Investor Presentaiton

MOTA-ENGIL EBITDA margin in 1H19 of 14% P&L breakdown (€ mn) 1H19 1H18 YOY Turnover Europe 1,344 1,251 7% 407 406 0% Africa 453 362 25% Latin America 457 486 (6%) 1 Other and intercompany 28 (3) n.m. EBITDA 194 176 Margin 14% 14% Europe 41 47 0 p.p. (13%) Margin 10% 12% (2 p.p.) Africa 91 82 Margin 20% 23% Latin America 59 42 11% (3 p.p.) 39% Margin 13% 9% Other and intercompany 3 5 4 p.p. (47%) ¹Of which €33 mn related to companies that in the 1H18 were accounted in Europe's region. 10% Turnover in Europe reflected a recovery in the E&C. activity in Portugal Africa's turnover was up 25% YoY as Mozambique showed a very strong growth alongside with new western and eastern markets Angola showed a reasonable growth in the 1H19, but its activity will accelerate going forward with a speed up of backlog execution Africa's EBITDA margin reached 20% with balanced contribution from all markets In Latin America, despite the political changes, the region maintained a comfortable top line with a better EBITDA margin 9

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