Webuild — Investor Presentation 2025

Mar 14, 2025

EXCEEDING 2024 RESULTS REDEFINING 2025

Full Year 2024 Results Presentation

March 14, 2025

2

Agenda

1 BUSINESS UPDATE & MARKET DYNAMICS

Pietro Salini

Chief Executive Officer

2 FINANCIAL UPDATE

Massimo Ferrari

General Manager Corporate and Finance

3 OUTLOOK

Pietro Salini

Chief Executive Officer

Agenda

2024 highlights: record revenues and EBITDA, solid financial structure and investments for future growth and cash generation

2024 GUIDANCE Guidance overachieved

Full Year 2024 Financial Results

1) Based on 2023 published data of main European peers: Lost Time Injuries Frequency Rate related only to direct workforce

Building a better future: projects delivered in last years

• 1) ENR Report, The TOP 250, 16 September 2024
• 2) TOP 200 Imprese di costruzioni Guamari 2024
• Full Year 2024 3) ENR Report, Global Sourcebook, 23 December 2024

…READY TO FURTHER INCREASE LONG-TERM VALUE

CREATED A STRONG PLATFORM…

Achieved scale provides strong upside potential

Among highest construction backlog in the industry, significantly derisked

Sustainable Mobility

Clean Hydro Energy

Clean Water

Green Buildings &

Other

Construction backlog level gives room for further intake selectivity Backlog by activity

Solid presence in highly resilient markets ca. 90%

Full Year 2024 Financial Results 1) 2024 vs 2022

2) Including Italy, North America, Europe, Saudi Arabia and Australia

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

Total orders acquired since 2023 at €35 billion, beating 2023-2025 targets

Financial Results

3) Best offer as of March 11, 2025

Infrastructure investments driven by multi-year secular megatrends

Global megatrends(1) Webuild's offering +20/30% Energy transition Energy consumption using electricity (by 2050 vs 20% in 2023) Population growth Urban population (2050 vs 2023) +100% Data Centers -55% Water scarsity Growth in water demand (2050 vs 2010) Climate transition GHG emissions target in 2030 to achieve carbon neutrality (vs 1990) 50% Railways & Metro Transport networks Hydroelectric Plants Transmission Lines Desalination Plants Water & Wastewater Plants Ports & Sea works Digital transformation Cloud and data infrastructure market (annual growth until 2025) +20% Green buildings Stadiums Airports Hospitals

Full Year 2024 Financial Results 1) Sources: European Enviromental Agency – 2030 Climate target plan; United Nations World Water Development Report 2023; World Bank – Urban Delevopment; International Energy Agency; Advancing Cloud and Data Infrastructure Markets

Strong pipeline of prospective projects in coming years

Full Year 2024 Financial Results

• 1) Source: Global Data, nominal value excluding maintenance and residential. In North America and Middle East excluding also O&G, Energy and Industrial
• 2) Source: IMF global outlook
• 3) GDP of the Middle East & Central Asia area
• 4) Including prequalifications and monitored initiatives

Investment wave continues in Webuild's key markets

		Our footprint	Construction backlog	Potential opportunities
ITALY				▪ Messina bridge	▪ data centers
		Consolidated leadership	€25bn	▪ metros & high-speed railways	▪ stadiums
				▪ hydro & water	▪ hospitals
AUSTRALIA		Among top 5 players	€10bn	Strong market prospects, leveraging also Clough expertise. Potential upside from 2032 Brisbane Games
				▪ energy & hydro & ▪ resources water	hospitals ▪
MIDDLE EAST		Long-term local presence	€6bn	Promising giga projects of "Saudi Vision 2030", with 2034 FIFA World Cup and 2030 Expo
				▪ metros & ▪ buildings high speed	▪ airports & stadiums
NORTH AMERICA		New hub for an integrated approach in USA and Canada		Huge USA market opportunities in rail, metro and road, and major investments in metro and light rail transit in Canada
			€3bn	hydro & ▪ ▪ highways coastal & bridges	▪ metros & light rails
Full Year 2024 Financial Results	1)	Source: Global Data, nominal value excluding maintenance and residential. In North America and Middle East excluding also O&G, Energy and Industrial			11

ESG at core of strategy, investing in sustainability for Planet, People, Prosperity, Partnership and Progress

Full Year 2024 Financial Results

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

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

Agenda

EBITDA and EBIT almost doubled compared to the start of 2023-2025 plan

Full Year 2024 Financial Results Adjusted data for details please refer to the appendix

FY 2024 vs FY 2023

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

Full Year 2024 Financial Results

Sound margins driven by selective bidding, contract management and costs efficiency

Selective bidding approach Contract management Cost efficiency plan

360° analysis of projects, based on technical and economic review and risk assessment

Advanced tools supporting process end-to-end

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

Contract management model revision to strengthen the monitoring process to ensure the timely identification of issues

Price revision formula contained in most contracts in backlog

New contract formulas, introduction

Reduction of indirect project costs through optimization of external expenditure, shared services, back-office automation and identified initiatives on specific projects

Reduction of corporate costs through optimization of branches, synergies with Clough and Lane turnaround plan

Initiatives already implemented out of €180m cumulated savings 23-25

1) Calculated only on bids with results disclosed by the Client. Private negotiations excluded.

Solid net income at €247m

emarket sdir storage
CERTIFIED

(€m)	2023	2024	Var.
EBIT	475	577	102
Financial income	119	185	66
Financial expenses	(245)	1 (300)	(55)
Net exchange gains (losses)	34	3	(30)
Net financial income (costs)	(92)	(112)	(20)
Gain (losses) on investments	10	(32)	(42)
Net financing costs and net gains on investments	(82)	(144)	(62)
EBT	393	434	41
Income taxes	(143)	(181)	(39)
Profit (loss) from continuing operations	250	252	2
Profit (loss) from discontinued operations	(10)	6	16
Profit (loss) before non controlling interests	240	258	18
Non controlling interests	(4)	(11)	(7)
Net income (loss)	236	2 247	11

2023	2024	Var.
(75)	(66)	9
(86)	(106)	(19)
(7)	(11)	(4)
(76)	(117)	(41)
(245)	(300)	(55)

3) Net of taxes

1

Full Year 2024 Financial Results Adjusted data for details please refer to the appendix

1) Financial Interests calculated as Bank and Bond charges, and Leasing

2) Based on full-year 2024 results (2023 when 2024 data are not available)

Robust balance sheet and free cash flow generation

Gross leverage drastically improved over the years, better than industry peers

€m Gross Debt

Full Year 2024 Financial Results

• 1) Net of the temporary increase in debt of €180 million related to liability management
• 2) Gross Debt on Adjusted EBITDA
  • 3) Based on full-year 2024 results (2023 when 2024 data are not available)

€1bn new bonds successfully issued in 2024, managing debt maturities ahead of time

Full Year 2024 Financial Results Fitch rating outlook revised to positive in June 2024 S&P rating outlook revised to positive in July 2024 1) Research Update by S&P on July 11, 2024

2) As of December 31, 2024

Proven ability to meet challenging targets

Actual figures vs guidance Guidance achieved	2021	2022	2023	2024
Average book-to-bill Guidance(1)	1.8x >1.0x	2.0x >1.0x	2.2x >1.1x	1.2x >1.0x
Revenues Guidance	€6.7bn €6.5-7.2bn	€8.2bn €7.0-7.5bn	€10.0bn €9.0-9.5bn	€12.0bn > €11bn
EBITDA Guidance	6.7% slightly decrease vs 8%	7.0% 7.0-7.5%	€819m €720-760m	€967m >€900m
Net cash position Guidance	€467m (€500-300) net debt	€265m maintain net cash	€1,431m maintain net cash	€1,445m >€400m

Agenda

New orders, strong financial structure and higher investments driving future growth and cash generation

Strong position to pursue key strategic drivers with focus on profit margin and cash generation

ALL TIME HIGH BACKLOG

Offering Group visibility and confidence for next plan

COST EFFICIENCY CULTURE

Continue to deliver plan and identify new area of savings

SEIZE MARKET OPPORTUNITIES

Leveraging on being a partner of choice for our clients

Prioritise projects in low-risk countries with higher return and cash generation

WORKING CAPITAL OPTIMISATION Including effective claims management

SUBSIDIARIES REORGANISATION On track to achieve profitability targets and seize market opportunities

Full Year 2024 Financial Results

2025 guidance revised upward

These targets do not reflect the potential impact that might come from the start of mega projects such as the Messina Bridge ²⁴ Full Year 2024

Agenda

Appendix

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

Consolidated leadership position in Italy

Our main projects in the country

1) Italian Recovery Plan: Piano Nazionale di Ripresa e Resilienza 2) Source: Global Data, excluding maintenance and residential

Income Statement

Webuild Group

Reclassified statement of profit or loss adjusted

	2023 Adjusted FY						2024 Adjusted FY
(€/000)	Webuild Group	Joint ventures not controlled by Lane (**)	PPA backlog Astaldi	PPA Clough	GUPC award	Adjusted	Webuild Group	Joint ventures not controlled by Lane (**)	PPA backlog Astaldi	PPA backlog Clough	Adjusted
Total Revenues	9 951 256 , ,	99 ,778	-	(56 645) ,	-	9 994 389 , ,	11,790 490 ,	167 264 ,	-	-	11,957 ,754
operating Total expenses	(9 401) 087 , ,	(99 ,160)	-	11,112	-	(9 ,175,449)	(10 006) 807 , ,	(183 809) ,	-		- (10 816) 990 , ,
operating profit (EBITDA) Gross	863 855 ,	617	-	(45 ,533)	-	818 939 ,	983 483 ,	(16 ,545)	-	-	966 938 ,
EBITDA %	8 7%	0 6%				8 2%	8 3%	-9 9%			8 1%
Impairment losses Provisions , amortisation and depreciation	(11 952) , (401 262) ,	- -	- 56 008 ,	- 13 339 ,	- -	(11 952) , (331 916) ,	(53 303) , (407 ,594)	- -	- 46 835 ,	- 24 ,567	(53 303) , (336 ,192)
Operating profit (loss) (EBIT)	450 640 ,	617	56 008 ,	(32 ,195)	-	475 071 ,	522 ,586	(16 ,545)	46 835 ,	24 ,567	577,443
R .o.S %	4 5%	0 6%				4 8%	4 4%	-9 9%			4 8%
Financing income (costs) and gains (losses) on equity investments
Financial income	119 370 ,	-	-	-	-	119 370 ,	184 976 ,	-	-	-	184 976 ,
Financial expenses	(244 ,777)	-	-	-	-	(244 ,777)	(299 ,763)	-	-	-	(299 ,763)
exchange gains (losses) Net	33 640 ,	-	-	-	-	33 640 ,	3 ,176	-	-	-	3 ,176
financing income (costs) Net	(91 ,767)	-	-	-	-	(91 ,767)	(111 611) ,	-	-	-	(111 611) ,
Net gains (losses) on equity investments Net financing income (costs) and net gains	(95 326) ,	(617)	-	-	105 613 ,	9 670 ,	(48 834) ,	16 ,545	-	-	(32 288) ,
(losses) on equity investments	(187 093) ,	(617)	-	-	105 613 ,	(82 098) ,	(160 445) ,	16 ,545	-	-	(143 900) ,
Profit (loss) before (EBT) taxes	263 ,547	-	56 008 ,	(32 ,195)	105 613 ,	392 974 ,	362 ,141	-	46 835 ,	24 ,567	433 ,544
Income taxes	(125 090) ,	-	(13 442) ,	(4 002) ,	-	(142 ,534)	(162 608) ,	-	(11 241) ,	(7 370) ,	(181 219) ,
Profit (loss) from continuing operations	138 457 ,	-	42 ,566	(36 ,196)	105 613 ,	250 440 ,	199 ,533	-	35 ,595	17,197	252 325 ,
Profit (loss) from discontinued operations	(10 071) ,	-	-	-	-	(10 071) , -	5,856	-	-	-	5,856
Non-controlling interests	(4 383) ,	-	-	-	-	(4 383) ,	(10 913) ,	-	-	-	(10 913) ,
Profit (loss) for period attributable the to the owners of the parent	124 003 ,	-	42 ,566	(36 ,196)	105 613 ,	235 986 ,	194 477 ,	-	35 ,595	17,197	247 268 ,

Financial Results

²⁷ Full Year 2024 (**) 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

Statement of Financial Position

Webuild Group

Reclassified statement of financial position

(€/000)	31 December 2023	31 December 2024
Non-current assets Goodwil (liabilities) held for sale Non-current assets Provisions for risks Post-employment benefits and employee benefits Net tax assets Fixed capital	2 081 538 , , 80 267 , 3 689 , (245 637) , (57 217) , 479 528 , 2 342 168 , ,	2 744 670 , , 84 891 , (20 928) , (118 367) , (78 049) , 611 571 , 3 183 828 , ,
Inventories Contract assets Contract liabilities Receivables () Liabilities () Other current assets liabilities Other current Working capital	229 144 , 3 910 278 , , (5 897 320) , , 3 894 071 , , (4 683 590) , , 1 101 483 , , (636 132) , (2 082 067) , ,	242 711 , 4 083 495 , , (6 316 595) , , 4 208 157 , , (5 632 161) , , 1 534 460 , , (799 186) , (2 679 118) , ,
invested capital Net	260 101 ,	504 710 ,
Equity attributable the of the to parent owners Non-controlling interests Equity	512 411 1 , , 178 419 , 1 690 831 , ,	713 415 1 , , 235 927 , 1 949 342 , ,
financial indebtedness Net	(1 430 730) , ,	(1 444 631) , ,
financial Total resources	260 101 ,	504 710 ,

Full Year 2024 Financial Results

(**) This item shows assets of € 4.8 million (€ 2.4 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

	December 31 , 2023	December 31 , 2024
(€/000)
financial Non-current assets	360 198 ,	304 284 ,
Current financial assets	615 006 ,	865 385 ,
equivalents Cash and cash	3 060 541 , ,	3 214 830 , ,
Total cash and cash equivalents and other financial assets	4 035 745 , ,	4 384 500 , ,
Bank and other loans and borrowings	(139 857) ,	(137 824) ,
Bonds	(1 074) 600 , ,	(1 200) 892 , ,
liabilities Lease	(82 037) ,	(111 462) ,
Total non-current indebtedness	(1 821 968) , ,	(2 141 486) , ,
portion of borrowings Current bank loans and and facilities current account	(413 981) ,	(486 107) ,
Current portion of bonds	(306 465) ,	(218 691) ,
portion of liabilities Current lease	(66 219) ,	(94 129) ,
Total indebtedness current	(786 665) ,	(798 928) ,
Total other financial assets (liabilities)	3 618 ,	545
Net financial indebtedness - continuing operations	430 730 1 , ,	444 631 1 , ,
financial indebtedness - discontinued operations Net	2 681 ,	7 658 ,
Net financial indebtedness including discontinued operations	1 433 411 , ,	1 452 289 , ,
Total indebtedness gross	(2 608 633) , ,	(2 940 414) , ,

²⁹ Full Year 2024 Financial Results

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.