Brisa's operating results continued to be affected by the covid-19 pandemic during 2021. Despite the 15.7% recovery in the year, traffic on the BCR network is still around 13% below pre-pandemic levels.

The beginning of 2021 was marked by a renewed “State of Emergency” decreed by the Government, with the consequent constraining of the movement of people and free pursuit of economic activities. However, throughout the year, and despite the continuation of some restrictive measures imposed by the Government or the occasional further tightening at special moments (such as over the Christmas period), there was a gradual release from lockdown as the vaccination process advanced, with the consequent positive impact on the economy.

The year was characterized by the definition of a new strategic plan focused, among others, on maintaining operational resilience. In this way, measures to optimise and rationalise the cost structure were implemented, which enabled a decrease in operating costs. In this particularly challenging context and bearing in mind the uncertainty about the evolution of the pandemic, Brisa remained faithful to its strategic orientation focused on the efficient management of concession road infrastructure, mobility and technology services, customer services and business sustainability.

Brisa's operating income amounted to €721.0m, representing an increase of 15.5% compared to 2020. Despite the growth observed, the performance of operating income was still reflective of the pandemic context, falling short of pre-pandemic levels. The recovery of activity associated with strict cost control led to EBITDA reaching €532.2m, representing an increase of €98m compared to 2020. The EBITDA margin increased 4.3 p.p. to 73.8%. Net profit recovered in comparison to 2020, standing at €190.6m.

Capex

The continuous improvement of the services provided, ensuring the maintenance of the high level of comfort and safety of those travelling on motorways is a constant concern for Brisa. In 2021, the investment made in the BCR network totalled €41.6m, and €13.2m was also invested in order to ensure permanent innovation and adaptation to new challenges in the areas of mobility and technology.

(1) Earnings Before Interest, Taxes and Depreciations and Amortizations

(2) Earnings Before Interest and Taxes

(3) Nominal Debt net of cash and cash equivalents