STRABAG SE

INVESTOR PRESENTATION

JANUARY 2021

DISCLAIMER

This presentation is made by STRABAG SE (the "Company") solely for use at investor meetings and is furnished to you solely for your information.

This presentation speaks as of January 2021. The facts and information contained herein might be subject to revision in the future. Neither the delivery of this presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. None of the Company or any of its parents or subsidiaries or any of such person's directors, officers, employees or advisors nor any other person (i) accepts any obligation to update any information contained herein or to adjust it to future events or developments or (ii) makes any representation or warranty, express or implied, as to, and no reliance should be placed on, the accuracy or completeness of the information contained in this presentation. None of the Company or any of its parents or subsidiaries or any of their directors, officers, employees and advisors nor any other person shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising, directly or indirectly, from any use of this presentation. The same applies to information contained in other material made available at the meeting.

This document is selective in nature and is intended to provide an introduction to, and overview of, the business of the Company. Where any information and statistics are quoted from any external source, such information or statistics should not be interpreted as having been adopted or endorsed by the Company as being accurate.

This presentation contains forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which the Company operates. These statements generally are

identified by words such as "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets",

and similar expressions. The forward-looking statements, including but not limited to assumptions, opinions and views of the Company or information from third party sources, contained in this presentation are based on current plans, estimates, assumptions and projections and involve uncertainties and risks. Various factors could cause actual future results, performance or events to differ materially from those described in these statements. The Company does not represent or guarantee that the assumptions underlying such forward-looking statements are free from errors nor do they accept any responsibility for the future accuracy of the opinions expressed in this presentation. No obligation is assumed to update any forward-looking statements.

By accepting this presentation you acknowledge that you will be solely responsible for your own assessment of the market and of the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company's business.

2 Investor Presentation January 2021

1 STRABAG AT A GLANCE

2 THE CONSTRUCTION

3 THE STRABAG

SECTOR WITHIN

STRATEGY &

EVOLVING GLOBAL

INVESTMENT

THEMES

PROPOSITION

4 FINANCIAL

5 APPENDIX

PERFORMANCE

3 Investor Presentation January 2021

1 STRABAG AT A GLANCE

STRABAG AT A GLANCE

FACTS & FIGURES

MARKETS

  • Output volume: € 16.6 billion
  • Net income: € 379 million
  • 76,919 employees
  • >700 locations in more than 80 countries
  • Highly innovative: Central Technical Division with over 1,000 engineers, TPA (Quality & Innovation) with about 950 people
  • Equity ratio: >30%
  • Investment grade rating by S&P: BBB, outlook stable
  • Strong brands: STRABAG & ZÜBLIN

OUTPUT VOLUME BY REGION (2019)

#1 #2

#2

#1

#1

#2

#1 #1

Rest of world

Colombia

Rest of Europe

7%

7%

CEE

Germany

23%

47%

Oman

Abu Dhabi

Qatar

Chile

Austria

16%

5 Investor Presentation January 2021

LARGEST PROJECTS IN PROGRESS

NO SPECIFIC EXPOSURE TO ANY LARGE PROJECT

AS % OF

ORDER

TOTAL

BACKLOG

ORDER

COUNTRY

PROJECT

IN €M

BACKLOG

United

Kingdom

HS2 high-speed rail line

1,295

6.7

United

Kingdom

North Yorkshire Polyhalite Project

875

4.5

Germany

New rail line/airport tunnel

345

1.8

Chile

Alto Maipo power plant

278

1.4

Germany

EDGE East Side

259

1.3

Germany

K20 motorway viaduct widening

226

1.2

Germany

FAIR particle accelerator facility

217

1.1

Chile

El Teniente - main supply tunnel

195

1.0

Singapore

Deep Tunnel Sewerage System

191

1.0

Second core rapid transit route,

Germany

Munich

190

1.0

As of July 2020

Alto Maipo power plant

Second core rapid transit route Munich

Image credits: Deutsche Bahn AG / Fritz Stoiber Productions GmbH

6 Investor Presentation January 2021

FLAGSHIP PROJECTS - EXAMPLES

TAMINA BRIDGE -

SWITZERLAND

Building of an arch bridge

Size: € 22 million (=60% share)

Project schedule: 2013-2017

Project scope: 475 m long arch bridge with a span of 260 m

Picture: ZOOM VP

BRENNER BASE TUNNEL -

AUSTRIA

Building of a twin-tube rail tunnel between Tulfes-Pfons

Size: € 380 million (=51% share)

Project schedule: 2014-2019

Project scope: 38 km twin-tube rail tunnel, exploratory and rescue tunnel

Picture: Thomas Böhm, Tiroler Tageszeitung

Picture: Siemens Schweiz AG

TRIIIPLE RESIDENTIAL TOWERS - AUSTRIA

Building three 100-metre-high residential towers

Size: € 110 million

Project schedule: 2018-2021

Project scope: While the Towers 1 and 2 will house 480 owner-occupiedflats, Tower 3 will house 670 micro- apartments.

OFFICE & PRODUCTION BUILDINGS FOR SIEMENS

Construction of new office and production buildings in Zug, Switzerland

Size: ~ € 100 million

Project schedule: 2016-2018

Project scope: General

contractor, BIM 5D® applied

7 Investor Presentation January 2021

FLAGSHIP PROJECTS - INTERNATIONAL

ROHTANG PASS HIGHWAY

TUNNEL - INDIA

Size: € 197 million (=60% share)

Project schedule: 2008-2020

Project scope: Construction of an

8.9 km long two-lane road tunnel with integrated emergency tunnel beneath the roadway via the NATM tunnelling method

MAR1 - CONCESSION -

COLOMBIA

Size: € 893 million

(37.5% share)

Project schedule: 2016-2022

Project scope: 176 km national road (38 km 4-lane national road - 71 km rehabilitation of 2-lane natinal road and operation and maintenance of 72 km national road), construction includes a 4.6 km tunnel and 67 bridges with a total length of 7.3 km

JV 5TH LINE WATER SUPPLY - JERUSALEM

Size: € 165 million

Project schedule: 2016-2020

Project scope: 12.9 km TBM tunnel, Ein Karem exit shaft

(22 m deep), Soreq adit (1.4 km > NATM), complete tunnel with steel tube + Kesalon connecting route (320 m) + Ein Karem connecting route (10 m) > ca. 13.3 km steel hydraulics construction, commissioning

MINING CONTRACTS EL TENIENTE - CHILE

Size: ~ € 500 million

Project schedule: 2019-2022

Project scope: Construction of tunnels with a total length of 32.5 km

8 Investor Presentation January 2021

BUSINESS SEGMENT CONTRIBUTION 2019

International +

North + West

South + East

Special Divisions

49% of

21% of

output

output

volume

29% of

volume

output

volume

Austria, Switzerland, Hungary,

International, Tunnelling,

Czech Republic, Slovakia,

Services, Real Estate

Germany, Poland, Benelux,

Adriatic, Rest of Europe,

Development, Infrastructure

Regions/Areas

Scandinavia, Ground

Environmental Engineering,

Development, Construction

Engineering

Russia

Materials

Output volume (€m)

8,107

4,916

3,451

Order backlog (€m)

8,808

4,489

4,111

EBIT (€m)

310

122

184

EBIT margin (%)

4.1

2.5

5.7

Employees

25,386

19,850

25,219

4th, non-operating segment "Others", output volume 1%, not shown

9 Investor Presentation January 2021

KEY FINANCIALS

(€m)

2019

2018

%

Output volume

16,618

16,323

2

Revenue

15,222

15,669

3

EBITDA

1,113

953

17

EBITDA adjusted

1,113

897

24

EBIT

603

558

8

EBIT adjusted

603

503

20

Net income after minorities

372

354

5

Cash flow from operating activities1

1,076

789

36

Cash flow from investing activities1

-593

-641

7

Balance sheet total

12,251

11,568

6

Group equity

3,856

3,654

6

Equity ratio

31.5%

31.6%

Net debt (+)/cash (-)

-1,144

-1,218

-6

Δ% was calculated with original, not rounded figures → therefore, rounding differences may occur. 1 Adjustment of the 2018 values

10 Investor Presentation January 2021

COMPREHENSIVE COUNTRY NETWORK

INTEGRATED MODEL

TAKES ADVANTAGE OF

● local management skills ● market knowledge

● cost and efficiency synergies ● risk diversification

COMPREHENSIVE COUNTRY

NETWORK ENABLES STRABAG

TO

● make more use of technology and machinery

● follow clients around the world

Only countries with a minimum annual output volume and a minimum order backlog of € 1 million are considered.

11 Investor Presentation January 2021

2 THE CONSTRUCTION SECTOR WITHIN EVOLVING GLOBAL THEMES

FOUR EUROPEAN TRENDS:

(1) URBANISATION/DEMOGRAPHICS

GERMANY: DAILY TRAFFIC LOAD 2030F

Vehicles

(thousands/day)

>90

70-9050-70

30-5020-30

15-20

10-15 <10

  • By 2050 68% of the global population will live in cities (today: 55%) - an increase of the urban population by 2.5 billion.
    Higher need for infrastructure
  • McKinsey: Germany needs to increase its annual construction volume by about € 40 billion in order to reach its political goals for infrastructure and residential construction.
  • Based on an expert opinion commissioned by the

federal government, the backlog resulting from the lack of maintenance measures alone in rail infrastructure in our home market of Germany is estimated at just under € 50 billion in 2019.

  • "Bundesverkehrswegeplan 2030": German investment plan with total sum of € 270 billion
    (focused on infrastructure in the Western part)

Sources: Deutsche Stiftung Weltbevölkerung: https://www.dsw.org/projektionen-urbanisierung/, BMVI, Verkehrsverflechtungsprognose 2030 - Netzumlegungen, August 2015, Bundeshaushalt Einzelplan 12, Bundesverkehrswegeplan; Report of the Daehre Commission in December 2012; http://ec.europa.eu/cli; ma/policies/brief/eu/index_en.htm; "Voices on

Infrastructure", Global Infrastructure Initiative by McKinsey & Company

13 Investor Presentation January 2021

EXAMPLE:

MOTORWAY DENSITY IN DIFFERENT MARKETS

45

km motorway / 1,000 km2

0

Germany Slovenia Croatia

Hungary

Austria

Czech

Slovakia Bulgaria

Poland Romania

Republic

1998 2008 2018

Source: Eurostat, Regionalstatistik des Verkehrs (https://ec.Europa.eu/Eurostat/data/database). Slovenia: changed methodology in 2013

14 Investor Presentation January 2021

FOUR EUROPEAN TRENDS:

(2) ENERGY/SUSTAINABILITY

● Investment of USD 48 trillion needed to just meet the world's energy needs by 2035, according to McKinsey1

● EU Green Deal sets 3 targets until 2030

− At least 55% cuts in greenhouse gas emissions

− At least 32% share of renewable energy

− At least 32.5% improvement of energy efficiency

● Buildings account for about 40 % of the overall energy consumption and produce around 36 % of the associated greenhouse gas emissions in the European Union2

Clients are increasingly demanding that existing buildings be adapted with a view towards higher

energy efficiency and lower emission levels

during operation.

Own building materials network provides a high barrier to entry for other market participants, as the permits for building new mixing plants are not granted easily due to environmental concerns.

A2 Poland

  1. "Voices on Infrastructure: Rethinking engineering and construction", Global Infrastructure Initiative by McKinsey & Company, October 2016, p 33
  2. European Commission: https://ec.europa.eu/clima/policies/strategies/2030_en (last accessed 13 January 2021)

15 Investor Presentation January 2021

FOUR EUROPEAN TRENDS:

(3) FINANCIAL ENVIRONMENT

● Historically low interest rates and highly volatile financial environment make real estate an attractive investment alternative for some investor groups

● Low financing costs facilitate investment into real estate

STRABAG Real Estate Development Tanzende Türme, Hamburg

16 Investor Presentation January 2021

FOUR EUROPEAN TRENDS:

(4) DIGITALISATION

CONSTRUCTION SECTOR LAGGING BEHIND REGARDING PRODUCTIVITY GAINS1

4%

Construction

27%

Producing

34%

Manufacturing

industry

industry

industry

<6%

Less than 6% of

93%

of players in the

construction

construction sector

companies use

agree that

digital instruments

digitalisation will

for planning

effect all their

holistically.

processes.

Source: "Digitalisierung der Bauwirtschaft", Roland Berger, 2016

1 Figures for Germany; period under consideration: 10 years

17 Investor Presentation January 2021

CONSTRUCTION SEGMENTS HAVE THEIR OWN

BUSINESS MODELS AND CYCLES

CONSTRUCTION SUBSEGMENTS GERMANY

STRABAG CLIENT STRUCTURE

10%

Private

39%

0%

2019

2020e

2021e

2022e

2023e

Public

61%

-10%

Residential

Other building construction

Civil

CONSTRUCTION OUTPUT BY COUNTRIES

10%

0%

2019

2020e

2021e

2022e

2023e

-10%

Germany

Austria

Eastern Europe

Source: Euroconstruct Report, November 2020

  • Public client:
    The price is mostly the dominant criterion.
  • Private client:
    Often opts for the best offer, not necessarily the lowest.

18 Investor Presentation January 2021

SELECTION CRITERIA IN CONSTRUCTION

Clients' selection criteria

Price

Financial strength

Technology

& Innovation

References

Experience and

Construction

Know-how of employees

materials supply

19 Investor Presentation January 2021

3 THE STRABAG

STRATEGY & INVESTMENT PROPOSITION

  1. EUROPEAN-BASEDTECHNOLOGY GROUP FOR CONSTRUCTION SERVICES

"STRABAG is a European-based technology group for construction services, a leader in innovation and financial strength. We create added value for our clients by integrating the most diverse services and assuming responsibility for them: We bring together people, materials and machinery at the right place and at the right time in order to realise even complex construction

projects - on schedule, of quality and at the best price."

STRABAG takes an agreed scope of responsibility and part of the risk, thereby relieving the client e.g. of the risk of delays and cost overruns.

Professional and market experience as well as financial strength needed to create added value

Helps clients meet their goals (time, quality, lower costs)

Technology/Innovation: Differentiation through superior technology and innovative solutions

21 Investor Presentation January 2021

SIX STRATEGIC FIELDS

22 Investor Presentation January 2021

FASTER TOGETHER 2022 - THE STRABAG ACTION PLAN

People First

teamconcept

BIM 5D®

SMART.

LEAN.

Strategic

Project Risk

Procurement

Construction

Construction

Management

Solution (SPS)

23 Investor Presentation January 2021

THE STRABAG INVESTMENT PROPOSITION

  1. Margin Upside
    • Strategic priority: Strengthening risk and opportunity management
    • Strategic priority: Implementing efficiency-rising measures proposed by task force
  3. Flexible Business Model, Selective Diversity
    • Strategic priority: Showing flexibility
    • Strategic priority: Staying diversified
    • Strategic priority: Offering top technology and sustainability
  5. Financial Strength
    • Strategic priority: Maintaining financial strength
  7. Attractive Dividends on a reliable level

24 Investor Presentation January 2021

(1) MARGIN UPSIDE: TARGETS

2020: ≥3.5% EBIT MARGIN1 EXPECTED

TOP-LINE GROWTH NOT IN THE FOCUS

5%

15%

12%

12%

12%

3.8%

≥3.5%

8%

3.2%

3.3%

3.3%

5%

2%

0%

2.6%

-6%

-6%

-10%

0%

-15%

2015

2016

2017

2018

2019

2020

2015

2016

2017

2018

2019

2020

● Comprehensive risk management

● For the current 2020 financial year, STRABAG

● Mid-term target of 4% by 2022

now expects to generate an output volume of

approx. € 15.0 billion

1 2016 adjusted for a non-operating profit in the amount of € 27.81 million; 2018 adjusted for a non-operatingstep-up profit in the amount of € 55.31 million

25 Investor Presentation January 2021

(1) MARGIN UPSIDE: RISK MANAGEMENT

RISK MANAGEMENT INSTRUMENTS

  • Organisational structure with central divisions
  • Four-eyes-principle
  • Internal price committees before bidding (including a STRABAG SE board member when project volume ≥€ 70 m)
  • Systematic cataloguing of result risk factors (lessons learned, best practice)
  • Internal Audits
  • Management information system:
    "We have developed a management information system that helps us to ensure that the same standards apply in all regions where STRABAG is active. This means: clear criteria for the assessment of new projects, a standardised process for the submission of bids and control systems serve as filters to avoid loss-bringing projects."

Thomas Birtel, CEO

TYPES OF CONTRACTS

  • Joint Venture with the client
  • Cost + fee
  • Guaranteed maximum price
  • Lump-sum
  • Unit pricing

COMPOSITION OF THE ORDER BACKLOG

18%

11,039

Total of the ten largest

Construction sites

projects in the order

per year

backlog

26 Investor Presentation January 2021

  1. FLEXIBLE BUSINESS MODEL, SELECTIVE DIVERSITY: RESILIENCE IN A VOLATILE INDUSTRY

OUTPUT VOLUME (€M)

ORDER BACKLOG (€M)

20,000

16,323

16,618

20,000

16,592

16,900

17,411

14,290

13,491

14,621

13,135

14,816

0

0

2015

2016

2017

2018

2019

2015

2016

2017

2018

2019

EBITDA (€M) AND EBITDA MARGIN (%)1

EBIT (€M) AND EBIT MARGIN (%)1

1,200

1,113

1,000

816

827

835

953

603

558

397

448

341

6.2%

6.9%

6.2%

6.3%

7.1%

2.6%

3.3%

3.7%

3.8%

0

3.4%

0

2015

2016

2017

2018

2019

2015

2016

2017

2018

2019

1 2018 including a non-operatingstep-up profit in the amount of € 55.31 million

27 Investor Presentation January 2021

  1. FLEXIBLE BUSINESS MODEL, SELECTIVE DIVERSITY: SUBCONTRACTING AND PORTFOLIO MIX

SUBCONTR. BUILDING & CIVIL ENGINEERING

SUBC. TRANSPORTATION INFRASTRUCTURE

Sub-

contractors

31%

Own

42%

Sub-

contractors

58%

Own 69%

DIVERSIFIED PORTFOLIO BALANCES CYCLICAL/PROJECT-DRIVEN NATURE OF CONSTRUCTION

  • Diversifying geographically
  • Top market positions in stable home markets
  • Offer services along the entire construction value chain

Project development

Construction

& Concessions

2%

Materials 6%

International &

Tunnelling 3%

Transportation

Services 6%

Infrastructure

38%

Building

Construction &

Civil Engineering

38%

% of total output volume 2019

28 Investor Presentation January 2021

  1. FLEXIBLE BUSINESS MODEL, SELECTIVE DIVERSITY: OWN DENSE CONSTRUCTION MATERIALS NETWORK

STRABAG FACILITIES1

OWN COVERAGE OF MATERIAL NEEDS (%)

● Asphalt mixing plants

2732

100%

83% 81%

● Concrete mixing plants

1462

● Quarries and gravel pits

1482

● Cement mixing plants

53

27%

34%

25%

● Production of 4.2 million m³ of concrete,

25%

15% 15%

16.6 million tons of asphalt and 1.2 million tons of

cement in 2019

0%

Asphalt

Concrete

Cement

Stone/Gravel

● Sales revenue of € 690 million in 2019

2019

2018

HIGHLIGHTS

  • Hedge against price fluctuations, securing supply
  • Existing quarries as effective entry barriers - lack of permits for new sites
  • 30% in joint venture (at equity-consolidated since Q3/2011) with LafargeHolcim secures access to cement in Central and Eastern Europe
  • Further optimisation of raw materials network and increased self-sufficiency except in asphalt
  1. December 2017
  2. Includes active facilities from joint ventures and associates
  3. Thereof four in JV with LafargeHolcim (STRABAG share 30%) and one in another investment (STRABAG share 25.6%)

29 Investor Presentation January 2021

  1. FLEXIBLE BUSINESS MODEL, SELECTIVE DIVERSITY: STEADY INCOME THROUGH CONCESSION BUSINESS

NUMBER OF STRABAG'S PPP1 PROJECTS

50

34

35

38

37

35

0

2015

2016

2017

2018

2019

PPP STRATEGY

  • Focus on infrastructure and large public buildings
  • PPP/BOT1 in home markets, Eastern Europe and increasingly in selected international markets (insufficient legal framework in some countries)
  • Importance as public procurement method due to cost advantages
  • High barriers to entry due to necessary PPP expertise and financial strength

1 Public-PrivatePartnership/Build-Operate-Transfer

SELECTED PPP PROJECTS

MAR1, Colombia

Motorway A8, Germany

TOTAL

CONCESSION

COUNTRY

PROJECT

COST (€M) % SHARE

UNTIL

STATUS

PL

A2 Section II

1,543

10

2037

Operation

HU

M5 Motorway

1,292

100

2031

Operation

HU

M6 Motorway

966

50

2037

Operation

COL

MAR1

957

37.5

2045

In progress

GER

Schools,

52

100

2045

Operation

Mülheim

GER

Ministries,

41

100

2035

Operation

Potsdam

30 Investor Presentation January 2021

  1. FLEXIBLE BUSINESS MODEL, SELECTIVE DIVERSITY: PROPERTY & FACILITY SERVICES

TARGET MARKETS

KEY ACCOUNTS

DFS Deutsche Flugsiche-

City Tower,

Vodafone Campus,

rung Headquarters

Praha, Czech Republic

Düsseldorf, Germany

Frankfurt, Germany

KEY FACTS 2019

  • Output 2019: € 884 m
  • ~ 6,340 employees (FTE)
  • Broad range of customers: Airbus, Allianz, Audi, BImA*, BDBOS*, BOS*, Bosch, Colt, Commerzbank, DEKA, Demire, Deutsche Bahn, DFS, dm, ESPRIT, Fortuna, Gardena, Generali, GE Power, Gruner+Jahr, Hansainvest, IMMOFINANZ, Liebherr, Linde, MAHAG, MAN, Mars, Nordex, OMV, ORSAY, Pilkington, Roche, Ritter Sport, RWE, Siemens, Telefónica Deutschland, UniCredit, Union Investment, Vodafone, Voith, WealthCap, Westbahn, etc.
  • Active in Germany, Austria, Poland, Czech Republic, Slovakia
  • #4 market position in German facility management
    ("Lünendonk" 2019 ranking)
  • #5 market position in Polish facility management
  • Long-termcontract with client Deutsche Telekom AG expired in June 2019
  • Consolidated in the International + Special Divisions Segment

*BImA: Bundesanstalt für Immobilienaufgaben

31

Investor Presentation January 2021

*BDBOS:Bundesanstalt für den Digitalfunk der Behörden und Organisationen mit Sicherheitsaufgaben

*BOS: Behörden und Organisationen mit Sicherheitsaufgaben

  1. OFFERING TECHNOLOGY AND SUSTAINABILITY: BIM 5D® COULD BE A REVOLUTION IN CONSTRUCTION

3D MODEL: DEFINING THE "TO BE BUILT"

4D - TIME: WHEN ARE WORKS EXECUTED?

5D - PROCESS: MATERIALS, ORDERS

ADVANTAGES OF BIM 5D®

● Single data pool as an answer to specialisation

and growing number of companies involved

● Risk management: Inconsistencies detected

earlier

● Clients get a clearer picture of the impacts

resulting from alterations, renovations, additions

● Budget and time overruns minimized

32 Investor Presentation January 2021

  1. OFFERING TECHNOLOGY AND SUSTAINABILITY: INTELLIGENT PROCESS ENGINEERING

BIM 5D® ALSO

APPLICABLE FOR

TRANSPORTATION

INFRASTRUCTURE

PROJECTS

● 3D visualisation

● Topographic mapping via drones and other innovative hard- & software

● Model-based quantity take-off during tender stage and quantity on-site controlling in execution phase

● Model-linked 4D time tables

● Integrated logistics concepts and simulations ● Model-based machine control on-site

Isometrics of a combined traffic & bridge construction model

33 Investor Presentation January 2021

  1. OFFERING TECHNOLOGY AND SUSTAINABILITY: CASE STUDY - CENTRAL TECHNICAL DIVISION/TPA

STRABAG AND PEERS: R&D/TECHNICAL DIVISION STAFF HEADCOUNT1

2000

Number of employees

950

TPA

Central Technical Division

1000

500

500

450

150

125

105

100

90

0

STRABAG

Peers

% of total headcount

4%

2,7%

3,2%

1,9%

2%

1,5%

0,2%

0,2%

0,1%

0,1%

0%

0,6%

1

2

3

4

5

6

7

8

9

STRABAG

Peers

  • Central Technical Division - organisation in charge of planning and execution of R&D projects
  • Focus on building construction and civil engineering
  • 24 locations
  • TPA - organisation focused on optimising technical processes, workplace safety and quality
  • Focus on transportation infrastructure
  • STRABAG's competence centre for quality management and construction R&D
  • 130 locations
  • Total R&D spending 2019: ~ € 17 million

1 Analysis carried out by STRABAG R&D department in 2014

34 Investor Presentation January 2021

  1. OFFERING TECHNOLOGY AND SUSTAINABILITY: EXAMPLE ON NON FINANCIAL TARGETS - WOMEN

TARGET: GROW SHARE OF WOMEN IN TOTAL EMPLOYMENT AND MANAGEMENT EACH YEAR

30%

16.9%

16.9%

13.9%

14.9%

14.9%

8.7%

8.4%

9.0%

9.2%

9.3%

0%

2015

2016

2017

2018

2019

Women as % of management

Women as % of staff

35 Investor Presentation January 2021

(3) FINANCIAL STRENGTH AS COMPETITIVE ADVANTAGE

RATING

EQUITY RATIO

  • STRABAG SE is one of the few European construction companies with an official corporate credit rating.
  • S&P raised STRABAG SE investment grade rating from BBB- to BBB, stable outlook, in June 2015; confirmed in October 2020
    • Leading market positions in Central Europe and some parts of Eastern Europe
    • Vertical integration that provides barriers to entry and strategic access to raw materials
    • Largely stable operating margins, which indicates generally good project execution and cost management
    • High standing in the credit markets and solid perceived financial stability, underpinned by a net cash position
  • Rating as a competitive advantage: € 200 million bond issued with a coupon of 1.625%, 2015-2022
  • Target: maintain investment grade credit rating
  • High equity ratio of 31% (sector average 23%)
  • Target: maintain equity ratio of ≥25%

NET CASH

● Net cash of € 1,144 million end of 2019

36 Investor Presentation January 2021

(3) FINANCIAL STRENGTH: DIVERSIFIED FINANCING

DEBT REPAYMENT PROFILE BONDS (€M)

300

200

200

0

2020

2021

2022

2023

DIVERSIFIED MEANS OF FINANCING

  • Cash and surety credit lines (31 December 2019): € 7.9 billion
    • thereof syndicated cash credit line of € 0.4 billion (by 2024)
    • thereof syndicated surety loan (by 2024)
  • Last bond issue: € 200 million, 1.625 %, 2015- 2022

CORPORATE BOND

TERM

INTEREST

VOLUME

ISIN

2015-2022

1.625%

€ 200 m

AT0000A1C741

37 Investor Presentation January 2021

  1. ATTRACTIVE DIVIDENDS: CONSISTENT PAYOUT RATIO

NET INCOME A.M. (€M) AND MARGIN (%)

DIVIDEND (€) AND PAYOUT RATIO (%)

400

5%

2.3%

€ 2

100%

354

372

-31%

278

279

2.4%

1.30

1.30

2.1%

2.3%

43%

0.95

48%

0.901

156

0.65

2.2%

38%

35%

1.2%

25%

0

€ 0

0%

2015

2016

2017

2018

2019

2015

2016

2017

2018

2019

EARNINGS PER SHARE (€)

4

5%

3.45 3.62

2.71 2.72

1.52

0

2015

2016

2017

2018

2019

1 Proposed and conditioned dividend

38 Investor Presentation January 2021

(4) ATTRACTIVE DIVIDENDS:

TOTAL SHAREHOLDER RETURN 2015-2019

Dividend policy: 30-50 % of net income after

50%

minorities distributed as a dividend

3.4%

3.1%

Ø dividend

42.7%

yield: 3.4%

29.7%

3.0%

42.7%

20.9%

3.6%

3.9%

1.1%

-24.6%

-24.6%

-20%

2015

2016

2017

2018

2019

Return from share price

Return from dividends

Dividend yield based on average share price

39 Investor Presentation January 2021

4 FINANCIAL PERFORMANCE

CORONA EFFECTS ON STRABAG

STRABAG suspends Austrian construction site activity for the time being and initiates early warning system according to § 45a AMFG as a precaution

  • Around 1,000 sites affected
  • Minimum distance not guaranteed, supply chain not assured
  • Early warning system activated for employees in Austria

1820

March March

STRABAG gradually resumes work on construction sites in Austria

  • Agreement by the social partners enables reduced distances if appropriate safety precautions are taken
  • Review of each of the more than 1,000 construction sites to see whether they meet the requirements

27

29

31

March

April

August

STRABAG registers for short-time working programme in Austria

  • Reduced working hours initially for three months
  • Rapid response to revised federal short- time work directive

Executive Board anticipates a 10 % decline in output volume compared with the previous forecast of more than € 16.0 billion, i.e. around € 14.4 billion. Possible to achieve an EBIT margin (EBIT/revenue) of at least 3.5 %

Outlook for 2020 upgraded: output volume expected to reach around

  • 15 billion. EBIT margin target
    (EBIT/revenue) remains at
    ≥ 3.5 %

41 Investor Presentation January 2021

OUTPUT VOLUME FELL BY 10% AFTER SIX MONTHS 2020, ORDER BACKLOG REACHED NEW RECORD HIGH

OUTPUT VOLUME (€M)

20,000

16,618

-10%

6,720

7,507

0

6M /20

6M/19

2019

ORDER BACKLOG (€M)

  • Decrease due to three factors
    • Loss of German key account in the property and facility services business mid-2019
    • Coronavirus: temporary halt to construction activity in Austria
    • Completion of tunnelling projects in Chile

6%

20,000

19,441

18,326

17,411

0

6M/20

6M/19

2019

  • +6% to new record high
  • Declines in the Americas, Hungary and Austria
  • New orders and contract extensions in tunnelling in the UK
  • Significant increase in Germany and the Czech Republic

42 Investor Presentation January 2021

SLIGHT GROWTH OF EBITDA, BUT HIGHER DEPRECIATION LEADS TO LOWER EBIT

EBITDA (€M)

1,500

● Small growth in EBITDA of 2%

1,113

2%

300

295

0

6M/20

6M/19

2019

EBIT (€M)

700

603

-26%

45

61

0

6M/20

6M/19

2019

  • Depreciation and amortisation up by 9% as a result of higher investments in the previous year
  • Decline of EBIT attributable to the International + Special Divisions segment

43 Investor Presentation January 2021

NET INCOME AFTER MINORITIES AFTER SIX MONTHS STILL IN THE NEGATIVE TERRITORY

NET INCOME AFTER MINORITIES (€M)

EARNINGS PER SHARE (€)

400

372

4

3.62

n.m.

n.m.

11

0.10

-1

-0.01

-100

6M/20

6M/19

2019

-1

6M/20

6M/19

2019

  • Net interest income at € -13 million after € -20 million in 6M/19; higher negative exchange rate differences more than compensated by lower interest expenses
  • Income tax: project losses in a non-European country could not be offset by the possibility of asserting loss carryforwards
  • Earnings attributable to minority shareholders barely changed at € 1 million
  • While net income after minorities had been in positive territory after 6M/19, it tends to be below zero for the first half of the year

44 Investor Presentation January 2021

STRONG BALANCE SHEET WITH A HIGH EQUITY RATIO

ASSETS1

EQUITY AND LIABILITIES1

(€m)

6M/2020

2019

Intangible assets

489

491

Rights from concession

arrangements

521

530

PP&E & investment property

2,554

2,632

Equity-accounted investments

444

455

Other investments

172

175

Concession receivables

582

599

Other receivables

227

230

Deferred taxes

157

138

Non-current assets

5,146

5,250

Inventories

1,043

984

Concession receivables

41

39

Contract assets

1,639

1,355

Trade and other receivables

2,060

2,162

Cash and cash equivalents

2,020

2,461

Current assets

6,803

7,001

Total Assets

11,949

12,251

1 Rounding differences might occur.

(€m)

6M/2020

2019

Share capital

110

110

Capital reserves

2,315

2,315

Retained earnings

1,338

1,397

Non-controlling interests

31

34

Total equity

3,794

3,856

Provisions

1,107

1,137

Financial liabilities

1,005

1,067

Other liabilities

105

92

Deferred taxes

83

49

Non-current liabilities

2,300

2,345

Provisions

867

893

Financial liabilities

156

356

Contract liabilities

1,015

957

Trade payables

2,898

2,827

Other current liabilities

919

1,018

Current liabilities

5,855

6,050

Equity and liabilities

11,949

12,251

45 Investor Presentation January 2021

LOWER WORKING CAPITAL INCREASE SHIFTS CASH FLOW FROM OPERATING ACTIVITIES TO POSITIVE

(€m)

6M/20

∆%

6M/19

Cash - beginning of period

2,460

3

2,384

Cash flow from earnings

239

4

229

∆ Working Capital

-206

62

-550

Cash flow from operating activities

33

n.m.

-321

Cash flow from investing activities

-180

40

-299

Cash flow from financing activities

-261

-42

-183

Net change in cash

-408

49

-803

FX changes

-33

n.m.

7

Change restricted cash

1

n.m.

0

Cash - end of period

2,020

27

1,589

Rounding differences might occur.

46 Investor Presentation January 2021

NORTH + WEST: EBIT ALREADY IN POSITIVE TERRITORY

KEY INDICATORS

(€m)

6M/20

%

6M/19

Output volume

3,531

-1

3,552

Revenue

3,256

0

3,265

Order backlog

9,352

1

9,215

EBIT

82

n.m.

-29

EBIT margin (% of rev.)

2.5

-0.9

Employees (FTE)

25,520

3

24,824

SHARE OF GROUP OUTPUT VOLUME

53%

of group

output volume

BC&CE: Building Construction & Civil Engineering

TI: Transportation Infrastructures

COMMENTS

  • Output volume almost stable, trends mixed
  • EBIT unlike 6M/2019 already positive
    • Lower negative impact large projects in Poland
    • Improved earnings in German TI business
  • Order backlog remained at a very high level:
    • Office buildings in large German cities
    • FAIR particle accelerator facility, Germany
    • Upgrade of Germany's longest motorway viaduct (K20)
  • Outlook:
    • Lower output volume 2020 expected
    • Tougher price competition in German BC&CE forecast, but relief after years of extremely high capacity utilisation
    • Impact of COVID-19 in German TI business minimal, sharp reduction in number of public tenders
    • Poland: unexpectedly positive so far, no COVID-19- related burden anticipated

47 Investor Presentation January 2021

SOUTH + EAST IMPACTED BY COVID-19 ON OUTPUT LEVEL

KEY INDICATORS

(€m)

6M/20

%

6M/19

Output volume

1,891

-9

2,068

Revenue

1,833

-6

1,957

Order backlog

4,789

2

4,693

EBIT

44

n.m.

-21

EBIT margin (% of rev.)

2.4

-1.1

Employees (FTE)

19,701

4

18,940

SHARE OF GROUP OUTPUT VOLUME

28%

of group

output volume

BC&CE: Building Construction & Civil Engineering

TI: Transportation Infrastructures

COMMENTS

  • Output volume fell by 9% as a result of temporary suspension of construction activity in Austria
  • EBIT returned to positive territory - absence of one-time burdens from 6M/19
  • Order backlog rose by 2% despite declines in Hungary and Austria:
    • Bridge in Satu Mare, Romania
    • Section of A3 motorway, Romania
    • Bypass city Veszprém, Hungary
    • High-risebuilding "The Marks" in Vienna, Austria
    • Overhaul of railway line, Czech Republic
  • Outlook:
    • Negative trend in output volume to soften in HY2/20
    • Austria: incoming orders in BC&CE solid, but reduced number of public-sector tenders
    • Lower order backlog in Hungary leads to expectation of further decline in output volume
    • High order backlog in TI in Czech Republic, but suspended tenders in BC

48 Investor Presentation January 2021

INTERNATIONAL + SPECIAL DIVISIONS: COVID-19-RESTRICTIONS IN TUNNELLING IN CHILE

KEY INDICATORS

(€m)

6M/20

%

6M/19

Output volume

1,233

-33

1,832

Revenue

1,226

-30

1,749

Order backlog

5,295

20

4,413

EBIT

-73

n.m.

123

EBIT margin (% of rev.)

-6.0

7.1

Employees (FTE)

22,221

-16

26,452

SHARE OF GROUP OUTPUT VOLUME

18%

of group

output volume

COMMENTS

  • Output volume lower by 33% due to loss of a key account in 2019 in property and facility services as well as COVID- 19-related restriction on large tunnelling projects in Chile
  • Burden from COVID-19 and absence of positive factors of 6M/19 lead to EBIT deterioration to € -73 million
  • Order backlog grew by 20%:
    • Construction of HS2 high-speed railway line, UK
    • Road widening project in Uganda
  • Outlook:
    • Output volume 2020 should be significantly lower
    • Extent to which COVID-19 will have lasting impact on real estate development not yet possible to foresee
    • Property and facility services seriously affected by COVID-19 crisis
    • Hardly any impact of COVID-19 on concession projects
    • Tunnelling business adversely affected in South America and Singapore

49 Investor Presentation January 2021

OUTLOOK 2020 UPGRADED AFTER FIRST SIX MONTHS

  • Output volume 2020 should reach around € 15 billion; previous estimate of € 14.4 billion
  • EBIT margin target (EBIT/revenue) 2020 remains at ≥ 3,5%
  • CAPEX (cash flow from investing activities) forecast to be below € 450 million

50 Investor Presentation January 2021

5 APPENDIX

OUTPUT VOLUME 2019 AT RECORD LEVEL OF 16.6 BILLION

OUTPUT VOLUME (€M)

20,000

+2%

16,618

16,323

0

2019

2018

  • Growth in the home market of Austria and in transportation infrastructures in Poland, Hungary and Czech Republic
  • Loss of a key client in Germany in property & facility services as from 1 July 2019 onwards
  • Mixed performance in the remaining markets

OUTPUT VOLUME BY REGION 2019

Rest of world

7%

Rest of Europe

7%

Germany

CEE47% 23%

Austria

16%

CEE = Central and Eastern Europe

52 Investor Presentation January 2021

SIGNIFICANT INCREASE IN ORDER BACKLOG 2019 IN GERMANY,

CZECH REPUBLIC AND UK - NEW RECORD AT YEAR'S END

ORDER BACKLOG (€M)

20,000

17,411

+3%

16,900

0

2019

2018

  • Substantial expansion of an existing order in the
    UK
  • Significant increase in the order backlog in Germany and Czech Republic
  • Declines in Hungary, Austria and Poland as work progressed on major projects
  • New projects in 2019:

ORDER BACKLOG BY REGION 2019

Rest of world

10%

Rest of Europe

12%

Germany

44%

CEE

23%

Austria

11%

CEE = Central and Eastern Europe

  • Section of D35 motorway and modernisation of railway lines in the Czech Republic
  • Bridges on the A9 motorway in Germany
  • Mining contracts in Chile
  • Renovation of Budapest's M3 metro line,
    Hungary
  • Several plants in international markets

53 Investor Presentation January 2021

EBITDA TOPPING € 1 BILLION MARK FOR THE FIRST TIME

EBITDA (€M) AND EBITDA MARGIN (%)

1,200

1,113

+17%

9531

7.1%

6.3%1

0

2019

2018

  • First-timeapplication of IFRS 16 Leases
  • Growth of 24 % compared to EBITDA adjusted for non-operatingstep-up profit in 2018

EBIT (€M) AND EBIT MARGIN (%)

1,000

603

+8%

5581

3.8%

3.7%1

0

2019

2018

  • Depreciation and amortisation grew by 29 % due to first-time application of IFRS 16 Leases
  • Growth of 20 % compared to EBIT adjusted for non-operatingstep-up profit in 2018
  • Growth attributable to North + West segment, where earnings nearly doubled

1 Including a non-operatingstep-up profit in the amount of € 55.31 million

54 Investor Presentation January 2021

EARNINGS PER SHARE ROSE BY 5%

NET INCOME A. MINORITIES (€M) & MARGIN (%) EARNINGS PER SHARE (€)

400

372

+5%

4

354

2.4%

2.3%

0

0

2019

2018

3.62+5%

3.45

2019

2018

  • Net interest income comparable to that of the previous year
  • Income tax rate stood slightly higher at 34.4% (2018: 31.7%)
  • Earnings owed to minority shareholders again on a relatively low level

55 Investor Presentation January 2021

GROUP INCOME STATEMENT 2019

(€m)

2019

2018

%

Output volume

16,617.97

16,322.88

2

Revenue

15,668.57

15,221.83

3

Changes in inventories/own work capitalised

31.36

-33.07

n.a.

Other operating income

233.14

222.98

5

Construction materials, consumables and

services used

-10,111.85

-10,125.77

0

Employee benefits expenses

-3,745.15

-3,618.94

3

Other operating expenses

-1,024.02

-854.89

20

Share of profit or loss of associates

-21.48

83.18

n.a.

Net income from investments

82.72

57.28

44

EBITDA

1,113.30

952.601

17

1 Including a non-operatingstep-up profit in the amount of € 55.31 million

  • was calculated with original, not rounded figures → therefore, rounding differences might occur.

56 Investor Presentation January 2021

GROUP INCOME STATEMENT 2019 (CONT.)

(€m)

2019

2018

%

EBITDA

1,113.30

952.601

17

Margin (%)

7.1

6.3

Depreciation and amortisation

-510.71

-394.39

29

EBIT

602.58

558.211

8

Margin (%)

3.8

3.7

Net interest income

-25.34

-27.43

-8

Income tax expense

-198.68

-168.00

-18

Net income

378.56

362.78

4

Attributable to minority interest

6.86

9.25

-26

Attributable to equity holders of the parent company

371.70

353.53

5

Earnings per share (€)

3.62

3.45

5

1 Including a non-operatingstep-up profit in the amount of € 55.31 million

  • was calculated with original, not rounded figures → therefore, rounding differences might occur.

57 Investor Presentation January 2021

EQUITY RATIO REMAINS HIGH AT 31%

ASSETS1

EQUITY AND LIABILITIES1

(€m)

2019

2018

Intangible assets

491

493

Rights from concession

arrangements2

530

547

PP&E & investment property

2,632

2,144

Equity-accounted investments

455

379

Other investments

175

185

Concession receivables

599

630

Other receivables

230

251

Deferred taxes

138

147

Non-current assets

5,250

4,776

Inventories

984

890

Concession receivables

39

36

Contract assets

1,355

1,283

Trade and other receivables

2,162

2,197

Cash and cash equivalents

2,461

2,386

Current assets

7,001

6,792

Total Assets

12,251

11,568

(€m)

2019

2018

Share capital

110

110

Capital reserves

2,315

2,315

Retained earnings

1,397

1,196

Non-controlling interests

34

33

Total equity

3,856

3,654

Provisions

1,137

1,117

Financial liabilities

1,067

1,088

Other liabilities

92

78

Deferred taxes2

49

43

Non-current liabilities

2,345

2,326

Provisions

893

734

Financial liabilities

356

276

Contract liabilities

957

975

Trade payables

2,827

2,615

Other current liabilities

1,017

988

Current liabilities

6,050

5,588

Equity and liabilities

12,251

11,568

1 Rounding differences might occur. 2 Adjustment of values 2018 due to initial consolidation in accordance with IFRS 3.45

58 Investor Presentation January 2021

NET CASH STILL EXTRAORDINARILY HIGH, EQUITY RATIO NEARLY UNCHANGED

NET DEBT (+)/NET CASH (-) (€M)

EQUITY RATIO (%)

1,500

40

31.5%

31.6%

31.5%

31.0%

30.7%

0

-449

-1,094

-1,218

-1,144

-1,500

-1,335

0

2015

2016

2017

2018

2019

2015

2016

2017

2018

2019

  • Equity ratio remained nearly unchanged despite balance sheet growth; target: ≥ 25%
  • Net cash position still at an extraordinarily high level
    • Uncharacteristically high advance payments not yet reduced
    • Marginally higher financial liabilities
  • S&P confirmed corporate credit rating of BBB (outlook: stable) in October 2020

59 Investor Presentation January 2021

CASH AND CASH EQUIVALENTS OF € 2.5 BILLION

(€m)

2019

∆%

2018

Cash - beginning of period

2,384

-15

2,790

Cash flow from earnings

851

30

654

∆ Working Capital

225

67

135

Cash flow from operating activities

1,076

36

789

Cash flow from investing activities

-593

7

-641

Cash flow from financing activities

-412

23

-534

Net change in cash

71

n.a.

-386

FX changes

4

n.a.

-19

Change restricted cash

1

n.a.

-1

Cash - end of period

2,460

3

2,384

Rounding differences might occur.

60 Investor Presentation January 2021

CASH AT € 2.5 BILLION

CASH DEVELOPMENT (€M)

4,000

1,076

2,384

-593

2,460

-412

4

1

0

Cash

CFO

CFI

CFF

Currency Restricted

Cash

1.1.2019

translation

cash

31.12.2019

COMMENTS

  • Another working capital reduction in 2018
  • Higher investments in property, plant and equipment

CFO: Cash flow from operating activities CFF: Cash flow from financing activities CFI: Cash flow from investing activities (net CAPEX)

61 Investor Presentation January 2021

AGAIN HIGH CASH INFLOW IN 2HY/2019

WORKING CAPITAL PATTERN: CASH OUTFLOWS IN 1HY; INFLOWS IN 2HY (€M)

1,200

981

775

800

430

322

400

0

-400

-270

-295

-800

-550

-748

-1,200

1HY 2016

2HY 2016

1HY 2017

2HY 2017

1HY 2018

2HY 2018

1HY 2019

2HY 2019

COMMENTS

  • Working capital outflows generally occur over the first nine months of the year due to business seasonality
  • Record cash-inflow in 2HY/2017 - expectation of increase in working capital to familiar levels has not yet materialised

62 Investor Presentation January 2021

ANOTHER YEAR OF POSITIVE FREE CASH FLOW

WORKING CAPITAL (€M)

CFO VS. CFI (€M)

CFI VS. DEPRECIATION (€M)

800

711

1,500

1,345

1,500

1,076

135

225

789

641

593

641

593 511

0

333 386

394

333

0

2017

2018

2019

0

-800

2017

2018

2019

2017

2018

2019

  • Another positive Free Cash Flow of € 483 million in 2019 despite extraordinarily high WC decrease in
    2017
  • Purchase of PP&E at € 647 million (2018: € 645 million), thereof ~ € 250 million maintenance CAPEX
  • 2019 depreciation includes almost unchanged goodwill impairment of € 2 million (2018: € 2 million)

63 Investor Presentation January 2021

NORTH + WEST: BUILDING BOOM IN CORE MARKETS

KEY INDICATORSCOMMENTS

(€m)

2019

%

2018

● Output volume +4% over the past year

Output volume

8,107

4

7,827

● EBIT nearly doubled thanks to strong growth in

Revenue

7,556

4

7,242

German infrastructure business, among others

Order backlog

8,808

0

8,804

● Order backlog unchanged at a high level

EBIT

310

92

161

EBIT margin (% of rev.)

4.1

2.2

Employees (FTE)

25,386

5

24,222

SHARE OF GROUP OUTPUT VOLUME

49% of

group output

volume

64 Investor Presentation January 2021

SOUTH + EAST: GROWTH IN OUTPUT VOLUME, DECREASE IN EARNINGS

KEY INDICATORSCOMMENTS

(€m)

2019

%

2018

● Output volume up by 6%, growth mainly in Austria,

Output volume

4,916

6

4,639

Hungary, Czech Republic and Serbia

Revenue

4,880

8

4,522

● EBIT fell by 14% due to provisions and lower

Order backlog

4,489

4

4,311

earnings in smaller markets

EBIT

122

-14

142

● Order backlog (+4%): Reduction in Hungary and

EBIT margin (% of rev.)

2.5

3.1

Slovakia compensated by several railway

modernisation orders in the Czech Republic

Employees (FTE)

19,850

6

18,729

SHARE OF GROUP OUTPUT VOLUME

29% of group

output volume

65 Investor Presentation January 2021

INTERNATIONAL + SPECIAL DIVISIONS: EXPECTED LOSS OF A LARGE CLIENT IN PROPERTY & FACILITY SERVICES

KEY INDICATORS

(€m)

2019

%

2018

3,451

-8

Output volume

3,740

Revenue

3,217

-6

3,438

Order backlog

4,111

9

3,782

EBIT

-7

199

184

facility

business

real

EBIT

margin (% of rev.)

5.7

5.8

25,219

-4

Employees (FTE)

26,279

SHARE OF GROUP OUTPUT VOLUME

COMMENTS

  • Output volume fell as expected after loss of major property & facility services client in Germany by 8%
  • EBIT dropped by 7%: continued positive environment in real estate development and a capital gain from an FM sale in Hungary contrasted by loss of the PFS client
  • Order backlog increased by 9%: numerous large- scale projects, reduction in home markets Germany and Austria

21% of group

output

volume

66 Investor Presentation January 2021

OUTPUT VOLUME BY COUNTRY

(€m)

2015

2016

2017

2018

2019

CAGR1 (%)

Germany

6,256

6,270

6,960

7,877

7,819

6

Austria

2,003

2,099

2,333

2,542

2,679

8

Poland

941

774

848

975

1,129

5

Hungary

594

448

551

714

848

9

Czech Republic

765

631

629

706

783

1

Slovakia

716

461

528

667

369

-15

Americas

310

348

385

515

714

23

Benelux

302

309

294

351

318

1

Other European Countries

167

150

277

275

349

20

Switzerland

343

378

320

273

232

-9

Middle east

314

267

303

206

148

-17

Romania

241

254

183

197

226

-2

Sweden

240

179

162

178

205

-4

Croatia

68

78

120

163

152

22

Asia

92

131

99

162

179

18

Serbia

46

89

113

111

148

34

Denmark

219

234

159

92

99

-18

Russia

230

139

143

78

71

-25

Italy

188

82

67

74

-6

n.a.

Slovenia

98

65

53

68

49

-16

Africa

120

78

48

57

66

-14

Bulgaria

35

27

45

42

42

5

Total

14,290

13,491

14,621

16,323

16,618

4

1 CAGR over period 2015-2019

67 Investor Presentation January 2021

STRABAG MARKET SHARE DATA

2018 (€M)

CONSTRUCTION OUTPUT

STRABAG OUTPUT

MARKET SHARE (%)

Germany

350,017

7,877

2.3

Austria

42,639

2,542

6.0

Poland

55,357

975

1.8

Czech Republic

21,818

706

3.8

Hungary

13,768

714

5.2

Russia

124,991

77

0.1

Slovakia

5,526

514

9.3

Romania

17,915

197

1.1

Croatia

3,939

163

4.1

Slovenia

3,082

68

2.2

Serbia

2,909

111

3.8

Bulgaria

6,793

42

0.6

Switzerland

60,942

273

0.4

Benelux

126,899

351

0.3

Sweden

42,942

178

0.4

Italy

170,575

74

0.0

Denmark

35,911

92

0.3

Sources: Euroconstruct Dec 2018, EECFA Country Reports Dec 2018, company data

68 Investor Presentation January 2021

MARKET LEADING POSITION IN CENTRAL AND EASTERN EUROPEAN COUNTRIES

WESTERN EUROPE

GERMANY

Output volume/Revenue 2019 (€m)

1.

STRABAG

7,819

2.

Vinci

3,140

3.

Goldbeck

2,457

4.

Zech Group

2,034

5.

Porr

1,470

AUSTRIA

Output volume/Revenue 2019 (€m)

1.

STRABAG

2,679

2.

Porr

2,462

3.

Swietelsky

1,699

4.

Habau1

1,410

5.

Rhomberg Gruppe1

753

EASTERN EUROPE

POLAND

CZECH REPUBLIC

HUNGARY

Output volume/Revenue 2019 (€m)

Output volume/Revenue 2019 (€m)

Output volume/Revenue 2019 (€m)

1.

Budimex

1,778

1.

Metrostav

1,048

1.

Duna Aszfalt

954

2.

STRABAG

1,129

2.

STRABAG

783

2.

STRABAG

848

3.

Porr

548

3.

Eurovia

485

3.

Mészáros

759

4.

Erbud

543

4.

Skanska

313

4.

Market

730

5.

Skanska

543

5.

OHL

265

5.

Colas

384

Sources: Companies' Annual Reports; Deutsche Bauindustrie; OPTEN; Časopis Stavitel; Deloitte; 1 Habau and Rhomberg Gruppe listed with total revenue.

69 Investor Presentation January 2021

MARKET LEADING POSITION IN CENTRAL AND

EASTERN EUROPEAN COUNTRIES (CONT.)

SLOVAKIA

CROATIA

ROMANIA

Output volume/Revenue 2019 (€m)

Output volume/Revenue 2019 (€m)

Output volume/Revenue 2019 (€m)

1.

STRABAG

369

1.

STRABAG

152

1.

STRABAG

225

2.

Doprastav

211

2.

Kamgrad

149

2.

Astaldi

202

3.

HB Reavis Management

130

3. China Road & Bridge Corp.

116

3.

Constructi Erbasu

137

4.

GP Krk

96

4.

Skanska

113

4.

Technostrade

94

5.

Elektrocentar Petek

92

5.

Goldbeck

90

5.

Porr

92

Sources: Companies' Annual Reports; Trend Top v Stavebnictve; www.fininfo.hr, Ministry of finance Romania

70 Investor Presentation January 2021

OWN BUILDING MATERIALS NETWORK

71 Investor Presentation January 2021

FINANCING PPP-PROJECTS

TYPICAL FINANCING

  • The SPV1 is financed with equity (10%-30%) and bank debt (70%-90%)
  • STRABAG - as a shareholder in the SPV - puts in equity
  • Other SPV shareholders are e.g. governments, infrastructure funds and developers or other construction companies.
  • The grantor pays a fee to the SPV which is used for construction, maintenance, repaying debt and paying dividends to equity partners.
  • Availability and hard toll projects, forfeiting models
  • Maintenance part of availability fee linked to inflation
  • WACCs differ according to risk: 6%-13%
  • ROE targets: minimum 12%
  • Share of equity currently invested and committed: € 554 million (as at end of 2019)

1 Special Purpose Vehicle

EQUITY INVESTED IN PPP (€M)

700

554

515

370400 427

0

2015

2016

2017

2018

2019

72 Investor Presentation January 2021

ILLUSTRATIVE PPP PROJECT STRUCTURE

DEBT

Grantor

Independent

Lenders

Engineer

Project/Concession

Agreement

Contract

Funding

Agreements

SPC / Project

Shareholders

Consortium / Company

Agreement

Insurance

Contracts

Turnkey Design and

Operations & Maintenance

Insurance Providers

Construction

Contract

Contract

STRABAG

Construction Joint Venture

Operations & Maintenance

(EPC - Contract)

Company

CJV Partner(s)

Independent

Engineer

EQUITY

STRABAG

[Public Entity]

Partner(s)

A-Way

OJV Partner(s)

73 Investor Presentation January 2021

PROPERTY & FACILITY SERVICES:

STRATEGIC RATIONALE & TARGETS

EXTENDING THE VALUE CHAIN

TARGETS FOR 2020

  • Offsets seasonal and cyclicality factors (contracts of 3-5 years duration)
  • One integrated provider for planning, construction and operation of properties with high level of technical expertise
  • Long-termrelationship with customers, that does not end after the construction project has finished
  • Growth opportunities through international market access and rising importance of lean real estate operations
  • Extend business with new and existing customers
  • Stable output volume of approx. € 600 m
  • Enter new market segments
  • Set up platform for stable and efficient Facility and Property Management services, enable scalable Real Estate Services 4.0 along customer needs

BUSINESS SEGMENTS

  • Real Estate Management
    • Property Management
    • Leasing and letting/area management
  • Technical Facility Management
  • Infrastructural Facility Management
  • Industrial services and technical cleaning

1 BWG (GSW Betreuungsgesellschaft für Wohnungs- und Gewerbebau mbH)

RECENT MILESTONES

2012 Acquisition of BWG1, operates today as STRABAG Residential and Property Services GmbH | Germany

2014 Acquisition of DIW Group | Germany and Austria

2018 Acquisition of Caverion Polska Sp. z o.o. | Poland

2019 ● Take-over of Property Management business of Corpus Sireo | Germany

  • Acquisition of PORREAL Polska sp. z o.o. | Poland
  • Acquisition of PORREAL Česko s.r.o. | Czech Republic
  • Acquisition of SKS Elektrotechnik GmbH | Germany

74 Investor Presentation January 2021

STABLE SHAREHOLDER STRUCTURE

SHAREHOLDER STRUCTURE SINCE 1/2020

Treasury shares

6.7%

Free float

Haselsteiner

Family

13.5%

26.4%

MKAO "Rasperia

Trading Limited"

25.9%

UNIQA/Raiffeisen

27.5%

COMMENTS

  • Core shareholders account for the majority >80% stake
  • Shareholders' syndicate extended in June 2017 by five years to end of 2022
  • Flexibility: Strategic decisions can be taken and implemented very fast.
  • Reduction of share capital in 2016: Withdrawal of 4 million own shares;
    share capital as at 22 July 2016: € 110,000,000

75 Investor Presentation January 2021

ORGANISATIONAL STRUCTURE - CENTRAL UNITS

CEO

Operative Segments

North + West

South + East

International + Special Divisions

Board Member

1

1

1

1

Divisions

3

5

7

Division Manager

Subdivisions

35

34

1

31

Subdivision Manager

Central Divisions & Central Staff Divisions

CFO

CEO

CDO

BRVZ

BMTI1

Business

Zentrale

Compliance

Technik

• Accounting • Financing • Taxes

• Insurance

• Human Resources

• Real Estate

• IT

Corporate

Digitalisation,

• Project Risk Management System (PRMS)

TPA2

Communications

/Organisational Development • International

Innovation,

BRVZ Coordination

• Management Support/HR

Business

CML3

Internal Auditing

IT and Country Support Coordination

Development

Department

1 BMTI: equipment and vehicle management 2 TPA: quality management, health/safety/environment and energy management, technical

As of 1 January 2020

consultation, quality assurance, innovation management 3 CML: prequalification, contract management and legal services

76 Investor Presentation January 2021

THE MANAGEMENT BOARD

LONG RECORD OF EXPERIENCE WITHIN STRABAG AND IN THE CONSTRUCTION SECTOR

from left: Klemens Haselsteiner, Alfred Watzl, Peter Krammer, Thomas Birtel, Christian Harder, Siegfried Wanker

Over

100

years combined experience at STRABAG

Thomas Birtel, CEO

  • Joined STRABAG in 1996
  • Management Board member since 2006
  • Born 1954 Education: Economics

Christian Harder, CFO

  • Joined STRABAG in 1994
  • Management Board member since 2013
  • Born 1968 Education: Business Administration

Alfred Watzl, Head of North + West segment

  • Joined STRABAG in 1999
  • Management Board member since 2019
  • Born 1970 Education: Civil Engineering

Peter Krammer, Head of South + East segment

  • Joined STRABAG in 1998
  • Management Board member since 2010
  • Born 1966 Education: Civil Engineering

Siegfried Wanker, Head of International + Special Divisions segment

  • Joined STRABAG in 1994
  • Management Board member since 2011
  • Born 1968 Education: Civil Engineering

Klemens Haselsteiner, Chief Digital Officer (CDO)

  • Joined STRABAG in 2011
  • Management Board member since 2020
  • Born 1980 Education: Economics

77 Investor Presentation January 2021

STRABAG SHARE IS COVERED BY SEVEN INSTITUTIONS

Company

Date

Title

Target Price

Rating

Commerzbank

17.11.2020

Potholes on the road to recovery

€ 32.0

Hold

LBBW

13.11.2020

Orderbuch profitierte in Q3-20

€ 21.0

Sell

u.a. von Großaufträgen in Deutschland

Auftragsstand im Q3 angewachsen,

Erste Group

13.11.2020

Ausblick bestätigt

€ 42.62

Buy

On track to pay its conditional 2019

Kepler Cheuvreux

13.11.2020

dividend

€ 33.25

Buy

Model update: Insignificant changes

RCB

1.9.2020

after solid 1H

€ 38.0

Buy

HSBC

10.7.2020

Buy: Cologne settlement is a positive

€ 36.0

Buy

Solid 2019 delivery, surprisingly crisis

Deutsche Bank

30.4.2020

resilient

€ 35.0

Buy

78 Investor Presentation January 2021

BREXIT - IMPLICATIONS ON STRABAG

BUDGET EUROPEAN FUNDS1 2014-2020 (€BN)

Poland

Italy

Romania

Germany

Hungary

Czech Republic

Slovakia

Croatia

Bulgaria

Austria

Slovenia

Sweden

Ireland

Belgium

Netherlands

Denmark

0

  • Brexit had so far no impact on our projects in UK
  • Labour market regulations will play a crucial role: construction market dependent on workers from EU
  • Indirect, long-term influence: UK payments to EU = payments of 20 smallest countries
  • Given the reduced EU budgets, funds for infrastructure projects could be retrieved to a greater extent in the nearer future

90

1 Source: European Commission; European structural and investment funds; only countries with STRABAG presence shown

79 Investor Presentation January 2021

FINANCIAL CALENDAR AND IR CONTACT

  • FY 2020 figures: output volume, order backlog,

employees and outlook 2021

10

February 2021

● Annual Report 2020

30 April 2021

● Trading Statement January-March 2021

27

May 2021

● Annual General Meeting 2021

18

June 2021

● Semi-Annual Report 2021

31 August 2021

● Trading Statement January-September 2021

16

November 2021

Marianne Jakl

Interim Head of Corporate Communications & Investor Relations +43 1 22422-1174

marianne.jakl@strabag.com

www.strabag.com

80 Investor Presentation January 2021

Attachments

  • Original document
  • Permalink

Disclaimer

Strabag SE published this content on 15 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 January 2021 13:25:00 UTC