Slide 1: 1H 2026 Results Presentation
1H 2026 Results Presentation 30 July 2026
Slide 2: Agenda
Agenda 1 1H 2026 HIGHLIGHTS 2 FINANCIAL UPDATE 3 OUTLOOK 4 PUBLIC OFFER ON TREVI 5 Q&A
Slide 3: 1H 2026 Highlights
1 1H 2026 HIGHLIGHTS PIETRO SALINI CHIEF EXECUTIVE OFFICER
Slide 4: Record results confirming strength of Webuild's industrial model
Record results for the second year in a row confirming strength of Webuild's industrial model, despite macro and geopolitical headwinds Revenues EBITDA EBIT Improving profitability €6.7bn €673m 10.1% €464m 7.0% on a solid top line +0.1% +13.6% +120 bps +15.0% +90 bps (vs 1H 2025) (vs 1H 2025) (vs 1H
Slide 5: 1H 2026 highlights beyond the numbers
1H 2026 highlights beyond the numbers Key milestones in 1H 2026 USA Lesotho Sustainability Italy Opening 11km of Senqu Bridge 2026 First tunnel lanes on Florida inaugurated Sustainability completed on highway Report Award Salerno – Reggio Calabria High -Speed New Bond Italy Italy Italy €500m due in
Slide 6: Financial Update
2 FINANCIAL UPDATE MASSIMO FERRARI GENERAL MANAGER CORPORATE AND FINANCE 1H 2026 Results Presentation 6
Slide 7: Improving profitability on a solid top line
Improving profitability on a solid top line Revenues EBITDA EBIT +120 bps +90 bps €bn margin 8.6% 8.9% 10.1% margin 5.2% 6.1% 7.0% 13.6 €m €m +0.1% 1,164 +13.6% +15.0% 6.6 6.7 673 705 592 464 403 1 1 1 FY 2025 1H 2025 1H 2026 FY 2025 1H 2025 1H 2026 FY 2025 1H 2025 1H 2026 1H 2026 Results Presentati
Slide 8: Over 90% of revenues generated in low-risk countries
Over 90% of revenues generated in low -risk countries 1 . Over 60% outside Italy Revenues by geography Revenues by activity North America Europe Sustainable 68% Mobility 8% 10% 7% 8% Italy 34% 37% 20% Clean Hydro Energy Oceania Others 29% 28% Saudi Arabia 5% Clean Water 8% 8% 13% 8% Revenues in 1H 2
Slide 9: P&L fully absorbing non-cash items due to value-accretive settlements
P&L fully absorbing non -cash items due to value -accretive and de -risking settlements Var. vs (€m) 1H 2025 1 1H 2026 1H 2025 EBIT adjusted 403 464 60 1 Var. vs EBIT margin 6.1% 7.0% 90 bps Financial expenses (€m) 1H 2025 1H 2026 1H 2025 Financial income 61 49 (11) Bank charges, commissions and gua
Slide 10: Positive net cash position for the eighth semester in a row
Positive net cash position for the eighth semester in a row Solid positive Net Cash Position Gross Leverage 1 maintained flat Seasonal Working Capital absorption, in line with typical 1H pattern Gross Debt €m €bn €bn 2.9 3.1 3.3 Gross debt reflects opportunistic pre -funding from the new bond issue
Slide 11: Latest bond issue extended average debt life
Latest bond issue extended average debt life, with over 90% maturities from 4Q 2028 M/L corporate debt maturities Credit Rating €m 3.7 years 5.1% BB+ Bank (stable ) Bond debt duration average cost of debt BB+ (stable ) 450 500 500 450 500 129 101 1 1 1 1 1 12 2026 2027 2028 2029 2030 2031 2032 Beyon
Slide 12: Outlook
3 OUTLOOK PIETRO SALINI CHIEF EXECUTIVE OFFICER 1H 2026 Results Presentation 12
Slide 13: Our backlog provides a strong base for the next business plan
Our backlog provides a strong base for the next business plan €53.7bn €46.6bn €7.2bn Total Backlog 1 Construction Backlog Backlog concessions and O&M Construction backlog 90% located in low -risk markets 2 >95% contribute to SDGs 3 goals €bn New awards after 49 June/ best offers (ca. €2bn) Reported
Slide 14: Acquired €7.7 billion new orders, with book-to-bill at 1.2x
Acquired €7.7 billion new orders, with book -to-bill at 1.2x 2026 order intake: >95% in low -risk countries 1 Some of the new projects in 2026 €7.7bn Italy Total Order Intake 2 Rome Metro Line C Extension €2.6bn North America €0.1bn Europe United States Ohio River Tunnel Project €3.6bn Italy New Zea
Slide 15: Large commercial pipeline with €19.6bn of tenders submitted
Large commercial pipeline with €19.6bn of tenders already submitted Short -term commercial activity Strong pipeline across core geographies 11% Europehydro & water €14.2bn €74.5bn North America rails & roads Tenders to be presented Others 1 20% buildings & other roads & bridges Europe €19.6bn hydro
Slide 16: 2026 Guidance
2026 Guidance 2025 2026 Converting scale into additional Actual Guidance value: vertical integration, technological innovation, profitable growth and disciplined cash Revenues €13.6bn >€13.6bn generation Strong visibility underpins new quantitative FY2026 guidance Diversified and strong backlog full
Slide 17: Public Offer on Trevi
4 PUBLIC OFFER ON TREVI PIETRO SALINI CHIEF EXECUTIVE OFFICER 1H 2026 Results Presentation 17
Slide 18: Strengthening Webuild's platform through Trevi's Italian excellence
Strengthening Webuild's platform through Trevi’s Italian excellence Acquiring specialist competences Trevi is a leading specialist in the design and construction of special foundations and underground engineering — areas critical to major infrastructure projects Strengthening control over project ex
Slide 19: Creation of significant industrial and commercial synergies
Creation of significant, multi -level industrial and commercial synergies Revenue synergies - Internalising specialised works and cross -selling Run -rate synergies The transaction enables Webuild to internalise high -value -added work phases currently outsourced and to strengthen its at EBITDA leve
Slide 20: New growth path for Trevi's know-how and people
New growth path for Trevi’s know -how and people Creating operational and financial value for Trevi Trevi’s Shareholders benefitting from: Enhancing Trevi's capabilities, powered by Webuild's ecosystem Trevi would enhance and leverage Webuild’s ecosystem of >85,000 employees, an order backlog of €54
Slide 21: Key terms of Webuild offer
Key terms of Webuild offer A more compelling offer for all Trevi shareholders and stakeholders Premium Analysis Why choosing Webuild’s offer? Cash certainty vs paper not listed on Voluntary public tender offer for 100% of Trevi share capital, Type of Offer the official regulated market, with with co
Slide 22: Q&A
5 Q&A PIETRO SALINI MASSIMO FERRARI CHIEF EXECUTIVE OFFICER GENERAL MANAGER CORPORATE AND FINANCE 1H 2026 Results Presentation 22
Slide 23: Appendix
APPENDIX 1H 2026 Results Presentation 23
Slide 24: Income Statement
Income Statement Webuild Group Reclassified statement of profit or loss adjusted 1H 2025 Adjusted 1H 2026 Adjusted Amortisation of Amortisation of Amortisation of Amortisation of intangible assets intangible assets intangible assets intangible assets Webuild Group Adjusted (*) Webuild Group Adjusted
Slide 25: Statement of Financial Position
Statement of Financial Position Webuild Group Reclassified statement of financial position 31 December (€/000) 30 June 2025 2025 30 June 2026 Non -current assets 2,911,442 3,166,541 3,236,499 Goodwill 76,112 75,937 78,073 Non -current assets (liabilities) held for sale (20,434) 2,754 2,754 Provision
Slide 26: Net Financial Position
Net Financial Position Webuild Group Net financial indebtedness 31 December (€/000) 30 June 2025 2025 30 June 2026 Non -current financial assets 282,596 217,459 244,500 Current financial assets 784,675 759,195 804,963 Cash and cash equivalents 2,125,694 2,444,680 2,364,429 Total cash and cash equiva
Slide 27: Global leader in large-scale, complex civil infrastructure
Global leader in large -scale, complex civil infrastructure Sustainable Mobility Clean Hydro Energy Clean Water Green Buildings & Other → Metros → Hydroelectric Dams & Plants → Desalination & Water Treatment → C ivil and Industrial Buildings → High Speed Railways → Pumped Storage → Wastewater Manage
Slide 28: Our track record
Our track record >3,700 82,708 km Completed projects Roads and motorways 13,686 km 895 km Railways Metros 3,466 km 1,023 km Tunnels Bridges and viaducts 320 58,809 MW Dams and hydroelectric plants Installed capacity 1H 2026 Results Presentation 28
Slide 29: Highly skilled, committed people are the foundation of our success
Highly skilled, committed people are the foundation of our success 1 Total employees >85,000 13,800 Average hiring per year 2 83,000 Proven capacity to attract talent & manage labor shortage >130 Nationalities The power of diversity 35% Employees under 35 Young and agile structure in an evolving wor
Slide 30: A global player completely transformed since the beginning of our journey
A global player completely transformed since the beginning of our journey 1 Webuild in 2012 Webuild Today 2 Revenues by geography Revenues by geography Latam 40% Italy 37% €2.3bn >€13.6bn Italy 23% Oceania 28% Revenues Target 2026 Revenues East Europe 16% Saudi Arabia 8% Middle East & 10% 10% North
Slide 31: Building a better future: internationally recognized excellence
Building a better future: internationally recognized excellence Main projects delivered Rising to the top: leading the charts >350 #1 Global leader in the water sector 1 Projects delivered since 2012 Milan Metro M4 Thessaloniki Metro Riyadh Metro Line 3 GERD Dam Italy Greece Saudi Arabia Ethiopia #1
Slide 32: Italian market beyond PNRR with the investment trend to remain strong
1 Italian market beyond PNRR with the investment trend to remain strong Our main projects in the country 5 6 HS/HC rail Milan - Fortezza -Ponte HS/HC rail Napoli - 3 4 7 €27.0bn 1 Genoa 6 Gardena railway 10 Bari, 4 lots 2 New Genoa 7 HS/HC rail 11 HS/HC rail Salerno - 1 Construction Breakwater Veron
Slide 33: Compelling growth story
Compelling growth story Revenues 1 EBITDA 1 €bn €m 10.1% 6.9 6.6 6.7 6.7% 672 6.3 583 592 572 5.3 5.5 526 4.6 4.2 3.9 400 327 292 256 1H 2H 1H 2H 1H 2H 1H 2H 1H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 1H 2026 Results Presentation 1) Data have been restated by exc
Slide 34: Sustainability as responsibility: our ESG pledge and framework
Sustainability as responsibility: our ESG pledge and framework Confirmed Sustainability Leader Sustainability achievements and targets 1 Green builders Actual Target Achieved Climate Change Supplier Engagement Assessment GHG Emission Intensity Scope 1&2 3 (2025 vs 2022) -33% -10% D- D C- C B- B A- A
Slide 35: We invest in innovation for sustainable growth
We invest in innovation for sustainable growth Machine learning to predict costs Robotic process automation and timelines e.g. procurement, administration Predictive asset maintenance Smart Site: AI, IoT and Drones For efficient and safer construction sites Innovative construction materials Roboplan
Slide 36: Proven capacity to beat targets, despite global challenges
Proven capacity to beat targets, despite global challenges Actual figures vs guidance 2021 2022 2023 2024 2025 Average Book -to-Bill 1.7x 2.0x 2.2x 1.1x 1.0x Guidance 1 >1.0x >1.0x >1.1x >1.0x >1.0x Revenues 2 €6.6bn €8.1bn €9.9bn €11.8bn €13.6bn Guidance €6.5 -7.2bn €7.0 -7.5bn €9.0 -9.5bn > €11bn
Slide 37: Global megatrends continue to support infrastructure investments
Global megatrends continue to support infrastructure investments Global megatrends Webuild’s offering Railway & Metro Climate change Port & Sea work Transport network Water scarcity Desalination Plant Water & Wastewater Plant Energy transition Hydroelectric Plant Green building Airport Urbanization
Slide 38: Trevi at a glance
Trevi at a glance Description Key financial data Backlog (€m): 587 725 701 748 • Founded in 1957 and headquartered in Cesena , Trevi Group is a leading specialist in the design and execution of special Revenues 571 595 663 624 foundations and underground engineering works €m 2022 2023 2024 2025 • Th
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