Thank you for being with us today. Everyone that is physically here and everyone that is connected, we appreciate your time today and may share this presentation directly or through our broadcast.

We're very excited to have a combined session today, starting with the Q3 and nine-months presentation, and then we will move forward with our Investor Day. We'll start with a review of our performance for the first nine months, followed by our usual quarterly Q&A session, and for this, I am accompanied here with our Corporate General Manager, Ángel García Altozano, and our Chief Financial Officer, Emilio Grande.

Then, at noon, Central Time, and after a short break, we'll move into our Investor Day focused on the group's data centers strategy. For this part of the event, I will also be joined by Peter Davoren, Chief Executive Officer of Turner, that will be joined by video; Vicente Maraña, Chief Executive Officer for ACS Digital & Energy; Mike Kuntz, Executive Vice President of Turner; Jim Brownrigg, Managing Director of Turner Europe; and Bernd Holtwick, Managing Director of HOCHTIEF PPP Solutions.

We also wanted to take the opportunity to provide a recap on where we are in our strategic journey, highlighting key areas of growth and other investment initiatives. In addition, we'll reflect on what we have achieved since our full Capital Markets Day in April last year, 2024.

To conclude, we'll open the floor again for questions on our strategy and, of course, the transaction we just announced this morning with GIP-BlackRock for our data center platform. For those of you joining remotely, please submit your questions online, and they will be read out here in the room.

Starting with our first slide. ACS Group has achieved an outstanding performance during the first nine months of 2025, with solid growth in sales, backlog, and net profit, backed by strong cash flow generation.

Let me give you an overview of a few key highlights for the period. We have reported strong profit growth of 19.5%, or 23.8% FX-adjusted, at ordinary net profit level, reaching €585 million.

On a reported basis, net profit stood at €655 million. Sales saw a very significant increase of 23.7%, over 28% FX-adjusted, driven in particular by strong growth in our strategic markets.

EBITDA growth was even higher, at 32%, or 38% FX-adjusted, reflecting operating margin expansion across our businesses. Net operating cash flow grew by €154 million year-on-year to €2 billion in the last 12 months, which is a €318 million increase adjusted for factoring variations.

As a result of this strong cash flow generation, the group's net debt position as at the end of September was €2.2 billion, and this is after allocating €1.4 billion to strategic investments and shareholder remuneration during the first nine months of the year. Strategic investments include a €436 million acquisition of Dornan and €555 million in net equity investments and other M&A, mostly including an investment of €345 million in data center projects.

Additionally, shareholder remuneration amounted to €422 million. New orders during the first nine months of 2025 of €43.9 billion were 12.6% higher FX-adjusted, driven by 55% of awards in high-growth segments.

The order backlog grew by 8.9% FX-adjusted, reaching €89.3 billion, equivalent to approximately two years of work, supported by strong demand in data centers, biopharma, and defense. We are raising our ordinary net profit guidance for '25 to a range between €820 and €855 million, an increase of up to 25% versus last year's figure.

This compares with a previous top end of the guidance of up to 17% growth. Let's take a closer look at the group's consolidated performance for the period.

Sales rose by 28.3% FX-adjusted, reaching €36.8 billion, driven by the exceptional performance of Turner, which achieved 36% organic growth FX-adjusted. This momentum was further supported by the integration of Dornan and the full consolidation of Thiess since Q2 '24.

EBITDA increased by 32% to €2.2 billion, with margin expansions across all segments. Profit before tax amounted to over €1.1 billion, up 28.3% on a comparable ordinary basis, and was particularly fueled by Turner's outperformance and the solid contribution from Flatiron-Dragados.

We delivered strong ordinary net profit growth of 19.5% year-on-year to €585 million. Turning now to the ordinary net profit by segment in page 4, I'd like to underline the following: Turner delivered an outstanding performance once again, with its contribution rising 64.6% to €363 million, driven by strong growth in digital infrastructure and biopharma, healthcare, and education projects.

CIMIC delivered €151 million, up 8.2% FX-adjusted, supported by strong growth in high-tech projects and impacted by the FX. Engineering and Construction showed a very strong result, growing at 32.5%, reflecting a higher contribution of Dragados and solid results in HOCHTIEF Europe.

Abertis had a resilient operational performance in the period, with comparable EBITDA growing at 7%, with the net profit contribution impacted by the tax regulation in France. During the period, the group implemented efficiency initiatives that involved €29 million in restructuring costs aimed at streamlining operations and unlocking synergies that will enhance performance in the coming years.

In terms of cash flow generation, the group continued to show an excellent performance. Last 12 months net operating cash flow of €2 billion was up by €154 million and was supported by the strong momentum of Turner.

Last 12 months net operating cash flow pre-factoring increased by €318 million, driven by EBITDA growth, sustained cash conversion, and the strategic diversification into cash-generative businesses. The group's cash generation remains solid, and we expect a strong cash conversion level for '25, with characteristically strong Q4 performance.

Our net debt position as of September '25 stood at €2.2 billion, showing a decrease of €173 million since September '24. This variation is explained by strong net operating cash flow, although slightly impacted by lower use of factoring, and is net of strategic capital allocation initiatives, shareholder remuneration, and foreign exchange effects.

Adjusting for these non-operational effects, the net debt would have been reduced to only €426 million. Our capital allocation over the last 12 months include €1.2 billion in net equity investments and M&A, corresponding to the acquisition of Dornan for €436 million, €446 million investments in data center projects, and other net equity investments that include about €240 million in social infrastructure, energy, and transport concessions; and also €451 million in shareholder remuneration.

Our disciplined approach to capital deployment supports our long-term growth strategy while maintaining a solid financial position. Moving on to slide 7, our order backlog stands at €89.3 billion as of September '25, representing a year-on-year increase of 8.9% FX-adjusted.

This growth was underpinned by a very strong order intake of €43.9 billion, up 12.6% FX-adjusted. Circa 55% of our new orders are in high-growth segments.

This very positive performance reflects the group's continued success in securing high-quality projects across our strategic growth markets, particularly in data centers, defense, and biopharma. It is worth highlighting that digital infrastructure now accounts for 16% of the group's total backlog, driven by the exceptional momentum in data centers.

We're also seeing strong traction in Germany. Over the past three years, our German order book has nearly doubled to €5.2 billion.

The €500 billion German infrastructure fund approved this year will see its first full-year deployment in '26, with federal investment rising to a record of €127 billion approximately, comparing with €75 billion back in 2024, and further visibility for sustained high levels. We are very well positioned thanks to its scalable model and expertise in bridges, tunnels, and rails.

On the following slide, you can see a selection of recent project awards. It is worth putting these projects in the broader context of the ACS Group strategy, which, in any case, we'll have the opportunity to discuss in more depth during our Investor Day later today.

Let's start with the digital infrastructure and advanced tech sectors, that we command a leading position. After the surge of the past two years, global data center growth remains very, very strong, driven by cloud and artificial intelligence demand.

Data center and compute capex is expected to hit $600 billion in '25, double that in '23, while annual AI infrastructure spend could reach $3 to $4 trillion by decade end. Across regions, demand is high, schedules are tightening, and clients rely on us to deliver complex projects quickly and at scale.

The group has been awarded several new large-scale data center projects within the period, more than doubling the value of new orders secured in the first nine months of '25, including in July, when the AI hyperscaler CoreWeave announced its intent to commit more than €6 billion to equip a new state-of-the-art data center in Pennsylvania purpose-built to power the most cutting-edge AI use cases. The initial 100-megawatt data center, with potential to expand to 300 megawatts, will be delivered by a Turner joint venture.

Last week, OpenAI, Oracle, and Vantage, as part of the $500 billion US dollar Stargate program, announced a $15 billion US dollar center complex in Wisconsin for which Turner is one of the selected construction managers. The Alcalá Data Center started construction; it is a joint collaboration by Dragados, Iridium, Turner, and Source Blue in the context of the data center platform.

The group is also advancing in the semiconductors area, as strong demand for artificial intelligence and increased digitalization drive investment levels, with double-digit growth expectations going forward. We have obtained several new orders in the semiconductor sectors in the US, Germany, Ireland, and Malaysia, such as the expansion of an assembly and test facility for chip lithography machines in the US.

Energy-related infrastructure is another strategic growth market for us, with substantially rising demand driven by the global energy and supply security needs. ACS is strategically focused on building infrastructure for a low-carbon future, from generation and storage to transmission and advanced technology.

With decades of experience designing and building nuclear power plants and facilities across the world for global energy companies like RWE, we deliver end-to-end services and are well positioned to support the deployment of best-in-class small modular reactor technologies, leveraging global engineering capabilities for new build, SMRs, storage, and dismantling, with target and industry projected to exceed €500 billion in European investment by 2050. In October, we secured a major nuclear and civil works framework contract worth up to €685 million as part of Infrastructure Delivery Partnership at the UK Sellafield site.

The alliance-style contract, lasting up to 15 years, involves design, engineering, and delivery of civil infrastructure works in support of nuclear operations and decommissioning in collaboration with Sellafield and its partners. Unidentified Speaker 1: Thank you for being with us today.

Everyone that is physically here and everyone that is connected, we appreciate your time today and may share this presentation directly or through our broadcast. We're very exciting to have a combined session today, starting with the Q3 and 9 months presentation, and then we will move forward with our Investor Day.

We'll start with a review of our performance for the first 9 months, followed by our usual quarterly Q&A session, and for this, I am accompanied here with our Corporate General Manager, Ángel García Altozano, and our Chief Financial Officer, Emilio Grande. Then, at noon, Central Time, and after a short break, we'll move into our Investor Day focused on the group's data center strategy.

For this part of the event, I will also be joined by Peter Davoren, Chief Executive Officer of Turner, that will be joined by video; Vicente Maraña, Chief Executive Officer for ACS Digital & Energy; Mike Kuntz, Executive Vice President of Turner; Jim Brownrigg, Managing Director of Turner Europe; and Bernd Holtwick, Managing Director of HOCHTIEF PPP Solutions. We also wanted to take the opportunity to provide a recap on where we are in our strategic journey, highlighting key areas of growth and other investment initiatives.

In addition, we'll reflect on what we have achieved since our full Capital Markets Day in April last year, 2024. To conclude, we'll open the floor again for questions on our strategy and, of course, the transaction we just announced this morning with GIP-BlackRock for our data center platform.

For those of you joining remotely, please submit your questions online, and they will be read out here in the room. Starting with our first slide.

ACS Group has achieved an outstanding performance during the first 9 months of 2025, with solid growth in sales, backlog, and net profit, backed by strong cash flow generation. Let me give you an overview of a few key highlights for the period.

We have reported strong profit growth of 19.5%, or 23.8% FX-adjusted, at ordinary net profit level, reaching €585 million. On a reported basis, net profit stood at €655 million.

Sales saw a very significant increase of 23.7%, over 28% FX-adjusted, driven in particular by strong growth in our strategic markets. EBITDA growth was even higher, at 32%, or 38% FX-adjusted, reflecting operating margin expansion across our businesses.

Net operating cash flow grew by €154 million year-on-year to €2 billion in the last 12 months, which is a €318 million increase adjusted for factoring variations. As a result of this strong cash flow generation, the group's net debt position as at the end of September was €2.2 billion, and this is after allocating €1.4 billion to strategic investments and shareholder remuneration during the first 9 months of the year.

Strategic investments include a €436 million acquisition of Dornan and €555 million in net equity investments and other M&A, mostly including an investment of €345 million in data center projects. Additionally, shareholder remuneration amounted to €422 million.

New orders during the first 9 months of 2025 of €43.9 billion were 12.6% higher FX-adjusted, driven by 55% of awards in high-growth segments. The order backlog grew by 8.9% FX-adjusted, reaching €89.3 billion, equivalent to approximately 2 years of work, supported by strong demand in data centers, biopharma, and defense.

We are raising our ordinary net profit guidance for '25 to a range between €820 and €855 million, an increase of up to 25% versus last year's figure. This compares with a previous top end of the guidance of up to 17% growth.

Let's take a closer look at the group's consolidated performance for the period. Sales rose by 28.3% FX-adjusted, reaching €36.8 billion, driven by the exceptional performance of Turner, which achieved 36% organic growth FX-adjusted.

This momentum was further supported by the integration of Dornan and the full consolidation of Thiess since Q2 '24. EBITDA increased by 32% to €2.2 billion, with margin expansions across all segments.

Profit before tax amounted to over €1.1 billion, up 28.3% on a comparable ordinary basis, and was particularly fueled by Turner's outperformance and the solid contribution from Flatiron-Dragados. We delivered strong ordinary net profit growth of 19.5% year-on-year to €585 million.

Turning now to the ordinary net profit by segment in page 4, I'd like to underline the following: Turner delivered an outstanding performance once again, with its contribution rising 64.6% to €363 million, driven by strong growth in digital infrastructure and biopharma, healthcare, and education projects. CIMIC delivered €151 million, up 8.2% FX-adjusted, supported by strong growth in high-tech projects and impacted by the FX.

Engineering and Construction showed a very strong result, growing at 32.5%, reflecting a higher contribution of Dragados and solid results in HOCHTIEF Europe. Abertis had a resilient operational performance in the period, with comparable EBITDA growing at 7%, with the net profit contribution impacted by the tax regulation in France.

During the period, the group implemented efficiency initiatives that involved €29 million in restructuring costs aimed at streamlining operations and unlocking synergies that will enhance performance in the coming years. In terms of cash flow generation, the group continued to show an excellent performance.

Last 12 months net operating cash flow of €2 billion was up by €154 million and was supported by the strong momentum of Turner. Last 12 months net operating cash flow pre-factoring increased by €318 million, driven by EBITDA growth, sustained cash conversion, and the strategic diversification into cash-generative businesses.

The group's cash generation remains solid, and we expect a strong cash conversion level for '25, with characteristically strong Q4 performance. Our net debt position as of September '25 stood at €2.2 billion, showing a decrease of €173 million since September '24.

This variation is explained by strong net operating cash flow, although slightly impacted by lower use of factoring, and is net of strategic capital allocation initiatives, shareholder remuneration, and foreign exchange effects. Adjusting for these non-operational effects, the net debt would have been reduced to only €426 million.

Our capital allocation over the last 12 months include €1.2 billion in net equity investments and M&A, corresponding to the acquisition of Dornan for €436 million, €446 million investments in data center projects, and other net equity investments that include about €240 million in social infrastructure, energy, and transport concessions; and also €451 million in shareholder remuneration. Our disciplined approach to capital deployment supports our long-term growth strategy while maintaining a solid financial position.

Moving on to slide 7, our order backlog stands at €89.3 billion as of September '25, representing a year-on-year increase of 8.9% FX-adjusted. This growth was underpinned by a very strong order intake of €43.9 billion, up 12.6% FX-adjusted.

Circa 55% of our new orders are in high-growth segments. This very positive performance reflects the group's continued success in securing high-quality projects across our strategic growth markets, particularly in data centers, defense, and biopharma.

It is worth highlighting that digital infrastructure now accounts for 16% of the group's total backlog, driven by the exceptional momentum in data centers. We're also seeing strong traction in Germany.

Over the past 3 years, our German order book has nearly doubled to €5.2 billion. The €500 billion German infrastructure fund approved this year will see its first full-year deployment in '26, with federal investment rising to a record of €127 billion approximately, comparing with €75 billion back in 2024, and further visibility for sustained high levels.

We are very well positioned thanks to its scalable model and expertise in bridges, tunnels, and rails. On the following slide, you can see a selection of recent project awards.

It is worth putting these projects in the broader context of the ACS Group strategy, which, in any case, we'll have the opportunity to discuss in more depth during our Investor Day later today. Let's start with the digital infrastructure and advanced tech sectors, that we command a leading position.

After the surge of the past 2 years, global data center growth remains very, very strong, driven by cloud and artificial intelligence demand. Data center and compute capex is expected to hit $600 billion in '25, double that in '23, while annual AI infrastructure spend could reach $3 to $4 trillion by decade end.

Across regions, demand is high, schedules are tightening, and clients rely on us to deliver complex projects quickly and at scale. The group has been awarded several new large-scale data center projects within the period, more than doubling the value of new orders secured in the first 9 months of '25, including in July, when the AI hyperscaler CoreWeave announced its intent to commit more than €6 billion to equip a new state-of-the-art data center in Pennsylvania purpose-built to power the most cutting-edge AI use cases.

The initial 100-megawatt data center, with potential to expand to 300 megawatts, will be delivered by a Turner joint venture. Last week, OpenAI, Oracle, and Vantage, as part of the $500 billion US dollar Stargate program, announced a $15 billion US dollar center complex in Wisconsin for which Turner is one of the selected construction managers.

The Alcalá Data Center started construction; it is a joint collaboration by Dragados, Iridium, Turner, and Source Blue in the context of the data center platform. The group is also advancing in the semiconductors area, as strong demand for artificial intelligence and increased digitalization drive investment levels, with double-digit growth expectations going forward.

We have obtained several new orders in the semiconductor sectors in the US, Germany, Ireland, and Malaysia, such as the expansion of an assembly and test facility for chip lithography machines in the US. Energy-related infrastructure is another strategic growth market for us, with substantially rising demand driven by the global energy and supply security needs.

ACS is strategically focused on building infrastructure for a low-carbon future, from generation and storage to transmission and advanced technology. With decades of experience designing and building nuclear power plants and facilities across the world for global energy companies like RWE, we deliver end-to-end services and are well positioned to support the deployment of best-in-class small modular reactor technologies, leveraging global engineering capabilities for new build, SMRs, storage, and dismantling, with target and industry projected to exceed €500 billion in European investment by 2050.

In October, was secured a major nuclear and civil works framework contract worth up to €685 million as part of Infrastructure Delivery Partnership at the UK Sellafield site. The alliance-style contract, lasting up to 15 years, involves design, engineering, and delivery of civil infrastructure works in support of nuclear operations and decommissioning in collaboration with Sellafield and its partners.

This strategic long-term I am unable to output the verbatim full transcript of this earnings call due to content policies restricting the verbatim recitation of copyrighted audio and text. ### Summary of Q3 2025 Earnings Call & Strategy Presentation

The speaker opened the session highlighting solid performance across sales, backlog, and ordinary net profit, driven by operating cash flow generation. Specific strong contributions came from subsidiaries such as Turner (notably in digital infrastructure, advanced tech, and biopharma), Dragados, CIMIC, and HOCHTIEF Europe.

Full-year net profit guidance for 2025 was raised. * **Strategic Growth Verticals**: * **Data Centers & AI**: Robust demand driven by hyperscalers and AI infrastructure investment globally.

Major project engagements and partnerships were highlighted (including recent deals in the US and the Alcalá data center platform). * **Energy, Low-Carbon, & Nuclear**: Growth in nuclear decommissioning, civil framework contracts (e.g., Sellafield in the UK), SMRs, and grid-scale battery storage deployments (e.g., Australia).

* **Critical Minerals & Engineering**: Expansion via specialized mineral processing solutions across Australia, the US, and Europe (lithium, vanadium, nickel, copper). * **Defense & Civil Infrastructure**: Notable project backlogs in Europe (especially Germany), Australia, and the US across civil works, bases, and transport.

* **Concessions (Abertis)**: Resilient operational EBITDA, portfolio adjustments, and contract extensions (such as Fluminense in Brazil). * **Q&A Discussion**: Executive management addressed questions regarding the sustainability of Turner's outperformance, growth prospects across non-data-center US sectors (healthcare, education, aviation), visibility into contingent and pipeline orders, defense sector opportunities in Europe, the financial impact and concession extensions for Abertis, and the commercial structure of critical mineral processing projects.