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ANNUAL REPORT 2024

The President's
review

Salvador Alemany

We will continue to closely monitor both financial and non-financial impacts.

Uncertainty is the adjective that can be applied to the climate that currently looms over the macroeconomic framework. Political decisions such as the tariff war or new global defence and security plans, among others, are factors that could lead to a spike in inflation combined with economic weakness and further strain financial conditions in the short and medium term.

But far from sending out a message of pessimism, it is necessary now more than ever to think about the possible opportunities that may arise. We must bet on the resilience the global economy demonstrated in 2024 despite persistent challenges, driven by sectors such as technology and renewable energy, with inflation falling faster than expected, allowing major central banks to begin a phase of monetary easing after years of high rates.

As usual, we will be closely monitoring all monetary and fiscal policies, adjustments and stability measures as they are adopted, constantly monitoring both financial and non-financial impacts.



Between 2011 and 2024, Saba has experienced a virtuous growth cycle. It has been a pioneering, innovative and visionary company.

Before addressing the 2024 financial year, the scope of this report, I would like to remind you that on October 16, 2024, Saba's majority shareholder, CriteriaCaixa, publicly announced that it had reached an agreement with the insurance company AG Insurance and the fund manager APG, shareholders of the Belgian company Interparking, for the integration of Saba into this Group. CriteriaCaixa will have the right to propose the appointment of two members of Interparking's Board of Directors. The closing of the transaction, expected in the second half of 2025, is subject to the usual procedures for this type of transaction, including approval by the European Competition Authority.

This is a new journey for Saba, another stage in a history that is approaching 60 years, and I would like to take this opportunity to highlight a cycle that I would like to describe as virtuous. And it runs from 2011, following the spin-off of the businesses carried out by Abertis and the re-foundation of Saba, until 2024. With a team of 2,065 people as of December 31, 2024, the Group has grown from 5 countries and 60 cities in 2011 to 9 countries and 189 cities in 2024. The number of managed car parks has gone from 203 to 1,004 (x5), and the number of parking spaces from 136,000 to 340,000 (x2.5).

Throughout this virtuous cycle, the Group has closed major deals, such as the one with Barcelona Bamsa, the Adif parking concession contract - renewed in 2024 - as well as entering the United Kingdom, Germany, the Czech Republic, and Slovakia. In addition to being competitive, this level of growth has made Saba a pioneer in the implementation of VIA T and OBE's in different countries, and its Customer Service and Control Centre (CSCC), to name a few; We are innovative, offering our customers products and services that make their lives easier, such as e-commerce through the App and the Website, or license plate reading; visionary, turning our car parks into true, sustainable mobility hubs for people (electric vehicles), companies (sharing, fleets) and goods (e-commerce).

And, finally, we are supportive of the world we live in, with nearly 20 projects supporting disadvantaged populations - especially children and healthcare - and 14 agreements with cultural entities working in cities and mobility, among others. All of this, thanks to a team that has made every advance and every achievement possible.

Looking back on 2024, the recovery in parking activity has continued to consolidate, as has the growth of the Group's key management indicators, both in terms of operating income and EBITDA. In this sense, Saba's revenues amounted to 318 million euros with an EBITDA of 144 million euros.

In addition to actions aimed at business optimization, operational efficiency, energy efficiency, and cost control, there are also those that seek to position the company as a leader in its sector. In this sense, the intensification of sales activity is a key element. Without a doubt, it constitutes a fundamental pillar for both the present and the future in the process of consolidating recovery. This boost is achieved through the modernization and adaptation of sales channels - including business digitalization, Web and App - as well as the updating of our product offering.

The Group remains firmly committed to a model focused on efficient management of its operations and technological innovation, complemented by proactive contract management, all geared toward sustained growth.

In this regard, we have maintained selective growth as one of the company's vectors, seeking new market opportunities and promoting longer average contractual terms for the portfolio. In this area, Saba closed a total of 101 deals in 2024 in most of the countries where it operates. This includes new projects, contract renewals, and extensions, affecting nearly 125,000 parking spaces.

In terms of renewals and extensions, the most significant milestone is the renewal of Adif's contract for the operation of the car parking network at the AVE and long-distance train stations, after Saba was awarded the tender launched by the public entity. This means renewing Spain's largest parking contract, along with that of Bamsa, the public-private company that Saba shares with Barcelona City Council and which includes 26 car parks and nearly 12,000 parking spaces. The Adif contract covers the current 55 stations and 23,000 spaces in 49 cities, and will be expanded to 64 stations and 30,700 spaces in 55 cities.

Also notable in Spain are the renewals of the l'Illa Diagonal contract (2,344 places), Hospital Sant Joan de Déu (519 places) contract, and the Bupa Clinic (1,136 places) contract, this one in Chile. In Portugal, we have renegotiated the ANA Airports contract (14,050 places). In Germany, we have renewed the Berlin Vivantes contract (1,200 spaces). In the United Kingdom, we have renewed the contract with West Midland Trains (8,066 places).

Saba closed a total of 101 transactions in 2024 - including new projects, contract renewals and extensions - with a reach of almost 125,000 parking spaces.

We continue to be active in the process of requesting rebalancing of the concessions in order to correct for the impact of Covid-19, bearing in mind that Saba continued to provide services throughout the pandemic, despite drastic traffic restrictions, since they were deemed to be essential.

The Saba group directs all its actions to becoming consolidated as a benchmark operator and reinforcing the image of car parks as hubs for sustainable urban mobility, for people, companies and merchandise, authentic essential components for regulating road congestion and as an intermodal node of the urban mobility network. It has thus been recognised by the Ministry for Ecological Transition and Demographic Challenge (MITECO) in the Guidelines for the creation of low emission zones (ZBE).

If we agree that car parks are not part of the problem generated by traffic in cities, but rather part of the solution, we should see them as strategic locations in urban centres. These locations, with presence throughout the city and uninterrupted service, act as a policy-integrated agent in the city's overall mobility chains for people, business and goods.

In terms of people and business mobility, Saba is implementing Acciona's battery exchange service for Silence motorcycles in its car parking network. This service allows motorcycle users to quickly swap discharged batteries for fully charged ones in designated parking spaces. There are currently 15 operational stations in Spain, with plans to install 4 more in the short term and a study of their deployment in Italy.

In terms of last-mile operations, car parks must respond to the new needs arising from e-commerce and micro-distribution. An example of this is the facilitation of purchase collections from smart lockers located in 24/7-access car parks. We currently have a network of 244 lockers from different operators throughout the Group: in Italy (InPost, and Amazon), Spain (Pudo, Amazon, InPost and AliExpress), United Kingdom (InPost, Amazon), Portugal (Correios de Portugal). Car parks are also ideal as micro-distribution hubs.

In this way we can reduce the congestion caused by delivery vans and facilitate a more rational, efficient and safe distribution network. The current urban distribution model of e-commerce, which registers very high and continued growth, and even more so after the pandemic, is unsustainable due to its impact on road congestion and the environment.

We maintain the performance of our activity within the framework of the United Nations Sustainable Development Goals (SDGs), reiterating our commitment to the territory and focused on compliance with ESG (environmental, social and governance) criteria. Since 2018, we have had an audited Non-Financial Information Statement that you can consult on the corporate website, www.sabagroup.com, and in which, in general terms, the social, environmental and ethical impact of our organisation is reported, thus providing a transparent and more comprehensive vision of our company.

For example, in terms of the environment, we keep up the fight against climate change as part of our business strategy, with the promotion of initiatives that contribute to advancing the ecological transition and towards a low-carbon economy. As an example, in 2024 we have managed, once again, to reduce our global emissions by 2% compared to the previous year. Furthermore, in fiscal year 2024 Saba has set the environmental goal of achieving Net Zero by 2040.

To conclude this review, I would like to express, both on behalf of the Board of Directors and myself, our deepest gratitude for the strong commitment of all the people and all the countries which make up our organization. We have demonstrated experience and expertise in the face of highly complex challenges, responding always with dedication, resilience, and an admirable capacity for improvement. This attitude is what has allowed us to equip the business with the tools necessary to strengthen its position as an international leader.

In short, we are part of our customers' daily lives. We have integrated sustainability into our business model and are making a positive contribution to society far beyond our car parks.

We carry out our activity within the framework of the United Nations Sustainable Development Goals (SDGs), reiterating our commitment to the territory.

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