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ANNUAL REPORT 2024

Overview by
the CEO

Josep Martínez Vila

During 2024, the company has successfully addressed the main challenges posed: the awarding of Adif's contract and the refinancing of the Group's debt.

During 2024, the company has successfully addressed the main challenges posed: the awarding of the new contract for Adif's parking network in Spain and the refinancing of the Group's debt. And we have overcome them in a complex economic framework with international macroeconomic factors pulling in different directions.

While it's true that monetary and fiscal policies in 2024 sought to support economic growth and moderate price and interest rate increases, it's also true that, in 2025, we have entered an uncharted playing field in terms of international relations and political and economic decisions whose impact is difficult to measure in the short term. All of this is coupled with the ongoing armed conflicts, focused on Ukraine and the Middle East, which continue to require political action, but above all, a humanitarian response due to their tragic consequences in terms of lives and displaced people.

As usual, Saba Group is working to safeguard its structure in this complex environment. An example of this is how we maintain measures that minimize the impact of our electricity bills. Likewise, we are seeking to complete digitalization and remote working projects, which will be crucial to maintaining an optimal cost structure. This is necessary if we are to continue seeking new market opportunities, encouraging the extension of the portfolio's average contract duration, and deepening the provision of digital services focused on mobility in an increasingly competitive environment.

Saba is expected to merge with the Belgian parking company Interparking in 2025, once the necessary administrative procedures have been completed. The resulting company will become a European benchmark in the sector, with more than 2,000 car parks in 16 European and Latin American countries, nearly 800,000 parking spaces, and nearly 8,000 electric charging points.

Since Saba's refoundation in 2011 (a term we coined ourselves), and until 2024, the company has overcome all kinds of obstacles, building a solid path for the future that has resulted in operating revenue being doubled (from €148 million to €318 million), a 2.5-fold increase in EBITDA (from €58 million to €144 million), with a Revenue/EBITDA margin of 45% in 2024, one of the highest in the sector.

Along these same lines, from 2011 to 2024, the company has seen a major transformation and undertaken growth operations, with investments of more than €830 million, without capital increases and with a thorough and ongoing review of liquidity and debt, which in 2024 will be similar to that of 2011. Thus, net accounting financial debt has fallen below €500 million in 2024, representing a deleveraging of more than €115 million since 2019, despite the pandemic.

To summarise the 2024 financial year, the recovery in activity across the Saba network continues, with growth compared to 2023 (comparable activity without management) of 3% in short-stay hours and 6% in subscribers, already higher than before the pandemic. As for 2024's salient figures, operating income reached €318 million - 3.5% higher than in 2023 - while EBITDA reached €144 million (excluding rental income), 4.6% higher than 2023.

From 2011 to 2024 the company has transformed and undertaken growth operations, with investments of over 830 million euros.

The company invested 62 million euros in fiscal year 2024, maintaining efforts to increase the operational efficiency of the business and implement initiatives that allow Saba to become a benchmark in the sector, with special focus on new support systems, new technologies and energy efficiency, in addition to innovative sales formulas and initiatives, and in developing active, growth-focused contract management. The processes of requesting concession rebalancing and contract renegotiation have been maintained, as well as the search for new opportunities in the market, promoting the lengthening of the average contractual duration of the portfolio, with an estimated average life of 20 years.

Twenty new projects were completed, including the contract for managing the Ciudad Jardín car park (164 parking spaces) in Spain, the University of Lisbon Residences car park concession (482 spaces) in Portugal, and the Parque Arroios lease in Lisbon (150 spaces). In Italy, we were awarded a contract to manage a car park under construction in Lecce (466 spaces) and the concession for the Porto car park (170 spaces) in Livorno.

In the United Kingdom, the contract for managing the University Hospitals Dorset NHS Foundation Trust (2,000 spaces), as well as new management contracts for High Speed (HS1) - 8,542 spaces - and Cannock Chase & Lichfield Council (8,998 spaces).

The HS1 contract includes the management of nine car parks at four stations on the high-speed rail network between London and Kent. HS1 holds the concession until 2040 to operate and maintain the 109 km high-speed line, the four stations along the route, and all its tunnels and bridges. In 2022, Saba was also awarded a five-year contract in the United Kingdom to manage, from 2023, 79 car parks - 10,500 spaces - at the stations managed by Transport for London, the public body responsible for the majority of London's transport network. This includes the Underground, buses, taxis, trams, and some train lines.

Saba's actions aim to consolidate the group as the leading operator and the image of car parks as sustainable, urban mobility hubs for both people and goods. We are committed to intermodality as a key element of traffic management in cities. Transport for London and HS1 are good examples of a combination of different means of transport, where car parks can be the point of origin and/or destination of the journey. In this way, the company demonstrated its capacity to manage all types of parking available in the market, including so-called Park and Ride, as in this case.

New operations also include management contracts for Stade - 1,501 spaces - in Germany and Paseo Viña Centro and Meds Los Trapenses - 1,200 spaces each - in Chile.

In terms of efficiency, operational management and quality of service, Saba's Customer Service and Control Centre (CSCC) currently has 299 connected car parks in Spain, Italy and Portugal. In order to strengthen the recovery, the company will modernise sales activity by adapting our product portfolio, recovering subscribers, electric mobility, promotion of new digital channels and the digitalisation of processes in general.

In this regard, Saba continues to promote and strengthen strategic business initiatives such as number plate-based payment, both for subscribers and short-stays. Thus, in Spain, we have 80 car parks offering Ticketless services, while in the United Kingdom and Germany, we have more than 400 car parks with similar systems. Furthermore, more than 16 million transactions have been recorded using OBEs (VIA T, Telepass, Via Verde, and TAG) in the 151 car parks where electronic access and payment systems have been implemented. In fact, the universal TAG has been successfully deployed in Chile, allowing device holders to use parking spaces in addition to motorways, without the need for explicit authorization.

Saba has been awarded the contract to manage High Speed (HS1) in the United Kingdom in 2024, with 8,542 parking spaces.

Everything we do at Saba is aimed at consolidating our position as a leading operator and at strengthening the role of car parks as hubs for sustainable urban mobility for people, companies, and goods.

In the e-commerce services segment, the Saba business website and app have been modernized and expanded in 2024, extending them to all the countries where they operate, and the UK website will be updated in 2025. Visits to Saba websites and App reached the 6 million mark in 2024, and the number of transactions amounted to more than 180,000. Online sales increased by 16%.

We continue working to make the car park more than just a space for cars and motorcycles, but also for other personal micro-mobility vehicles, car-sharing and rent-a-car, in an inter-modal regime, and also with public transport. Saba must adapt to people's new habits and work to be a benchmark mobility manager, with the ambition of fostering the company's growth and opening new lines of innovation in the sector, and income diversity, which will contribute to its consolidation in the future. Here I could cite the last mile (e-commerce lockers, proximity distribution), as well as services in the actual car park: digital screens, vending machines, company fleets, vehicle washing stations, among others.

We have continued work on one of our strategic bets since 2018, the electrical infrastructure. Both public and private car parks are a great opportunity for providing electric charging stations for all types of vehicles, private, shared and fleets: fast and semi-fast and for all needs, whether one-off demand or for subscribers; in cases where the car remains overnight in the car park or is only short-stay during working hours.

At the end of 2024 the company has more than 1,600 electric charging points in car parks across the Group, 730 of which will be managed directly by Saba (20% more than in 2023) through strategic agreements, and the rest through third parties. Saba's own charging points have recorded savings of 1,100 tons of CO2 emissions in 2024, 32% more than in 2023. Worthy of note are the drive to launch fast charging in Spain, the growth in all markets, and the effort to unify the charging model in all the countries in which we operate, adapting it to the different markets.

It is essential to support the deployment of electric charging infrastructure and to ensure the availability of sufficient electrical power: electric vehicle penetration will be limited if this problem is not addressed in underground parking, which is a hub for mobility services for people, businesses, and goods.

To conclude this review, I would like to express my sincere gratitude, also on behalf of the Steering Committee, for the commitment of all the people who make up the Group and who, not only in 2024 but throughout all these years, have contributed to creating the company that Saba is today: a leading company which is innovative, inclusive and sustainable. We have forged a path that has led us to excellence, best practices, international growth, overcoming new challenges - such as the financial crisis and the most disruptive pandemic of all time. I am convinced that Saba's values and spirit will continue to guide us in the future.

In 2024, the company has over 1,600 electric charging points in the Group's car parks, 730 of which are managed directly by Saba.

The President's review
2011-2024 A transformed company