Financial document - (260602 PRIMER TO IMPLENIA)

DEEP DIVE FOR INVESTORS AND ANALYSTS, 2 JUNE 2026

EXECUTIVE SUMMARY

PRIMER TO IMPLENIA - THE ESSENTIALS AT A GLANCE

6

1

2 3 4 5

‌PRIMER TO IMPLENIA

TABLE OF CONTENTS

1 Introduction to Implenia 4

2 Key Investment Highlights 15

2.1

2.2

2.3

2.4

2.5

2.6

Focus on relevant and growing market segments Market leader in specialised, high-margin sectors Diversification for resilience and stability

High quality pipeline through Value Assurance approach

Proven management team with industry expertise driving high performance culture Strategy for sustainable growth and value creation

17

47

93

110

131

137

3 Wrap up of Key Investment Highlights

4 Abbreviations

159

161

20 YEARS YOUNG, 160 YEARS OF CREATING THE FUTURE: BUILDINGS, INFRASTRUCTURE AND SERVICES THAT FURTHER SHAPE SOCIETY

Celebrating Implenia's contribution

to the society of tomorrow

Implenia's Guiding Principles, Value Chain

and the focused services offering

Link: Video 20 YEARS YOUNG -

160 YEARS OF CREATING THE FUTURE

Link: Video IMPLENIA -

RAUM FÜR ZUKUNFT

EVOLUTION OF THE GROUP SINCE ITS FOUNDATION

Strengths in Switzerland as a basis for international growth

Establishment of the Salzburg branch

Germany

Takeover of

Bilfinger Hochbau

launched and implemented

Strategic phase for sustainable growth and value creation

Purpose and Values

Strategy

refinement

No. 1

No. 2

Market entry

Norway

Acquisition of

Betonmast Anlegg

Expansion infrastructure business

Acquisition of

Bilfinger Construction

Market entry Spin-off of

France Ina Invest

Complex New real estate

infrastructure projects company

Acquisition of Wincasa

Forward integration in the

value chain

1862

2011

2015

2016 2020

2023

IMPLENIA HAS SHAPED THE WAY WE LIVE, WORK AND MOVE, IN SWITZERLAND AND ABROAD

7

Link: Implenia History

INTEGRATED OFFERING ACROSS BUILDINGS, CIVIL ENGINEERING & SERVICES

8

CantonalHospitalAarau, Switzerland

End-to-end real estate service provider for development, production and modernisation in Switzerland and Germany

• Real Estate Development

• New-build and modernisation

• General/total contractor

• Master builder

• Timber construction

• Facade technology

  Tangenvika,Bridge, Norway

  Leading expert in complex tunnelling and other infrastructure projects in Europe, as well as civil engineering and special foundations in Switzerland and Germany

  • Tunnelling construction

  • Energy infrastructure

  • Geotechnical systems and tensioning (BBV Systems)

• Bridges, road and rail infrastructure

• Specialfoundations

• Gravel plants (SISAG) and participations

German Cancer Research Centre, Heidelberg

Engineering, planning, logistics and property services for efficient and sustainable real estate and urban centres

• Real estate, centre and site management (Wincasa & Streamnow)

• Building technology planning (Planovita)

• Building construction logistics (BCL)

• Building physics, acoustics, sustainability (Encira)

BUILDINGS AS A LEADING END-TO-END SERVICE PROVIDER FOR

DEVELOPMENT, PLANNING, REALISATION AND MODERNISATION

Real Estate

Development

• Site & Project Development

• Trader/Service Development

• Real Estate Products

  and Transactions

• Market value of own RE portfolio: CHF 277m1

• Cham Swiss Properties stake2: 14.35%

New Buildings

• End-to-end service provider

• Large, complex construction projects, e.g. residential, office, cultural/sports, etc.3

• Specialisation segments

Modernisation

• End-to-end service provider

• Reconstruction and conversion of existing large buildings at highest standards

Master Builder, Timber Construction, Facade Technology

• Realization of technically demanding core and shell construction, timber construction and facade technology

FY.25: CHF ~1.6 bn revenue / CHF 75.6 m EBIT

Notes:Pie chartsillustratethe shareof revenueof each area; 1) Asper 31-Dec-25,valuationmadeby external,independentappraiserWüestPartner. Book valueof therealestateportfolioas of 31-Dec-25 standsat CHF 190m; RE = Real Estate;2) Cham Swiss

CIVIL ENGINEERING IS AN EXPERT FOR COMPLEX AND HYBRID SPECIALISED

INFRASTRUCTURE PROJECTS IN KEY CIVIL ENGINEERING DISCIPLINES

Tunnelling

• Unique expertise in construction of all kind

  of tunnels as well as pumped storage hydropower plants, proven competence for decades in international lighthouse projects

• Experts for complex underground structures

Civil & Special foundations

• Planning, realisation and modernisation of hybrid, complex civil engineering projects in a sustainable, reliable and innovative way, with a focus on quality

  and long-term construction

• Experts for all services in

road, railway, civil construction incl. bridges and

special foundations1

FY.25: CHF ~1.9 bn revenue / CHF 55.0 m EBIT

SERVICE SOLUTIONS PROVIDES PLANNING, CONSTRUCTION MANAGEMENT

AND REAL ESTATE SERVICES FOR EFFICIENT AND SUSTAINABLE PROPERTIES

Planning, Engineering

and Logistics Services

• Construction Logistics: Consulting, planning and execution, supported by digital services, for more efficient and sustainable construction

  site processes

• Buildings Physics: Consulting, analy-

  sing, simulating and planning of building physics, acoustics and sustainability, incl. certifications, concepts and reports

• Building Technology Planning: Efficient, digitised & data-enriched planning of heating, ventilation, air-con, sanitary & electro

for new buildings and modernisations

Real Estate Services for…

• Residential Real Estate:

  Value-driven property management and maintenance with tenant focus, integrated building & cost control

• Commercial Real Estate:

  Complex, large-scale real estate mgmt. for specialised properties and centre

  and mixed-use sites incl. community services and temporary use

• Construction Management: Owners' representation, project

  management, due diligence

• Supporting services: Consulting for energy, sustainability and transactions, digital solutions

FY.25: CHF ~243 m revenue / CHF 20.5 m EBIT

INTRODUCTION TO IMPLENIA

IMPLENIA IMPROVED SIGNIFICANTLY IN 2025

AND IS READY FOR GROWTH

12

OVERVIEW OF IMPLENIA BUSINESS IN 2025

CHF 0.1bn 1%

CHF 8.5bn

Service Solutions (ISE):

ISE: CHF 0.2bn ISE: CHF 20.5m

7%

ISE: 1,395

Corporate: 509

6%

AT6

3% Others7

Buildings (IBU): CHF 2.8bn

IBU:

CHF 1.5bn

IBU:

CHF 75.6m

IBU: 1,772

NO5

SW4 6% 6%

7%

CHF 3.5bn CHF 140.5m 8,346 FTEs CHF 3.5bn

Civil Eng. (ICE): CHF 5.6bn

ICE: CHF 1.7bn

ICE: CHF 55.0m

ICE: 4,670

Germany: 0.9bn

Switz.:

CHF 1.8bn

Notes: Figures presented contain rounding differences; 1) AuM = Assets under Management; 2) Consolidated revenue; 3) Corporate & Other costs were CHF 10.7m in 2025; 4) SW = Sweden; 5) NO = Norway; 6) AT = Austria;

ALL DIVISIONS HAVE MADE PROGRESS WITH THEIR FINANCIAL PERFORMANCE

Order book Revenue EBIT, EBIT%

122.6 130.5 140.5

3.4 3.7

4.0

+24.7% -2.4% +7.6%

Order book Revenue EBIT, EBIT%

2,382

1,909 1,790 -8.7%

1,634

+18.0%

+0.8%

6,985 6,788

8,467

3,596 3,559 3,475

2,686

2,810

71.9 75.0 75.6

3.8

4.2

4.6

FY.23 FY.24 FY.25

FY.23 FY.24 FY.25

FY.23 FY.24 FY.25

FY.23 FY.24 FY.25

FY.23 FY.24 FY.25

FY.23 FY.24 FY.25

Order book

Revenue EBIT, EBIT%

Wincasa AuM

Revenue EBIT, EBIT%

44.1

48.2

55.0

2.6

2.3

2.9

+28.8% +2.9% +14.2%

+4.2% -1.7% +14.9%

4,247 4,344

17.9

20.5

12.6

7.0

7.2

8.4

5,593

1,886 1,870 1,925

80.3 81.1 84.5

247 243

180

FY.23 FY.24 FY.25

FY.23 FY.24 FY.25

FY.23 FY.24 FY.25

FY.23 FY.24 FY.25

FY.23 FY.24 FY.25

FY.23 FY.24 FY.25

‌TABLE OF CONTENTS

1. Introduction to Implenia

2. Key Investment Highlights 15

   2.1

   2.2

   2.3

   2.4

   2.5

   2.6

   Focus on relevant and growing market segments Market leader in specialised, high-margin sectors Diversification for resilience and stability

   High quality pipeline through Value Assurance approach

   Proven management team with industry expertise driving high performance culture Strategy for sustainable growth and value creation

   17

   47

   93

   110

   131

   137

3. Wrap up of Key Investment Highlights

4. Abbreviations

159

161

IMPLENIA DRIVES SUSTAINABLE VALUE CREATION WITH A STRONG MARKET POSITION, PROVEN CAPABILITIES AND A CLEAR STRATEGY

Markets Capabilities

1

Focus on relevant and growing

market segments

Future growth

6

Strategy for sustainable growth and value creation

Attractive Swiss investment opportunity: a leading company in the Swiss

and European real estate and infrastructure market

‌PRIMER TO IMPLENIA

TABLE OF CONTENTS

1. Introduction to Implenia

2. Key Investment Highlights 15

   1. Focus on relevant and growing market segments 17

      1. Global megatrends 19

      2. Market development forecasts 40

   6. Market leader in specialised, high-margin sectors Diversification for resilience and stability

      High quality pipeline through Value Assurance approach

      Proven management team with industry expertise driving high performance culture Strategy for sustainable growth and value creation

      47

      93

      110

      131

      137

3. Wrap up of Key Investment Highlights

4. Abbreviations

159

161

KEY INVESTMENT HIGHLIGHTS | Focus on relevant and growing market segments

IMPLENIA IS POSITIONED IN RELEVANT AND RAPIDLY GROWING MARKET SEGMENTS BENEFITTING FROM GLOBAL MEGATRENDS

Markets Capabilities Future growth

1

Focus on relevant and growing

market segments

2

Market leader

in specialised, high-

margin sectors

4

High-quality project pipeline through Value Assurance approach

3

Diversification for resilience and stability

5

Proven management team with industry expertise driving high performance culture

6

Strategy for sustainable growth and value creation

Attractive Swiss investment opportunity: a leading company in the Swiss

and European real estate and infrastructure market

‌PRIMER TO IMPLENIA

TABLE OF CONTENTS

1. Introduction to Implenia

2. Key Investment Highlights 15

   1. Focus on relevant and growing market segments 17

      1. Global megatrends 19

         1. Population growth and urbanisation 21

         2. Macroeconomic volatility 24

         3. Energy transition and sustainability 27

         4. Digitalisation and industrialisation 32

      2. Market development forecasts 40

   6. Market leader in specialised, high-margin sectors Diversification for resilience and stability

      High quality pipeline through Value Assurance approach

      Proven management team with industry expertise driving high performance culture Strategy for sustainable growth and value creation

      47

      93

      110

      131

      137

3. Wrap up of Key Investment Highlights

4. Abbreviations

159

161

KEY INVESTMENT HIGHLIGHTS | Focus on relevant and growing market segments | Global megatrends

LEVERAGING GLOBAL MEGATRENDS, WE SHAPE OUR PORTFOLIO OF LARGE, COMPLEX URBAN PROJECTS ALONG EVOLVING NEEDS

Population growth and urbanisation

Macroeconomic volatility

Energy transition

and sustainability

Digitalisation and industrialisation

• Densification, vertical cities & more underground structures: by 2050, 68% of global population will live in cities

  
  
  

• Silver Society and demographic changes drive demand for flexible design

• Unstable fiscal and monetary policy and complex regulation may result in margin pressure and demand volatility

• Tariff policy and supply chain uncertainties may cause operational risks and strategic planning challenges

• Demand for sustainable solutions - Buildings account for ~40% of global energy use; push to phase out PFAS1 containing material

• Energy shortages and focus on climate and energy targets - e.g. EU aiming for -55% CO₂ by 2030

• Digital, efficient solutions and data networking are reducing project duration substantially (15%)

• Industrialisation, standardisation and technological innovations (e.g. AI) improve efficiency and transparency

Drives demand for smart urban housing (new build and modernisation) and healthcare infrastructure Pushes the need to build and modernise transport

infrastructure

Calls for agile strategies, diversified portfolios

and strong risk governance

Geographic focus and contract models gain relevance Low exposure to resource price hikes and minimal impact by recent macro trends (e.g. US, Iran, Ukraine)

Pushes demand for energy-efficient buildings,

low-carbon, sustainable materials, circular constr. and energy infrastructure (cable corridors, power plants) Sustainability as a core value and competitive edge

in engineering capabilities

Enables smarter planning, cost savings, and quality control

Supports new business models and requires

investment in tech, talent and process innovation

‌PRIMER TO IMPLENIA

TABLE OF CONTENTS

1. Introduction to Implenia

2. Key Investment Highlights 15

   1. Focus on relevant and growing market segments 17

      1. Global megatrends 19

         1. Population growth and urbanisation 21

         2. Macroeconomic volatility 24

         3. Energy transition and sustainability 27

         4. Digitalisation and industrialisation 32

      2. Market development forecasts 40

   6. Market leader in specialised, high-margin sectors Diversification for resilience and stability

      High quality pipeline through Value Assurance approach

      Proven management team with industry expertise driving high performance culture Strategy for sustainable growth and value creation

      47

      93

      110

      131

      137

3. Wrap up of Key Investment Highlights

4. Abbreviations

159

161

POPULATION GROWTH & DENSITY INCREASE IN MOST OF IMPLENIA'S HOME

Growing through 2050

Peaking between 2025 & 2050

Peaked before 2025 XXXX = median peak year1

Implenia revenue share FY25

Switzerland

7,2

4,7

8,9

9,3

Germany

69,9

81,7

84,4

78,4

117

180

224 234

200 235 241 225

1950 2000 2025 2050 1950 2000 2025 2050

2026

2051

Sweden

Norway

2080

10,6 11,3

5,6 5,9

7,0

8,9

3,3

4,5

2043

17 22 26 28

15 18 19

1950 2000 2025 2050 1950 2000 2025 2050

2053

2042

2073

2045

2024

France

59,3

Austria

9,1

8,7

66,6 68,2

6,9

8,0

2096

2052

2014

2023

i

m2

Notes: 1) The most likely year for the peak (middle of the probability

distribution); Source: United Nations

11

7%

6%

MARKETS IMPLIES NEED FOR NEW LIVING SPACE AND INFRASTRUCTURE

• Almost 70% of Implenia's revenue is generated

  in markets growing beyond 2050

• 53% of Implenia's revenue is generated in Switzerland, where population growth is forecast to remain strong until 2052

• The population of Norway and Sweden is also expected to continue growing, Sweden even expected to peak only in 2080. Together, they account for 13% of Implenia's revenue

• France holds significant potential, with a population peak expected in 2096. To date, 3% of Implenia's revenue has been generated in France with plans to expand market presence

• The population peaks of Austria, Germany and Italy in 2023, 2024 and 2014, respectively, emphasise the necessity of modernising current living spaces and infrastructure

• High density in Germany and Austria, plus rising density in Switzerland, France, Sweden and Norway until 2050 stress the need to generate and modernise living space and infrastructure

22

STRONG URBANISATION IN IMPLENIA'S HOME MARKETS COMBINED WITH

rural area

CONSTANTLY GROWING SILVER SOCIETY FUELS CONSTRUCTION MARKET

50%

36%

69% 72%

65%

60%

70% 72% 73% 74%

79%

77%

71%

60%

41% 39%

47%

51%

1950 2000 2025 2050

59%

65% 68%

58% 63%

62%

64%

49%

53%

59% 61%

1950 2000 2025 2050

1950 2000 2025 2050

1950 2000 2025 2050

1950 2000 2025 2050

1950 2000 2025 2050

42.3

= median1 age

Switzerland

32.2 37.7 42.9 47.8

Germany

Sweden

Norway

40%

32.9 39.0 45.5 47.9

30% 28% 27% 26%

33.2 38.4 40.3

40%

44.1

28%

31.5 35.8 39.8 45.5

France

33.4

Austria

36.7

38%

43.5

34.8

37.1 43.6 49.2

29%

23%

21%

35%

31%

50%

41%

35% 32%

42% 37%

to manage Europe's ageing population's increasing need for nursing

& care facilities, hospitals & clinics, rehabilitation & laboratories

Healthcare infrastructure &

community health concepts

for

Implenia

scalable flexible solutions & design an ageing population maximizing space efficiency (i.e. upward extension)

to shift to affordable multi-family, accessible housing, accommodating

Vertical cities with modular,

% of population living in

urban

resulting in

Driven by the continuous urbanisation, population increase & demographic change, the European

construction market

attained a value of USD

2.75 trillion in 2024 with expectations to grow with a CAGR of 4.9%, reaching USD 4.44 trillion by 2034

‌TABLE OF CONTENTS

1. Introduction to Implenia

2. Key Investment Highlights 15

   1. Focus on relevant and growing market segments 17

      1. Global megatrends 19

         1. Population growth and urbanisation 21

         2. Macroeconomic volatility 24

         3. Energy transition and sustainability 27

         4. Digitalisation and industrialisation 32

      2. Market development forecasts 40

   6. Market leader in specialised, high-margin sectors Diversification for resilience and stability

      High quality pipeline through Value Assurance approach

      Proven management team with industry expertise driving high performance culture Strategy for sustainable growth and value creation

      47

      93

      110

      131

      137

3. Wrap up of Key Investment Highlights

4. Abbreviations

159

161

WE NAVIGATE MACROECONOMIC VOLATILITY TO PROTECT MARGINS,



1

Selected market positioning1

mitigating

2

Diversified business portfolio2

3

Operational and financial excellence3

4

Business

resilience4

NATURAL BUSINESS PROTECTION DUE TO IMPLENIA'S MARKET POSITIONING

Selected market positioning

ensures…

…only minimal impact by recent macroeconomic trends

in the US

… currently marginal exposure to resource price hikes driven by war in Iran / geopolitical conflicts

• Protective contract structures

i.e. back-to-back supplier contracts with price adjustment clauses, fixed-price supplier agreements, inflation clauses in customer contracts

• Hedging measures i.e. secured diesel price for 2026, controlled exposure in more volatile markets

• Diversified procurement strategy i.e. dual- and multi-sourcing models in place, reduced dependency on single suppliers or regions, established, crisis-tested procurement processes (Covid-19, Ukraine)

• No exports to the US, tariffs have only limited impact on Implenia

• No revenues in USD therefore Implenia is not affected by the weaker dollar

• Revenues and costs mostly in local currencies (CHF, EUR, SEK, NOK) - very limited FX transaction risk

• Limited impact from a potential recession in Switzerland and Europe as only low exposure to residential construction, public-infrastructure demand rises in recessions and strong order book provides additional buffer

  550

  500

  450

  400

  350

  0

  War Iran

  Introduction US tariffs

  2022 2023 2024 2025 2026FC

  5

  4

  3

  2 EZB

  1

  SNB

  0

  -1

  Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25

• Higher investments in landbank possible

• Successful refinancings of bonds at attractive terms

  in a politically challenging market environment

• Lower interest payments on credit facilities

• Increased residential construction activity1

• Higher prepayments positively affecting NWC and FCF

• Public spending, which is financing a large number of Implenia's projects, is only minimally impacted by interest rate movements

  ‌TABLE OF CONTENTS

  1. Introduction to Implenia

  2. Key Investment Highlights 15

     1. Focus on relevant and growing market segments 17

        1. Global megatrends 19

           1. Population growth and urbanisation 21

           2. Macroeconomic volatility 24

           3. Energy transition and sustainability 27

           4. Digitalisation and industrialisation 32

        2. Market development forecasts 40

     6. Market leader in specialised, high-margin sectors Diversification for resilience and stability

        High quality pipeline through Value Assurance approach

        Proven management team with industry expertise driving high performance culture Strategy for sustainable growth and value creation

        47

        93

        110

        131

        137

  3. Wrap up of Key Investment Highlights

  4. Abbreviations

  159

  161

  THE CONSTRUCTION INDUSTRY AND IMPLENIA BENEFIT FROM ENERGY TRANSITION AND ESG REQUIREMENTS 1

  Market opportunities

• Energy transition drives demand for renewable energy infrastructure, energy-efficient buildings, green mobility projects

• Implenia meets this demand supplying i.e. district heating tunnels, hydropower plants, sustainable buildings and participates in the build-out of rail infrastructure

  Competitive advantage

  2

• Tenders requiring ESG compliance give Implenia a competitive advantage due to advanced sustainability skills

• Accordingly, meeting ESG criteria positions Implenia as preferred partner for investors, developers and public authorities

  Cost control & risk reduction

  3

• Using sustainable practices (i.e. energy efficiency & renewable energy integration, CO2 reduction via efficient design and materials, high certifications, local sourcing and supplier engagement1), Implenia reduces long-term operating costs for clients and mitigates risks from energy price volatility, carbon taxes, regulatory changes

  Reputation and client demand

  4

• Growing societal and regulatory pressure for climate action makes sustainability a key differentiator

• Clients demand certified green buildings, boosting demand for specialised expertise for sustainability certification

• But also, the demand for sustainable structural material is growing

  Access to capital

  5

• Projects aligned with ESG and sustainability goals attract green financing (Implenia obtains better credit facility conditions based on achievement of sustainability ratings) and government subsidies

• Investors increasingly favour companies with strong ESG performance, improving funding conditions

  Innovation and efficiency

  6

• Sustainability initiatives involve digitalisation, industrialisation and lean processes to improve productivity and reduce waste

• Implenia exemplary uses respective techniques, i.e. in Mont Cenis Base Tunnel (conveyor belt system for excavated material eliminated thousands of truck journeys), Gotthard and Gubrist tunnels (examples on following pages)

ENERGY TRANSITION AND ESG REQUIREMENTS GENERATE MARKET OPPORTUNITIES AND COMPETITIVE ADVANTAGE FOR IMPLENIA

• Loch na Cathrach pumped storage is a 500MW hydro scheme located south-west of Inverness

• It will harness waters of Loch Ness, increasing deploy of renewable

Hydropower power, reducing carbon emissions

L. na Cathrach, by storing excess energy for GB2's

Scottland1 electricity, reducing fossil fuels

• Implenia builds 1.2 km tunnel under river Elbe for a new district heating network, including tunnelling, installation of heating pipes & operating technology

Heating tunnel, ▪ It supports Hamburg's transition to Hamburg, a sustainable, decentralsystem Germany using climate-neutralwaste heat

1Market opportunities for sustainable energy

• Implenia built the new Spitallamm

  dam for KW Oberhasli for renewable electricity from lake Grimsel

• Raw materialsourced sustainably: Concrete produced locally by

Hydropower Grimsel, Switzerland

reusing rock from dam excavation and old tunnel deposits, reducing need for new quarrying

2Competitive advantage in winning projects, meeting sustainability requirements

• Implenia beat competition due to mature, certified, experience-based sustainability framework, aligned with Region's CEEQUAL3 requirem., backed by practicalactions i.e. reuse

Siding Farsta- of process water, electric machinery, grenen Stock- climate-improvedconcrete, recycled holm, Sweden steel & crushed material

• Implenia proposed hybrid reinforcement of steel & fibers for tubbing segments, reducing steel from 115 to 62 kg/m³ & CO₂ by ~9k tons

• ~7.4 m tons of excavated material

2nd Gotthard reused i.e. for rewilding Lake Lucer-Road tunnel, ne & reshaping Airolo landscape Switzerland avoiding unnecessary transport

• Implenia's integrated CO₂ reduction strategy exceeded client's 10% target, achieving a 47% cut

• Recycled materials, low-emission fuels and optimized concrete & steel

Johannelund structures lead to sign. cost savings bypass, Stock- ▪ Safeguarded Lake Mälaren: largest holm, Sweden drinking water res. of SW near site

Notes: 1) Implenia is currently working on an Early Service Agreement model, i.e. doing consulting and not construction work; 2) GB = Great Britain; 3) CEEQUAL = Civil Engineering Environmental Quality Assessment and Award

STRONG SUSTAINABILITY EXPERTISE REDUCES COST AND RISK AND UNDERPINS CLIENT DEMAND

3Cost control and risk reduction

Zypressenstr. Zurich, Switzerland

Le Martinet Lausanne, Switzerland

Implenia acquires & develops office properties Zypressenstr./Le Martinet and converts these, conserving the bearing structure, into sustainable, future-proof residential projects, adding social value, applying a range of sustainability practices that lower clients' long-term operating costs & mitigate future risks through:

• Optimising planning, renewable-energy integration and consistent minimization of

  energy, water and waste consumption for significantly less power consumption and fewer

  resources to operate, resulting in substantially lower annual utility expenses

• Reducing operational& embodied CO₂, supported by timber construction and other

  low-carbon materials, improving thermal performance, decreasing heating/cooling needs and shielding owners from rising CO₂-related charges and regulatory tightening

• Certifying all dev. projects under leading standards like SNBS, DGNB or Minergie-P-ECO, ensuring durable constr. and low mainten. needs, which further reduce lifecycle costs

4Reputation and client demand

certified green buildings

specialised expertise

Office building meeting highest sustainability standards,

Alto Pont

certified with

Rouge Geneva, SNBS Platin

Switzerland

Production & research buildings according to Minergie

PULSE

standard &

Lausanne, BREEAM-

Switzerland good certif.

Office building built as 2000-Watt-area and according to

Rösslimatt DGNB Silver Lucerne, standard Switzerland

The client Flughafen Zürich AG seeks a sustainable constructionapproach:

• Intentional choice of timber supporting structure,

executed by Implenia Holzbau, to reduce CO2 and

strengthen ESG compliance

Cargo Hangar, ▪ Illustrates efficiency of sustainabletimber

Zurich Airport, construction at industrialscale meeting demanding

Switzerland technicalrequirements

IMPLENIA HAS RECENTLY PUBLISHED 8 GOALS LINKED TO ESG

3

4

AS PART OF ITS NEW SUSTAINABILITY STRATEGY 2030

1 Decarbonisation

2

Sustainable Construction

and Circular Economy

Environmental Protection

Health and Safety

5

Fair and Equal

Opportunities

Engagement

6

and Development

Responsibility

7

and Partnerships

8 Sustainable Finance

Link: Implenia Sustainability Strategy 2030

Environment Social Governance 31

‌PRIMER TO IMPLENIA

TABLE OF CONTENTS

1. Introduction to Implenia

2. Key Investment Highlights 15

   1. Focus on relevant and growing market segments 17

      1. Global megatrends 19

         1. Population growth and urbanisation 21

         2. Macroeconomic volatility 24

         3. Energy transition and sustainability 27

         4. Digitalisation and industrialisation 32

      2. Market development forecasts 40

   6. Market leader in specialised, high-margin sectors Diversification for resilience and stability

      High quality pipeline through Value Assurance approach

      Proven management team with industry expertise driving high performance culture Strategy for sustainable growth and value creation

      47

      93

      110

      131

      137

3. Wrap up of Key Investment Highlights

4. Abbreviations

159

161

IMPLENIA IS A RECOGNISED LEADER IN DIGITAL TRANSFORMATION … … AND (AI) IS A STRATEGIC PRIORITY FOR US

Dedicated AI and data science teams driving the adoption

of AI across core business functions

Early introduction of secure Large Language Model (LLM) tools and AI assistants for employees company-wide

Strong focus on practical AI use cases with measurable business impact and direct value creation

Development of proprietary AI-enabled solutions integrated into core operational processes to strengthen competitive differentiation

Group-wide AI mobilisation initiative '10.000 Volt' launched in 2026 to accelerate AI adoption, innovation and productivity across the organisation

Among the first Swiss companies to operate fully cloud-based since 2021, enabling scalability, efficiency and collaboration across Implenia1

Early mover in the transformation to SAP S/4HANA and SAP RISE, creating a modern and integrated ERP foundation

Long-standing focus on digital innovation and employee-driven process improvement through low-code and citizen development platforms

Strong digital capabilities along full real-estate lifecycle, including market-leading digital ecosystems at Wincasa

Continuous deployment of digital solutions at construction sites to improve productivity, transparency and project execution

IMPLENIA ACHIEVING ITS GOALS IN AI WITH A FOUR-PILLAR APPROACH: POLICY, EDUCATION, PERSONAL ASSIST AND NATIVE POTENTIALS

1. Be at the forefront in adoption of AI where it directly transforms our core business processes

2. Be absolute best-in-class in optimising return vs. cost from AI investments across all areas of Implenia

− Start from a process and people perspective, with clear bottom-line impact

− Focus on scalable, maintainable solutions, especially in a rapidly evolving landscape

− Promote "off-the-shelf" solutions; self-develop only in areas with a value-case unique to Implenia

− Ruthlessly prioritise based on ROI

1. Policy

   Establish alignment & governance for sustainable AI adoption

2. Education

   Upskill employees and foster organisation-wide AI literacy

3. Personal assistantd

   
   
   

   Boost individual productivity with off-the-shelf AI-based assistants

4. Native potentials

   
   
   

   Unlock business value through scalable, domain-specific use cases

   • Workers council approved AI-use policy to protect our data and employees

   • Proactive reminders (pop-up

     windows) for AI websites

   • AI-enablement sessions and community formats

   • Data protection trainings

   • AI-use trainings

   • Copilot available for everyone at Implenia

   • Premium "Copilot M365" bookable

     for power users

   • Individual solutions for dedicated

     use cases available

   • 40+ demonstrated use cases

   • Established practices for selection and prioritisation

Enablers Value generation

AI INNOVATION TAKES PLACE EVERYWHERE - WITH STRATEGICALLY RELEVANT OPPORTUNITY SPACES, THAT HAVE A DEDICATED FOCUS

Value assurance

Opportunity spaces

Planning

Tender excellence

Supplier management

Risk & contract management

Core information processes on construction sites

Real estate management

Planning

Tendering

Construction Real estate & lifecycle management

Initiate

Realise

Use

SELECTED AI USE CASES AT IMPLENIA AND THEIR STATUS

Active - stable

Copilot

Active - down

Evaluation

Idea/Concept

?

Accounts pay

able automation

Scait VA support ?

HR

Strategy

Legal

Marketing/Comm.

AI development support

? NowAssist SNOW

Asterix claim mgmt Legartis contract mgmt

? ExplAInia

Procurement

AI contract review agent

? AI process optimisation

?

Planning

?

Tendering

? ? ?

Construction Real estate & lifecycle management

Initiate

Realise

Use

IMPLENIA'S INDUSTRIALISATION STRATEGY - TURNING PROJECT EXCELLENCE INTO ENTERPRISE STANDARDS

Technologies (selection of examples)

BIM / BIM2Field

Laser scanning

Augmented reality (AR)

Integrated 4D BIM modelling & model-based installation supported by CDE1-solutions

Enabling as-built vs. design comparisons to identify deviations

Blend of digital site with reality via device or glasses2

Industrialisation strategy builds on proven project successes, scaled through a structured cross-country rollout to ensure consistent impact across the full project portfolio

Project-specific outcomes and processes are defined based on Implenia standards for acquisition and execution, combined with operational excellence principles to maximize value for clients and Implenia

Value creation comes from optimised construction time, cost reduction and control, margin expansion, improved planning reliability and enhanced on-site safety

Process models (selection of examples)

Lean optimisation

Prefabrication

Precast design

Takt planning, JIT, last planner system, 5S3, A34

Prefabricated ceiling Full or semi-precast components produced by elements i.e. prefabricated Implenia Timber Construction concrete griders

Maximum value add is achieved through a combination of technologies, such as BIM or laser scanning and process models like lean optimisation or prefabrication, supported by dedicated software and AI where applicable

Notes: 1) CDE = Common data environment for integrated processes, optimised standards and efficient project delivery; 2) Augmented reality (AR) = digital technology that overlays digital information onto the real, physical construction environment in

real time using devices such as tablets, smartphones or AR glasses; 3) 5S = Sort, Systematic arrangement, Shine (Cleaning), Standardisation, Self-discipline - method to organise and standardise the workplace to improve efficiency, safety and

IMPLENIA'S REALITY IS SHAPED BY AI, DIGITALISATION AND PREFABRICATION, DELIVERING CLEAR ADVANTAGES IN SAFETY, EFFICIENCY, TIME AND COST

Selected projects (1/2) that demonstrate digitalisation and industrialization have long been part of Implenia's reality

Project Tools used Client's benefit

IMPLENIA'S REALITY IS SHAPED BY AI, DIGITALISATION AND PREFABRICATION, DELIVERING CLEAR ADVANTAGES IN SAFETY, EFFICIENCY, TIME AND COST

Selected projects (2/2) that demonstrate digitalisation and industrialization have long been part of Implenia's reality

Project Tools used Client's benefit

‌PRIMER TO IMPLENIA

TABLE OF CONTENTS

1. Introduction to Implenia

2. Key Investment Highlights 15

   1. Focus on relevant and growing market segments 17

      1. Global megatrends 19

      2. Market development forecasts 40

   6. Market leader in specialised, high-margin sectors Diversification for resilience and stability

      High quality pipeline through Value Assurance approach

      Proven management team with industry expertise driving high performance culture Strategy for sustainable growth and value creation

      47

      93

      110

      131

      137

3. Wrap up of Key Investment Highlights

4. Abbreviations

159

161