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.