Webuild — Investor Presentation 2024

Mar 15, 2024

Full Year 2023 Financial Results March 15, 2024

Agenda

1 Business Update

Pietro Salini Chief Executive Officer

2 Financial Update

Massimo Ferrari General Manager Corporate and Finance

3 Outlook & Closing Remarks

Pietro Salini

Chief Executive Officer

Agenda

Some figures of our business

OUR COMMITMENT FOR COMMUNITIES' WELLBEING AND FUTURE GENERATION PROSPERITY

Our journey in a snapshot: consolidating a bigger and stronger group while improving risk profile

Systemic group with 87,000 workers Record high quality backlog

+100

Revenues increased >4x, largely improving low-risk profile

>€100bn

> 270 completed projects 2012-23

Full Year 2023 Financial Results

1) Impregilo stand-alone

2) Impregilo stand-alone, excluding the effect coming from Ecorodovias disposal

Our performance is the result of a consistent and clear strategy delivered since 2012

CLEAR VISION AND SCALE BEHIND INVESTMENTS IN STRATEGIC INITIATIVES 1

• Global trusted infrastructure player, partnering with clients to solve the most complex challenges and build sustainable infrastructures for future generations, through investments in innovation, health & safety and sustainability
• Leadership position in core countries such as Europe, Australia, USA and Middle East
• Successfully managed scenario challenges (i.e. shortage on people and supply bottlenecks)
• Margins improvement driven by selective bidding, contract management and cost efficiency plan
• Efficient working capital management
• Reorganization of subsidiaries underway to achieve profitability targets and to seize market opportunities
• Value enhancement through divestment of non-core assets

GLOBAL MEGATRENDS DRASTICALLY PUSHING INFRASTRUCTURE INVESTMENTS

• Railways & Metro
• Transport networks

• Ports & Sea works

• Hydroelectric Plants

• Transmission Lines

• Ammonia & Urea Plants

• Desalination Plants

• Water & Wastewater Plants

• Data Centers

• Green buildings
• Airports, Stadiums & Hospitals

Global trusted infrastructure player, partnering with clients to solve the most complex challenges and build sustainable infrastructures for future generations

Engineers dedicated to value engineering, design and planning

committed to identify innovative solutions reducing costs and timing, with the highest standards of sustainability, quality and safety

Programs and innovative solutions

• Innovation Center

• Roboplant

• Innovative materials

• Innovative construction techniques
• Digitalization of sites with the support of AI

Best-in-class in health & safety

Lost Time Injury Frequency Rate(1) reduced to 2.0 level (vs 6.5 average peers in 2022)

"Strong safety performance relative to peers" (3)

ca. €500m

>11.8k

Costs allocated in 2023 to Health & Safety worldwide

^>2m Health and Safety training hours(4)

People involved in the Safety Builders Program since 2017

Full Year 2023 Financial Results

• 1) Injuries occurred per 1,000,000 worked-manhours
• 2) Based on 2022 published results of main european peers
• 3) MSCI ESG rating action as of October 13th, 2023
• 4) In 2020-2023, involving both direct workers and subcontractors

Managed worker shortage…

Direct and 3rd party employees

• ca. 1mln training hours(2)
• Collaboration with 18 universities
• Cantiere Lavoro Italia
• Premio Alberto Giovannini
• Build UP program
• Uniwelab
• Global Managerial Academy

…and supply chain bottlenecks

• Central management
• Support of digital tools

10,000 people to be hired in Italy within 2026

CANTIERE LAVORO ITALIA SOME OF THE INITIATIVES TO DEVELOP COLLABORATION AND PROMOTE ENGAGEMENT

Suppliers Development Hub

Annual Suppliers Meeting

Full Year 2023 Financial Results 1) Impregilo only direct employees

2) In 2023, for direct and 3rd party employees

Margins improvement driven by selective bidding, contract management and cost efficiency plan

Full Year 2023 Financial Results

Record order intake for third year in a row

All time high backlog at €64bn, fully covering 2023-25 plan and providing visibility for next plan

€64bn

total backlog, of which €55bn construction(1)

>85%

construction backlog related to projects in low-risk countries(2)

of projects in construction backlog contribute to SDGs(3)

advancement

>90%

Construction backlog by activities

Full Year 2023 Financial Results

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

2023 marked a year of significant progress for our ESG ambitions

2021-2023 ESG Plan targets achieved ESG ratings, awards and indexes

	Achievements	Target
Lost Time Injuries Frequency Rate(1)	-41% (2022 vs 2017)	-40% (2022 vs 2017)
Carbon Intensity Scope 1&2(2)	-67% (2023 vs 2017)	-50% (2025 vs 2017)
Female in key roles' succession planning	25% (in 2023)	25% (by 2023)
Additional investments in Innovative projects	+€57m (in 2023)	+€30m (by 2023)
EU	63% Revenues(3)
Taxonomy	57% Capex(3)
	72% Opex(3)

Full Year 2023

Target achieved

1) Lost Time Injuries occurred per 1,000,000 worked-manhours

2) tCO2 scope 1-2/€m revenue. Scope1: direct emissions. Scope2: indirect emissions Financial Results ¹²

3) Eligible figures

We continue to invest in sustainability setting further ambitious targets for Planet, People, Prosperity, Partnership and Progress

Some of the levers included in our action plan

• Efficiency initiatives
• Green TBM
• Smart Ventilation Systems
• Smart & Green Precast
• Renewable grid connection
• Design optimization and value engineering solutions
• Further education and training plans
• Monitoring of work areas
• Staff awareness campaigns
• Investments in devices and technological tools
• Inclusion oriented selective processes
• Mentoring projects on female leadership
• Innovation centers
• Activation of further automated pre-cast concrete segment factory
• Investment in intelligent water management
• Investments in Green TBM

Management remuneration linked to specific ESG targets

• 1) tCO2 scope 1-2/€m revenue. Scope1: direct emissions. Scope2: indirect emissions
• 2) Lost Time Injuries occurred per 1,000,000 worked-manhours Financial Results ¹³

2023 record-breaking results, overperforming guidance

Full Year 2023 Financial Results

Agenda

Strong operating results with double-digit growth and improving margins

Leadership position in core countries such as Europe, Australia, USA and Middle East undergoing paradigm shift

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

Revenues by activity

Adjusted Net Income doubled to €236m

CERTIFIED

(€m)	2022	2023	Var.
EBIT	321	475	154
Financial income	119	119	0
Financial expenses	(213)	(245) 1	(32)
Net exchange rate (losses)	20	34	13
Net financial income (costs)	(73)	(92)	(19)
Gain (losses) on investments	3	10	6
Net financing costs and net gains on investments	(70)	(82)	(12)
EBT	252	393	141
Income taxes	(109)	(143)	(34)
Tax rate	43%	36%	(7%)
Profit (loss) from continuing operations	143	250	108
Profit (loss) from discontinued operations	(18)	(10)	8
Profit (loss) before non controlling interests	125	240	115
Non controlling interests	(7)	(4)	2
Net income (loss)	118	2 236	118

Financial expenses (€m)	2022	2023	Var.
Bank charges and commissions	(58)	(75)	(17)
Bond charges	(80)	(86)	(7)
Leasing	(7)	(7)	(1)
Other	(68)	(76) A	(8)
Financial expenses	(213)	(245)	(32)

1

A Including €21m of financial interests reversal following settlement on Ethiopian contractual amendments

Full Year 2023 Financial Results Adjusted data for details please refer to the appendix

1) Net of taxes

Financial discipline improving drastically our credit standing

Operational efficiency and cash generation at core of our strategy

Reorganization of subsidiaries underway to achieve profitability targets and seize market opportunities

• Among Top 5 players in a thriving strategic market
• New business segments in energy and resources, with strong growth prospective

• Completed integration and aligned organization & processes

• Ongoing Turnaround Plan to de-risk portfolio, with focus on:

• o Profitable works
• o Executing operational efficiencies with Webuild global model

• o Alignment to Webuild best practices

• With hundreds of years of history Fisia enjoys leadership position in water desalination and treatment plants

• Water needs driving high investments with 2024-26 global water market estimated at ca. €400bn
• Opportunity arising from the Italian government's strategic interest in water desalination, attracting potential foreign investments
• Synergies across Webuild Group

Concessions

▪ Identify potential divestment options

Disposal of Milan M4 Line for €141m, successfully completed in 2023

▪ Partnership with investors for greenfield projects

5.0%

Successfully managed ahead of time part of 2024 maturities

€m

liability management successfully completed in Sept. 2023

281

Bank Bond

2024 2025 2026 2027 2028

^{400 250}

ca. 2.6 years

debt duration

450

average cost of debt

M/L corporate debt maturities

122 105

519

Full Year 2023 Financial Results

Agenda

Facing the future with confidence: set to reach 2025 targets early

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

	2023A	2024E	2023E 2025E
Average book-to-bill	2.7	>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

Financial Results

²⁴ Full Year 2023 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.

What else is in store for the future: Australia

• Transportation
• Water & Marine
• Building
• Defense

Financial Results

²⁵ Full Year 2023 1) Based on 2023 financial statement, when already available

▪ Iron ore

2) Direct and indirect employees

▪ Clean Energy

▪ Power ▪ Oil & Gas

3) Source: Global Data, excluding maintenance and residential

▪ Critical minerals

▪ Operations and maintenance

Backlog more than doubled since 2021

New orders in the last 3 years

Solid expected growth - operating with debt free structure

What else is in store for the future: other strategic core countries

ITALY

• Deliver PNRR(1) financed projects
• Seize further projects such as high speeds (Salerno-Reggio Calabria), metros, ports, stadiums, hospitals, hydro and water projects

• Commitment to build Messina Strait bridge

• Historical local presence

• Seize giga projects of "Saudi Vision 2030" plan, such as Neom and Diriyah, where the Group has recently acquired new orders
• Further opportunities to be explored for 2034 FIFA World Cup and 2030 Expo

Market value in 2024-2027(2)

Backlog(3)

Revenues 2023

NORTH AMERICA

• New hub for an integrated approach in USA and Canada
• Huge market opportunities driven by plans to support economic recovery (Infrastructure Investment & Jobs Act, Inflation Reduction Act, CHIPS & Science Act)

Investment in infrastructure

A Supports economic growth B Addresses global challenges

€7bn

€0.9bn

Multiplier effect on GDP(4)

• Financial Results
• ²⁶ Full Year 2023 1) Italian Recovery Plan: Piano Nazionale di Ripresa e Resilienza 2) Source: Global Data, excluding maintenance and residential
• 3) Including 2024 new orders
• 4) Source: ICE How can infrastructure be used as a stimulus to recover from the economic impact of Covid-19? – May 2020

Closing remarks

Record-breaking results thanks to a clear vision and strategy

Set to reach 2025 targets early

Service Service Service Service $\mathcal{L}(\mathcal{L})$ and $\mathcal{L}(\mathcal{L})$ and $\mathcal{L}(\mathcal{L})$ $\mathcal{L}(\mathcal{L})$ and $\mathcal{L}(\mathcal{L})$ and $\mathcal{L}(\mathcal{L})$
Service Service $\mathcal{L}(\mathcal{L})$ -- $\mathcal{L}(\mathcal{L})$ and the state of the state of the state of the state of the state of the state of the state of the state of th Service Service

Robust order backlog fully covering 2023-25 plan and providing visibility for the next plan

Booming market to be seized thanks to local presence and structured organization

Agenda

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

Cantiere Lavoro Italia - training and recruitment program in Italy

REPLICABLE TRAINING MODEL ACROSS THE COUNTRY

Territorial School ¹

What?

• Roles and norms of behavior on the construction site
• Basic safety training
• Basic theoretical technical training

Where?

Professional School

What?

▪ Specialised training and managerial paths for planner, accounting, BIM specialist and buyer

Income Statement

Webuild Group

Reclassified statement of profit or loss adjusted

2022 Adjusted FY				2023 Adjusted FY
(€/000)	Webuild Group	Joint ventures not controlled by Lane (*)	PPA backlog Astaldi	Impairment Ucraina	Adjusted	Webuild Group	Joint ventures not controlled by Lane (*)	PPA backlog Astaldi	PPA Clough	GUPC award	Adjusted
Total revenue and other income	8,091,153	71,876	-	-	8,163,028	9,951,256	99,778	-	(56,645)	-	9,994,389
operating profit (EBITDA) Gross	582,745	(10,571)	-	-	572,174	863,855	617	-	(45,533)	-	818,939
% EBITDA	7.2%	-14.7%			7.0%	8.7%	0.6%				8.2%
Impairment losses	(84,045)	-	-	71,178	(12,867)	(11,952)	-	-	-	-	(11,952)
Provisions, amortisation depreciation and	(307,624)	-	69,532	-	(238,091)	(401,262)	-	56,008	13,339	-	(331,916)
Operating profit (loss) (EBIT)	191,077	(10,571)	69,532	71,178	321,216	450,640	617	56,008	(32,195)	-	475,071
R.o.S. %	2.4%	-14.7%			3.9%	4.5%	0.6%				4.8%
Financing income (costs) and gains (losses) on equity investments
Financial income	119,084	-	-	-	119,084	119,370	-	-	-	-	119,370
Financial expenses	(212,642)	-	-	-	(212,642)	(244,777)	-	-	-	-	(244,777)
exchange gains (losses) Net	20,416	-	-	-	20,416	33,640	-	-	-	-	33,640
financing income (costs) Net	(73,141)	-	-	-	(73,141)	(91,767)	-	-	-	-	(91,767)
gains (losses) on equity investments Net	(7,143)	10,571	-	-	3,429	(95,326)	(617)	-	-	105,613	9,670
financing income (costs) and gains Net net (losses) on equity investments	(80,284)	10,571	-	-	(69,713)	(187,093)	(617)	-	-	105,613	(82,098)
Profit (loss) before taxes (EBT)	110,793	-	69,532	71,178	251,503	263,547	-	56,008	(32,195)	105,613	392,974
Income taxes	(76,290)	-	(16,688)	(15,681)	(108,659)	(125,090)	-	(13,442)	(4,002)	-	(142,534)
Profit (loss) from continuing operations	34,502	-	52,845	55,497	142,844	138,457	-	42,566	(36,196)	105,613	250,440
Profit (loss) from discontinued operations	(17,972)	-	-	-	(17,972)	(10,071)	-	-	-	-	(10,071)
Profit (loss) before non-controlling interests	16,530	-	52,845	55,497	124,871	128,386	-	42,566	(36,196)	105,613	240,369
Non-controlling interests	(6,637)	-	-	-	(6,637)	(4,383)	-	-	-	-	(4,383)
Profit (loss) for period attributable the to the owners of the parent	9,893	-	52,845	55,497	118,235	124,003	-	42,566	(36,196)	105,613	235,986

³¹ Full Year 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)	FY 2022	FY 2023
Total reveue and other income	8 091 153 , ,	9 951 256 , ,
Gross operating profit (EBITDA)	582 745 ,	863 855 ,
% EBITDA	2% 7	7% 8
Impairment losses	(84 045) ,	(11 952) ,
Provisions , amortisation and depreciation	(307 624) ,	(401 262) ,
Operating profit (loss) (EBIT)	191 077 ,	450 640 ,
% R .o.S	4% 2	5% 4
Financing income (costs) gains (losses) on equity investments and
Financial income	119 084 ,	119 370 ,
Financial expenses	(212 642) ,	(244 777) ,
gains (losses) Net exchange	20 416 ,	33 640 ,
financing income (costs) Net	(73 141) ,	(91 767) ,
Net gains (losses) on equity investments	(7 143) ,	(95 326) ,
Net financing income (costs) and net gains (losses) on equity investments	(80 284) ,	(187 093) ,
Profit (loss) before taxes (EBT)	110 793 ,	263 547 ,
taxes Income	(76 290) ,	(125 090) ,
Profit (loss) from continuing operations	34 502 ,	138 457 ,
Profit (loss) from discontinued operations	(17 972) ,	(10 071) ,
Profit (loss) before non-controlling interests	16 530 ,	128 386 ,
Non-controlling interests	(6 637) ,	(4 383) ,
Profit (loss) for period attributable owners of the to the the parent	9 893 ,	124 003 ,

Statement of Financial Position

Webuild Group Reclassified statement of financial position

(€/000)	December 31 , 2022	December 31 , 2023
Non-current assets	1 976 156 , ,	2 081 538 , ,
Goodwil	82 884 ,	80 267 ,
(liabilities) held for sale Non-current assets	848	3 689 ,
Provisions for risks	(198 879) ,	(245 637) ,
Post-employment benefits and employee benefits	(52 606) ,	(57 217) ,
Net tax assets	437 450 ,	479 528 ,
Fixed capital	2 245 853 , ,	2 342 168 , ,
Inventories	248 809 ,	229 144 ,
Contract assets	3 199 971 , ,	3 910 278 , ,
Contract liabilities	(3 311 689) , ,	(5 897 320) , ,
Receivables (**)	2 882 876 , ,	3 894 071 , ,
Liabilities (**)	(3 729) 891 , ,	(4 590) 683 , ,
Other current assets	916 445 ,	101 483 1 , ,
Other current liabilities	(620 648) ,	(636 132) ,
Working capital	(575 965) ,	(2 082 067) , ,
invested capital Net	1 669 888 , ,	260 101 ,
Equity attributable to the owners of the parent	1 578 710 , ,	1 512 411 , ,
Non-controlling interests	356 365 ,	178 419 ,
Equity	1 935 074 , ,	1 690 831 , ,
financial indebtedness Net	(265 186) ,	(1 730) 430 , ,
Total financial resources	1 669 888 , ,	260 101 ,

Financial Results

³³ Full Year 2023 (**) This item shows assets of €2.4 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)	December 31 , 2022	December 31 , 2023
Non-current financial assets	518 439 ,	360 198 ,
Current financial assets	439 356 ,	615 006 ,
Cash and cash equivalents	1 921 177 , ,	3 060 541 , ,
Total cash and cash equivalents and other financial assets	2 878 972 , ,	4 035 745 , ,
borrowings Bank and other loans and	(276 267) ,	(139 857) ,
Bonds	(1 549) 886 , ,	(1 074) 600 , ,
liabilities Lease	(68 829) ,	(82 037) ,
Total non-current indebtedness	(2 231 646) , ,	(1 821 968) , ,
Current portion of bank loans and borrowings and current account facilities	(297 419) ,	(413 981) ,
Current portion of bonds	(18 506) ,	(306 465) ,
Current portion of lease liabilities	(71 721) ,	(66 219) ,
indebtedness Total current	(387 646) ,	(786 665) ,
Derivative assets	2 276 ,	1 203 ,
Derivative liabilities	(0)	(0)
financial position with unconsolidated Net SPEs (**)	3 229 ,	2 415 ,
financial (liabilities) Total other assets	5 505 ,	3 618 ,
Net financial indebtedness - continuing operations	265 186 ,	1 430 730 , ,
Net financial indebtedness - discontinued operations	2 097 ,	2 681 ,
financial indebtedness including discontinued operations Net	267 283 ,	1 433 411 , ,
Total gross indebtedness	(2 619 291) , ,	(2 608 633) , ,

Financial Results

³⁴ Full Year 2023 (**) 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

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.