2020 RESULTS

Margins and Results are affected by COVID 19 pandemic and accounting adjustments

High volumen of deliveries and billing despite of dificulties. Significant cash Flow generation and debt reduction. Low level of pre sales in the 2020 Financial year. The commercial portfolio decreases as no new developments have been launched. Freezing new land investments. Margins and Results are affected by COVID 19 pandemic and accounting adjustments. Refinancing of debt associated with land and corporate debt. Search for ways to guarantee the viability of the
company.

Madrid, 25 de febrero de 2021.- Very complicated year with a significant impact on the business. Despite the significant growth in turnover, the higher cash generation and the reduction in debt, this has slowed down the company's expectations.

Result highly affected by provisions and tax credit deactivation that account for more than 85% of the losses recorded.

All difficulties well resolved with the merger with Neinor Homes that protects the interests of Quabit’s shareholders.

Quabit contributes to the creation of the leading developer in Spain.