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Second Party Opinion: Sacyr S.A. Sustainable Financing Framework

Sacyr S.A. (Sacyr) is a multinational infrastructure and services company headquartered in Madrid. The company operates across the entire value chain of the infrastructure sector from tender, design, and financing, to asset construction, operation, and maintenance. Publicprivate partnerships (P3s) accounted for more than 88% of the company's 2022 EBITDA. Sacyr operates in several countries across Europe, the Americas, Oceania and other regions.

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