Webuild — Investor Presentation 2024

Jul 26, 2024

First Half 2024 Financial Results July 26, 2024

3

1 BUSINESS UPDATE

Pietro Salini

Chief Executive Officer

2 SECTOR MEGATRENDS & FINANCIAL UPDATE

Massimo Ferrari

General Manager Corporate and Finance

3 MARKET DYNAMICS & OUTLOOK

Pietro Salini

Chief Executive Officer

Agenda

Snapshot of 1H 2024 results: yet another semester of robust organic growth

Total Backlog €65bn	New orders Revenues €7.5bn(1) €5.5bn		EBITDA €407m	Net Income €82m
covering beyond current plan	>65% of 2024 target achieved	higher than FY2019 revenues	double-digit growth	Triple versus 1H 2023
		+20%(2)	+41%(2)

Net cash €1.4bn

maintained positive for the 4th semester in a row

Gross Leverage 2.8x (3)

sharp reduction over the years

First Half 2024 Financial Results

• 1) Year to date as of July 24, 2024 including best offer amounting for €0.5bn
• 2) Versus 1H 2023
• 3) Gross Debt on Adjusted Last Twelve Months EBITDA

5

A winning strategy started with Progetto Italia, generating a bigger, stronger, safer group that continues to achieve excellent results

GLOBAL PLAYER, WELL-PLACED FOR GROWTH

• Paradigm Shift in the sector: changed attitude from all parties involved, now aligned to deliver innovative infrastructures
• Infrastructure investments drastically pushed by global megatrends, such as climate change, demographic growth, growing AI needs, water and resources scarcity
• Huge market opportunities, well above our market share, which make us confident to achieve growth targets, being more selective and addressing new adjacent segments
• Solid presence in highly resilient markets partnering with clients for development of sustainable and innovative infrastructures according to their needs

DELIVERING ON CONSISTENT STRATEGY STARTED IN 2019 WITH PROGETTO ITALIA

• Best-in-class in Health & Safety versus main European peers: Lost Time Injury Frequency Rate constantly reducing, at a quarter of the industry average(1)
• Solid governance with structured processes and competences
• Strong results achieved over the years, with proven capacity to beat targets and market expectations, even considering many global challenges
• Robust balance sheet and exceptional cash flow, thanks to many levers put in place, with focus on growth and margin improvement
• Big investments in innovative solutions for project efficiency and safety setting higher standards for the sector

Trusted global infrastructure player partnering with clients to build sustainable and complex infrastructures for future generations

Our projects milestones in the last 4 years

Innovative solutions to manage skills shortage and supply bottlenecks

Collaboration with universities and programmes for students (Build UP program)

Uniwelab

Global Managerial Academy

Premio Alberto Giovannini

Our people(1): close to 90,000 Our supply chain: 19,400 companies in globally

Start of the new regeneration factory for TBMs

Hyperbaric excavation used for the first time in Italy

Central management with support of digital tools

Suppliers Development Hub

Annual Suppliers Meeting

New record high-quality backlog, allowing to be more selective

Construction Backlog: >5 years of visibility, above peers average

€bn

First Half 2024 Financial Results

Paradigm Shift in the sector: changed attitude to deliver projects

Price revision formula contained in most contracts in backlog

Increased incidence of best technical offer on acquired orders, reducing margin squeeze risks

New contract formulas, such as:

Progressive Design & Build

• 1) Not including Messina Strait bridge total project cost under definition
• 2) Including Italy, North America, Europe, Middle East and Australia
• 3) 2024 year to date as of July 24, 2024 order intake including best offer amounting for €0.5bn

Agenda

Infrastructure investments, driven by solid global megatrends, support core countries growth

Global megatrends drastically pushing infrastructures Construction sector shows no sign of stopping…

• Transmission Lines
• Stadiums & Hospitals

2) Source: International Monetary Fund

... growing faster than GDP of core markets

• 2024 construction market growth(1)
• 2024 GDP growth(2)

Continuous growth path with focus on margin increase

Adjusted data for details please refer to the appendix First Half 2024

>90% of revenues generated from low-risk countries(1)

First Half 2024 Financial Results 1) Including Italy, North America, Europe, Middle East and Australia 2) ENR Report, Global Sourcebook, 11/18 December 2023

Adjusted Net Income at €82m, thanks also to financial income and efficiencies on bank charges

1

(€m)	1H 2023	1H 2024	Var.
EBIT	139	226	88
Financial income	32	81	49
Financial expenses	(111)	1 (134)	(23)
Net exchange rate (losses)	10	5	(6)
Net financial income (costs)	(68)	(48)	21
Gain (losses) on investments	6	(25)	(31)
Net financing costs and net gains on investments	(62)	(73)	(11)
EBT	77	154	77
Income taxes	(49)	(67)	(18)
Profit (loss) from continuing operations	28	87	59
Profit (loss) from discontinued operations	(1)	(3)	(2)
Profit (loss) before non controlling interests	27	84	57
Non controlling interests	(4)	(2)	2
Net income (loss)	23	2 82	59

Financial expenses (€m)	1H 2023	1H 2024	Var.
Bank charges and commissions	(36)	(31)	4
Bond charges	(40)	(49)	(9)
Leasing	(3)	(5)	(1)
Other	(31)	A (48)	(17)
Financial expenses	(111)	(134)	(23)

A Including €6m for 2024-2025 bonds repurchase occurred in June 2024

2 Net Income

€m

1) Net of taxes

Financial discipline improving drastically our credit standing

Gross debt smoothy decreasing while increasing size

Financial Results

New 2029 bond issued extending average debt life and managing ahead of time 2024 & 2025 maturities

M/L corporate debt maturities

First Half 2024 Financial Results

Agenda

Robust pipeline of opportunities reflecting sound growth prospects

Enjoying a leader position in a huge infrastructure market

contractor(2)

International player in Australia(3)

International player in US(3)

European player(3)

Short-term commercial activity(4)

First Half 2024 Financial Results

• 1) Source: Global Data, nominal value excluding maintenance & residential
• 2) TOP 200 Imprese di costruzioni Guamari 2024
• 3) ENR Report, The TOP 250, 21/28 August 2023

4) As of July 24, 2024

5) Including prequalifications and monitored initiatives

Italian market beyond PNRR(1) with investment trend to remain strong

Consolidated leadership position in Italy

Our main projects in the country

Lombarda

7

6

5

• Reggio Calabria,1 lot
• Jonica highway 11

9

Australia: strong infrastructure investments expected for coming years, driven by climate and energy transition

Strong market perspectives, exploring new segments

Market value in 2024-2027(1)

▪ Clean Energy ▪ Power ▪ Oil & Gas ▪ Fertilizers plants

▪ Iron ore

▪ Critical minerals ▪ Operations and maintenance

• Transportation
• Water & Marine
• Building ▪ Defense
  -

Completed integration of Clough, working as a Webuild branch

Rising energy investments, pushed by over US\$40bn via the Powering Australia plan, as well as funds for hospitals, transmission lines, ports and water sector

First Half 2024 Financial Results

Strong investments in other key markets where the Group has deep roots

MIDDLE EAST

Our footprint

€7bn

Historical local presence

Potential opportunities

Seize giga projects of "Saudi Vision 2030" plan, with further opportunities to be explored for 2034 FIFA World Cup and 2030 Expo

In other Gulf countries investments will be driven by metro lines and high-speed railways

NORTH AMERICA

New hub for an integrated approach in USA and Canada

Presented the project to rebuild Baltimore's bridge

Huge market opportunities in US driven by plans to support economic recovery with major investments in industrial and civil infrastructure, mainly rails, metros and roads

Canada is expected to make major investments in metro and light rail transit

Key strategic drivers with focus on margin and cash generation

HIGH-QUALITY BACKLOG

Covers 100% of 2023- 2025 revenues and EBITDA targets and provides visibility for next plan

MARKET OPPORTUNITIES

Big potential in core markets where Group can leverage consolidated presence, without neglecting new markets and sectors

SUBSIDIARIES REORGANIZATION

Organization, governance and process alignment with our best practices, on track to achieve profitability targets and seize market opportunities

On track to reduce €180 million(1) through savings in corporate and project costs

WORKING CAPITAL OPTIMIZATION

Put in place a system to optimize working capital through timely and effective management of all trigger items

First Half 2024 Financial Results

We invest in sustainability for Planet, People, Prosperity, Partnership and Progress

Sustainability pillars and targets New Environmental Rules Confirmed Sustainability Leader

15 Rules extended to our Subcontractors and Partners

The aim is spreading along the entire supply chain:

commitment common

vision

Advanced

62

Climate Change

Programme

100

First Half 2024

1) tCO2 scope 1-2/€m revenue. Scope1: direct emissions. Scope2: indirect emissions

Financial Results ²³ 2) Lost Time Injuries occurred per 1,000,000 worked-manhours

greater awareness

A-

«Roadmap to 2025 - the future is now» presented in march 2023:

	2023A	2024E	2023E 2025E
Average book-to-bill	2.2x	>1.0x	>1.1x
Total backlog €bn	64		57
Revenues €bn	10.0	>11	10.5-11.0 9.0-9.5
EBITDA €m	819	>900	720-760 990-1,050
Net cash position €m	1,431	>400	Maintainnet cash position
Gross Debt €m	2,609	Committedto	€200-250m reductionby 2025
Dividends to shareholders €m	56	plan	€160-170m in 2023-2025

First Half 2024 Financial Results 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

Income Statement

EMARKET SDIR
CERTIFIED

	TH 2023 Adjusted					TH 2024 Adjusted
(€/000)	Webuild Group (*)	Joint ventures not controlled by Lane (**)	PPA backlog Astaldi	GUPC award	PPA Clough	Adjusted	Webuild Group	Joint ventures not controlled by Lane (**)	PPA backlog Astaldi	PPA Clough	Adjusted
Total Revenues	4,593,588	28,409			(57,552)	4,564,446	5,370,697	91,796			5,462,494
Total operating expenses	(4,255,116)	(31,762)			11,019	(4,275,859)	(4,970,247)	(84,900)		-	(5,055,148)
Gross operating profit (EBITDA)	338,472	(3,353)			(46,533)	288,586	400,450	6,896			407,346
EBITDA %	7.4%	-11.8%				6.3%	7.5%	7.5%			7.5%
Impairment losses Provisions, amortisation and depreciation	(526) (188,580)		33,554		5,520	(526) (149,506)	(7,532) (210,446)		26,602	10,472	(7,532) (173,372)
Operating profit (loss) (EBIT)	149,366	(3,353)	33,554		(41,013)	138,554	182,472	6,896	26,602	10,472	226,442
R.O.S. %	3.3%	-11.8%				3.0%	3.4%	7.5%			4.1%
Financing income (costs) and gains (losses) on equity investments
Financial income	32,331					32,331	81,441				81,441
Financial expenses	(1 10,681)					(110,681)	(133,605)				(133,605)
Net exchange gains (losses)	10,206					10,206	4,632				4,632
Net financing income (costs)	(68,145)					(68,145)	(47,532)				(47,532)
Net gains (losses) on equity investments	(27,640)	3,353		30,618		6,331	(18,070)	(6,896)			(24,966)
Net financing income (costs) and net gains (losses) on equity investments	(95,785)	3,353		30,618		(61,814)	(65,602)	(6,896)			(72,499)
Profit (loss) before taxes (EBT)	53,582		33,554	30,618	(41,013)	76,741	116,869		26,602	10,472	153,944
Income taxes	(35,689)		(8,053)		(4,962)	(48,704)	(57,266)		(6,385)	(3,142)	(66,792)
Profit (loss) from continuing operations	17,893		25,501	30,618	(45,975)	28,037	59,603		20,218	7,331	87,152
Profit (loss) from discontinued operations	(620)					(620)	(2,997)				(2,997)
Non-controlling interests	(4,352)					(4,352)	(2,182)				(2,182)
Profit (loss) for the period attributable to the owners of the parent	12,921		25,501	30,618	(45,975)	23,065	54,425		20,218	7,331	81,973

(*) The Group's IFRS statement of profit or loss figures for HY 2023 have been restated after completion of Clough's PPA

First Half 2024 Financial Results (**) 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

	2023 1H (*)	2024 1H
(€/000)
Revenue	4 593 588 , ,	5 370 697 , ,
operating Total expenses	(4 116) 255 , ,	(4 247) 970 , ,
Gross operating profit (EBITDA)	338 472 ,	400 450 ,
% EBITDA	4% 7	5% 7
Impairment losses	(526)	(7 532) ,
Provisions , amortisation depreciation and	(188 580) ,	(210 446) ,
Operating profit (loss) (EBIT)	149 366 ,	182 472 ,
.o.S % R	3 3%	3 4%
Financing income (costs) and gains (losses) on equity investments Financial income Financial expenses gains (losses) Net exchange financing income (costs) Net	32 331 , (110 681) , 10 206 , (68 145) ,	81 441 , (133 605) , 4 632 , (47 532) ,
gains (losses) on equity investments Net	(27 640) ,	(18 070) ,
financing income (costs) and gains (losses) on equity investments Net net	(95 785) ,	(65 602) ,
Profit (loss) before (EBT) taxes	53 582 ,	116 869 ,
Income taxes	(35 689) ,	(57 266) ,
Profit (loss) from continuing operations	893 17 ,	59 603 ,
Profit (loss) from discontinued operations	(620)	(2 997) ,
Non-controlling interests	(4 352) ,	(2 182) ,
Profit (loss) for the period attributable to the owners of the parent	12 921 ,	54 425 ,

Financial Results

Statement of Financial Position

Webuild Group Reclassified statement of financial position

(€/000)	30 June , 2023 (*)	December 31 , 2023	30 June , 2024
Non-current assets Goodwil Non-current assets (liabilities) held for sale Provisions for risks benefits benefits Post-employment and employee Net tax assets Fixed capital	2 023 497 , , 81 498 , 541 7 , (196 612) , (52 774) , 521 469 , 2 384 618 , ,	2 081 538 , , 80 267 , 3 689 , (245 637) , (57 217) , 479 528 , 2 342 168 , ,	2 395 362 , , 82 609 , 3 532 , (173 843) , (64 412) , 478 969 , 2 722 218 , ,
Inventories Contract assets liabilities Contract Receivables () Liabilities () Other current assets liabilities Other current Working capital	261 933 , 3 954 995 , , (4 191) 642 , , 3 326 647 , , (4 272 543) , , 938 137 , (620 940) , (1 053 962) , ,	229 144 , 3 910 278 , , (5 320) 897 , , 3 894 071 , , (4 683 590) , , 1 101 483 , , (636 132) , (2 082 067) , ,	223 661 , 4 256 104 , , (6 808) 687 , , 4 427 268 , , (5 162 973) , , 1 240 329 , , (712 303) , (2 415 722) , ,
invested capital Net	1 330 655 , ,	260 101 ,	306 496 ,
Equity attributable to the of the parent owners Non-controlling interests Equity Net financial indebtedness	1 445 415 , , 323 394 , 1 768 809 , , (438 154)	1 512 411 , , 178 419 , 1 690 831 , , (1 430 730)	1 542 947 , , 200 690 , 1 743 637 , , (1 437 141)
financial Total resources	, 1 330 655 , ,	, , 260 101 ,	, , 306 496 ,

(*) The Group's IFRS statement of financial position figures at 30 June 2023 have been restated after completion of Clough's PPA

First Half 2024 Financial Results

(**) This item shows assets of €5.0m (€2.4m) 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

EMARKET SDIR
CERTIFIED

(€/000)	June 30 , 2023	December 31 2023 ,	June 30 , 2024
Non-current financial assets financial Current assets	513 551 , 479 862 ,	360 198 , 615 006 ,	349 943 , 671 961 ,
Cash and cash equivalents equivalents financial Total cash and cash and other assets Bank and other loans and borrowings	2 114 390 , , 3 107 804 , , (225 224)	3 060 541 , , 4 035 745 , , (139 857)	3 215 258 , , 4 237 162 , , (118 599)
Bonds liabilities Lease	, (1 246) 888 , , (79 635) ,	, (1 074) 600 , , (82 037) ,	, (1 056) 825 , , (91 915) ,
indebtedness Total non-current	(2 105) 193 , ,	(1 968) 821 , ,	(2 571) 035 , ,
Current portion of bank loans and borrowings and current facilities account	(359 514) ,	(413 981) ,	(435 208) ,
Current portion of bonds portion of liabilities Current lease Total indebtedness current	(47 813) , (70 792) , (478 118) ,	(306 465) , (66 219) , (786 665) ,	(263 484) , (72 298) , (770 990) ,
Total other financial assets (liabilities)	574 1 ,	3 618 ,	6 540 ,
Net financial indebtedness - continuing operations	438 154 ,	430 730 1 , ,	437 141 1 , ,
financial indebtedness - discontinued operations Net	322 7 ,	2 681 ,	2 683 ,
financial indebtedness including discontinued Net operations	445 476 ,	433 411 1 , ,	439 824 1 , ,
Total indebtedness gross	(2 671 224) , ,	(2 608 633) , ,	(2 806 561) , ,

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.