Slide 1: Exceeding 2024 Results, Redefining 2025
EXCEEDING 2024 RESULTS REDEFINING 2025 Full Year 2024 Results Presentation March 14, 2025
Slide 2: Agenda
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 4 Q&A 2
Slide 3: Business Update & Market Dynamics
Agenda 1 BUSINESS UPDATE & MARKET DYNAMICS PIETRO SALINI CHIEF EXECUTIVE OFFICER 3
Slide 4: 2024 highlights: record revenues and EBITDA, solid financial structure
2024 highlights: record revenues and EBITDA, solid financial structure and investments for future growth and cash generation Revenues: 2025 target EBITDA: at Net cash position: exceeded record highs positive since 2021 €12.0bn +20% €967m +18% €1,445m Health & Safety(1) People €10.0bn in FY2023 € 819
Slide 5: Building a better future: projects delivered in last years
Building a better future: projects delivered in last years Main projects delivered in 2024 Rising to the top: leading the charts # 1 Global leader in water sector (1) 1 Italian contractor MILAN METRO M4 THESSALONIKI METRO RYIADH METRO LINE 3 TALLAWARRA POWER POINCIANA HIGHWAY ITALY GREECE SAUDI ARAB
Slide 6: Size, competences and derisking are the foundation for success
Size, competences and derisking are the foundation for success CREATED A STRONG PLATFORM… …READY TO FURTHER INCREASE LONG-TERM VALUE Achieved scale provides strong upside potential Talent attraction Best in class in Health & Safety Capitalize on unprecedented infrastructure 13,600 Lost Time Injury F
Slide 7: Among highest construction backlog in the industry, significantly derisked
Among highest construction backlog in the industry, significantly derisked Construction backlog level gives room for further intake selectivity Backlog by activity €bn +23%(1) €63 bn 54.3 Sustainable total backlog 71% Mobility 44.0 26.7 5 years Clean 2018 2019 2020 2021 2022 2023 2024 revenue visibi
Slide 8: Total orders acquired since 2023 at €35 billion, beating targets
Total orders acquired since 2023 at €35 billion, beating 2023-2025 targets Order intake(1) 2024 order intake: >95% in low-risk countries(2), with 80% in non-domestic market €bn North America Orders acquired in €1.5bn €35bn 2023-24 Europe €1.8bn Italy 22.4 Australia €2.6bn >10 13.0 €2.3bn Others 2.5
Slide 9: Infrastructure investments driven by multi-year secular megatrends
Infrastructure investments driven by multi-year secular megatrends (1) Global megatrends Webuild’s offering Climate transition Railways & Metro Ports & Sea works GHG emissions target in 2030 to -55% Transport networks achieve carbon neutrality (vs 1990) Energy transition Hydroelectric Plants Energy
Slide 10: Strong pipeline of prospective projects in coming years
Strong pipeline of prospective projects in coming years Infrastructure sector expected to grow faster than GDP Short-term commercial activity CAGR sector 2025-28(1) +2.7% +7.5% +5.3% +6.2% €34.2bn Tenders awaiting CAGR GDP outcome 2025-28(2) +0.7% +2.1 % +2.2% +3.9% €14.5bn Italy North America Austr
Slide 11: Investment wave continues in Webuild's key markets
Investment wave continues in Webuild’s key markets Construction Our footprint backlog Potential opportunities ▪ Messina bridge ▪ data centers ITALY Consolidated €25bn ▪ metros & high-speed railways ▪ stadiums leadership ▪ hydro & water ▪ hospitals Strong market prospects, leveraging also Clough expe
Slide 12: ESG at core of strategy
ESG at core of strategy, investing in sustainability for Planet, People, Prosperity, Partnership and Progress EU taxonomy Confirmed Sustainability Leader Sustainability pillars and targets Management alignment remuneration linked to Carbon Intensity Scope 1&2(1) specific ESG A- targets GREEN REVENUE
Slide 13: Financial Update
Agenda 2 FINANCIAL UPDATE MASSIMO FERRARI GENERAL MANAGER CORPORATE AND FINANCE 13
Slide 14: EBITDA and EBIT almost doubled compared to the start of 2023-2025 plan
EBITDA and EBIT almost doubled compared to the start of 2023-2025 plan Revenues EBITDA EBIT €bn €m €m EBITDA EBIT margin 7.0% 8.2% 8.1% margin 3.9% 4.8% 4.8% +20% +18% +21% 12.0 967 2023-2025 business 577 plan 819 launched 10.0 475 572 8.2 321 2022 2023 2024 2022 2023 2024 2022 2023 2024 Full Year 2
Slide 15: >90% of revenues generated in low-risk countries
>90% of revenues generated in low-risk countries(1) Revenues by geography Revenues by activity Europe North America Sustainable 65% Mobility 13% 9% 14% 12% Italy Clean 17% Hydro Energy 34% 33% Australia Others Middle East 26% 20% Clean 10% 8% 6% Water 9% 12% 9% Green 12% Buildings & Other Revenues i
Slide 16: Sound margins driven by selective bidding, contract management and costs efficiency
Sound margins driven by selective bidding, contract management and costs efficiency Selective bidding approach Contract management Cost efficiency plan 360° analysis of projects, based Contract management model revision Reduction of indirect project costs on technical and economic to strengthen the
Slide 17: Solid net income at €247m
Solid net income at €247m (€m) 2023 2024 Var. 1 Financial expenses (€m) 2023 2024 Var. EBIT 475 577 102 Bank charges and commissions (75) (66) 9 Financial income 119 185 66 Bond charges (86) (106) (19) Financial expenses (245) (300) 1 (55) Leasing (7) (11) (4) Net exchange gains (losses) 34 3 (30) O
Slide 18: Robust balance sheet and free cash flow generation
Robust balance sheet and free cash flow generation Strong net cash position, despite multiple Gross leverage drastically improved over the years, external challenges better than industry peers €m Maintained positive net Gross Debt cash position since 2021 €m 2,655 2,619 2,609 2,765(1) High inflation
Slide 19: €1bn new bonds successfully issued in 2024
€1bn new bonds successfully issued in 2024, managing debt maturities ahead of time M/L corporate debt maturities Outlook upgraded €m in 2024 by rating Bank 3.4 years 5.4% agencies Bond debt duration average cost of debt 70 30 500 500 BB (positive) 105 180 218 250 450 2025 2026 2027 2028 2029 2030 BB
Slide 20: Proven ability to meet challenging targets
Proven ability to meet challenging targets Actual figures vs guidance 2021 2022 2023 2024 Guidance achieved Average book-to-bill 1.8x 2.0x 2.2x 1.1x Guidance(1) >1.0x >1.0x >1.1x >1.0x Revenues €6.7bn €8.2bn €10.0bn €12.0bn Guidance €6.5-7.2bn €7.0-7.5bn €9.0-9.5bn > €11bn EBITDA 6.7% 7.0% €819m €96
Slide 21: Outlook
Agenda 3 OUTLOOK PIETRO SALINI CHIEF EXECUTIVE OFFICER 21
Slide 22: New orders, strong financial structure and higher investments driving future growth
New orders, strong financial structure and higher investments driving future growth and cash generation Acquired €13bn of higher Higher investments for Maintained a solid and sustainable capital structure new orders in 2023-24 €400m in 2023-24 for while reducing gross leverage versus business plan f
Slide 23: Strong position to pursue key strategic drivers
Strong position to pursue key strategic drivers with focus on profit margin and cash generation ALL TIME HIGH BACKLOG COST EFFICIENCY CULTURE Offering Group visibility and Continue to deliver plan and identify confidence for next plan new area of savings SEIZE MARKET OPPORTUNITIES WORKING CAPITAL OP
Slide 24: 2025 guidance revised upward
2025 guidance revised upward RESULTS RESULTS NEW 2025 2023-2025 UPSIDE ON 2023 2024 GUIDANCE BUSINESS PLAN BUSINESS PLAN 12.0 >12.5 10.5-11.0 ADDITIONAL Revenues 10.0 €bn 50% GROWTH VERSUS 2023-2025 PLAN CUMULATED EBITDA EBITDA 819 967 >1,100 990-1,050 >€200m IN ADDITION TO €m PLAN TARGETS IMPROVED
Slide 25: Appendix
Agenda Appendix 25
Slide 26: Italian market beyond PNRR with investment trend to remain strong
Italian market beyond PNRR(1) with investment trend to remain strong Consolidated leadership position in Italy 4 5 3 Opportunities in many further projects such as: 6 Construction ▪ Messina bridge backlog €25bn ▪ stadiums 1 ▪ high speed railways ▪ hospitals 2 (Salerno-Reggio ▪ data centers CAGR cons
Slide 27: Income Statement
Income Statement Webuild Group Reclassified statement of profit or loss adjusted FY 2023 Adjusted FY 2024 Adjusted Joint ventures not Joint ventures not PPA PPA PPA Webuild controlled by PPA GUPC Webuild controlled by backlog Adjusted backlog backlog Adjusted Group Lane Clough award Group Lane (€/00
Slide 28: Statement of Financial Position
Statement of Financial Position Webuild Group Reclassified statement of financial position 31 December 31 December (€/000) 2023 2024 Non-current assets 2,081,538 2,744,670 Goodwil 80,267 84,891 Non-current assets (liabilities) held for sale 3,689 (20,928) Provisions for risks (245,637) (118,367) Pos
Slide 29: Net Financial Position
Net Financial Position Webuild Group Net financial indebtedness December 31, December 31, (€/000) 2023 2024 Non-current financial assets 360,198 304,284 Current financial assets 615,006 865,385 Cash and cash equivalents 3,060,541 3,214,830 Total cash and cash equivalents and other financial 4,035,74
Slide 30: Safe Harbour
Safe Harbour These objectives and statements are Additional based on assumptions that are information on the factors dependent upon significant risk that could have an impact on This presentation may contain and uncertainty factors that Webuild’s financial results is forward-looking objectives and m
Slide 31: webuild Ca f |
webuild Ca f | y