Webuild — Investor Presentation 2023

Mar 16, 2023

THE FUTURE IS NOW 2022 Results and Roadmap to 2025

March 16, 2023

A GLOBAL LEADER HOW WE SHAPED OUR BUSINESS

Agenda

FY 2022 RESULTS

Agenda

1 THE FUTURE IS NOW

PIETRO SALINI

CHIEF EXECUTIVE OFFICER

Ambitious achievement: a global champion focused on developed markets

4

(1) THE FUTURE IS NOW Impregilo stand-alone

Agenda

Over €16bn of new orders acquired in 2022, doubling guidance

(2) Including variation order

Strong growth of operating results, exceeding expectations

7

Significant improvement of Adjusted Net Income at €118m

FY 2022 RESULTS (1)Adjusted data for details please refer to the appendix

(€m)	2021(1)	2022(1)	Var
EBIT	198	321	124	Financial expenses (€m)	2021(1)	2022
Financial income	88	119	32	1 Bank charges, commissions and guarantees
Financial expenses	(190)	1 (213)	(22)	Bond charges	(69)
Net exchange rate gain (loss)	10	20	10	Leasing	(8)
Net Financial income (costs)	(92)	(73)	19	Other	(59)
Gain (loss) on investments	(25)	3	28	Financial charges
Net financing costs and net gains on investments	(117)	(70)	48
EBT	80	252	171	Net Income (€m)
Income taxes	(111)	(109)	2	55
Profit (loss) from continuing operations	(31)	143	173	53 4 A
Profit (loss) from discontinued operations	0	(18)	(18)	10 Net income Purchase Price Ukraine		Net
Profit (loss) before non-controlling interests	(30)	125	c 155	reported Allocation impariment Impairment of receivablesreletedto project A		adjusted
Non controlling interests	(26)	(7)	20	in the country completedin 2016
Net Income (loss)	(56)	2 118	175

Strong balance sheet with net cash position

86% of debt at fixed rate with limited maturities until late 2024

FY 2022 RESULTS 10

3 HOW WE SHAPED OUR BUSINESS

Agenda

PIETRO SALINI

CHIEF EXECUTIVE OFFICER

We have delivered stategic projects that contribute to prosperity, improving hundreds of millions people's lives

HOW WE SHAPED OUR BUSINESS In bold there is the total project value and year of completion 12

Order backlog at record highs, creating a solid foundation for the future

We have become a well recognized and more competitive player in developed markets

AMONG TOP 10 INTERNATIONAL PLAYER IN US & AUSTRALIA(2)

TOP 10 EUROPEAN PLAYER(2) 1ST ITALIAN CONTRACTOR(3)

(1)Report, The TOP 250, 22/29 August 2022 (2)ENR Report, Global Sourcebook, 12/19 December 2022 (3) TOP ²⁰⁰ Imprese di costruzioni – Guamari ²⁰²¹ HOW WE SHAPED OUR BUSINESS ¹³

We are investing in innovative solutions for project efficiency and safety setting higher standards for the sector

HOW WE SHAPED OUR BUSINESS 14

HOW WE SHAPED OUR BUSINESS

(1)2012: Direct employees (2)2022: Direct and indirect employees

Our remarkable achievements are thanks to our people: our greatest asset

Agenda

PIETRO SALINI

CHIEF EXECUTIVE OFFICER

Paradigm Shift in the sector: all parties aligned to deliver innovative infrastructures to address global megatrends

A GLOBAL LEADER IN A PROMISING SECTOR

(1)Source: United Nations Office for Project Services, the Global Commission on the Economy and Climate, Global Infrastructure Outlook, Infrastructure investment needs to 2040

Market value, Infrastructures(1)

(€bn)

2023-24

Italy growing in 2023-24 driven by Next Generation EU Fund

• North America continue to be robust market
• Australian public sector backed mega projects, largely road and rail, will be a key driver in the near term, while major hospital investment is also rising rapidly.

Source: Global Data for market value, Cresme for growth rates (1)excluding maintenance, residential, energy and industrial (2) including also Energy A GLOBAL LEADER IN A PROMISING SECTOR

2023-24 infrastructure investments driven by Next Generation EU, US and Australia

Example of new tender criteria

projects in Italy

We are core for Italy growth, building strategic projects at the highest health, safety and quality standards with a vast supply chain

16,300

Workforce as at December 2022(2)

projects expected to go to tender in 2023-2024

10,000

Businesses involved in the supply chain(1)

A GLOBAL LEADER IN A PROMISING SECTOR

(1) Including direct and indirect workforce (2) Total companies including direct suppliers and estimated subcontractors, from the beginning of works for each project ¹⁹

Changing policy to boost investment in major renewables, transmission and storage projects.

Webuild expands footprint in Australia

Source: Global Data, Water Data Intelligence A GLOBAL LEADER IN A PROMISING SECTOR

bringing capabilities on several energy segments

Energy

Energy Installed (GW)

(Australia)

+43 GW in 10 years

(1) Including best offer and Clough backlog (2) Including best offer and share of Snowy

Sustainable buildings

es. Data Centers, Hospitals

€9bn
2024

• CSC: Data Center with doubledigit growth (+10%) driven by investments in IT/clouding
• NBI: pipeline of €15bn of hospitals in Italy in the period 2023-24
• Webuild real estate: Development of real estate projects in Italy

Potential growth in promising key sectors

A GLOBAL LEADER IN A PROMISING SECTOR Source: Global Data, Water Data Intelligence 21

The future is now: ready to deliver

Webuild Group in 2025

Net Cash Position

Maintain Net Cash Position

>85% of landing backlog in low-risk countries(1)

Backlog ca. €57bn

80% of 2023-25 revenues in low-risk countries (1)

Revenues €10.5-11.0bn

Dividends €160-170m

in 2023-2025

Gross Debt Reduction €200-250m

by 2025

Platform and backlog already in hand to deliver targets:

• Organization, people, know-how, local platform in core markets, like US and Australia, already in place to develop projects and meet targets
• Less than 5% of targeted cumulated revenues and EBITDA in 2023-2025 coming from contracts to be acquired
• Enter in new market segments, key for communities' leveraging on Clough skills
• What we aim to achieve in 2023-2025: 2
• Annual revenue growth of 10% versus 2022
• Better margins through efficiencies and leveraging on recently acquired high-quality projects
• Net profit generation and dividend distribution for shareholders
• Cash generation and further deleveraging

5 ROADMAP TO 2025: STRATEGIC PILLARS & FINANCIAL TARGETS

Agenda

MASSIMO FERRARI

GENERAL MANAGER CORPORATE AND FINANCE

Strategic 2023-2025 drivers: Business Evolution

PNRR opportunities in Italy: >€9bn of backlog and >€13bn of new projects to go to tender

Participating in infrastructure investment plans in Australia, North America and North & Central Europe

options

Among main players in strategic markets with strong growth prospects

Strategic 2023-2025 drivers: Operating Efficiencies and Cash Generation

1 Operating efficiencies improving 2025 EBITDA margin for 100 bps 2 Other levers

for cash generation

Rigorous management of projects and payment cycle

Contract amendments cash ins and assets disposal as source of further deleveraging and cost of debt optimization

€230m Cumulated Savings 2023-25

COSTS

CAPEX	I.Asset reutilizations II.Optimization of contracts with suppliers
CORPORATE	I.Optimization of branches and subsidiaries Synergies with Clough II.
PROJECT	I.Back-office automation

II. Identified initiatives on specific projects III.Optimization of external costs

Strategic 2023-2025 drivers: Priority on Safety & Environment

(1)Lost Time Injury Frequency Rate (2)For direct and third party employees

Webuild's 2030 emission reduction targets

Some action taken since 2017

Green TBM and preventive maintenance of installations

Switch to grid electricity, substituting diesel generator Automated Conveyor belt for materials transport

Pre-cast concrete tunnel segment

Target of >€10bn revenues and €1bn EBITDA, maintaining net cash position

These forecasts are based on the absence of major changes in both the geopolitical crisis related to the military conflict in Ukraine and the evolution of the health emergency, and do not assume extreme disruption to the macroeconomic scenario.

>85% of landing backlog in low-risk countries(2)

	2022	2023E	2025E
Average Book-to-bill		>1.1x
Revenues 1	8.2	9.0-9.5	10.5-11.0
€bn
EBITDA €m	572	720-760	990-1,050
Net Cash Position €m	265		Maintain Net Cash Position
Gross Debt €m	2,619	€200-250m reduction	by 2025
Dividends €m	62		€160-170m in 2023-2025

Backlog distribution per geography

ROADMAP TO 2025: STRATEGIC PILLARS & FINANCIAL TARGETS ²⁷ (1)Versus 2022

(2) Including Italy, North America, central and northern Europe and Australia

FY 2022 RESULTS 28

Appendix

FY 2021 Adjusted FY 2022 Adjusted

Webuild Group of profit or loss adjusted Reclassified statement

of profit or loss adjusted	Webuild Webuild Group () Group ()	Joint ventures Joint ventures not controlled not controlled by Lane	PPA PPA backlog backlog Astaldi	Ethiopian Ethiopian tax	CAVTOMI CAVTOMI nonrecurring nonrecurring	Adjusted Adjusted	Webuild Webuild Group Group	Joint ventures Joint ventures not controlled not controlled	PPA PPA backlog backlog Astaldi	Impairment Impairment Ucraina	Adjusted Adjusted
(€/000)		by Lane	Astaldi	tax	effect effect			by Lane by Lane	Astaldi	Ucraina
Total revenue and other income	6,552,243	138,447	-	-	-	6,690,690	8,091,153	71,876	-	-	8,163,028
Gross operating profit (EBITDA)	445,619	5,664	-	-	-	451,284	582,745	(10,571)	-	-	572,174
EBITDA %	6.8%	4.1%				6.7%	7.2%	-14.7%			7.0%
Impairment losses	(27,498)	-	-	-	-	(27,498)	(84,045)	-	-	71,178	(12,867)
Provisions, amortisation and depreciation	(451,837)	-	93,727	-	131,909	(226,201)	(307,624)	-	69,532	-	(238,091)
Operating profit (loss) (EBIT)	(33,717)	5,664	93,727	-	131,909	197,584	191,077	(10,571)	69,532	71,178	321,216
R.o.S. %	-0.5%	4.1%				3.0%	2.4%	-14.7%			3.9%
Financing income (costs) and gains (losses) on	equity	investments
Financial income	87,537	-	-	-	-	87,537	119,084	-	-	-	119,084
Financial expenses	(190,326)	-	-	-	-	(190,326)	(212,642)	-	-	-	(212,642)
Net exchange gains (losses)	10,292	-	-	-	-	10,292	20,416	-	-	-	20,416
Net financing income (costs)	(92,496)	-	-	-	-	(92,496)	(73,141)	-	-	-	(73,141)
Net gains (losses) on equity investments	(19,157)	(5,664)	-	-	-	(24,821)	(7,143)	10,571	-	-	3,429
Net financing income (costs) and net gains (losses) on equity investments	(111,653)	(5,664)	-	-	-	(117,317)	(80,284)	10,571	-	-	(69,713)
Profit (loss) before taxes (EBT)	(145,370)	-	93,727	-	131,909	80,266	110,793	-	69,532	71,178	251,503
Income taxes	(133,629)	-	(22,494)	77,000	(31,658)	(110,781)	(76,290)	-	(16,688)	(15,681)	(108,659)
Profit (loss) from continuing operations	(278,998)	-	71,232	77,000	100,251	(30,515)	34,502	-	52,845	55,497	142,844
Profit (loss) from discontinued operations	232	-	-	-	-	232	(17,972)	-	-	-	(17,972)
Profit (loss) before non-controlling interests	(278,766)	-	71,232	77,000	100,251	(30,283)	16,530	-	52,845	55,497	124,871
Non-controlling interests	(26,183)	-	-	-	-	(26,183)	(6,637)	-	-	-	(6,637)
Profit (loss) for the period attributable to the owners of the parent	(304,949)	-	71,232	77,000	100,251	(56,465)	9,893	-	52,845	55,497	118,235

(*) The estimated charge of €131.9 million relating to the development of the dispute with the Customer in relation to the C.A.V.TO.MI. contract is shown in the reclassified income statement under Provisions and Write-downs. This item is instead shown in the consolidated financial statements accompanying the Notes to the Financial Statements as a reduction of Revenues from contracts with Customers.

Income Statement

2.4%	-0.5%

(€/000)	FY 2021 (*)	FY 2022
Revenue
Revenue from contracts with customers	6,109,730	7,656,006
Other income	442,513	435,147
Total revenue and other income	6,552,243	8,091,153
Gross operating profit (EBITDA)	445,619	582,745
EBITDA %	6.8%	7.2%
Impairment losses	(27,498)	(84,045)
Provisions, amortisation and depreciation	(451,837)	(307,624)
Operating profit (loss) (EBIT)	(33,717)	191,077
R.o.S. %	-0.5%	2.4%
Financing income (costs) and gains (losses) on equity investments
Financial income	87,537	119,084
Financial expenses	(190,326)	(212,642)
Net exchange gains (losses)	10,292	20,416
Net financing income (costs)	(92,496)	(73,141)
Net gains (losses) on equity investments	(19,157)	(7,143)
Net financing income (costs) and net gains (losses) on equity
investments	(111,653)	(80,284)
Profit (loss) before taxes (EBT)	(145,370)	110,793
Income taxes	(133,629)	(76,290)
Profit (loss) from discontinued operations	232	(17,972)
Non-controlling interests	(26,183)	(6,637)
Profit (loss) for the period attributable to the owners of the parent	(304,949)	9,893

(*) The estimated charge, amounting to € 131.9 million, relating to the development of the dispute with the Customer in relation to the C.A.V.TO.MI. contract is shown in the reclassified income statement under Provisions and Write-downs. This item is instead shown in the consolidated financial statements accompanying the Notes to the Financial Statements as a reduction of Revenues from contracts with Customers.

Webuild Group Reclassified statement of profit or loss

(€/000)	December 31, 2021	December 31, 2022
Non-current assets	1,992,500	1,976,156
Goodwil	78,496	82,884
Non-current assets (liabilities) held for sale	24,849	848
Provisions for risks	(222,591)	(198,879)
Post-employment benefits and employee benefits	(50,687)	(52,606)
Net tax assets	375,000	437,450
Inventories	217,607	248,809
Contract assets	2,787,252	3,199,971
Contract liabilities	(3,422,846)	(3,311,689)
Receivables (**)	2,482,480	2,882,876
Liabilities (**)	(3,208,770)	(3,891,729)
Other current assets	905,056	916,445
Other current liabilities	(565,421)	(620,648)
Working capital	(804,643)	(575,965)
Net invested capital	1,392,923	1,669,888
Equity	1,859,599	1,935,074
Net financial indebtedness	(466,677)	(265,186)
Total financial resources	1,392,923	1,669,888

Webuild Group Reclassified statement of financial position

(**) This item shows assets of € 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. The Group's exposure to the SPEs was shown under "Assets" for € 15.8 million at 31 December 2021

nber 31, 2022
1,976,156
82.884
848
(198,879)
(52,606)
437,450
248,809
3.199.971
(3, 311, 689)
2.882,876
(3,891,729)
916.445
(620,648)
(575, 965)
1,669,888
1,935,074
(265, 186)
1,669,888

(€/000)	December 31, 2021	December 31, 2022
Non-current financial assets	418,511	518,439
Current financial assets	313,241	439,356
Cash and cash equivalents	2,370,032	1,921,177
Total cash and cash equivalents and other financial assets	3,101,784	2,878,972
Bank and other loans and borrowings	(317,265)	(276,267)
Bonds	(1,487,852)	(1,886,549)
Lease liabilities	(101,673)	(68,829)
Total non-current indebtedness	(1,906,790)	(2,231,646)
Current portion of bank loans and borrowings and current account facilities	(667,066)	(297,419)
Current portion of bonds	(11,881)	(18,506)
Current portion of lease liabilities	(68,808)	(71,721)
Total current indebtedness	(747,755)	(387,646)
Total other financial assets (liabilities)	19,438	5,505
Net financial indebtedness - continuing operations	466,677	265,186
Net financial indebtedness - discontinued operations	23,687	2,097
Net financial indebtedness including discontinued operations	490,364	267,283
Total gross indebtedness	(2,654,545)	(2,619,291)

Webuild Group Net financial indebtedness

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.