Webuild — Investor Presentation 2025

Jul 25, 2025

CONSOLIDATING 2025

AMBITIONS

First Half 2025 Results Presentation

July 25, 2025

Agenda

1 1H 2025 HIGHLIGHTS

Pietro Salini Chief Executive Officer

2 FINANCIAL UPDATE

Massimo Ferrari

General Manager Corporate and Finance

3 BUSINESS UPDATE

Pietro Salini

Chief Executive Officer

4 Q&A

Agenda

Webuild's growth greater than expected, improving marginality and financial leverage with continued de-risking

First Half 2025 Financial Results 1) Adjusted for USD and SAR impacts

2) Gross Debt on Adjusted Last Twelve Months EBITDA

Strong foundations for future value creation

First Half 2025 Financial Results

• 1) Direct and indirect workforce
• 2) ENR Report, The TOP 250, 16 September 2024
• 3) TOP 200 Imprese di costruzioni Guamari 2025

IN AUSTRALIA(2)

4) ENR Report, Global Sourcebook, 23 December 2024

318

DAMS & HYDROELECTRIC PLANTS

Agenda

Double digit growth with solid margin improvement

7

Adjusted net income at €132m, improving by 61%

emarket sdir storage CERTIFIED

(€m)	1H 2024	1H 2025	Var.
EBIT	226	375	148
Financial income	81	61	(21)
Financial expenses	(134)	1 (136)	(3)
Net exchange gains (losses)	5	(90) 2	(94)
Net financial income (costs)	(48)	(165)	(118)
Gain (losses) on investments	(25)	(1)	24
Net financing costs and net gains on investments	(72)	(166)	(93)
EBT	154	209	55
Income taxes	(67)	(88)	(21)
Profit (loss) from continuing operations	87	121	34
Profit (loss) from discontinued operations	(3)	(9)	(6)
Profit (loss) before non controlling interests	84	112	28
Non controlling interests	(2)	20	22
Net income (loss)	82	3 132	50

Financial expenses (€m)	1H 2024	1H 2025	Var.
Bank charges and commissions	(31)	(23)	8
Bond charges	(49)	(58)	(9)
Leasing	(5)	(6)	(1)
Other	(48)	(49)	(1)
Financial expenses	(134)	(136)	(3)

Net exchange results is impacted by the performance of US dollar and Saudi Riyal against the Euro

€m

1

2

Financial discipline improving drastically our credit standing

Net cash position positive for the sixth semester in a row

€m

First Half Net financial position reflects:

€454m of capex

€144m of forex effect on cash

Advances on new orders already acquired backloaded in 2H

Tipical working capital seasonality

First Half 2025 Financial Results 1) Adjusted for USD and SAR impacts

2) Gross Debt on Adjusted Last Twelve Months EBITDA

Latest bond issue will extend average debt life and manage ahead of time 2025 & 2026 maturities

First Half 2025 Financial Results

(1)

margins"

on incremental costs, supporting

10

Agenda

We are laying the foundations for future growth and cash generation

Robust order backlog

granting high revenue visibility

Huge market opportunities

rising infrastructure investments in major markets

Strengthening margins

selective bidding, effective contract management and cost efficiency

Further cash generation

working capital optimization, and potential upside from cashin of long-standing assets

INVESTMENTS IN PEOPLE AND INNOVATION AS ENABLERS OF OUR SUCCESS

Our backlog is the basis for our growth, providing clear visibility for next Business Plan

• 1) Including €49.9 billion for construction and €8.8 billion for concessions, operation, and maintenance.
• 2) Including Italy, North America, Europe, Saudi Arabia and Australia
• 3) United Nations' Sustainable Development Goals to be achieved by 2030

Acquired €6.5 billion new orders, achieving more than 50% of 2025 target

First Half 2025 Financial Results

0

5

10

15

20

25

• 1) Not including Messina Strait bridge total project cost under definition
• 2) Including best offer amounting for €1.8bn
• 3) Including Italy, North America, Middle East and Australia

Solid market momentum continues driven by global megatrends

Short-term commercial activity

€bn

Focus on strengthening margins and mitigating risks

Structured and selective bidding approach

ca. 90% awards with best technical offer in 2022-2025(1)

Contract management

• Contract management model revision
• Price revision clauses contained in most contracts in backlog to protect from inflation
• New collaborative contract formulas (Incentivized Target Costs in Australia and Progressive Design and Build in the US and Canada)

Cost efficiency plan

Implemented initiatives for €180m cumulated savings in 2023-25 to reduce corporate and indirect project costs

Efficient working capital management

Put in place a controlling system to optimize working capital and accelerate payments

On track for another great year of sustainable growth

SIZE, EXPERTISE, FINANCIAL STRENGTH POSITION GROUP FOR FURTHER VALUE CREATION

First Half 2025 Financial Results

These targets do not reflect the potential impact that might come from the start of mega projects such as the Messina Bridge 1) Adjusted for USD and SAR impacts

18

Agenda

Global leader in large-scale, complex civil infrastructure

SUSTAINABLE MOBILITY

• → Metros
• → High Speed Railways
• → Railways
• → Roads & Motorways
• → Bridges & Viaducts
• → Ports & Sea works

CLEAN HYDRO ENERGY

• → Hydroelectric Dams & Plants
• → Pumped Storage

CLEAN WATER

• → Desalination & Water Treatment
• → Wastewater Management Plants
• → Hydraulic works
• → Irrigation dams

GREEN BUILDINGS & OTHER

• → Civil and Industrial Buildings
• → Stadiums
• → Hospitals
• → Airports
• → Energy Transition Projects

Infrastructure investments driven by multi-year megatrends

First Half 2025 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

Our track record

COMPLETED PROJECTS
-----------------------	--

3,700

ROADS AND MOTORWAYS

891 km METROS

TUNNELS

3,462 km

BRIDGES AND VIADUCTS

1,022 km

DAMS AND HYDROELECTRIC PLANTS

INSTALLED CAPACITY

318

53,659 MW

Building a better future: internationally recognized excellence

First Half 2025 Financial Results

1) ENR Report, The TOP 250, 16 September 2024 2) TOP 200 Imprese di costruzioni – Guamari 2025 3) ENR Report, Global Sourcebook, 23 December 2024

Highly skilled, committed people are the foundation of our success

Total Employees(1)

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

Created a strong platform ready to further increase long-term value

Operational excellence

Robust ESG standards

1 st among peers(2) in Health and Safety

Talent attraction

>4,000 engineers ca. 17,500 suppliers ca. 95,000 people(1)

Geographical diversification

Operating in 50 countries

Supply chain aggregation

Solid financial structure

Profitability and cash flow management

Effective commercial strategy

Selective bidding approach

Efficient organization, risk management, innovation

Solid governance with structured processes

First Half 2025 Financial Results

1) Direct and 3rd party employees

2) Based on 2024 published data of main European peers: Lost Time Injuries Frequency Rate related only to direct workforce

26

Compelling growth story

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

Sustainability as a responsibility: our ESG pledge and framework

Confirmed Sustainability Leader Sustainability pillars and targets

• 1) Among Italian companies
• 2) tCO2 scope 1-2/€m revenue. Scope1: direct emissions. Scope2: indirect emissions
• 3) Lost Time Injuries occurred per 1,000,000 worked-manhours

We invest in innovation for sustainable growth

MACHINE LEARNING TO PREDICT COST AND TIMING

ROBOTIC PROCESS AUTOMATION E.G. PROCUREMENT, ADMINISTRATION

PREDICTIVE ASSET MAINTENANCE SMART SITE: AI, IOT AND DRONES FOR EFFICIENT AND SAFER CONSTRUCTION SITES

INNOVATIVE CONSTRUCTION MATERIALS

ROBOPLANT ROBOTIC PRE-CAST CONCRETE SEGMENT FACTORIES

Proven capacity to beat targets, despite global challenges

Income Statement

Webuild Group

Reclassified statement of profit or loss adjusted

	2024 Adjusted 1H					2025 Adjusted 1H
(€/000)	Webuild Group	Joint ventures not controlled by Lane (**)	PPA backlog Astaldi	PPA backlog Clough	Adjusted	Webuild Group	Joint ventures not controlled by Lane (**)	PPA backlog Astaldi	PPA backlog Clough	Adjusted
Revenue	5,370,697	91,796	-	-	5,462,494	6,643,303	32,528	-	-	6,675,831
operating Total expenses	(4,970,247)	(84,900)	-	-	(5,055,148)	(6,050,935)	(61,174)	-	-	(6,112,109)
Gross operating profit (EBITDA) % EBITDA	400,450 7.5%	6,896 7.5%	-	-	407,346 7.5%	592,368 8.9%	(28,646) -88.1%	-	-	563,721 8.4%
Impairment losses Provisions, amortisation and depreciation Operating profit (loss) (EBIT) % R.o.S.	(7,532) (210,446) 182,472 3.4%	- - 6,896 7.5%	- 26,602 26,602	- 10,472 10,472	(7,532) (173,372) 226,442 4.1%	12,271 (234,870) 369,768 5.6%	- - (28,646) -88.1%	- 18,656 18,656	- 14,867 14,867	12,271 (201,347) 374,645 5.6%
Financing income (costs) gains (losses) on equity investments and Financial income Financial expenses Net exchange gains (losses) financing income (costs) Net	81,441 (133,605) 4,632 (47,532)	- - - -	- - - -	- - - -	81,441 (133,605) 4,632 (47,532)	60,551 (136,168) (89,703) (165,320)	- - - -	- - - -	- - - -	60,551 (136,168) (89,703) (165,320)
Net gains (losses) on equity investments financing income (costs) gains (losses) on equity Net and net investments	(18,070) (65,602)	(6,896) (6,896)	- -	- -	(24,966) (72,499)	(29,317) (194,637)	28,646 28,646	- -	- -	(671) (165,991)
Profit (loss) before taxes (EBT) Income taxes Profit (loss) from continuing operations Profit (loss) from discontinued operations	116,869 (57,266) 59,603 (2,997)	- - - -	26,602 (6,385) 20,218 -	10,472 (3,142) 7,331 -	153,944 (66,792) 87,152 (2,997)	175,131 (78,809) 96,322 (9,150)	- - - -	18,656 (4,477) 14,179 -	14,867 (4,460) 10,407 -	208,655 (87,747) 120,908 (9,150)
Non-controlling interests Profit (loss) for period attributable owners of the to the the parent	(2,182) 54,425	- -	- 20,218	- 7,331	- (2,182) 81,973	20,107 107,280	- -	- 14,179	- 10,407	20,107 131,865

(**) 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

emarket sdir storage
CERTIFIED

(€/000)	June 30 2024 ,	December 31 , 2024	June 30 2025 ,
Non-current assets	2 395 362 , ,	2 744 670 , ,	2 911 442 , ,
Goodwil	82 609 ,	84 891 ,	76 112 ,
(liabilities) held for sale Non-current assets	3 532 ,	(20 928) ,	(20 435) ,
Provisions for risks	(173 843) ,	(118 367) ,	(130 627) ,
benefits benefits Post-employment and employee	(64 412) ,	(78 049) ,	(80 620) ,
Net tax assets	478 969 ,	611 571 ,	528 840 ,
Fixed capital	2 722 218 , ,	3 183 828 , ,	3 284 713 , ,
Inventories	223 661 ,	242 711 ,	264 137 ,
Contract assets	4 256 104 , ,	4 083 495 , ,	4 260 172 , ,
Contract liabilities	(6 687 808) , ,	(6 316 595) , ,	(5 715 990) , ,
Receivables (**)	4 427 268 , ,	4 208 157 , ,	4 591 903 , ,
Liabilities (**)	(5 162 973) , ,	(5 632 161) , ,	(5 758 201) , ,
Other current assets	1 240 329 , ,	1 534 460 , ,	1 416 572 , ,
liabilities Other current	(712 303) ,	(799 186) ,	(833 345) ,
Working capital	(2 415 722) , ,	(2 679 118) , ,	(1 774 753) , ,
Net invested capital	306 496 ,	504 710 ,	1 509 960 , ,
Equity attributable the of the to parent owners	542 947 1 , ,	713 415 1 , ,	580 228 1 , ,
Non-controlling interests	200 690 ,	235 927 ,	204 940 ,
Equity	1 743 637 , ,	1 949 342 , ,	1 785 167 , ,
financial indebtedness Net	(1 437 141) , ,	(1 444 631) , ,	(275 207) ,
financial Total resources	306 496 ,	504 710 ,	1 509 960 , ,

First Half 2025 Financial Results

(**) This item shows assets of € 4.9 million (€ 4.8 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)	30 2024 June ,	December 31 , 2024	30 2025 June ,
Non-current financial assets financial Current assets Cash and cash equivalents	349 943 , 671 961 , 3 215 258 , ,	304 284 , 865 385 , 3 214 830 , ,	282 596 , 784 674 , 2 125 694 , ,
Total cash and cash equivalents and other financial assets	4 237 162 , ,	4 384 500 , ,	3 192 965 , ,
Bank and other loans and borrowings Bonds liabilities Lease Total indebtedness non-current	(118 599) , (1 825 056) , , (91 915) , (2 035 571) , ,	(137 824) , (1 892 200) , , (111 462) , (2 141 486) , ,	(128 563) , (1 895 216) , , (100 503) , (2 124 283) , ,
Current portion of bank loans and borrowings and current account facilities	(435 208) ,	(486 107) ,	(473 755) ,
portion of Current bonds Current portion of lease liabilities Total current indebtedness	(263 484) , (72 298) , (770 990) ,	(218 691) , (94 129) , (798 928) ,	(225 707) , (97 256) , (796 718) ,
Total other financial (liabilities) assets	6 540 ,	545	3 244 ,
financial indebtedness - continuing operations Net financial indebtedness - discontinued Net	1 437 141 , ,	1 444 631 , ,	275 207 ,
operations	2 683 ,	658 7 ,	6 115 ,
financial indebtedness including discontinued Net operations	1 439 824 , ,	1 452 289 , ,	281 322 ,
Total indebtedness gross	(2 806 561) , ,	(2 944 649) , ,	(2 924 314) , ,

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 upon request from Webuild head office.