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ELLAKTOR Presentation March 5Th, 2020 Table of Contents

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ELLAKTOR Presentation March 5Th, 2020 Table of Contents ELLAKTOR Presentation March 5th, 2020 Table of contents 1 Executive summary 2 Business Overview 3 Capital Structure 4 9M 2019 Financials 1 1 Executive summary 2 Business Overview 3 Capital Structure 4 9M 2019 Financials 2 Executive Summary ELLAKTOR history 1950s-1990s 1990s-2000s 2000-2009 2010-2018 2018 - forward 1950s: Establishment of 1999: Led domestic 2007: Acquisition of TEB, ELLINIKI construction sector Pantechniki, leading to Industry TECHNODOMIKI and consolidation (Merger of controlling stake in Attiki consolidation AKTOR TEB, Elliniki Odos (59%) Technodomiki & AKTOR) 1996: Signed first 2003: Entry into concession projects environment segment Diversification (Attiki Odos and Rio- 2008: Signed 3 out of 5 of activities Antirrio Bridge) major concession projects awarded in Greece 2004: First international 2012: c. €600m of construction contracts in projects in the Balkans Romania and Kuwait Geographic 2014: €3.2bn Doha metro 2005: Internationalisation diversification project in Qatar of HELECTOR through acquisition of Herhof GmbH 2010-2012: Sale of gold 2018: Sale of Athens Resort assets Casino (€13.5 ml) Focus on core 2014: ELTECH ANEMOS 2018: Increased stake in IPO Attiki Odos by 6.5% competencies 2019: Sold Corporate Headquarters (€25.5 ml) and stake in Elpedison (€ 18 ml) 2015: 1st Waste PPP in July 2018: Newly elected Greece Board post 1st proxy fight in Renewed 2016: Moreas completed Greece opportunity / in full operation July 2019: Group 2017-18 :Olympia Odos rationalization / ELTECH & Maliakos completed ANEMOS absorption 4 The ELLAKTOR group led the construction sector consolidation in Greece H’ (Highest) grade construction companies in 1998 (€m) 7th grade(1) construction companies in 2018 (€m)(2) Thessaliki SA Etep SA Parnon SA Themeli SA Odon & Odostromaton SA Ekter SA INTRAKAT SA Gekat SA Europaiki Techniki SA I.G. Korontzis SA Mochlos SA MYTILINEOS SA* Elter SA Bioter SA Pantechniki SA Ergas SA AVAX SA (ex. J&P AVAX SA) Gnomon SA Atemke SA Proodeftiki SA Eteth SA GEK TERNA SA Technodomi SA Etane-Efklidis SA Techniki Olymbiaki SA Meton SA ELLAKTOR SA Teg SA Gener SA Teb SA 0 400 800 1.200 1.600 S. Sigalas SA Avax SA Terna SA Techniki Enosis SA Themeliodomi SA Alte SA Athina SA K.I.Sarandopoulos SA Atti-Kat SA Michaniki SA Aegek SA Aktor SA J&P Hellas SA Note : Construction activities revenues Elliniki Technodomiki SA (1) Source: Ministry of Infrastructure Transport and Network 0,0 20,0 40,0 60,0 80,0 100,0 120,0 (2) Published Consolidated Financial Statements as of 31 December 2018 * Merger by way of absorption of the company METKA SA 5 ELLAKTOR’s evolution into a leading diversified infrastructure player 1 Origins of ELLAKTOR 2 Repositioning towards a stable, cash generative toll road concession focused business Establishment of First Signed 3 of 5 major Acquired additional 6.5% AKTOR construction concession concessions awarded in stake in Attiki Odos business project signed Greece (increasing total stake to 65.75%) 1950s 1996 2008 2018 2001 2003 2019 Entry into Entry into Acquired remaining stake Renewable environment in previously listed RES Energy Segment segment business (achieving 100% (‘RES’) ownership) New strategy implemented in July 2018 following a change in ELLAKTOR’s Board of Directors with growth focused on 3 core businesses: Renewables, Concessions and Environment 3 Phase 3: further diversification into high growth verticals including renewables and environment 6 ELLAKTOR at a glance: stable cash flows from critical infrastructure portfolio Visible, predictable, long term cash flows from well invested portfolio of critical infrastructure Toll road Renewables Environment Construction Real Estate Concessions1 LTM 3Q19 Revenue / EBITDA €66m / €48m / 72.1% €208m / €157m / 75.5% €88m / €12m / 14.1% €(14)m EBITDA €5m EBITDA / margin Operation of concession Environmental services and Construction of infrastructure, Operation of renewable wind projects in Greece from Developer and operator of Activity waste management across 7 public, and private projects farms throughout Greece design through to shopping centres in Greece countries in Europe internationally maintenance • 22 wind parks, 1 small • Pioneered first • 70 years of expertise • Operator of the largest • Market leader in both Key hydro and 1 solar PV concessions in Greece with unique experience Retail Park in Greece Greece and Cyprus – highlights • Holder of 5 of 7 key toll and know how • Total planned capacity with 26 total project • Holds assets in of c.579MW by 2020E roads in Greece • €1.3bn of backlog2 Romania Ownership 100% 100% 94.4% 100% 55.5% Notes: 1. Excludes Moreas concession which had €32.5m EBITDA as at LTM September 2019 2. As at 30 September 2019 7 Construction traditionally contributes the majority (70-80%) of revenues Revenues (in € ml) Revenues by geographic region (in € ml) 2.500 2.500 1.942 2.000 1.866 1.857 1.942 45 2.000 1.866 1.857 107 50 76 60 86 230 223 1.500 241 1.382 686 1.382 1.500 714 830 43 63 1.016 180 1.016 594 1.000 1.000 49 65 403 1.553 1.509 179 1.257 1.463 500 1.152 1.028 500 1.091 787 613 718 0 0 2016 2017 2018 9M 18 9M 19 2016 2017 2018 9M 18 9M 19 Domestic International Construction Concessions Environment Renewables Other Revenues % by sector Revenues by geographic region % 2016 2017 2018 9M 18 9M 19 2016 2017 2018 9M 18 9M 19 Construction 80% 81% 79% 79% 71% Domestic 65% 62% 55% 57% 60% Concessions 12% 12% 13% 13% 18% International 35% 38% 45% 43% 40% Environment 6% 4% 5% 5% 6% Total Group 100% 100% 100% 100% 100% Renewables 2% 3% 3% 3% 5% Other 0% 0% 0% 0% 0% Total 100% 100% 100% 100% 100% • Domestic operations still contribute about 60% of group revenues (revenue split in construction is balanced ~ Domestic 45%- International 55%) • Revenue decrease in 9M2019 attributed to 34% decrease of revenues in construction (~ € 372 ml) 8 The majority of EBITDA however, is from Concessions … with a growing contribution of RES (~ 20-25%) EBITDA*% by sector Reported EBITDA per segment (in € ml) 2016 2017 2018 9M 18 9M 19 300 Construction 0% 12% 0% 0% 0% 205 143 250 Concessions 78% 72% 71% 66% 72% 151 33 42 200 5 60 151 Environment 5% 2% 11% 14% 5% 31 26 150 10 33 39 Renewables 17% 14% 18% 20% 23% 9 100 166 23 Other 0% 0% 0% 0% 0% 148 169 50 107 125 Sum 100% 100% 100% 100% 100% 0 27 (28) (27) (21) (11) (50) (92) (99) (1) (100) (2) 2016 2017 2018 9M 18 9M 19 Construction Concessions Environment Renewables Other • Since the mid 1990s the group pursued a diversification strategy with a priority on concessions, environment and renewables • The diversification strategy has paid off: o concessions steadily provide more than 2/3 of reported group EBITDA o renewables have also increased their contribution to c. 20%- 25% * EBITDA positive contributions only 9 ELLAKTOR’s strategy – focused on 3 core growth pillars Three core growth pillars 1 2 3 Renewables Concessions Environment • Maintain strong financial • Maintain & extend current contracts • Focus on timely completion of current performance in mature concessions investment plan – Capitalize on growth in Attiki Odos traffic volumes in line with the Greek – Additional 284MW, peaking at 579MW • Focus on upcoming PPP economic recovery of installed capacity by the end of 2020 opportunities in Greece • Maximize cash flow from earlier • Benefit from highly visible cash flow – Selective international expansion stage concessions generation over the long term in SE Europe (currently lack of waste infrastructure) – 3 year average historic operating cash generation currently at €114k per • Selective growth into new critical – Significant upside potential installed MW infrastructure concessions underpinned by EU legislation on – Egnatia, Northern Road Axis in Crete, recycling targets Perama-Salamina tunnel Underpinned by conservative financial policy… • Rigorous cost management, capital allocation policies and attention to financial inflows and outflows underpinning growth in the 3 core businesses …and Construction as an “enabler” • Utilize construction capabilities as a competitive advantage where favorable in the bidding process of new attractive concessions projects 10 ELLAKTOR: Visible and Predictable Cash Flows over the long term 11 Strong corporate governance and clear group strategy Strong corporate governance… … and clear group strategy focussed on profitable growth Emphasis on profitable growth in the three core businesses: Concessions, Renewables and Environment Business Reorganization and repositioning of the Construction business re-organization as an ancillary activity, “enabling” each of the core businesses to capitalize on through industry experience, technical expertise and premier core position in the Greek market competencies Sale of certain non-core assets (e.g. ownership stake in George Dimitrios Anastassios Takis Ioannis Pehlivanidis Elpedison and Athens Casino) and overhaul of Group-level Provopoulos Kallitsantsis Kallitsantsis Non Exec. Doumanoglou Chairman Vice-Chairman Managing Director Non Exec. services and operations Non Exec. Non exec. Stringent capital Thorough risk assessment and investment allocation process with allocation policy IRR targets in connection with each new project for new investment Specific targets and enhanced accountability introduced Focus on restoring profitability at a Group level and ensuring Michael Alexios Despina–Magadlini Eleni Katounas Komninos Markaki Papaconstantinou Conservative optimal cash flow generation before any future dividend Non Exec. Non Exec. Non Exec. Non Exec. financial policy distributions are made Independent Board Member No dividends paid since 2011 Shareholding structure evolution1 Unqualified observance of modern corporate governance policies and 1 1 guidelines Management Pre July 2018 Today share increased Governance Policy reflective of Greek Corporate Governance Code an 13% to 26% 15% 13% 13% OECD’s guidance on good governance principles 26% Significant free float comprising a Newly elected Board – 9 members of which 5 are Independent 30% 29% 34% Directors sizeable international 19% 8% Ranked 5 on the governance scale by ISS investor 13% component Pemamoaro Free float - Free float - Free float – Leonidas Limited domestic Bobolas international 2 retail / other Notes: (management) 1.
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