Company registration number 11031255 (England and Wales)
SACYR UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
SACYR UK LIMITED
COMPANY INFORMATION
Directors
Mr Luís Manuel De Almeida Cunha
Mr Alejandro Mendoza Monfort
Mr Abdalahe Abdelfatah Mohamed
Company number
11031255
Registered office
Office 7.04
1 Lyric Square
London
W6 0NB
Auditor
Hall Morrice LLP
6/7 Queens Terrace
ABERDEEN
AB10 1XL
Bankers
Santander UK PLC
Bridle Road
Bootle
Merseyside
L30 4UA
SACYR UK LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 7
Directors' responsibilities statement
8
Independent auditor's report
9 - 12
Statement of comprehensive income
13
Statement of financial position
14
Statement of changes in equity
15
Notes to the financial statements
16 - 29
SACYR UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present the strategic report for the year ended 31 December 2025.

Principal activities and review of the business

The company’s main activity continues to be infrastructure work under construction contracts, with the intention of aligning Sacyr UK Limited’s contract awards with the Sacyr Group’s ambition to become a P3 developer with a strong construction division.

To this end, FY2025 was a successful year in terms of achieving strategic objectives, principally in respect of the New Velindre Cancer Centre in Southeast entering the construction phase and SACYR UK Limited being awarded approved contractor status for the New Hospital Programme (NHP) for NHS England. The New Hospital Programme is a national initiative to deliver a new generation of hospitals across England, improving patient safety, clinical outcomes and sustainability through modern design, digital integration and standardised approaches to construction.

As shown in the profit and loss, the company’s revenue increased by 34.13% compared with 2024, to £75,724,456 from £56,457,226.

The operating profit was £4,630,724 for the year to 31 December 2025 compared to £4,935,268 for the year to 31 December 2024.

Gross profit decreased from 25% to 14.40% due to increase in Cost of Sales.

As at 31 December 2025 the company had net current assets of £7,061,725 (2024: £2,034,989) and net assets of £7,161,203 (2024 £ 2,127,655) as shown on the balance sheet/statement of financial position.

Market and economic risk

The majority of the company´s contract s are in the UK and I reland and as such the business has limited exposure to exchange rate and associated risks.

Economic factors affecting the industry

The construction sector continues to face pressure from cost inflation, labour availability, supply chain volatility, and tightening regulatory requirements. At the same time, opportunities exist in targeted sectors and frameworks where capability, track record, and reliability are critical differentiators.

Financial risk

The Company is exposed to financial risks primarily in relation to liquidity and credit risk from its cash holdings and trade receivables. The Directors monitor these risks on an ongoing basis.

Liquidity risk is mitigated by maintaining adequate cash reserves and by preparing regular cash flow forecasts. Credit risk is managed through the application of credit control procedures and regular review of outstanding receivables.

Parent company support

Sacyr UK is fully owned by Sacyr Construccion SA, and ultimately by Sacyr SA. The Sacyr group has 35+ years of experience and is a global leader in the development of P3 projects, infrastructure construction and services. Sacyr SA is fully committed to assisting and developing Sacyr UK in the execution of its existing projects, enhancing pipeline and developing the business commensurate with what is considered a strategic market fundamental to the Sacyr Group’s future business aspirations.

Development and performance of the company's business over the year

During 2025, Sacyr UK has further consolidated its presence in the country, aligning its position with strategic projects for Sacyr that will come to fruition in future years. The adoption of Sacyr UK as a key contributor in the New Hospital Program is a key milestone and is indicative of Sacyr’s burgeoning reputation within the UK’s construction sector.

SACYR UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

Position at the year end

After the year end the company continued to trade profitably, and the directors are optimistic that this trend will continue through 2026 and beyond. The company is committed to organic expansion and will continue to explore additional concessions in both the UK and Ireland. Sacyr will continue to take advantage of the prevailing synergies of the projects in execution and continue to search for opportunities in the highway, tram and building sectors, presenting EOI, PQ and Tenders to further strengthen its market position.

Key performance indicators

The company used a number of appropriate key performance measures to monitor the performance of the business during the 12 month period to 31 December 202 5.

These KPI are listed below:

Net profit / Turnover

2025 : 8.02%

2024 : 8.96%

Gross Profit / Turnover

2025 : 14.40%

2024 : 25.06%

Administrative expenses / Turnover

2025 : 8.25%

2024 : 16.32%

Amounts recoverable on contracts / Turnover

2025 : 22.78%

2024 : 4.4%

Section 172 disclosure

Section 172 of the Companies Act 2006 requires a director of a company to act in the way he or she considers, in good faith, would be most likely to produce the success of the company for the benefit of its members as a whole. In doing this, Section 172 requires a director to have regard, among other matters to:

- The likely consequences of any decision in the long term, the interests of the company’s employees;

- The need to foster the company’s business relationships with suppliers, customers and others;

- The impact of the company’s operations on the community and the environment;

- The desirability of the company maintaining a reputation for high standards of business conduct;

- And the need to act fairly with members of the company.

SACYR UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
Employees

At Sacyr UK Limited, our people are the driving force behind our success. We continue to invest significantly in attracting, developing and retaining talent, recognising that the specialist skills, technical capability and commitment of our teams are fundamental to delivering high‑quality infrastructure and services for our clients and the communities we serve.

We maintain open and continuous dialogue with employees across all UK locations through structured communications, leadership engagement, digital platforms and formal and informal forums. Over the past year, we have strengthened employee voice through enhanced feedback mechanisms, regular pulse surveys, listening groups and transparent follow‑up actions. These initiatives ensure that employees are actively involved in shaping their working environment and organisational culture.

We continue to expand our learning and development offering, in line with Sacyr Group’s global commitment to capability building and innovation. Through enhanced digital learning platforms, a modernised SharePoint environment and greater access to blended learning, employees benefit from flexible training pathways that support both professional growth and operational excellence.

Employee wellbeing remains a core priority. The company offers a wide range of wellbeing resources—including virtual GP services, unlimited counselling, financial wellbeing support and nutrition guidance—which have contributed to improved levels of employee satisfaction and engagement. Insights from employee feedback play a central role in continuously evolving our wellbeing strategy.

During the year, Sacyr UK was proud to again be recognised as one of the Sunday Times Best Places to Work, reflecting our commitment to creating an inclusive, supportive and rewarding workplace.

Our ongoing work at the Velindre Cancer Centre and Belfast Grand Central Station exemplifies our commitment to social value. Through dedicated local employment, training initiatives and community engagement, we continue to support regional skills development and contribute positively to the communities where we operate.

Business relationships

Sacyr UK maintains strong, collaborative relationships with clients, partners and suppliers. We engage regularly with our customers to ensure we understand their expectations and deliver services that meet the highest standards of safety, quality and reliability.

We uphold Sacyr Group’s global commitment to responsible procurement, working closely with suppliers to ensure high standards of ethical conduct, sustainability and regulatory compliance. By partnering with our supply chain, we promote efficient, innovative and environmentally responsible solutions across all projects.

SACYR UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
Community and the enviroment

The company remains committed to operating in a sustainable and environmentally responsible manner, aligned with Sacyr’s global sustainability strategy. We continue to reduce non‑recyclable waste, transition to recyclable alternatives and promote resource efficiency across all sites.

We are taking steps to reduce our carbon footprint by limiting non‑essential travel, increasing the use of digital collaboration tools and embedding sustainability principles across operations. Our global sustainability training and action programme ensures all employees understand their responsibilities and contribute to the Group’s environmental objectives.

Business conduct

Responsible business conduct is integral to Sacyr’s identity and long‑term success. We are committed to upholding the highest standards of ethics, governance and social responsibility in all our operations and relationships.

Business ethics

Integrity is one of Sacyr’s core values. Conducting business ethically, transparently and in line with all applicable laws and regulations is fundamental to maintaining the trust of our clients, partners, employees and stakeholders.

The company operates a zero‑tolerance approach to bribery, corruption and unethical behaviour. All employees receive risk‑appropriate training on the Code of Conduct, anti‑corruption, QHSE and regulatory compliance throughout their onboarding and ongoing development.

We actively encourage a culture of openness and accountability. Employees can report concerns or suspected breaches of the Code of Conduct or internal policies directly through management channels or via the confidential whistleblowing hotline, ensuring all issues are addressed promptly and appropriately.

On behalf of the board

Mr Alejandro Mendoza Monfort
Director
27 March 2026
SACYR UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Results and dividends

The results for the year are set out on page 13.

Ordinary dividends were paid amounting to £2,000,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr Luís Manuel De Almeida Cunha
Mr Antonio Francis Belmonte Sánchez
(Resigned 2 October 2025)
Mr Alejandro Mendoza Monfort
Mr Abdalahe Abdelfatah Mohamed
Future developments

The company intends to continue to focus on the launch of potential future projects and does not envisage any significant changes to the operations of the company over the next 12 months.

Auditor

The auditor, Hall Morrice LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report
2025
2024
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
1,679,594
740,810
2025
2024
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Fuel consumed for owned transport
288.00
166.00
288.00
166.00
Scope 2 - indirect emissions
- Electricity purchased
118.00
18.00
Scope 3 - other indirect emissions
Total gross emissions
406.00
184.00
SACYR UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
Methodologies for energy and emissions calculations

All Sacyr business areas involved in the Carbon Footprint calculation through its operational centres register their fuel and electricity consumption data in a Sacyr application called CYMAE on an ongoing basis.

The calculation methodology is based in GHG Reporting Protocol - Corporate Standard.

The emission factors used to calculate the direct and indirect emissions are the last version of DEFRA (UK Government GHG Conversion Factors for Company Reporting. Department for Business, Energy & Industrial Strategy) in force when developing the calculation of the carbon footprint.

The complete greenhouse gas inventory is verified annually by an independent third party under a limited assurance engagement in accordance with International Standard in Assurance Engagements (ISAE) 3410, Assurance Engagements on Greenhouse Gas Statements.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £million of turnover. For the year ended 31 December 2025, this ratio was 5.36 tCO2e per £m of turnover.

Measures taken to improve energy efficiency

Energy management is crucial for our sustainable development. We foster practices that reduce the use of energy resources, minimising the environmental impact without compromising our performance.

Our Climate Change Policy evidences our active contribution to building a sustainable future, minimising the environmental impact of all our activities. The policy addresses topics such as climate change mitigation and adaptation, energy efficiency, the rollout of renewable energy and other related aspects. Consequently, this Policy defines and establishes the criteria governing our Climate Change Strategy.

Science Based Targets initiative: Our Climate Change Strategy includes our commitment to reduce our absolute Scope 1 and 2 GHG emissions by 42% and Scope 3 GHG emissions by 25% by 2030 with the goal of achieving carbon neutrality by 2050. These goals are consistent with limiting the increase in the global temperature to 1.5°C.

In 2025 we ratified compliance with the roadmap drawn to achieve these goals. These results have been possible thanks to our Decarbonization Plan, which comprises around 100 projects carried out by Sacyr's various business units in all the locations where we are present. These projects are coordinated through various working groups, made up of specialists representing the different Sacyr Group companies.

Pursuant to the objectives of our Climate Change Strategy for the defined time horizons, we continue to work on proposing energy saving measures in our facilities. We also renewed ISO 50001 certification for all our operations. With this line of action, we foresee a saving of 22 tCO2 eq by 2030, to achieve our objective of scopes 1 and 2 included in the Climate Change Strategy.

Statement of disclosure to auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware;

- they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Development and performance

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's Strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the Directors' report. It has done so in respect of information on the future developments in the business of the company.

SACYR UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
On behalf of the board
Mr Alejandro Mendoza Monfort
Director
27 March 2026
SACYR UK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

SACYR UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SACYR UK LIMITED
- 9 -
Opinion

We have audited the financial statements of Sacyr UK Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

SACYR UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SACYR UK LIMITED (CONTINUED)
- 10 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

In identifying and assessing the risk of material misstatement due to non-compliance with laws and regulations we have:

- Ensured that the engagement team had the appropriate competence, capabilities and skills to identify or recognise non-compliance with laws and regulations;

- Identified the laws and regulations applicable to the entity through discussions with directors and management and through our own knowledge of the sector;

- Focused on the specific laws and regulations we consider may have a direct effect on the financial statements, including FRS 102 and the Companies Act 2006 and tax compliance regulations;

- Focused on the specific laws and regulations we consider may have an indirect effect on the financial statements that are central to the entity's ability to trade including those relating to health and safety at work;

- Reviewed the financial statement disclosures and tested to supporting documentation to assess compliance with applicable laws and regulations;

- Made enquiries of management and inspected legal correspondence;

- Reviewed minutes of meetings of those charged with governance; and

- Ensured the engagement team remained alert to instances of non-compliance throughout the audit.

SACYR UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SACYR UK LIMITED (CONTINUED)
- 11 -

We identified the greatest potential for fraud in the following areas, and our specific procedures performed to address it are described below:

Estimated costs to complete used in the recognition of revenue for open construction contracts at year end may be manipulated:

- inquired of contract managers or project managers responsible for the construction contracts selected;

- for a sample of contracts selected for testing obtained an understanding of the relevant terms of the cont r acts a nd evaluated the reasonableness of the methods and assumptions that management used to accounts for those contracts;

- for selected construction contracts evaluated the reasonableness of the methods and assumptions management used to estimate the costs to complete;

- performed testing to confirm contract details to independent supporting documentation; and

- recalculated revenue for each selected contracts, and reconciled to the corresponding values recognised as revenue for the period.

In identifying and assessing the risk of material misstatement due to irregularities, including fraud and how it may occur, and the potential for management bias and the override of controls we have:

- Obtained an understanding of the entity's operations, including the nature of its revenue sources and of its objectives and strategies, to understand the classes of transactions, account balances, expected financial disclosures and business risks that may result in risk of material misstatement;

- Obtained an understanding of the internal controls in place to mitigate risks of irregularities, including fraud;

- Vouched balances and reconciling items in key control account reconciliations to supporting documentation;

- Carried out detailed testing, on a sample basis, to verify the completeness, occurrence, existence and accuracy of transactions and balances;

- Carried out detailed testing to verify the completeness occurrence, validity, existence and accuracy of income including cut-off testing and ensuring income recognition is in line with stated accounting policies;

- Made enquiries of management as to where they consider there was a susceptibility to fraud, and their knowledge of any actual, suspected or alleged fraud;

- Tested journal entries to identify any unusual transactions;

- Performed analytical procedures to identify any significant or unusual transactions;

- Investigated the business rationale behind any significant or unusual transactions; and

- Evaluated the appropriateness of accounting policies and the reasonableness of accounting estimates.

We did not identify any matters relating to non-compliance with laws and regulations, or relating to fraud.

Because of the inherent limitations of an audit, there is an unavoidable risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk of not detecting a material misstatement due to fraud is inherently more difficult than detecting those that result from error as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. In addition, the further removed any non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

SACYR UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SACYR UK LIMITED (CONTINUED)
- 12 -

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

David Ewen MA (Hons) CA (Senior Statutory Auditor)
For and on behalf of Hall Morrice LLP, Statutory Auditor
Chartered Certified Accountants
6/7 Queens Terrace
ABERDEEN
AB10 1XL
27 March 2026
SACYR UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
2025
2024
Notes
£
£
Turnover
3
75,724,456
56,457,226
Cost of sales
(64,819,862)
(42,307,148)
Gross profit
10,904,594
14,150,078
Distribution costs
(27,778)
(455)
Administrative expenses
(6,246,092)
(9,214,355)
Operating profit
4
4,630,724
4,935,268
Interest receivable and similar income
8
1,506,375
350,269
Interest payable and similar expenses
9
(63,354)
(225,653)
Profit before taxation
6,073,745
5,059,884
Tax on profit
10
959,803
(710,384)
Profit for the financial year
7,033,548
4,349,500

The income statement has been prepared on the basis that all operations are continuing operations.

The notes on pages 16 to 29 form part of these financial statements.

SACYR UK LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
- 14 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
99,478
92,666
Current assets
Stocks
13
35,837
-
Debtors
14
30,720,972
20,615,258
Cash at bank and in hand
73,738,132
14,482,005
104,494,941
35,097,263
Creditors: amounts falling due within one year
15
(97,433,216)
(33,062,274)
Net current assets
7,061,725
2,034,989
Net assets
7,161,203
2,127,655
Capital and reserves
Called up share capital
18
1,000
1,000
Profit and loss reserves
7,160,203
2,126,655
Total equity
7,161,203
2,127,655

The notes on pages 16 to 29 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 27 March 2026 and are signed on its behalf by:
Mr Alejandro Mendoza Monfort
Director
Company registration number 11031255 (England and Wales)
SACYR UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2024
1,000
(2,222,845)
(2,221,845)
Year ended 31 December 2024:
Profit and total comprehensive income
-
4,349,500
4,349,500
Balance at 31 December 2024
1,000
2,126,655
2,127,655
Year ended 31 December 2025:
Profit and total comprehensive income
-
7,033,548
7,033,548
Dividends
11
-
(2,000,000)
(2,000,000)
Balance at 31 December 2025
1,000
7,160,203
7,161,203

The notes on pages 16 to 29 form part of these financial statements.

SACYR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
1
Accounting policies
Company information

Sacyr UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Office 7.04, 1 Lyric Square, London, W6 0NB.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Sacyr Construccion S.A.U. These consolidated financial statements are available from its registered office, Calle Condesa de Venadito, 7, 28027, Madrid, Spain.

1.2
Going concern

The company has made a profit for the year to 31 December 2025 of £7,033,548 (2024 - £4,349,500) and at the year end the company's balance sheet has a net asset position of £7,161,203 (2024 £2,127,655).true

The management accounts for 2025 show that the company is in a profitable position from the outset and all projections for 2026 and subsequent years show that the company has sufficient liquidity to meet its liabilities in the future.

The Directors have assessed the Company’s ability to continue as a going concern. In making this assessment, they have considered the Company’s current financial position, cash flow forecasts, available financing facilities, work in progress and expected future performance.

Specifically, the work currently being undertaken at The Velindre Cancer Research Centre, the business having gained NHS England pre-qualification status for the New Hospital Programme (NHP) and other pre-qualifications which we are actively pursuing.

Based on this review, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least 12 months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on a going concern basis.

SACYR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
1.3
Revenue

T urnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Revenue from the rendering of services is measured by reference to the state of completion of t he service transaction at the end of the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probably the expenses recognised will be recovered.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probably that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Equipment
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

SACYR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

SACYR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 19 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

SACYR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 20 -

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

SACYR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 21 -
1.15

Construction contracts

Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end.

Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as

an expense in the period in which they are incurred.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is expensed immediately, with a corresponding provision for an onerous contract being recognised.

Where the collectability of an amount already recognised as contract revenue is no longer probable, the uncollectible amount is expensed rather than recognised as an adjustment to the amount of contract

revenue.

The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.

1.16

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

1.17

Investments in joint ventures

The company's interest in the Sacyr Farrans Neopul and Farrans Sacyr Joint Ventures have been accounted for as Jointly Controlled Operations. The contractual arrangements establish joint control over these arrangements with each party holding rights over its net assets and having obligations with respect to its liabilities.

The company includes its share of the assets, liabilities, income and expenses of the joint ventures, line by line, in its financial statements.

SACYR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
2
Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing material adjustment to the carrying amount of assets and liabilities are as follows:-

Revenue recognition - long term contracts

The entity generates revenue from long term contracts. This often requires judgement to be applied in estimating the stage of completion of the contract at the balance sheet date based on the forecast total contract costs that is expected to be incurred on the contract. Where actual results differ to the estimate made, this could result in an impact on the entity's financial results.

Management assess the stage of completion for each long term contract monthly in order to allocate an appropriate level of revenue within each given period. The estimate is calculated by comparing costs incurred as a proportion of total budgeted costs. Total budgeted costs are calculated by individuals with relevant experience to enable them to estimate such values and are reviewed against actual costs incurred on a regular basis.

The contract contains forms of variable consideration that can either increase or decrease the transaction price.

3
Turnover
2025
2024
£
£
Turnover analysed by class of business
Construction contracts
75,724,456
56,457,226

The whole of turnover is attributable to the principal activity of the company wholly undertaken in the United kingdom.

4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(176,456)
(362,962)
Depreciation of tangible fixed assets
38,454
20,118
Operating lease charges
95,010
100,153
SACYR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
38,990
30,000
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Administrative staff
99
71

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
8,090,994
6,139,287
Social security costs
1,131,545
758,898
Pension costs
157,402
100,341
9,379,941
6,998,526
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
478,024
456,258
Company pension contributions to defined contribution schemes
41,224
35,794
519,248
492,052
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
328,664
327,525
SACYR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Other interest income
1,506,375
350,269
9
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
63,354
225,653
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
-
0
710,384
Adjustments in respect of prior periods
(959,803)
-
0
Total current tax
(959,803)
710,384

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
6,073,745
5,059,884
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
1,518,436
1,264,971
Tax effect of utilisation of tax losses not previously recognised
(1,717,468)
(554,587)
Adjustments in respect of prior years
(959,803)
-
0
Permanent capital allowances in excess of depreciation
(1,703)
-
0
Effect of unpaid remuneration
1,868
-
0
Effect of general provisions
198,867
-
0
Taxation (credit)/charge for the year
(959,803)
710,384
11
Dividends
2025
2024
£
£
Final paid
2,000,000
-
0
SACYR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
12
Tangible fixed assets
Equipment
£
Cost
At 1 January 2025
176,232
Additions
45,266
At 31 December 2025
221,498
Depreciation and impairment
At 1 January 2025
83,566
Depreciation charged in the year
38,454
At 31 December 2025
122,020
Carrying amount
At 31 December 2025
99,478
At 31 December 2024
92,666
13
Stocks
2025
2024
£
£
Work in progress
35,837
-
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
-
0
11,119,697
Gross amounts owed by contract customers
17,251,761
2,459,076
Amounts owed by group undertakings
11,986,365
6,235,025
Amounts owed by undertakings in which the company has a participating interest
53,952
545,550
Other debtors
523,950
57,900
Prepayments and accrued income
904,944
198,010
30,720,972
20,615,258

Amounts owed by undertakings in which the company has a participating interest credit period is 30 days from the date of invoice.

Amounts owed by group undertakings credit period is 30 days for all re-charge and staff cost services. In the case of retention amount, it is receivable at end of the project. There is no specific terms for other receivables.

SACYR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
15
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
4,941,474
5,818,242
Amounts owed to group undertakings
1,613,756
1,640,359
Corporation tax
-
0
710,384
Other taxation and social security
4,674,319
3,143,191
Other creditors
347,516
33,843
Accruals and deferred income
85,856,151
21,716,255
97,433,216
33,062,274

The credit terms for amounts owed to group undertakings is between 60 to 90 days.

SACYR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
16
Unaccounted Deferred Taxation

Sacyr UK Ltd has un-accounted deferred tax balances as per below. Due to general provisions adjusted for in 2025 tax computation there is a larger balance this year for pending deductions and others.

SACYR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 28 -
17
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
157,402
100,341

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

18
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
19
Profit and loss reserves

The profit and loss account represents cumulative profit and losses net of dividends and other adjustments.

20
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
21,900
20,550
21,900
20,550
21
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
772,899
578,363

The company has taken advantage of the exemption available in Section 33 of FRS 102 'Related Party Disclosures' not to disclose transactions entered into between two or more wholly owned members of a group.

SACYR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 29 -
22
Ultimate controlling party

The company is under the control of Sacyr Construcción S.A.U, the immediate parent. The registered office and principal place of business for the parent entity is Calle Condesa de Venadito, 7, 28027, Madrid, Spain.

The ultimate parent company is Sacyr S.A., Calle Condesa de Venadito, 7, 28027, Madrid, Spain. The ultimate parent company is registered in Spain with the group accounts publicly available in the country of origin and in accordance with Spanish regulations. The directors believe there are no beneficial owners of the ultimate parent company.

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