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STRABAG SESEMI-ANNUAL 2011 RESULTS, 31 AUGUST 2011

2 © STRABAG SE (8/2011)

This presentation is made by STRABAG SE (the "Company") solely for use at investor meetings and is furnished to you solely for your

information.

This presentation speaks as of August 2011. The facts and information contained herein might be subject to revision in the future. Neither the

delivery of this presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any

implication that there has been no change in the affairs of the Company since such date. None of the Company or any of its parents or

subsidiaries or any of such person's directors, officers, employees or advisors nor any other person makes any representation or warranty,

express or implied as to, and no reliance should be placed on, the accuracy or completeness of the information contained in this presentation.

None of the Company or any of its parents or subsidiaries or any of their directors, officers, employees and advisors nor any other person shall

have any liability whatsoever for any loss howsoever arising, directly or indirectly, from any use of this presentation. The same applies to

information contained in other material made available at the meeting.

This document is selective in nature and is intended to provide an introduction to, and overview of, the business of the Company. Where any

information and statistics are quoted from any external source, such information or statistics should not be interpreted as having been adopted

or endorsed by the Company as being accurate.

This presentation contains forward-looking statements relating to the business, financial performance and results of the Company and/or the

industry in which the Company operates. These statements generally are identified by words such as "believes," "expects," "predicts," "intends,"

"projects," "plans," "estimates," "aims," "foresees," "anticipates," "targets," and similar expressions. The forward-looking statements, including

but not limited to assumptions, opinions and views of the Company or information from third party sources, contained in this presentation are

based on current plans, estimates, assumptions and projections and involve uncertainties and risks. Various factors could cause actual future

results, performance or events to differ materially from those described in these statements. The Company does not represent or guarantee that

the assumptions underlying such forward-looking statements are free from errors nor do they accept any responsibility for the future accuracy of

the opinions expressed in this presentation. No obligation is assumed to update any forward-looking statements.

By accepting this presentation you acknowledge that you will be solely responsible for your own assessment of the market and of the market

position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future

performance of the Company's business.

DISCLAIMER

3 © STRABAG SE (8/2011)

13,254 13,968 14,739 15,752

2008 2009 2010 HY/10 HY/11

13,743 13,021 12,777

5,234

2008 2009 2010 HY/10 HY/11

DOUBLE-DIGIT GROWTH IN OUTPUT VOLUME

Output volume (€m) � Double-digit growth compared to HY/2010, when harsh weather conditions hampered construction works

� Increases in all segments

� Germany, Poland and Northern Europe show especially high rises

+17%

Order backlog (€m)

-6%

� Order backlog 6 % below record level of HY/2010

� For the largest part due to cancellation of order backlog in Libya and working off order backlog in Poland

6,136

14,879

-7%

+11%

4 © STRABAG SE (8/2011)

270 283 299

-10

17

197186

735684648

2008 2009 2010 HY/10 HY/11

EBIT ALREADY POSITIVE IN HY/2011

EBITDA (€m)

6%

EBIT (€m)

� EBITDA rose 6% on good earnings from Germany and Poland

� Despite positive distortion in HY/2010

� First time in company history: EBIT already positive in HY: € 16.67 million

� Positive one-off of last year amounted to € 10.6 million

HY/10 HY/112010

+11%

+13%

2008 2009

-10

5 © STRABAG SE (8/2011)

RECOVERY OF EBIT IN S&C

70

18-16

34

59

2008 2009 2010 HY/10 HY/11

Special Divisions & Concessions

4143

154

124

86

2008 2009 2010 HY/10 HY/11

Building Construction & Civil Engineering

-100

145 143

184

-74

2008 2009 2010 HY/10 HY/11

Transportation Infrastructures

17

-10

299283270

2008 2009 2010 HY/10 HY/11

Total Group

HY/10

-10

-5%-34%

280%

6 © STRABAG SE (8/2011)

1.53

-0.10-0.10

175

-11-11

EPS AGAIN NEGATIVE DUE TO HIGH MINORITIES

Net income after minorities (€m)

� Net interest expense similar to last year’s level

� Tax rate almost 30%

� Minority interest even positive (!) at € 19.75 million; last year they bore a loss of € 1.33 million

� Earnings per share again at € -0.10, BUT: bear in mind the positive one-off in HY/2010!

Earnings per share (€)

HY/10 HY11 2010 HY/10 HY/11 2010

7 © STRABAG SE (8/2011)

Assets(1)

(€m) HY/2011 2010

Share capital 114 114

Capital reserves 2,311 2,311

Retained earnings 616 666

Minority interest 178 141

Equity 3,219 3,232

Provisions 926 928

Financial liabilities 1,271 1,318

Other non-current liabilities 72 68

Deferred taxes 37 49

Non-current liabilities 2,306 2,363

Provisions 711 711

Financial liabilities 396 241

Trade payables 3,118 3,068

Other current liabilities 769 767

Current liabilities 4,994 4,787

Intangible assets 555 536

PP&E(2) 2,210 2,176

Associated companies 88 88

Other financial assets 260 257

Concession receivables 894 969

Other long-term receivables 119 105

Deferred taxes 218 214

Non-current assets 4,344 4,345

Inventories 793 706

Accounts receivables 3,714 3,147

Cash and cash equivalents 1,405 1,952

Assets held for sale 263 232

Current assets 6,175 6,037

EQUITY RATIO AT 31%, NET CASH OF € 25 MILLION

Total assets 10,519 10,382

(1) Rounding differences might occur. (2) PP&E + investment property

(€m) HY/2011 2010

Liabilities & equity 10,519 10,382

Liabilities and Equity(1)

8 © STRABAG SE (8/2011)

LOWER BUILD-UP OF WORKING CAPITAL

1,405

1

-548

46

-302

-292

-447

155

1,952

HY/2011

€m

-14n.m.CFF

-242-25%CFI

-40828%CFO

1,13024%Cash – end of period

10-93%FX changes

-66417%Net change in cash

-50612%∆ Working Capital

9859%Cash-flow from profits

1,78310%Cash – beginning of period

HY/2010

€m∆ %

Rounding differences might occur.

9 © STRABAG SE (8/2011)

1,8402,307

4,279

HY/10 HY/11 2010

BUILDING CONSTRUCTION & CIVIL ENGINEERING

17,931

2.5%

43

5,958

1,748

1,840

HY/2010

€m

18,25313%20,215Employees

3.9%1.9%EBIT margin

154-5%41EBIT

5,6607%6,402Order backlog

3,97623%2,142Revenue

4,27925%2,307Output volume

2010

€mChange

HY/2011

€m� Double-digit output volume increase; growth

mainly in Germany, Poland and RANC

� In Switzerland, acquisitions Brunner Erben and Astrada are included

� EBIT fell slightly due to an aperiodic effect

� 13% more employees due to Swiss acquisitions

� Order backlog up by 7%, boosted mainly by Germany, Poland, RANC and Switzerland

� Poseidonhaus office building, Frankfurt

(€ 96 million)

� Oberlaa Ost housing complex, Vienna (€ 82 million)

� Outlook reiterated: Output volume of € 5.1 billion in FY2011 expected

Key Indicators

Output volume (€m)

Comments

+25%

10 © STRABAG SE (8/2011)

TRANSPORTATION INFRASTRUCTURES

� Mild winter has positive effect on output volume; increases above all in Germany, Poland and Scandinavia

� EBIT by 34% deeper in the negative territory: weak public sector investments in Czech Republic

� Order backlog lower by 8% due to order intake in Poland normalising and mild winter in Germany enabling order intake to be turned into output volume immediately; growth in Scandinavia

� Outlook confirmed: € 6.3 billion output volume in FY2011 expected

� Germany stable, decline in Austria expected, Poland boom likely to end this year

� Increase in Josef Möbius stake from 70% to 100%, acquisition of Ludwig Voss, both Germany

Key Indicators

Output volume (€m)

Comments

2,2392,628

5,810

HY/10 HY/11 2010

+17%

29,538

-3.5%

-74

5,697

2,134

2,239

HY/2010

€m

30,0592%30,196Employees

3.2%-3.9%EBIT margin

184-34%-100EBIT

4,735-8%5,256Order backlog

5,69219%2,530Revenue

5,81017%2,628Output volume

2010

€mChange

HY/2011

€m

11 © STRABAG SE (8/2011)

Key Indicators

� Volatile tunnelling business and Direct Export led to increases in output volume in Italy and Middle East, while Hungary and Africa lower

� EBIT nearly tripled to € 69.50 million; volatile business in non-European markets

� Order backlog reduced by 21%; last year driven by developments in non-European markets; excludes Libyan orders

� PPP division especially successful in Northern Europe, bidding in Germany, Belgium, Finland and the Netherlands

� New PPP project: A8 in Germany

� Outlook unchanged: Forecast for output volume at € 2.5 billion

Output volume (€m)

Comments

1,072 1,135

2,518

HY/10 HY/11 2010

+6%

SPECIAL DIVISIONS & CONCESSIONS

18,014

1.6%

18

4,072

1,135

1,072

HY/2010

€m

19,8678%19,383Employees

-0.6%5.6%EBIT margin

-16280%70EBIT

4,318-21%3,209Order backlog

2,6728%1,230Revenue

2,5186%1,135Output volume

2010

€mChange

HY/2011

€m

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