HOCHTIEF : Quarterly Report January to March 2021

The HOCHTIEF Group: Key Figures

		Q1		Q1		Change		Full year
2021	2020			2020
(EUR million)				like for like

Sales adjusted

Operational profit before tax/PBT

Operational profit before tax/PBT pre-Abertis

Operational PBT margin (%)

Operational PBT pre-Abertis margin (%)

Operational net profit

Operational net profit pre-Abertis

EBITDA

EBITDA margin (%)

EBIT

EBIT margin (%)

Nominal profit before tax/PBT

Nominal profit before tax/PBT pre-Abertis

Nominal net profit

Nominal net profit pre-Abertis

Net cash from operating activities

Net cash from operating activities pre-factoring

Net operating capital expenditure

Free cash flow from operations

Net cash /net debt

New orders

Work done

Order backlog

4,934.4

157.6

160.6

3.2

3.3

99.2

102.2

247.7
5.0
172.8
3.5
145.4
148.4
86.0
89.0

(597.0)

(448.7)

20.4

(617.4)

6.8

5,907.9

5,769.2

47,610.7

5,600.8		-11.9%		23,679.2
151.8		3.8%		802.3
150.6		6.6%		819.4
2.7		0.5		3.4
2.7		0.6		3.5
97.7		1.5%		476.7
96.5		5.9%		493.8
248.0		-0.1%		1,749.7
4.4		0.6		7.4
192.2		-10.1%		1,046.1
3.4		0.1		4.4
143.2		1.5%		881.9
142.0		4.5%		899.0
88.9		-3.3%		427.2
87.7		1.5%		444.3
(298.2)		(298.8)		742.8
(362.0)		(86.7)		1,098.1
36.4		(16.0)		371.1
(334.7)		(282.7)		371.7
(134.3)		141.1		617.9
4,512.7		30.9%		23,069.9
6,116.1		-5.7%		24,549.6
44,991.6		5.8%		45,840.4

Employees (end of period)			33,501		51,980		-35.6%		46,644

Note: Operational profits are adjusted for non-operational effects Sales FY 2020 adjusted for Gorgon and other minor effects

All figures for Q1 2020 are like for like-meaning comparable with Q1 2021 with regard to equity-method accounting for Thiess-and exclude BICC.

The Spiral, New York City:

With its surrounding green garden, which winds up into the sky, The Spiral is currently the conceptionally most breathtaking high-rise being built in Manhattan. The building, comprising 65 stories, is realized by Turner and scheduled to be completed in 2022.

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Marcelino Fernández Verdes, Chairman of the Executive Board

HOCHTIEF has started 2021 in a positive manner notwithstanding the impact of Covid-19 where the Group continues to support the response to the pandemic by public authorities through upgrades to hospitals to create safer environments and build capacity for Covid-19 patient care. Our subsidiary Turner, for example, has provided support to more than 50 hospitals in the United States and quickly developed new and additional healthcare capacity.

In the first quarter of the year, the Group has delivered a nominal net profit of EUR 86 million. This compares with EUR 89 million in Q1 2020 on a like-for-like (LFL) basis, adjusting for the divestment of 50% of Thiess with the remaining 50% holding being equity-method consolidated. Operational net profit of EUR 99 million rose year on year by 2% LFL or 6% prior to the Abertis contri- bution. Margins remained firm across the Group's divisions.

New orders increased significantly by over 30% year on year to EUR 5.9 billion compared with the EUR 4.5 billion secured in Q1 2020 whilst a disciplined bidding approach was maintained across all divisions. As a consequence, the Group's order book remained robust at EUR 47.6 billion up 6% year on year. Half of our order book is located in North America with a further 41% in the Asia-Pacific region and 9% in Europe.

To Our Shareholders	3
Interim Management Report	6
Interim Financial Statements	19
Publication Details and Credits	31

HOCHTIEF Group-Q1 2021 overview1)

Nom. net profit of EUR 86 million, -3% yoy and like for like, +2% pre-Abertis, notwithstanding Covid-19 effects

• Sales in Q1 2021 of EUR 4.9 billion, yoy -12%(-9%f/x-adjusted) versus a high pre-Covid-19 comparison level; robust operational margins
• Operational net profit of EUR 99 million; EUR 102 million pre-Abertis (+6% yoy)
• Abertis net contribution of EUR -3 million in Q1 2021 (versus EUR 1 million in Q1 2020) due to Covid-19 mobility restrictions; improving trend

New orders up 31% yoy to EUR 5.9 billion; order backlog of EUR 47.6 billion, up 6% yoy

• Strong recovery in new orders driven by Asia Pacific and Americas, notwithstanding Covid-19
• Geographically diversified order book with 50% in America, 41% Asia Pacific, 9% Europe

Net cash from operating activities pre-factoring of EUR 675 million LTM remains robust

• Free cash flow level pre-factoring stable yoy (EUR
  +11 million yoy), despite lower revenue and Covid-19 impact
• Net cash from operating activities pre-factoring of EUR -449 million in Q1 2021, reflecting seasonality, lower sales (EUR -666 million) yoy and Covid-19 impacts
• Net operating capex significantly lower at EUR 20 million in Q1 2021, after 50% Thiess divestment

Net cash up EUR +141 million yoy, after EUR 722 million shareholder remuneration LTM

• Strong liquidity position of EUR 5.3 billion, additional EUR 1.7 billion undrawn loan facilities
• HOCHTIEF issued a EUR 500 million 8-year rated bond with 0.625% coupon in April 2021

Guidance FY 2021 confirmed, improving trends in Group's key markets

• Guidance 2021: op. NPAT EUR 410 - 460 million, plus 11 - 25% yoy LFL subject to market conditions
• FY 2020 dividend of EUR 3.93/share proposed to the AGM on May 6, 2021, unchanged 65% payout (EUR 278 million)
• Solid tender pipeline of more than EUR 620 billion in 2021 and beyond including PPP pipeline of EUR 180 billion and numerous stimulus packages

1. In this presentation all figures for Q1 2020 and FY 2020 are like for like, i.e. are comparable with Q1 2021 re. Thiess at-equity consolidation, and exclude BICC

yoy = year on year

LTM = last twelve months

Sales of EUR 4.9 billion were EUR 666 million lower year on year versus the comparable figure for Q1 2020 when Covid-19 impacts were in their early phases. Net cash from operating activities remains robust on a last-twelve-months basis at EUR 675 mil- lion, underlying, with the first-quarter variation reflecting the lower sales level and seasonality.

Net operating capex shows a marked decrease compared with the level reported last year for Q1 2020 due to the deconsolidation of Thiess. On a LFL basis, net capex of EUR 20 million compares with EUR 36 million in Q1 2020.

HOCHTIEF ended March 2021 with a net cash position of EUR 7 million-a EUR 141 million increase year on year. This is after EUR 722 million in shareholder remuneration in the preceeding twelve months. The Group ended the quarter with a strong liquidity position of EUR 5.3 billion with an additional EUR 1.7 billion in undrawn credit facilities.

Looking forward, our local teams have identified a tender pipeline of relevant projects worth over EUR 620 billion for 2021 and beyond supported by EUR 180 billion in PPP projects in addition to the numerous stimulus packages approved by governments.

On May 6, 2021, HOCHTIEF's AGM approved a dividend for FY 2020 of EUR 3.93 per share or EUR 278 million in absolute terms. This corresponds to an unchanged dividend payout ratio of 65% of nominal net profit and is in addition to the EUR 168 million returned to our shareholders via the buyback of 3.5% of our shares during 2020.

Group Outlook

HOCHTIEF expects to achieve an operational net profit in 2021 in the range of EUR 410-460 million, an increase of 11 to 25% year on year compared with the EUR 368 million of 2020 adjusted for the divestment of 50% of Thiess.

Environmental, Social and Governance strategy

HOCHTIEF is one of the world's leading infrastructure groups in terms of Environmental, Social and Governance topics or ESG. Sustainability, specifically, is one of our guiding principles for how we approach and manage our business and a cornerstone of our strategy. Our long-standing commitment to sustainability is reflected, for example, by our listing in the Dow Jones Sustainability Index. This index incorporates the most environmentally-focused companies and we are proud to have been a member for the last 15 years. In addition, MSCI has awarded HOCHTIEF a strong AA ESG rating and Sustainalytics lists HOCHTIEF as a top 10 company in its global sustainability ranking for our industry. Furthermore, our Group has also been recognized for its efforts on Climate Change by the Carbon Disclosure Project (CDP).

In 2021, we are accelerating our efforts on environmental, social and governance priorities, leveraging the digital technologies we are developing, in order to continue our business transformation. The Executive Board is leading this twin transition, green and digital, which is a key element of our strategy.

We are updating our sustainability drive with our new 2021 to 2025 sustainability plan and are working on science-based carbon reduction targets. HOCHTIEF fully supports the goals of the Paris Agreement to stop global warming and to make our environment carbon neutral by 2050 and our ambition is for the Group to reach this objective well ahead of schedule.

Our customers value our range of services in this field. HOCHTIEF generated revenues in 2020 from green building projects worth EUR 8.3 billion or over one-third of Group sales. We are the leaders in green building in the U.S. and embrace the trend toward making the industry more and more sustainable. Turner has completed more than 1,200 green building projects and it has more LEED-accredited professionals (the key sustainability metric in the U.S. building market) than any other construction firm and accumulates around USD 60 billion of green building project experience.

We are working with leading suppliers and subcontractors to significantly improve the environmental footprint of the machines and supplies used, for example, using hydrogen for steel and concrete production as well as using electric-powered construction machinery that runs on green electricity.

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To Our Shareholders	3
Interim Management Report	6
Interim Financial Statements	19
Publication Details and Credits	31

The social component of sustainability at HOCHTIEF has just been reinforced by our updated Human Rights policy, which is available on our website. Our staff's diversity in terms of age, gender, citizenship, religion, and background is something we as an international group care deeply about. The diversity of our teams positively influences their performance. Diversity is an integral part of human resources processes at HOCHTIEF.

The Governance aspect of ESG is also a top priority for us. In terms of Corporate Governance, the Executive Board is committed to managing HOCHTIEF in the interest of all its stakeholders with particular attention given to assessing long-term opportunities and the approach to risk management.

Compliance is key in delivering our corporate principles particularly in terms of our codes of business conduct and we attach great importance to ensuring that our high standards extend to the entire supply chain and that human rights apply to everyone who works on our projects. We only work with partners who are committed to our values and we are increasing our efforts to ensure to get them monitored and certified.

A key tool to drive our ESG strategy to the next level is digitalization.

Our innovation hub Nexplore, which was founded in 2018, is working on numerous solutions that are enabling us to shape the construction process in a more sustainable, efficient and also significantly more cost-effective manner. We are developing more sustainable processes, optimizing logistics with the help of Blockchain, artificial intelligence and machine learning.

Recently, Nexplore joined the MIT Climate and Sustainability Consortium. It brings together an alliance of leaders from a broad range of industries such as Apple, IBM, Boeing, Dow or PepsiCo and aims to vastly accelerate large-scale,real-world implementation of solutions to address the threat of climate change. The consortium is developing an ambitious implementation strategy for environmental innovation to meet the urgency of climate change.

Our twin transition drive in digitalization and sustainability is for the benefit of the people on our projects, the environment, our customers and all other stakeholders and enables us to further strengthen HOCHTIEF's leading market positions.

Yours,

Marcelino Fernández Verdes

Chairman of the Executive Board