Investor Day 7th October 2021 - Sacyr
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Investor Day 7th October 2021 sacyr.com sacyrconcesiones.com
The time to invest in Sacyr is now
Strong commitment to
reduce recourse net debt close to zero
Sacyr Concesiones assets’ current
valuation is €2.8bn
2
Today´s speakers
Manuel Carlos Rafael
Manrique Mijangos Gómez del Río
President & CEO CFO CEO
Sacyr Group Sacyr Group Sacyr Concesiones
Rodrigo Marta María
Jiménez-Alfaro Gil Muñoz
CFO General Manager of Head of M&A
Sacyr Concesiones Strategy, Innovation Sacyr Group
and Sustainability
Sacyr Group
3
CONTENTS – INVESTOR DAY 2021
SACYR OUR
OUR A CLOSER CONCLUSION
A UNIQUE SUCCESSFUL
COMPETITIVE LOOK AT
INVESTMENT ENTRY IN THE
STRENGTHS ITALY
OPPORTUNITY US MARKET
1ST INFRA.
SACYR ESG VALUATION
COMPANY
CONCESIONES CREATING
IN CHILE AND
WHO ARE WE? SHARED VALUE
COLOMBIA
SACYR - A UNIQUE INVESTMENT OPPORTUNITY Carlos Mijangos CFO / Sacyr Group
SACYR GROUP
New business model focused on value creation through concessions
Global Infrastructure player: Markets:
Global and diversified geographical presence
Stable cash-flow generation based on resilient
business performance with limited risk Priority Markets (Home Markets) with significant local presence:
Target Market
c. 80% concession-based EBITDA UK
Canada
Europe
Italy English-speaking countries
Development and operation of high-complexity USA
long-term infrastructure projects with low Spain Latam
demand risk
Colombia
Solid track record in 33% 33%
commissioning new projects
Chile Australia
33%
Special interest in Brazil, Peru, Portugal, Ireland and Northern Europe markets
6
SACYR GROUP
Five pillars of Sacyr’s strategy
1 Significant
2 Strong focus on
3
Stable shareholder
reduction of the concessional
remuneration
recourse net debt business
€100M Recourse net €1 billion distributions from concessional 5% annual shareholder retribution
debt in 2025 assets expected over the next 5 years for the upcoming years
4 5
Balance Sheet ESG
simplification commitment1
Reduction of the Group’s share Top 1 sustainable Spanish company in the
in Repsol from 8% to 3% in 2021 sector and top 5 in the World
Note 1: ESG commitment recognized by Sustainalytics as of July 2021 7
SACYR GROUP
Profitable and stable business model driven by concession business
Our engine of growth Perfect partners for Sacyr Concesiones leveraging synergies
▪ High and stable EBITDA margin: ▪ Stable EBITDA margin: ▪ Stable EBITDA margin:
5-6%. 8-9%.
• c.65 % infrastructure concessions
▪ Preference Portfolio in ▪ Focus on profitability
• c.16 % Water, Waste & Energy
contracts for Sacyr ▪ Projects: Environmental
▪ IRR 16-20% Concesiones (c.60% of and social-care services,
▪ Award 2~ 3 projects/year current backlog) facilities, and
▪ Distributions of c.€200M/year ▪ Risk control during execution maintenance of
infrastructure (O&M of
▪ Complex infrastructure projects with mitigated ▪ Projects: Civil works,
Sacyr Concesiones
or low demand risk: motorways, railways, building, renewable energy
assets)
hospitals, transport hubs… and industrial
▪ Presence in Spain and
▪ Green business line with concessional projects ▪ Presence in home markets:
Latam with Sacyr
of water, waste and renewables energies Europe, English Speaking
Concesiones
countries and Latam
▪ Focus on English-speaking Markets
and European consolidation
8
SACYR GROUP
c.80% of Group EBITDA from concessional assets
Strong operating performance and high quality backlog
Revenues EBITDA Backlog1
EBITDA margin €15M
2%
54% 11% 9%
7%
23% 12%
20%
28% 14%
€4.5Bn €724M 49% €365M
49% €39.2Bn
2020 2020 2020
39%
79%
52%
€188M
26%
EBITDA from concessional assets €568M
c. 80% o/Total Grupo Sacyr
Note 1: Including RSC287, Buin Paine and A3, which were signed during H1 2021, total backlog 9
amounts to €45Bn (A5-A21 is pending to be signed).
SACYR GROUP
High growth potential supported by the change in the business model
Revenues (€M) EBITDA (€M) Concessional EBITDA of
total EBITDA
EBITDA 9% 16% 22%
~ Margin
~
~5,500 78% ~85%
4,548 ~1,200
2,718 724
26%
239
2014 2020 2025E 2014 2020 2025E 2014 2020 2025E
Operating Cash Flow (€M) Recourse Net Debt (€M)
Commitments and distributions
Cash 18% 75% 83% from concessions
Conversion1 -98%
-84%
~ Distributions from Concessions 21-25 (€M): ~1,010
5,100
~1,000 Committed Equity 21-25 (€M): ~ 480
545 836
43 100
2014 2020 2025E 2014 2020 2025E
Note 1: Cash conversion calculated as Cash / Recourse EBITDA 10SACYR GROUP
Expected free cash flow generation of €735M until 2025
2021-25 Accumulated Figures (€M)
FCF ex-Concessions 350
Distributions 1,014
Recourse debt interest (150)
Committed Equity (479)
Engineering and
Concessions
Infrastructure
Free Cash 200 Services
FCF 735
+ Potential Asset Rotation
Debt principal Repayment
Additional Growth in
Shareholder Remuneration
Concessions
Note: Figures based on current portfolio, excluding new awards, additional 11
growth, asset rotation or any other kind of inorganic FCF generation.SACYR GROUP
Expected free cash flow generation of €735M until 2025
High visibility over the 2021-25 accumulated Free Cash Flow generation (€M)
FCF ex-Concessions 350
(479)
Recourse debt interest (150)
Free Cash 200 1,014
1,214
735
200
Free Distributions FCF before Committed FCF
Cash from Assets Committed Equity Equity1
Note 1: Figures based on current portfolio, excluding new awards, additional growth,
asset rotation or any other kind of inorganic FCF generation. c. 91% c. 55%
Note 2: €1,337M of Market Cap as of 30 September 2021. o/ Market Cap2 o/ Market Cap2
12SACYR GROUP
Sacyr is a unique investment opportunity
Business model focused on value creation through concessions
(80% of 2020 Sacyr EBITDA, c.85% expected in 2025)
Demonstrated resilient performance despite COVID and compared to main peers due to the
development of low demand risk projects
Commissioning our main Key Assets in 2022 de-risking our portfolio
Expected free cash flow generation of €735M until 2025. Sharp reduction of the recourse net debt
Simplified balance sheet. Reduction of Repsol stake from 8% to 3% in 2021
ESG is a priority for Sacyr. Access to green financing
13SACYR CONCESIONES – WHO ARE WE? Rafael Gómez del Río CEO / Sacyr Concesiones
SACYR CONCESIONES - WHO ARE WE?
Main current figures of Sacyr Concesiones
PPP leading company focused on high-complexity greenfield projects with
Recognitions
mitigated or low demand risk.
4th Developer of Greenfield
Diversified and globally distributed portfolio with 65 projects in 15 countries projects globally
(15 assets under Construction and 50 in Operation). 1stConcession Company in
Supported by vertical integration, we manage all aspects of the project’s lifecycle. Chile and Colombia
Source: Public Word Financing / Colombia: Revista Dinero / Chile:
Dirección General de Concesiones: licitaciones de proyectos viales,
hospitalarios y aeroportuarios desde 2011
Current portfolio Key Financials 2020
Average Motorways Hospital Revenues1 €1.4Bn +23% vs 2019
remaining life 25 yrs and railway Km 4,500 Beds 2,700
EBITDA1 €365M +5% vs 2019
Investment under Million Million €36Bn
Management €18.2Bn Inhabitants Served 9.5 Passengers /year4 44 Backlog2,3
Equity invested2 €1.2Bn
Note 1: Consolidation method considered: Some assets do not currently contribute to Sacyr Concesiones’ P&L (Vespucio Oriente, Mar 1, N6 or Portuguese Hospitals). Additionally, Pedemontana figures are not presented in Sacyr Concesiones’ P&L
because, as per legal requirements, are accounted for in Sacyr Ingeniería e Infraestructura. Including Pedemontana: Revenues €1.8Bn, EBITDA €550M
Note 2: Figures include Pedemontana.
Note 3: Backlog figures include RSC287, Buin Paine and A3 amounting €5Bn (1H 2021), which were pending to be signed at 2020 closing (exluding A5-A21, pending to be signed)
Note 4: Airport and transport hub passenger KPIs correspond to the 2019 closing as 2020 has been anomalous due to COVID. 15SACYR CONCESIONES - WHO ARE WE?
Our integrated approach to maximize value creation
Sacyr Concesiones strategy is supported by vertical integration.
We manage all aspects of the concession’s lifecycle adding value in each stage:
Asset
Market Intel / Design /
Financing Management Rotation
Bidding Commissioning
and Operation
Sacyr integrated Optimal design and Tailor-made Extensive experience Selective rotation
teams maximize the proved financing and in managing and (total / partial)
capacity to identify and commissioning refinancing to increase operating the assets maximizing IRR
gain profitable capacity leveraging our value of our investments allows us to extract
opportunities vertical integration additional value
Initial IRR
Target:
8-12%
~ 800 BASIS POINTS INCREASE
16-20%
16SACYR CONCESIONES - WHO ARE WE?
Young portfolio - Higher value through de-risking, refinancing
and rolling forward
Young asset portfolio with high potential:
Weighted avg. remaining life
TOTAL Average financing maturity 18 Average tail 7
25 years
University of Idaho 2060 2070
Pedemontana 2047 2061
AVO 2050 2059
A3 2044 2046
Pamplona - Cúcuta 2040 2046
Rumichaca - Pasto 2038 2044
Ferrocarril Central 2037 2038
A5-A21 2032 2033
Other Projects 2037 2043
Financing maturity End of concession
2020 2025 2030 2035 2040 2045 2050 2055 2060 2065 2070
Note: Weighted average life based on each asset Investment. Calculations have been made including A5-A21 project. 17SACYR CONCESIONES-WHO ARE WE?
Our Key Assets at a glance
University of Idaho Pedemontana
First concession in USA. USA Main axis of the industrial areas
Sustainable management of the utilities of Vicenza and Treviso.
50Y concession Italy 39Y concession after COD
Demand Risk Mitigation Mechanism Demand Risk Mitigation Mechanism
Investment: €189M Investment - €2,584M
Yellowfield Progress c.99% | COD in 2022
Rumichaca Pasto Colombia A3
High-performance solution to border Operation of the Napoli- Pompei-
mobility between Ecuador and Colombia Salerno motorway
25Y concession+ 4Y extension 25Y concession
Demand Risk Mitigation Mechanism
Investment: €726M Uruguay Demand Risk Mitigation Mechanism
Investment: €869M
Progress c.93% | COD in 2022 Chile Yellowfield
Pamplona Cúcuta Américo Vespucio Oriente Ferrocarril Central A5/A21
Mobility solution for both the border Ring road of Santiago mostly with Railway track to promote agriculture Turin-Piacenza and Turin
between Colombia and Venezuela underground layout and industry Quincinetto motorways.
25Y concession + 4Y extension 45Y concession 15Y concession after COD. 12Y concession
Demand Risk Mitigation Mechanism Demand Risk Mitigation Mechanism Demand Risk Mitigation Mechanism Low Demand Risk
Investment: €592 Investment: €1Bn Investment: € 920M Investment: €1,127M
Progress c.55% | COD in 2022 Progress c.84% | COD in 2022 Progress c.50% | COD in 2023 Yellowfield
Note: Status of the construction as of August 2021. Ferrocarril Central and AVO do not contribute to Sacyr Concesiones’ P&L
COMMISSIONING OUR MAIN KEY ASSETS IN 2022 18
OUR KEY ASSETS REPRESENT C. 60% OF THE TOTAL PORTFOLIO VALUATIONSACYR CONCESIONES - RELIABLE TRACK RECORD
EBITDA and Revenue doubled since 2015
1,381 2020 EBITDA
margin
Strong operational performance and increased
profitability over the years c.65%
1,121
Infrastructure
concessions
Revenues Sacyr Concesiones1
Operational revenues 917 c.16%
EBITDA
Water, Waste
& Energy
707 719 727 (WWE)
675
625 CAGR 15-20
556
477 470
14.3%
420
348 365
296 10%
251
221
192
13.7%
2015 2016 2017 2018 2019 2020
REVENUES x2
EBITDA x2
Note 1: It includes operational revenues and construction revenues, that considers the construction carried out by the concessionaire itself
in application of the IFRIC12, with no effect on EBITDA, as the sales figure has been equal to the costs of said construction activity. 19
Note: Figures have been homogenized from 2015 to 2020 including amounts related to Water, Waste & Energy division.SACYR CONCESIONES - RELIABLE TRACK RECORD
Stable, predictable and reliable awarding and commissioning
Awarding: Commissioning:
20 projects 10 projects Successful
entry in
Average 15-21 Average 15-21
6 countries
~3/Year ~2/Year US
UY
20
18
BR
15
14
MX
10 10
9 PY
7 7
5 COL
4 4
3
1
2015 2016 2017 2018 2019 2020 2021 2015 2016 2017 2018 2019 2020 2021
20SACYR CONCESIONES - RELIABLE TRACK RECORD
Goals fulfilled even in a complex environment
Since our last Investor Day in 2019 we have been able to meet the objectives set at the time, despite
an unprecedent situation caused by the pandemic.
Self-sustaining portfolio from
All 2021 equity deployments (€131M) will come from distributions
2021 onwards
Maintained awarding success rates 6 concessions awarded since 2019, +30% historical success rate
Increased number of concessions
5 concessions commissioned since 2019
starting operation
Despite COVID, Sacyr Concesiones has increased both revenue
Demonstrated business resilience
(+23%) and EBITDA (+5%) in 2020
Awarded our first concession in this market, the University of Idaho,
Entry in the US market
with a €1.2Bn backlog contract
+€4,800M in financing operations since 2019 with an average of
Improved financing performance
+€2,100M / year since 2017
Divestment of 95% of the Guadalmedina Motorway with a capital
Successful asset rotation strategy
gain of €80m
21SACYR CONCESIONES - GROWTH STRATEGY FOR 2021 - 2025
The three pillars of our Growth strategy for 2021 - 2025
Our Goals
Profitable and continuous growth
▪ Award 2~ 3 projects/year
1
▪ Complex infrastructure projects with mitigated
Our priorities
or low demand risk: motorways, railways,
hospitals, transport hubs People and society – social
EBITDA 2025 development and education
▪ c.€150M equity/year
€1Bn
x3
2020: €365M Green and sustainable
WWE was integrated into Sacyr
2 Sustainability
Concesiones in 2020
Our team – innovative,
Stable IRR Distributions ▪ Green business line with concessional projects diverse, multicultural and
of water, waste and renewables energies talented professionals
16-20% c. € 200M/year
Stable EBITDA margin consolidation
English-speaking and European
countries 3 Investors
(65% Infra + 16% WWE)
▪ Focus on English-speaking Markets
and European consolidation
22SACYR CONCESIONES - GROWTH STRATEGY FOR 2021 - 2025
On our way to €1Bn EBITDA in 2025 supported by our current portfolio
EBITDA Sacyr Concesiones - Strong visibility over Sacyr EBITDA goal
c.85%
of Group EBITDA
Our current concessions asset portfolio is
expected to generate €1Bn EBITDA by 2025 c.72
172
193
~ €1,000M
198
€365M
EBITDA 2020 Pedemontana A3 + A5-A21 Rumichaca Pasto + Other Current EBITDA 2025E
Concessions Pamplona - Cúcuta + Portfolio Assets Concessions
Rutas 2 y 7 + Camino de
Note: 2025 EBITDA figures based on individual concession models
la Fruta
23SACYR CONCESIONES - GROWTH STRATEGY FOR 2021 - 2025
Our growth strategy is focused on English speaking countries
and European countries
Target Countries
Denmark Sweden Norway Well-defined public-private-
Canada partnership framework
€4.1Bn Ireland UK
Europe
€14.1Bn Political and social stability
USA
€ €7.9Bn Portugal Spain Italy OCDE (Target of 1/3 Europe,
1/3 English Speaking 1/3 Latam)
Others
Latam
Investment Grade / Risk
€5.6Bn Colombia Brazil
€13.9Bn mitigating mechanisms
€3.5Bn
Stable and sustainable
Total pipeline - € 68Bn financial markets
Chile Australia
Analyzed
€12.3Bn €6.6Bn
€20Bn
Pre-defined pipeline
c.50%
To be Tendered
€10Bn Target Projects
c.30%
Expected to Complex greenfield projects +
Maintain our market position
be Awarded demand risk mitigation mechanisms +
Consolidate presence €3Bn emphasis in sustainability
Expansion
Expected for the next 3 years
24SACYR CONCESIONES - GROWTH STRATEGY FOR 2021 - 2025
A closer look into our current Pipeline
Next 12 months pipeline in English speaking & European countries
Approximately 1/3 of our pipeline is located on
English speaking countries and 1/3 in Europe
The success rate in prequalification processes for
€12.3Bn €3.5Bn - 28%
Shortlisted
€1.7Bn - 14%
RFPs submitted,
English speaking countries was 78% last year 35 projects awaiting results
EUROPE US & CANADA AUSTRALIA
€5.3Bn €6.4Bn €0.6Bn
15 projects 18 projects 2 projects
3 Projects 3 Projects 5 Projects 1 Project 1 Project
RFPs submitted, RFP submitted,
Shortlisted Shortlisted Shortlisted
awaiting results awaiting results
25OUR COMPETITIVE STRENGTHS Rafael Gómez del Río CEO / Sacyr Concesiones Rodrigo Jiménez-Alfaro CFO / Sacyr Concesiones
SACYR CONCESIONES
Our competitive strengths provide us a clear visibility for
a sustained value creation
Consistency Resilient and
Vertical Reliable Financial
in project Diversified
Integration Commissioning Strength
awarding Portfolio
▪ Combined ▪ Leader in our ▪ Solid track record ▪ 96% low or non- ▪ Unique knowledge to
capacities that traditional markets in commissioning demand risk portfolio maximize value with
enhance the demonstrating a tailor-made financial
identification of strong resilience strategies by asset
new opportunities ▪ Successful ▪ Complex projects during COVID
entrance in new execution pandemic
markets (USA) ▪ Self sustainable
▪ Optimization of portfolio from 2021
project design and ▪ €36Bn1 in a diversified
cost-effectiveness ▪ ~3 projects backlog
awarded / year ▪ Value creation
through selective
▪ Reduction of ▪ 60% of our backlog in asset rotation
Execution Risks EUR and USD
CLEAR VISIBILITY FOR SUSTAINED VALUE CREATION
High resilient, reliable, and Strong capacity for future growth
profitable company
Note 1: Backlog figures include RSC287, Buin Paine and A3 amounting €5Bn (1H 2021), which were pending to be signed at 2020 closing (excluding A5-A21, pending to be signed)
27SACYR CONCESIONES – OUR COMPETITIVE STRENGTHS
Optimized global structure with synergies in tenders/execution
v Vertical
Integration
Consistency
in project awarding
Reliable
Commissioning
Resilient and
Diversified Portfolio
Financial
Strength
Mutual understanding and optimal allocation of risks during whole project's lifecycle:
Bidding Design Financing Construction Commissioning Refinancing O&M
Market Intel
Competitive advantages:
Optimized Lower project costs Minimization of
Large number Sound
designs = Higher profitability risks - Aligned
of opportunities awarding rate
interest in
+ Fluent communication execution and
+ Technical capabilities + Market expertise + Global approach with focus
+ International presence + Local partners
between the construction
in the overall return operation
and operational teams
28SACYR CONCESIONES – OUR COMPETITIVE STRENGTHS
High success awarding rates and successful entry in key markets
v Vertical
Integration
Consistency
in project awarding
Reliable
Commissioning
Resilient and
Diversified Portfolio
Financial
Strength
Our strong track record in awarding new projects is the basis of future value creation
Ferrocarril Central / El Tepual / Chacalluta / Los Vilos – La Serena
Camino de la Fruta
Awarding: 4 4 A3 / University of Idaho / RSC-287
A5-A21 / Buin Paine
Total Success rate 3
3 3
20 projects +33%
Since 2015 2 2 Awards/Year
Average 15-21 1
+3/ year
2015 2016 2017 2018 2019 2020 2021 2022/25
Equity / year Historical return (IRR)
Success rate: c.€150M +16-20%
48%
125
33%
Reinforcing our presence in strategic markets
60 (2 recently awarded concessions in Italy and the first
Analyzed Tendered Awarded
projects projects projects 20 concessional project in the United States)
29SACYR CONCESIONES – OUR COMPETITIVE STRENGTHS
Proven success in assets commissioning
v Vertical
Integration
Consistency
in project awarding
Reliable
Commissioning
Resilient and
Diversified Portfolio
Financial
Strength
We comply with the proposed objectives,
adding value to our investments by carrying ▪ Rumichaca-Pasto (c.93%)
▪ Pedemontana (c.99%)
out the commissioning in a timely manner ▪ AVO (c.84%) ▪ Camino de la Fruta
▪ Pamplona Cúcuta (c.55%) ▪ RSC-287
▪ Pirámides ▪
▪ Montes de ▪ El Tepual Airport (c.80%) A3
▪ Longitudinal de la Sierra ▪
María ▪ Mar 1 (c.92%) A5-A21
Starting Commissioning:
▪ Tláhuac Hospital
▪ Corredor Vial 21 & 24
▪ Ferrocarril Central (c.50%)
Total Average 15-21 ▪ Rutas 2 y 7 (c.61%)
10 assets ~2/ year 6
▪ Chacalluta Airport (c.25%)
Since 2015
▪ Los Vilos –
▪ Buin Paine La Serena
Note 1: Only infrastructure with construction Hospital
4
works have been considered, consequently 3
University of Idaho is not included.
Note 2: Numbers in parentheses represent 2 2 2
approximate progress of works. 1 1 1 1 1 1
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Commissioned To be commissioned
Proven as a reliable infrastructure developer to the grantors, the
financial community, our partners, and society
30SACYR CONCESIONES – OUR COMPETITIVE STRENGTHS
Resilient portfolio – 96% of our portfolio is low or no demand risk
v Vertical
Integration
Consistency
in project awarding
Reliable
Commissioning
Resilient and
Diversified Portfolio
Financial
Strength
Very resilient portfolio as demonstrated during COVID crisis with very low exposure to demand risk
Demand risk mitigation mechanisms
Backlog risk profile
▪ Level of revenues fixed by contract.
Demand
Risk Low Guaranteed ▪ Compensations (difference between the real revenue and the
demand income contract threshold) established on a determined periodicity paid if
4% Risk
10% real revenues do not reach the contract threshold
▪ The present value (PV) of the expected revenues is fixed at the
Flexible beginning of the contract
end ▪ If by the end of the concession the PV is not reached, the
concession period will be extended to mitigate the traffic risk
▪ Revenues received during the concession period are
Mitigated Availability
established by contract
demand risk Fee
86% ▪ No demand risk usually transferred to the concessionaire
Note: Mitigated demand risk assets include assets with availability-
based payments and demand-risk mitigating mechanisms. Calculations
have been made including the RSC 287 and A5-A21 assets.
Low demand risk
▪ Grantor pays the concessionaire a canon by user (who will not pay any
Shadow toll +
kind of toll). Located in areas with no additional alternatives,
Motorways Hospitals Transport Hubs WWE Consolidated significantly reducing the demand risk
corridors
▪ Motorways with strong historical ADT track record
31SACYR CONCESIONES – OUR COMPETITIVE STRENGTHS
Stable performance despite COVID proving stronger resilience than peers
v Vertical
Integration
Consistency
in project awarding
Reliable
Commissioning
Resilient and
Diversified Portfolio
Financial
Strength
Strong evolution of the concessional business in 2020 during COVID pandemic…
+8%
How it impacted the market Sacyr Concesiones strengths
675
+5% ▪ General impact on traffic/demand as ▪ High percentage of mitigated demand
625 lockdowns were implemented risk portfolio
348 365
▪ Liquidity shortage ▪ Prevalence of strong currencies in the
▪ Fall in currency value of developing markets portfolio (60% of our backlog in EUR
2019 2020 ▪ Higher impact on aviation business and USD)
Sacyr Concesiones operational revenues
▪ Low exposure to aviation business
Sacyr Concesiones operational EBITDA
Proven resilience when put into perspective against main peers
Var. 19-20 Revenues EBITDA Traffic2
The demand mitigation characteristics of our highly resilient
+8% +5% -20% portfolio allowed an increase
in revenues and EBITDA, which was
not the case for any of our main peers.
Avg. Peers1 -26% -36% -23%
32
Note 1: Top infrastructure groups analysed. Note 2: does not include Airport and Railway trafficSACYR CONCESIONES – OUR COMPETITIVE STRENGTHS
Turning point in our cash generation profile reaching a self-sustaining portfolio
v Vertical
Integration
Consistency
in project awarding
Reliable
Commissioning
Resilient and
Diversified Portfolio
Financial
Strength
Self-sustaining portfolio from 2021 which will
allow us to fund new projects and distributions to
Sacyr. We expect to generate more than €500M 8
available cash flow for the 2021-25 period
137
9 170
233 236
2015-2020 216 211
189
Equity 181
Invested: 140 131
€759M 96
66
5
2021E 2022E 2023E 2024E 2025E
Distributions to Sacyr
Annual Committed Equity
Committed equity of €479M
Available Cash Flow
AS ADVANCED IN ID 2019, IN 2021 WE HAVE REACHED A TURNING POINT BECOMING A CASH GENERATING BUSINESS
CONSIDERING OUR CURRENT EQUITY COMMITMENTS 33SACYR CONCESIONES – OUR COMPETITIVE STRENGTHS
Strong financing capacities with transactions worth over €4.8Bn in 2 years
v Vertical
Integration
Consistency
in project awarding
Reliable
Commissioning
Resilient and
Diversified Portfolio
Financial
Strength
▪ Tailor-made financing, with innovative structures, that allows us to optimize project returns:
Transaction size (€M)
3,522
AVG.19-20 We have been recognized
Variation between average
16 -18 and average 19 -20 +€2,400M Transactions worth
with several awards:
+€4,800M
AVG.16-18 ~74% over the last 2 years Latinfinance
2,030 ▪ Puerta de Hierro (2021)
+€1,400M
▪ Local Currency Financing of the Year
1,616 Average improvement of
1,328 IRR of 2-3%
530 IJ Global
2016 2017 2018 2019 2020 ▪ Ferrocarril Central (2020)
▪ Latam's most outstanding
transaction in rail infrastructure
▪ In-depth knowledge of the financial market and existing alternatives: Commercial / Institutional / Multilateral
Latinfinance
▪ Mar1 (2019)
70% ▪ Road Financing & Infrastructure
▪ c. 75% of financial debt is protected against Non – Bank Debt 100% Financing (Andes category) of
variations on interest rates:
30% the Year
Bank Debt
2015 2020
▪ Social Bond in Colombia (Montes de María): $209M, 24 years. First issuance of a social bond linked to an
Project Finance International
▪ Pedemontana (2017)
infrastructure project.
▪ Best EU operation
▪ Transport infrastructure 34SACYR CONCESIONES – OUR COMPETITIVE STRENGTHS
Integrated approach to maximize value creation
1. High profitability generation (Illustrative Example)
CLEAR VISIBILITY FOR SUSTAINED VALUE CREATION
IRR Stage EqV Multiple Increase of Value
8 - 12% Bidding: €150M
Financial Close €195M x 1,3 €45M
Asset
Commissioning
Management
€350M x 2,0 €155M
Re-financing
Initial Equity Return of Value
Optimized: €150M x 2,3 €350M
16 - 20% Selective Rotation
35SACYR CONCESIONES – OUR COMPETITIVE STRENGTHS
Strong returns in our asset rotation track record
▪ +16-20%
50%
return on our past rotation operations, crystalizing the value of our equity investments
▪ Our strategy for the next years will be based on a selective asset rotation
50%
45%
IRR Sacyr Purchase price size
45%
50%
40%
40%
45%
35%
35%
40%
30%
30%
35%
25%
25% Weighted Average IRR in Operation1
30%
20%
>20%
Weighted Average IRR under contruction1
20%
25% >16%
15%
15%
20%
10%
10%
15%
5%
0 Construction Phase 100 0 Operation Phase c.30
5% % % % %
10%
Note: Only assets rotated since 2012 have been considered.
Note 1: Weighted by purchase price.
5%
36ESG – CREATING SHARED VALUE Marta Gil General Manager of Strategy, Innovation and Sustainability / Sacyr Group
ESG – CREATING SHARED VALUE
Our activity contributes to promote social and economic progress with a
solid environmental commitment based on the SDGs…
SOCIO-SANITARY
TRANSPORT CIRCULAR ECONOMY
INFRASTRUCTURE
Safer roads, Improved transit Key player Modern social Water and Facilities that
reducing travel facilities, enhancing facilitating the infrastructure, addressing sanitation boost the circular
times while using efficiency, security transition to the new the highest social accessible in economy
sustainable and comfort urban mobility attention countries where we
materials paradigm operate
Latest infrastructure technology across assets.
SDGs
Key axe and corporate value
Scope extension: issues, stakeholders and targets
Sacyr Strategic Plan Governance and organization structure adapted to best practices Sacyr Sustainable Plan
2021- 25 2021-2025
38ESG – CREATING SHARED VALUE
Our public commitment continues increasing…
47climate risks
and opportunities
assessed in 2020
…what has been strongly recognized by the market
Medium Risk
20.8 A- FTSE4Good IBEX Index
▪ Top 1 in Spain, Construction and CDP Climate Rating
47climatesector.
Engineering risks and opportunities 47 climate risks and opportunities
▪ Environmental management and ▪ World Small Cap ex COAL Index
assessed in 2020 assessed in 2020 ▪
▪ Top 1 by capitalization, $1.7bn or less performance Europe ESG Universal Small Cap Index
▪ Europe Small ex Controv. Weapons Index
▪ Top 5 in the world, Construction and
▪ ACWI IMI ex Controversial Weapons Index
Engineering sector, among 280
▪ ACWI IMI Climate Change Index
companies
Note: Information as of July 2021 39ESG – CREATING SHARED VALUE
Long-term commitment to the environment
Driving a positive impact for the environment is one of the cornerstones
of the company’s vision for the future
(16)% (25)%
GHG reduction (1) +50% 2050
2020 GHG emissions 2025 environmental Carbon
reduction (20)%
(vs. 2019) emissions compensation
investment Neutral
180
avoided tCO2
emissions
Selected cases studies
CIRCULAR CLIMATE CHANGE AND ENERGY
ECONOMY EFFICIENCY
WATER BIODIVERSITY
16.242
Carbon intensity
10,000m3 LEED 420,000
of recycled material v4 BD+C: Healthcare Trees planted of
3M €
used for improving level Certified native species in
10km of road in Peru 500 hectares in
Tláhuac Hospital, in 118 m3 per day intended for
40% Mexico City
Colombia
reduction in energy generated of treated environmental protection
consumption water in the Américo
in Braga Hospital Vespucio Project
(Portugal) (AVO) in Chile
65%
certified activity
(1) Scope 1 and 2 emissions; target -50% in 2035
ISO 9001 /14001 40
(2) Water business excluded to allow comparison with peersESG – CREATING SHARED VALUE
We create social value
Committed to the sustainable development of the communities in which we are present
and the promotion of personal and professional growth of our employees
2020 RESULTS Examples of social action
2,800
employees
€ 1.6 M +100,000 99%
investment direct beneficiaries and +300,000 Educational
(X8 vs. 2019) indirect beneficiaries
Local workers
(22 nationalities)
2025 TARGETS
4.34/5
customer satisfaction
+100% 100% Donations
CSR investment in new new concession contracts with a
concessional projects certified social impact system 63%
Suppliers evaluated with
Food kits ESG criteria
PARTNERSHIPS
+600
AWARDS AND RECOGNITIONS Health kits volunteers
COVID crisis response 0
fatal accidents 41ESG – CREATING SHARED VALUE
Effective governance practices
ONLY COMPANY IN THE SECTOR WITH
Our practices are aimed at ensuring the proper management of the SGE21 CERTIFICATION
Company, guaranteeing the interests of every stakeholder and
reporting with maximum transparency
MAIN CORPORATE GOVERNANCE AND ETHICAL MILESTONES
Creation of the
Sustainability and
Corporate Governance
Integrated Sustainability Report
verified by an independent third party
19 new policies
related to aspects of 46%
Sustainability-linked independent directors
Commission policies and a New
Law 11/2018 Code of Conduct
Certified management system
of ethic and sustainability 92%
non-executive directors
NEW FINANCIAL INSTRUMENTS
23%
presence of women on the
Board of Directors
Green financing deal Social bond
€160 M, two stages, both for a 5-year term Colombia, $209 M, 24 years 0
First issuance of a social bond linked to an infrastructure project cases of corruption and
Waste management contracts
human rights violations
Sacyr Valoriza Medioambiente Latin America, Puerta de Hierro-Cruz del Viso road
Green funding deal
Audited by an Backed by: Verified by: €4 M
independent third party investment in innovation
with sustainable reach
42ESG – CREATING SHARED VALUE
Innovation has always been at the core of our business
Latest technology to maximize the value of our projects,
providing the best-in-class customer service and respecting the environment
Tunnel lighting system of Sustainable revolutionary
the future additive for making asphalt
▪ Improve lighting in road tunnels ▪ Valorization of out-of-use tires
and ensure the safety and
▪ Reduction of the use of
comfort of road users
bitumens and crude in the
▪ Reduce electricity consumption asphalt manufacturing
by 66% (reduction of 153 tons of
▪ Reduction in traffic noise and
CO2 per year)
improvement in the mechanical
Sacyr Iohnic ▪ Critical raw materials recycled RaRX characteristics of the pavement
Movilidad 2030 project
Artificial intelligence for
safer roads ▪ Part of a a consortium of seven
▪ System based on a machine industry leaders at the forefront of
learning Europe’s research and
▪ Massive intake of data and development activities around
sources on asphalt imperfections connected, autonomous vehicle
to optimize the estimation of ▪ 3rd ranked proposal at the first call
pavement deterioration on roads. of “CDTI Misiones”
Prediction Tool Sustainable mobility
▪ Startup collaboration
2020 RESULTS
€8 M investment 44 projects
2025 TARGETS +100% investment (70% sustainable reach)
43A CLOSER LOOK AT ITALY Rafael Gómez del Río CEO / Sacyr Concesiones
ITALY
Our strong position in Italy
Number Investment under Backlog1
Pedemontana Motorways
of projects management (€Bn)
39Y €4.6Bn
Maturity2
A5-A21 162Km 3 535km 12.6
12Y
Maturity2
320Km
OUR STRATEGY PIPELINE
A3
25Y
Maturity2 ▪ SIS, the consortium made up ▪ Currently eligible
52Km between Sacyr (49%) and our as successful bidder in
Under Construction
Italian partner Fininc (51%) has 3 infrastructure processes.
participated in all of our recent and
In Operation
past awards in the country. This ▪ Optimal situation for the awarding
successful alliance has contributed of infrastructure and health projects
to increase our success rate in during next years.
biddings up to 50%.
Note 1:Backlog figures for 1H2021 include A3, but not A5-A21 which is pending to be signed. 45
Note 2: Maturity as of 31st December 2021ITALY
Our strong position in Italy
Sacyr Stake: 49%
PEDEMONTANA Full Consolidation
Number
Sacyr Stake: 49% Sacyr’s jewel in the crown. Greenfield motorway project of
A5-21 Full Consolidation €2.6Bn of total Investment in Veneto Region. of projects
Yellowfield motorway project of Pedemontana
Remuneration Scheme Status
▪ Finalizing the
3
€1.1Bn of total Investment in Turin. ▪ Annual availability fee
construction works in
▪ Revenues from partial openings
39Y
Maturity2
2022 (c.99%*) Investment under
Remuneration Scheme 162Km Maturity ▪ 66km have already management
39 years after COD. been opened.
▪ Toll revenues
▪ Low demand risk A5-A21
Maturity 2061.
BACKLOG €9,872M €4.6Bn
Maturity
12 years from the
12Y
Maturity2
(*) As of 31 August 2021
Motorways
signature of the contract. 320Km
Maturity expected for 2033.
A3 Sacyr Stake: 49%
535km
Status A3 Full Consolidation
▪ Awarded in 2021.
Contract pending to be 25Y
Maturity2
Yellowfield motorway project of €870M of total Investment
signed. 52Km connecting Napoli-Pompei-Salerno in Campania Region. Backlog1
BACKLOG1 €2,900M Status
(€Bn)
Remuneration Scheme
▪ C.A. signing date:
▪ Toll revenues July 2021 12.6
Under Construction
▪ Mitigated demand risk
BACKLOG €2,700M
Maturity
In Operation
25 years from the
effectiveness of the C.A.
Maturity expected for 2046.
Note1: :Backlog figures for 1H2021 include A3, but not A5-A21 which is pending to be signed 46
Note 2: Maturity as of 31st December 20211ST INFRASTRUCTURE COMPANY IN CHILE AND COLOMBIA Rafael Gómez del Río CEO / Sacyr Concesiones
CHILE
Chile outlook and main assets
Number
€3.9Bn
Investment under
Algarrobo
of projects 17 management
Backlog1
(€Bn) 7.6
25Y
Maturity2
187Km Hospital Million
Motorways 1,070km beds 870 Passengers /year 3
C. De la Fruta
AVO
42Y
Maturity2
142Km 37Y
Maturity2
9Km AMÉRICO VESPUCIO ORIENTE Sacyr Stake 50%
Bío Bío
Greenfield urban motorway, ring road of Santiago, with €1Bn of total investment
24Y
Maturity2
Remuneration Scheme Status
▪ Asset currently under
103Km ▪ Fixed Income
construction (c.84%*)
▪ Toll Revenues (Demand risk
▪ COD expected in 2022
mitigated by a minimum guaranteed
income)
+13 other
Maturity
managed assets
45 years from the award
(expected until 2053).
Variable maturity. It is reached when
net present value of revenues equals
Under Construction In Operation an amount set in the contract.
(*) As of 31 August 2021
Note 1: Backlog figures for 1H2021 include Buin Paine (Chile) 48
Note 2: Maturity as of 31st December 2021COLOMBIA
Colombia outlook and main assets
Mar 1
Number 22Y
Maturity2
Puerta de Hierro
of projects 181Km PAMPLONA - CÚCUTA Sacyr Stake: 100%
22Y
Maturity2
4 198Km This greenfield motorway project of €592M of total investment constitutes
a solution to connect the borders between Colombia and Venezuela.
Investment under Maturity: 25 years
Pamplona Cucuta
management
Potential extension of 4 years (until June 2046)
€2.3Bn 24Y
Maturity2
62Km
Status
▪ COD expected in 2022 (c.55%*)
BACKLOG €1,637M
Motorways
Rumichaca Pasto (*) As of 31 August 2021
524km
22Y
Maturity2
Sacyr Stake: 60%
Backlog1 83Km RUMICHACA-PASTO
(€Bn) Greenfield motorway project of €726M of total investment in the south of
Under Construction Colombia near the border crossing to Ecuador.
4.2 In Operation Maturity: 25 years
Potential extension to 4 years (expected until 2040-2044)
Remuneration Scheme Status
▪ Availability Fee, and Toll Revenues ▪ COD expected in 2022 (c.93%*)
▪ Demand risk mitigated by compensations when
the present value of revenues fixed by the
BACKLOG €1,966M
contract is not reached
Note 1: Backlog figures for 1H2021 49
Note 2: Maturity as of 31st December 2021 (*) As of 31 August 2021OUR SUCCESSFUL ENTRY IN THE US MARKET Rafael Gómez del Río CEO / Sacyr Concesiones
USA
Entry in the US market
University
UNIVERSITY OF IDAHO Sacyr Stake: 50%
of Idaho
Yellowfield project with €189M of total investment in the University of Idaho including
operation, maintenance, and improvement of energy, water, and steam generation and
distribution systems on the university's campus
Remuneration Scheme Status
▪ Fixed availability payment. ▪ Under Operation
▪ CapEx variable payment with fixed margin. ▪ Maturity expected in 2070
BACKLOG €1,200M
OUR SUCCESSFUL STRATEGY
SUSTAINABILITY IMPACTS SDG
▪ New market niche identified to
enhance our current skills with less
competition ▪ Neutral carbon footprint by 2030, a part of its
▪ Alliance with a first level fund Climate Action Plan.
(Plenary) and a specialized local ▪ The concessionaire in charge of projects
Contractor (Mckinstry) consistent with SDG over the next 50 years.
▪ Selection of top-level advisors to
participate in the tender team.
51VALUATION María Muñoz Head of M&A / Sacyr Group
SACYR CONCESIONES - VALUATION
Sacyr Concesiones Assets Valuation – Constant growth portfolio
Sacyr Concesiones valuation is €2,811M with €2,614M coming from our current asset portfolio, calculated in
an unfavourable macro context, which shows the resilience of our assets
Future Investments
€6,000m Main Valuation Hypothesis
Future Investments Current Portfolio
€6,000m ▪ Sacyr’s discounted distributions as of
€5,000m 2025 2025 Current Portfolio: December 31st 2021
Current Portfolio
€3,691M €3,083M ▪ Calculation based on current asset
€5,000m
€4,000m portfolio considering both
2021 2021 Current Portfolio: infrastructure and WWE division
€2,811M €2,614M projects until their expiration dates
€4,000m
€3,000m ▪ Discount rates considering:
• Sovereign bond
€3,000m
€2,000m • Levered Beta from comparable
companies
€2,000m • Individual asset status
€1,000m
Weighted Average discount
€1,000m rates by status:
€0m
• Construction: 10-11%
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
• Operation: 8-9%
€0m
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 ▪ Estimated cash flows of current portfolio
considering Pamplona-Cúcuta, Camino
de la Fruta and AVO refinancing
Sacyr Concesiones Assets Current Portfolio Market Cap of Grupo Sacyr processes
▪ Futures Investments hypothesis:
Valuation: Valuation: (30 Sep 2021):
• Annual investment of c.€150M
due to new awards 2022-25
2021 €2,811M 2021 €2,614M • Maturity: 25 years
Equity value Equity value
€1,337M ▪ No asset rotation considered
2025
Equity value
€3,691M 2025
Equity value
€3,083M 53SACYR CONCESIONES - VALUATION
Water - Understanding of the division and its value
SUM OF PARTS
Figures €M
Given the different business typology within the area and
how this kind of projects are usually valued, two main
groups of projects/assets should be considered, (1) 10.5x EBITDA
Integrated Cycle + O&M contracts (IC + O&M) which will
be valued by EBITDA multiples and (2) Long Term Plants 99
Contracts (LTPC), valued by discounted distributions
method: (58)
2021 FORECAST FIGURES
209
Consolidated figures:
EBITDA NFD 168
€29.1M €208M
110
Integrated Cycle + O&M atribuible figures:
EBITDA NFD
€16M €58M
c.56% o/Conso. c.29% o/Conso. EV NFD EqV EqV EqV
IC + O&M IC + O&M IC + O&M LTPC Water
54SACYR CONCESIONES - VALUATION
Increased value since ID2019 sustained by
new projects and portfolio management 196 2,811
209 2,614
Like for like value increase, without including
new project awards between ID 19 and ID 21 Value captured
263 2,405
Water from Future
Investments
595 (151) 73
2,142
Contribution to
FX & CPI Asset value from
Management new project
1,795 (169) awards in the
last 2 years
Asset Rolling forward / 1,337
rotation Derisking /
Market Cap
Updated COD
as of 30
September
2021
Value Current value Current Portfolio Current Value
ID 2019 of ID 2019 Value ID 2021 – portfolio value ID 2021
projects ex. Water ID 2021
Note: Figures in €M 55SACYR CONCESIONES - VALUATION
In 2021, our current portfolio has reached the valuation estimated in ID 2019
(€2,400 M) even after the 95% Guadalmedina divestment
Valuation (€M)
6,000
€3,691M
5,000 €3,083M
€2,811M
4,000
€2,614M
3,000
€2,861M
2,000
c.€2,400M €2,370M
1,000
-
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
ID21 Current portfolio
ID21 Valuation ID21 Current
ID21portfolio
CurrentEx-Water
portfolio ID21 ID19
Current portfolio
ID21Ex-Water ID19
Current portfolio Ex-Water ID19 ID19
o Continued value creation capacity through new projects awards
o Since our last ID, our valuation has experienced a significant growth mainly due to 6 new projects awards.
56SACYR CONCESIONES - VALUATION
Diversified portfolio with high presence in Italy and developed countries
TOTAL PORTFOLIO VALUATION BREAKDOWN – 2021 (€M) TOTAL PORTFOLIO VALUATION BREAKDOWN – 2025 (€M)
Italy has become our main market by EUR and USD countries
concessional asset valuation gain weight in the portfolio in time
608
EqV (€M)
376 Future
Investments
196
Others
Future 399
291
Investments
Others Spain
369 507 2,91
Spain 3,691
474 Colombia
538
Colombia 2,811
523 Chile
Chile
1,263
958
Italy Eq. Value Italy Eq. Value
C.50% OF TOTAL EQ VALUE FROM THE CURRENT INFRASTRUCTURE 57
PORTFOLIO IS CONCENTRATED IN ITALY, SPAIN AND USA.SACYR CONCESIONES - VALUATION
Our Key Assets for long term value creation
Our Key Assets represent c.60% of the total valuation
NPV
31 Dec 2021 Our Key Assets (8 assets) represent c. 60% (€1,674M)
of the total portfolio valuation as of 31st December 2021
€2,811M
€6,000m
Pedemontana
€5,000m
AVO
Rumichaca-Pasto
€4,000m
Future Investments only
consider new awards Pamplona Cucuta
until 2025 with an A3 + A5/A21
€3,000m
average life of 25Y.
Ferrocarril Central
€2,000m University of Idaho
Total Key Assets
€1,000m
Rest of current portfolio
Future Investments
€0m
Pedemontana AVO Rumichaca pasto Pamplona Cucuta
A3 + A5-A21 Ferrocarril Central Idaho Rest of current portfolio
58
Future investments Key Projects TotalSACYR CONCESIONES - VALUATION
Italy valuation
Value approximation
NPV 22 years
31 Dec 2021 2044 Distributions /
Equity
Value
€958M Max: €1,375M
2.19 €/Share
CF
Equity
contributions
1,600
1.52 €/Share Pedemontana
1,400 End of financing 175
1,200
1,000 125
800
600 75
400
200 25
-
(200) Avg. Distribution from 2022 - €94M / year (25)
(400)
COD - Pedemontana A5-A21 - End of concession A3 - End of concession
(600) (75)
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
EqV Sacyr Equity Contributions Shareholder's Distributions
Note: Year axis shows end of period // Valuation cash flows consider Sacyr’s stake. Note 2: €1,337M of Market Cap as of 30 September 2021. 59SACYR CONCESIONES - VALUATION
Chile valuation
Value approximation
NPV 28 years
31 Dec 2021 2050
Max: €1,071M Distributions /
Equity
Value €523M 1.70 €/Share CF
Equity
contributions
0.83 €/Share
1,000 250
AVO Refinancing
800 200
C. De la Fruta
Refinancing
600 150
400 100
200 50
- -
Avg. Distribution from 2022 - €78M / year
(200) (50)
COD - Camino de la Fruta
(400) COD - AVO Los Vilos / La Serena - End of financing AVO - End of financing (100)
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
Note: Year axis shows end of period // Valuation cash flows consider Sacyr’s
EqV Sacyr Equity Contributions Shareholder's Distributions Note 2: €1,337M of Market Cap as of 30 September 2021. 60
stake in infrastructure projects, not considering assets under WWE division.SACYR CONCESIONES - VALUATION
Colombia valuation
Value approximation
NPV 17 years
31 Dec 2021 Distributions /
Equity 2039
Value
€474M Max: €588M
0.93 €/Share
CF
Equity
contributions
0.75 €/Share 250
550
200
450
150
350
250 100
150
50
50
-
(50)
Avg. Distribution from 2022 - €74M / year Rumichaca Pasto End of financing
COD - Pamplona Cúcuta
(50)
(150) COD - Mar 1 Pamplona Cúcuta
COD - Rumichaca - Pasto End of financing
(250) (100)
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
EqV Sacyr Equity Contributions Shareholder's Distributions
Note: Year axis shows end of period // Valuation cash flows consider Sacyr’s stake. Note 2: €1,337M of Market Cap as of 30 September 2021. 61SACYR CONCESIONES – INFRASTRUCTURE
Current infrastructure portfolio - Strong cash generation profile
CURRENT INFRASTRUCTURE PORTFOLIO’S EXPECTED CASH GENERATION
2022-2030
Cash Flows
Avg Distribution €213M Total portfolio distributions of €11.5Bn
€500m
DSC Ratio 1,3x
Avg Cash Yield 11.3% €400m
2031-2040 €300m
Avg Distribution €275M
€200m
DSC Ratio 1.5x
Avg Cash Yield 19.0% €100m
€0m
2041-2050 2022
2022 2025 2027 2030 2032 2035 2037 2040 2042 2045 2047 2050 2052 2055 2057 2060 2062 2065
Equity Contributions Shareholder distributions
Avg Distribution €341M €(100)m
DSC Ratio 2.8x
€(200)m Upward trend in portfolio average distributions, exceeding €210M per year
Avg Cash Yield 27.9%
on average from 2022, and reaching €340M on average by 2041
62CONCLUSION Manuel Manrique President & CEO / Sacyr Group
CONCLUSION
The time to invest in Sacyr is now
Strong commitment to
reduce recourse net debt close to zero
Sacyr Concesiones assets’ current
valuation is €2.8bn
In 2025 will be above €3.5bn
Perfect Time High quality portfolio ESG commitment
In 2022 we will be commissioning Stable cash flow generation through Solid sustainability commitment.
our main Key Assets in Chile, a young and resilient portfolio Environment, social development
Colombia and Italy and we will with mitigated or low demand risk and governance adapted to best
reduce our stake in Repsol, practices as our priorities.
enhancing our financial profile.
64ANNEXES
ESG: Additional information
2020 RESULTS 2025 TARGETS
Investment Investment
+30% +50%
environmental investment (vs. 2019) €34 M
environmental investment
Other Other
56% 84% 100% 80%
recycled materials recycling rate of non biodiversity conservation
in new contracts overall recycling rate
consumed hazardous waste
COVID CRISIS RESPONSE GOOD GOVERNANCE
100% Independent Audit Comittee
Design and build of field hospitals and works in managed assets
~20 New Sustainability Policies approved in 2020
Donations and Protection equipment
volunteering production Diversified SkillsBacklog: Evolution & Distribution
BACKLOG EVOLUTION (€BN) DISTRIBUTION BY CURRENCY
+16%
26%
Infra
42% projects
2015
18%
21% 19%
CAGR
11%
15-20
+WWE Integration 48%
36.0 of WWE
2020
26%
20%
30.0 30.9
27.7 7%
27.1 27.2
1H2021 51%
14.2 EUR
13.3 19%
USD*
10% CLP
2015 2016 2017 2018 2019 2020 2020* 1H 2021* Local Currency
(*) : Backlog figures for 1H2021 include RSC287 (Brazil), Buin Paine (Chile) and A3 (Italy), but not A5-A21 which is pending to be signed.
Not Figures from 2020 onwards include WWE backlog
Not USD includes backlog in Australian Dollar and Omani RialBusiness breakdown
Integration of Water, Waste and Energy (WWE) into Sacyr Concesiones to: i) group all concessions under the same division, ii) crystalize
the value of our WWE projects leveraging our worldwide financial capacity and iii) Optimize structure and reduce costs. 4% 1%
11% Main figures 2020
Infrastructure Revenue
€1,040M 11%
4% 1%
▪ Greenfield projects with low demand risk EBITDA
Motorways
▪ Diversified infrastructure assets €344M 84% Hospital
Transport hub
Others
Transport ▪ Long term investments Backlog1
Highways
Socio-sanitary ▪ Usually in home markets where we are considered as local partners €32.192M 84% Hospital
Transport hub
Others
infrastructure
Water, Waste & Energy (WWE) Revenue
Includes projects within the entire water cycle, waste management and energy
€341M
Integrated Cycles: Utility business where the revenue usually comes directly from users EBITDA
O&M Contracts: Avg. life of 10-15 years without risk associated €21M
Circular Backlog1
Plants: Large concessional projects in Australia, Oman and Algeria
Economy
Energy: The main Project of this area is Idaho’s concession, Management of the Utility
€3,892M
Service of the University
Note 1: Including RSC287, Buin Paine and A3, which were signed during H1 2021 (A5-A21 is pending to be signed).
68Portfolio : Geographical Distribution
Aunor (51%)
Palma - Manacor (40%)
Viastur (70%)
N6 (45%) Turia (56%)
Barbanza (100%)
Eresma (80%)
H. Braga (1%) Arlanzón (55%)
H. Haçor (1%) H. Parla (51%)
University of Idaho (50%) H. Vilafranca (1%) H. Noreste (51%)
Brisal (5%) Int. Plaza Elíptica (51%)
Viaexpresso (11%) Int. Moncloa (51%)
Guadalmedina (5%)
Pirámides (51%) Daoiz y Velarde (100%)
Hospital de Tláhuac (51%) Juan Esplandiú (100%)
Montes de Maria (100%) Plaza del Milenio (100%)
Mar 1 (38%) Virgen del Romero (100%)
Vial Sierra Norte (67%) Rumichaca Pasto (60%) Plaza Encarnación (100%)
Pamplona Cúcuta (100%) Valles del Guadiaro(100%)
Emmasa (95%)
Honaine (26%) Guadalajara(100%)
Valles del Desierto (31%) Aguas de Soria (15%)
Rutas del Desierto (26%) Skikda (17%)
Santacrucera de aguas (100%)
Valles del Bío-Bío (26%)
Ruta del Algarrobo (26%)
Ruta del Limarí (26%) RSC-287(100%) Pedemontana (49%)
Vespucio Oriente (50%) Sohar Plant (51%)
A3 (49%)
Los Vilos – La Serena (100%) A5-A21 (49%)
Hospital de Antofagasta (26%)
Hospital Buin Paine (90%) Rutas 2 y 7 (60%)
Aeropuerto El Tepual (32%)
Aeropuerto de Chacalluta (58%) Corredor Vial 21 y 24 (51%) Perth Plant (100%)
Camino de la Fruta (100%) Ferrocarril Central (40%)
5 water cycles (51%) Melbourne Waste T. Plant (100%)
Roads (31) Hospitals (8) Airports (2) WWE (16) 50 Assets in Operation Backlog
15
Transport hubs (2) Parkings (4) Rail (1) Other (1) 16 Assets under Construction
Concessional assets under
€36Bn
65 management LatAm
Europe
1H2021
Middle East
Note 1: Backlog figures for 1H2021 do not include A5-A21 which is pending to be signed
Note 2: (XX%) refers to Sacyr Stake
North America 69Position in Italy (i) Number Investment under Backlog1
Motorways
of projects management (€Bn)
Pedemontana
3 €4.6Bn 535km 12.6
39Y
Maturity2
A5-A21 162Km OUR STRATEGY PIPELINE
12Y
Maturity2
▪ Usually tender in consortium / JV with local partner. ▪ 50% success rate (4 awards of 8).
320Km ▪ SIS, the consortium made up between Sacyr (49%) and our Italian ▪ Currently eligible as successful bidder in 3 infrastructure processes.
partner Fininc (51%) has participated in all of our recent and past ▪ Shortlisted and final bidder proponent for a major social
awards in the country. infrastructure project in the first half 2022.
▪ Some of the benefits from this are: ▪ Optimal situation for the awarding of infrastructure and health
A3
- Leverage from the market knowledge and experience of the local partner. projects.
- Increase in success rates.
25Y
Maturity2
52Km
Under Construction Sacyr Stake: 49%
PEDEMONTANA
Full Consolidation
In Operation
Description Remuneration Scheme Maturity
AWARDS - Pedemontana Sacyr’s jewel in the crown. ▪ Annual availability fee, no demand risk 39 years after COD.
Greenfield motorway project of associated. Maturity currently
▪ First unrated greenfield project bond in 2.6€Bn of total Investment and a ▪ Availability fee is updated on an annual expected for 2061.
Europe total length of 162km, basis according to an indexed formula with Status
▪ International Project Finance 2017 (best connecting the A4 and A27 an inflation-linked component and a ▪ Concession Agreement Signing Date: May 2017
European transport infrastructure motorways in the Veneto predetermined growth rate. Average ▪ Finalizing the construction works (c.99%*)
financing). Region. Its main axis is c.95km payment of €280m ▪ 66km have already been opened COD expected in 2022
▪ Best Public Private Partnership European long and connects 34 ▪ Additionally, prior to the completion of the
Project in the Infrastructure Investor Awards municipalities as well as the entire stretch the concessionaire generates Grantor: Regional Goverment of Veneto
2017. main industrial areas of Vicenza revenues arising from partial openings
▪ Best European road Project financing in the and Treviso. prior to the completion of the entire stretch. BACKLOG €9,872M
IJ Global Awards 2017
▪ Transport Project Finance (TPF) of the Year Note 1:Backlog figures for 1H2021 include A3, but not A5-A21 which is pending to be signed. (*) As of 31 August 2021
Note 2: Maturity as of 31st December 2021.
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