Slide 1: Analysts/Media Conference, Glattpark (Opfikon), 20 August 2025
Analysts/Media Conference, Glattpark (Opfikon), 20 August 2025 © Implenia
Slide 2: Business Update, Finance Update, Key Investment Highlights and Outlook
BUSINESS UPDATE Jens Vollmar CEO FINANCE UPDATE Stefan Baumgärtner CFO KEY INVESTMENT HIGHLIGHTS AND OUTLOOK Jens Vollmar CEO Q&A Jens Vollmar CEO Stefan Baumgärtner CFO © Implenia 2
Slide 3: Métro, Toulouse, France
© Implenia Métro, Toulouse, France
Slide 4: Implenia Group – Operational Development with Growth Momentum
IMPLENIA GROUP – OPERATIONAL DEVELOPMENT WITH GROWTH MOMENTUM Market recovery Contract wins in Financial Digitalisation and growth tunnelling and structure and artificial in Switzerland civil engineering strengthened intelligence and European by Division Civil by CHF 220 m in more and countries Engi
Slide 5: Implenia Group – Operating Profit, Revenue and Order Book Increased
IMPLENIA GROUP – OPERATING PROFIT, REVENUE AND ORDER BOOK INCREASED Operating profit Revenue Order book EBIT target (EBIT) CHF CHF CHF CHF 57.0 m 1.9 bn 7.8 bn ~140 m (+12.9%) (+6.6%) (+9.8%) confirmed for full-year 2025 © Implenia 5
Slide 6: Kantonsspital Aarau, Switzerland
Kantonsspital Aarau, Switzerland End-to-end real estate service provider for development, production and modernisation in Switzerland and Germany Ligerz Tunnel, Switzerland Leading expert in complex tunnelling and other infrastructure projects in Europe, as well as civil engineering and special foun
Slide 7: Buildings – Turnaround in Order Book, Strong Results
BUSINESS UPDATE Casino, Lokstadthallen, Winterthur, Switzerland BUILDINGS – TURNAROUND IN ORDER BOOK, STRONG RESULTS IN BUILDING CONSTRUCTION & TRANSACTIONS 2,570 (+7.7%) 871 (-5.5%) 41.5 (+56.2%) ▪ Order book increased again for first time since 2022 to CHF 2.6 bn (+7.7%): particularly Order book R
Slide 8: Buildings project images
Swiss National Fund, Bern Kantonsspital Aarau, Switzerland © Implenia EUREF-Campus, Düsseldorf, Germany TRON research building, Mainz, Germany Beringen data centre, Switzerland 8
Slide 9: Civil Engineering – Infrastructure Demand Boosts Order Book
BUSINESS UPDATE CIVIL ENGINEERING – INFRASTRUCTURE DEMAND BOOSTS ORDER BOOK, EBIT INCREASED Gotthard Road Tunnel, Switzerland 5,153 (+10.9%) 1,008 (+14.8%) 15.9 (+10.6%) ▪ Order book reaches record CHF 5.2 bn; consistent strategic focus on profitable, large- Order book Revenue EBIT, EBIT margin scal
Slide 10: Civil Engineering project images
RogfastTunnel, Kvitsøy, Norway Kabeldiagonale Berlin, Germany © Implenia Ligerz Tunnel, Switzerland Mont-Cenis Lyon-Turin tunnel (TELT), France Elbebrücke, Wittenberge, Germany Brenner Base Tunnel, Austria/Italy 10
Slide 11: Service Solutions – Wincasa Delivers Results
BUSINESS UPDATE SERVICE SOLUTIONS – WINCASA DELIVERS RESULTS Vorwerk Office Building, Wuppertal, Germany AS PLANNED, INCREASING SERVICE REVENUES 82.8 (+0.9%) 123 (+3.4%) 9.3 (+7.0%) ▪ Wincasa’s assets under management (AuM) rose to CHF 83 bn, though recently acquired Wincasa AuM Revenue EBIT, EBIT m
Slide 12: Service Solutions project images
Green Spin, Winterthur, Switzerland Schönbühl shopping centre, Lucerne, Switzerland © Implenia Media building, Zurich, Switzerland Wincasa walk-in site, Switzerland Sihlcity shopping centre, Zurich, Switzerland German Cancer Research Center, Heidelberg 12
Slide 13: Métro, Toulouse, France
© Implenia Métro, Toulouse, France
Slide 14: Implenia Group – Increased Operating Profit, Revenue and Order Book
FINANCE UPDATE IMPLENIA GROUP – INCREASED OPERATING PROFIT, TRON research building, Mainz, Germany REVENUE AND ORDER BOOK 7,778 (+9.8%) 1,856 (+6.6%) 57.0 (+12.9%) ▪ Order book up by CHF 990 m in first half-year to CHF 7.8 bn (+14.6%), mainly due to orders Order book Revenue EBIT, EBIT margin for tu
Slide 15: Operating Income Up Again Thanks to Profitable Business at All Divisions
FINANCE UPDATE OPERATING INCOME UP AGAIN THANKS TO PROFITABLE BUSINESS AT ALL DIVISIONS Consolidated income statement (abridged) ▪ Revenue of 1.9 bn higher than previous year CHF m ▪ EBIT up to CHF 57.0 m and EBIT margin to 3.1% due to improved divisional operating income HY1.2025 HY1.2024 ▪ Financi
Slide 16: Improved Free Cash Flow in the 1st Half of 2025
FINANCE UPDATE IMPROVED FREE CASH FLOW IN THE 1ST HALF OF 2025 Free cash flow ▪ (Free) cash flow in the first half of the year is affected by industry CHF m seasonality 73.9 ▪ Free Cash Flow (FCF) better 57.0 than previous year at CHF -168.4 m ▪ FCF compared to the previous year influenced by, among
Slide 17: Fixed Assets Slightly Below Previous Year, Main Focus on NWC and Claims Management
FINANCE UPDATE FIXED ASSETS SLIGHTLY BELOW PREVIOUS YEAR, MAIN FOCUS ON NWC AND CLAIMS MANAGEMENT Assets (abridged) ▪ Cash and cash equivalents up, partly due to improved free cash flow CHF m ▪ Current assets higher due to higher contract 30.6.2025 31.12.2024 30.6.2024 assets and trade receivables C
Slide 18: Equity Ratio at 21.3%
FINANCE UPDATE EQUITY RATIO AT 21.3% Liabilities (abridged) ▪ Trade payables higher than in HY1.24 due to additional prepayments for new projects carried CHF m out in joint ventures 30.6.2025 31.12.2024 30.6.2024 ▪ Other current liabilities increased because of bonds expiring in November 2025 and Ma
Slide 19: Consistent Financial Performance in Recent Years
FINANCE UPDATE CONSISTENT FINANCIAL PERFORMANCE IN RECENT YEARS Performance HY1.21 HY2.21 HY1.22 HY2.22 HY1.23 HY2.23 HY1.24 HY2.24 HY1.25 ▪ Implenia has achieved consistent EBIT in the past four years in the first 951) 75 80 half-year, which is always weaker due 73 57 to sector seasonality EBIT 40
Slide 20: Confirmation of 2025 EBIT Target and Mid-Term Financial Targets
CONFIRMATION OF 2025 EBIT TARGET AND MID-TERM FINANCIAL TARGETS 2025 Mid-term Operating profit (EBIT) EBIT margin CHF >4.5% ~140 m Equity ratio 25% © Implenia 20
Slide 21: Fornebubanen, Oslo, Norway
© Implenia Fornebubanen, Oslo, Norway
Slide 22: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS Markets Capabilities Future growth 1 2 3 6 4 5 Attractive Swiss investment opportunity: a leading company in the Swiss and European real estate and infrastructure market © Implenia 22
Slide 23: Deep geological repository, Forsmark, Sweden
© Implenia Deep geological repository, Forsmark, Sweden
Slide 24: Positive Market Outlook – Growth Strategy Based on Differentiation
POSITIVE MARKET OUTLOOK – GROWTH STRATEGY BASED ON DIFFERENTIATION ▪ High-margin projects with potential for differentiation: Population growth Macroeconomic Focus on complex (large) projects and partnership-based and urbanisation uncertainty contract and settlement models Energy transition Digitali
Slide 25: Implenia Is Growing with a Differentiated Offering
IMPLENIA IS GROWING WITH A DIFFERENTIATED OFFERING © Implenia 25
Slide 26: Upcoming dates and contacts
2025 ANNUAL RESULTS INVESTORS 4 March 2026 Luca Rossi, Head Investor Relations ir@implenia.com, +41 58 474 35 04 AGM MEDIA 31 March 2026 Silvan Merki, Chief Communications Officer communication@implenia.com, +41 58 474 74 77 © Implenia 26
Slide 27: Implenia Is Growing with a Differentiated Offering
IMPLENIA IS GROWING WITH A DIFFERENTIATED OFFERING © Implenia 27
Slide 28: Casino, Lokstadthallen, Winterthur, Switzerland
© Implenia Casino, Lokstadthallen, Winterthur, Switzerland
Slide 29: Disclaimer
The information serves solely for information purposes and should not be considered to be a recommendation to buy or sell shares of Implenia Ltd., nor should it be considered to be a request to execute financial trades. The results could include for a variety of factors and reasons forward-looking s
Slide 30: EUREF-Campus, Dusseldorf, Germany
© Implenia EUREF-Campus, Dusseldorf, Germany
Slide 31: Divisions and service offering
Kantonsspital Aarau, Switzerland End-to-end real estate service provider for development, production and modernisation in Switzerland and Germany ▪ Real Estate Development ▪ Master builder ▪ New-build and modernisation ▪ Timber construction ▪ General/total contractor ▪ Facade technology Ligerz Tunne
Slide 32: Foreign Currency Influences Relatively Low
FINANCE UPDATE FOREIGN CURRENCY INFLUENCES RELATIVELY LOW – PROPORTIONATELY THE BIGGEST INFLUENCE ON THE ORDER BOOK Order book Revenue EBIT Equity ratio1) ▪ Foreign currency effects were slightly negative, but CHF m CHF m CHF m % proportionally lower than +12% +8% +14% +0.9pp previous years 7,907 1,
Slide 33: Currency Has Relatively Little Impact on Half-Year Result
CURRENCY INFLUENCE CURRENCY HAS RELATIVELY LITTLE IMPACT ON HALF-YEAR RESULT Implenia Group Division Buildings Order book Revenue EBIT Order book Revenue EBIT CHF m CHF m CHF m CHF m CHF m CHF m +2% +1% +1% 0% +1% 0% 7,778 7,907 1,856 1,873 57.0 57.4 2,570 2,582 871 875 41.5 41.6 HY1.25 HY1.25 HY1.2
Slide 34: Currency Has Relatively Little Impact on Half-Year Result
CURRENCY INFLUENCE CURRENCY HAS RELATIVELY LITTLE IMPACT ON HALF-YEAR RESULT Division Civil Engineering Division Service Solutions Order book Revenue EBIT Order book Revenue EBIT CHF m CHF m CHF m CHF m CHF m CHF m +2% +1% +2% +2% 0% 0% 5,153 5,268 1,008 1,021 15.9 16.2 56 57 123 124 9.3 9.3 HY1.25
Slide 35: Picture credits
Slides 6 and 31: Kantonsspital Aarau (top), Modular Pontoon Systems BV (middle) Slide 7: Green (bottom) Slide 8: Kantonsspital Aarau (top left), NICKL & PARTNER ARCHITEKTEN AG (top right), Penzel Valier AG (bottom left), EUREF AG (bottom middle), STACK Infrastructure (bottom right) Slide 10: 50Hertz