Webuild — Investor Presentation 2022

Jul 29, 2022

First Half 2022 Financial Results

Agenda

Pietro Salini Chief Executive Officer

Financial & Sustainability Development

General Manager Corporate and Finance Massimo Ferrari

Outlook & Key Takeaways

Chief Executive Officer Pietro Salini

Highlights

RESILIENT FIRST-HALF PERFORMANCE AMID AN EVOLVING MACROECONOMIC ENVIRONMENT

• Well diversified backlog: covering 95% of 2022-24 target revenues
• Sustainable growth, successfully managing raw materials cost increases and supply chain disruptions

SOLID MARKET & NEW BUSINESS OPPORTUNITIES AHEAD

• Strong international order intake: focus in low-risk markets such as Australia, Europe and North America
• PNRR a unique opportunity for Italy: €13 billion strategic infrastructure projects financed by the PNRR scheduled to go to tender in the second half of the year, with €2.7 billion already at the public tender stage
• Paradigm shift: closer collaboration amongst all parties to meet PNRR milestones, Webuild playing an institutional role
• Working on new businesses development: infrastructure maintenance, water and data centres

PROGRESS ON OUR ESG TARGETS

▪ Commitment to decarbonization, with targets approved by Science Based Targets Initiative; Health and Safety remains a priority

People are our main asset

Data as at June 2022 (1) Direct and indirect workforce (2) On total direct employees

4

; 50%

2022 target exceeded thanks to strong intake

(1) Including tenders for which Webuild has been identified as best bidder for €2.7bn and variation orders for €1.8bn. (2) Data as of July 19, 2022.

High quality construction backlog, covering 95% of 2022-24 revenues

First Half 2022 Financial Results

(1) Including Plants and NBI (2) Including Italy, North America, Europe and Australia (3) United Nations' Sustainable Development Goals to be achieved by 2030

PNRR a unique opportunity for Italy: €13bn of strategic infrastructures to go to tender in 2022

Progress on new businesses: infrastructure maintenance, water and data centres

Main 2022-2024 drivers

• Execute order backlog that covers >95% of 2022-24 targeted revenues with strict control over cost and contract management
• Pursue de-risking strategy with focus on developed markets(1)
• Continue the operational efficiency program, both on direct and indirect cost, by 2023, enabled by the digitalization of core processes
• Focus on cash flow generation and deleveraging as a result of de-risking, operational efficiencies, contract amendments monetization
• Develop new business opportunities to diversify revenue and cash flow, as well as enhance our franchise value and capabilities: infrastructure maintenance, water, data centres and Texas high-speed railway
• Focus on Environmental, Social and Governance (ESG), favoring projects that reduce CO2 emissions, guarantee high safety standards

Sustainable growth

Rigorous project management

Efficiency

Cash generation

New business lines

Agenda

Financial & Sustainability Development

General Manager Corporate and Finance Massimo Ferrari

Resilient operating performance

Operating results

Top line growth by 24% and profitability improvement: EBITDA up 33%; EBIT up 37% driven by:

• quality of construction backlog: 80% of revenues in low-risk countries
• works carried out in partnership with our clients and the supply chain: such as introduction of price increase compensations in Italy
• efficacy in contracts management: risk mitigation clauses
• efficient central supply chain management: granting raw materials in time and with best prices
• cost savings plan currently being implemented: €75m total efficiencies by year-end (€120m at full speed in 2023)

>80% Revenue generated from low-risk countries(1)

(1) Including Italy, North America, Europe and Australia (2) United Nations' Sustainable Development Goals to be achieved by 2030 (3) Revenues from contracts with customers First Half 2022 Financial Results 12

Cost inflation coverage for our portfolio: better visibility on margins

Key Facts				Resources earmarked by the Italian government to cover increase in prices on raw materials(2)
Most international contracts are drawn in accordance with FIDIC(1), which provide for revision formula for increases in raw materials prices	€ bn	3.0	2.8	4.3	10.1
Italian "Aid" decree foresees compensation formula for existing contracts		2022	2023	2024-2026	Total
in 2022-23 New contracts in Italy to include automatic price adjustment mechanism		Payments will be made within 30 days from issue of the monthly works certificate (SAL)	institutional role.	Contract code reform ("Codice degli Appalti") to include price revision mechanism (3) Paradigm shift: closer collaboration among all parties to meet PNRR milestones, Webuild playing an

(1) International standards of the International Federation of Consulting Engineers (2) Source: "Decreto Aiuti" D.L. May 17, 2022, n. 50 - www.gazzettaufficiale.it (3) Source: Reform to be conducted according to principles set by June 2022 Delegated Law www.gazzettaufficiale.it First Half 2022 Financial Results 13

Significant improved of Adjusted Net Profit at €64m

E-MARKET SDIR
CERTIFIED

(€m)	1H 2021(1)	1H 2022(1)	Var
EBIT	91	124	34
Financial income	30	67	37
Financial expenses	(102)	(89)	13 1
Net exchange rate (losses)	19	72	2 52
Net Financial income (costs)	(53)	50	102
Gain (losses) on investments	(18)	0	18
Net financing costs and net gains on investments	(71)	50	120
EBT	20	174	154
Income taxes	(64)	(71)	(7)
Profit (loss) from continuing operations	(44)	102	147
Profit (loss) from discontinued operations	(3)	(15)	(11)
Profit (loss) before non controlling interests	(48)	88	135 3
Non controlling interests	9	(24)	(32)

Net Financial expenses (€m)	1H 2021(1)	1H 2022(1)	Var
Bank charges, commissions and guarantees	(28)	(25)	4
Bond charges	(36)	(39)	(3)
Leasing	(3)	(3)	0
Other	(35)	A (22)	13
Financial charges	(102)	(89)	14

2 The exchange rates profit mainly refers to Colombian pesos, Ethiopian birr, Paraguayan and US dollar related currencies trend

Impairment of the overall exposure in the country, referring to the works completed in 2016 4

Financial trajectory on track to achieve FY 2022 target

Cash-in occurred in July for ca. €150m:

• Diriyah project advance payment (€100m)
  • FIBE positive resolution (€50m)

Driving factors to year end:

• Reversal of 1H working capital seasonality
  • Acceleration of tenders in Italy
• Repayment of raw material cost increase

Well positioned to face rising interest rates: limited debt maturities until 2024 and >85% of corporate debt at fixed rate

ESG at the Core of Webuild's Strategy

First Half 2022 Financial Results

(1) Including emissions generated directly by the work sites and offices (scope 1) and by the electrical energy purchased (scope 2), as well as other indirect emissions generated by only purchased goods and services not owned or controlled by the Group (scope 3)

(2) Lost Time Injury Frequency Rate (LTIFR): 2019 and 2020 data have been restated to include Astaldi

Outlook confirmed

Key takeaways

• ✓ Resilient 1H 2022 results: business still growing and balance sheet has improved
• ✓ Inflationary pressures well managed: thanks to price revision mechanisms in our contracts and recent government measures in Italy
• ✓ Global infrastructure market remains strong: massive investments in many countries
• ✓ In Italy, investments in infrastructure financed by PNRR are expected to accelerate in 2H 2022
• ✓ Targets confirmed

Net of any unforeseeable impact from the health emergency and the escalation of the military conflict between Russia and Ukraine - where the Group is not present - current projects, the significant order backlog and growing demand in core markets for sustainable infrastructure brings Webuild to confirm its financial outlook for 2022

Appendix

Income Statement

Webuild Group

Reclassified statement of profit or loss adjusted

	1° half 2021 Adjusted				1° half 2022 Adjusted
(€/000)	Webuild Group (*)	Joint ventures not controlled by Lane (**)	PPA backlog Astaldi	Adjusted	Webuild Group	Joint ventures not controlled by Lane (**)	PPA backlog Astaldi	Impairment Ukraine	Adjusted
Total revenue and other income	3.038.721	90.324	-	3.129.045	3.835.481	37.576	-	-	3.873.057
Total operating expenses	(2.863.794)	(76.090)	-	(2.939.884)	(3.579.812)	(41.990)	-	-	(3.621.801)
Gross operating profit (EBITDA) EBITDA %	174.927 5,8%	14.234 15,8%	-	189.161 6,0%	255.669 6,7%	(4.414) -11,7%	-	-	251.256 6,5%
Impairment losses	(6.360)	-	-	(6.360)	(53.775)	-	-	52.331	(1.444)
Provisions, amortisation and depreciation	(131.811)	-	39.732	(92.079)	(162.502)	-	36.922	-	(125.580)
Operating profit (loss) (EBIT)	36.756	14.234	39.732	90.722	39.392	(4.414)	36.922	52.331	124.232
R.o.S. % Financing income (costs) and gains (losses) on equity investments	1,2%	15,8%		2,9%	1,0%	-11,7%			3,2%
Financial income	30.054	-	-	30.054	66.724	-	-	-	66.724
Financial expenses	(102.360)	-	-	(102.360)	(88.884)	-	-	-	(88.884)
Net exchange gains (losses)	19.461	-	-	19.461	71.698	-	-	-	71.698
Net financing income (costs)	(52.845)	-	-	(52.845)	49.538	-	-	-	49.538
Net gains (losses) on equity investments	(3.730)	(14.234)	-	(17.964)	(4.407)	4.414	-	-	7
Net financing income (costs) and net gains (losses) on equity investments	(56.575)	(14.234)	-	(70.809)	45.131	4.414	-	-	49.544
Profit (loss) before taxes (EBT)	(19.819)	-	39.732	19.913	84.523	-	36.922	52.331	173.776
Income taxes	(54.708)	-	(9.536)	(64.244)	(51.505)	-	(8.861)	(11.000)	(71.366)
Profit (loss) from continuing operations	(74.527)	-	30.196	(44.331)	33.018	-	28.061	41.331	102.410
Profit (loss) from discontinued operations	(3.448)	-	-	(3.448)	(14.765)	-	-	-	(14.765)
Profit (loss) before non-controlling interests	(77.975)	-	30.196	(47.778)	18.253	-	28.061	41.331	87.645
Non-controlling interests Profit (loss) for the period attributable to the owners of the parent	8.583 (69.392)	- -	- 30.196	8.583 (39.196)	(23.823) (5.570)	- -	- 28.061	- 41.331	(23.823) 63.822

(*) The Group's IFRS statement of financial position figures for the first half 2021 have been restated after completion of Purchase Price Allocation of Astaldi

(**) The Group monitors the key figures of Lane Group for management purposes adjusting the IFRS figures prepared for consolidation purposes to present the results of the non-subsidiary joint ventures consolidated on a proportionate basis. These figures show the status of contracts managed directly by Lane Group or through non-controlling investments in joint ventures

Income Statement

Webuild Group Reclassified statement of profit or loss

	1° half 2021	1° half 2022
(€/000)	(*)
Total revenue and other income	3.038.721	3.835.481
Total operating expenses	(2.863.794)	(3.579.812)
Gross operating profit (EBITDA)	174.927	255.669
EBITDA %	5,8%	6,7%
Impairment losses	(6.360)	(53.775)
Provisions, amortisation and depreciation	(131.811)	(162.502)
Operating profit (loss) (EBIT)	36.756	39.392
R.o.S. %	1,2%	1,0%
Financing income (costs) and gains (losses) on equity investments
Financial income	30.054	66.724
Financial expenses	(102.360)	(88.884)
Net exchange gains (losses)	19.461	71.698
Net financing income (costs)	(52.845)	49.538
Net gains (losses) on equity investments	(3.730)	(4.407)
Net financing income (costs) and net gains
(losses) on equity investments	(56.575)	45.131
Profit (loss) before taxes (EBT)	(19.819)	84.523
Income taxes	(54.708)	(51.505)
Profit (loss) from continuing operations	(74.527)	33.018
Profit (loss) from discontinued operations	(3.448)	(14.765)
Profit (loss) before non-controlling interests	(77.975)	18.253
Non-controlling interests	8.583	(23.823)
Profit (loss) for the period attributable to the owners of the parent	(69.392)	(5.570)

(*) The Group's IFRS statement of financial position figures for the first half 2021 have been restated after completion of Purchase Price Allocation of Astaldi

Webuild Group

Reclassified statement of financial position
(€/000)	30 june 2021 (*)	31 december 2021	june 30 2022
Non-current assets	1 982 664	1 992 500	2 058 358
Goodwil	72 151	78 496	84 906
(liabilities) for Non-current assets held sale	(4 561)	24 849	27 891
Provisions for risks	(199 379)	(222 591)	(221 391)
Post-employment benefits and employee benefits	(51 509)	(50 687)	(57 071)
Net tax assets	391 668	375 000	434 148
	2.191.035	2.197.566	2.326.841
Inventories	197 793	217 607	237 909
Contract assets	2 580 621	2 787 252	3 317 496
liabilities Contract	(2 257 916)	(3 422 846)	(3 005 769)
Receivables (**)	2 321 078	2 482 480	2 851 657
Liabilities (**)	(2 895 470)	(3 208 770)	(3 721 578)
Other current assets	963 070	905 056	891 508
Other liabilities current	(577 127)	(565 421)	(582 896)
Working capital	332.050	(804 .643)	(11 .673)
Net invested capital	2.523.084	1.392.923	2.315.168
Equity attributable owners of to the the parent	1.336.657	1.587.309	1.610.419
Non-controlling interests	646 402	272 291	307 786
Equity	1.983.059	1.859.599	1.918.205
Net financial indebtedness	540.026	(466 .677)	396.963
financial Total resources	2.523.084	1.392.923	2.315.168

(*) The Group's IFRS statement of financial position figures for the first half 2021 have been restated after completion of Purchase Price Allocation of Astaldi

(**) This item shows assets of €2.9 million classified in net financial indebtedness and related to the Group's net amounts due from/to consortia and consortium companies (SPEs) operating under a cost recharging system and not included in the consolidation scope. The balance reflects the Group's share of cash and cash equivalents or debt of the SPEs. The Group's exposure to the SPEs was shown under "Assets" for €15.8 million at 31 December 2021

Webuild Group Net financial indebtedness
(€/000)	30 june 2021	31 december 2021	30 june 2022
financial Non-current assets	319 094	418 511	472 236
Current financial assets	388 762	313 241	377 521
Cash and cash equivalents	714 739 1	2 370 032	520 000 1
Total cash and cash equivalents and other financial assets	2.422.595	3.101.784	2.369.757
Bank and other loans and borrowings	(778 487)	(317 265)	(318 796)
Bonds	(1 182) 486	(1 852) 487	(1 394) 884
liabilities Lease	(97 902)	(101 673)	(86 263)
Total indebtedness non-current	(2 .362.571)	(1 .906.790)	(2 .289.452)
Current portion of bank loans and borrowings and current	(507 384)	(667 066)	(371 640)
account facilities
Current portion of bonds	(33 502)	(11 881)	(39 999)
Current portion of lease liabilities	(58 644)	(68 808)	(74 070)
indebtedness Total current	(599 .530)	(747 .755)	(485 .709)
Derivative assets	4 895	3 684	5 560
Derivative liabilities	(0)	(0)	(0)
Net financial position with unconsolidated SPEs (**)	(5 414)	754 15	2 882
financial (liabilities) Total other assets	(519)	19.438	8.441
financial indebtedness - continuing operations Net	(540 .026)	466.677	(396 .963)
Net financial indebtedness - discontinued operations	117	23 687	24 734
Net financial indebtedness including discontinued operations	(539 .909)	490.364	(372 .229)
Total gross indebtedness	(2 .967.516)	(2 .654.545)	(2 .775.162)

(**) This item shows the Group's net amounts due from/to unconsolidated consortia and consortium companies operating under a cost recharging system and not included in the consolidation scope. The balance reflects the Group's share of cash and cash equivalents or debt of the SPEs. The balances are shown under trade receivables and payables in the condensed interim consolidated financial statements

We are at forefront to fight climate change

Webuild's 2030 emission reduction targets approved by Science Based Targets initiative

First Half 2022 Financial Results 25 (1) Scope 1&2 indicate the emissions generated directly by the work sites and offices (scope 1) and by the electrical energy purchased (scope 2) (2) Scope 3 includes other indirect emissions generated by sources not owned or controlled by the Group

Safety remains top priority

Webuild is committed to further accelerating its focus on health and safety

+10,000 people involved

Innovative safety training

+400 workshops +17,000 training hours

Safety Builders Program implementation worldwide

Innovation at the base of our ESG strategy

Innovative solution as enabler of our ESG targets

This presentation may contain forward-looking objectives and statements about Webuild's financial situation, operating results, business activities and expansion strategy.

These objectives and statements are based on assumptions that are dependent upon significant risk and uncertainty factors that may prove to be inexact. The information is valid only at the time of writing and Webuild (Salini Impregilo) does not assume any obligation to update or revise the objectives on the basis of new information or future or other events, subject to applicable regulations.

Additional information on the factors that could have an impact on Webuild's (Salini Impregilo) financial results is contained in the documents filed by the Group with the Italian Securities Regulator and available on the Group's website at www.webuildgroup.com or on request from its head office.

Thank you