Slides
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30 July 20261H 2026 Results Presentation
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Agenda 1 1H 2026 HIGHLIGHTS 2 FINANCIAL UPDATE 3 OUTLOOK 4 PUBLIC OFFER ON TREVI 5 Q&A
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1 1H 2026 HIGHLIGHTS CHIEF EXECUTIVE OFFICER PIETRO SALINI
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4 1H 2026 Results Presentation Record results for the second year in a row confirming strength of Webuild's industrial model, despite macro and geopolitical headwinds Strong balance sheet and disciplined leverage Gross Leverage 2.67x (in 1H 2025) 2.52x Net Cash Position €110m (in 1H 2025) €275m Strong backlog securing multi - year revenue visibility Order Intake €7.7bn Book - to - bill at 1.2x Construction Backlog €47bn 100% covered 2026 revenues target Improving profitability on a solid top line Revenues €6.7bn (vs 1H 2025) +15.0% EBITDA €673m (vs 1H 2025) 10.1% +13.6% +120 bps EBIT €464m (vs 1H 2025) 7.0% +90 bps+0.1% Converting scale into additional value: vertical integration, technological innovation, profitable growth and disciplined cash generation Strong visibility underpins new quantitative FY2026 guidance 2026 - 29 Business Plan to be presented at the end of September 2026
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5 1H 2026 Results Presentation 1H 2026 highlights beyond the numbers Key milestones in 1H 2026 1) ENR Report, The TOP 250 - 25 agosto 2025 2) TOP 200 imprese di costruzioni - Guamari 2026 3) Total direct and indirect employees Excellence, powered by our people #1 in the water sector 1 #1 in Italy 2 #3 in Australia 1 #6 in Europe 1 >85,000 total employees 3 >5,000 people hired in 1H 2026 USA Opening 11km of lanes on Florida highway Sustainability 2026 Sustainability Report Award Lesotho Senqu Bridge inaugurated New Bond €500m due in 2032 ( orders 5x the offer ) Italy Excavation completed on longest tunnel of Naples – Bari High - Speed Italy Excavation completed on tunnel for Messina – Catania railway Italy First tunnel completed on Salerno – Reggio Calabria High - Speed Italy First kilometre of New Genoa Breakwater
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6 1H 2026 Results Presentation 2 FINANCIAL UPDATE GENERAL MANAGER CORPORATE AND FINANCE MASSIMO FERRARI
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7 1H 2026 Results Presentation Improving profitability on a solid top line Adjusted data. For details please refer to the appendix 1) 1H2025 data have been restated by excluding the results of the joint ventures not controlled by Lane on a proportionate basis Revenues €bn 13.6 6.6 6.7 FY 2025 1H 2025 1H 2026 EBITDA €m 1,164 592 673 FY 2025 1H 2025 1H 2026 EBIT €m 705 403 464 FY 2025 1H 2025 1H 2026 +13.6% +15.0% 8.6% margin 8.9% 10.1% 5.2% margin 6.1% 7.0% 1 1 1 +120 bps +0.1% +90 bps
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8 1H 2026 Results Presentation Over 90% of revenues generated in low - risk countries 1 . Over 60% outside Italy 1) Including Italy, North America, Europe, Saudi Arabia and Australia Revenues in 1H 2025 Revenues in 1H 2026 Top 10 projects revenues share 53% Sustainable Mobility 68% Clean Hydro Energy20% Clean Water5% Green Buildings & Other8% Revenues by geography Revenues by activity Italy 34% 37% Saudi Arabia 13% 8% Oceania 29% 28% Others 8% 8% Europe 7% 8% North America 8% 10%
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9 1H 2026 Results Presentation Higher financial charges, mainly from non - cash items : ( i ) interest waived on customer receivables under settlement agreements to accelerate collections , and (ii) write - down of certain financial receivables A P&L fully absorbing non - cash items due to value - accretive and de - risking settlements Financial expenses (€m) 1H 2025 1H 2026 Var. vs 1H 2025 Bank charges, commissions and guarantees (23) (22) 1 Bond charges (58) (63) (5) Leasing (6) (5) 1 Other (49) (140) (91) Financial expenses (136) (229) (93) 1 Proactive decisions to de - risk the portfolio and protect future profitability on certain projects in North America and Australia had an impact on investments results 2 A Adjusted data for details please refer to the appendix 1) 1H2025 data have been restated by excluding the results of the joint ventures not controlled by Lane on a proportionate basis (€m) 1H 2025 1 1H 2026 Var. vs 1H 2025 EBIT adjusted 403 464 60 EBIT margin 6.1% 7.0% 90 bps Financial income 61 49 (11) Financial expenses (136) (229) (93) Net exchange rate gains (losses) (90) 32 121 Gain (losses) on investments (29) (102) (73) Net financing costs and net gains on investments (195) (250) (56) EBT adjusted 209 213 5 Income taxes adjusted (88) (87) 1 Profit (loss) from discontinued operations (9) 1 10 Non controlling interests 20 (15) (35) Net Income (loss) adjusted 132 113 (19) Net Income (loss) reported 107 110 2 1 2
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10 1H 2026 Results Presentation Positive net cash position for the eighth semester in a row Solid positive Net Cash Position 275 363 110 1H 2025 FY 2025 1H 2026 €m Seasonal Working Capital absorption, in line with typical 1H pattern (1.8) (2.1) (1.9) 1H 2025 FY 2025 1H 2026 €bn 1) Gross Debt on Adjusted Last Twelve Months EBITDA Gross Leverage 1 maintained flat 2.52 2.64 2.67 1H 2025 FY 2025 1H 2026 x times Gross Leverage 1 2.9 3.1 3.3 €bn Gross Debt Gross debt reflects opportunistic pre - funding from the new bond issue under favourable market conditions, with net leverage flat
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11 1H 2026 Results Presentation Credit Rating Latest bond issue extended average debt life, with over 90% maturities from 4Q 2028 101 1 1 1 1 1 12 129 450 500 500 450 500 2026 2027 2028 2029 2030 2031 2032 Beyond M/L corporate debt maturities €m 3.7 years debt duration 5.1% average cost of debt Bond Bank 5% Variable Rate composition 95% Fixed 5% Bank Debt structure 95% Bond €992m RCF undrawn Liquidity €2,364m Cash BB+ ( stable ) Latest bond issue Orders over 5 times the offer, record demand at €2.5 billion for new bond from high - quality investor base, approximately 75% international, led by UK, France, and Germany BB+ ( stable )
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12 1H 2026 Results Presentation 3 OUTLOOK CHIEF EXECUTIVE OFFICER PIETRO SALINI
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13 1H 2026 Results Presentation 58% Italy 13% Australia 3% Saudi Arabia 8% North America 8% Europe Sustainable Mobility 81% Clean Hydro Energy 12% Clean Water 1% Green Buildings & Other 6% €53.7bn Total Backlog 1 €46.6bn Construction Backlog €7.2bn Backlog concessions and O&M Construction backlog High - quality backlog with inflation protection through price - adjusted contracts 90% located in low - risk markets 2 >95% contribute to SDGs 3 goals 50 51 47 1H 2025 FY 2025 1H 2026 NEOM contracts termination (€3.8bn) Strong revenues visibility : 2026 revenues target fully covered Our backlog provides a strong base for the next business plan 1) Including €46.6 billion for construction and €7.2 billion for concessions, operation, and maintenance. 2) Including Italy, North America, Europe, Saudi Arabia and Australia 3) United Nations' Sustainable Development Goals to be achieved by 2030 49 New awards after June/ best offers (ca. €2bn) Reported (€47bn) €bn
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14 1H 2026 Results Presentation Acquired €7.7 billion new orders, with book - to - bill at 1.2x 1) Including Italy, North America, Europe, Saudi Arabia and Australia 2) Including projects for which Webuild is the best bidder, amounting for €0.8bn 3) Calculated only on bids with results disclosed by the Client. Private negotiations excluded 2026 order intake: >95% in low - risk countries 1 80% Awards with best technical offer in 2023 - 2026 3 Some of the new projects in 2026 €7.7bn Total Order Intake 2 Saudi Arabia €1.2bn Oceania €0.1bn North America €2.6bn Other €0.2bn Italy €3.6bn €0.1bn Europe Rome Metro Line C Extension Ohio River Tunnel Project Christchurch Mens’ Prison Kwinana Gas Power Plant Italy New Zealand Australia United States
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15 1H 2026 Results Presentation Large commercial pipeline with €19.6bn of tenders already submitted 1) Including prequalification and monitored initiatives Europe €108.3bn €19.6bn €74.5bn€14.2bn Tenders awaiting outcome Tenders to be presented Others 1 Short - term commercial activity Strong visibility on upcoming orders Large pipeline of orders in the process of being finalised and additional projects awarded, to be included in backlog after the conclusion of the design phase 20% Europe North America 11% Italy 16% Saudi Arabia 10% 20% Oceania roads & bridges metros & railways hydro & water hydro & water metros & railways hospitals metros & railways airports buildings & stadiums hydro & water rails & roads buildings & other Strong pipeline across core geographies rails & roads airports & ports energy & resources Increasing versus 1H 2025
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16 1H 2026 Results Presentation Revenues EBITDA Net Cash Position 2025 Actual 2026 Guidance €13.6bn >€13.6bn >€1.2bn€1.16bn €363m >€300m 2026 Guidance Converting scale into additional value: vertical integration, technological innovation, profitable growth and disciplined cash generation Strong visibility underpins new quantitative FY2026 guidance Diversified and strong backlog fully absorbs NEOM termination 2026 - 29 Business Plan to be presented at the end of September 2026 The guidance has been prepared on a standalone basis and does not include the effects of the voluntary tender offer launched for all ordinary shares of Trevi The guidance assumes no escalation in the geopolitical situation, excludes extreme dynamics in the prices of raw materials an d s ignificant supply chain disruptions. The forecasts are based on the current company business perimeter.
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17 1H 2026 Results Presentation 4 PUBLIC OFFER ON TREVI CHIEF EXECUTIVE OFFICER PIETRO SALINI
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18 1H 2026 Results Presentation 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 execution Greater oversight of process, quality and delivery risk across the Group's €54bn order backlog Improving commercial effectiveness An integrated end - to - end solution improves competitive positioning on large, complex, geotechnically intensive projects — more efficient and more price - competitive Delivering a financially sustainable transaction Fully funded all - cash offer , with leverage expected to normalize over the business plan, supported by Trevi's earnings internalisation and €80 – 90m EBITDA run - rate synergies
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19 1H 2026 Results Presentation Creation of significant, multi - level industrial and commercial synergies Cost synergies - Economies of scale and centralized cost efficiencies As part of Webuild Group, Trevi will benefit from economies of scale and optimized operational and procurement processes , with further efficiencies in central, overhead, and research and development costs Run - rate synergies at EBITDA level €80-90m Revenue synergies - Internalising specialised works and cross - selling The transaction enables Webuild to internalise high - value - added work phases currently outsourced and to strengthen its competitive positioning ; for Trevi, direct access to Webuild's backlog and commercial pipeline , on top of its own Other expected benefits - Funding and processes 2 Lower cost of debt and improved access to capital and bond markets thanks to Webuild’s credit standing, overcoming the constraints arising from Trevi’s current indebtedness — and alignment of Trevi with Webuild’s risk management, compliance and QHSE standards 1) Trevi FY2026 recurring EBITDA guidance (published 30 March 2026) plus run - rate synergies of €80 - 90m. 2) The potential benefits are not included in the run - rate synergies Incremental EBITDA for Webuild €150-170m 1
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20 1H 2026 Results Presentation Trevi’s Shareholders benefitting from: Creating operational and financial value for Trevi New growth path for Trevi’s know - how and people Preserve Trevi’s Italian identity within Webuild's global platform Trevi retains its identity — headquarters rooted in Italy — as an independent centre of excellence in underground engineering, serving Webuild projects and third - party clients through its technical and managerial excellence , in Italy and abroad €4.5 per share Attractive cash offer +29.8% Market Premium 1 Cash consideration C ertainty of proceeds International Market expansion Enabling Trevi to benefit from Webuild Group global positioning in large - scale infrastructure projects , capturing additional opportunities across the global infrastructure landscape 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 billion and strong key processes such as risk management, compliance and QHSE Financial support Opportunity for Trevi to benefit from greater financial strength , improving access to capital and bond markets thanks to Webuild credit standing, which is essential to implement a solid growth plan 1) Based on trading closure of June 26, 2026 (being the last trading day prior to the date of the market announcement of ICOP Of fer )
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21 1H 2026 Results Presentation Premium vs. Spot Price Undisturbed market price (26 June 2026) 1 +29.8% Implied ICOP offer value (28 July 2026) 2 +14.4% Type of Offer Voluntary public tender offer for 100% of Trevi share capital, with consideration paid in cash Cash certainty vs paper not listed on the official regulated market, with limited float and trading track record Offer Price and Valuation For each share tendered, Webuild will offer a cash consideration of €4.5, implying a total equity value of €295m Higher consideration Purpose of the Offer To acquire control of Trevi, de - list it and integrate its technical capabilities and know - how in special foundations and underground engineering into Webuild Group Remaining an independent operator within a larger and global Group Minimum Acceptance Threshold The offer is conditional upon Webuild acquiring a stake equal to at least 66.7% of Trevi voting rights Lower minimum acceptance threshold Other Conditions Subject to Antitrust and Golden Power approvals and the satisfaction of the Material Adverse Events condition Not conditional on lender’s withdrawal right Key terms of Webuild offer Key dates Voluntary public tender offer Today Offer document filing and approval Aug - Sep Offer period Sep - Nov Expected transaction completion Q4 2026 A more compelling offer for all Trevi shareholders and stakeholders Premium Analysis Source: Publicly available information 1) Premium is calculated versus Trevi's official closing share price on 26 June 2026 (last trading day prior to the announcem ent of the ICOP offer) 2) Premium is calculated versus the implied value per Trevi share under the ICOP offer, calculated using the ICOP closing sha re price on 28 July 2026 Why choosing Webuild’s offer?
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22 1H 2026 Results Presentation 5 Q&A CHIEF EXECUTIVE OFFICER PIETRO SALINI GENERAL MANAGER CORPORATE AND FINANCE MASSIMO FERRARI
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23 1H 2026 Results Presentation APPENDIX
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24 1H 2026 Results Presentation Income Statement (*) The adjusted figures for the 1H 2025 have been restated excluding the effects deriving from the proportional representation, for management purposes, of the results of joint ventures not controlled by the Lane Group 1H 2025 Adjusted 1H 2026 Adjusted (€/000) Webuild Group Amortisation of intangible assets as part of Astaldi’s PPA Amortisation of intangible assets as part of Clough’s PPA Adjusted (*) Webuild Group Amortisation of intangible assets as part of Astaldi’s PPA Amortisation of intangible assets as part of Clough’s PPA Adjusted Total Revenues 6,643,302 - - 6,643,302 6,650,318 - - 6,650,318 Total operating expenses (6,050,935) - - (6,050,935) (5,977,387) - - (5,977,387) Gross operating profit (EBITDA) 592,367 - - 592,367 672,931 - - 672,931 EBITDA % 8.9% 8.9% 10.1% 10.1% Impairment losses 12,271 - - 12,271 350 - - 350 Provisions , amortisation and depreciation (234,870) 18,656 14,867 (201,347) (214,380) 3,853 899 (209,628) Operating profit (loss) (EBIT) 369,768 18,656 14,867 403,291 458,901 3,853 899 463,653 R.o.S. % 5.6% 6.1% 6.9% 7.0% Financial income 60,552 - - 60,552 49,161 - - 49,161 Financial expenses (136,168) - - (136,168) (229,208) - - (229,208) Net exchange gains (losses) (89,703) - - (89,703) 31,623 - - 31,623 Net financing income (costs) (165,319) - - (165,319) (148,424) - - (148,424) Net gains (losses) on equity investments (29,317) - - (29,317) (101,871) - - (101,871) Net financing income (costs) and net gains (losses) on equity investments (194,636) - - (194,636) (250,295) - - (250,295) Profit (loss) before taxes (EBT) 175,132 18,656 14,867 208,655 208,606 3,853 899 213,358 Income taxes (78,809) (4,477) (4,460) (87,746) (85,529) (925) (270) (86,723) Profit (loss) from continuing operations 96,323 14,179 10,407 120,909 123,077 2,928 629 126,635 Profit (loss) from discontinued operations (9,150) - - (9,150) 1,133 - - 1,133 Non - controlling interests 20,107 - - 20,107 (14,666) - - (14,666) Profit (loss) for the period attributable to the owners of the parent 107,280 14,179 10,407 131,866 109,544 2,928 629 113,102 Webuild Group Reclassified statement of profit or loss adjusted
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25 1H 2026 Results Presentation Statement of Financial Position (**) Assets of € 22.5 million (€ 8.0 million as at 31 December 2025) classified, in the management view, in net Net financial position with unconsolidated SPEs. (€/000) 30 June 2025 31 December 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 Provisions for risks (130,627) (125,155) (96,415) Post - employment benefits and employee benefits (80,620) (83,599) (56,230) Net tax assets 528,839 525,251 527,996 Fixed capital 3,284,712 3,561,729 3,692,677 Inventories 264,137 302,071 329,976 Contract assets 4,260,172 4,516,719 4,451,848 Contract liabilities (5,715,990) (5,618,770) (5,887,306) Receivables (**) 4,591,903 4,246,807 4,860,423 Liabilities (5,758,201) (5,992,655) (6,096,533) Other current assets 1,416,572 1,182,243 1,159,655 Other current liabilities (833,345) (764,224) (722,338) Working capital (1,774,752) (2,127,809) (1,904,275) Net invested capital 1,509,960 1,433,920 1,788,402 Equity attributable to the owners of the parent 1,580,228 1,674,946 1,755,851 Non - controlling interests 204,940 122,435 142,636 Equity 1,785,168 1,797,381 1,898,487 Net financial position (275,208) (363,461) (110,085) Total financial resources 1,509,960 1,433,920 1,788,402 Webuild Group Reclassified statement of financial position
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26 1H 2026 Results Presentation Net Financial Position (€/000) 30 June 2025 31 December 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 equivalents and other financial assets 3,192,965 3,421,334 3,413,892 Bank and other loans and borrowings (128,563) (133,504) (120,074) Bonds (1,895,216) (2,125,806) (2,372,580) Lease liabilities (100,503) (94,666) (77,397) Total non - current indebtedness (2,124,282) (2,353,976) (2,570,051) Current portion of bank loans and borrowings and current account facilities (473,755) (484,172) (494,081) Current portion of bonds (225,707) (131,389) (181,166) Current portion of lease liabilities (97,256) (98,503) (79,280) Total current indebtedness (796,718) (714,064) (754,527) Total other financial assets (liabilities) 3,243 10,167 20,771 Net financial position - continuing operations 275,208 363,461 110,085 Net financial position - discontinued operations 6,115 - - Net financial position including discontinued operations 281,323 363,461 110,085 Total gross indebtedness (2,924,313) (3,068,040) (3,327,237) Webuild Group Net financial indebtedness
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27 1H 2026 Results Presentation Global leader in large - scale, complex civil infrastructure Sustainable Mobility → Metros → High Speed Railways → Railways → Roads & Motorways → Bridges & Viaducts → Ports & Sea works Clean Hydro Energy → H ydroelectric Dams & Plants → Pumped Storage Clean Water → Desalination & Water Treatment → Wastewater Management Plants → Hydraulic works → Irrigation dams Green Buildings & Other → C ivil and Industrial Buildings → Stadiums → Hospitals → Airports → Energy Transition Projects
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28 1H 2026 Results Presentation Our track record >3,700 Completed projects 82,708 km Roads and motorways 13,686 km Railways 895 km Metros 3,466 km Tunnels 1,023 km Bridges and viaducts 320 Dams and hydroelectric plants 58,809 MW Installed capacity
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29 1H 2026 Results Presentation Highly skilled, committed people are the foundation of our success Total employees 1 1) Related to direct and 3rd party employees 2) In 2021 - 2025 Average hiring per year 2 Proven capacity to attract talent & manage labor shortage 13,800 Nationalities The power of diversity >130 Employees under 35 Young and agile structure in an evolving world 35% 83,000 > 85,000 2022 1H 2026
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30 1H 2026 Results Presentation Italy Latam Other Middle East & Asia North America 8% 3% 10% 16% 23% 40% East Europe A global player completely transformed since the beginning of our journey Webuild in 2012 1 Webuild Today 1) Impregilo stand - alone 2) 1H 2026 €2.3bn Revenues 11,400 People >€13.6bn Target 2026 Revenues >85,000 2 People Revenues by geography Revenues by geography 2 Oceania Ital y Other North America Europe 8% 8% 10% 8% 28% 37% Saudi Arabia
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31 1H 2026 Results Presentation Forrestfield Airport Link - Australia Poinciana Highway - USA Building a better future: internationally recognized excellence 1) ENR Report, The TOP 250, 25 August 2025 2) TOP 200 Imprese di costruzioni – Guamari 2026 Milan Metro M4 Italy Rising to the top: leading the charts Thessaloniki Metro Greece Eni Headquarters - Italy San Giorgio Bridge - Italy Riyadh Metro Line 3 Saudi Arabia Main projects delivered Projects delivered since 2012 >350 Panama Canal - Panama Long Beach International Gateway - USA Cityringen Metro - Denmark Al Bayt Stadium - Qatar GERD Dam Ethiopia #1 Global leader in the water sector 1 #10 Player in transportation 1 #1 Italian contractor 2 #3 International player in Australia 1 #6 European player 1
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32 1H 2026 Results Presentation Italian market beyond PNRR 1 with the investment trend to remain strong 1) Italian Recovery Plan: Piano Nazionale di Ripresa e Resilienza Our main projects in the country 6 Opportunities on the horizon and recent project awards 1 4 2 10 7 5 13 12 11 8 8 7 6 Fortezza - Ponte Gardena railway Roma Metro C HS/HC rail Verona - Padova Napoli Metro line 10 9 10 HS/HC rail Napoli - Bari, 4 lots Jonica highway , 2 lots HS/HC rail Salerno - Reggio Calabria, 2 lots 11 12 Construction backlog €27.0bn Short term commercial activity €17.5bn ▪ metros & high - speed railways ▪ hydroelectric and water ▪ stadiums ▪ hospitals ▪ M essina strait bridge ▪ roads & highways Roma Metro C 3 2 1 HS/HC rail Milan - Genoa Pedemontana Piemontese New Genoa Breakwater Pedemontana Lombarda 4 Rail Palermo - Catania, 7 lots 13 Trento rail bypass 5 3 9 Jonica highway Napoli Metro line 10 1H 2026 Results Presentation
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33 1H 2026 Results Presentation Compelling growth story 1) Data have been restated by excluding the results of the joint ventures not controlled by Lane on a proportionate basis €bn € m 10.1% 6.7% 3.9 4.2 4.6 5.3 5.5 6.3 6.6 6.9 6.7 1H 2H 1H 2H 1H 2H 1H 2H 1H 256 327 292 526 400 583 592 572 672 1H 2H 1H 2H 1H 2H 1H 2H 1H 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 Revenues 1 EBITDA 1
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34 1H 2026 Results Presentation Sustainability as responsibility: our ESG pledge and framework 1) For further information refer to the LINK 2) Among Italian companies Climate Change D - D C - C B - B A - A D - D D+ C - C C+ B - B B+ A - A A+ B - D - D C - C B - B A - A A Supplier Engagement Assessment 20 40 60 80 100 83 Maximum score, A - list. x Maximum score: A - list Gold Medal, 98 ° percentile 1 C Webuild Score Sector average Score Prime level 3) tCO2 scope 1 - 2/€m revenue. Scope1: direct emissions. Scope2: indirect emissions 4) Lost Time Injuries occurred per 1,000,000 worked - manhours A 1 Green builders -10% Target -33% GHG Emission Intensity Scope 1&2 3 (2025 vs 2022) 3 Innovative and smart builders €430m€586m Investments in high innovative and clean techs (2024 - 2025) 2 Safe and inclusive builders -6%-20% Lost Time Injury Frequency Rate 4 (2025 vs 2022) +20%+27% Women manager (by 2025) Actual Achieved Confirmed Sustainability Leader Sustainability achievements and targets In the TOP 20 and first in the construction segment 2 CCC B BB BBB A AA AAA AA
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35 1H 2026 Results Presentation We invest in innovation for sustainable growth Machine learning to predict costs and timelines Predictive asset maintenance Innovative construction materials Roboplant R obotic precast concrete segment factories Smart Site: AI, IoT and Drones For efficient and safer construction sites Robotic process automation e.g. procurement, administration
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36 1H 2026 Results Presentation Proven capacity to beat targets, despite global challenges 1) For each year from 2021 to 2023, based on a rolling 3 - year average 2) Data have been restated by excluding the results of the joint ventures not controlled by Lane on a proportionate basis Actual figures vs guidance Average Book - to - Bill Guidance 1 Revenues 2 Guidance EBITDA 2 Guidance Net Cash Position Guidance 2021 >1.0x 1.7x €6.5 - 7.2bn €6.6bn slightly decrease vs 8% 6.8% (€500 - 300) net debt €467m 2022 >1.0x 2.0x €7.0 - 7.5bn €8.1bn 7.0 - 7.5% 7.2% €265m maintain net cash 2023 >1.1x 2.2x €9.0 - 9.5bn €9.9bn €720 - 760m €818m €1,431m maintain net cash 2024 >1.0x 1.1x > €11bn €11.8bn >€900m €983m €1,445m >€400m 2025 >1.0x 1.0x > €12.5bn €13.6bn >€1,100m €1,164m €363m >€700m
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37 1H 2026 Results Presentation Global megatrends continue to support infrastructure investments Urbanization Climate change Water scarcity Energy transition Hydroelectric Plant Railway & Metro Defence spending Digital and AI revolution Data Center Military building Green building Stadium Port & Sea work Airport Hospital Desalination Plant Global megatrends Webuild’s offering Water & Wastewater Plant Transport network Dual use transport infrastructure
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38 1H 2026 Results Presentation Trevi at a glance Key financial data • Founded in 1957 and headquartered in Cesena , Trevi Group is a leading specialist in the design and execution of special foundations and underground engineering works • The Group operates through an integrated business model comprising two core divisions : • Trevi (~80% of revenue), which delivers special foundation and ground consolidation works for major infrastructure projects • Soilmec (~20% of revenue), which designs , manufactures and markets machinery, equipment and services for underground engineering • Trevi has a global presence across approximately 90 countries and employs 3,000+ people • The Group has been listed on the Italian Stock Exchange since 1999 Revenues 571 595 663 624 2022 2023 2024 2025 587 725 701 748 EBITDA 64 75 84 86 2022 2023 2024 2025 11% 13% 13% 14% Backlog (€m): Margin (%): ~20% ~80% Source: Publicly available information 1) Data related to FY 2025 Europe Revenue 1 by Business unit Backlog 1 by Geography 40% 17% 18% 12% 8% 5% North America Middle East and Asia Far East and Other Africa LATAM €748m €624m Description €m €m