HOCHTIEF is an engineering-led global infrastructure solutions provider with leading positions in North America, Australia, and Europe. The company offers services in construction management for non-residential buildings, construction of transportation and supply infrastructure, transportation infrastructure, maintenance services, building construction and civil engineering, toll road operation, and services for natural resources. In 2024, HOCHTIEF introduced a new organizational structure with segments: Turner, CIMIC, Engineering and Construction, and Abertis. This change aims to enhance transparency and align with strategic priorities.

HOCHTIEF serves markets in North America, Australia, and Europe, with a focus on non-residential building construction in the United States, infrastructure construction in Australia and New Zealand, and civil engineering in Europe. The company is expanding its presence in strategic growth sectors like advanced technology, energy transition, and sustainable infrastructure. Turner's market includes the United States, with a focus on manufacturing, healthcare, education, and transportation. CIMIC operates largely in Australia and New Zealand, with selective presence in Southeast Asia. Engineering and Construction serves Europe and the U.S., focusing on civil infrastructure. Abertis focuses on toll road concessions globally.

HOCHTIEF is an engineering-led global infrastructure solutions provider with leading positions in North America, Australia, and Europe and a rapidly expanding presence in strategic growth sectors including advanced-technology, energy transition, and sustainable infrastructure markets. The Group has established local and long-term client relationships, strong engineering, systems and logistics capabilities, leading scale and commissioning capability and unparalleled project management experience, supported by a robust balance sheet and strong cash generation. This is the consequence of accumulated effort and resources applied in a consistent direction, underpinned by our increasing adoption and development of digital and artificial intelligence tools which also support the Group’s ongoing progress in further derisking the business. In addition, the Group has substantial project life-cycle expertise that is applied in greenfield public-private-partnership projects, brownfield concessions, and other equity investment opportunities in strategic growth markets. We provide our services in selected regions, mainly in developed markets and leverage our Group synergies. As a leading global infrastructure group, HOCHTIEF today spans the entire life cycle of infrastructure projects. As a result, the Group has a balanced business profile in terms of cash flow visibility, capital intensity, and margins. HOCHTIEF has been delivering large-scale projects and added value services for its clients for over 150 years and, as we look forward, our vision is of a sustainable future: “HOCHTIEF is building the world of tomorrow.” Our business activities are based on a common corporate culture with shared values. Our integrated approach to projects fosters a culture of sustainability and collaboration among our Group companies to the benefit of all our stakeholders. Infrastructure sector investment is undergoing an unprecedented and multi-year transformation, driven by digitalization, demographics, decarbonization and deglobalization. HOCHTIEF has positioned itself as a leading infrastructure and services provider to meet the rising demand that is being driven by these megatrends. And we are achieving this with our construction and engineering know-how, as an equity investor and also by applying our operations and maintenance capabilities,enabling the group to deliver attractive solutions for our clients across the value chain. Our strategy is to further strengthen HOCHTIEF’s position in its conventional and strategic growth markets and activities, and leverage the growth opportunities in the advanced-technology, energy transition and sustainable infrastructure markets, while increasing cash-backed profitability, and supported by a rigorous risk management approach. Our businesses are flexible, allowing management to quickly adapt to varying market conditions and our geographic diversification and long term, local market positions make the group resilient in a period of geopolitical uncertainty. Active and disciplined capital allocation is a high priority for us. We continue to focus on attractive shareholder remuneration as well as investing in strategic growth opportunities to create sustainable value for all stakeholders. In financial terms, we target an absolute and sustainable increase in profitability with a strong cash conversion as reflected in our financial key performance indicators. Our near-term ambitions are reflected in the Group’s guidance (see Looking ahead section). Moreover, the strategy also targets a sustainable, long-term positive development. All our activities are underpinned by the precondition of safety which is reflected in our non-financial key performance indicator, i.e. the lost time injury frequency rate (LTIFR), which has shown a further improvement in 2024.

HOCHTIEF Group companies hold leading positions in some of the world’s biggest infrastructure markets. Turner generates the vast majority of its sales in the non-residential building construction market in the United States. Solid and above-average real growth rates are forecast for sectors where Turner has a strong presence, notably in manufacturing, healthcare, education and transportation. The data center construction market, which has become one of Turner’s largest market segments in its backlog, has an expected compound annual growth rate 2023–29 of 11.7% driven by demand from hyperscalers, growth in edge computing and the roll-out of Artificial Intelligence applications. The outlook for the market is generally positive. Construction starts for the non-residential sector in the United States are forecast to grow 6% in 2025 and 5% 2026. Turner’s order backlog grew by 22% year on year in local-currency terms during 2024 reflecting Turner’s strong market position and its strategy focused on advanced tech project opportunities. The order backlog does not yet reflect Turner’s ambition to expand into the European market to serve advanced technology clients. CIMIC’s activities are largely executed in Australia and New Zealand with an additional selective presence across Southeast Asia. The overall market outlook for CIMIC is broadly positive in its key areas of activity including infrastructure construction, mainly civil engineering, as well as across infrastructure, industrial and natural resources services. In Australia, non-residential construction spending is expected to increase 7.2% in 2025. In transport infrastructure, the Australian Government continues to invest in major capital city rail and road projects and regional upgrade works. Government investment in healthcare and hospitals, partly in response to Covid-19 and underpinned by a growing and aging population, is also expected to see ongoing growth in healthcare construction. The construction sector in SouthEast Asia is one of the fastest growing globally, with broad-based growth across all sectors, especially infrastructure, utilities and energy. In 2025, the Southeast Asian construction sector is expected to grow by 8.9%. The Australian outsourced maintenance and services market continues to benefit from infrastructure investments to support population changes and aging assets. Asset owners are increasingly outsourcing infrastructure maintenance and services. Increasing exposure to extreme weather-related events further supports demand in this segment. In 2025, this market is expected to grow by 3.9%, with across-the-board sector growth. Australia is a major producer and exporter of key commodities and remains an increasingly important global source of critical minerals. Production across most major commodities is expected to rise, with gold and critical minerals such as copper and lithium expected to experience the strongest production and export growth. In 2025, construction activities in the resources sector are expected to increase by 9.2%, partly driven by growing demand for critical minerals to support the energy transition. CIMIC’s order backlog grew by 27% in local-currency terms during 2024 reflecting the impact of the first-time full consolidation of Thiess (additional AUD 7.1 million) as well as a 3% comparable growth year on year. In Engineering and Construction, the Group operates as a civil contractor in Europe and the U.S. as well as in building construction in Europe. Engineering and construction activities are complemented by project development activities, including public-private partnerships, data centers, and electric vehicle fast-charging networks. In Europe, civil engineering is the best performing market driven by the pressing need for upgrades in transport and energy infrastructure. Furthermore, these investments are crucial to meet new demands and political goals. New civil engineering projects are expected to grow significantly in the next two years. The European non-residential building construction market is expected to return to growth next year. New investments are expected to be especially strong in public-funded market segments while incentives and structural policies encouraging energy efficiency investments will create consistent push for renovation activities across the sector. The civil infrastructure construction market in the United States, the most relevant market segment for our North American Engineering and Construction company Flatiron, is expected to see the highest real growth rates within the wider construction market at 5% in 2025 and 3% in 2026. Policies will continue to support infrastructure investment and the current funding picture indicates several years of momentum and support across power, highway & streets and water sectors, according to FMI. The Engineering and Construction order backlog grew by 4% during 2024 reflecting robust demand for transport, power, utility and social infrastructure. This is supported by government stimulus packages (especially in the United States), pent-up demand in critical infrastructure, data centers and energy refurbishments which play to the strength of both HOCHTIEF’s and Flatiron’s market positioning. The outlook for Abertis’ diverse portfolio of toll road concessions is largely a function of economic activity in key countries as well as inflation-linked tariff increases. Taking both indicators together, the prospect of further underlying revenue growth of Abertis is good. The acquisitions announced in 2024 are also expected to have a positive impact on growth.

HOCHTIEF is an engineering-led global infrastructure solutions provider with leading positions in North America, Australia and Europe and a rapidly expanding presence in strategic growth sectors including advanced-technology, energy transition and sustainable infrastructure markets. The Group has established local and long-term client relationships, strong engineering, systems and logistics capabilities, leading scale and commissioning capability and unparalleled project management experience, supported by a robust balance sheet and strong cash generation. This is the consequence of accumulated effort and resources applied in a consistent direction, underpinned by our increasing adoption and development of digital and artificial intelligence tools which also support the Group’s ongoing progress in further derisking the business. In addition, the Group has substantial project life-cycle expertise that is applied in greenfield public-private-partnership projects, brownfield concessions, and other equity investment opportunities in strategic growth markets. We provide our services in selected regions, mainly in developed markets and leverage our Group synergies. As a leading global infrastructure group, HOCHTIEF today spans the entire life cycle of infrastructure projects. As a result, the Group has a balanced business profile in terms of cash flow visibility, capital intensity, and margins. HOCHTIEF has been delivering large-scale projects and added value services for its clients for over 150 years and, as we look forward, our vision is of a sustainable future: “HOCHTIEF is building the world of tomorrow.” Our business activities are based on a common corporate culture with shared values. Our integrated approach to projects fosters a culture of sustainability and collaboration among our Group companies to the benefit of all our stakeholders. Infrastructure sector investment is undergoing an unprecedented and multi-year transformation, driven by digitalization, demographics, decarbonization and deglobalization. HOCHTIEF has positioned itself as a leading infrastructure and services provider to meet the rising demand that is being driven by these megatrends. And we are achieving this with our construction and engineering know-how, as an equity investor and also by applying our operations and maintenance capabilities,enabling the group to deliver attractive solutions for our clients across the value chain. Our strategy is to further strengthen HOCHTIEF’s position in its conventional and strategic growth markets and activities, and leverage the growth opportunities in the advanced-technology, energy transition and sustainable infrastructure markets, while increasing cash-backed profitability, and supported by a rigorous risk management approach. Our businesses are flexible, allowing management to quickly adapt to varying market conditions and our geographic diversification and long term, local market positions make the group resilient in a period of geopolitical uncertainty. Active and disciplined capital allocation is a high priority for us. We continue to focus on attractive shareholder remuneration as well as investing in strategic growth opportunities to create sustainable value for all stakeholders. In financial terms, we target an absolute and sustainable increase in profitability with a strong cash conversion as reflected in our financial key performance indicators. Our near-term ambitions are reflected in the Group’s guidance (see Looking ahead section). Moreover, the strategy also targets a sustainable, long-term positive development. All our activities are underpinned by the precondition of safety which is reflected in our non-financial key performance indicator, i.e. the lost time injury frequency rate (LTIFR), which has shown a further improvement in 2024.

HOCHTIEF is an engineering-led global infrastructure solutions provider with leading positions in North America, Australia, and Europe and a rapidly expanding presence in advanced technology, energy transition and sustainable infrastructure markets. We address a wide group of industries with our services, including construction management for non-residential buildings, construction of transportation and supply infrastructure, transportation infrastructure, maintenance services, building construction and civil engineering, toll road operation as well as services for natural resources. HOCHTIEF delivers its services drawing on long-standing experience in development, financing, construction, and operation. With this capability portfolio and global footprint, the Group aims to strategically strengthen the balanced business profile. Each of our projects is one of a kind and hence calls for tailor-made solutions. In line with our guiding principles, we work to achieve this with a high level of innovation and quality and in accordance with our sustainability strategy. The Group’s subsidiaries are successfully positioned in their markets, as shown by top rankings such as that of the Engineering News-Record. By cooperating closely, the operating companies and corporate departments within the HOCHTIEF Group ensure a continuous global transfer of knowledge Group-wide for the benefit of our stakeholders. HOCHTIEF generates a high purchasing volume for materials and subcontractor services: In the reporting year, HOCHTIEF spent EUR 24.5 billion, which is equivalent to 74% of Group work done. We select our subcontractors, suppliers, and service providers on the basis of transparent criteria and binding processes. In the reporting year, approximately 98 % of the contractual partners who are relevant for our core business were prequalified. We worked with approximately 49,500 subcontractors and suppliers across the Group, of whom we defined 4,700 as material. About 70 % of the procurement volume was transacted with material suppliers and subcontractors. Our joint work is based on high standards, notably through acceptance of the conditions laid down in our Code of Conduct for Business Partners. We also attach importance to engaging with other partners involved in construction projects as well as with our stakeholders, both as part of our contracting work and in our sustainability activities.

HOCHTIEF is an engineering-led global infrastructure solutions provider with leading positions in North America, Australia, and Europe and a rapidly expanding presence in advanced technology, energy transition and sustainable infrastructure markets. We address a wide group of industries with our services, including construction management for non-residential buildings, construction of transportation and supply infrastructure, transportation infrastructure, maintenance services, building construction and civil engineering, toll road operation as well as services for natural resources. HOCHTIEF delivers its services drawing on long-standing experience in development, financing, construction, and operation. With this capability portfolio and global footprint, the Group aims to strategically strengthen the balanced business profile. Each of our projects is one of a kind and hence calls for tailor-made solutions. In line with our guiding principles, we work to achieve this with a high level of innovation and quality and in accordance with our sustainability strategy. The Group’s subsidiaries are successfully positioned in their markets, as shown by top rankings such as that of the Engineering News-Record. By cooperating closely, the operating companies and corporate departments within the HOCHTIEF Group ensure a continuous global transfer of knowledge Group-wide for the benefit of our stakeholders. HOCHTIEF generates a high purchasing volume for materials and subcontractor services: In the reporting year, HOCHTIEF spent EUR 24.5 billion, which is equivalent to 74% of Group work done. We select our subcontractors, suppliers, and service providers on the basis of transparent criteria and binding processes. In the reporting year, approximately 98 % of the contractual partners who are relevant for our core business were prequalified. We worked with approximately 49,500 subcontractors and suppliers across the Group, of whom we defined 4,700 as material. About 70 % of the procurement volume was transacted with material suppliers and subcontractors. Our joint work is based on high standards, notably through acceptance of the conditions laid down in our Code of Conduct for Business Partners. We also attach importance to engaging with other partners involved in construction projects as well as with our stakeholders, both as part of our contracting work and in our sustainability activities.

HOCHTIEF is an engineering-led global infrastructure solutions provider with leading positions in North America, Australia and Europe and a rapidly expanding presence in strategic growth sectors including advanced-technology, energy transition, and sustainable infrastructure markets. The Group has established local and long-term client relationships, strong engineering, systems and logistics capabilities, leading scale and commissioning capability and unparalleled project management experience, supported by a robust balance sheet and strong cash generation. This is the consequence of accumulated effort and resources applied in a consistent direction, underpinned by our increasing adoption and development of digital and artificial intelligence tools which also support the Group’s ongoing progress in further derisking the business. In addition, the Group has substantial project life-cycle expertise that is applied in greenfield public-private-partnership projects, brownfield concessions, and other equity investment opportunities in strategic growth markets. We provide our services in selected regions, mainly in developed markets and leverage our Group synergies. As a leading global infrastructure group, HOCHTIEF today spans the entire life cycle of infrastructure projects. As a result, the Group has a balanced business profile in terms of cash flow visibility, capital intensity, and margins. HOCHTIEF has been delivering large-scale projects and added value services for its clients for over 150 years and, as we look forward, our vision is of a sustainable future: “HOCHTIEF is building the world of tomorrow.” Our business activities are based on a common corporate culture with shared values. Our integrated approach to projects fosters a culture of sustainability and collaboration among our Group companies to the benefit of all our stakeholders. Infrastructure sector investment is undergoing an unprecedented and multi-year transformation, driven by digitalization, demographics, decarbonization and deglobalization. HOCHTIEF has positioned itself as a leading infrastructure and services provider to meet the rising demand that is being driven by these megatrends. And we are achieving this with our construction and engineering know-how, as an equity investor and also by applying our operations and maintenance capabilities,enabling the group to deliver attractive solutions for our clients across the value chain. Our strategy is to further strengthen HOCHTIEF’s position in its conventional and strategic growth markets and activities, and leverage the growth opportunities in the advanced-technology, energy transition and sustainable infrastructure markets, while increasing cash-backed profitability, and supported by a rigorous risk management approach. Our businesses are flexible, allowing management to quickly adapt to varying market conditions and our geographic diversification and long term, local market positions make the group resilient in a period of geopolitical uncertainty. Active and disciplined capital allocation is a high priority for us. We continue to focus on attractive shareholder remuneration as well as investing in strategic growth opportunities to create sustainable value for all stakeholders. In financial terms, we target an absolute and sustainable increase in profitability with a strong cash conversion as reflected in our financial key performance indicators. Our near-term ambitions are reflected in the Group’s guidance (see Looking ahead section). Moreover, the strategy also targets a sustainable, long-term positive development. All our activities are underpinned by the precondition of safety which is reflected in our non-financial key performance indicator, i.e. the lost time injury frequency rate (LTIFR), which has shown a further improvement in 2024.

HOCHTIEF is an engineering-led global infrastructure solutions provider with leading positions in North America, Australia, and Europe and a rapidly expanding presence in advanced technology, energy transition and sustainable infrastructure markets. We address a wide group of industries with our services, including construction management for non-residential buildings, construction of transportation and supply infrastructure, transportation infrastructure, maintenance services, building construction and civil engineering, toll road operation as well as services for natural resources. HOCHTIEF delivers its services drawing on long-standing experience in development, financing, construction, and operation. With this capability portfolio and global footprint, the Group aims to strategically strengthen the balanced business profile. Each of our projects is one of a kind and hence calls for tailor-made solutions. In line with our guiding principles, we work to achieve this with a high level of innovation and quality and in accordance with our sustainability strategy. The Group’s subsidiaries are successfully positioned in their markets, as shown by top rankings such as that of the Engineering News-Record. By cooperating closely, the operating companies and corporate departments within the HOCHTIEF Group ensure a continuous global transfer of knowledge Group-wide for the benefit of our stakeholders. HOCHTIEF generates a high purchasing volume for materials and subcontractor services: In the reporting year, HOCHTIEF spent EUR 24.5 billion, which is equivalent to 74% of Group work done. We select our subcontractors, suppliers, and service providers on the basis of transparent criteria and binding processes. In the reporting year, approximately 98 % of the contractual partners who are relevant for our core business were prequalified. We worked with approximately 49,500 subcontractors and suppliers across the Group, of whom we defined 4,700 as material. About 70 % of the procurement volume was transacted with material suppliers and subcontractors. Our joint work is based on high standards, notably through acceptance of the conditions laid down in our Code of Conduct for Business Partners. We also attach importance to engaging with other partners involved in construction projects as well as with our stakeholders, both as part of our contracting work and in our sustainability activities.