Webuild — Investor Presentation 2023

Jul 28, 2023

First Half 2023 Financial Results July 28, 2023

1 Business Update

Pietro Salini Chief Executive Officer

2 Financial Update

Massimo Ferrari General Manager Corporate and Finance

3 Outlook

Pietro Salini

Chief Executive Officer

Agenda

Snapshot of 1H 2023 results

Record order backlog, covering 100% revenue and EBITDA targets for 2023-2025

• €17.7bn of new orders acquired year to date; 2023 target overachieved
• Record order backlog at €61bn
• >90% of projects in construction backlog contribute to SDGs(2)

Strong net cash position at €438m, improved by €835m vs 1H 2022

Double-digit growth in operating results

Delivery of strategic infrastructures

• Bridge over the Danube, Braila, in Romania, the second longest suspension bridge in continental Europe
• San Babila station of Milan's Metro 4, with trains reaching Linate airport in 12 minutes

2023 guidance confirmed

First Half 2023 Financial Results 1) Versus 1H 2022

2) United Nations' Sustainable Development Goals to be achieved by 2030

total backlog, of which €51bn construction(1)

construction backlog related to projects in lowrisk countries(2)

>90%

of projects in construction backlog contribute to SDGs(3) advancement

Construction backlog by activities

First Half 2023 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

Additional €13bn of bids awaiting outcome

First Half 2023 Financial Results

• 1) Including Norway, Switzerland and United Kingdom
• 2) Source: Global Data, excluding maintenance and residential

Our projects, involving thousands of suppliers, are central to Italy growth

1) Total companies including direct suppliers and estimated subcontractors, from the beginning of works for each project

2) Including direct and indirect workforce

Clough integration on track

Webuild footprint in Australia

February 2023 Clough acting as platform in thriving strategic market

Acquisition completed in February 2023 and promptly started integration process

Organization and resources

• Set up governance
• Defined new integrated organization structure

Processes, procedures and IT systems

• Developed gap analysis and detailed alignment plan to allow convergence towards a single model
• Aligned key processes to Webuild model (e.g., Commercial, Bidding, Operations Control)
• To be completed by year end alignment of other critical processes

Agenda

Stronger operating results with higher revenues, EBITDA, and EBIT

First Half 2023 Financial Results

(€m)	1H 2022(1)	1H 2023(1)	Var.
EBIT	124	139	14
Financial income	67	32	(34)
Financial expenses	(89)	(111) 1	(22)
Net exchange rate (losses)	72	10	(61)
Net financial income (costs)	50	(68) 2	(118)
Gain (losses) on investments	0	6	6
Net financing costs and net gains on investments	50	(62)	(111)
EBT	174	77	(97)
Income taxes	(71)	(49)	23
Profit (loss) from continuing operations	102	28	(74)
Profit (loss) from discontinued operations	(15)	(1)	14
Profit (loss) before non controlling interests	88	27	(60)
Non controlling interests	(24)	(4)	19
Net income (loss)	64	3 23	(41)

Financial expenses (€m)	1H 2022	1H 2023	Var.
Bank charges and commissions	(25)	(36)	(12)
Bond charges	(39)	(40)	(1)
Leasing	(3)	(3)	0
Other	(23)	(31)	(8)
Financial expenses	(89)	(111)	(22)

2 1H 2022 financial income were positively impacted by non-recurring financial gains of €29m and a net exchange rate gain of €72m

Strong balance sheet with a net cash position at €438m, improved by €835m vs 1H 2022

¹⁴ First Half 2023 Financial Results

€m

Comfortable liquidity position

€3bn available liquidity, of which €920m undrawn RCF

500

750

Bank Bond

Agenda

Roadmap 2023-2025 "The future is now": strategic drivers

• 2) With baseline in 2019
• 3) Cumulative in 2023-2025

Roadmap 2023-2025 "The future is now": on track to achieve targets

1

2

2023 guidance confirmed, in light of the strong order backlog and solid net cash position achieved

What else is in store for the future?

• On track to achieve 2025 targets
• − Revenues at more than €10.5bn
• − Better profit margins and constant dividend distribution
• − Greater cash generation and further deleveraging
• − €57bn backlog in 2025, for a solid future
• Government commitment to Messina Strait bridge
• Thanks to our size we are investing in people, know-how and innovation to help our clients to face global challenges such as climate change, energy transition and population growth

	2022	2023E	2025E
Average book-to-bill		>1.1x
Total backlog €bn	53		57
Revenues €bn	8.2	9.0-9.5	10.5-11.0
EBITDA €m	572	720-760	990-1,050
Net cash position €m	265		Maintainnet cash position
Gross debt €m	2,619	€200-250m reductionby 2025
Dividends to shareholders €m	54	€160-170m in 2023-2025

These targets do not reflect the potential impact that might come from the start of mega projects such as the Messina Bridge, as well as operating efficiencies stemming from the reorganization of the subsidiaries.

Agenda

¹⁹ First Half 2023 Financial Results

			IN 2022 Aujosieu			IN 2020 Aujusieu
(€/000)	Webuild Group	Joint ventures not controlled by Lane (*)	PPA backlog Impairment Astaldi	Ucraina	Adjusted	Webuild Group	Joint ventures not controlled by Lane $(*)$	PPA backlog Astaldi	GUPC arbitration awar d	Adjusted
Total revenue and other income	3,835,481	37,576	٠.	$\sim 100$	3,873,057	4,536,036	28,409	$\sim$		4,564,446
Gross operating profit (EBITDA)	255,669	(4, 414)	$\sim$	$\sim$	251,256	291,939	(3, 353)	$\sim$		288,587
EBITDA %	6.7%	$-11.7%$			6.5%	6.4%	$-11.8%$			6.3%
Impairment losses	(53, 775)	$\overline{\phantom{a}}$		52,331	(1, 444)	(526)				(526)
Provisions, amortisation and depreciation	(162, 502)	$\overline{\phantom{a}}$	36,922	$\sim$	125,580)	(183,060)	$\overline{\phantom{a}}$	33,554	$\overline{\phantom{a}}$	(149, 506)
Operating profit (loss) (EBIT)	39,392	(4, 414)	36,922	52,331	124,232	108, 353	(3, 353)	33,554		138,555
R.o.S. %	1.0%	$-11.7%$			3.2%	2.4%	$-11.8%$			3.0%
Financing income (costs) and gains (losses) on equity investments
Financial income	66,724			÷	66,724	32,331		÷		32,331
Financial expenses	(88, 884)				(88, 884)	(110,681)		-	۰	(110,681)
Net exchange gains (losses)	71,698	$\overline{\phantom{a}}$			71,698	10,206		٠		10,206
Net financing income (costs)	49,538				49,538	(68, 145)		$\sim$		(68, 145)
Net gains (losses) on equity investments	(4, 407)	4,414		۰	$\overline{7}$	(27,640)	3,353	$\overline{\phantom{a}}$	30,618	6,331
Net financing income (costs) and net gains (losses) on equity investments	45, 131	4,414			49,544	(95, 785)	3,353	٠	30,618	(61, 814)
Profit (loss) before taxes (EBT)	84,523	$\sim$	36,922	52,331	173,776	12,569		33,554	30,618	76,741
Income taxes	(51, 505)		(8,86]	(11,000)	(71, 366)	(40,651)		(8,053)		(48, 704)
Profit (loss) from continuing operations	33,018		28,061	41,331	102,410	(28,082)		25,501	30,618	28,037
Profit (loss) from discontinued operations	(14,765)				(14, 765)	(620)				(620)
Profit (loss) before non-controlling interests	18,253	$\sim$	28,061	41,331	87,645	(28, 702)		25,501	30,618	27,417
Non-controlling interests	(23, 823)				(23, 823)	(4, 352)				(4, 352)
Profit (loss) for the period attributable to the owners of the parent	(5, 570)		28,061	41,331	63,822	(33,054)		25,501	30,618	23,066

²⁰ First Half 2023 (*) 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

(€/000)	2022 1H	2023 1H
income Total revenue and other	3 835 481 , ,	4 536 036 , ,
Gross operating profit (EBITDA)	255 669 ,	291 939 ,
% EBITDA	7% 6	4% 6
Impairment losses	(53 775) ,	(526)
Provisions , amortisation depreciation and	(162 502) ,	(183 060) ,
Operating profit (loss) (EBIT)	39 392 ,	108 353 ,
% R .o.S	0% 1	4% 2
Financing income (costs) and gains (losses) on equity investments
Financial income	66 724 ,	32 331 ,
Financial expenses	(88 884) ,	(110 681) ,
Net exchange gains (losses)	71 698 ,	10 206 ,
Net financing income (costs)	49 538 ,	(68 145) ,
Net gains (losses) on equity investments	(4 407) ,	(27 640) ,
Net financing income (costs) and net gains (losses) on equity investments	45 131 ,	(95 785) ,
Profit (loss) before taxes (EBT)	84 523 ,	12 569 ,
Income taxes	(51 505) ,	(40 651) ,
Profit (loss) from continuing operations	33 018 ,	(28 082) ,
Profit (loss) from discontinued operations	(14 765) ,	(620)
Profit (loss) before non-controlling interests	18 253 ,	(28 702) ,
Non-controlling interests	(23 823) ,	(4 352) ,
Profit (loss) for the period attributable to the owners of the parent	(5 570) ,	(33 054) ,

Webuild Group

Reclassified statement of financial position

(€/000)	June 30 , 2022	December 31 , 2022	June 30 , 2023
Non-current assets	2 058 358 , ,	1 976 156 , ,	2 024 612 , ,
Goodwil	84 906 ,	82 884 ,	81 498 ,
Non-current assets (liabilities) held for sale	27 891 ,	848	7 541 ,
Provisions for risks	(221 391) ,	(198 879) ,	(196 612) ,
Post-employment benefits and employee benefits	(57 071) ,	(52 606) ,	(52 774) ,
Net tax assets	434 148 ,	437 450 ,	518 602 ,
Inventories	237 909 ,	248 809 ,	261 933 ,
Contract assets	3 317 496 , ,	3 199 971 , ,	3 955 849 , ,
Contract liabilities	(3 005 769) , ,	(3 311 689) , ,	(4 642 191) , ,
Receivables (**)	2 851 657 , ,	2 882 876 , ,	3 326 614 , ,
Liabilities (**)	(3 721 578) , ,	(3 891 729) , ,	(4 268 498) , ,
Other current assets	891 508 ,	916 445 ,	944 869 ,
liabilities Other current	(582 896) ,	(620 648) ,	(673 959) ,
Working capital	(11 673) ,	(575 965) ,	(1 095 384) , ,
Net invested capital	2 315 168 , ,	1 669 888 , ,	1 287 482 , ,
Equity attributable of to the the parent owners	1 610 419 , ,	1 578 710 , ,	1 402 242 , ,
Non-controlling interests	307 786 ,	356 365 ,	323 394 ,
Equity	1 918 205 , ,	1 935 074 , ,	1 725 636 , ,
financial indebtedness Net	396 963 ,	(265 186) ,	(438 154) ,
Total financial resources	2 315 168 , ,	1 669 888 , ,	1 287 482 , ,

Financial Results

²² First Half 2023 (**) This item shows assets of € 0,1 million (€ 3,2 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.

Net Financial Position

Webuild Group Net financial indebtedness

(€/000)	June 30 , 2022	December 31 , 2022	June 30 , 2023
Non-current financial assets	472 236 ,	518 439 ,	513 551 ,
Current financial assets	377 521 ,	439 356 ,	479 862 ,
Cash and cash equivalents	1 520 000 , ,	1 921 177 , ,	2 114 390 , ,
Total cash and cash equivalents and other financial assets	2 369 757 , ,	2 878 972 , ,	3 107 804 , ,
Bank and other loans and borrowings	(318 796) ,	(276 267) ,	(225 224) ,
Bonds	(1 884 394) , ,	(1 886 549) , ,	(1 888 246) , ,
liabilities Lease	(86 263) ,	(68 829) ,	(79 635) ,
Total indebtedness non-current	(2 289 452) , ,	(2 231 646) , ,	(2 193 105) , ,
Current portion of bank loans and borrowings and facilities current account	(371 640) ,	(297 419) ,	(359 514) ,
Current portion of bonds	(39 999) ,	(18 506) ,	(47 813) ,
Current portion of lease liabilities	(74 070) ,	(71 721) ,	(70 792) ,
Total indebtedness current Total other financial (liabilities) assets	(485 709) , 8 441 ,	(387 646) , 505 5 ,	(478 118) , 574 1 ,
Net financial indebtedness - continuing operations	(396 963) ,	265 186 ,	438 154 ,
financial indebtedness - discontinued Net operations	24 734 ,	2 097 ,	7 322 ,
financial indebtedness including Net discontinued operations	(372 229) ,	267 283 ,	445 476 ,
indebtedness Total gross	(2 162) 775 , ,	(2 291) 619 , ,	(2 224) 671 , ,

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 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 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.