Investor Relations Company Presentation Q results May 7, We are building the world of tomorrow.

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1 Investor Relations Company Presentation 2018 results May 7,

2 Table of contents SSN Group Highlights 3 Cash flow 5 Net cash 6 Recent project awards 7 Order book 8 Asia Pacific 9 Americas 10 Europe 11 Guidance 12 Appendices 2018 Group overview & one-offs 14 P&L 15 Balance sheet Capital structure 19 Asia Pacific 21+ Americas 25+ Europe 28+ PPP 30 Real Estate 31 f/x rates 32 Appendices others 33 Sky View Imaging Flatiron CostasMitropoulos HOCHTIEF HOCHTIEF UGL Thiess Turner Construction Company Thiess 2

3 (EURm) (EURbn) (EURm) (EURm) (EURm) HOCHTIEF Group 2018 Highlights 1) EUR 106m operational net profit, +14%; EUR 98m nominal, +11% yoy Op. PBT EUR 208m, op PBT margin of 3.9%, +10bps yoy EBITDA LTM of EUR 1.3bn, +21% yoy Sales 2018 of EUR 5.3bn, +16% yoy fx-adjusted 2) Strong EUR 1.5bn Net cash from op. activities LTM, +14% yoy Net cash from op. activities in 2018 improved by EUR 93m yoy High EBITDA-cash-conversion rate of 113% LTM Net op. capex up EUR 13m yoy to EUR 74m - increased mining & tunneling work Free cash flow from ops. improved by EUR 80m in 2018 yoy; EUR 1.2bn LTM +14% % '17 '18 1,465 1,280 1,295 1,064 LTM LTM LTM LTM EBITDA op. CF EBITDA op. CF '17 '18 3) EUR 942m Net cash, EUR +600m yoy, all divisions significantly strengthened +600 Adjusted for EUR 350m negative fx effects LTM, net cash position would be EUR 1.3bn Impact of seasonality on cash flow further mitigated All operating divisions ended with net cash and substantially strengthened balance sheets yoy Fx-adj. +12% 4) Consistently high Order backlog of EUR 44.3bn Fx-adj. +22% Order backlog +12% yoy fx-adjusted; equivalent to 22 months of work done EUR 29.8bn in New orders +15% LTM (+22% yoy fx-adjusted) New orders of EUR 6.8bn 2018 equal 1.2x work done disciplined bidding maintained LTM New Orders Backlog 5) Guidance confirmed: operat. net profit FY 2018 of EUR m (+4-15% yoy) Strong tender pipeline in our core markets USA, Canada, Asia Pacific and Europe of around EUR 120bn in project work for remainder of 2018 and approx. EUR 350bn in Capital allocation remains focused on attractive organic and strategic growth opportunities and optimizing shareholder returns % Operational net profit FY FY

4 HOCHTIEF Group 2018 key figures (EUR million) 2018 Δ in % Δ in EURm FY Sales 5, , % ,631.0 Operational profit before tax/pbt % Operational PBT margin in % Operational net profit % Operational earnings per share (EUR) % EBITDA % 0.3 1,294.4 EBITDA margin in % EBIT % EBIT margin in % Profit before tax / PBT % Tax rate (taxes / PBT in %) Net profit % Earnings per share (EUR) % Net cash from operating activities % ,372.1 Net operating capital expenditure % Free cash flow from operations % ,120.3 Net cash / net debt % ,265.8 New orders 6, , % ,443.5 Work done 5, , % ,518.4 Order backlog 44, , % ,644.2 Employees (end of period) % Operational profits are adjusted for deconsolidation effects and other one-off impacts 4

5 HOCHTIEF Group - Cash Flow performance Cash Flow components HOCHTIEF Group (EUR million) 2018 D LTM 2018 FY Net cash from operating activities pre NWC change , ,038.9 NWC change Net cash from operating activities , ,372.1 Gross operating capital expenditure Operating assets disposals Net operating capital expenditure Free cash flow from operations , ,120.3 Group net cash from operating activities of EUR -170m in 2018, a yoy improvement of EUR 93m, driven by consistently high cash-in from cash-backed profits and continued focus on working capital LTM net cash from operating activities at EUR 1.5bn EBITDA-cash conversion rate of 113% LTM remained at a very high level Net op. capex increased yoy based on higher mining and tunneling work in 2018 at CIMIC, offset by fx-effects, and lower equipment disposals yoy Free cash flow from ops. reached EUR 1.2bn LTM 5

6 Net cash Net cash 2018 fx-adj. HOCHTIEF Group Strong net cash development Strong 2018 net cash position of EUR 942m, a yoy improvement of EUR 600m Adjusting for EUR 350m of yoy negative fx effects, net cash would stand at EUR 1.3bn, a yoy improvement of EUR 950m FX impact qoq of EUR -73m LTM dividend payments of EUR 240m at HOCHTIEF HQ (EUR 167m) and CIMIC (to minorities AUD 108 / EUR 73m) All divisions ended 2018 with a net cash position and substantially contributed to strong yoy development HTAM EUR 844m net cash would be over EUR 1bn and approx. +400m yoy fxadjusted HTAP EUR 539m net cash would be EUR 622m and over +450m yoy fx-adjusted HTE EUR 69m net cash, +75m yoy HQ EUR 62m increase yoy in net debt would be a EUR 22m reduction adjusted for fx period end (EUR million) EURm Net cash (+) / net debt (-) 2018 Key drivers of net cash (+) / net debt (-) in 2018 yoy D D qoq FY FY 2016 FY 2015 HOCHTIEF Group , HOCHTIEF Americas HOCHTIEF Asia Pacific HOCHTIEF Europe HQ / consolid

7 HOCHTIEF Group Selected Recent Significant Project Announcements Headquarters for California Department of Natural Resources, USD 520m, Turner (03/2018) JV, designbuilt a 20 story office tower in Sacramento MetroHealth New Hospital, USD 450m, Turner (02/2018), twelve-story hospital in Cleveland Metro Copenhagen, EUR 460m, HOCHTIEF (03/2018) JV, design and build project for dual 4.4-km tunnels with five underground stations Hong Kong Airport works, AUD 390m, Leighton Asia (11/) JV, Terminal 2 foundation and sub-structure works Cavite Laguna Expressway/ Philippines, AUD 182m, Leighton Asia (03/2018) construction works Wahana, Senakin & Satui Coal Mines, AUD 670m, Thiess (03/2018) extension of mining services in South Kalimantan, Indonesia PPP Rail project at LAX Airport, HOCHTIEF PPPS/Flatiron, USD 1.95bn (01/2018) JV, planning, financing, construction and 25-year operation of an automated people mover East Loop I-820 Project, USD 174m, Flatiron (12/) Interstate project in Tarrant County, Texas Australien Terminal Operations Management (ATOM), AUD 300m, UGL (03/2018) JV, project, engineering and maintenance services at BP fuel terminals across Australia Dawson South Coal Mine, AUD 190m, Thiess (03/2018) extension of mining services Mount Owen & Mount Arthur Coal Mines, AUD 325m, Thiess (03/2018) increase of mining services in the Hunter Valley Tailem Bend Solar Farm Project, AUD 170m, UGL (02/2018) construction and maintenance in South Australia West Gate Tunnel, AUD 4.98bn, CPB Contractors (12/) JV, design and construction in Victoria Metro Tunnel Rail Works, AUD 1.1bn, CPB Contractors (12/) JV, design and construction 7

8 HOCHTIEF Group New orders and Order backlog New orders (EUR bn) Fx-adjusted +22% * Order backlog (EUR bn) Fx-adjusted +12% YOY increase fx adjusted % of total 12% 100% -7% 9% 1% 49% % 43% LTM 2018 LTM 2018 H1 9M FY 2018 HOCHTIEF Group: Order backlog at EUR 44.3bn, +12% yoy and +3% ytd fx-adjusted (nom. -2%), equivalent to 22 months of work done New orders LTM of EUR 29.8bn +15% yoy (22% fx-adjusted), EUR 6.8bn in 2018 (+3% yoy fx-adj.) New orders x work done disciplined bidding approach maintained across the group Asia Pacific: order backlog in CIMIC s core business +10% yoy, new orders of EUR 1.6bn, consistently high visibility (24 months) HT Americas: strong new orders at EUR 4.6bn, +33% yoy (fx-adjusted +53%), with strong growth at both Turner and Flatiron HT Europe: New orders of EUR 551m are 1.5x Work done, bolstered by large project win Zuidasdok, NL (EUR 421m) Strong pipeline of projects to be tendered and / or awarded in key markets identified in total around EUR 470bn: Asia Pacific (53% of total): CIMIC: AUD 100bn in remainder of 2018, and around AUD 300bn in Americas (33%): Turner: USD 30bn in 2018 and USD 90bn beyond that; Flatiron: USD 17bn in 2018, USD 51bn Europe (14%): EUR 17bn in 2018, about EUR 70bn in total * New orders excl. f/x-effects within CIMIC backlog 8

9 HOCHTIEF Asia Pacific, CIMIC (in AUD) 2018 results Results / Cash Essentials Net profit after tax (NPAT) of AUD 172m (up 7% yoy) Revenue of AUD 3.2bn (up 7% yoy) with solid contributions from all core businesses Strong EBIT, PBT and NPAT margins of 7.8%, 7.3% and 5.3% respectively Cash flows from op. activities of AUD 118m up 17% yoy; AUD 1.5bn in LTM. EBITDA cash conversion rate of 100% in LTM Free operating cash flow of AUD 1.1bn in LTM Strong Net cash of AUD 912m, up by AUD 634m yoy Work in hand / pipeline New work of AUD 2.6bn awarded; work in hand of AUD 34.6bn, equivalent to over two years revenue; up by AUD 2.7bn or 10% in core businesses There are AUD 100bn of tenders relevant to CIMIC to be bid and / or awarded in 2018, and further AUD 300bn of projects coming to the market in 2019 and beyond (including about AUD 80bn of PPP projects) Outlook 2018 CIMIC Guidance confirmed: NPAT of AUD 720m to AUD 780m (+3-11% yoy vs. AUD 702m in FY ), subject to market conditions Financials (AUD m) % change FY 17 Revenue , ,4 7,4% ,5 EBITDA 368,4 343,0 7,4% 1.513,7 EBITDA margin 11,4% 11,4% - 11,3% D&A -115,3-113,5-1,6% -511,3 EBIT 253,1 229,5 10,3% 1.002,4 EBIT margin 7,8% 7,6% 0.2pp 7,5% Net finance costs -16,2-10,1-60,4% -43,2 PBT 236,9 219,4 8,0% 959,2 PBT margin 7,3% 7,3% - 7,1% Income tax -68,7-61,7-11,3% -268,6 Profit after tax 168,2 157,7 6,7% 690,6 Effective tax rate -29,0% -28,1% 0.9pp -28,0% Non-controlling interests 3,8 2,6 46,2% 11,5 NPAT 172,0 160,3 7,3% 702,1 NPAT margin 5,3% 5,3% - 5,2% Earnings per share (basic) 53.0c 49.5c 7,1% 216.5c (AUD m) % change LTM Cash flow from operating activities 2 118,2 100,8 17,3% 1.540,8 Interest, finance, tax & divid. received -33,9-59,7-43,2% -135,2 Net cash from operating activities 84,3 41,1 105,1% 1.405,6 Gross capex -107,0-99,7 7,3% -431,4 Gross capital proceeds 2,1 6,1-65,6% 114,6 Net capital expenditure -104,9-93,6-12,1% -316,8 Free operating cash flow -20,6-52,5-60,8% 1.088,8 (AUD m) Mar 18 Dec 17 Sep 17 Jun 17 Mar 17 Net cash/(debt), excl. op. leases 911,8 910,4 606,4 607,5 277,9 Operating leases -513,9-538,6-433,9-450,4-459,0 Net cash/(debt), incl. op. leases 397,9 371,8 172,5 157,1-181,1 Net contract debtors 3 884,0 733,8 (AUD m) Mar 18 Mar 17 % change Dec 17 Total work in hand ,4% Revenue excludes revenue from joint ventures and associates of AUD 752.6m ( 17: AUD 643.1m) 2 Cash flows from operating activities before interest, finance costs, taxes and dividends received 3 Net contract debtors represents the net of amounts due from customers and amounts due to customers. Mgmt's IFRS15 estimate remains provisional with the adjustments disclosed in Dec 4 WIH includes CIMIC s share of work in hand from joint ventures and associates 9

10 HOCHTIEF Americas 2018 results Results / Cash Essentials Sales increased by 11% yoy (fx-adjusted +28%) Op. PBT of EUR 67m in 2018 up 14% yoy; op. net profit increased by 13% yoy to EUR 41m Net cash from op. activities improved by EUR 110m yoy to EUR -77m due to continued focus on working capital and cash-backed profits, both at Turner and Flatiron Net cash of EUR 844m rose by EUR 217m yoy. Adjusting for a negative fx-effect of EUR 182m, net cash would stand at over EUR 1bn Orders New orders (EUR 4.6bn) rose to the highest level for the first quarter of any year (+33% yoy; +53% fx-adjusted) driven by several large-scale project wins at Turner and Flatiron Order backlog at end of 2018 also marked an all-time high at EUR 18.9bn up +8% ytd and +15% yoy (adjusted for fx +11% ytd and +32% yoy) (EUR million) Financials 2018 change yoy FY Total sales / divisional sales 2, , % 11,838.9 Operational profit before tax/pbt % Operational PBT margin in % Operational net profit % EBITDA % EBIT % Profit before tax / PBT % Net profit % Net cash from operating activities % Gross operating capital expenditure % 30.4 Net cash / net debt % New orders 4, , % 15,381.5 Work done 2, , % 11,630.3 Order backlog 18, , % 17,517.1 Employees (end of period) % Operational profits are adjusted for deconsolidation effects and other one-off impacts Outlook 2018 HOCHTIEF Americas Guidance confirmed: operational PBT improvement 2018 to approx. EUR m (i.e % yoy vs. EUR 258m in ) 10

11 HOCHTIEF Europe 2018 results Results / Cash Essentials Op. PBT increased by EUR 2m yoy to EUR 9m, due to improvements in core business. HTE s margin increased yoy from 1.9%to 2.9% Op. Net profit increased by EUR +4m yoy to EUR 8m Sales decline is driven by reduced real estate revenues Net cash from op. activities ytd EUR -105m due to seasonality. Yoy down due to higher PPP investments in 2018 and higher divestments at real estate in Yoy net cash improvement by EUR 75m to EUR 69m Orders New orders: New orders of EUR 551m are 1.5x Work done, bolstered by large project win Zuidasdok, NL (EUR 421m) Order backlog: increase ytd by EUR 186m to EUR 3.8bn (EUR million) Financials 2018 change yoy FY Total sales / divisional sales % 1,609.0 Operational profit before tax/pbt % 45.0 Operational PBT margin in % Operational net profit % 36.2 EBITDA % 52.9 EBIT % 36.0 Profit before tax / PBT % 32.5 Net profit % 23.7 Net cash from operating activities % Gross operating capital expenditure % 18.9 Net cash / net debt nm New orders % 1,962.0 Work done % 1,893.9 Order backlog 3, , % 3,663.6 Employees (end of period) % of which Germany % Operational profits are adjusted for deconsolidation effects and other one-off impacts Outlook 2018 HOCHTIEF Europe Guidance confirmed: operational PBT of approx. EUR 55-65m (i.e. EUR m increase yoy vs. EUR 45m in ) 11

12 (EURm) HOCHTIEF Group Outlook % Op. net profit guidance % Operational net profit FY FY 2018 Dividend (EUR / HOT share) + 13% % 0.20* * % % **special dividend Proposal Guidance 2018 Operational net profit EUR m, +4-15% yoy Increased dividend payout target Payout ratio to increase to 65%* vs 50% previously DPS CAGR of 28% Organic growth opportunities Strong pipeline of projects to be tendered and / or awarded in key markets in total around EUR 470bn Americas (33% of total): Turner: USD 120bn in 2018+; Flatiron: USD 68bn in AsiaPacific (53%): CIMIC: about AUD 400bn in Europe (14%): about EUR 70bn in total Significant PPP opportunities in all key HOCHTIEF markets Balance sheet strength / disciplined capital allocation Robust balance sheet provides confidence and flexibility to pursue future strategic growth opportunities whilst maintaining disciplined approach to capital allocation * subject to completion of Abertis takeover 12

13 Appendix: 2018 HOCHTIEF/Felix HOCHTIEF Bülow Ben Benschneider Photography HOCHTIEF Luisenhofquarter, Offenbach, Germany Oli Keinath 13

14 HOCHTIEF Group - overview HOCHTIEF Group (EUR million) Orders (nominal) New orders 6, , % 30,443.5 HOCHTIEF Americas 4, , % 15,381.5 HOCHTIEF Asia Pacific 1, , % 12,995.6 HOCHTIEF Europe 1) % 1,962.0 HQ/Consolidation % Work done 5, , % 24,518.4 HOCHTIEF Americas 2, , % 11,630.3 HOCHTIEF Asia Pacific 2, , % 10,889.2 HOCHTIEF Europe % 1,893.9 HQ/Consolidation % Order backlog (yoy) 44, , % 44,644.2 HOCHTIEF Americas 18, , % 17,517.1 HOCHTIEF Asia Pacific 21, , % 23,465.5 HOCHTIEF Europe 3, , % 3,663.6 HQ/Consolidation % -2.0 P&L-key figures (nominal) 2018 Sales (nominal) 5, , % 22,631.0 HOCHTIEF Americas 2, , % 11,838.9 HOCHTIEF Asia Pacific 2, , % 9,077.0 HOCHTIEF Europe % 1,609.0 HQ/Consolidation % EBITDA (nominal) % 1,294.4 HOCHTIEF Americas % HOCHTIEF Asia Pacific % 1,013.7 HOCHTIEF Europe % 52.9 HQ/Consolidation % EBIT (nominal) % HOCHTIEF Americas % HOCHTIEF Asia Pacific % HOCHTIEF Europe % 36.0 HQ/Consolidation % Profit before tax (nominal) % HOCHTIEF Americas % HOCHTIEF Asia Pacific % HOCHTIEF Europe % 32.5 HQ/Consolidation % PBT-margin on sales (nominal) HOCHTIEF Americas HOCHTIEF Asia Pacific HOCHTIEF Europe HQ/Consolidation Net profit (nominal) % HOCHTIEF Americas % HOCHTIEF Asia Pacific % HOCHTIEF Europe % 23.7 HQ/Consolidation % Δ % FY HOCHTIEF Group (EUR million) P&L-key figures (operational) Profit before tax (operational) % PBT-margin on sales (operational) Net profit (operational) % Cash & Capex One-off reconciliation: 2018 FY Net cash from operating activities % 1,372.1 HOCHTIEF Americas % HOCHTIEF Asia Pacific % HOCHTIEF Europe % HQ/Consolidation ,157.1% Gross operating capex % HOCHTIEF Americas % 30.4 HOCHTIEF Asia Pacific % HOCHTIEF Europe % 18.9 HQ/Consolidation % 11.9 Net operating capex % HOCHTIEF Americas % 19.8 HOCHTIEF Asia Pacific % HOCHTIEF Europe % 4.1 HQ/Consolidation % 11.9 Net cash / net debt % 1,265.8 HOCHTIEF Americas % HOCHTIEF Asia Pacific % HOCHTIEF Europe ,361.8% HQ/Consolidation % EUR million PBT Net profit PBT Net profit PBT Net profit Nominal earnings One-off items ) Operational figures excl. one-off impacts 2018 Δ % FY 14

15 HOCHTIEF Group Statement of earnings Sales +2.3% yoy; due to strong organic growth in the Americas and at CIMIC; largely offset by negative fx-effects of EUR -690 million; (96% of 2018 sales are international) Materials mainly increased at HT Americas division driven by sales growth Personnel costs decreased mainly driven by fx-effect at Asia Pacific Net income from participating interests increased mainly due to higher income from joint ventures Depreciation and amortization decreased mainly driven by fx-effect at Asia Pacific Net investment and interest income benefits from last year s refinancing activities Tax rate lower due to changes in the regional mix HOCHTIEF Group (EUR million) 2018 Sales 5.266, ,0 2,3% ,0 Change in inventories 10,7-28,4-137,7% -53,6 Total Revenues 5.276, ,6 3,1% ,4 Materials , ,7 9,4% ,4 Personnel costs -953, ,5-9,0% ,8 Other operating income 46,2 40,2 14,9% 171,4 Other operating expenses -296,9-327,1-9,2% ,1 Net income from participating interests 44,7 9,7 360,8% 176,6 Adjustment result from loans to participating interests (a) -6,2-10,2-39,2% -37,3 Adjustment non-recurring amortisation (b) 0,0-1,4-100,0% -5,4 EBITDA 308,9 308,6 0,1% 1.294,4 Depreciation and amortization (adjusted) (incl. b) -82,4-92,6-11,0% -390,3 EBITA / EBIT 226,5 216,0 4,9% 904,1 Net investment and interest income -33,2-37,3-11,0% -117,8 Result from loans to participating interests (a) 6,2 10,2-39,2% 37,3 Profit before tax / PBT 199,5 188,9 5,6% 823,6 Taxes -64,4-63,7 1,1% -241,1 Tax rate (taxes / PBT in %) 32,3 33,7-1,4 29,3 Profit after tax 135,1 125,2 7,9% 582,5 Minority interest -37,2-36,9 0,8% -161,8 Consolidated net profit 97,9 88,3 10,9% 420,7 D % FY 15

16 HOCHTIEF Group Balance sheet (assets) Non-current assets: Equity method investments: IFRS 15 restatement (EUR -260 million) Financial receivables: application of IFRS 9 led to a decrease by EUR 343 million. The amount related mainly to loans by CIMIC to Group companies Deferred tax assets: increase following application of IFRS 15 Current assets: Trade receivables: application of IFRS 9 and IFRS 15 largely drove a decrease of EUR 758 million Cash and cash equivalents: decreased by EUR 339 million due to seasonality as well as fxeffects (EUR -83 million) Total fx-effect in 2018 on assets of EUR -359 million HOCHTIEF Group (EUR million) 2018 FY Assets ,1* , , ,9 Non-current assets 3.289, ,3-671, ,2 Intangible assets 1.135, ,9-56, ,9 Property, plant and equipment 930,1 959,9-29, ,1 Investment properties 9,4 9,5-0,1 11,8 Equity-method investments 319,3 577,2-257,9 669,4 Other financial assets 72,6 73,5-0,9 54,9 Financial receivables 480,8 835,5-354,7 838,2 Other receivables and other assets 153,3 153,8-0,5 179,7 Income tax assets 3,3 3,3 0,0 20,7 Deferred tax assets 185,2 155,7 29,5 288,5 Current assets 8.275, , , ,7 Inventories 429,6 425,0 4,6 532,0 Financial receivables 175,3 144,2 31,1 81,4 Trade receivables 4.060, ,2-758, ,4 Other receivables and other assets 407,5 411,9-4,4 464,9 Income tax assets 21,6 44,5-22,9 34,0 Marketable securities 425,3 428,8-3,5 535,5 Cash and cash equivalents 2.756, ,9-338, ,1 Assets held for sale 0,5 21,0-20,5 33,4 * Opening balance January 01, 2018 reduced by IFRS 9/15 restatement in the amount of EUR 1.3 billion Δ FY 16

17 HOCHTIEF Group Balance sheet (liabilities and equity) Shareholders equity: Adjustment as per January 01, 2018: EUR -1,329m IFRS 9: EUR -401m IFRS 15: EUR -928m Changes in 2018 Profit after taxes: EUR 135m Fx-effects: EUR -93m Dividends: EUR -44m Other: EUR -4m Non-current and current liabilities: decrease mainly due to fx-effects in Americas and Asia Pacific HOCHTIEF Group (EUR million) 2018 FY Liabilities and shareholders equity , , , ,9 Shareholders' equity 1.199, , , ,8 Attributable to the group 732, , , ,5 Minority interest 467,0 746,0-279,0 736,3 Non-current liabilities 3.026, ,9 63, ,8 Provisions for pensions and similar obligations 374,4 367,8 6,6 431,6 Other provisions 336,2 348,8-12,6 418,2 Financial liabilities 2.253, ,2 70, ,6 Other liabilities 29,2 30,3-1,1 35,0 Deferred tax liabilities 33,5 32,8 0,7 42,4 Current liabilities 7.339, ,8-512, ,3 Other provisions 685,6 728,6-43,0 811,6 Financial liabilities 184,9 235,6-50,7 655,8 Trade payables 6.060, ,0-305, ,6 Other liabilities 385,0 498,3-113,3 626,0 Income tax liabilities 22,9 23,3-0,4 8,3 Δ FY 17

18 HOCHTIEF Group Statement of cash flows HOCHTIEF Group (EUR million) 2018 D D % FY Profit after tax / PAT % Non-cash expenses and changes in balance sheet items % Net cash from operating activities pre net working capital change % 1,038.9 Net working capital change % Net cash from operating activities % 1,372.1 Gross operating capital expenditure % Operating assets disposals % Net operating capital expenditure % Free cash flow from operations % 1,120.3 Acquisitions and investments in participating interests % Proceeds from divestments % 29.2 Changes in cash and cash equivalents due to consolidation changes n. a. 0.0 Changes in non-current holding securities and financial receivables % Cash flow from investments (excl. changes in current securities holdings) % Free cash flow (w/o change in current marketable securities) % Changes in current marketable securities % 11.2 Cash flow from investments (total) % Free cash flow (total) % Payments for repurchase of treasury stock n. a. 0.0 Payments received from sale of treasury stock n. a. 1.3 Payments for repurchase of treasury stock CIMIC n. a. 0.0 Payments for the purchase of additional shares in subsidiaries % Payments out of equity to non-controlling interests n. a. 0.0 Payments into equity by non-controlling interests % 13.6 Other financing activities % Dividends to HOCHTIEF`s and minority shareholders % Proceeds from borrowing % 1,926.4 Debt repayment % -2,107.2 Cash flow from financing activities % Change in cash & cash equivalents % Changes in long-term securities holdings and financial receivables % Cash changes of cash (total operating, investing, financing) % Effects of exchange rates changes ,370.8% Overall change in cash & cash equivalents (acc. balance sheet) % Net cash from operating activities % 1,372.1 Cash flow from investments (total) % Variations in equity (such as dividends, share purchases in subsidiaries) % Other changes (incl. effects of exchange rate changes) % Change in net cash (+) / net debt (-) %

19 EUR mm HOCHTIEF Group capital structure 2018 Net cash / Net debt calculation: end 2018 end end FY period end (EUR m) Cash and cash equivalents 2,756 2,481 3,095 Marketable securities Financial Receivables Financial assets 3,367 3,115 3,640 EUR 500m promissory note issued in March : On the back of strong investor interest, the deal was significantly upsized from the initial announced volume to a final size of EUR 500m Distribution by tenor Bonds or notes issued 1,575 2,124 1,607 Amounts due to banks Lease liabilities Other financial liabilities Financial liabilities 2,425 2,774 2,413 Net cash (+) / Net debt (-) ,227 % of allocation 8% 35% 57% 5yr 7yr 10yr Debt Maturity profile: 1,200 1,000 1, ) Amounts due to banks incl. various ongoing and also revolving project financings and promissory loans Lease / Other financial liabilities Amounts due to banks1) Bonds or notes issued 19

20 Enhanced Risk Management capabilities: the key driver to improve profitability in a sustainable manner Generic sector risks Lack of experience in new geographical areas Opportunistic project selection Underperformance of partners (JV, subs, suppliers) Insufficient owner-funding for project execution Lack of standardized / common project controls and execution methods Underestimation of risks from complexity and size in projects Inadequate resources (human resources, financial) Improve and standardize project controls and execution methods group-wide (based on lessons learned and best practice exchange) as an early warning system Clearer and stricter criteria for selection of countries, market segments and projects and faster exit if market conditions change Different review and approval process particularly for major projects: More transparency and understanding of risks in all project phases More detailed review and discussion with management during project phases Better project staffing with the right people for the job Market Selection of countries and products Specification of project types and sizes HOCHTIEF approach and focus REFOCUSING on the BASICS Key Items Target Project Selection of Clients Partners Team Subcontractors Timely / sufficient allocation of internal resources Bidding Availability of resources for execution Analysis contractual terms and conditions Evaluation of technical challenges / solutions Analysis financial conditions Delivery Project, cost and cash management Adequate resources Management of changes / client requests Preparation for handover / acceptance Best-in-class risk management to reduce volatility and deliver sustainable earnings! Every avoided / managed risk supports our performance & stabilizes our profitability 20

21 HOCHTIEF Asia Pacific Lake Vermont coal mine, QLD, Australia Thiess Thiess Oli Keinath 21

22 HOCHTIEF Asia Pacific Essentials Results: reflects HOCHTIEF s stake in CIMIC (72.7% Mar 2018, unchanged yoy), associated financing & holding costs, and impact of variations in f/x Nominal PBT was stable at EUR 136m, PBT margin expanded 20bp yoy to 6.6% Further yoy improvement in cash flow in Net cash of almost EUR 540m, up by EUR 370m yoy New orders / order backlog: Order book remains solid at EUR 21.6bn, equivalent to around two years of work done Extensive project pipeline at CIMIC: Shortlisted for several large infrastructure projects (e.g. WestConnex PPP, Cross River Rail PPP, Sydney Metro and Melbourne Metro Rail link) (EUR million) Financials 2018 change yoy FY Total sales / divisional sales 2, , % 9,077.0 Profit before tax / PBT % PBT margin in % Net profit % Net cash / net debt % Order backlog 21, , % 23,465.5 Employees (end of period) % Outlook 2018 CIMIC Guidance confirmed: 2018 NPAT for AUD 720m to AUD 780m (+3-11% yoy vs. AUD 702m in ), subject to market conditions 22

23 HOCHTIEF Asia Pacific CIMIC Revenue analysis FY / FY 2016 FY : Revenue by segment (AUD 16.1bn 1) ): Revenue by market: 18% 6% 8% 47% 27% 21% FY 2016: Revenue by segment (AUD 13.5bn 1) ) Construction Mining & mineral processing Services HLG Corporate 73% Revenue by market: Domestic International 13% 9% 2% 22% 54% 36% 64% 1) Including revenue from associates and joint ventures 23

24 HOCHTIEF Asia Pacific CIMIC Order backlog analysis FY / FY 2016 FY by segment (AUD 36.0bn): FY by market: 9% 2% 27% 19% 41% 29% FY 2016 by segment (AUD 34.0bn): Construction Mining & mineral processing Services HLG Corporate 73% FY 2016 by market: Domestic International 13% 5% 14% 38% 32% 68% 30% 24

25 Roger Stirk Harbour + Partners HOCHTIEF Americas California High Speed Rail Authority Marble Street Studio.com Torre BBVA Bancomer Mexico City, Mexico 25

26 HOCHTIEF Americas Segmental overview Building: Turner #1 general builder in US, Market Leader in sustainable construction (Green Building) 1) Segment-specific expertise and nation-wide network provide competitive advantage Strong reputation as construction manager provides quality contracts from repeat customers: limited risks, low fixed costs, low capital intensity 80% private clients, 20% government contracts Civil: Flatiron #6 highways, #9 bridges, #10 US transportation infrastructure contractor 1), active in Western parts of the US & Canada Most contracts are local government contracts; e.g. several contracts with the California Department of Transportation and the Colorado department of Transportation. Additional footprint in Eastern US infra market through E.E. Cruz, New York region 1) Source: latest ENR ranking 1% FY, EUR 14.7bn 2% 5% 5% 18% 15% 9% 20% Transportation/Misc Education/R&D Hotel/Residential Public/Justice 26% FY, EUR 2.8bn 19% 25% 2% 0% Order backlog 22% 31% FY 2016, EUR 13.4bn 16% 1% 3% 10% 26% 9% 20% 15% Commercial/Data/Retail Healthcare Industrial Sports/Entertainment FY 2016, EUR 2.5bn 29% 2% 3%2% 1% 0% 24% Transmission Highway Bridges Transit Airports Dams Others 39% 26

27 (USD bn) (USD bn) HOCHTIEF Americas Market opportunities Building: Targeted segments continue to grow Steady growth expected in relevant market segments Project opportunities in Canada US Non-residential building construction 1) % +6% +4% +3% +6% +3% Educational 500 Health Care 400 Office 300 Commercial Transportation 200 Manufacturing 100 Others Civil: Obvious need for investment in infrastructure Potential for PPP/concession projects Strong growth in Canadian infrastructure incl. PPP projects 1) Source: FMI Construction Outlook (based on 4 th Quarter Actuals) e 2019e 2020e 2021e 2022e US Civil market, contract volume 1) % +3% +2% -1% +5% +3% Roads & Highways Other transportation 2018e 2019e 2020e 2021e 2022e 27

28 HOCHTIEF Europe HOCHTIEF/Felix HOCHTIEF Bülow Rethe Bridge, Hamburg,, Germany Oli Keinath HOCHTIEF HOCHTIEF HOCHTIEF 28

29 HOCHTIEF Europe: Growth in HOCHTIEF s regional construction markets In Jan 2018, HDB 1) published its full-year turnover forecast for German construction market: Market on stable growth course, expected sales growth in 2018: +4% to EUR 117bn High demand for new buildings and low key rates of the European Central Bank German federal government plans to invest record amount of some EUR 270bn in the period to 2030 in expanding and maintaining transportation network. 2) Good growth opportunities are expected in nearly all of HTE s core European markets in 2018 and beyond (with Germany and Poland leading) 3) Construction volume growth (real yoy) 3) ** German constr. market nominal sales growth Total Market value (in USDbn) Building construction (non-residential) Civil engineering incl. Transportation infrastructure Overall Market* Building construction (nonresidential) Civil engineering incl. Transp. infrastructure Overall Market* Building construction (nonresidential) Civil engineering incl. Transp. infrastructure Overall Market* 6.0% 4.0% 2018e Germany % 5.5% 6.9% 4.4% 4.7% 4.7% 3.3% 3.1% 2.6% UK % -1.1% 0.4% -0.6% 0.0% 0.0% 0.5% 1.2% 1.3% Netherlands % 1.9% 5.0% 3.4% 2.2% 3.0% 2.2% 0.1% 1.1% Poland % 12.5% 12.9% 7.5% 7.1% 7.0% 3.0% 3.5% 3.2% Norway % 3.6% 2.4% 0.4% 4.3% 2.5% 1.5% 4.2% 3.0% Austria % 4.1% 3.9% 4.7% 2.6% 3.6% 2.3% 1.7% 1.9% Sweden % 2.1% 5.2% 2.7% 2.6% 3.8% 2.5% 1.6% 1.9% Denmark % 0.8% 3.5% 2.2% 0.3% 1.9% 2.4% 1.5% 1.5% Czech Republic % -5.9% 0.0% 2.9% 3.7% 3.1% 2.1% 3.3% 2.8% Total selected countries 1, % 3.0% 4.4% 2.3% 3.2% 3.0% 1.9% 2.3% 2.1% *Incl. further construction segments **Average annual growth 1) Federation of the German construction industry 2) German federal government, 2030 Transport Infrastructure plan 3) IHS Dec (in 2010 US dollars) 29

30 General market overview PPP Australia: Gov. s infrastructure plan expected to mobilize AUD 75bn investment in 2018 and beyond Canada: one of most mature and prolific PPP markets; 12-year CAD 180bn infrastructure (Government of Canada); Canadian P3 market dominated by soc. infra. & civil projects, Infrastructure Ontario released market update showing 15 social & 17 civil infra. projects with a value of CAD 15.8bn. USA: US P3 market overall is continuing a slow but steady rise; increasing number of PPP opportunities is expected, esp. in transport due to USD 1.5tn infrastructure plan (from 12 Feb. 2018); participation in demand risk projects Germany: strong pipeline in social infrastructure, mainly on state and community level; government program of 11 PPP roads, inv. vol. EUR 14bn until end of 2019 started with A3 &A9 procurement. PPP pipeline A-Models confirmed in new coalition agreement. Other key markets: Netherlands, UK, Ireland, Scandinavia (Norway), Czech Republic & Poland Recent major PPP awards: Los Angeles Int. Airport Automated People Mover, USD 4.6bn, Commercial Close (04/2018), in JV an elevated 2.25 mile-long guideway with six stations as well as pedestrian bridges to airport terminals, parking garages and fixed facilities; operation and maintenance for ~25 yrs. Federal Ministry of Health, Berlin, EUR 250m Construction, EUR 100m Operations (06/), in JV (50% share); reconstruction of m² GFA; operation & maintenance for 25 years AOK Nuernberg (03/2018), new office building for local public health insurance, O&M for 25yrs Canberra Light Rail Stage One, AUD 600m, Pacific Partnerships & CBP Contractors (05/2016), in JV; design & construction of 12km light rail route, with 13 stops, depot, road signaling and ongoing operation & maintenance Via Pacific Partnerships, CIMIC is well positioned to take advantage of increasing usage of PPP model having delivered more than 20 PPP projects with a market value of around AUD 32bn PPPs of HOCHTIEF Europe (end 2018): No. of Contract volume Total investment HT capital required HT capital provided projects in EURm in EURm in EURm in EURm Total Roads 11 9, Total Social infrastructure 23 3, , Total 34 3, ,

31 HT Europe Real Estate business line Sale of Real Estate ongoing process Real Estate Solutions HTP formart aurelis HTP trader developer (FY ): Project financing incl. EUR 30m nonrecourse debt 4 projects in realization 50% pre-sold, 69% pre-let Regional split of EUR 160m 2) net assets Domestic: EUR 66m (41%) Int l: EUR 94m (59%) Capital employed (EUR m) Company Net Assets 1) End End 2016 End 2015 End 2014 End 2013 HTP formart sold 297 aurelis sold 185 Total ,220 Split by type of asset (% of total investment volume): Office 49% 49% Residential Other (Hotel, etc.) 2% 1) Net Assets = equity+debt+pension provisions 2) as of 2 January

32 f/x rates and effects End of period: March 31, March 31, Change 2018 (%) EUR/USD % USD/EUR % EUR/AUD % AUD/EUR % Period average: Jan-Mar 2018 Jan-Mar Change (%) EUR/USD % USD/EUR % EUR/AUD % AUD/EUR % 32

33 Appendix: other Melak Coal Mine, Indonesia Thiess HighriseOne, Munich, Germany HOCHTIEF H O C H T I E F E.E.Cruz/Robert Vergara CPB Contractors Lake Champlain Bridge, Essex County, NY, USA WestConnex M4 Widening, Sydney, NSW, Australia 33

34 HOCHTIEF global presence with three divisions FY HOCHTIEF Corporate Headquarters Asia Pacific Americas Europe Leighton Contractors Flatiron Oscar Durand Leading position in the Australian & S.E. Asian construction, contract mining and services One of the leading general builders in US & Canada, the largest world construction market Leading German-based builder focused on central and northern European markets Sales Asia Pacific (EUR 9.1bn) Americas (EUR 11.8bn) Europe (EUR 1.6bn) 40% 53% 7% Asia Pacific (EUR 579m) Americas (EUR 254m) Europe (EUR 33m) Total: EUR 23bn Nom. PBT 67% 29% 4% Total: EUR 824m 1) Asia Pacific (EUR 275m) Americas (EUR 163m) Europe (EUR 24m) Nom. Net profit 60% 35% 5% Total: EUR 421m 1) 1) incl. headquarters 34

35 The HOCHTIEF Group Founded in 1873 Present in world s major markets Ranked #2 in ENR Top 250 International Contractors 1) Key figures (FY ): 54,000 employees Op. PBT: EUR 678m (+28%) Op. net profit: EUR 452m (+25%) Nominal Net profit EUR 421m (+31%) Regional split () New Orders: EUR 30.4bn 3%4% 42% 51% Order backlog: EUR 44.6bn 7% 3% 39% 1) Source: ENR The Top 250, Aug. (based on international sales volume) Activity split () 53% Sales: EUR 22.6bn nom. PBT: 824 EUR m 12% 0% Sales: EUR 22.6bn 5% 3% 24% 39% 40% 52% 25% America Australia Asia Germany Rest of Europe 35

36 Shareholder remuneration Strong share price performance since Dec 2012 ordinary dividend: EUR 3.38 per share, +30% yoy vs 2016 EUR 2.60 Total dividend payment for of EUR 217m Dividend policy Payout ratio of about 50% Shareholder structure Dividend (EUR per share) Market cap (year-end in EURm) Share price performance ( YTD) + 30% + 30% + 13% + 18% 0.20* % *special dividend Proposal 36

37 Group transformation: Streamlined, diversified and cash focused model Improving performance In m driven by group transformation 1) Delivering for shareholders Reshaping the portfolio to focus on core competences in Construction, Contract mining, PPP and Services 1) Operational earnings are adjusted for deconsolidation effects and other one-off impacts 37

38 HOCHTIEF Group Performance Summary (I) transformation (EURbn) Total Net cash at end Net cash from op. activities 4.7 Net operating CAPEX -1.6 Strategic investments -1.5 Divestments & related consolidation changes 2.9 Share buybacks -0.9 Dividends (external) -1.0 Others -0.6 Net cash at end of 1.3 Change net cash / net debt 2.0 Free op. Cash flow shareholder remuneration (EURm) FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY New Orders 31,488 21,912 22,041 21,554 24,813 30,444 Order Backlog 49,794 35,884 36,255 36,023 43,088 44,644 Net cash from operating activities 1, ,135 1,173 1,372 EBITDA /cash conversion rate (in %p) 58% 15% 40% 99% 118% 106% Free cash flow from operations ,120 Net strategic invest. (-) / divestments (+) 0 1, Net cash (+) / net debt (-) ,266 Net profit (nominal) Net profit (operational) HOT dividend per share for the year 1) HOT dividend payments for the year (total) HOT share price (at year-end) Employees (at year-end) 80,593 75,433 53,247 44,264 51,490 53,890 1) FY 2014 dividend incl. special dividend of 0.20 EUR During the five-year period net cash of EUR 2.0bn generated Strong net cash from operating activities of EUR 4.7bn Free CF from Operations (after capex) of EUR ~3.2bn Shareholder remuneration of EUR 1.9bn Improvement in key variables since start of transformation Order backlog up 24% on 2013 Net profit about 2.6x 2013 level Net cash from op. activities 2016 ~5x 2013 level Dividend reinstated, 28% CAGR since

39 ,135 1, ,372 (EUR m) (EUR m) HOCHTIEF Group Performance Summary (II) 2013 Jun: LEI Telco Sep: Airports Sep: Services 22,499 22,099 Sales Divestments 2014 Mar: Aurelis Oct: formart Dec: John Holland Dec: LEI Services 21,097 19, , Op. net profit/op. PBT margin Net cash from operations 3.8% % 118% 3.4% 102% 106% % 2.8% % 76% 2.1% 2.3% % 1.6% % % % 22% % 0 0.0% Op. Net profit Op. PBT margin Net cash from op. EBITDA conversion rate % Order book Order book visibility (Order book/work done) Solid order book provides visibility EUR 45bn Dec, up 4% yoy, fx adj. +12% yoy Order book level equivalent to close to two years worth of activity 39

40 (EUR m) (EUR m) (EUR m) (EUR m) Strong improvement in Free Cash Flow from Operations 1) driven by: Cash-backed profit expansion Significant improvement in Net Working Capital (NWC) management Substantial capex reduction due to more efficient and streamlined management of investments Important reduction in net financial costs from EUR 267m in 2013 to EUR 118m in Free Cash Flow from Operations Net Cash (+) / Net Debt (-) Cash-in from NWC , ) 704 1, EUR m 1,500 1, Gross Capex 1, ) Free Cash Flow from Operations is after capex, working capital changes, taxes and financial costs, but before divestments, dividends etc. 2) 2016 net cash position is after EUR 402m net investments (M&A) and EUR 367m HOT & CIM share buybacks in

41 CIMIC Summary of strategic review 1. Strengthened balance sheet Focus on working capital management Divestments of John Holland Group, and 50% of services activity Dec Streamlined operating model Similar activities grouped together Cost base reduction at HQ and OpCo s Efficiencies from centralization of capex 3. Improved project delivery Enhanced Risk Management More entrepreneurial approach Reduction in management layers Current structure: Construction CPB / Leighton Asia Mining Thiess / Sedgman Previous structure: CIMIC Group (overview) PPPs Pacific Partnerships Leighton Holdings Engineering EIC Activities 100% 100% 100% 100% 100% Leighton John Holland Thiess Pty. Leighton Leighton Contractors Group Pty. Asia, India & Properties Ltd. Pty. Ltd. Ltd. Offshore Pty. Ltd. Construction Construction Construction Services UGL Construction Mining Mining Mining Mining Services Services Services 41

42 CR Corporate Responsibility Program Focusing on six areas with clearly defined objectives 1. Compliance Set standards with Code of Conduct 2. Attractive working environment Further strengthen position as a sought-after employer and make a name for ourselves among the most attractive employers in the industry 3. Procurement Redouble efforts to ensure fair, transparent procurement processes and further step up purchases of sustainable products and materials 4. Sustainable products and services Develop sustainable products and services, taking an integrated approach and ensuring top quality from end to end 5. Active climate and resource protection Conserve natural resources and enhance protection; save actively carbon emissions ourselves and jointly with our clients 6. Corporate citizenship Get involved wherever our company is at work or can offer added value by virtue of its capabilities 42

43 Disclaimer This presentation and the report contain forward-looking statements. These statements reflect the current views, expectations and assumptions of the Executive Board of HOCHTIEF Aktiengesellschaft and are based on information currently available to the Executive Board. Such statements involve risks and uncertainties and do not guarantee future results, performance or events. Actual results, performance or events relating to HOCHTIEF Aktiengesellschaft and the HOCHTIEF Group, including but not limited to possible future divestments, profit before tax, consolidated net profit and dividends, may differ materially from the expectations and assumptions described in such statements due to, among other things, changes in the general economic, sectoral and competitive environment, risks associated with capital markets, currency exchange rate fluctuations, changes in international and national laws and regulations, in particular with respect to tax laws and regulations, the conduct of other shareholders, and other factors. Statements on dividends are additionally subject to the recognition of a corresponding unappropriated net profit in the published separate financial statements of HOCHTIEF Aktiengesellschaft for the fiscal year concerned and the adoption by the competent decision-making bodies of appropriate resolutions taking into account the prevailing situation of the Company. HOCHTIEF Aktiengesellschaft does not assume any obligations to update any forwardlooking statements. 43

44 Financial Calendar and Contacts 24 July 18 Half-year results (provisional) For further information please contact: Investor Relations HOCHTIEF Aktiengesellschaft Opernplatz Essen, Germany Phone: Fax: investor-relations@hochtief.de Mike Pinkney Tobias Loskamp Nadine Wärmer Martina Horst 44