Slide 1: Plan outperformed, Future secured
Plan outperformed Future secured Infrastructure improving lives across five continents Stronger margins. Quality backlog FY 2025 Results & 2026 Outlook Presentation March 12, 2026
Slide 2: Agenda
Agenda 1 2023 - 2025 PLAN OUTPERFORMED. GROUP STRUCTURALLY STRONGER 2 2025 RESULTS 3 OUTLOOK 4 Q&A
Slide 3: 2023-2025 Plan outperformed. Group structurally stronger
1 2023 - 2025 PLAN OUTPERFORMED. GROUP STRUCTURALLY STRONGER PIETRO SALINI CHIEF EXECUTIVE OFFICER
Slide 4: Operational excellence demonstrated on the ground
Operational excellence demonstrated on the ground Key projects delivered in 2023 -2025 >45 Leading position in key Capabilities and Strategic infrastructures Milan Metro Line 4 Riyadh Metro Line 3 markets supply chain network delivered during the Plan Italy Saudi Arabia 1 st in the water sector 1 ;
Slide 5: Financial performance well above Plan, with structural margin improvement
Financial performance well above Plan, with structural margin improvement +19% Revenue CAGR 2022 – 2025 EBITDA doubled versus 2022 baseline Well above the Business Plan target of 10% EBITDA margin up to 8.6% from 7.2% €bn €m +€1.5bn of additional Margins improvement drivers revenues at 2022 forex +1
Slide 6: Disciplined financial management underpinning a strong balance sheet
Disciplined financial management underpinning a strong balance sheet Gross leverage 1 significantly reduced Net cash position ahead of Plan Down to 2.6x in 2025 vs. 4.3x peers average 2 Disciplined execution & working capital management times €m Strengthened financial fundamentals Upgraded to BB+ 4.
Slide 7: Order intake well above plan with stronger visibility and improved risk profile
Order intake well above plan with stronger visibility and improved risk profile +€13bn of order intake above target Costruction backlog above target >80% 1 of awards with best technical offer Providing greater visibility €bn €bn Improved risk profile 50.9 Focus on developed markets 48.7 BP Target: 9
Slide 8: 2025 Results
2 2025 RESULTS MASSIMO FERRARI GENERAL MANAGER CORPORATE AND FINANCE FY 2025 Results & 2026 Outlook Presentation 8
Slide 9: Double-digit revenue growth with margin progression
Double -digit revenue growth with margin progression (€m) 2024 1 2025 Var. 1 Exceeded the upgraded 2025 guidance Revenues 11,790 13,569 1,779 Revenues EBITDA YoY growth 18% 15% €13.6bn €1,164m 1 EBITDA 983 1,164 180 YoY growth 20% 18% > €12.5bn >€1.1bn EBITDA margin 8.3% 8.6% 24 bps (2025 Guidance)
Slide 10: Streamlined cost base
Streamlined cost base Cost efficiency plan Reduction of indirect project and corporate costs, through : • external spending optimization • shared services • back -office automation • branch optimization • project -specific initiatives Initiatives implemented exceeding the 2023 -25 cumulative savings
Slide 11: Solid net income at €280m
Solid net income at €280m Net Income Consistent shareholder remuneration €m Total Shareholder Return 2 2026 Dividend Proposal >160% €0.081 for o rdinary shares +23% 23 280 €0.260 for saving shares 18 240 194 2024 net 2025 net Purchase Purchase 2025 net income income price price income reported repor
Slide 12: Net cash above guidance on a normalized basis
Net cash above guidance on a normalized basis Strong net cash position maintained Net cash above guidance on a normalized basis €m €m 1,445 Timing of DAB decision on 1,431 €972 of Capex 1 Italian project – cash collected in 2025 at the beginning of 2026 772 772 Guidance (135) >700m 363 265 (274) 363
Slide 13: Solid balance sheet and continued deleveraging path
Solid balance sheet and continued deleveraging path (€m) 2024 2025 Var. 1 Increase due to capex plan 1 Fixed Assets 3,184 3,562 378 2 Reflects the significant increase in production activity as well as the Inventories 243 302 59 reimbursement of advances on contracts in progress in Italy and abroad
Slide 14: Strong liquidity position with well-staggered debt maturities through 2031
Strong liquidity position with well -staggered debt maturities through 2031 M/L corporate debt maturities Rating upgrade at BB+ with Stable outlook €m BB+ (stable) in May 2025 250 450 500 500 450 74 100 65 BB+ (stable) 2026 2027 2028 2029 2030 2031 in November 2025 Bank Bond Key facts 7% variable €3
Slide 15: €13.2bn orders secured in 2025 and €1.8bn awards in 2026
€13.2bn orders secured in 2025 and €1.8bn 1 awards in 2026 2 2025 order intake: >90% in low -risk countries Some of the new projects acquired in 2025: €13.2bn HS/HC railway Salerno - Riyadh Metro Line 2 Reggio Calabria Extension Total Order Intake €7.2bn Italy €0.5bn €1.5bn Europe Westshore Intercha
Slide 16: Construction backlog at €51bn, among the highest of the industry
Construction backlog at €51bn, among the highest of the industry Construction Backlog Business area Total Backlog 1 breakdown €50.9bn >95% contribute to €58.4bn SDGs 2 goals Europe Italy Middle 8% East North America 52% 11% 6% Other Australia 10% Geographic area 12% 6% Green buildings & other 90% in
Slide 17: Outlook
3 OUTLOOK PIETRO SALINI CHIEF EXECUTIVE OFFICER FY 2025 Results & 2026 Outlook Presentation 17
Slide 18: We built significant scale, creating one of Italy's largest industrial groups
We built significant scale, creating one of Italy’s largest industrial groups Now building on this platform Revenues 1 €bn +1.8 +1.8 13.6 +1.9 11.8 10.0 8.1 Each year the revenues increased the equivalent scale of an ENR Top 50 European firm 2022 2023 2024 2025 BP baseline FY 2025 Results & 2026 Out
Slide 19: Global megatrends continue to support infrastructure investments
Global megatrends continue to support infrastructure investments Global megatrends Webuild’s offering Climate change Railway & Metro Port & €38.9bn Construction backlog Sea work in Sustainable Mobility Transport network Water scarcity Desalination Plant €3.2bn Construction backlog Water & Wastewater
Slide 20: Solid commercial activity at €91bn, with over €19bn of tenders awaiting an outcome
Solid commercial activity at €91bn, with over €19bn of tenders awaiting an outcome Short -term commercial activity: Main areas: North America 10% €19.1bn €8.8bn €63.2bn Europe Tenders awaiting Tenders to be Prequalification and 19% outcome presented monitored initiatives Italy Saudi Arabia 8% 12% €9
Slide 21: Global footprint, scale, industrial visibility, margins and cash focus underpinning the 2026 outlook
Global footprint, scale, industrial visibility, margins and cash focus underpinning the 2026 outlook 2022 2025 2026 2026 Drivers BP baseline directional guidance Global footprint and scale • That enables flexibility and resilience to €8.1bn €13.6bn In line with the record Revenues 1 levels reached i
Slide 22: Q&A
4 Q&A PIETRO SALINI MASSIMO FERRARI CHIEF EXECUTIVE OFFICER GENERAL MANAGER CORPORATE AND FINANCE FY 2025 Results & 2026 Outlook Presentation 22
Slide 23: Appendix
APPENDIX FY 2025 Results & 2026 Outlook Presentation 23
Slide 24: 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 25: 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 FY 2025 Results & 2026 Outlook Presentation 25
Slide 26: Highly skilled, committed people are the foundation of our success
Highly skilled, committed people are the foundation of our success 1 Total employees 13,800 Average hiring per year 2 +14% ca. 95,000 Proven capacity to attract talent & manage labor shortage 83,000 >125 Nationalities The power of diversity 37% Employees under 35 Young and agile structure in an evol
Slide 27: 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 Revenues by geography Revenues by geography Latam 40% Italy 34% €2.3bn €13.6bn Italy 23% Oceania 30% Revenues Revenues East Europe 16% Middle East 11% Middle East & 10% 9% North America Asia 11,
Slide 28: 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 water sector 1 Projects delivered since 2012 Milan Metro M4 Thessaloniki Metro Riyadh Metro Line 3 GERD Dam Italy Greece Saudi Arabia Ethiopia #1 Ita
Slide 29: Significant progress achieved in 2025 on key projects in Italy and abroad
Significant progress achieved in 2025 on key projects in Italy and abroad The first section of the Completed first tunnel Opened two archeo - North East Link of Brenner Base stations with 3 new km excavation has been Tunnel for Line C of Rome Metro completed Italy /Austria Italy Australia Delivered
Slide 30: >90% of revenues generated in low-risk countries
>90% of revenues generated in low -risk countries 1 Revenues by geography Revenues by activity North America Europe 63% Sustainable 9% 6% Mobility 12% 9% Italy 18% Clean Hydro Energy 33% 34% Oceania Others Middle East 26% 30% 8% 10% 7% Clean 12% 11% Water 9% Green Revenues in FY 2024 12% Buildings &
Slide 31: Italian market beyond PNRR with investment trend to remain strong
1 Italian market beyond PNRR with 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 €26.7bn 1 Genoa 6 Gardena railway 10 Bari, 4 lots New Genoa HS/HC rail HS/HC rail Salerno - 1 Construction 2 7 11 Breakwater Verona -P
Slide 32: Compelling growth story
Compelling growth story Revenues 1 EBITDA 1 €bn €m 8.6% 1,164 13.6 7.2% 11.8 983 9.9 818 8.1 583 2022 2023 2024 2025 2022 2023 2024 2025 BP baseline BP baseline FY 2025 Results & 2026 Outlook Presentation 1) Data have been restated by excluding the results of the joint ventures not controlled by Lan
Slide 33: 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 34: 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 35: 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 36: Income Statement
Income Statement Webuild Group Reclassified statement of profit or loss adjusted FY 2024 Adjusted FY 2025 Adjusted Amortisation of Amortisation of Amortisation of Amortisation of intangible assets intangible assets intangible assets intangible assets Webuild Group Adjusted (*) Webuild Group Adjusted
Slide 37: Statement of Financial Position
Statement of Financial Position Webuild Group Reclassified statement of financial position (€/000) 31 December 2024 31 December 2025 Non -current assets 2,744,670 3,166,545 Goodwil 84,891 75,937 Non -current assets (liabilities) held for sale (20,928) 2,753 Provisions for risks (118,367) (125,155) P
Slide 38: Net Financial Position
Net Financial Position Webuild Group Net financial indebtedness (€/000) 31 December 2024 31 December 2025 Non -current financial assets 304,284 217,459 Current financial assets 865,385 759,195 Cash and cash equivalents 3,214,830 2,444,680 Total cash and cash equivalents and other financial assets 4,
Slide 39: Safe Harbour
Safe Harbour These objectives and statements are Additional based on assumptions that are information on the factors dependent upon significant risk and that could have an impact on Webuild’s uncertainty factors that may prove financial results is contained in the This presentation may contain to be
Slide 40: Slide 40