Slide 1: Consolidating 2025 Ambitions: First Half 2025 Results
CONSOLIDATING 2025 AMBITIONS First Half 2025 Results Presentation July 25, 2025
Slide 2: Agenda
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 2
Slide 3: 1H 2025 Highlights
Agenda 1 1H 2025 HIGHLIGHTS PIETRO SALINI CHIEF EXECUTIVE OFFICER 3
Slide 4: Growth greater than expected, improving marginality and financial leverage
Webuild’s growth greater than expected, improving marginality and financial leverage with continued de-risking Revenues EBITDA Net Cash Position Gross Leverage(2) €6.7bn €564m €275m 2.6x Record financials +22% +38% €419m 3.0x (at constant (as at december (vs 1H 2024) (vs 1H 2024) exchange rate(1)) 2
Slide 5: Strong foundations for future value creation
Strong foundations for future value creation ▪ Resilient business model Operational excellence and delivery underlines excellent continuous performance, solid financial PROJECTS DELIVERED COMPANIES IN THE >330 SINCE 2012 >4,000 ENGINEERS 17,500 SUPPLY CHAIN structure ▪ Scale, expertise, global prese
Slide 6: Financial Update
Agenda 2 FINANCIAL UPDATE MASSIMO FERRARI GENERAL MANAGER CORPORATE AND FINANCE 6
Slide 7: Double digit growth with solid margin improvement
Double digit growth with solid margin improvement Revenues EBITDA EBIT €bn €m €m EBITDA margin EBIT margin % % 6.3% 7.5% 8.4% 3.0% 4.1% 5.6% +22%(1) +38%(1) +65%(1) 6.7 564 5.5 375 4.6 407 289 226 139 1H 2023 1H 2024 1H 2025 1H 2023 1H 2024 1H 2025 1H 2023 1H 2024 1H 2025 First Half 2025 Financial R
Slide 8: Adjusted net income at €132m, improving by 61%
Adjusted net income at €132m, improving by 61% (€m) 1H 2024 1H 2025 Var. 1 Financial expenses (€m) 1H 2024 1H 2025 Var. EBIT 226 375 148 Bank charges and commissions (31) (23) 8 Financial income 81 61 (21) Bond charges (49) (58) (9) Financial expenses (134) (136) 1 (3) Leasing (5) (6) (1) Net exchan
Slide 9: Financial discipline improving drastically our credit standing
Financial discipline improving drastically our credit standing Net cash position positive for the sixth semester in a row First Half Net financial position €m reflects: 1,431 1,437 1,445 419(1) €454m of capex 265 438 275 (397) 1H 22 FY 22 1H 23 FY 23 1H 24 FY 24 1H 25 €144m of forex effect on cash G
Slide 10: Latest bond issue extends average debt life and manages maturities
Latest bond issue will extend average debt life and manage ahead of time 2025 & 2026 maturities M/L corporate debt maturities – proforma after liability management occurred in July 2025 Rating upgraded in €m 2025 by Fitch Bank 3.7 years 5.1% Bond debt duration average cost of debt BB+ (stable) 500 5
Slide 11: Business Update
Agenda 3 BUSINESS UPDATE PIETRO SALINI CHIEF EXECUTIVE OFFICER 11
Slide 12: Laying the foundations for future growth and cash generation
We are laying the foundations for future growth and cash generation Robust order Huge market Strengthening Further cash backlog opportunities margins generation granting high rising infrastructure selective bidding, effective working capital optimization, revenue visibility investments in major mark
Slide 13: Our backlog is the basis for our growth
Our backlog is the basis for our growth, providing clear visibility for next Business Plan €58.7 bn €49.9 bn €8.8 bn Total Backlog(1) Construction Backlog Backlog concessions and O&M Construction backlog 90% located in low-risk markets(2) >90% contribute to SDGs(3) goals €bn 4 years Revenue visibili
Slide 14: Acquired €6.5 billion new orders, over 50% of 2025 target
Acquired €6.5 billion new orders, achieving more than 50% of 2025 target Order intake(1) 2025 order intake: >95% in low-risk countries(3) €bn Orders acquired in €42bn 2023-25 €2.9 bn €1.5 bn €0.8 bn €0.8 bn €0.5 bn 1.22x 2023-25 Book to Bill Italy Middle North Australia Other East America 3 2.0 2.2
Slide 15: Solid market momentum continues driven by global megatrends
Solid market momentum continues driven by global megatrends Short-term commercial activity €bn roads & bridges hydro & coastal hydro metros & light rails Europe rails & roads buildings & other North America €26.2bn 21% Tenders to be €47.1bn hydro & water presented Others (1) 12% >90% energy & resour
Slide 16: Many opportunities on the horizon
Many opportunities on the horizon MESSINA ORIGINATION OF LARGE DAMS & LARGE WATER AND BRIDGE SCALE PROJECTS INFRA MAINTENANCE DESALINATION NATO DEFENSE UKRAINE GERMANY’S SPENDING TARGET RECONSTRUCTION INFRASTRUCTURE FUND First Half 2025 Financial Results 16
Slide 17: Focus on strengthening margins and mitigating risks
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 •
Slide 18: On track for another great year of sustainable growth
On track for another great year of sustainable growth RESULTS RESULTS RESULTS 2025 2023-2025 2023 2024 1H 2025 TARGETS BUSINESS PLAN 10.0 12.0 >12.5 10.5-11.0 Revenues 6.7 €bn EBITDA 819 967 564 >1,100 990-1,050 €m Net cash position Maintain net cash €m 1,431 1,445 419(1) >700 position Book-to-bill
Slide 19: Appendix
Appendix webuild (3
Slide 20: 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 → Civil and Industrial Buildings → High Speed Railways → Pumped Storage → Wastewater Manageme
Slide 21: Infrastructure investments driven by multi-year megatrends
Infrastructure investments driven by multi-year 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 consumpt
Slide 22: Our track record
Our track record COMPLETED PROJECTS ROADS AND MOTORWAYS 3,700 82,577 km RAILWAYS METROS 13,648 km 891 km TUNNELS BRIDGES AND VIADUCTS 3,462 km 1,022 km DAMS AND HYDROELECTRIC PLANTS INSTALLED CAPACITY 318 53,659 MW First Half 2025 Financial Results 22
Slide 23: Building a better future: internationally recognized excellence
Building a better future: internationally recognized excellence Main projects delivered Rising to the top: leading the charts >330 Projects # 1 GLOBAL LEADER IN WATER SECTOR(1) delivered since 2012 1 MILAN METRO M4 THESSALONIKI METRO RYIADH METRO LINE 3 POINCIANA HIGHWAY ITALY GREECE SAUDI ARABIA US
Slide 24: Highly skilled, committed people are the foundation of our success
Highly skilled, committed people are the foundation of our success Total Employees(1) 13,600 Average hiring per year(2) Proven capacity to attract talents & manage labor shortage 95,000 92,000 >125 Nationalities The power of diversity 87,000 >35% Employees under 35 Young and agile structure in an ev
Slide 25: Italian market beyond PNRR with strong investment trend
Italian market beyond PNRR(1) with investment trend to remain strong Our main projects in the country 4 5 HS/HC rail Fortezza-Ponte HS/HC rail Salerno- 3 6 €24 bn 1 Milan-Genoa 5 Gardena railway 9 Reggio Calabria,1 lot Construction New Genoa HS/HC rail Verona- 1 2 6 10 Jonica highway 2 backlog Break
Slide 26: Created a strong platform to further increase long-term value
Created a strong platform ready to further increase long-term value Operational Talent Supply chain Effective commercial excellence attraction aggregation strategy >4,000 engineers ca. 95,000 people(1) ca. 17,500 suppliers Selective bidding approach Robust ESG Geographical Solid financial Efficient
Slide 27: Compelling growth story
Compelling growth story Revenues EBITDA €bn €m 8.4% EBITDA margin 6.5 6.7 5.5 560 564 5.4 530 4.6 6.5 % 4.3 3.9 407 321 289 251 1H 2H 1H 2H 1H 2H 1H 1H 2H 1H 2H 1H 2H 1H 2022 2023 2024 2025 2022 2023 2024 2025 First Half 2025 Financial Results 27
Slide 28: Our footprint: >90% of revenues from low-risk countries
Our footprint: >90% of revenues generated from low-risk countries(1) Revenues by geography Revenues by activity North America Sustainable Europe 63% Mobility 13% 8% 9% 7% Italy Clean Hydro 16% Energy 35% 34% Australia Others 8% Clean Water 24% 29% 9% 8% Middle East 9% 13% Green Buildings 13% & Other
Slide 29: Sustainability as a responsibility: our ESG pledge and framework
Sustainability as a responsibility: our ESG pledge and framework Confirmed Sustainability Leader Sustainability pillars and targets GHG emission Intensity Scope 1&2(2) Climate Change Programme Supplier Engagement Assessment GREEN D- D C- C B- B A- A D- D C- C B- B A- A 1 BUILDERS -10% 2025 Scope 1 &
Slide 30: We invest in innovation for sustainable growth
We invest in innovation for sustainable growth MACHINE LEARNING TO PREDICT ROBOTIC PROCESS AUTOMATION COST AND TIMING E.G. PROCUREMENT, ADMINISTRATION PREDICTIVE ASSET MAINTENANCE SMART SITE: AI, IOT AND DRONES FOR EFFICIENT AND SAFER CONSTRUCTION SITES INNOVATIVE CONSTRUCTION ROBOPLANT MATERIALS RO
Slide 31: Proven capacity to beat targets, despite global challenges
Proven capacity to beat targets, despite global challenges Actual figures vs guidance 2021 2022 2023 2024 Guidance achieved Average book-to-bill 1.7x 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
Slide 32: Income Statement
Income Statement Webuild Group Reclassified statement of profit or loss adjusted 1H 2024 Adjusted 1H 2025 Adjusted Joint ventures not Joint ventures not Webuild controlled by PPA backlog PPA backlog Webuild controlled by PPA backlog PPA backlog Adjusted Adjusted Group Lane Astaldi Clough Group Lane
Slide 33: Statement of Financial Position
Statement of Financial Position December 31, (€/000) June 30, 2024 2024 June 30, 2025 Non-current assets 2,395,362 2,744,670 2,911,442 Goodwil 82,609 84,891 76,112 Non-current assets (liabilities) held for sale 3,532 (20,928) (20,435) Provisions for risks (173,843) (118,367) (130,627) Post-employmen
Slide 34: Net Financial Position
Net Financial Position Webuild Group Net financial indebtedness December 31, (€/000) June 30, 2024 2024 June 30, 2025 Non-current financial assets 349,943 304,284 282,596 Current financial assets 671,961 865,385 784,674 Cash and cash equivalents 3,215,258 3,214,830 2,125,694 Total cash and cash equi
Slide 35: 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
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