PORR : Quarterly Report 1/2024

HOME OF CONSTRUCTION

Interim Report on the 1st Quarter 2024

KEY DATA

OPERATING DATA

in EUR m	1-3/2024	1-3/2023	Change
Production output1	1,323	1,271	4.1%
Foreign share	59.0%	57.7%	1.3 PP
Order backlog	8,439	8,211	2.8%
Order intake	1,311	1,278	2.6%
Staffing level (average)	20,069	19,383	3.5%

EARNINGS INDICATORS

in EUR m	1-3/2024	1-3/2023	Change
Revenue	1,275.6	1,266.3	0.7%
EBITDA	60.2	54.0	11.4%
EBIT	11.3	9.9	14.4%
EBT	8.0	4.5	78.8%
Profit/loss for the period	6.0	2.6	> 100.0%

FINANCIAL POSITION INDICATORS

in EUR m	31.3.2024	31.12.2023	Change	31.3.2023
Total assets	4,146	4,136	0.3%	4,139
Equity (incl. non-controlling interests)	815	860	-5.2%	795
Equity ratio	19.7%	20.8%	-1.1 PP	19.2%
Net debt	107	-40	< -100.0%	100

CASH FLOW AND INVESTMENTS

in EUR m

1-3/2024

1-3/2023

Change

Cash flow from operating activities

Cash flow from investing activities

Cash flow from financing activities

CAPEX2

Depreciation/amortisation/impairment

-20.6	-80.4	-74.4%
-55.8	-40.1	38.9%
-76.9	41.7	< -100.0%
75.4	63.9	18.1%
48.9	44.2	10.7%

KEY DATA REGARDING SHARES

in EUR m	31.3.2024	31.12.2023	Change	31.3.2023
Number of shares	39,278,250	39,278,250	-	39,278,250
Market capitalisation	557.8	498.8	11.8%	530.3

1. The production output corresponds to the output of all companies and consortiums (fully consolidated, equity method, proportional or those of minor significance) in line with the interest held by PORR AG.
2. Investments in property, plant and equipment and intangible assets

The figures have been rounded off using the compensated summation method. Absolute changes are calculated using the rounded values, relative changes (in percent) are derived from the non-rounded values.

CONTENTS

1. Foreword by the Executive Board
2. PORR on the Stock Exchange
3. Group Management Report

11 Interim Consolidated Financial Statements as of 31 March 2024

1. Financial Calendar

1. Contact

1. Acknowledgements

DEAR SHAREHOLDERS AND STAKEHOLDERS,

PORR has once again delivered solid results in the first quarter of 2024: They are an impressive confirmation of our path of Intelligent Growth with Green and Lean. In this way, we increased our production output by 4.1% compared to the previous year to EUR 1,323m and achieved steady growth in orders. Our order intake rose to EUR 1,311m and the order backlog climbed to EUR 8,439m. At the same time, we were also able to increase our EBIT again, namely by 14.4% to EUR 11.3m. Our EBT saw an even stronger rise of 78.8% to EUR 8.0m.

Infrastructure remains the growth driver. Projects relating to energy and the expansion of sustainable mobility are generating particularly strong demand. This is also reflected in our order books: The largest new order of the quarter was the construction of a waste-to-energy plant in Gorlice, Poland. We expect these areas to continue to provide powerful momentum for the construction industry.

Overall, the European construction industry has shown signs of stabilisation since the start of the year. An economic upturn is expected from the summer onwards. In this environment, PORR still has a lot of exciting projects in the pipeline. So, together with you, we can look forward to a stimulating and enjoyable year and we thank you for your trust in us.

May 2024, Vienna

Sincerely, Your Executive Board

Karl-Heinz Strauss

Chairman of the Executive Board and CEO

Klemens Eiter	Claude-Patrick Jeutter	Jürgen Raschendorfer
Executive Board member and CFO	Executive Board member and COO	Executive Board member and COO

2 ABOUT PORR

PORR ON THE STOCK EXCHANGE

UPSWING DESPITE

INITIAL LOSSES

The international trading centres started the new year with slight price losses. The key interest rate cuts are likely to occur later than initially assumed. Since Janu- ary the expectation is that an initial reduction in interest rates will take place at the beginning of the summer. This adjustment to the outlook led to a clear trend reversal setting in. Global stock markets recorded strong price gains with support from positive corporate earn- ings, particularly in the technology sector. Encouraging economic data such as falling inflation and solid economic growth, which was sustained in some cases, also provided positive impetus.

The leading US index, the Dow Jones Industrial Average, ended the first quarter of 2024 up 5.6% on the end of the previous year. Despite good US economic data, it was unable to achieve stronger growth due to its underweighting of technology stocks. In contrast, the leading European index EUROSTOXX 50 rose by 12.4%. In Ger- many, the weak economic growth only slightly affected the stock market climate. The DAX leading index recorded growth of 10.4%. The Austrian ATX lagged behind the global trend with an increase of 2.9%. The main reason for this was the weak performance in Feb- ruary as a result of comparatively high inflation and uncertainties regarding the war in Ukraine.

DYNAMIC PORR SHARE

The PORR share started 2024 with clearly positive momentum. However, there was a price correction in January due to ongoing geopolitical uncertainties. On 7 February, the PORR share subsequently reached its low for the year to date of EUR 12.58. However, it was quickly able to reverse this decline and reached its high for the first quarter of EUR 14.48 on 22 February. After this, the share was temporarily unable to buck the volatile market environment. The publication of the 2023 Annual and Sustainability Report put an end to this trend and provided strong positive momentum. As of 31 March, the closing price of the PORR share was EUR 14.20, representing an increase of 11.8% in the first quarter of 2024 compared to the end of the previous year. Market capitalisation stood at EUR 557.8m as of the end of the reporting period.

GLOBAL INVESTOR BASE

The syndicate (Strauss Group, IGO Industries Group) holds the majority of the shares outstanding, with 50.4%. The free float of 49.6% is mainly distributed across Austria (24.6%) and the USA (12.7%). Both of these countries saw an increase against the previous year. The proportion of German investors also grew, to 6.4% of the free float. Around 6.5% of the shares were held by the rest of Europe. 33.5% of the shares in free float are held by retail investors.

Share price performance and trading volumes of the PORR share in the 1st quarter of 2024 (index)

Share price performance			Average daily trading volume/month
in %			no. of shares in thousands
120			45
110			30
100			15
90			0
	Jan	Feb	Mar
PORR share	ATX - Austrian Traded Index	Trading volume PORR share

PORR ON THE STOCK EXCHANGE

3

GROUP MANAGEMENT REPORT

MARKETS AND

PERFORMANCE

Resilient global economy

Geopolitical risks and subdued growth are causing ongoing uncertainty in the global economy. Neverthe- less, there have recently been signs of increasing opti- mism. A faster than expected decline in inflation and stable labour markets provided positive impetus, which also benefited the private sector. Despite the continuation of restrictive financing conditions - experts do not anticipate major interest rate cuts until the summer - the global economy proved to be extremely resilient. The OECD is therefore not forecasting a widespread reces- sion, but merely a slowdown in economic growth. Con- sequently, global economic output is expected to expand by 3.1% in 2024.

The economic forecasts for the USA have improved due to the recent robust growth. A strong labour market and solid consumer spending are supporting this positive momentum. The OECD currently expects gross domestic product to expand by 2.6% in 2024. However, the first interest rate cuts are not anticipated here either before the summer.

However, economic growth in the eurozone is likely to experience a temporary slowdown with a sustained recovery not expected until later in 2024. Private consumption is currently benefiting in particular from rises in real incomes. In addition to the ongoing measures of the Recovery and Resilience Facility, an initial interest rate cut in the summer is expected to provide positive impetus for industry and trade in goods. The European Central Bank's base rate is currently unchanged from the previous year at 4.5% and continues to dampen the high inflation rates. Although energy prices, particularly prices for natural gas, have already fallen and the economic impact of the war in Ukraine has eased, OECD experts still only anticipate slight growth of 0.7% in 2024.

The International Monetary Fund is forecasting economic growth of 0.4% for Austria. Despite an extremely robust domestic labour market, an economic upturn is not expected until the summer as well. In particular, rising demand among private consumers due to higher real incomes should accelerate economic growth. Sub- sequently, a recovery in global trade is expected to boost export demand. However, the comparatively high inflation rates and ongoing strict financing conditions are hampering a stronger recovery.

In Germany, too, the persistently high level of interest rates has led to subdued investment activity. The expected reduction in key interest rates from the­

summer should also provide significant positive momentum here. Falling gas and electricity prices will boost consumer spending, while only a slow decline is forecast for key inflation. Industry is also expected to provide more positive impetus from the second half of the year. The experts at the German ifo Institute then anticipate an economic turnaround, which is forcast to lead to annual growth of 0.2%.

Significantly stronger economic growth is expected for Poland, Slovakia, the Czech Republic and Romania in 2024. Poland should be able to increase its economic output by 3.1% as a result of political innovations and increased access to EU financing. The experts at the Vienna Institute for International Economic Studies forecast growth of 1.6% and 1.2% for Slovakia and the Czech Republic respectively. In Romania, growth of 3.0% is expected for 2024, not least as a result of the Next- GenerationEU budget. While investment activity in these countries is only recovering slowly, strong economic growth is being assisted by rising consumer demand in particular.

Turnaround in the construction industry

As a late-cycle industry, the construction sector has recently had to contend with the weak economic con- ditions. However, a stabilisation seems to be emerging since the start of 2024. In February, there were renewed growth trends in European construction volumes, which were supported by both civil engineering and building construction in equal measure.

In building construction, residential construction remained burdened by the high interest rate environ- ment. Although the demand for affordable housing remains high, property developers are hesitant to award contracts due to a lack of financing. PORR continues to see stable demand in industrial construction, driven not least by megatrends such as digitalisation and the technology sector. In public building construction, the healthcare sector in particular is ensuring a stable order intake alongside social housing.

Growth in civil engineering and infrastructure construction is continuing, whereby it remains a significant pillar for the construction industry as a whole. In the first two months of 2024, the volumes in European civil engineering volume recorded an average growth rate of 2.6%. The main driver of this growth is the energy transition underway across Europe, which is ensuring continuous demand in pipeline and power plant construction. The demand for sustainable mobility is equally strong, which is particularly evident in new and expansion projects in railway construction.

4 MANAGEMENT REPORT

Development of output

The indicator production output includes traditional design, planning and construction services as well as services from landfill operations and raw material sales and therefore all of PORR's key services. For fully consolidated companies, this output corresponds approximately to the revenue defined and reported in accordance with IFRS. In contrast to revenue, production output also includes the output from joint ventures and companies accounted for using the equity method and subordinate companies in line with the interest held by the Group. Differences in definitions are reconciled pursuant to commercial criteria.

PORR's production output totalled EUR 1,323m in the first quarter of 2024, an increase of 4.1% against the previous year. The increase is primarily due to the growth in output on infrastructure projects in Romania and Germany.

97.2% of production output was generated on PORR's home markets. Austria remains the most important home market with a share of 41.0%. Germany accounted for 26.5% of total output, while around 15.1% was generated in Poland. The Romanian share rose to 7.7%, while the Czech Republic and Slovakia together accounted for 4.3% of Group output. 2.6% of PORR's total output was generated in Switzerland.

Order balance

As of 31 March 2024, PORR's order backlog stood at EUR 8,439m and was therefore 2.8% higher than the previous year's figure. While the order backlog in the segment AT / CH declined due to the cancellation of a major building construction contract, there was a significant increase in tunnelling in particular. The order intake totalled EUR 1,311m, up 2.6% on the previous year. Significant increases were achieved above all in Polish industrial construction and in Austrian railway construction and structural engineering.

Correspondingly, the largest new order in the first quarter of 2024 also came from Poland. In Gorlice, PORR is responsible for the construction of a waste-to-energy plant and is building both the processing line and the adjacent operating facilities. In Austria, PORR was awarded the contracts to provide the railway technology for the Semmering Base Tunnel and to renovate the A2 motorway between Pinggau and Markt Allhau. With the Garstedt quarter in Norderstedt, Germany, PORR was once again successful in acquiring a large residential construction order.

Staff

In the first quarter of 2024, PORR employed 20,069 people on average. The increase of 3.5% against the

previous year is mainly due to the output growth in civil engineering, particularly in the segment CEE.

Financial performance

The construction industry is subject to seasonal fluctuations typical for the sector. The first quarter is traditionally the weakest of the year and generally reports low earnings. The reason for this is the weaker construction output in the winter months that also affects earnings.

In the first quarter of 2024, the PORR Group generated revenue of EUR 1,275.6m.The increase of 0.7% is slower than the rise in output. At the same time, earnings from companies accounted for using the equity method more than doubled to EUR 11.8m due to positive earnings transfers from consortiums.

The cost of materials and other related production services decreased by EUR 34.3m in absolute terms. The share of revenue they account for fell by 3.2 PP. Absolute savings were achieved for both items. Thus, the cost of materials was reduced by 5.5% to EUR 236.4m, while the cost of purchased services was 3.3% lower than in the previous year at EUR 596.2m.

Staff expenses rose disproportionately, climbing by 11.4% to EUR 334.5m. On the one hand, this is due to the growth of total workforce as a result of the growth in output. On the other hand, there were general inflationary increases in remuneration throughout the entire reporting period. Staff expenses as a percentage of revenue increased by 2.5 PP to 26.2%.

While the increase in other operating expenses rose disproportionately by 16.4% due to project-related expenses, other operating income improved by 9.5% at the same time.

Overall, the absolute savings in materials and other related production services led to an 11.4% increase in EBITDA to EUR 60.2m. Depreciation, amortisation and impairment increased due to investments in the previous year. EBIT therefore totalled EUR 11.3m, 14.4% higher than the previous year's figure (1-3/2023: EUR 9.9m). The EBIT margin in relation to revenue was 0.9% (+0.1 PP).

The financial result improved to EUR -3.3m(1-3/2023: EUR -5.4m). At EUR 8.0m, EBT were therefore significantly higher than in the previous year (1-3/2023: EUR 4.5m). The EBT margin in relation to production output rose to 0.6% (+0.3 PP).

Taking into account the tax result of EUR -2.1m(1-3/2023: EUR -1.8m), the profit for the period improved by EUR 3.3m to EUR 6.0m. Earnings per share thereby turned positive and totalled EUR 0.03 (1-3/2023: EUR -0.05).

MARKETS AND PERFORMANCE

5

Financial position

The PORR Group's total assets stood at EUR 4,146.4m as of 31 March 2024 and were thereby almost unchanged against the end of the previous year (31 December 2023: EUR 4,135.7m) despite the inflationary environment.

Non-current assets increased by 2.4% to EUR 1,583.9m as a result of higher property, plant and equipment. At the same time, current assets decreased by 1.0% to EUR 2,562.6m.

Equity decreased solely due to the early repayment of profit-participation rights with a nominal value of EUR 40.0m and interest payments on hybrid capital. It amounted to EUR 815.4m as of 31 March 2024, resulting in an equity ratio of 19.7%.

Liabilities rose slightly by a total of 1.7% to EUR 3,331.1m. This is mainly due to the seasonal increase in trade payables. At the same time, leasing and financial liabilities were further reduced.

As of 31 March 2024, PORR's net debt remained almost constant compared to the previous year (31 March 2023: EUR 99.8m).

Cash flows

The operating cash flow improved by 11.6% to EUR 51.6m compared to the same period in the previous year. As a result of the reduced increase in working capital, cash flow from operating activities increased significantly by EUR 59.8m and totalled EUR -20.6m.

Cash flow from investing activities decreased to EUR -55.8m due to significant investments that were completed early this year.

In addition to the repayment of profit-participation rights with a nominal value of EUR 40.0m, leasing and financial liabilities were also reduced. As a result, cash flow from financing activities totalled EUR -76.9m. The same period of the previous year was mainly affected by the temporary increase in bonded loans (Schuld- scheindarlehen) in the course of their refinancing (1-3/2023: EUR +41.7m).

Overall, free cash flow improved by 36.7% or EUR 44.2m compared to the prior-year period and amounted to EUR -76.3m. Cash and cash equivalents totalled EUR 478.3m as of 31 March 2024 (31 March 2023: EUR 578.4m). The liquidity reserve continued to remain at a high level, totalling EUR 883.6m.

Investments

Investment activity is measured by applying the CAPEX (capital expenditure) indicator. This takes into account investments in intangible assets, property, plant and equipment and assets under construction, including investments financed by leases.

In the first quarter, investments were made to replace and buy new construction equipment and some major investments for 2024 were brought forward. CAPEX increased by 18.1% to EUR 75.4m compared to the same quarter of the previous year, resulting in a CAPEX ratio of 5.7% in relation to production output (1-3/2023: 5.0%). A CAPEX ratio of below 4% is expected for the year as a whole.

Events after the end of the reporting period

On 7 May 2024, PORR, together with the STRABAG­ Group, announced the acquisition of the following parts of the VAMED Group in order to expand its strategically important business area for building and operating healthcare facilities:

• Vienna General Hospital (AKH) operational manage- ment and the construction projects of Vienna General Hospital
• VAMED's Austrian project development business
• Austrian thermal spa holdings

The purchase price for PORR is EUR 45m, giving it a 50% stake. The transaction is subject to approval by the relevant competition authorities. Closing is expected in the second half of the year.

FORECAST REPORT

Both the global and European economies have recently proven resilient, whereby an comprehensive international recession seems unlikely to materialise. For Europe, these difficult economic conditions are compounded by the ongoing uncertainty in connection with the war in Ukraine. However, the impact of this conflict on European supply chains has recently eased somewhat.

Experts at the International Monetary Fund predict the first interest rate cut in the eurozone to come this sum- mer. Some other EU countries have already reduced their key interest rates once again. However, the speed and level of further interest rate cuts in unclear since

6 MANAGEMENT REPORT

the European economy is continuing to grow. Economic activity in the eurozone is currently expected to increase by 0.7% in 2024. Inflation is likely to stabilise at around 2% by mid-2025. In its forecast, the OECD assumes a recovery in consumer spending due to robust labour markets and rising real incomes. At the same time, investments will be boosted by the ongoing payouts from the European Recovery and Resilience Facility.

This will also benefit the construction industry, particularly regarding infrastructure construction. Sustainable mobility and energy transformation are important goals of the European Union, making decarbonisation a long- term trend in the European construction industry. As one of the four Ds, it not only stands for environmentally friendly buildings and structures, but also includes adapting construction processes. The second D is the digitalisation of the construction industry, which goes hand in hand with Europe's digital transformation. The construction industry can contribute things like suitable data centres. Deglobalisation - bringing supply and production chains closer to the target market - and demographic change are the remaining two Ds. The latter is leading to increased demand for urban living space as well as healthcare and other care facilities, which PORR can cover with its broad range of services across the entire value chain.

Civil engineering will remain the most important growth driver in 2024. The European Recovery and Resilience Facility and the multi-year NextGenerationEU budget are ensuring a solid order pipeline. In the building construction segment, public construction - including infrastructure facilities - will have a stabilising effect. By contrast, residential construction remains under pres- sure, although there are currently signs of a slight recov- ery. Lasting and positive impetus is expected with the first interest rate cuts in the summer. PORR anticipates that demand will remain stable in industrial construction.

Non-residential building construction accounted for 27.9% of PORR's order backlog as of 31 March 2024. This includes public building construction and industrial con- struction. Here PORR is increasingly focusing on partnership -based relationships with clients and thereby offering significant efficiency gains in project execution.

In residential construction, PORR is focusing on selective order acquisition; it accounted for 7.9% of the order backlog. Civil engineering makes up the largest share of the order backlog at 59.6%. PORR benefits from a strong competitive position by covering the entire construction value chain as a one-stop shop.

Based on an order backlog of EUR 8.4 bn (+2.8% against the previous year), the Executive Board continues to expect a moderate increase in output for 2024. At the same time, it expects a rise in EBIT. In the medium term, the Executive Board anticipates an increase in the EBT margin and an EBIT margin of 3.0%.

The assessment of how the business will perform is based on the current goals in the individual segments as well as the opportunities and risks that arising in the respective markets. Should the geopolitical situation intensify, this could have a negative impact on PORR and its business activities. Any assessment of economic development is therefore subject to forecasting risks.

OPPORTUNITY AND

RISK MANAGEMENT

Active risk management is an integral part of responsible corporate management at PORR and safeguards the company's competitiveness in the long term. Should risks have an impact on one of PORR's business fields or markets, this could have a negative effect on the company's earnings. That's why the aim of risk management is to identify risks and then minimise them while still maintaining the company's earnings potential. The required organisational processes and monitorings, which help to pinpoint risks early on, should be continuously developed and improved - as should measures to counter those risks.

Since the Annual and Sustainability Report 2023, there have been no significant changes to the opportunity/ risk profile that could give rise to new or changed risks for PORR. So, the description in the Risk Report of the Annual and Sustainability Report 2023 from page 123 onwards remains valid.

MARKETS AND PERFORMANCE

7

SEGMENT REPORT

Segment AT / CH

Key data

in EUR m	1-3/2024	1-3/2023	Change
Production output	638	637	0.1%
Order backlog	3,307	3,524	-6.1%
Order intake	785	848	-7.4%
Average staffing levels	9,749	9,656	1.0%

The segment AT / CH includes country responsibility for the home markets of Austria and Eastern Switzerland. PORR is represented here with its full range of services. In addition to the permanent business - with the focal points of road, residential and industrial construction - the national competencies in railway and pipeline con- struction, office and special civil engineering, steel construction and environmental engineering are bundled in this segment. The areas of large-scale building construction projects, German industrial construction and Slab Track Austria for Europe are also housed here. In addition, equity interests such as IAT, Schwarzl, pde Integrale Planung and PORR Verkehrstechnik are integrated in the segment AT / CH.

The production output of the segment AT / CH was almost unchanged at EUR 638m. The order backlog fell by 6.1% to EUR 3,307m. This decline is almost entirely due to the cancellation of a major order in building con- struction. The largest new orders in the segment AT / CH include the railway technology for the Semmering Base Tunnel. In the infrastructure sector PORR won contracts including the repair of the A2motorway between Pinggau­

and Markt Allhau, while in residential construction PORR was awarded the main contracts for an additional building site as part of the Village im Dritten district development in Vienna and for the PARCOURS residential complex in Vienna's Hirschstettner Straße.

In Austria and Switzerland, civil engineering remains the most important pillar of the construction industry. Although the Austrian production index fell in the first three months of the year, primarily due to the decline in building construction, the order intake index remained stable. Extensive investment in infrastructure is ensuring robust demand in civil engineering, particularly in the area of improving and expanding mobility and as part of the planned energy transition. Due to the strict financing environment, new residential construction remains under pressure, although there were signs of a slight recovery in the first quarter. This is likely to gather pace in the current year, especially as the housing and construction offensive passed by the Austrian federal government in February gradually takes effect. PORR expects demand to remain stable in industrial construction.

Segment DE

Key data

in EUR m	1-3/2024	1-3/2023	Change
Production output	212	197	8.2%
Order backlog	1,253	1,372	-8.7%
Order intake	129	134	-3.5%
Average staffing levels	2,333	2,236	4.3%

The segment DE comprises the majority of PORR's activities in Germany. Here the company is active in the fields of building construction, industrial construction, structural engineering and steel construction. It also trades in mineral raw materials and offers specialist civil engineering and tunnelling services as well as environmental engineering and traffic route construction. This gives PORR a powerful position along the entire value chain in German infrastructure construction. The segment DE also includes German subsidiaries such as BBGS with the service area Government Services. The subsidiaries Oevermann, Stump-Franki and Radmer Kies have been operating under the PORR brand since the start of 2024. By bundling these activities under the PORR name, the focus is on a one-stop shop for a comprehensive range of services.

The segment DE recorded an increase in production output of 8.2% to EUR 212m, which resulted in particular from delivering large-scale infrastructure construction projects. Therefore, the order backlog fell as planned by 8.7% to EUR 1,253m, which is primarily attributable to structural engineering. The order intake totalled EUR 129m. The slight decrease of 3.5% was mainly due to the high comparative figure from the previous year. The construction of the Garstedt residential and commercial complex as part of a quarter development in Norderstedt is the largest new order in the segment DE. Other contracts acquired included the construction of 'The Flag Senior' retirement home in Wiesbaden and the road modernisation of the B4 Häcklinger Kreuz near Lüneburg.

8 MANAGEMENT REPORT