of Members of the Board of Directors………………………………………………………………....	3
Β. Semi-annual Board of Directors Report…………………………………………………………………………………..	4
C. Independent Auditor's Review Report……….……………………………………………………………………………	26
D. Interim Condensed Financial Information for the period from 1 January to 30 June 2021……….	29

The interim condensed financial information of the Group and of the Company, from page 29 to page 81, were approved at the meeting of the Board of Directors of 30.08.2021.

THE CHAIRMAN OF THE BOARD OF	THE MANAGING DIRECTOR	THE CHIEF FINANCIAL OFFICER	THE HEAD OF THE
DIRECTORS			ACCOUNTING DEPARTMENT

GEORGIOS MYLONOGIANNIS	EFTHYMIOS BOULOUTAS	DIMOSTHENIS REVELAS	ANDREAS TSAGRIS
ID Card No. AE 024387	ID Card No. AΚ 638231	ID Card No. Φ 018383	ID Card No. AI 099022

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ELLAKTOR SA

Six-month Financial Report for the period from 1 January to 30 June 2021

All amounts are in € thousand, unless stated otherwise

Α. Statements of Members of the Board of Directors

(pursuant to Article 5 (2) of Law 3556/2007)

The Directors of the société anonyme company trading under the name ELLAKTOR Société Anonyme with the distinctive title ELLAKTOR SA (hereinafter the 'Company'), with registered offices in Kifissia Attica, at 25, Ermou Street 25:

1. Georgios Mylonogiannis, son of Stamatios-Takis, Chairman of the Board of Directors
2. Efthymios Bouloutas son of Theodoros, CEO
3. Aristeidis (Aris) Xenofos son of Ioannis, Vice-Chairman of the Board of Directors, appointed as per decision of the Company's Board of Directors;

acting in our capacities as above, hereby declare that, to the best of our knowledge:

1. the interim condensed financial report of the Company and the Group for the period 01.01-30.06.2021, which was prepared in accordance with the applicable international accounting standards, fairly represents the assets and liabilities, the equity, the profit and loss and the comprehensive income of the Company and of the companies included in the consolidation taken as a whole, pursuant to the provisions of Article 5(3) to (5) of Law 3556/2007, and
2. the semi-annual report of the Company's Board of Directors fairly represents the information required under Article 5(6) of Law 3556/2007.

Kifissia, 30 August 2021

THE CHAIRMAN OF THE BOARD	THE MANAGING DIRECTOR	THE VICE-CHAIRMAN OF THE
OF DIRECTORS		BOARD OF DIRECTORS

GEORGIOS MYLONOGIANNIS	EFTHYMIOS BOULOUTAS	ARISTEIDIS (ARIS) XENOFOS
ID Card No. AE 024387	ID Card No. AΚ 638231	ID Card No. ΑΚ 756177

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ELLAKTOR SA

Six-month Financial Report for the period from 1 January to 30 June 2021

All amounts are in € thousand, unless stated otherwise

Β. Semi-annual Board of Directors Report

On the interim condensed financial information for the period from 1 January to 30 June 2021

This report of the Board of Directors pertains to H1 of the current year 2021 (01.01.2021-30.06.2021), and provides summary financial information about the financial position and results of ELLAKTOR SA and the ELLAKTOR Group Companies. The Report outlines the most important events which took place during H1 2021, and the effect that such events had on the financial statements, the main risks and uncertainties the Group is faced with, while it also sets out qualitative information and estimates about its future activities. Finally, the report includes important transactions entered into between the Company and Group and related parties.

The companies included in the consolidation, except for parent company ELLAKTOR SA, are those mentioned in note 30 of the attached financial statements.

This Report was prepared pursuant to Article 5 of Law 3556/2007 and accompanies the financial statements for the fiscal year 01.01.2021-30.06.2021.

I. Introduction

Since 2020, the world economy has been facing the unprecedented challenge of the coronavirus pandemic, which, in addition to having had a devastating effect on global health, has created a severe and prolonged recession, mainly due to the suspension of industries and the restriction of movements. As a result, the global GDP shrank by 3.5% in 2020, while it shrank by 6.8% and 8.2% in the EU and in Greece, respectively.

However, since the beginning of 2021 the global economy has been showing signs of recovery, reversing the deep recession, with the key indicators of economies moving positively and forecasts from all international organisations pointing to significant growth rates for 2021 and 2022 (5.8% and 4.5% respectively). However, despite the positive predictions, , there is still substantial uncertainty about the evolution of the virus, due to the possibility of the spread of new mutations that are more resistant to existing vaccines. This would require the reinstatement of strict restrictive measures and the suspension of operations as happened in the past.

The outlook for the Greek economy is positive, with an expected growth rate of 3.8% and 5.0% for 2021 and 2022 respectively. This increase is mainly due to the expected continuation of the easing of travel restrictions, which will support the country's tourism and exports, but also the country's significant disbursements from the EU Recovery and Resilience Facility (RRF). Greece is expected to receive €31 billion from the Recovery Fund of which €18 billion relates to grants and €13 billion to loans, and will also receive nearly €40 billion from the Multiannual Financial Framework via the NSRF and the Common Agricultural Policy in the period 2021-2027. The Greek government has declared that infrastructure is one of the priority areas into which the above funds are to be channelled.

With regard to the ELLAKTOR Group, the following significant events took place in the first half of 2021:

• In the Construction sector,
• • AKTOR focused on the implementation of major projects such as the Thessaloniki Metro, the Faliro Bay Reconstruction, the Gurasada-Ilteu 2c railway project and the Sebes Turda Lot-2 road project in Romania.
  • The reorganization plan of the Sector has started being implemented, with the reduction of staff costs and the cost of goods sold, the disposal of non-operating assets, as well as the undertaking of initiatives for the more efficient management of cash, as well as the optimization of the financing structure.

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ELLAKTOR SA

Six-month Financial Report for the period from 1 January to 30 June 2021

All amounts are in € thousand, unless stated otherwise

• • In the context of the Sector's reorganisation, 06.08.2021 saw the completion of the increase of the AKTOR Share Capital, through which its funds were strengthened with a total amount of €98.6 million. The increase was fully subscribed by the parent company ELLAKTOR. At the same time, on 10.08.2021, AKTOR made a full and complete repayment of the Bond Loan (Bridge Financing), amounting to €50 million that had been concluded as interim financing within the six months.
• In the Concessions sector:
• • With the gradual lifting of movement restriction measures by the Greek Government to limit the spread of the COVID-19 pandemic, traffic on the Attiki Odos increased by 4.10% in the period January - June 2021 compared to the corresponding period of 2020 and traffic on the other highways improved in the 2nd quarter of 2021 compared to the corresponding period of 2020.
  • On 1st January 2021, the Alimos Marina Concession was launched for a period of 40 years - with the right of mutual extension for another 10 years - with the aim of upgrading the Alimos Marina to one of the most modern marinas in the Balkans, with the implementation of a total investment of €100 million for its development with multiple added value. The Alimos Marina with its 1,100 berths, is the biggest marina in the Balkans and nowadays operates as a starting marina for a large number of small professional recreational crafts. It is located at a strategic point at the northwest of Athens, 15km away from the city centre, 8km south from the Port of Piraeus and 30km away from the Athens International Airport Eleftherios Venizelos, and it is serviced by a dense transportation network including trams, buses and taxis. The concession of the right of use, commissioning, management and operation of Alimos Marina is a strategic investment for AKTOR CONCESSIONS which affects the entire Region of Attica, forms part of the "Athens Riviera", constitutes a point of reference not only for the residents and visitors of the entire urban area, but also for the owners of private and professional crafts, is a milestone for the wider region of Attica and mainly for the Municipality of Alimos and is expected to bring significant and multiple benefits for the local community.
• In the renewable energy sources (RES) segment:
• • RAE issued Producer Certificates for PV installations with an installed capacity of 140 MW in Northern Greece (Ioannina & Kilkis).
  • New applications for Production Certificates were submitted to RAE, as follows:

o	New wind parks	: 97 MW
o	Storage (batteries)	: 417 MW

• The procedures for updating the construction permits of the wind farms with an installed capacity of 88.2 MW in Agrafa continue in order to enable the start of field work in 2022.
• The maturation procedures of the Company's pipeline continue, specifically as follows:

• • submission of environmental impact studies to the wind farms of Laconia and to the Ktenia Extension
  • installation of anemometric masts & related equipment for more accurate determination of the wind potential of the wind farms of Evia.
• With the Environment segment, HELECTOR SA renewed all the waste management plant contracts which expired in the fiscal year. Now HELECTOR SA, through joint ventures, has proceeded to the contracting of projects with a total contract value of €75.6 million (share of HELECTOR SA: €49 million). The Group operates 5 municipal waste treatment plants, with an annual capacity exceeding 700,000 tons per year, 2 clinical waste treatment plants and 4 power generation projects utilising landfill biogas with a total installed capacity exceeding 35 MW. Lastly, in the context of the legal dispute between J/V HELECTOR SA
• • TH.G.LOLOS - CH. TSOMPANIDIS O.E.- ARSI S.A. and the company ENVITEC S.A., the Supreme Court issued judgement no. 192/2021, which acquitted the other party to the proceedings and ordered the

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