Financial ReportSeptember 2021

Aeropuerto El Dorado

Odinsa´s ConsolidatedResults

Aeropuerto El Dorado

Consolidated Results — September 2021

Increase in revenue ~ ∆+ 192,1k M, mainly due to:

✓ ∆+ 150,5k M Highway Concessions

✓ ∆+ 74,7k M Airport Concessions

✓ ∆- 5,9k M Others

✓ ∆- 10,9k M Accounting Eliminations

✓ ∆- 16,2k M Construction

Increase in EBITDA ~ ∆+ 158,9k M, mainly due to:

✓ ∆+ 108,2k M Highway Concessions

✓ ∆+ 74,7k M Airport Concessions

✓ ∆+ 8,8k M Accounting Eliminations

✓ ∆- 12,5k M Others

✓ ∆- 20,3k M Construction

2

1

Increase in net income ~ ∆+ 128,2k M, mainly due to:

✓ ∆+ 74,7k M Airport Concessions

✓ ∆+ 63,0k M Highway Concessions

✓ ∆+ 16,2k M Others

✓ ∆- 6,3k M Accounting Eliminations

✓ ∆- 19,4k M Construction

3

Real Real Variation

sep-20 sep-21 2021 vs 2020

Income 530,615 722,772 36%

Income by MPP - 49,184 28,142 157%

Cost 150,815 194,715 29%

Gross Profit 379,800 528,057 39%

Other income/expenses 3,982 5,810 46%

Operating Profit 257,234 403,542 57%

EBITDA 321,723 480,718 49%

Financial, net - 168,057 - 143,015 15%

Net income before taxes 81,380 253,883 212%

Taxes 72,196 84,402 17%

Net income 9,184 169,481 1745%

Non controlling profit/loss - - 0%

Profit/loss for the parent company 9,184 169,481 1745%

Income 37,901 69,920 84%

Income by MPP - 28,717 99,561 447%

Relevant numbers – Consolidated Income Statement

Summary

Aeropuerto El Dorado

22,6621,39 21,10

2020 2021 Ppto

27,9725,36 26,17

2020 2021 Ppto

4,555

7,085

2020 2021

39,29 41,13 39,06

2020 2021 Ppto

44,9547,57 45,88

2020 2021 Ppto

11,831

19,934

2020 2021

65.15178.094 72.043

2020 2021 Ppto

143.451

180.674 179.757

2020 2021 Ppto

24,94634,320

2020 2021

Summary

AKF ADN BTA

TPD accumulated

data

Revenues

EBITDA

EBITDA MARGIN

114,182107,755 107,471

20%

USD millions USD millions*Includes consortium

26%

15%

6%

45% 43% 40% 87% 86% 85%

5%

9%

81% 84% 81%

38%68% 56%

6%

COP millions

27.923

80.945

59.309

2020 2021 Ppto

59.736

125.036117.346

2020 2021 Ppto

14,181

26,807

2020 2021

157.013

180.940

161.714

2020 2021 Ppto

328.462

235.298 225.809

2020 2021 Ppto

5,169 6,580

2020 2021

-3.106

16.472

0

31.047

57.860

0

2020 2021 Ppto

14,09719,620

2020 2021

Summary

MVM P2 Túnel de Oriente

COP millions

2020

COP millions

2021

COP millions

15%

48% 77% 72%

86%

630%

28%

-10%

28% 109%

190%

47% 65% 51%

39% 27% 89%

TPD accumulated

data

Revenues

EBITDA

EBITDA MARGIN

310.666

525.883480.955

2020 2021 Ppto

5,42

11,452,42

3,11

2020 2021

61,02

77,57

63,97

2020 2021 Ppto

14.135

127.301

89.989

2020 2021 Ppto

0,63 0,72

0,55

0,84

2020 2021

38,03

51,87

40,88

2020 2021 Ppto

4,93

4,05

4,74

2020 2021 Ppto

7,02

6,16 6,45

2020 2021 Ppto

Summary

Green Corridor Quiport

Passengers

USD millionsUSD millions

*million passengers

*Includes MSIA financial revenue*Coverage revenues not included

18%

Opain

7.84

14.551.18

1..55

70% 66% 73%

12%

62% 67% 72%

111%

86%

27%

36%

69%

801%

5% 24% 19%

51%28%

31%

14%

Revenues

EBITDA

EBITDA MARGIN

*Coverage revenues not included

COP millions

Aeropuerto El Dorado

Revenues, EBITDA and Net ProfitContribution by segment

* Comparison Y/Y

Revenues –Contribution by segment

COP millions

20

20

Vs.2

02

1

Highway Concessions revenues increase ~∆+ 150,5k M, mainly due to:1 Construction revenues decrease ~ ∆- 16,2k M, mainly due to:

✓ ∆+ 2,4k M APP Llanos

✓ ∆+ 2,1k M JV ADN

✓ ∆+ 0,3k M CND y CMO

✓ ∆- 2,1k M GCAKF

✓ ∆- 19,0k M Consorcio Farallones

3

2 Airport Concessions revenues increase ~ ∆+ 74,7k M, mainly due to:

✓ ∆+ 44,6k M Quiport

✓ ∆+ 30,1k M Opain

4 Other revenues decrease ~ ∆- 5,9k M, mainly due to:

✓ ∆+ 3,1k M Odinsa SA

✓ ∆- 9,1k M Odinsa Holding

1

2 3 4

✓ ∆+ 65,3k M Túnel de Oriente.

✓ ∆+ 37,2k MAKF.

✓ ∆+ 26,7k M MVM

✓ ∆+ 24,4k M Pacífico II.

✓ ∆+ 9,6k M ADN.

✓ ∆- 3,1k MCIC.

✓ ∆- 9,6k M BTA.

*Includes interest on subordinated debt

2020 Highway Concessions Airport Concessions Construction Other Accounting eliminations 2021

EBITDA –Contribution by segment

COP millions

1 Construction EBITDA decrease ~ ∆- 20,3k M, mainly due to:

✓ ∆+ 1,8k M Chamba Blou

✓ ∆+ 1,6k M JV ADN

✓ ∆+ 1,2k M Confase

✓ ∆+ 0,3k M CND y CMO

✓ ∆+ 0,2k M APP Llanos

✓ ∆- 0,1k M JV BTA

✓ ∆- 6,5k M GCAKF

✓ ∆- 19,0k M Consorcio Farallones

3

2Airport Concessions EBITDA increase ~ ∆+ 74,7k M, mainly due to:

✓ ∆+ 44,6k M Quiport

✓ ∆+ 30,1k M Opain

4Other EBITDA decrease ~ ∆- 12,5k M, mainly due to :

✓ ∆+ 0,4k M Odinsa PI

✓ ∆- 4,4k M Odinsa SA

✓ ∆- 8,6k M Odinsa Holding

1

2 3 4

20

20

Vs.2

02

1

Highway Concessions EBITDA increase ~ ∆+ 108,2k M, mainly due to:

✓ ∆+ 53,0k M Túnel de Oriente

✓ ∆+ 24,4k M Pacífico II

✓ ∆+ 18,9k M MVM

✓ ∆+ 12,9k M AKF

✓ ∆+ 6,8k M ADN

✓ ∆- 3,2k M CIC

✓ ∆- 4,7k M BTA

*Includes subordinated debt interests

2020 Highway Concessions Airport Concessions Construction Other Accounting eliminations 2021

Net Profit –Contribution by segment

1

2

34

COP millions

1 ~ ∆- 19,4k M, mainly due to:Construction net profit decrease

✓ ∆+ 1,9k M Chamba Blou

✓ ∆+ 0,7k M JV ADN y JV BTA

✓ ∆+ 0,4k M Confase

✓ ∆+ 0,3k M CND y CMO

✓ ∆+ 0,1k M APP Llanos

✓ ∆- 4,0k M GCAKF

✓ ∆- 19,0k M Consorcio Farallones

3

2Airport Concessions net profit increase ~ ∆+ 74,7k M, mainly due to:

✓ ∆+ 44,6k M Quiport

✓ ∆+ 30,1k M Opain

4Other net profit increase ~ ∆+ 16,2k M, mainly due to:

✓ ∆+ 17,6k M Odinsa SA

✓ ∆+ 0,5k M Odinsa PI

✓ ∆- 1,9k M Odinsa Holding

20

20

Vs.2

02

1

Highway Concessions net profit increase ~ ∆+ 63,0k M, mainly due to:

✓ ∆+ 24,4k M Pacífico II

✓ ∆+ 19,7k M Túnel de Oriente

✓ ∆+ 8,7k MMVM

✓ ∆+ 6,2k M AKF

✓ ∆+ 3,3k MBTA

✓ ∆+ 2,0k M ADN

✓ ∆- 1,4k M CIC

*Includes subordinated debt interests

2020 Highway Concessions Airport Concessions Construction Other Accounting eliminations 2021

Concessions’ Results

Aeropuerto El Dorado

Airport Concessions

Aeropuerto El Dorado

5,42

11,45

2,42

3,11

2020 2021

0,630,72

0,55

0,84

2020 2021

Airport Concessions’ Traffic

OPAIN QUIPORT

Million passengers – accumulated data, September

Domestic PassengersInternational Passengers

7.84

14.55

1.18

1.55

111%

86%

28%

31%

14%

51%

310.666

525.883

2020 2021

-120.247

-26.872

2020 2021

14.135

127.301

2020 2021

OPAIN

Total Revenues variation Y/Y +68%, mainly due to:

• Higher regulated revenues: ~ ∆+ COP 160,3k M

• Higher unregulated revenues: ~ ∆+ COP 54,8k M

• Lower coverage revenues: ~ ∆- COP 29,4k M

EBITDA increase +801%, mainly do to:

• ∆+ COP 215,2 M, total revenues

Net profit increase +78%, mainly due to:

• ∆+COP 77,9 M, in EBIT

• Increase in financial expenses, net ~ ∆+ COP 6.4k M

69% 801%

78%

REVENUES

COP millions

EBITDA

COP millions

NET PROFIT

COP millions

-22,87

3,07

-7,80

2020 2021 Ppto

38,03

51,87

40,88

2020 2021 Ppto

61,02

77,57

56,66

2020 2021 Ppto

Quiport

Total Revenues variation Y/Y +27%, mainly due to:

• Higher regulated revenues: ~ ∆+ USD 12,2 M

• Higher unregulated revenues: ~ ∆+ USD 5,8 M

EBITDA increase +36%, mainly due to:

• ∆+ USD 17,8 M, total revenues

Net profit increase 113%, mainly due to:

• Increase in EBIT ~ ∆+ USD 18,9 M.

*Includes MSIA financial revenue

113%

27%36%

REVENUES

USD millons

EBITDA

USD millons

NET PROFIT

USD millons

Highway Concessions

Aeropuerto El Dorado

3,886

7,318

2020 2021

3,862

5,356

2020 2021

1,416

1,796

2020 2021

1,248

1,934

2020 2021

3,242

5,442

2020 2021

6,84

9,37

2020 2021

Highway Concessions’ Traffic

Million vehicles – accumulated data, September

AKF ADN BTA

Pacífico II MVM CTAO

37% 68% 55%

27% 39% 88%

42.389

52.789

45.252

2020 2021 Ppto

65.151

78.09472.043

2020 2021 Ppto

143.451

180.674 179.757

2020 2021 Ppto

AKF + Consortium (aggregate)

Revenues variation Y/Y +26%, mainly due to:

• Higher toll collection revenues: ~ ∆+ COP 18,6K M

• Higher construction revenues: ~ ∆+ COP 18,8K M

EBITDA increase +20%, mainly due to:

• ∆+ COP 37,2k M, total revenues

Net profit increase +25%, mainly due to:

• Increase in EBIT ~ ∆+ COP 12,7k M

26% 20% 25%

204.333

243,850

208,765

121.377

114,182107,755

99.052

88,17584,536

* Interpretation includes only concession

3% 15% 16%

REVENUES

COP millions

EBITDA

COP millions

NET PROFIT

COP millions

17,9718,80 19,10

2020 2021 Ppto

39,2941,13

39,06

2020 2021 Ppto

44,9547,57

45,88

2020 2021 Ppto

ADN

Revenues variation Y/Y +6%, mainly due to:

• Higher operating revenues: ~ ∆+ USD 1,6 M

• Higher financial revenues: ~ ∆+ USD 0,9 M

EBITDA increase +5%, , mainly due to:

• ∆+ USD 2,61 M, total revenues

• Lower operating expenses ~ ∆- USD 0,36 M

Net profit increase +5%, mainly due to:

• ~ ∆+ USD 1,91 M, in EBIT

• Decrease in financial expenses, net ~ ∆ USD- 2,50 M

45,16

6% 5%5%

REVENUES

USD millions

EBITDA

USD millions

NET PROFIT

USD millions

5,10

6,43

5,76

2020 2021 Ppto

22,6621,39 21,10

2020 2021 Ppto

27,97

25,36 26,17

2020 2021 Ppto

BTA

Revenues variation Y/Y -9%, mainly due to:

• Lower operating revenues:~ ∆- USD 1,89 M

• Lower financial revenues: ~ ∆- USD 0,72 M

EBITDA decrease by -6%, mainly due to:

• ∆- USD 2,61 M, total revenues

• Lower operating costs~ ∆- USD 0,9 M.

• Increase in other revenues, net ~ ∆ +USD 0,66 M.

Net profit increase by +26%, mainly due to:

• Decrease in financial expenses, net ~ ∆+ USD 2,42 M.

• Taxes decrease ~ ∆- USD 0,3 M (+1,63 M current and -1,93

deferred)

9% 26%6%

REVENUES

USD millions

EBITDA

USD millions

NET PROFIT

USD millions

25.360

56.304

11.761

2020 2021 Ppto

157.013

180.940

161.714

2020 2021 Ppto

328.462

235.298225.809

2020 2021 Ppto

Pacífico II

Total Revenues variation Y/Y -28%, mainly due to:

• Higher toll collection revenues: ~ ∆+ COP 19,1k M

• Lower construction revenues:~∆- COP 112,3k M

EBITDA increase by +15%, mainly due to:

• Lower operating costs ~ ∆- COP 116,5k M

• Increase in other revenues, net ~ ∆+ COP 0,2k M

Net profit increase by +122%, mainly due to:

• ∆+ COP 23,9k M, in EBIT

• Increase in foreign exchange balance variation ~ ∆+ COP

10,0k M

• Taxes decrease ~ ∆- COP 18,8k M (deferred)

28% 15% 122%

REVENUES

COP millions

EBITDA

COP millions

NET PROFIT

COP millions

-3.918

13.863

0

-3.106

16.472

0

31.047

57.860

0

2020 2021 Ppto

Malla Vial del Meta

Total Revenues variation Y/Y +86%, mainly due to:

• Higher toll collection revenues: ~∆+ COP 23,8k M

• Higher construction revenues: ~∆+ COP 2,9k M

EBITDA increase +630%, mainly due to:

• ∆+ COP 26,8k M, total revenues

Net profit increase +454%, mainly due to:

• ∆+ COP 19,7k M, in EBIT

2021

2020

Ppto

2021

2020

Ppto

86% 630% 454%

REVENUES

COP millions

EBITDA

COP millions

NET PROFIT

COP millions

-11.741

28.493

6.883

2020 2021 Ppto

27.923

80.945

59.309

2020 2021 Ppto

59.736

125.036117.346

2020 2021 Ppto

Túnel de Aburrá Oriente

Total Revenues variation Y/Y +109%, mainly due to:

• Higher toll collection revenues: ~ ∆+ COP 61,0k M

• Higher financial income : ~ ∆+ COP 4,2k M

EBITDA increase +190%, mainly due to:

• ~ ∆+ COP 65,3k M, total revenues.

Net profit increase 343%, mainly due to:

• ∆+ COP 44,5k M, in EBIT

• Increase in financial expenses, net ~ ∆+ COP 6,7 K M

190%109% 343%

2020

REVENUES

COP millions

EBITDA

COP millions

NET PROFIT

COP millions

1,26

0,86

1,32

2020 2021 Ppto

4,93

4,05

4,74

2020 2021 Ppto

7,02

6,166,45

2020 2021 Ppto

Green Corridor

Total Revenues variation Y/Y -12%, mainly due to:

• Decrease in operating revenues: ~ ∆- USD 1,35 M

• Increase in financial revenues: ~ ∆+ USD 0,44 M

EBITDA decrease -18%, mainly due to:

• Decrease in revenues ~ ∆- USD 0,86 M

• Increase in operating costs and expenses ~ ∆+ USD 0,18

M

Net profit decrease -32, mainly due to:

• Decrease in EBIT ~ ∆- USD 0,88 M

18% 32%12%

REVENUES

USD millions

EBITDA

USD millions

NET PROFIT

USD millions