Half Year Financial Report, 30 June 2026

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Contents

Introduction

Board of Directors and Board of Statutory Auditors 4 ASTM S.p.A. Shareholding 6 Group structure and business segments 7 Main financial highlights 8 Alternative performance measures 9 Interim Management Report Significant operations/events 11 Economic, equity and financial data 14 Financial income 20 Results of operations 24 Risk factors and uncertainties 47 Segment information 48 Other specific information pursuant to current reg ulations 48 Significant subsequent events 49 Business outlook 49

Condensed Consolidated Interim Financial Report as at 30 June 2026

Financial statements:

 Balance sheet 54  Income statement 55  Cash Flow Statement 56  Statement of changes in shareholders’ equity 57 General information 59 Principles and scope of consolidation 60 Measurement criteria 66

Explanatory Notes:

 Operating segments 80  Concessions 82  Information on the balance sheet 84  Information on the income statement 118  Other information 129 Certification of the Condensed Consolidated Interi m Financial Report pursuant to Art. 154- bis of Italian Legislative Decree 58/98 147 Independent Auditors’ Report 149

The 2026 Half Year Financial Report has been translated into English solely for the convenience of the int ernational reader. In the event of conflict or inconsistency between the terms used in the Italian version of the document and the Eng lish version, the Italian version shall prevail, as the Italian version constitutes t he official document.

ASTM Group – 2013 Consolidated Financial Statements

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1. INTRODUCTION

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Introduction

Board of Directors and Board of Statutory Auditors

Public Limited Company Share capital EUR 36,788,507.50 fully paid-up Tax code and registration with the Turin Register of Companies no: 00488270018 Registered Office in Turin – Corso Regina Margherit a 165

Website: http://www.astm.it

e-mail: astm@astm.it

Management and coordination: Nuova Argo Finanziaria S.p.A.

MEMBERS OF THE BOARD Chairperson OF DIRECTORS Angelino Alfano (1)(2)(3)

Vice Chairman

Franco Moscetti (1)

Chief Executive Officer

Umberto Tosoni

Directors

Luca Bettonte

Caterina Bima (1)(3)(4)

Beniamino Gavio

Marcello Gavio (2) Stefano Mion (2) Federica Vasquez (3)

BOARD OF STATUTORY AUDITORS Chairperson

Massimo Trotter

Acting Auditors

Piera Braja (4)

Pellegrino Libroia

Substitute Auditors

Andrea Bonelli

Marco Franchi

(1) Member of the “Remuneration Committee” (2) Member of the “Audit and Risk Committee” (3) Member of the "Sustainability Committee” (4) Member of the “Oversight Committee”

INDEPENDENT AUDITORS Deloitte & Touche S.p.A.

MANAGER IN CHARGE OF DRAWING UP Alberto Gargioni

THE CORPORATE ACCOUNTING DOCUMENTS

MANAGAER RESPONSIBLE FOR THE PREPARATION Amelia Celia

OF THE COMPANY SUSTAINABILITY REPORTING

TERM OF OFFICE

The Board of Directors was appointed for three fina ncial years by the Shareholders’ Meeting on 23 Apri l 2024 and its term of office will expire with the Shareholders’ Meeting that will be held for the approval of the 2026 Financial Statements. The Boar d of Statutory Auditors was appointed for three fin ancial years by the Shareholders’ Meeting on 23 Apr il 2026 and its term of office will expire with the Shareholders’ Meeting that will be held for the approval of the 2028 Financial Statements. The Ind ependent Auditors were appointed by the Shareholder s’ Meeting on 10 December 2024 and are in office for nine financial years. Their term of o ffice will expire with the Shareholders’ Meeting th at will be held for the approval of the 2034 Financ ial Statements.

POWERS OF COMPANY OFFICERS

The Chairperson exercises the powers envisaged by a rticle 27 of the Company’s Articles of Association. The Vice-Chairman was granted powers to be exercis ed in case of absence or impediment of the Chairman. The Chief Executive Officer was appoi nted by means of a Board resolution dated 23 April 2024 and exercises the management powers granted to them by law and the Articles of Association.

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Introduction

2026 Half Year Financial Report

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ASTM S.p.A. Shareholding

At 30 June 2026, the share capital of the Company amounte d to EUR 36,788,507.50 and was divided into 73,577,015 ordinary share s without indication of the nominal value. The shareh olding structure of ASTM as at 30 June 2026 is shown belo w.

Shareholder no. of shares

held %

share capital

Nuova Argo Finanziaria S.p.A. 62,835,067 85.40% ASTM S.p.A. (tr. shares) 8,571,040 11.65%

SINA S.p.A. (1) 2,149,408 2.92%

ATIVA S.p.A. (1) 21,500 0.03%

TOTAL 73,577,015 100.00%

(1) Subsidiaries of ASTM S.p.A.

Nuova Argo

Finanziaria ASTM (tr. shares)

SINA

ATIVA

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Introduction

Group structure and business segments ASTM, through the Group companies, is mainly active in the management of motorway networks under conce ssion and in the sectors of design and construction of major infrastructure works (“EPC”), as well as technology applied to tra nsport mobility.

In particular, the ASTM Group ranks among the world ’s leading players in the motorway concession secto r, managing over 6,000 kilometres through its subsidiaries and associated companies operating in Italy and Brazil, where it o perates via EcoRodovias, a Brazilian holding company listed on the Novo Mercad o of BOVESPA.

In the EPC sector, the ASTM Group - through the Iti nera Group and SINA - carries out the planning and construction of major transport infrastructure works (roads, motorways, railways, m etros, bridges, viaducts and tunnels), as well as c ivil and industrial construction works (hospitals, shopping centres and airports). T he Itinera Group operates in the United States thro ugh the subsidiary Halmar International, one of the main EPC companies in the northeastern area of the USA.

In the technology sector, the ASTM Group operates t hrough Sinelec, which carries out design, creation and management of advanced infrastructural network monitoring systems, info-mo bility, toll collection systems and the Smart Road project, as well as the design and design and creation of integrated systems and s olutions in the EPC context, with particular attent ion on hospital and university construction, and road, motorway and airport infras tructure. Furthermore, through its subsidiaries, Si nelec works in the United States, Brazil and Albania working on captive and m arket projects, applying the core skills developed in Italy.

Within the ASTM Group, the three business segments operate in synergy with a One Company approach, where experience and expertise gained from the EPC and technology sector s in a competitive market are also harnessed intern ally to extract value from an integrated approach to business. In particular, Gro up companies working in the EPC and technology sect ors operate jointly with the concession holder companies for tender activity, de sign, construction and management of infrastructure .

The Group's structure as at 30 June 2026 - limited to the main subsidiaries 1 - is as follows:

1 The complete list of investee companies is include d in the “Explanatory notes – Scope of consolidatio n” in the consolidated Financial Statements.

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Main financial highlights

In 1H 2026, the ASTM Group increased its turnover by approximately EUR 72.5 million (+3.3%) , totalling EUR 2,270.3 million (EUR 2,197.8 million in 1H 2025).

EBITDA is up EUR 19.4 million (+2.1%) , totalling EUR 965.3 million (EUR 945.9 million in 1H 2025).

Profit for the period attributable to the Group, net of depreciation, amortisation and provisions, n et financial expenses and taxes amounts to EUR 97 million (EUR 98.8 million in 1H 2025).

Net financial indebtedness as at 30 June 2026 reflects both the investments made in the motorway network in Italy and Brazil and the revaluation of the BRL/EUR exchange rate, which resulted in the condensed consolidated interim fin ancial report showing a higher level of debt for the Brazilian companies of approximately EUR 302.3 million.

Below are the main consolidated income and financia l data as at 30 June 2026 and those relating to the same period in the previous

year:

(in millions of EUR) 1HY 2026 1HY 2025

Turnover 2,270.3 2,197.8 Net toll revenue - Italy 657.4 638.2 Net toll revenue - Brazil 619.4 563.3 EPC sector revenues 783.8 759.1 Technology sector revenue 46.8 64.6

EBITDA 965.3 945.9

Profit (Loss) for the period attributable to the Gr oup 97.0 98.8 Motorway network investments - Italy 262.8 342.8 Motorway network investments – Brazil 1 310.5 263.3

(in millions of EUR) 30 June 2026 31 December 2025

Net financial indebtedness 9,906.1 9,161.1

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1 The figure related to investments in the motorway network in Brazil in the first half of 2025 does n ot include the upfront fee paid in the period on th e Ecovias Raposo Castello concession contract for BRL 2,268.2 millio n (EUR 360.5 million at the average EUR/BRL exchang e of 6.2913 in 1H 2025).

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Alternative performance measures To allow improved assessment of economic management trends and the equity and financial situation, in addition to the conventional financial benchmarks established in the IAS/IFRS internationa l accounting standards, the ASTM Group also uses so me Alternative Performance Measures (hereafter, also “APMs”).

The APMs presented in the Interim Management Report are considered relevant for assessing the overall operating performance of the Group, the operating segments and the individual Group compani es. In addition, the APMs are considered to provide better comparability over time of the same results, although they are not a replacement or an alternative to the results provided in the “Condens ed Consolidated Interim Financial Report” according to the IAS/IFRS (official or reported dat a).

With reference to the APMs relating to the consolid ated results, it should be noted that, in section “ Economic, equity and financial data” of the Interim Management Report, the ASTM Group presents restated financial statements that differ from those envisa ged by the IAS/IFRS included in the Condensed Consolidated Interim Financial Report; th erefore, the restated consolidated income statement , financial position and the net financial indebtedness contain, in addition to the economic-f inancial and equity data governed by the IAS/IFRS, certain indicators and items derived therefrom, although not required by said standards and therefo re called “APMs”.

The main APMs presented in the Interim Management R eport and a summary description of their compositio n, as well as a reconciliation with the corresponding official data, are provided below:

a) “Net toll revenue - Italy”: represents toll revenue shown net of the fee/additional fee collected by t he Italian concessionaires and to be paid to ANAS S.p.A..

b) “Turnover”: differs from “Total revenues” in the sc hedule of the Condensed Consolidated Interim Financ ial Report in that it does not consider (i) Motorway sector - revenues for revenues for the planning and construction IFRIC 12, (ii) Motorway Sector - fee/additional fee payable to ANAS and (iii) EPC sector - revenues for the design and construction IFRIC 12.

c) “Value of production”: the value of production for the EPC sector represents revenues for works and pl anning, changes to works to order, revenues for sales of materials and the provision o f services.

d) “EBITDA”: is the summary indicator of profitability from operating activities and is determined as “Pr ofit (loss) for the period” before: (i) “Profit (loss) for assets held for sale net of taxes ( Discontinued Operations )”, (ii) “Income taxes”, (iii) “Profit (loss) of co mpanies accounted for with the equity method”, (iv) “Financial expenses”, (v) “Fin ancial income”, (vi) “Other provisions for risks an d charges”, (vii) “Adjustment of the provision for restoration/replacement of non-compensated reve rtible assets” and (viii) “Amortisation, depreciati on and write-downs”.

e) “Operating income”: measures the profitability of t otal capital invested in the company and is determi ned as “Profit (loss) for the period” before (i) “Profit (loss) for assets held for sale net of taxes ( Discontinued Operations )”, (ii) “Income taxes”, (iii) “Profit (loss) of co mpanies accounted for with the equity method”, (iv) “Financ ial expenses” and (v) “Financial income”.

f) “Net invested capital”: shows the total amount of n on-financial assets, net of non-financial liabiliti es.

g) “Backlog”: the orders not yet performed by the comp anies operating in the EPC and Technology sectors.

h) “Net financial indebtedness”: calculated as “Curren t and non-current financial debt” net of (i) “Cash and cash equivalents”, (ii) “Current financial assets”, (iii) “Prepaid ancillary costs relating to the issuance of bonds and loans” and (iv) “Investm ents to guarantee loan contracts and bonds”, prepared in accordance with ESMA recommendation of 20 March 2013.

i) “Financial indebtedness (ESMA)”: the net financial position prepared in compliance with the ESMA guide lines of March 2021. This differs from “Net financial indebtedness” due to the inclusion o f “Trade payables and other long-term payables”.

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2. INTERIM

MANAGEMENT REPORT

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Interim Management Report

Significant operations/events

In the first half of 2026, the Group continued its grow th and development plan for the reinforcement of mo torway concessions and, with reference to the EPC sector, confirmed its role as a leading player in the const ruction market.

Concessions sector

Purchase of SALT p.A. shares - Italy In February, ASTM S.p.A. acquired a total of 2,157,120 sha res (equal to 1.35% of the share capital) of the subsi diary SALT p.A. for a total of EUR 9.5 million. Following these transaction s, at present the stake held in SALT p.A. is 97.64% of the share capital.

Completion of the A33 Asti-Cuneo motorway stretch – Italy As reported in previous reports, on 30 December 2025, the final lot was completed and opened to traffic, con necting the Alba Ovest exit to Cherasco on the A33 Asti-Cuneo motorway stret ch, making the entire motorway stretch drivable. Fo llowing the completion of the final works and the opening to traffic of th e four-lane carriageway along the entire route last April, the electronic (free-flow) toll system also came into operation on the Cherasc o-Roddi stretch from 4 May.

Toll on the Ospitaletto-Montichiari junction – Ital y On 1 March 2026, Autovia Padana launched the electronic (free-flow) toll system on the new Ospitaletto-Mont ichiari junction.

Rota das Gerais Concession – Brazil On 31 March the Group, through its Brazilian subsidia ry EcoRodovias Infraestrutura e Logistica S.A., was awarded the contract put out to tender by the Brazilian federal government a nd the National Land Transport Agency (ANTT) for th e management, for a period of 30 years, of the “Rota das Gerais” motorway system in Brazil.

The “Rota das Gerais” motorway network stretches fo r approximately 735 km, serving a catchment area compr ising 26 municipalities in the north of the state of Minas Gerais, and acts as a strategic link between the south-east and nor th-east of the country. As a matter of fact, the infrastructure forms part of a major logistics corridor linking the main industria l areas of São Paulo, Rio de Janeiro and Minas Gerais with the north-eastern states, and offers significant synergies with the EcoRodovias Group, which already operates in the region through two motorway concessionaires, Ecovias Rio Minas and Ecovias Norte Minas, directl y connected to the new asset.

The concession contract was signed on 3 June and on 3 July, the subsidiary Concessionaria Ecovias das Ge rais S.A. took over the relevant motorway network (BR-251/MG and BR-116/MG).

Ecovias Sul – Brazil On 4 March 2026, the concession for the Pelotas–Porto Al egre stretch and the Port of Rio Grande, operated b y the Brazilian concessionaire Ecovias Sul, expired as stipulated i n the contract. Handover of the infrastructure took place on the same date.

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Interim Management Report Road Link A69 – United Kingdom On 31 March, the concession for the Newcastle – Carli sle stretch, operated by the associated company Roa d Link, expired as stipulated in the contract. Handover of the infrast ructure took place on the same date.

Halmar Infrastructure Development – United States In May 2026, Halmar Infrastructure Development Inc. (fo rmerly ASTM North America Inc.), in partnership wit h Skanska, was selected as the Master Developer for the redevelopment of th e key rail hub, Penn Station . Located in the heart of Manhattan and connected to Madison Square Garden, Penn Station is the busie st transport hub in the west, with over 600,000 visitors per day. The Penn Station transformation project is led by Amtrak, the public rail operator in the United States and owner of th e station itself, in collaboration with the US Department of Transportation (USDOT). T he project involves the complete refurbishment and extension of the station, raising its operational standards for the benefit o f passengers and the city in terms of functionality , aesthetics and sustainability. In addition to Amtrak, NJ Transit (NJT), the third-lar gest provider of bus and rail services in the count ry, and the Metropolitan Transportation Authority (MTA), North America’s lar gest transport network, also operate at the station .

In particular, the project involves the complete re development of Penn Station through the constructio n of a new entrance, featuring a façade inspired by neoclassical elements that wil l also be incorporated into the iconic Madison Squa re Garden, situated above the station, which will remain fully operational throug hout the works.

As described in previous reports, in May 2025, Halmar I nfrastructure Development Inc. officially pre-quali fied, in a joint venture with another operator, for participation in the P3 Tennes see I-24 project, which consists of building new fast track lanes and subsequent tolling on the I-24 motorway. In particular, the proj ect envisages the concession for the design, constr uction, financing, management and maintenance of twenty-six miles of fast track l anes with dynamic pricing along the corridor of the I-24 between the I-40 in Nashville and the I-840 in Murfreesboro.

In July 2026, Halmar Infrastructure Development Inc., t hrough CMP Consorzio, submitted a bid for the tende r relating to this project.

Again through Halmar Infrastructure Development Inc ., the ASTM Group is currently engaged in work to i mprove the accessibility of 13 New York subway stations. The company was awarded the concession contract in a Public Private Partner ship (3P) promoted by the Metropolitan Transportation Authority (MTA) to design and carry out the work, as well as for the s ubsequent management and maintenance of the vertical transport systems for a 25-year concession period. As at 30 June 2026, vertical mobility systems have come into operation at 8 stations, with approximatel y 92% progress.

***

EPC sector

During 1H 2026 the Itinera Group secured contracts total ling EUR 1,134 million.

Of these contracts, EUR 672 million relates to Itinera S.p.A., of which EUR 98 million is for works secured through Consorzio Eteria (primarily the construction of the new Ponte dei Co ngressi in Rome, for which the company is due EUR 58 million), EUR 273 million for works secured on the A8 motorway in Romania, EU R 182 million relating to the Amazon hub in Roncade, a s well as EUR 89 million for in-house works, mainly maintenance on the A21 PC- BS stretches; EUR 279 million from the subsidiary Iti nera Construçoes in Brazil, relating to the award of works on the Rota Gerais m otorway stretch (735 km); and EUR 49 million from the su bsidiary Halmar, relating

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Interim Management Report to the award of works – currently limited to design only – for Penn Station.

The remaining acquisitions, on the other hand, rela te mainly to SEA S.p.A. (EUR 30 million) and Tuboside r S.p.A. (EUR 55 million).

Technology Sector

During 1H 2026, the subsidiary Sinelec S.p.A. secured co ntracts totalling EUR 204 million, of which EUR 93.7 mill ion from third-party customers, representing 53.7% of the total backlog as at 30 June 2026.

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Interim Management Report Economic, equity and financial data Group economic data See below for the comparison between the revenue and expenditure items of the first half of FY 2026 and the same data from t he previous year.

in thousands of EUR 1HY 2026 1HY 2025 Changes Changes % Motorway sector revenue – operating activities (1) (2) 1,302,922 1,226,059 76,863 6.3% “EPC” sector revenue (2) 783,772 759,078 24,694 3.3% Technology sector revenue 46,762 64,630 (17,868) -27.6% Other revenue 136,803 147,990 (11,187) -7.6% Total turnover 2,270,259 2,197,757 72,502 3.3% Operating costs (1) (2) (1,304,990) (1,251,869) (53,121) 4.2%

EBITDA 965,269 945,888 19,381 2.0%

Net amortisation/depreciation and provisions (399,983) (435,683) 35,700 -8.2% Operating income 565,286 510,205 55,081 10.8% Financial income 102,879 78,703 24,176 30.7% Financial expenses (514,932) (423,317) (91,615) 21.6% Capitalised financial expenses 51,425 55,803 (4,378) -7.8% Profit (loss) of companies accounted for with the e quity method (462) 393 (855) n.m.

Net financial income (expense) (361,090) (288,418) (72,672) 25.2% Earnings before tax 204,196 221,787 (17,591) -7.9% Income taxes (current and deferred) (108,362) (109,871) 1,509 -1.4% Profit (loss) for the period (Continuing operations ) 95,834 111,916 (16,082) -14.4% Profit (loss) for the period for "assets held for s ale net of taxes” ( Discontinued Operations ) (81) (82) 1 -1.2% Profit (loss) for the period 95,753 111,834 (16,081) -14.4%

 Profit (loss) for the period attributable to Minori ties (Continuing operations ) (1,180) 13,143 (14,323) n.m.

 Profit (loss) for the period attributable to the Gr oup (Continuing operations ) 97,014 98,773 (1,759) -1.8%

 Profit (loss) for the period attributable to Min oritie s (Discontinued operations)  (38) (39) 1 -2.6%  Profit (loss) for the period attributable to the Gr oup (Discontinued operations) (43) (43) - 0.0%

(1) Amounts net of the fee/additional fee payable to AN AS (EUR 40.1 million in the first half of 2026 and EUR 38.7 million in the first half of 2025).

(2) With regard to concessionaires, the IFRIC 12 sets o ut full recognition in the income statement of cost s and revenues for “construction activity” concerni ng non-

compensated revertible assets. In order to provide a clearer representation in the table above, these components – amounting to EUR 623 million in the fi rst half of 2026 and EUR 680.9 million in the first half of 202 5 respectively – were reversed for the same amount from the corresponding revenue/cost items.

*** The item “ motorway sector revenue ” totalled EUR 1,302.9 million (EUR 1,226 million in the fir st half of 2025) and breaks down as

follows:

in millions of EUR 1HY 2026 1HY 2025 Changes Net toll revenue - Italy 657.4 638.2 19.2 Net toll revenue - Brazil 619.4 563.3 56.1 Net toll revenue 1,276.8 1,201.5 75.3 Other accessory revenues 26.1 24.5 1.6 Total motorway sector revenues 1,302.9 1,226.0 76.9

The change in “net toll revenue - Italy” – equal to EUR 19.2 million (+3.0%) – was due to: (i) g rowth in traffic volumes for EUR +20.7 million, (ii) the tariff increase applied with effe ct from 1 January 2026 for EUR +6.7 million, and (iii) the increase of the tariff component for supplemental charges pertaining to th e Granting Body envisaged by the Concessioni del Ti rreno S.p.A. agreement for EUR -8.2 million.

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Interim Management Report The change in “net toll revenue - Brazil” – equal to EUR 56.1 million (+10.0%) – is the result of (i) the growth in traffic volumes and the recognition of the tariff increases due for EUR 35.2 million, (ii) the inclusion, for the entire per iod, of toll revenue from Ecovias Noroeste Paulista and Ecovias Raposo Castello for E UR 32.7 million (in 1H 2025, these companies had contributed, from 4 Marc h 2025, to the Noroeste Paulista stretch previously manag ed by TEBE and, from 30 March 2025, to the Raposo-Castell o stretch), (iii) the positive effect of the difference in the averag e EUR/BRL exchange rate between the two periods com pared for EUR +26.1 million, these increases were partially offset by the loss o f part of the toll revenue relating to Ecovias Sul following the expiry of the relevant concession on 4 March 2026 (EUR -37.9 million).

“Other accessory revenues” , which mainly refer to rental income on service ar eas and crossing fees, showed growth for both the Italian and Brazilian concessionaires.

Production in the EPC sector, which essentially com prises the Itinera Group and SINA S.p.A., shows gro wth attributable to greater production for third parties on the Italian worksit es; production abroad in the EPC sector is broadly in line with the figure for 1H 2025.

Whilst production for Group companies increased, th e technology sector saw a decline in production for third parties compared with the same period last year, due to delays on certain worksites, which are expected to be made up for du ring the financial year. For a more detailed description of the sector’s activitie s, as well as for the EPC sector, refer to the foll owing sections.

The decline in the item “other revenue” is mainly attributable to the fact that the figure for 1H 2025 included an indemnity of EUR 19.8 million received from the Brazilian subsidiary Ig li do Brasil following the completion of the Monotr ilho Linha 18 Bronze project.

The increase in “ operating costs ” is attributable both to higher costs incurred by EcoRodovias (mainly attributable to the new stretches becoming fully operational and to the eff ect of the difference in the average EUR/BRL exchan ge rate between the two periods compared) and to higher costs incurred by t he Italian concessionaires and by companies operati ng in the EPC sector (the latter being related to increased production).

With regard to the above, EBITDA grew by EUR 19.4 mill ion (+2%) to EUR 965.3 million (EUR 945.9 million in 1H 2025).

in millions of EUR 1HY 2026 1HY 2025 Changes Changes % Italy 418.2 422.5 (4.3) -1.0% Brazil 425.2 389.6 35.6 9.1%  Motorway Sector 843.4 812.1 31.3 3.8%  EPC sector 1 68.0 56.1 11.9 21.2%  Technology Sector 1 31.8 48.6 (16.8) -34.6%  Other sectors - Services 2 22.1 29.1 (7.0) -24.1% Total 965.3 945.9 19.4 2.0%

The “Net amortisation/depreciation and provisions” item is equal to EUR 400 million (EUR 435.7 million in th e first half of 2025). The change compared to the same period of the previous year is due to the effect: (i) higher provisions fo r risks for EUR +4.5 million, (ii) lower net provisions in the “provision for restorat ion and replacement” of non-compensated revertible assets for EUR -18.1 million and (iii) lower amortisation, depreciation and writ e-downs for EUR -22.1 million 3.

1 Just as in 1H 2025, the consolidated figure differs from the figures in the financial statemen ts of the investee companies in the sector due to t he accounting treatment of intercompany data.

2 This sector includes the Brazilian companies in th e port and logistics sectors, holdings and minor se rvices companies. In particular, the port and logis tics sector realised EBITDA of EUR 8.3 million in the first half of 2026 (EUR 9.6 million in the first half of 2025).

3 The depreciation of non-compensated revertible asse ts of the concessionaires SAV S.p.A., Autostrada de i Fiori S.p.A., SALT S.p.A. and SITAF S.p.A. (A32 s tretch), whose economic and financial plans – as subsequently expl ained – have now been expired for years, were drawn up on the basis of the draft economic financial pl ans submitted to the Ministry of Infrastructure and Transport in December 2025, which were validated by the Ministry and forwarded to ART for the relevant opinions.

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Interim Management Report The item “financial income” is equal to EUR 102.9 million (EUR 78.7 million in 1H 2025); t he increase compared to the same period in the previous year is attributable to higher inco me from liquid funds deposited with credit institut ions and from investments in financial assets, as well as higher income for exch ange differences.

“Financial expenses” – including the effects associated with interest r ate swaps – show an increase of EUR 91.6 million, attr ibutable to: (i) the higher gross financial indebtedness in Brazil and (ii) the effect of the difference in the average EUR/BRL exchange rate between the two periods compared.

“Capitalised financial expenses” , associated with the performance of the investment s made, are at EUR 51.4 million (EUR 55.8 million in the first half of 2025).

The item “profit (loss) of companies accounted for with the equity method” included the share of profits from jointly control led entities and associated companies, and in particula r the associated companies Road Link Holdings Ltd, SITRASB S.p.A. and Inovap 5 Administrao e Partecipacoes S.A.. The figures from 1H 2026 show a loss of EUR 0.5 million compared to a profi t of EUR 0.4 million recorded in the same period in the previous year.

“Income taxes” totalled EUR 108.4 million (EUR 109.9 million in the first half of 2025).

In view of the above, 1H 2026 recorded a profit attribut able to the Group of EUR 97 million 1 (profit of EUR 98.8 million 1 in 1H 2025).

***

1 Profit for the period does not take into account the portion attributable to “Discontinued operation s”, equal to approximately EUR -0.1 million.

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Interim Management Report Group equity and financial data The main components of the consolidated financial position at 30 June 2026, compared with the corresponding figures as at 31 December 2025, can be summarised as follows:

in thousands of EUR 30/06/2026 31/12/2025 Changes Net fixed assets 14,841,091 14,022,059 819,032 Equity investments and other financial assets 958,9 34 784,741 174,193 Working capital (175,645) (127,810) (47,835) Gross invested capital 15,624,380 14,678,990 945,390 Payable to ANAS – Central Insurance Fund (596,179) (578,209) (17,970) Deferred payable to ANAS – Central Insurance Fund ( 235,781) (253,751) 17,970 Deferred taxes (308,497) (314,981) 6,484 Other non-current assets and liabilities (919,070) (814,520) (104,550) Employee benefits and other provisions (413,550) (417,392) 3,842 Net invested capital 13,151,303 12,300,137 851,166 Shareholders’ equity and profit (loss) (including m inority interests) 3,245,157 3,139,044 106,113 Net financial indebtedness 9,906,146 9,161,093 745,053 Equity and financial indebtedness 13,151,303 12,300,137 851,166

The increase in the item “ Net fixed assets ” arises from the combined effect of the result of investments (EUR +774.1 million), amortisation/depreciation (EUR -403.5 million) and disp osals and reclassifications (EUR -38.5 million) carrie d out in the period, in addition to the effects relating to the foreign exc hange difference (EUR +486.9 million). The investments include an amount of EUR 51.4 million relating to the capitalisation of financi al expenses.

The increase to the item “ Equity investments and other financial assets ” is attributable to growth in other non-current fi nancial assets (receivables due from the granting body, other non- current financial assets, receivables due from othe rs, etc.), as there were no significant changes to non-consolidated equity inve stments.

The change seen in “ Working capital ” mainly reflects the changes seen in relation to b usiness operations.

The amounts of the “Payable to ANAS – Central Insurance Fund” and the “ Deferred payable to ANAS – Central Insurance Fund ” considered as a whole did not change during the per iod since the payment of the instalments is planned for December.

The change in the net balance of “Deferred taxes” is mainly attributable to the recognition of defer red tax assets and the reversal of deferred tax liabilities recognised in connection w ith business combinations carried out in previous f inancial years, all of which was partially offset by the effects of exchange rate di fferences.

The reduction in “Other non-current assets and liabilities” is largely attributable both to higher concession fees relating to the Brazilian concessionaires (a change that includes the effects of discounting the amounts as well as the exchange rate difference between the two periods compared) and to higher advance payment s for work in progress for third parties.

The decrease in the item “Employee benefits and other provisions” is the result of a reduction in the provision for the restoration or replacement of non-compensated revertible assets, p artially offset by an increase in other provisions.

The change in the item “Shareholders’ equity and profit (loss) (including minority interests)” arose from the combined effect of the result for the period (EUR +95.8 million), the changes to the “exchange rate difference reserve” (EUR +121.8 million), the “cash flow hedge reserve” (EUR +1.7 million), the “fair value re serve” (EUR -0.2 million), as well as the dividend di stribution to Group and minority shareholders (EUR -109.6 million) and purchase s of minorities and other changes (EUR -3.4 million).

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Interim Management Report *** Net financial indebtedness Net financial indebtedness of the ASTM Group as at 30 June 2026, compared with the figures as at 31 December 2025, is broken down as follows 1:

in thousands of EUR 30/06/2026 31/12/2025 Changes A) Cash and cash equivalents 2,007,451 1,645,269 362,182 B) Securities held for trading - - -

C) Liquidity (A) + (B) 2,007,451 1,645,269 362,182 D) Financial receivables 1,472,432 1,720,568 (248,136) E) Bank short-term borrowings (130,186) (96,851) (33,335) F) Current portion of medium/long-term borrowings (428,331) (336,386) (91,945) G) Other current financial liabilities (1,209,122) (1,267,053) 57,931 H) Short-term borrowings (E) + (F) + (G) (1,767,639 ) (1,700,290) (67,349) I) Current net cash (C) + (D) + (H) 1,712,244 1,665,547 46,697 J) Bank long-term borrowings (4,039,224) (4,151,634) 112,410 K) Hedging derivatives 22,123 19,283 2,840 L) Bonds issued (7,408,333) (6,526,482) (881,851) M) Other financial liabilities (long-term) (192,956 ) (167,807) (25,149) N) Long-term borrowings (J) + (K) + (L) + (M) (11,6 18,390) (10,826,640) (791,750) O) Net financial indebtedness (I) + (N) (9,906,146) (9,161,093) (745,053) As at 30 June 2026, the “net financial indebtedness ” totalled EUR 9,906.1 million (EUR 9,161.1 million as at 31 Dec ember 2025). This amount does not include (i) the discounted value of medium/long-term receivables for “ guaranteed minimums ” (availability payment) of EUR 80.4 million (EUR 40.3 million at 31 Decemb er 2025) and (ii) the discounted value of the “payables due to ANAS-

Central Guarantee Fund” of EUR 596.2 million (EUR 578.2 million at 31 December 2025).

The change during the period reflects both the sign ificant investments made in the motorway network in Italy and Brazil and the revaluation of the BRL/EUR exchange rate, which res ulted in the consolidated financial statements show ing a higher level of debt for the Brazilian companies of approximately EUR 302.3 mill ion.

With reference to the significant changes to the in dividual items, it should be noted that the item “Bonds issued” changed, net of the reclassification to current of the portions coming due, the amortised cost and the exchange rate diffe rences, due to new bonds issued in the period by the Brazilian subsidiaries for a t otal of approximately EUR 479.4 million.

1 The Explanatory Notes to the Condensed Consolidate d Interim Financial Report the financial indebtedne ss (ESMA) prepared in compliance with the Guideline s of the European Securities and Markets Authority of March 2021.

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Interim Management Report The change in “ net financial indebtedness ” is broken down as follows:

(in millions of EUR) Net financial indebtedness as at 31 December 2025 (9,161.1)

 Forex changes (302.6)  Changes in minorities, equity investments and other financial assets (10.8)  Construction of motorway assets - Italy (262.8)  Construction of motorway assets - Brazil (310.5)  Net investments in fixed assets (95.9)  Investments in ADA stations (49.7)  Dividends (36.7)  Operating cash flow 602.6  Fair value change in interest rate swaps 2.8  Change in net working capital and other changes (281.3) Net financial indebtedness as at 30 June 2026 (9,906.1)

***

The financial resources available as at 30 June 2026 are broken down as follows:

(in millions of EUR) Cash and financial receivables 3,480 Back-up committed facilities pertaining to ASTM S.p .A. 750 Committed credit facilities pertaining to ASTM S.p. A. and its subsidiaries to support their respective operating needs 321

Loans/bonds in favour of the EcoRodovias Group to s upport the relevant investment plan 1,795 “Uncommitted” credit lines in favour of ASTM S.p.A. and its consolidated companies 407 Subtotal 3,273 1

Total financial resources as at 30 June 2026 6,753

1 For the breakdown of these items please see that found in “Other information - (iii) Financial risk management” in the explanatory notes.

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Interim Management Report

Financial income

The ASTM Group has a financial structure model in p lace that provides for diversification of the finan cing sources and centralisation of funding activities, with subsequent transfer of resources to Italian companies operating in the mot orway sector through specific intercompany loans. ASTM, limited to the main Itali an subsidiaries operating in the motorway sector, t herefore acts as the Group’s interface with the debt market, combined in its var ious forms: banks, national and supranational insti tutions and subscribers of bond issues.

The implementation of this structure makes it possi ble to find medium/long-term “committed” resources (i) from a variety of financial instruments (mainly bonds and medium/long-term loan s) and a variety of counterparties, (ii) at uniform economic conditions and duration throughout the Group and (iii) avoiding an y form of structural subordination between existing creditors at the level of investee companies and ASTM S.p.A. creditors.

On the basis of this financial structure, the funds raised centrally are, from time to time, loaned to relevant Italian subsidiaries operating in the motorway sector in particular thro ugh specific intercompany loan agreements, in order to support their financial requirements for investments in line with the econo mic financial plans and/or in any case with the nee ds of the individual companies.

It should also be noted that the debt contracted by ASTM S.p.A. within this structure has, in few rema ining cases, been supported by a special security, based on the pledging or collateral assignment of receivables from intercompany loans, as of that dat e, intended exclusively to guarantee ASTM S.p.A.’s creditors di rect access to the financed operating companies in the event of certain pathological events, and to prevent, where existing, any structu ral subordination between the financial creditors o f ASTM S.p.A. and the financial creditors of its subsidiaries. Since November 2021, the structure in question has no longer provided for a ctivation of the above security package and therefore the new debt contrac ted by ASTM S.p.A., from said date, has been issued on an unsecured basis.

In general, the Group’s foreign subsidiaries, subsi diaries operating in sectors other than the Italian motorway sector and subsidiaries with project financing, raise capital directly in t he related local debt markets.

During the year portions of loans established in pr evious financial years were issued and financing an d refinancing projects were also undertaken to support new investments and to extend the maturity of the debt strengthening the financi al structure. Some of the main operations include:

 signing and issue in June 2026 of a new ASTM loan agree ment with Mediobanca for a total of EUR 100 million;

 issue, during the first half of 2026, of debentures by certain companies of the EcoRodovias Group, corresp onding to approximately EUR 2.94 billion reais (approx. EUR 498 mil lion at euro/BRL exchange rate of 5.9003 of 30 June 2026);

 the issue, during 1H 2026, of bank loans by certain comp anies in the EcoRodovias Group, corresponding to BR L 60 million (approximately EUR 10 million at the EUR/BRL exchange rate of 5.9003 as at 30 June 2026).

Other Group companies, including Itinera S.p.A., al so obtained additional loans during the first six m onths of FY 2026 as part of their ordinary financial management.

At the same time, the Group repaid the instalments of loans and/or bonds on their due dates, in line w ith the relative contractual amortisation plans for a total amount of EUR 643 milli on.

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Interim Management Report Sustainability-Linked Financing Framework (“SLFF”) In November 2021, the ASTM Group approved its first Su stainability-Linked Financing Framework (SLFF) that applies the following targets for the two key performance indicators (KPI s):

 KPI 1. reduction of greenhouse gas emissions classif ied as Scope 1 1 and 2 2 (marked-based) by 25% by 2030, against the benchmark of 2020;

 KPI 2. reduction of greenhouse gas emissions classif ied as Scope 3 3 by 13% by 2030, relative to goods and services acquired, against the benchmark of 2020.

For KPI 1, ASTM has also set intermediate targets fo r 2024 and 2027, while for KPI 2 an intermediate target has been set for 2027.

The objectives to reduce the CO 2 emissions of the ASTM Group have been approved by the Science-Based Targets initiative (SBTi).

Note that the intermediate KPI 1 target for 2024 was ach ieved.

In May 2023, the Company also updated its Sustainabilit y-Linked Financing Framework to reflect the changes in the Group’s corporate structure, and to align it with the most recent ver sion of the Sustainability-Linked Bond Principles d efined by the International Capital Market Association (ICMA) and with the Sustainabili ty-Linked Loan Principles defined by the Loan Marke t Association (LMA). During this revision, ASTM selected/updated the following targets for the three KPIs:

 KPI 1. reduction of greenhouse gas emissions classif ied as Scope 1 and 2 (market-based) by 54% by 2030, agains t the benchmark of 2020;

 KPI 2. reduction of greenhouse gas emissions classif ied as Scope 3 by 11.1% by 2030, relative to goods and serv ices acquired, against the benchmark of 2021;

 KPI 3. installation of electric vehicle charging sta tions in 100% of the service areas present along the m otorway networks managed by the ASTM Group in Italy and Brazil, by 2026.

For KPI 1, ASTM has also set intermediate targets fo r 2026 and 2028, while for KPI 2 an intermediate target has been set for 2028.

The objectives to reduce the CO 2 emissions of the ASTM Group have been approved by the Science-Based Targets initiative (SBTi).

In this respect, Moody’s Investors Service provided a Second Party Opinion (“SPO”) which assigned the ASTM SLFF a Sustainability Quality Score equal to SQS2 (Very Good), on the basi s of ASTM’s contribution to sustainability, positio ning it as a leading company in the infrastructure sector.

In relation to the 2021 Sustainability-Linked Financing Framework and its subsequent update, ASTM S.p.A. h as issued bonds and signed loan agreements that incorporate sustainabil ity targets and step-up mechanisms and, where appli cable, step-down mechanisms for the interest rate applied based on t he level of achievement, at the relevant expiry dat es, of identified sustainability KPI targets.

The subsidiary Elevated Accessibility Enhancements Operating Company LLC has also linked its borrowing to sustainability indicators earning it “Green & Social” classification. As at 30 June 2026, approximately 63% of the Group’s consolidated gross financial debt 4 is linked to sustainability targets (of which 36% is in SLB format, 23% in SLL format and 4% in Green & Social format.

As at 30 June 2026, a number of companies within the EcoR odovias Group hold loans classified as g reen transition debentures, based on a commitment to allocate the funds to investment s linked to sustainability criteria, totalling BRL 840 million (equivalent to approximately EUR 142 million at the EUR/BRL exchange rate of 5.9003 as at 30 June 2026).

For more information please see the “Sustainable Fi nance” page in the “Investor Center” section of the ASTM website.

1 Scope 1 (direct emissions): this category includes emissions from own sources or sources controlled b y the organisation.

2 Scope 2 (indirect emissions): this category includ es emissions inferred from the consumption of elect ricity purchased by the organisation.

3 Scope 3 (indirect emissions): this category includ es the other indirect emissions due to the company’ s activity, including those related to the acquisit ion of goods and services.

4 Excluding the debt attributable to the EcoRodovias Group and taking into account the ESG credit facil ities granted but not yet drawn down.

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Interim Management Report *** Green Finance Framework (“GFF”) In May 2026, to further strengthen the integration of s ustainability principles into its financial strateg y, ASTM approved its first Green Finance Framework (“GFF”) aligned with the Green Bo nd Principles 2025 of the International Capital Market Association (ICMA), the Green Loan Principles 2025 of the Loan Market Associati on (LMA) and the requirements of the EU Taxonomy Re gulation.

The GFF will allow ASTM to make use of green financ ing instruments, such as Green Bonds and Green Loan s, to finance projects capable of generating clear and measurable environm ental benefits, with a particular focus on activiti es aligned with the criteria of the European Taxonomy.

Moody’s Ratings has released a Second-Party Opinion , assigning a Sustainability Quality Score of SQS2 ( Very Good) to ASTM’s Green Finance Framework, based on the level of alignment with the Green Bond Principles 2025 of ICMA and the Gre en Loan Principles 2025 of LMA, as well as the Group’s overall contributi on to sustainability targets.

*** EMTN Programme and bond issues ASTM S.p.A. has a medium/long-term bond issue progr amme (EMTN Programme) with a current maximum amount of EUR 5 billion, relating to the issue of senior non-convertible bon ds.

The ASTM EMTN Programme, first established in 2010 and historically listed on the regulated market operate d by the Irish Stock Exchange ( Euronext Dublin ), was most recently renewed in July 2026 and has, for the first time, been approved by Consob. ASTM then obtained a decision from Borsa Italiana on eli gibility for listing on the MOT, the national regul ated bond market.

As part of its EMTN Programme, the company has, sin ce 2010, placed a number of bond issues; as at 30 June 2026, the outstanding bonds issued totalled EUR 4.05 billion, as detailed be low:

 “2018-2028 senior secured bond loan” of EUR 550 million, with a term of 10 years (maturing on 8 February 2028) with a coupon of 1.625% - listed on Euronext Dublin.

 “2021-2026 senior unsecured sustainability-linked bond loa n” of EUR 750 million, with a term of 5 years (maturing on 25 November 2026), with a coupon of 1.00% - listed on Euronex t Dublin;

 “2021-2030 senior unsecured sustainability-linked bond loan” of EUR 1,250 million, with a term of 8 years (maturing o n 25 January 2030) and a coupon of 1.50% - listed on Euronext Dublin;

 “2021-2033 senior unsecured sustainability-linked bond loan” of EUR 1,000 million, with a term of 12 years (maturing o n 25 November 2033) and coupon of 2.375% - listed on Euronext Du blin;

 “2025-2032 senior unsecured bond loan” of EUR 500 million, with a term of 6 years (maturing on 16 February 2032) with a coupon of 3.375% - listed on Euronext Dublin.

These sustainability-linked bonds were the first bo nd issue in Europe by an “Infrastructure” issuer th at incorporates the sustainability targets. They envisage step-up mechanisms for the c oupons in the event of the failure to achieve, at t he respective maturities, the KPI sustainability targets identified.

***

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Interim Management Report ASTM Group Credit Rating With reference to the ASTM Group’s credit rating, i t is noted that:

 On 28 November 2025, the agency Fitch Ratings carried out its latest review of the ASTM Group’s rating, which was confirmed at BBB- with a stable outlook (last Fitch rating action 29 January 2025);

 on 26 May 2026, ratings agency Moody’s confirmed its Baa3 rating with Outlook stable .

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Interim Management Report Results of operations – Motorway Sector As at 30 June 2026 , the Group has under concession motorway networks of over 6,000 km; around 1,092 km of these networks are located in Italy, while 5,082 km are in Brazil.

Motorway sector – Italy In Italy, the Group operates in the north-western a rea of the country.

The extent of the motorway network managed through subsidiaries and associated compan ies in Italy is as follows:

Company % Managed stretch Km Concession

expiry

SATAP S.p.A. 99.87% A4 Torino-Milano 130.3 31-Dec-26 Società Autostrada Ligure Toscana p.A. 97.63% A15 P arma – La Spezia 182.0 (1) 31-Dec-31 Società Autostrade Valdostane S.p.A. 71.28% A5 Quin cinetto-Aosta 59.5 31-Dec-32 Autostrada dei Fiori S.p.A. 73.00% A6 Torino-Savona 130.9 31-Dec-38 Società Autostrada Asti-Cuneo S.p.A. 65.00% A33 Ast i-Cuneo 70.6 31-Dec-31 Società di Progetto Autovia Padana S.p.A. 51.00% A2 1 Piacenza-Cremona-Brescia 111.6 28-Feb-43 Società Italiana Traforo Autostradale del Frejus S. p.A. 68.09% A32 Torino-Bardonecchia, T4 Fréjus Tun nel 94.0 31-Dec-50 Società di Progetto Concessioni del Tirreno S.p.A. 100.00% A10 Savona-Ventimiglia 113.2 04-Dec-35 (2) A12 Sestri Levante-Livorno, Viareggio-Lucca and Fornola-La Spezia 154.9 04-Dec-35 (2) Tangenziale Esterna S.p.A. 92.46% A58 Tangenziale Est Esterna di Milano (Milan Outer Ring Road) 32.0 30-Apr-65 Total amount managed by subsidiaries (A) 1,079.0 Società Italiana Traforo del Gran San Bernardo S.p. A. 36.50% T2 Traforo Gran San Bernardo (Great St Bernard Tunnel) 12.8 31-Dec-34 Total managed by associated companies (B) 12.8 TOTAL (A+B) 1,091.8

(1) Including the 69 km between Trecasali and Nogarole Rocca, not yet completed.

(2) Starting from 5 June 2024 these stretches, previou sly managed by SALT and ADF, are managed by Società di Progetto Concessioni del Tirreno S.p.A.. The co ncession period offered in the tender procedure is 138 month s for the Sestri Levante-Livorno, Viareggio-Lucca a nd Fornola-La Spezia stretches and 127 months for t he Savona-

Ventimiglia stretch; consequently 4 December 2035 i s the expiry date of the last stretch in concession .

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Interim Management Report Motorway sector - Italy – Subsidiaries

Traffic

See below for traffic data for the individual concessionaires in the firs t half of 2026 compared with the same period in the pre vious year.

TRAFFIC DATA BY COMPANY

(vehicle data in Km ) 1/1-30/6/2026 1/1-30/6/2025 Changes Company Light Heavy Total Light Heavy Total Light Heavy Total

(millions vehicle/km)

SATAP S.p.A. 928.1 330.2 1,258.3 930.7 329.9 1,260.6 -0.3% 0.1% -0.2%

SAV S.p.A. 149.8 43.1 192.9 145.0 39.9 184.9 3.3% 8.2% 4.3%

Autostrada dei Fiori S.p.A. 398.8 101.9 500.7 377.7 98.0 475.7 5.6% 3.9% 5.2%

SALT p.A. 326.6 106.9 433.5 313.8 103.2 417.0 4.1% 3.6% 4.0%

Autostrada Asti-Cuneo S.p.A. 85.7 30.9 116.6 63.0 22.8 85.8 36.1% 35.3% 35.9% Autovia Padana S.p.A. 356.1 209.5 565.6 310.0 187.2 497.2 14.9% 11.9% 13.8% Concessioni del Tirreno S.p.A. 1,189.8 386.2 1,576.0 1,178.4 376.8 1,555.2 1.0% 2.5% 1.3%

SITAF S.p.A. - A32 125.8 58.3 184.1 126.6 58.3 184.9 -0.6% -0.1% -0.4%

Tangenziale Esterna S.p.A. 135.6 64.3 199.9 132.8 62.3 195.1 2.1% 3.3% 2.5% Total 3,696.3 1,331.3 5,027.6 3,578.0 1,278.4 4,856.4 3.3% 4.1% 3.5%

Fréjus Tunnel

(in thousands of journeys) SITAF S.p.A. - T4 Frejus Tunnel 530.6 484.7 1,015.3 527.4 484.6 1,012.0 0.6% 0.0% 0.3% In 1H 2026 traffic volumes show a total increase of +3.5% (+3.3% for light vehicles and +4.1% for heavy vehicles ) compared to the same period of 2025.

The figures for the stretch managed by the subsidia ry Autostrada Asti-Cuneo S.p.A. reflect the complet ion and opening to traffic (which took place on 30 December 2025) of the final stret ch linking the Alba Ovest exit to the Cherasco exit , making the entire motorway stretch drivable. Similarly, the change to the stretch managed by Autovia Padana reflects the completion of the Ospitaletto-Montichiari junction and its toll colle ction with the free-flow system since 1 March 2026.

See below for the monthly analysis of the trend in motorway traffic during 1H 2026 compared to the same period in the previ ous year.

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SATAP

25% SAV

6% AdF

6%

SALT

8% AT-CN

2% AUTOVIA

6% CdT

25% SITAF

15% TE

7% Net toll revenues 1HY 2025 *** Net toll revenue The traffic trend previously described was reflecte d in “net toll revenue”, which amounted in the firs t half of FY 2026 to an amount of EUR 657.4 million (EUR 638.2 million in the first half of 2025). The change in “net toll revenue” – equal to E UR 19.2 million (+3.0%) – was due to: (i) growth in traffic volumes for EUR +20.7 million, (ii) the tariff increase applied with effect from 1 January 2026 for EUR +6.7 million, and (iii) the increase of the tarif f component for supplemental charges pertaining to the Granting Body envisaged by the Concessioni del Tirreno S.p.A. agreement for EUR -8.2 million.

Below is the net toll revenue figure of the individual Italian subsidiary conces sionaires for the first half of FY 2026 - compared with the same period of the previous year:

NET TOLL REVENUE BY COMPANY (EUR millions)

Company 1HY 2026 1HY 2025 Changes Changes %

SATAP S.p.A. 161.5 159.6 1.9 1.2%

SAV S.p.A. 38.4 36.0 2.4 6.6%

Autostrada dei Fiori S.p.A. 40.4 38.0 2.4 6.2%

SALT p.A. 54.7 51.8 2.9 5.5%

Autostrada Asti-Cuneo S.p.A. 16.2 11.8 4.4 37.6% Autovia Padana S.p.A. 46.9 39.4 7.5 19.0% Concessioni del Tirreno S.p.A. 154.9 160.5 (5.6) -3 .5%

SITAF S.p.A. 98.1 96.8 1.3 1.4%

Tangenziale Esterna S.p.A. 46.3 44.3 2.0 4.3% Total 657.4 638.2 19.2 3.0%

The impact of individual stretches on total net toll revenues is indicated below:

***

SATAP

25% SAV

6% AdF

6%

SALT

8% AT-CN

2% AUTOVIA

7% CdT

24% SITAF

15% TE

7% Net toll revenues 1HY 2026

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EBITDA

In terms of EBITDA, the increase in revenue is more than offset by the rise in maintenance work provid ed for in the economic financial plans of the individual concessionaires, as well as by the effects of the aforementioned supplemental charges imposed by Concessioni del Tirreno S.p.A..

EBITDA for the individual subsidiary motorway concessiona ires for the first half of 2026, compared with the figu re for the previous year, is shown below:

EBITDA BY COMPANY (in millions of EUR) Company 1HY 2026 1HY 2025 Changes Changes %

SATAP S.p.A. 124.6 124.0 0.6 0.4%

SAV S.p.A. 20.8 18.9 1.9 9.7%

Autostrada dei Fiori S.p.A. 17.0 18.6 (1.6) -8.2%

SALT p.A. 32.4 29.3 3.1 10.7%

Autostrada Asti-Cuneo S.p.A. 10.3 10.0 0.3 2.8% Autovia Padana S.p.A. 21.7 18.4 3.3 18.1% Concessioni del Tirreno S.p.A. 81.7 93.6 (11.9) -12.7%

SITAF S.p.A. 76.5 78.7 (2.2) -2.7%

Tangenziale Esterna S.p.A. 33.2 31.0 2.2 7.0% Total 418.2 422.5 (4.3) -1.0%

The impact of individual companies on the gross ope rating margin (EBITDA) total for the motorway secto r is shown below:

***

SATAP

29% SAV

5% ADF

5%

SALT

7%

AT-CN

2% AUTOVIA

4% CDT

22% SITAF

19% TE

7% EBITDA 1HY 2025

SATAP

30% SAV

5% ADF

4%

SALT

8% AT-CN

2% AUTOVIA

5% CDT

20% SITAF

18% TE

8% EBITDA 1HY 2026

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Interim Management Report For subsidiary concessionaires , a summary is provided of the main revenue and expenditure items for the first half of 2026, compared with those from the same period in the previous yea r, as well as the net financial indebtedness balance of Italian concessions as at 30 June 2026 compared with the balance as at 31 December 2025.

(amounts in millions of EUR) 1HY 2026

SATAP SALT SAV ADF AT-CN AUTOVIA CDT SITAF TE

Net toll revenue 1 161.5 54.7 38.4 40.4 16.2 46.9 155.0 98.1 46.3 Other motorway sector revenues 2 4.4 2.1 0.6 0.9 - 0.5 7.3 0.8 -

Other revenue 9.2 7.6 1.0 3.6 10.8 1.8 4.7 22.2 1.0 Turnover (A) 175.1 64.4 40.0 44.9 27.0 49.2 167.0 121.1 47.3 Operating costs 1,2 (B) (50.5) (32.0) (19.2) (27.8) (16.7) (27.5) (85.3) (44.6) (14.1)

EBITDA (A+B) 124.6 32.4 20.8 17.1 10.3 21.7 81.7 76.5 33.2

Net financial position (Indebtedness) (191.5) 3 42.1 (86.5) (296.6) (72.7) (354.5) 159.5 (289.7) (922.2) 1 Amounts net of the fee/additional fee payable to A NAS.

2 Amounts net of revenue and costs for construction activities of non-compensated revertible assets.

3 The change during the year is attributable for EUR 117.1 million to payment of dividends.

(amounts in millions of EUR) 1HY 2025

SATAP SALT SAV ADF AT-CN AUTOVIA CDT SITAF TE

Net toll revenue 1 159.6 51.8 36.0 38.0 11.8 39.4 160.5 96.8 44.3 Other motorway sector revenues 2 4.3 2.3 0.6 1.0 - 0.5 7.1 0.7 -

Other revenue 9.3 5.8 0.8 4.8 11.7 1.8 4.1 22.6 0.9 Turnover (A) 173.2 59.9 37.4 43.8 23.5 41.7 171.7 120.1 45.2 Operating costs 1,2 (B) (49.2) (30.6) (18.5) (25.2) (13.5) (23.3) (78.1) (41.4) (14.2)

EBITDA (A+B) 124.0 29.3 18.9 18.6 10.0 18.4 93.6 78.7 31.0

Net financial position (Indebtedness) 3 (71.1) 34.3 (96.0) (268.1) (62.8) (362.6) 179.0 (275.8) (935.6) 1 Amounts net of the fee/additional fee payable to A NAS.

2 Amounts net of revenue and costs for construction activities of non-compensated revertible assets.

3 Net financial position (Indebtedness) as at 31 Dece mber 2025.

29 2026 Half Year Financial

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Investments

In 1H 2026, investments in the Italian motorway network amounted to EUR 262.8 million (EUR 342.8 million in 1H 2025) and reflect the Group’s constant commitment to completing the s ignificant investment plans set out in the economic financial plans agreed with the Granting Body.

INVESTMENTS IN MOTORWAY ASSETS ( in millions of EUR )

Company Stretch 1HY 2026 1HY 2025 SATAP S.p.A. A4 Torino-Milano 45.6 19.2 SAV S.p.A. A5 Quincinetto-Aosta 7.7 14.0 Autostrada dei Fiori S.p.A. A6 Torino-Savona 31.5 69.4 SALT p.A. A15 La Spezia-Parma 17.9 27.8 Concessioni del Tirreno S.p.A. A10 Savona-Ventimiglia A12 Sestri Levante-Viareggio-Lucca and Fornola-La S pezia 51.6 100.8 Autostrada Asti-Cuneo S.p.A. A33 Asti-Cuneo 64.8 60.0 Autovia Padana S.p.A A21 Piacenza-Cremona-Brescia 5.7 11.9 SITAF S.p.A. A32 Torino-Bardonecchia T4 Frejus Tunnel 37.3 39.0 Tangenziale Esterna S.p.A. A58 Tangenziale Est Esterna di Milano (Milan Outer Ring Road) 0.7 0.7 Total investments in motorway assets 262.8 342.8 The Group’s concessionaires continue to invest cons tantly in their own motorway network, in compliance not only with conventional obligations but, mostly, with the industrial approa ch followed in management of the business that has always distinguished the Group.

Investments in motorway assets made during the six months relate to works aimed at improving the safet y and extending the useful life of the motorway network – in particular tunnel s, safety barriers, bridges, viaducts and flyovers – as well as technological investments designed to improve information and the quality of service for users, and the completion i n Italy of the Asti-Cuneo motorway.

30 2026 Half Year Financial

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Interim Management Report Motorway Sector Italy – Associated companies A summary is provided of the main revenue and expenditure items for the first half of FY 2026, compared with those fro m the same period in the previous year of SITRASB S.p.A., as w ell as the net financial indebtedness balance as at 30 June 2026 compared with the balance as at 31 December 2025:

(amounts in millions of EUR) SITRASB

1HY 2026 1HY 2025

Net toll revenue 6.9 5.5 Other motorway sector revenues 1 0.3 0.3 Other revenue 0.2 0.2 Turnover (A) 7.4 6.0 Operating costs 1 (B) (4.1) (4.4)

EBITDA (A+B) 3.3 1.6

Net financial position (Indebtedness) 2 16.8 21.2

1 Amounts net of revenue and costs for construction activities of non-compensated revertible assets.

2 Net financial position (Indebtedness) as at 30 Jun e 2026 and 31 December 2025

As described in previous reports, in 1H 2025 there had b een a significant drop in toll revenues due to the closure of the Swiss national access road to the Gran San Bernardo Tunnel followi ng a landslide, which then also led to the interrup tion of traffic through the tunnel;

the impact on toll revenues in 1H 2025 was particularly significant since the incident took place in a busy period of the year.

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Interim Management Report Motorway Sector - Italy - Regulatory framework and relations with the Granting Body, toll rates, the authority and possible develo pments in the concession models Renewal and approval of the Economic Financial Plan s for Italian motorway concessionaires With regard to the issues of the renewal and approv al of the Economic Financial Plans (“EFPs”) for Ita lian motorway concessionaires and the relative impacts on toll trends, it is note d that current motorway sector regulations establis h that the Economic Financial Plans be updated every five years.

To that end, note that the EFPs for the motorway st retches managed by the subsidiaries SAV (A5), ADF (A 6), SALT (A15) and SITAF (A32) expired on 31 December 2023 (for the 2019-2023 “regulatory period”), the EFPs for the motorway stretches manag ed by the subsidiaries SATAP (A4) and ATCN (A33) expired on 31 Dec ember 2022 (for the 2018-2022 “regulatory period”) and the EFP for the Piacenza-Cremona-Brescia managed by the subsidiary Autovia Padana (A21) expired on 28 February 2023.

Again on the topic of the updating of economic and financial plans, also recall that art. 8 of Italian Decree Law no. 215 of 30 December 2023 (“Milleproroghe 2024”) postponed to 31 December 2024 the dat e by which the Ministry of Infrastructure and Trans port was to have completed the updating procedure for these EFP s.

In this regard, it should be noted that in early 2025 t he Ministry had rejected the proposals to update th e EFPs submitted by the concessionaires SAV (A5), ADF (A6), SALT (A15), and SIT AF (A32), on the grounds that the planned toll increa ses were unsustainable, while the EFPs of SATAP (A4) and ATCN (A33) were rejec ted due to the high overall take-over value, whilst also declaring its willingness “to initiate an efficient and collaborative dialogu e, aimed at the submission of a new proposal” .

This led to the formulation, in agreement with the Granting Body and in accordance with the principles of economic and financial neutrality, of new draft plans also containing addi tional rebalancing measures beyond the adjustment o f tariffs and the take-over value.

These plans, which contain the discussions held wit h the Granting Body and the Ministry’s Technical Mi ssion Unit and reflect the final guidelines shared with the same, in December 2025 were submitted to the Ministry, which, following its tec hnical and administrative review, validated them and forwarded them to ART (t he Transport Regulation Authority) for the relevant opinions. These EFPs were used to calculate the depreciation of non-compensat ed revertible assets for the period.

With specific reference to the Autovia Padana (A21), it should be noted that the EFP has already been as sessed by ART, which issued its opinion in October 2025, whilst with regard to the Tangenziale Esterna (A58), the EFP approval process w as completed following registration by the Court of Auditors of the interm inisterial decree approving the 4th supplementary ag reement on 16 March 2026.

Toll Rates

Pending the update of the EFPs and in accordance wi th the provisions of ART Resolution 241/2025, on 31 December 2025 the Ministry notified the concessionaires SATAP (A4), ATCN (A33), S AV (A5), ADF (A6), SALT (A15), Autovia Padana (A21), Tang enziale Esterna (A58) and SITAF (A32) that they would benefit from a 1.50% toll increase for the 2026 financial year, correspondi ng to the inflation rate recorded in the Public Finance Planning Docume nt (DPFP) for the year 2026.

With reference to the Fréjus Rail Tunnel (T4) manage d by the subsidiary SITAF S.p.A., in accordance wit h the decisions made by the French-Italian Intergovernmental Committee, a +1.19% i ncrease – limited to the tariffs of the aforesaid t unnel – was granted with effect from 1 January 2026.

With reference to Concessioni del Tirreno S.p.A., t he Ministry of Infrastructure and Transport and Min istry of Economy and Finance Interministerial Decrees of 31 December 2025 determined, in line with the system of supplemental charges env isaged in the tender process, a reduction in the tariffs applied to the concessionaire for 2026 (with respect to those in 2025), e qual to -3.61% for the A10

32 2026 Half Year Financial

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Interim Management Report stretch and -6.30% for the A12 stretch, quantified as EU R 0.01090/km for the A10 stretch and EUR 0.01832/km for the A12 s tretch as the unit rate for the supplemental charges relat ive to the Granting Body for 2026.

Again in relation to the failure to approve the Eco nomic and Financial Plans (EFPs) and the consequent refusal to recognise tariff increases, it should be noted that, in Judgement No . 147/2025 of 14 October 2025, the Constitutional Court declare d unconstitutional all legislative provisions that postponed tariff ad justments for the years 2020, 2021, 2022 and 2023 pending the new economic and financial plans, as they conflict with Articles 3, 41 and 97 of the Constitution.

Authority and possible developments in the concessi on models in Europe and Italy In general, relative to existing concession models, note that in recent years Europe has seen a growin g debate with respect to the structure of the concession model used to manage mo torways. This debate is the result of the need to s imultaneously apply a tariff level that is sustainable for users, while also car rying out major investment plans to maintain, moder nise and improve the efficiency of the motorway network.

Italy as well, to comply with the objectives agreed upon with the European Commission to obtain the 7th instalment of the NRRP, on 18 December 2024 adopted the 2025 Competition Decree which i ncludes, among other things, a reform of Italy’s co ncession system and has introduced significant changes for new conc essions, such as the duration (at most 15 years, unle ss there are special needs associated with the amount of investments to be mad e), mechanisms to approve EFPs, etc. These are meas ures which will have their effects on concessions involved in calls for tender issued after the Decree in question took effect.

With respect to existing concessions, regulatory re sponsibilities have been given to the Transport Reg ulatory Authority – ART through specific regulatory provisions that have become sol idified over time. These initially circumscribed th e Authority's responsibilities solely to new concessions, to be assigned through t ender procedures, subsequently expanding them, thro ugh Decree Law 109 of 28 September 2018, to all motorway concessions. In particu lar, this development makes reference to: i) Resolu tion 29/2024, with which ART began a study intended to evaluate possible met hods to revise the toll rate system relative to mot orway concession, as well as to ii) Resolution 62/2024 “Regulation Impact Verification ”, which evaluates the implementation status of exi sting ART tariff mechanisms, the main results identified and aspects requiring attention identified from implementation as far, even if only partial.

In this context, also of note is Resolution 175/2024 on t he tariff mechanisms to apply to the concession str ucture relative to the tender to assign the A22 stretch currently managed b y the company Autostrada del Brennero. This Resolut ion provides for changes to the regulatory mechanisms applied to date and re lates exclusively to the aforementioned tender; it therefore does not apply to the rest of the sector.

As noted in previous reports, as part of the invest igations referred to above, ART had launched two pu blic consultations concerning the update of the toll tariff system relating to ex isting motorway concessions (Resolution 75/2025) and new tenders (Resolution 74/2025). From the outset, the consultation documents app eared to have a significant impact and were not wit hout elements of controversy and illegality, as they introduced pote ntial substantial changes to the current framework, thereby also having a significant impact on investments already made or underway and, consequently, having effectively retroactive effec ts.

By the deadline of 16 July 2025, the companies had submit ted their comments, highlighting the issues raised by the proposed new regulations. Discussions with ART had also continue d, including a hearing with representatives of ASTM and its legal advisers. These discussions were followed by the adoption of two fu rther resolutions (Nos. 187 and 188), which amended the o riginal framework and opened a further consultation on the new conten t. However, even the new measures under consultatio n remained unacceptable, as – in defiance of the EU principles of legal cert ainty and the obligation to honour contractual agre ements – they failed to resolve

33 2026 Half Year Financial

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Interim Management Report the issue of the substantial deterioration in the c ontractual balance and acquired rights, as more ful ly explained in the response to the consultation submitted by the Group companies w ithin the deadline.

Discussions with the Authority also continued; ulti mately, the Authority agreed with many of the point s raised by the ASTM Group regarding the measures put out for consultation and concluded the proceedings by issuing Resolutions 240 and 241 on 19 December 2025.

The framework envisaged by these resolutions appear s to be more balanced, as it provides for safeguard mechanisms that should offer greater protection for the preservation of th e remuneration accrued on the net invested capital and on notional items as at 31 December 2025, as well as the possibility of derogation s. At the same time, it amends the regime applicabl e to investments to be made from 1 January 2026 onwards by providing for a lowe r return in respect of the “remuneration component” of any notional items.

On 5 February 2026, ART published Resolution No. 6/2026 conce rning the “Definition of the criteria for accountin g separation, regulatory accounting tools, economic and financial planning, and monitoring relating to the concessio ns referred to in Article 37(2)(g) and g-bis) of Decree Law No. 201 of 6 December 2011, converted, with amendments, by Law No. 214 of 22 Decemb er 2011”, and at the same time launched a public consultation , following which, on 17 July 2026, it published Resoluti on No. 124/2026 “Conclusion of the procedure initiated by Resolutio n No. 6/2026 for the definition of the criteria for acco unting separation, regulatory accounting tools, economic and financial planning, and monitoring relating to the concessions referred to in Article 37(2)(g) and g-

bis ) of Decree Law No. 201 of 6 December 2011, converted, with amendments, by Law No. 214 of 22 December 2011”.

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Interim Management Report Motorway sector – Outside Italy

Brazil

Through its subsidiary EcoRodovias Infraestrutura e Logistica S.A. (“EcoRodovias”, a company listed on the São Paolo stock exchange), the Group is the leading Brazilian opera tor in the construction and management of motorway infrastructure.

Through its subsidiaries, EcoRodovias operates a mo torway network comprising twelve concessions and ap proximately 5,082 kilometres, which spans some of Brazil’s wealthiest , most densely populated regions, and serves as the main logistics artery between the south and south-east of the country. Th is length of the network comprises 734.9 kilometres of the Rota das Gerais, the concession contract for which was signed on 3 Ju ne 2026; on 3 July, the subsidiary Concessionaria Ecovia s das Gerais S.A.

took over the relevant motorway network (BR-251/MG and BR-116/MG).

The extension of the motorway network as at 30 June 2026, entirely managed in Brazil through t he subsidiaries of EcoRodovias Infraestrutura e Logística S.A. was as follows:

Company % Managed stretch km Concession

expiry

Ecovias Imigrantes 100% São Paulo metropolitan are a - Port of Santos 176.9 February 2034 Ecovias Leste Paulista 100% Metropolitan São Paulo - Vale do Rio Paraiba industrial area 143.7 October 2042 Ecovias Ponte 100% Rio de Janeiro Noteroi - State o f Rio de Janeiro 28.7 May 2045 Ecovias Capixaba 100% Macuri/BA Rio de Janeiro bord er 478.7 August 2049 Ecovias Minas Goias 100% Cristalina (Goias) - Delta (Minas Gerais) 436.6 January 2044 Ecovias Norte Minas 100% Montes Claros - Curvelo (M inas Gerais) 374.9 June 2048 Ecovias Cerrado 100% Jatai (Goias) - Uberlandia (M inas Gerais) 437.0 January 2050 Ecovias Araguaia 65% Alianca do Tocantins (To) - An apolis (Go) 850.7 October 2056 Ecovias Rio Minas 100% Rio de Janeiro (RJ) - Govern ador - Valadares (MG) 726.9 September 2052 Ecovias Noroeste Paulista 100% São José do Rio Presto, Araraquara 601.0 April 2053 São Carlos e Barretos Ecovias Raposo Castello 100% Raposo Tavares - Caste llo Branco 92.0 March 2055 Ecovias das Gerais 100% Rota das Gerais 734.9 July 2056 Total amount managed by subsidiaries 5,082.0

35 2026 Half Year Financial

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Interim Management Report As regards the financial performance of the EcoRodo vias Group, note that in the first half of 2026 the Com pany recorded:

 traffic volume growth of 9.0% (+1.8% on a like-for-lik e basis 1);

 toll revenue growth of 5.1% (+8.0% on a like-for-like b asis 2);

 an adjusted EBITDA 3 equal to BRL 2,753.5 million (EUR 457.9 million 4), compared to BRL 2,618.2 million (approximately EUR 435.4 million 4) in 1H 2025 (in order to show the Group’s industrial pe rformance also in euro, the same exchange rate used for the 1H 2026 adjusted EBITDA is adopted for the 1H 2025 adjust ed EBITDA 5);

 a net profit for the period (attributable to the Gr oup) equal to BRL 10.9 million (EUR 1.8 million 4), compared to the result for the first half of FY 2025 which had recorded a profit o f BRL 350.6 million (approximately EUR 58.3 million 4) (in order to indicate the Group’s industrial performance also in euro, th e same exchange rate used for the 1H 2026 result is adop ted for the 1H 2025 result 6).

As at 30 June 2026, net financial indebtedness totalled 23, 480.1 million reais 7 (around EUR 3,979.5 million 8). During the six-month period financing and refinancing projects were unde rtaken to support new investments and to extend the maturity of the debt strengthening the financial structure, specifically :

 in January 2026, the subsidiary Ecovias Rio Minas issue d the second tranche of the fourth bond issue total ling BRL 540 million (EUR 91.5 million 8), maturing in 2047;

 in May 2026, the subsidiary Ecovias Capixaba issued bon ds totalling BRL 2,400 million (EUR 406.8 8 million), maturing on 15 June 2030.

***

Brazil - Traffic trend

Traffic trends for EcoRodovias in 1H 2026 show an over all increase in traffic volumes of 9.0% compared to t he same period in the previous year (+13.7% light vehicles; +5.8% heavy vehicl es); this change is mainly attributable to the star t of toll collection by Ecovias Noroeste Paulista from 4 March 2026 at three tollbooths on the stretch previously managed by TEBE and by E covias Raposo Castello from 30 March 2025. This increase was partially offset by the loss of traffic relating to Ecovias Sul follow ing the expiry of the related concession on 4 March 2026.

Comparable traffic, excluding Ecovias Noroeste Paul ista, Ecovias Raposo Castello and Ecovias Sul, reco rded growth of 1.8% in 1H 2026 (+0.1% light vehicles; +2.9% heavy vehicles).

1 Excluding traffic volumes related to the stretch es managed by Ecovias Raposo Castello (the concessi on for the stretch was transferred on 30 March 2025 ), by Ecovias Noroeste Paulista (since 4 March 2025 the concessio naire also manages the stretches previously managed by TEBE) and by Ecovias Sul, the concession for wh ich expired on 4 March 2026.

2 Excluding the tolls related to Ecovias Raposo Ca stello, Ecovias Noroeste Paulista and Ecovias Sul.

3 Excluding revenues and construction costs, provisi oning for maintenance, and the provision relating t o the agreement between Ecovia Caminho do Mar and E cocataratas (Paraná Agreement), amounting to BRL 17.3 million i n 1H 2026.

4 At the average EUR/BRL exchange rate in the firs t six months of 2026 of 6.0127.

5 Adjusted EBITDA for 1H 2025, calculated at the aver age EUR/BRL exchange rate of 6.2913 for 1H 2025, am ounted to EUR 416.2 million; therefore, at the same exchange rate (EUR/BRL 6.0127), adjusted EBITDA for 1H 2025 would have been EUR 19.2 million higher.

6 The result for 1H 2025, calculated at the average E UR/BRL exchange rate of 6.2913 for 1H 2025, amounte d to EUR 55.7 million; therefore, at the same excha nge rate (EUR/BRL 6.0127), the result for 1H 2025 would have been EUR 2.6 million higher.

7 Does not include lease payables or prepaid ancil lary costs relating to bonds and loans.

8 Based on the euro/reais exchange rate of 5.9003 a s at 30 June 2026.

36 2026 Half Year Financial

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Interim Management Report Detailed traffic volumes for each Brazilian concessionaire in the first hal f of 2026 are shown below, compared with the correspond ing period of the previous year.

(in thousands of equivalent paying vehicles) 1 1HY 2026 1HY 2025 Changes Company Light Heavy Total Light Heavy Total Light Heavy Total Ecovias Imigrantes 18,407 18,577 36,984 18,117 17,694 35,811 1.6% 5.0% 3.3% Ecovias Leste Paulista 33,376 18,934 52,310 34,214 20,229 54,443 -2.4% -6.4% -3.9% Ecovias Capixaba 10,271 24,048 34,319 10,153 22,042 32,195 1.2% 9.1% 6.6% Ecovias Ponte 12,282 2,228 14,511 12,150 2,149 14,299 1.1% 3.7% 1.5% Ecovias Norte Minas 4,216 20,192 24,409 3,994 18,374 22,368 5.6% 9.9% 9.1% Ecovias Minas Goias 8,030 23,779 31,809 7,753 23,013 30,766 3.6% 3.3% 3.4% Ecovias Cerrado 4,197 13,841 18,038 4,183 14,548 18,731 0.3% -4.9% -3.7% Ecovias Rio Minas 13,056 26,048 39,104 13,134 24,841 37,975 -0.6% 4.9% 3.0% Ecovias Araguaia 4,510 20,533 25,042 4,534 20,524 25,057 -0.5% 0.0% -0.1% Comparable total 108,346 168,181 276,527 108,231 163,415 271,645 0.1% 2.9% 1.8% Ecovias Sul 2 1,553 3,179 4,732 3,917 9,990 13,907 n.a. n.a. n.a.

Ecovias Noroeste Paulista 3 11,880 24,414 36,294 10,925 22,670 33,595 n.a. n.a. n.a.

Ecovias Raposo Castello 4 42,535 24,906 67,440 21,417 12,504 33,921 n.a. n.a. n.a.

Total 164,314 220,679 384,993 144,490 208,578 353,068 13.7% 5.8% 9.0% 1 Traffic volumes are expressed in "equivalent payin g vehicles", the basic reference unit in toll stati stics on the Brazilian market. Light vehicles (such as cars) correspond to an equivalent vehicle unit.

Heavy vehicles (such as lorries and buses) are conv erted into equivalent vehicles by a multiplier appl ied to the number of axles per vehicle, established in the terms of each concession contract.

2 On 4 March 2026, the concession for the Pelotas–P orto Alegre stretch and the Port of Rio Grande, ope rated by the concessionaire Ecovias Sul, expired as stipulated in the contract.

3 Tolling of the first seven booths took place on 1 May 2023, tolling of the following three booths (p reviously managed by TEBE) took place on 4 March 20 25.

4 The transfer of the concession for the stretch took place on 30 March 2025.

Below is an analysis of the like-for-like 1 performance of motorway traffic of first half of 2026 compared to the same data from FY 2025.

1 Excluding the traffic volumes related to Ecovias No roeste Paulista, Ecovias Raposo Castello and Ecovia s Sul.

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Interim Management Report ***

Below are the net toll revenues for the first half of 2026 - compared with the corres ponding values of 2025 - broken down by concessionaire.

(amounts in millions of BRL) NET TOLL REVENUE Company 1HY 2026 1HY 2025 Changes Changes % Ecovias Imigrantes 898.4 829.9 68.5 8.3% Ecovias Leste Paulista 289.9 285.4 4.5 1.6% Ecovias Capixaba 162.2 122.9 39.3 32.0% Ecovias Ponte 93.4 88.9 4.4 5.0% Ecovias Norte Minas 255.5 221.6 33.9 15.3% Ecovias Minas Goias 223.8 198.2 25.6 12.9% Ecovias Cerrado 106.4 110.6 (4.1) -3.7% Ecovias Rio Minas 550.5 515.4 35.1 6.8% Ecovias Araguaia 281.2 277.2 4.1 1.5% Comparable total 2,861.3 2,650.0 211.3 8.0% Ecovias Sul 1 97.0 324.8 (227.8) n.a.

Ecovias Noroeste Paulista 2 457.6 417.5 40.1 n.a.

Ecovias Raposo Castello 3 308.3 151.6 156.7 n.a.

Total 3,724.2 3,544.0 180.2 5.1% Amounts in millions of euro (*) 619.4 589.4 30.0 1 On 4 March 2026, the concession for the Pelotas–P orto Alegre stretch and the Port of Rio Grande, ope rated by the concessionaire Ecovias Sul, expired as stipulated in the contract.

2 Tolling of the first seven booths took place on 1 May 2023, tolling of the following three booths (p reviously managed by TEBE) took place on 4 March 20 25.

3 The transfer of the concession for the stretch took place on 30 March 2025.

(*) Based on the first half of 2026 average (EUR/Reais exchange rate of 6.0127).

***

Ecovias

Imigrantes

24%

Ecovias Leste

Paulista

8%

Ecovias

Capixaba

4%

Ecovias Ponte

3%

Ecovias Norte

Minas

7% Ecovias Minas

Goias

6% Ecovias Cerrado 3% Ecovias Rio

Minas

15% Ecovias

Araguaia

7% Ecovias Sul

3% Ecovias

Noroeste

Paulista

12% Ecovias Raposo

Castello

8% Net toll revenues 1HY 2026

Ecovias

Imigrantes

23%

Ecovias Leste

Paulista

8%

Ecovias Capixaba

3%

Ecovias Ponte

3% Ecovias Norte

Minas

6% Ecovias Minas

Goias

6% Ecovias Cerrado 3% Ecovias Rio

Minas

15% Ecovias Araguaia 8% Ecovias Sul 9% Ecovias Noroeste

Paulista

12% Ecovias Raposo

Castello

4% Net toll revenues 1HY 2025

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Interim Management Report Below is the EBITDA of the individual motorway concessionaires 1 for the first half of FY 2026 compared with the same p eriod of the previous year. This figure shows how the increase i n net toll revenues has been reflected on the profi tability of the individual companies.

(amounts in millions of BRL) EBITDA Company 1HY 2026 1HY 2025 Changes Changes % Ecovias Imigrantes 659.7 616.2 43.5 7.1% Ecovias Leste Paulista 193.2 191.4 1.8 0.9% Ecovias Capixaba 79.8 39.1 40.7 104.2% Ecovias Ponte 56.8 54.5 2.3 4.3% Ecovias Norte Minas 183.0 160.1 22.9 14.3% Ecovias Minas Goias 132.0 117.3 14.7 12.6% Ecovias Cerrado 41.3 49.9 (8.6) -17.2% Ecovias Rio Minas 385.2 354.1 31.1 8.8% Ecovias Araguaia 187.4 184.2 3.2 1.7% Comparable total 1,918.6 1,766.8 151.8 8.6% Ecovias Sul 2 75.0 245.5 (170.5) n.a.

Ecovias Noroeste Paulista 3 344.6 319.0 25.6 n.a.

Ecovias Raposo Castello 4 237.3 121.0 116.3 n.a.

Total 2,575.6 2,452.3 123.3 5.0% Amounts in millions of euro (*) 428.4 407.9 20.5

1 EBITDA calculated on the basis of the contribution of individual motorway concessionaires to the Conde nsed Consolidated Interim Financial Report of the A STM Group. The table does not include the figure for concessionaires that are no longer o perational.

2 On 4 March 2026, the concession for the Pelotas–P orto Alegre stretch and the Port of Rio Grande, ope rated by the concessionaire Ecovias Sul, expired as stipulated in the contract.

3 Tolling of the first seven booths took place on 1 May 2023, tolling of the following three booths (p reviously managed by TEBE) took place on 4 March 20 25.

4 The transfer of the concession for the stretch took place on 30 March 2025.

(*) Based on the first half of 2026 average (EUR/Reais exchange rate of 6.0127).

Ecovias

Imigrantes

26%

Ecovias Leste

Paulista

8%

Ecovias Sul

3%

Ecovias Capixaba

3% Ecovias Ponte 2% Ecovias Norte

Minas

7% Ecovias Minas

Goias

5% Ecovias Cerrado 2% Ecovias Rio

Minas

15% Ecovias Araguaia 7% Ecovias Noroeste

Paulista

13% Ecovias Raposo

Castello

9% EBITDA 1HY 2026

Ecovias

Imigrantes

25%

Ecovias Leste

Paulista

7%

Ecovias Sul

10%

Ecovias

Capixaba

2% Ecovias Ponte 2% Ecovias Norte

Minas

7% Ecovias Minas

Goias

5% Ecovias Cerrado 2% Ecovias Rio

Minas

14% Ecovias Araguaia

8% Ecovias

Noroeste

Paulista

13% Ecovias Raposo

Castello

5% EBITDA 1HY 2025

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Interim Management Report Brazil - Investments In the first half of 2026 investments 2 in the motorway network in Brazil managed by the E coRodovias Group amounted to EUR 310.5 million, showing an increase of approximately 12.7% co mpared to the same period in 2025; the breakdown of the se investments grouped by concessionaire is shown below.

INVESTMENTS IN MOTORWAY ASSETS ( amounts in millions of BRL ) Company Stretch 1HY 2026 1HY 2025 Ecovias Imigrantes São Paulo metropolitan area – Po rt of Santos 145.2 124.9 Ecovias Leste Paulista Metropolitan São Paulo – Val e do Rio Paraiba industrial area 95.8 91.7 Ecovias Sul 1 Pelotas – Porto Alegre and Rio Grande Port 26.0 23.6 Ecovias Capixaba Macuri/BA Rio de Janeiro border 286.9 100.6 Ecovias Ponte Rio de Janeiro Noteroi – State of Ri o de Janeiro 19.5 28.0 Ecovias Norte Minas Montes Claros - Curvelo (Minas Gerais) 58.7 211.3 Ecovias Minas Goias Cristalina (Goias) - Delta (Min as Gerais) 66.9 80.4 Ecovias Cerrado Jatai (Goias) – Uberlandia (Minas Gerais) 41.3 140.8 Ecovias Araguaia Alianca do Tocantins (To) – Anapol is (Go) 200.6 57.6 Ecovias Rio Minas Rio de Janeiro (RJ) - Governador - Valadares (MG) 582.0 465.6 Ecovias Noroeste Paulista São José do Rio Presto, Araraquara São Carlos e Barretos 255.6 332.0 Ecovias Raposo Castello Raposo Tavares – Castello B ranco 88.6 -

Total motorway investments 1,867.2 1,656.5 Amounts in millions of euro (*) 310.5 275.5

1 On 4 March 2026, the concession for the Pelotas–P orto Alegre stretch and the Port of Rio Grande, ope rated by the concessionaire Ecovias Sul, expired as stipulated in the contract.

(*) Based on the first half of 2026 average EUR/Reais exchange rate of 6.0127.

2 The 1H 2025 figure does not include the amount equ al to BRL 2,268.2 million (EUR 377.2 million at the EUR/BRL exchange rate of 6.0127) related to the pa yment of the fee by Ecovias Raposo Castello to the Granting Body .

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Interim Management Report Brazil - Regulatory framework, relations with the g ranting body and toll rates Relations with the Granting Body

Ecovias Sul – Brazil As reported previously, on 4 March 2026, the concession for the Pelotas–Porto Alegre stretch and the Port o f Rio Grande, operated by the Brazilian concessionaire Ecovias Sul, expire d as stipulated in the contract.

Ecoporto Santos S.A.

In May 2026, the subsidiary Ecoporto Santos S.A. (“Ecop orto”) signed a new “Transition Contract” with the Santos Port Authority (“APS”), to maintain the port operations and goods storage carried out by Ecoporto; the contract guara ntees the continuity of operations and will remain in force for twelve mont hs; after this period, if the tender to rent the ar ea has not been completed, APS will be authorised to sign a new contract.

Tariff increases

In February 2026, the toll adjustment for Ecovias Capix aba came into effect, with a 47.89% increase reflecting the change in inflation – from November 2022 to December 2025 (15.06%) – and the 28.53% ta riff increase, as defined in the concession addendu m, due to the completion of works within the scheduled timefr ame.

In March 2026, the Ecovias Ponte rate increase (6.45%) was approved.

In March 2026, the Ecovias Raposo Castello rate increas e (4.44%) was approved.

In March 2026, the Ecovias Rio Minas rate increase (4.81%) was approved.

In April 2026, the Ecovias Norte Minas rate increase (3. 92%) was approved.

In May 2026, the Ecovias Noroeste Paulista rate increas e (4.14%) was approved.

***

Great Britain

On 31 March, the concession for the Newcastle – Carli sle stretch, operated by the associated company Roa d Link, expired as stipulated in the contract. Handover of the infrast ructure took place on the same date.

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Interim Management Report Results of operations – EPC Sector The Group operates in the EPC sector mainly through Itinera S.p.A. (investee company with 100% of the sh are capital) and its respective subsidiaries, namely SEA Segnaletica Str adale S.p.A. (wholly owned), Tubosider S.p.A. (whol ly owned), Halmar International LLC (80% owned) and its subsidiaries – operating in the USA – held through the US holding company Itinera USA Corp (wholly owned) and Itinera Construcoes Ltda (wholly owned) and its subsidiaries operating in Brazil.

Other major companies in the EPC sector, in additio n to the aforementioned companies of the Itinera Gr oup, include:

 SINA S.p.A. (100% owned) operating in engineering, des ign, works management and monitoring services;

 Sitalfa S.p.A. (100% owned) motorway maintenance compa ny for the stretches operated by SITAF S.p.A..

ITINERA GROUP

The companies in the Itinera Group operate in the c onstruction sector and their main activities are th e construction and maintenance of road, motorway and railway infrastructures, buil ding works, hospitals, shopping centres, maritime w orks, bridges and underground works, as well as the trade of materials relating t o such activities to a very marginal extent.

The activities of Itinera are fundamental to the AS TM Group’s strategy, considering the fundamental ro le that it plays in the context of the One Company strategy, in support of the activities carried out by the concessionaires in Italy, Brazil and the US A, as well as on appropriately selected markets.

In the EPC sector, the Itinera Group continues the process to focus on strategic markets (Italy, Centr al and North Europe, USA and Brazil), including consolidating its presence on th e domestic and international market of reference th rough partnerships with leading and strong sector operators.

The Itinera Group’s value of production amounts, during the first six months of FY 2026, to EUR 1,067.9 million, a slight decrease (-2.7%) compare d to the comparison period (equal to EUR 1,097.1 million). This effect is mainly at tributable to lower revenue from the Storstrøm Bridge contract (EUR -56.0 million), lar gely complete, and from Itinera S.p.A. (EUR -31.6 million). This trend is partly offs et by the results of the Halmar Group, which recorded total revenue of EUR 322.6 million, up 13% compared with the same period last year (+20% in local currency), as well as by the higher revenue generated by its Brazilian subsidiaries (+87%).

EBITDA realised in the first six months of 2026 was EUR 57.6 mil lion (compared to EUR 59 million recorded in the same period of FY 2025). Itine ra S.p.A. recorded EBITDA of EUR 34.8 million (EUR 45.0 million in 1H 2025). The Halmar Gro up made a positive contribution during the first six months of FY 2026, wi th EBITDA of EUR 28.2 million (EUR 11.9 million in 1H 2025). It is also worth noting the positive contributions to EBITDA from the Itinera Construcoes Group, Tuboside r S.p.A. and SEA S.p.A., which offset the negative impact attributable to the Stor strøm Bridge contract.

In terms of geographical areas, in Italy , revenues in the first six months of FY 2026 totalled EUR 539.1 million, with a decrease of approxim ately 5.9% compared to the same period in the previou s year (EUR 573.1 million).

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Interim Management Report The domestic market accounted for 50% of the Group’s revenues (52% in 1H 2025); with reference to Itinera S.p.A ., on the other hand, the Italian market accounts for 80% of producti on volumes (no change from the first six months of 2025).

Among the most significant projects currently under way in Italy , the following stand out :

- the construction of the railway lines on the Naples -Bari route (the Cancello-Frasso Telesino, Frasso T elesino-Telese and Telese-

San Lorenzo-Vitulano stretches);

- the work on the Orte-Falconara railway lines;

- the execution of works for the construction of the Catania junction on the Messina-Palermo-Catania rai lway line;

- the creation of the Rome-Pescara railway line, in t he Interporto d’Abruzzo - Manoppello - Scafa stretc hes;

- the expansion works on the Salerno Metro line;

- the construction of the New University Research Cen tre in Grugliasco (Turin);

- the design and execution of the works to complete t he Asti-Cuneo motorway;

- seismic retrofitting works and other upgrades on th e Turin-Savona motorway.

In addition, preliminary work continued on the cons truction site for the excavation and construction o f the base tunnel for the Turin-

Lyon high-speed rail line on the Italian side, whil st work began on upgrading the diversion works at t he Campolattaro dam in Campania, on the expansion of the Milan Polytechnic in the “Goccia” area of Bovisa, in Milan, the wide ning of the third carriageway on the A4 motorway between San Donà di Piave and the Portogruaro junction, and the extension of the M1 l ine between Baggio, Olmi and Valsesia in Milan.

Abroad , in the first six months of FY 2026, production totall ed EUR 528.8 million, compared with EUR 524 million in the first six months of FY 2025, representing a slight increase of 0.9% . Production abroad accounts for 50% of the Group’s t otal output, with more than half of this generated by the Halmar Grou p in the United States.

Among the most significant international contracts currently being carried out, the following are part icularly noteworthy:

- in Stockholm, Sweden, the construction of stretches of the Arenastaden–Södra Hagalund and Nacka–Södero ft metro lines;

- In Denmark, the construction of the hospitals in Od ense and Koge, as well as the Storstrøm Bridge, the latter project now largely complete.

In the US market, the most significant projects dev eloped by the subsidiary Halmar include:

- the renovation and modernisation works on the Park Avenue railway viaduct in Manhattan;

- the extension of the Metro-North line from the Bron x to Manhattan (Penn Station Access);

- the works secured through the concessionaire Halmar Infrastructure Development for the project relatin g to the Americans with Disabilities Act, aimed at improving accessibi lity at 13 New York City subway stations;

- the works to upgrade the road infrastructure connec ting to JFK Airport in New York;

- the construction of underground hydraulic works nea r the Potomac River, in Washington DC;

- the construction of a new stretch of the Q subway l ine along the “Second Avenue/Broadway Express” corr idor in New York;

- the seismic retrofitting and structural repair and maintenance work on the Golden Gate Bridge in San F rancisco.

***

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Interim Management Report A summary of the components of the “ financial position ” is shown below.

(in thousands of EUR) 30/06/2026 31/12/2025 Changes A) Cash 322,120 267,945 54,175 B) Financial receivables 80,800 105,149 (24,349) C) Short-term borrowings (264,382) (167,941) (96,441) D) Current net cash (A) + (B) + (C) 138,538 205,153 (66,615) E) Long-term borrowings (151,651) (166,389) 14,738 F) Net financial indebtedness (D) + (E) (13,113) 38,764 (51,877) The net financial indebtedness of the Itinera Group at 30 June 2026 was EUR 13.1 million, against net cash for EUR 38.8 million as at 31 December 2025. This amount does not include loans to a ssociated companies (primarily consortium companies ) and other non-

current financial receivables, which total EUR 103.5 m illion (EUR 75.6 million as at 31 December 2025). The adjus ted net financial indebtedness of the above-mentioned items would sho w net cash for EUR 90.4 million (net cash for EUR 114.4 mi llion as at 31 December 2025).

The change in net financial indebtedness during the period is the result of cash flow from ordinary op erations of EUR +30.6 million, capex expenditure of -37.8, the provision of loans to associated companies and other changes in financial fixed assets EUR -28 million, dividend payments EUR -19.7 million, as well as the ex change rate effect of EUR +7.2 million and other chan ges EUR -4.2 million.

***

The Itinera Group ’s backlog as at 30 June 2026 stood at EUR 7,104.4 million, up from EUR 6, 681.9 million at the end of 2025. The net growth is the result of new orders worth EUR 1,134.2 million, a positive exchange-rate ef fect of EUR 149.6 million, and production carried out during the period (EUR -861.3 million).

The main acquisitions can be broken down as follow s:

- EUR 672 million from Itinera S.p.A., relating mainly to the award of the contract for Lot 4 of the A8 Targu Neamt-Iasi-Unghen i motorway in Romania (EUR 273 million), the award of the contract for the c onstruction of the new Amazon warehouse in Roncade (EUR 182 million) and, thr ough the Consorzio Eteria, the construction of the new Ponte dei Congr essi bridge in Rome (EUR 58 million), as well as a number of in-house projects , mainly involving maintenance work on the A21 PC-BS stretches;

- EUR 279 million, via Itinera Construçoes in Brazil, for the award of the contract for the Rota Gerais motorway stretch (735 km);

- EUR 49 million, via the subsidiary Halmar, relating to the award of the design works for Penn Station;

- EUR 85 million from the subsidiaries Sea Segnaleti ca and Tubosider (EUR 30 million and EUR 55 million respectively).

Itinera S.p.A. is participating in a series of furt her initiatives, both in Italy, directly and through its subsidiaries, as well as through th e Consorzio Eteria, and abroad, with the results to be announced in coming months.

Abroad, the subsidiary Halmar , in coordination with Itinera and the parent compa ny ASTM, continues to implement strategies aimed at creating alliances with new commercial partners to form competitive and reliable consortia, as well as to strengthen the organisation. The geographical market in which the US subsidiary operates remains mainly concentrated in the north-eastern states,

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Interim Management Report where the main construction sites are located. The company is actively involved in new initiatives in the domestic market, including in geographical areas outside its traditional terri tory, where it is pursuing promising development op portunities.

In this regard, in 2025, a new agreement has been signe d with Halmar’s minority shareholders, which has re sulted in an extension of the existing strategic partnership and an increase in the company’s growth targets. This agreement is part of a process that builds on the excellent performance recorded in recent financ ial years and the significant opportunities offered by the US infrastructure market.

*** In a context of increasing complexity, the Itinera Group is continuing its growth, with a strong focus on strategic markets (Italy, Central and Northern Europe, the United States and Brazil), consolidating its presence on the domestic and int ernational markets of reference.

Strengthening the activities of Itinera Group is of fundamental importance to the Group’s overall grow th strategy, considering the fundamental role that it plays in the development o f the One Company strategy, in support of the activities carried out by the concession companies in Italy, Brazil, and the USA.

***

SINA S.p.A.

The company operates in the study and design of inf rastructure projects, supervision of works, inspect ions and monitoring of infrastructure projects, as well as in the developm ent of technological software (in particular, appli cation software managing road databases) and in the engineering and integration o f technologies and instruments to create high-perfo rmance tools for photographic, geometric and topographic surveys of infrastructure.

In the reporting period, turnover showed an amount of EUR 46 million (EUR 48.2 million in the first half of 2025).

EBITDA for the period is EUR 11.1 million (EUR 12.5 mill ion in the first half of 2025).

The net financial indebtedness as at 30 June 2026 showed net cash of around EUR 2.7 million (EUR 8.5 million as at 31 December 2025). During the period, the company distributed divid ends totalling EUR 18.3 million.

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Interim Management Report Results of operations – Technology Sector The Group operates in the technology sector mainly through Sinelec S.p.A. (investee company with 100% of the share capital).

SINELEC S.p.A.

The Company operates in Italy and abroad in the cre ation, acquisition and management of systems, plant , equipment and infrastructure of all types for the provision of se rvices in the IT, digital-solutions, and telecommun ications sectors and payment services for road and motorway infrastructure, toge ther with the design and construction of state-of-t he-art integrated systems and solutions in the EPC sector, with a particular focu s on hospital, university and services construction , as well as infrastructure, primarily roads, motorways and airports.

Similarly to the Itinera Group, Sinelec is of funda mental importance to the Group’s overall growth str ategy, considering the fundamental role that it plays in the development o f the One Company strategy, in support of the activities carried out by the concessionaires in Italy, Brazil and the USA, espec ially when identifying innovative solutions for pay ment systems and in the context of infrastructure monitoring.

During the first half of 2026, the Company continued it s business, which is primarily focused on the execu tion of works and services on behalf of the motorway concessionaires and const ruction businesses belonging to the Group, which re present approximately 73% of the total.

Among the most significant projects in Italy during the period, particular mention should be made of t he ongoing work to upgrade the tunnels along the A10 Savona-Ventimiglia motorway stretch, managed by Concessioni del Tirreno, the installation of techni cal systems at the Arena Milano, the venue for the men’s ice hockey competitions at the Milano-Cortina 2026 Winter Olympics, as well as the works relating to the expa nsion of the terminal at Venice airport.

During the first six months of 2026, value of production reached an amount of EUR 156.4 million, showing a decrease of EUR 3.8 million compar ed to the EUR 160.2 million of 1H 2025, mainly due to the delay in part of the scheduled works, which will be recouped within the year. 99.2% of the volumes were realised in Italy (98.4% in 2025).

EBITDA (amounting to EUR 36.6 million) is broadly in line wi th the figure for 1H 2025 (EUR 36.5 million); as a percentage of production, it has r isen from 22.8% as at 30 June 2025 to the current 23.4%. The increase in profitability co mpared to 1H 2025 is mainly attributable to the “Electric, Mechanical and Const ruction Systems” business unit.

At 30 June 2026, the company’s net cash funds totalled around EUR 51.7 million (EUR 82.5 million at 31 December 2025). During the period, the c ompany distributed dividends totalling EUR 39.9 million.

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Interim Management Report The “ backlog ” as at 30 June 2026 stands at approximately EUR 686 milli on, representing an increase of approximately 55 mill ion compared with the backlog as at 31 December 2025, which s tood at approximately EUR 631 million.

Captive backlog represented 46.3% of the total, or EUR 317 million, while the portion relative to third part ies is equal to 53.7%, or EUR 369 million.

Over the period Sinelec was awarded new works, incl uding contractual addenda, for a total amount of ap proximately EUR 204 million.

With regard to the equity investment portfolio, it is worth noting the incorporation on 4 February 2026 of Sinelec Albania Shpk, a wholly-owned subsidiary which conducts business exc lusively with Sinelec itself, and of the limited li ability consortium Galeazzi MEP on 4 May 2026.

*** 686M Customer Business segment

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Interim Management Report Risk factors and uncertainties The main risks 1 and uncertainties to which the Group is exposed ar e detailed as follows:

Risks connected to geopolitical scenarios The ongoing Russian-Ukrainian conflict and the wars in the Middle East – foremost among them the ongoi ng conflict between the US and Iran, with the risk of it spreading to the enti re Gulf region – continue to disrupt supply chains and fuel tensions in the commodities markets and energy prices, with inevitable repercus sions on consumer spending power and inflation.

Added to the already complex global geopolitical la ndscape is the negative impact of the trade policie s adopted from 2025 onwards, primarily by the US, with the introduction of tarif fs on many products imported from the world’s major economies, including the European Union, which are inevitably set to generat e significant trade tensions and weigh on global gr owth.

Renewal and approval of the Economic Financial Plan s for motorway concessionaires in Italy With regard to issues concerning the renewal and ap proval of economic-financial plans for the Group’s Italian motorway concessionaires and related consequences on the tar iff trend, reference is made to the information inc luded in the section “Regulatory framework, relations with the Granting Body, toll rates, the authority and possible develo pments in the concession models”.

EPC sector operating risk The main situations of operating risk are linked to specific disputes with a number of clients, predom inantly the Storstrøm Bridge order in Denmark. Considering the complexity of the various disputes, it cannot be ruled out that futu re events may occur, which are to date unpredictable, that require changes to the current evaluations, including with the support fro m the lawyers who assist the Company in the related disputes.

EcoRodovias Infraestrutura e Logistica S.A.

With reference to the potential risks associated wi th investigations involving certain companies of th e EcoRodovias Group, please refer to the section “Other information” in the Exp lanatory Notes to the Condensed Consolidated Interi m Financial Report.

Climate emergency

Combating climate change is one of the ASTM Group’s primary goals, and the company integrates this iss ue into its operational processes and strategic and medium/long-term planni ng policies.

As better described in the section “Consolidated Su stainability Statement” reported in the 2025 Financial Statements, ASTM has defined a climate strategy intended to actively con tribute to the goal of limiting the increase in glo bal average temperature as defined by the Paris Agreement, by setting greenhouse gas e mission reduction targets validated by the Science- Based Targets initiative (SBTi), and by defining a Net Zero strategy that will enabl e the Group to achieve climate neutrality by 2050.

1 With regard to “financial risk” management, refere nce should be made to the "Other information" secti on included in the Explanatory Notes of the Condens ed consolidated interim financial report.

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Interim Management Report

Segment information

As already pointed out in the previous section “Bus iness segments and Group composition” the Group’s m ain areas of activity are the management of motorway networks under concessio n, the design and construction of major infrastruct ure works, as well as technology applied to transport mobility; from here , it follows that the economic-financial components of the consolidated financial statements are mainly attributable to these types o f activity.

In the explanatory notes of the Condensed Consolida ted Interim Financial Report, an analysis of the re sults by business segment is included in the related section “Operating segments ”, pursuant to IFRS 8.

Other specific information pursuant to current

regulations

Treasury shares and shares or stakes of Parent Comp anies As of today, the Parent Company holds 10,741,948 treasury s hares (corresponding to about 14.6% of the share capi tal), of which directly 8,571,040 and indirectly 2,170,908 shares (2,149,408 through th e subsidiary SINA S.p.A. and 21,500 through the subsidia ry ATIVA S.p.A.).

Secondary offices

The Company does not have any secondary offices. Th e Board of Directors resolved to grant - to the loc al unit located in Tortona (AL), Strada Statale per Novi Ligure 3/13, Località San Gugl ielmo - the title of “administrative headquarters” of the Company.

Relationships with subsidiaries, associated compani es and joint ventures, parent companies and with companies subject to control of these latter companies The economic and financial relationships with subsi diaries, associated companies, parent companies and companies subject to the control of the latter are provided separately, for individual items, in a specific paragraph in the Ex planatory Notes, " Other information

- Related-party transactions ", in the Condensed Consolidated Interim Financial Report.

The approval of related-party transactions carried out by ASTM S.p.A., directly or through Subsidiarie s, is governed by a specific procedure of the Company.

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Interim Management Report Significant subsequent events With reference to the significant events after 30 Jun e 2026, in addition to what is mentioned in the previou s sections, note:

Toll rate adjustments - Brazil  in July 2026 Ecovias Imigrantes increased its toll rate s by 4.72% (in line with the change in the IPCA), as w ell as a 0.10 reais increase in the rates at each tollbooth, authorised by the S ecretaria de Parcerias em Investimentos (SPI), as a precautionary measure aimed at mitigating economic and financial imbalanc es. Authorisation has also been granted to retain t he increase of 0.30 reais, applied in the adjustments of July 2023, July 2024 and July 2025, amounting to 0.10 reais each;

 in July 2026 Ecovias Leste Paulista increased its toll rates by 4.72% (in line with the change in the IPCA), as well as a 0.10 reais increase in the rates at each tollbooth, authorised by the Secretaria de Parcerias em Investimentos (S PI), as a precautionary measure aimed at mitigating economic and financial imbalances.

Business outlook

Against a geopolitical landscape already marked by significant instability, linked to the continuing R ussia-Ukraine conflict and military clashes in the Middle East, the ongoing war between the USA and Iran represents a further destabilisin g factor, with the risk of wider regional involvement extending to the entire Gulf r egion. Although the Group has essentially no ties t o the countries affected by these conflicts, the performance of the economies i n the countries where ASTM operates – indeed, of al l advanced economies, though to different extents – is significantly affe cted by oil and gas price levels, which are in turn directly influenced by the aforementioned events. The price increases of these commodities, as well as any problems with their pr ocurement, could in fact have a negative impact on inflation, economic growt h, financing costs and the propensity to consume.

In the economic sphere, the protectionist measures adopted by the US administration during 2025, and stil l evolving, through the introduction of tariffs on products imported from t he major global economies, including the European U nion, together with the resulting countermeasures by the latter, are also b ound to have repercussions on the world economy and trade.

This context could lead in the second half of the c urrent year to lower growth in the global economy t han forecast, as well as a resumption of inflation with a resulting review by the central banks of their interest rate policies.

As far as the Group – or any economic operator – is concerned, it must be emphasised that the targets set could be influenced by developments in the factors mentioned above.

On the other hand, it should also be noted that, to date, the Group’s main areas of operation — namely the Italian and Brazilian motorway networks — have not been affected by these critical factors, as evidenced by the steady growt h in traffic; as regards the EPC and technology sectors, contracts with clients, both Italian and foreign, provide for price adjust ment formulas and mechanisms that are triggered in the event of abnormal price r ises and force majeure.

Specifically regarding the Italian motorway sector, the positive signs concerning traffic trends seen in previous years were confirmed by the figures for the first six months of the curr ent financial year and those for July.

As already reported in previous sections, note that nearly all the Italian Group companies operating i n the motorway concessions sector are still waiting for the completion of the current process of updating the economic and financ ial plans (“EFPs”).

The prolonged approval times of the business plans and the consequent tariff update that have occurred in the past years have generated and will continue to generate, until the completion of the ongoing EFP approval process, ine vitable management

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Interim Management Report difficulties. In this context, it is hoped that the contractual solutions contained in the EFPs sent t o the MIT will be confirmed, and that the reference regulations will allow motorway stret ches to continue to be developed in line with the c ountry's growing mobility needs, while at the same time avoiding situations o f financial strain on the concessionaires. With reg ard to the EFPs, during the second half of the previous financial year, the Gro up’s concessionaires, in agreement with the Grantin g Authority and in accordance with the principles of economic and financial neutr ality, drew up new EFP proposals containing also ad ditional rebalancing measures beyond the adjustment of tariffs, with a view to sa feguarding sustainability for users.

These EFPs were submitted to the Ministry of Transp ort and Infrastructure, which, following its techni cal and administrative review, validated them and forwarded them to ART for the re levant opinions.

In Brazil , following the recent acquisitions of new concessi ons, the operating strategy will focus on optimisin g the management of the portfolio of existing initiatives through the i mplementation of the sizeable plan of investments e nvisaged by the financial plans of the individual concessions, the optimisation of management costs, and the development of possible o perating synergies between the various concessionaires.

The Group continues to follow a development path ro oted in consolidation of its position in Italy and Brazil, as well as continuous modernisation and work to increase efficiency of ex isting structures, increasing safety and service-qu ality standards, including in line with regulatory developments. This path includes ac tivity for monitoring and study of development and growth opportunities through participation in tender procedures for new concessi ons, both on brownfield and greenfield sites, and t he evaluation of possible acquisitions of existing concessions. The effective ness of this strategy has been confirmed by the rec ent awarding of the contract to manage the “Rota das Gerais” motorway system in Bra zil.

Meanwhile, in the United States , the Group carries out research and study activiti es for PPP projects through the subsidiary Halmar Infrastructure Development, with the support of inv estee company Halmar International, the leading EPC operator. In May 2026, Halmar Infrastructure Development was selected as t he Master Developer for the redevelopment of Penn S tation in Manhattan.

In line with the One Company approach, Group companies operating in the EPC sector will continue to provide support for the Gr oup's concessions sector for the Group in Italy and abroa d (e.g.: Brazil and the USA), both during the tende r stages and subsequently during design, execution and management. In the constructi on market, thanks to its managerial and technical e xpertise, which has significantly increased in recent years, the Itiner a Group continues to strengthen its national and in ternational position through gradual growth in the business segments and markets where it boasts vast experience. The partnerships signed by Itinera, primarily the Consorzio Eteria, and by its subsidiaries with financially solid operators that have significant t echnical and operational references, also represent a significant component in the devel opment strategy of the EPC sector in Italy and abro ad.

In the technology sector , which is also a key component of the One Company strategy in Italy and abroad, Sinelec will continu e its operations during the second half of the year. The company is now a leading player, in terms of both e xpertise and scale, in both the “technology” sector (toll collection and road and m otorway safety systems) and the “MEP” sector (mecha nical, electrical and plumbing systems), providing Group companies and th ird-party clients with integrated, broad-spectrum s olutions. The wide range of activities it offers allows Sinelec and its subsidi aries Sinelec USA and Sinelec Brasil to approach re ference markets, providing innovative and sustainable technological solutions, both as systems integrator, starting with consolid ated expertise in ITS and tolling, and increasing the focus on Smart Roads, Smart Infr astructure, and free-flow technologies.

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Interim Management Report With reference to sustainability topics , despite an external environment characterised by volatility and an evolving regulatory landscape, the Group remains committed to its 2022-2026 Su stainability Plan, adopting a prudent yet ambitious approach:

accelerating high-impact initiatives, strengthening the resilience of the value chain, and leveraging technology and expertise to generate sustainable and lasting value for all stak eholders.

Tortona, 31 July 2026 on behalf of the Board of Directors

The Chairperson

(Angelino Alfano)

3. CONDENSED

CONSOLIDATED INTERIM

FINANCIAL REPORT

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Condensed Consolidated interim financial report

Consolidated Financial

Statements

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Condensed Consolidated interim financial report Consolidated balance sheet (EUR thousands) Note 30 June 2026 31 December 2025

Assets

Non-current assets

Intangible assets 1 goodwill 188,935 179,503 other intangible assets 26,416 26,751 concessions – non -compensated revertible assets 14,162,473 13,402,633 Total intangible assets 14,377,824 13,608,887 Tangible fixed assets 2 property, plant, machinery and other assets 353,023 320,472 rights of use 110,244 92,700 Total tangible assets 463,267 413,172 Non -current financial assets 3 equity accounted investments 37,648 37,392 other equity investments 20,482 20,617 non -current derivatives with a positive fair value 24,694 22,136 other non -current financial assets 977,071 792,236 Total non -current financial assets 1,059,895 872,381 Deferred tax assets 4 189,085 163,437 Total non -current assets 16,090,071 15,057,877

Current assets

Contract assets and inventories 5 871,847 815,139 Trade receivables 6 575,140 556,173 Current tax assets 7 131,463 115,815 Other receivables 8 255,634 236,752 Current derivatives with a positive fair value 9 430 -

Current financial assets 10 1,395,735 1,655,064 Cash and cash equivalents 11 2,007,451 1,645,269 Assets held for sale and discontinued operations - -

Total current assets 5,237,700 5,024,212 Total assets 21,327,771 20,082,089

Equity and liabilities Shareholders’ equity 12 Equity attributable to the Group share capital 31,417 31,417 reserves and earnings 1,598,826 1,504,768 Equity attributable to the Group 1,630,243 1,536,185 Equity attributable to minorities 1,614,914 1,602,859 Total Equity 3,245,157 3,139,044

Liabilities

Non -current Liabilities Provisions for risks and charges 13 368,418 360,447 Employee benefits 14 31,173 32,931 Trade payables 15 63 4 Other payables and contract liabilities 16 1,734,514 1,630,023 Bank debt 17 4,039,224 4,151,634 Non -current derivatives with a negative fair value 18 2,571 2,853 Other financial liabilities 19 7,601,289 6,694,289 Deferred tax liabilities 20 497,582 478,418 Total non -current liabilities 14,274,834 13,350,599

Current liabilities

Trade payables 21 883,990 902,927 Other payables and contract liabilities 22 996,145 912,129 Bank debt 23 558,517 433,237 Current derivatives with a negative fair value - -

Other financial liabilities 24 1,209,122 1,267,053 Current tax liabilities 25 160,006 77,100 Liabilities connected to assets held for sale and d iscontinued operations - -

Total current liabilities 3,807,780 3,592,446 Total liabilities 18,082,614 16,943,045 Total Equity and liabilities 21,327,771 20,082,089

55 2026 Half Year Financial

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Condensed Consolidated interim financial report Consolidated income statement (EUR thousands) Note 1HY 2026 1HY 2025

Revenue 26

motorway sector – operating activities 26.1 1,342,987 1,264,713 motorway sector – planning and construction activities 26.2 573,329 606,100 EPC sector 26.3 783,772 759,078 EPC sector – planning and construction activities 26.4 49,704 74,752 Technology sector 26.5 46,762 64,630 other 26.6 136,803 147,990 Total Revenues 2,933,357 2,917,263 Payroll costs 27 (390,382) (375,191) Costs for services 28 (1,211,827) (1,206,694) Costs for raw materials and consumables 29 (150,758) (183,586) Other costs 30 (217,918) (207,407) Capitalised costs on fixed assets 31 2,797 1,503 Amortisation, depreciation and write -downs 32 (404,253) (426,394) Adjustment of the provision for restoration/replace ment of non -compensated revertible assets 33 9,541 (8,553) Other provisions for risks and charges 34 (5,271) (736) Financial income: 35 from unconsolidated investments 10 243 other 102,869 78,460 Financial expenses: 36 interest expense (445,106) (351,383) other (18,401) (16,131) Profit (loss) of companies accounted for with the e quity method 37 (462) 393 Profit (loss) before taxes on Continuing Operations 204,196 221,787

Taxes 38

Current taxes (140,308) (142,634) Deferred taxes 31,946 32,763 Profit (loss) for the period on Continuing Operations 95,834 111,916 Profit (loss) for “assets held for sale ” net of taxes ( Discontinued Operations ) 39 (81) (82) Profit (loss) for the period 95,753 111,834

of which:

Profit (loss) for the period attributable to Minori ties ( Continuing operations ) (1,180) 13,143 Profit (Loss) for the period attributable to the Gr oup ( Continuing operations ) 97,014 98,773 Profit attributable to Minorities ( Discontinued Operations ) (38) (39) Profit (Loss) for the period attributable to the Gr oup ( Discontinued operations ) (43) (43)

Consolidated statement of comprehensive income (EUR thousands) 1HY 2026 1HY 2025 Profit (loss) for the period (a) 95,753 111,834 Actuarial profit (loss) on employee benefits - -

Share of other profit/(loss) of companies accounted for by the equity method - -

Profit (loss) allocated to “reserves for revaluation at fair value ” (169) (827) Capital gains/(losses) from the sale of equity inve stments pursuant to IFRS 9 - 9,061

Other -

Tax effects - 293 Profit (loss) that will not be subsequently reclass ified in the Income Statement (b) (169) 8,527 Profit (loss) allocated to “cash flow hedge reserve ” 2,318 (511) Profit (loss) allocated to “ exchange rate difference reserve” 121,766 (12,115) Share of other profit/(loss) of companies accounted for by the equity method - -

Other - -

Tax effects (619) 122 Profit (loss) that will be subsequently reclassifie d in the Income Statement when certain conditions are met (c) 123,465 (12,504) Comprehensive income (a) + (b) + (c) 219,049 107,857

of which:

share attributable to Minorities ( Continuing operations ) 57,835 12,329 share attributable to the Group (Continuing operations ) 161,295 95,610 share attributable to Minorities ( Discontinued operations ) (38) (39) share attributable to the Group (Discontinued operations ) (43) (43)

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Condensed Consolidated interim financial report Consolidated cash flow statement (EUR thousands) 1HY 2026 1HY 2025 Cash and cash equivalents – opening balance 11 1,645,269 1,775,750 Change in the scope of consolidation - -

Cash and cash equivalents, adjusted – opening balan ce (a) 1,645,269 1,775,750

Profit (loss) 95,753 111,834

Adjustments

Amortisation, depreciation and write-downs 406,552 426,394 Adjustment to the provision for restoration/replace ment of non -compensated revertible assets 33 (9,541) 8,553 Adjustment to the provision for employee benefits 761 1,325 Provisions for risks 32,466 30,572 (Profit) loss of companies accounted for by the equ ity method (net of dividends collected) 1,030 494 Other non-cash (income)/expenses 127,009 87,789 Capitalisation of financial expenses 36 (51,425) (55,803) Operating Cash Flow (I) 602,605 611,158

Net change in deferred tax assets and liabilities (29,063) (31,146) Change in net working capital Contract assets and inventories (85,804) (155,877) Trade receivables (8,995) (51,444) Current tax assets (12,544) (14,514) Other receivables (16,043) (22,279) Trade payables (34,065) (97,483) Other payables and contract liabilities (5,192) 164,856 Current tax liabilities 78,263 67,915 Other changes from operating activities (6,737) (34,288) Change in net working capital and other changes (II ) (120,180) (174,260)

Cash generated (absorbed) by operating activities (I+II) (b) 482,425 436,898

Investments in revertible assets (588,562) (966,633) Divestiture of revertible assets - -

Grants related to revertible assets - 2,698 Net investments in revertible assets (III) (588,562) (963,935)

Net investments in property, plant, machinery and o ther assets (94,879) (67,315) Net investments in intangible assets (2,996) (4,489) Net divestiture in property, plant, machinery and o ther assets 1,830 6,143 Net divestiture of intangible assets 25 -

Net investments in intangible and tangible assets ( IV) (96,020) (65,661)

(Investments)/Divestiture in non -current financial assets - equity investments (1,318) 23,029 (Investments)/Divestiture in non -current financial assets (130,093) 22,037 Net investments in non -current financial assets (V) (131,411) 45,066

Cash generated (absorbed) by investment activity (III+IV+V) (c) (815,993) (984,530)

Loans obtained 17 -23 174,410 1,424,601 Loan repayment 17 -23 (289,610) (1,439,575) Bonds issued 19 479,414 782,401 Bonds repaid 24 (353,681) (562,827) Change in other financial liabilities 376,774 195,235 (Investments)/Divestiture in other financial assets 324,656 15,439 Changes to equity attributable to minorities (10,325) (23,580) (Purchase)/sale of treasury shares - -

Changes in equity attributable to Shareholders 6,940 14,224 Dividends (and interim dividends) distributed by th e Parent Company 12 (932) (468) Dividends (and interim dividends) distributed by Su bsidiaries to minority interests 12 (35,811) (6,836) Cash generated (absorbed) by financial activity (d) 671,835 398,614 Foreign exchange differences on initial cash flow ( e) 24,012 (33,396) Cash and cash equivalents – closing balance (a+b+c+ d+e) 11 2,007,451 1,593,336

Additional information for Consolidated Cash Flow S tatement (EUR thousands) 1HY 2026 1HY 2025 Taxes paid during the period 91,888 81,135 Financial expenses paid during the period 310,452 314,966 Taxes reimbursed during the period 410 -

Financial income collected during the period 63,977 53,288

57 2026 Half Year Financial

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Condensed Consolidated interim financial report Statement of changes in shareholders’ equity

(EUR thousands) Share capital Legal reserve Other reserves Retained earnings (losses) Equity

attributable to

the Group Equity

attributable to

minorities Total Equity

1 January 2025 31,417 14,051 168,860 1,093,750 1,308,078 1,567,553 2,875,631

Allocation of profits - - - - - - -

Dividend distribution - - - (73,355) (73,355) (23,583) (96,938) Purchase/sale of treasury shares - - - - - - -

Change in the scope of consolidation - - - - - - -

Acquisition of minorities and other changes - - (6,875) (4,785) (11,660) (21,829) (33,489) Comprehensive income - - (12,153) 107,720 95,567 12,290 107,857

30 June 2025 31,417 14,051 149,832 1,123,330 1,318,630 1,534,431 2,853,061

(EUR thousands) Share capital Legal reserve Other reserves Retained earnings (losses) Equity

attributable to

the Group Equity

attributable to

minorities Total Equity

1 January 2026 31,417 14,051 155,703 1,335,014 1,536,185 1,602,859 3,139,044

Allocation of profits - - - - - - -

Dividend distribution - - - (73,821) (73,821) (35,811) (109,632) Purchase/sale of treasury shares - - - - - - -

Change in the scope of consolidation - - - - - - -

Acquisition of minorities and other changes - - - 6,627 6,627 (9,931) (3,304) Comprehensive income - - 64,281 96,971 161,252 57,797 219,049

30 June 2026 31,417 14,051 219,984 1,364,791 1,630,243 1,614,914 3,245,157

For details of these items, please refer to note 12 – Shareholders’ equity.

58 2026 Half Year Financial

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Condensed Consolidated interim financial report

Principles of consolidation, valuation criteria and

explanatory notes

59 2026 Half Year Financial

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Condensed Consolidated interim financial report

General information

ASTM S.p.A. (“ASTM”) is a joint-stock company incor porated in Italy at the Turin Business Register. Th e Company’s registered office is at Corso Regina Margherita 165 – Turin (Italy). P ursuant to the Articles of Association, the duratio n of the Company is established to 31 December 2070.

ASTM is subject to management and coordination by N uova Argo Finanziaria S.p.A., the ultimate parent c ompany is M.g.M.b.

Sorgente S.r.l..

ASTM operates in Italy as an industrial holding com pany and through its subsidiaries, mainly in the ma nagement of motorway networks under concession, in the planning and cons truction of major infrastructure works and in techn ology applied to transport mobility. The main activities of the company and it s subsidiaries are indicated in the descriptive sec tion in the Interim Management Report.

The bond loans issued as part of the Company’s Euro Medium-Term Notes (EMTN) programme are traded on E uronext Dublin, the regulated market managed by Irish Stock Exchange pl c. ASTM qualifies as an issuer of securities admitt ed for trading on a regulated market of a Member State of the European Union. AST M is therefore an Entity of Public Interest under t he terms of the current legislation. The ASTM EMTN Programme, first established in 2010 and historically listed on the regulated market operat ed by the Irish Stock Exchange ( Euronext Dublin ), was most recently renewed in July 2026 and has, for the first time, been approved by Consob.

ASTM then obtained a decision from Borsa Italiana o n eligibility for listing on the MOT, the national regulated bond market.

The interim financial report is drawn up in Euro, w hich is the current currency in the economy in whic h the Group mainly operates.

Pursuant to art. 5, paragraph 2 of Legislative Decree no. 38 of 28 February 2005 and in accordance with paragrap h 51e of IAS 1, this Condensed Consolidated Interim Financial Report has been prepared in thousands of euro.

The interim financial report of the ASTM Group was examined and approved, by the Board of Directors of ASTM S.p.A., on 31 July 2026.

Preparation criteria and contents of the condensed consolidated interim financial

report

The condensed consolidated interim financial report as at 30 June 2026 has been prepared on a going concern basis since there is reasonable expectation that the ASTM Group will con tinue its business operations in the foreseeable fu ture and in any case for a time period greater than 12 months.

Based on the provisions of art. 3, paragraph 1 of Le gislative Decree no. 38 of 28/2/2005, this Condensed Consoli dated Interim Financial Report was prepared in accordance with th e main international accounting standards (IFRS) issued by the International Accounting Standards Board (IASB) and approved by t he European Commission. IFRS means all revised inte rnational accounting standards (“IAS”) and all interpretations of the In ternational Financial Reporting Interpretations Com mittee (“IFRIC"), formerly the Standing Interpretations Committee (“SIC”). Consequ ently, the comparative data referring to the previo us period also comply with the cited accounting standards.

The condensed consolidated interim financial statem ents have been prepared, in summary form, in compli ance with IAS 34 “Interim Financial Reporting”, and therefore do not include all the information required by annual reporting an d should be read alongside the annual financial statements prepared for the year e nded at 31 December 2025, to which reference should be m ade for further details.

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Condensed Consolidated interim financial report The Condensed Consolidated Interim Financial Report comprises the balance sheet, the income statement, the statement of comprehensive income, the cash flow statement, the statement of changes in shareholders’ equity and th ese explanatory notes and applies the provisions contained in IAS 1 “Presentat ion of Financial Statements”. The balance sheet has been prepared by distinguishing between current and non-current asse ts and liabilities, while in the income statement c osts have been presented and classified based on their nature. The statement of cash flows has been prepared using the “indirect me thod”.

***

Principles and scope of consolidation Principles of consolidation This Condensed Consolidated Interim Financial Repor t includes, in addition to the interim financial st atements of the parent company, ASTM S.p.A., the reporting package prepared by each of the subsidiaries as of the reporting date, in c ompliance with the IFRS adopted by the Group. Control occurs when the Parent Compan y has the power to direct the relevant activities o f the company and is exposed to the variability of its results. The financial st atements of subsidiaries are included in the consol idated financial statements starting from the date upon which control is assumed until t he moment control ceases to exist.

Joint arrangements can be classified as (i) “intere sts in joint ventures” if the Group holds the right s to net assets under the arrangement, e.g. for a company with its own legal status, or (ii) “jointly controlled entities” if th e Group holds the right to assets and obligations on liabilities underlying the arrangeme nt. Joint control is the contractually agreed shari ng of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the pa rties sharing control. The classification of ASTM Group agreements is based on an analysis of the contractual rights and obligati ons. In particular, based on current agreements, the ASTM Group holds rights to net assets of the agreement classified as “interest s in joint ventures” (accounted for using the “equity method”) or in “joint operati ons” (recognising the quota of rights and obligatio ns of the holder in the financial statements).

Companies over which “significant influence” is exe rcised are assessed according to the “equity method ”. Significant influence is the power to participate in the financial and operating decisions of the investee but is not control or jo int control of those policies.

Significant influence is presumed when the Group ho lds at least 20% of the voting rights.

In the paragraph “Scope of consolidation” below, co nsolidated equity investments and the changes to th em are shown in detail.

*** Consolidation on a “line-by-line basis” In brief, consolidation on a line-by-line basis inv olves taking the assets and liabilities, costs and revenue of the consolidated companies, regardless of the amount of equity inves tment held, and attributing to minority shareholder s the share of profits and reserves applicable to them in a dedicated heading of Shareholders’ Equity called “Equity attributable to minorities”.

The main consolidation adjustments made were the fo llowing:

1. Elimination of the carrying amount of equity invest ments consolidated on line-by-line basis and the co rresponding fractions of shareholders’ equity attributing the current value as at the date of acquiring control to the individu al elements of the statement of financial position; if the requirements are met, any positive difference is posted to the asset ite m “Goodwill”; a negative difference is recognised in the income statement (s ee the section “business combinations and goodwill” ).

The premium/lower price paid for a corresponding fr action of shareholders’ equity, from the acquisitio n of additional shares of

61 2026 Half Year Financial

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Condensed Consolidated interim financial report subsidiaries, increased/decreased the shareholders' equity by the same amount.

The acquisitions of controlling equity investments as part of the same Group (i.e. “business combinati ons under common control”) are accounted for according to ongoing va lue (see the section “business combinations and goo dwill”).

2. Elimination of receivables and payables between bus inesses included in the scope of consolidation, as well as income and expenses related to transactions between the busine sses themselves. Significant profit and loss from t ransactions between these companies and related to amounts included in the ba lance sheet and the income statement were eliminate d, except only for those related to the planning and construction acti vities of non-compensated revertible assets which a re entered at fair value pursuant to IFRIC 12, as described later on. Intercom pany losses are not eliminated if they reflect an i mpairment in value of the underlying asset.

3. Reversal of dividends approved by the consolidated companies.

Measurement of equity investments in joint ventures Equity investments under joint control qualified as joint ventures pursuant to IFRS 11 are measured usin g the equity method, in line with IAS 28. Hence, these equity investments are init ially entered at cost and the book value is increas ed or decreased to record the share of profits and losses of the investee company accruing to the holding company, which are realise d after the acquisition date.

Any goodwill included in the value of the investmen t is subject to an impairment test. The acquisition cost is attributed to the pro-

rata share of the fair value of the identifiable as sets and liabilities of the associated companies or joint ventures, and the difference as goodwill. The portion of operating profits of th e investee company accruing to the holding company is posted to the income statement of the holding company, except for the ef fects relating to other changes to the statement of comprehensive income of the investee, other than transactions with sharehol ders, which are entered directly in the statement o f comprehensive income of the Group. For any losses exceeding the book value of the equity investments, the excess is recognised to a special provision under liabilities to the extent to which the investor is committed to legal or implicit obligations to the i nvestee or in any event to cover its losses.

Dividends received from an investee company reduce the book value of the equity investment.

Measurement of joint operations Equity investments in joint operations, based on IF RS 11, are consolidated on a line by line basis for t he share held with reference to rights and obligations, in most cases coinciding wi th the percentage of equity investment held.

62 2026 Half Year Financial

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Condensed Consolidated interim financial report

Consolidation scope

The list of subsidiary companies included in the sc ope of consolidation is shown below.

Parent Company

Name Registered office ASTM S.p.A. 10144 Turin - Corso Regina Margherita, 165

Subsidiaries – consolidated on a “line-by-line basi s” Name Registered office Share

capital %

mediated % of the

group (1)

Igli do Brasil Participaçoes Ltda Brazil - Sao Paol o - Rua Gomes de Carvalho n. 1510 BRL 2,720,558,336 100.00 100.00 IGLI S.p.A. 15057 Tortona (AL) - Corso Romita, 10 37,130,000 100.00 100.00 ASTM Servizi S.r.l. 15057 Tortona (AL) - S.P. 211 d ella Lomellina 3/13 – Loc. San Guglielmo 500,000 100.00 100.00 Halmar Infrastructure Development Inc. USA - 421 Ea st Route 59 Nanuet, NY 10954 USD 49,618,510 100.00 100.00 Elevated Accessibility Enhancements Holding Company , LLC USA - 421 East Route 59 Nanuet, NY 10954 USD - 100.00 100.00 Elevated Accessibility Enhancements Operating Compa ny, LLC USA - 421 East Route 59 Nanuet, NY 10954 USD - 100.00 100.00 SINA S.p.A. 20135 Milan - Viale Isonzo 14/1 10,140,625 100.00 100.00 Società di Progetto Concessioni del Tirreno S.p.A. 15057 Tortona (AL) - Strada Statale per Alessandria 6/A 120,000,000 99.99 100.00 Autostrada Albenga-Garessio-Ceva S.p.A. 12100 Cuneo - Corso Giolitti 17 600,000 99.87 100.00 (2) SATAP S.p.A. 10144 Turin - Via Bonzanigo, 22 158,400,000 99.87 99.87 Aurea S.c. a r.l. 20060 Pozzuolo Martesana (MI) - C asello A58 10,000 99.42 100.00 ITINERA S.p.A. 15057 Tortona (AL), Via Balustra 15 232,834,000 99.30 100.00 Itinera USA CORP USA - 551 Fifth Avenue, Suite 180, New York 10176 USD 178,843,000 99.30 100.00 SEA Segnaletica Stradale S.p.A. 15057 Tortona (AL) - Regione Ratto 500,000 99.30 100.00 Società Attività Marittime S.p.A. in liquidation 1 5057 Tortona (AL) - Strada Statale per Alessandria 6/A 500,000 99.30 100.00 Urbantech S.r.l. 15057 Tortona (AL) - Strada Statal e per Alessandria 6/A 130,907 99.30 100.00 Tubosider S.p.A. 12066 Monticello d'Alba (CN) - s.s . 231 8/A 10,000,000 99.30 100.00 Storstrøm Bridge JV I/S Denmark - 4760 Vordingborg - Hollandsvej 3 DKK - 99.29 99.99 Itinera Construções LTDA Brazil - Rua Gomes de Carvalho, 1510 - CJ31 - Vila Olimpia - CEP: 04547-

005 - Sao Paulo - SP BRL 1,000,000 99.17 100.00 Sinelec S.p.A. 15057 Tortona (AL) - S.P. 211 della Lomellina 3/13 – Loc. San Guglielmo 7,383,435 98.03 100.00 Sinelec USA Inc. USA - 551 Fifth Avenue, Suite 180, New York 10176 USD 50,000 98.03 100.00 Sinelec Albania SHPK Albania - Tirana, 100 - Buleva rdi Deshmoret e Kombit, Kullat Binjake All 1,000,000 98.03 100.00 Sinelec Brasil LTDA Brazil - Rua Gomes de Carvalho, 1510 - CJ31 - Vila Olimpia - CEP: 04547-

005 - Sao Paulo - SP BRL 500,000 98.03 100.00 ECS MEP Contractor I/S Denmark - Industriparken 44A , 1st floor, 2750 Ballerup DKK - 98.02 99.99 Logistica Tirrenica S.p.A. 55041 Lido di Camaiore ( LU) - Via Don E. Tazzoli, 9 11,747,634 97.64 100.00 Società Autostrada Ligure Toscana p.A. 55041 Lido d i Camaiore (LU) - Via Don E. Tazzoli, 9 160,300,938 97.64 97.64 Taranto Logistica S.p.A. in liquidation 15057 Torto na (AL) - Strada Statale per Alessandria 6/A 500,000 95.34 96.00 SINTEC S.c. a r.l. 15057 Tortona (AL) - Strada Sta tale per Alessandria 6/A 10,000 85.94 100.00 Tangenziale Esterna S.p.A. 20060 Pozzuolo Martesana (MI) - Casello A58 24,591,345 82.60 92.46 Smart Road dei Parchi S.c. a r.l. 15057 Tortona (AL ) - Strada Statale per Alessandria 6/A 10,000 79.57 81.17 Halmar International LLC USA - 421 East Route 59 - Nanuet, NY 10954-2908 AA USD 79,779,591 79.44 80.00 Halmar International Trucking Inc. USA - 421 East R oute 59 - Nanuet, NY 10954-2908 AA USD - 79.44 100.00 Halmar Transportation System Llc USA - 421 East Rou te 59 - Nanuet, NY 10954-2908 AA USD - 79.44 100.00 HIC Insurance Company Inc. USA - 198 Country Club D r, Unit 42, Incline Village, 89451 (Nevada) USD 200,100 79.44 100.00 Atlantic Coast Foundations Llc USA - 421 East Route 59 - Nanuet, NY 10954-2908 AA USD 1,260,000 79.44 100.00 Tangenziali Esterne di Milano S.p.A. 20060 Pozzuolo Martesana (MI) - Casello A58 220,344,608 77.40 77.45 Lanzo S.c. a r.l. 15057 Tortona (AL) - Strada Stata le per Alessandria 6/A 10,000 74.48 75.00 A.T.I.V.A. S.p.A. in liquidation - Autostrada Torin o-Ivrea-Valle d'Aosta 10156 Turin - Strada della Cebrosa, 86 44,931,250 72.34 72.34 Autostrada dei Fiori S.p.A. 18100 Imperia - Via del la Repubblica 46 325,000,000 71.32 73.00 Società Autostrade Valdostane S.A.V. - S.p.A. 1102 4 Chatillon (AO) - Strada Barat 13 24,000,000 69.56 71.28 RO.S.S. - Road Safety Services S.r.l. 10059 Susa ( TO) - Via San Giuliano 2/A 100,000 67.79 100.00 Sitalfa S.p.A. 10050 Bruzolo (TO) - Via Lago, 11 520,000 67.79 100.00 Società Italiana Traforo Autostradale del Frejus S. p.A. -

S.I.T.A.F. S.p.A. 10059 Susa (TO) - Fraz. San Giuliano 2 65,016,000 67.79 68.09 Tecnositaf S.p.A. in liquidation 10149 Turin - Cor so Svizzera, 185 520,000 67.79 100.00 Tecnositaf L.L.C. (3) Russia - 101000, Moscow, Chistoprudniy Bulvar house 17, building 1, room 1/1 RUB 300,000 67.72 99.90 S.i.Co.Gen. S.r.l. 10156 Turin - Strada della Cebro sa 86 260,000 65.53 85.00 Safe Roads S.c. a r.l. 15057 Tortona (AL) - Strada Statale per Alessandria 6/A 10,000 64.54 65.84 Autostrada Asti-Cuneo S.p.A. 00187 Rome - VIA XX Se ttembre 98/E 200,000,000 63.46 65.00 CERVIT Impianti Tecnologici - C.I.T. S.c. a r.l. in liquidation 15057 Tortona (AL) - Strada Statale pe r Alessandria 6/A 10,000 60.57 61.79 Consorzio Sintec in liquidation 20135 Milan - Viale Isonzo 14/1 20,000 60.00 60.00 Sinprosys S.c. a r.l. 20135 Milan - Viale Isonzo 14 /1 10,000 60.00 60.00 PicenoTech S.c. a r.l. 15057 Tortona (AL) - Locali tà Passalacqua 2/2 10,000 58.82 60.00 Galeazzi MEP S.c. ar.l. 15057 Tortona (AL) - Locali tà Passalacqua 2/2 10,000 53.92 55.00 EcoRodovias Desenvolvimento de Negocios Ltda Brazil - Rua Gomes de Carvalho, 1510, Conjunto 32 - Vila Olímpia - São

Paulo - SP - CEP 04547-005 BRL 91,423,631 52.70 100.00

Argovias Administração e Participações S.A. Brazil - Rua Jaime Ribeiro da Luz, 971 Sala 32 - Sa nta Monica -

Uberlândia - MG - CEP 38408-188 BRL 1,056,091,411 52.70 100.00 Concessionária das Rodovias Ayrton Senna e Carvalho Pinto S.A. – Ecopistas Brazil - Rodovia Ayrton Senna Km 32 Pista Oeste - R io Abaixo -

Itaquaquecetuba - CEP 08578-010 BRL 287,664,883 52.70 100.00 Ecoriominas Concessionaria de Rodovias S.A. Brazil - Travessa Mário Neves, 01 - Sala 01 - Ilha da Conceição - Niterói -

RJ - CEP 24050-290 BRL 903,706,392 52.70 100.00

CECM Concessões S.A. Brazil - Rua Paraguai, 605 – C entro – Cascavel – PR – CEP 85805-017 BRL 3,641,000 52.70 100.00 Concessionaria Ecovias do Cerrado S.A. Brazil - Rua Sintra, 50 Sala 01 - Granja Marileuza - Uberlândia - MG - CEP

38406-643 BRL

819,406,625 52.70 100.00 Concessionária Ecovias dos Imigrantes S.A. Brazil - Rodovia dos Imigrantes SP 160 Km 28,5 - Ja rdim Represa - São Bernardo do Campo - SP - CEP 09845-000 BRL 314,052,000 52.70 100.00 Concessionaria Ponte Rio-Niteroi S.A. - Ecoponte Brazil - Rua Mário Neves, 1 - Ilha da Conceição - N iterói - RJ - CEP 24050-

290 BRL 169,917,960 52.70 100.00

63 2026 Half Year Financial

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Condensed Consolidated interim financial report Name Registered office Share

capital %

mediated % of the

group (1)

Eco050 – Concessionária de Rodovias S.A. Brazil - Rua Sintra, 50 - Granja Marileusa - Uberlâ ndia - MG - CEP 38406-

643 BRL 993,308,314 52.70 100.00

ECO101 Concessionaria de Rodovias S.A. Brazil - Avenida Coronel Nunes BR 101 Km 264 - Lara njeiras - Serra - ES -

CEP 29160-000 BRL 2,155,829,255 52.70 100.00

Eco135 Concessionaria de Rodovias S.A. Brazil - Ave nida Bias Fortes, 2007 - Tibira - Curvelo - MG - CE P 35790-000 BRL 776,505,000 52.70 100.00 Ecopatio Logistica Cubatao Ltda Brazil - Rodovia Cônego Domenico Rangoni, km 263, s /n - Parque Industrial - Cubatão - SP - CEP 11573-000 BRL 12,054,983 52.70 100.00 Ecoporto Santos S.A. Brazil - Avenida Engenheio Antonio Alves Freire, s/ n - Cais do Saboo Ponto 4 - Saboó - Santos - SP - CEP 11013-000 BRL 267,474,899 52.70 100.00 EcoRodovias Concessoes e Serviços S.A. Brazil - Rodovia dos Imigrantes SP 160 Km 28,5 1º e 2 º andares- Jardim Represa - São Bernardo do Campo - SP - CEP 09845-00 0 BRL 2,899,395,697 52.70 100.00 EcoRodovias Infraestrutura e Logística S.A. Brazil - Sau Paulo - Rua Gomes de Carvalho, 1510 31/32 Vil la Olimpia BRL 2,054,305,390 52.70 52.70 (2) EIL 01 Participações S.A. Brazil - Rua Gomes de Carvalho, 1510, Conjunto 31 - Vila Olímpia - São

Paulo - SP - CEP 04547-005 BRL 1,099 52.70 100.00

EIL 04 S.A. Brazil - Rua Gomes de Carvalho, 1510, Conjuntos 31/ 32, Sala 02 - Vila Olímpia - São Paulo - SP - CEP 04547-005 BRL 3,000 52.70 100.00 EIL05 S.A. Brazil - Rua Gomes de Carvalho, 1510 – CONJ 31 sala 05 – Vila Olímpia,

São Paulo/SP – CEP 04547-005 BRL 23,511,000 52.70 100.00

Concessionária Ecovias das Gerais S.A. Brazil - Rua Gomes de Carvalho, 1510 – CONJ 31 sala 06 – Vila Olímpia,

São Paulo/SP – CEP 04547-005 BRL 437,632,839 52.70 100.00

Concessionária de Rodovias Noroeste Paulista S.A. Brazil - Rua Marlene David dos Santos, 325. Jardim Paraiso. Matao SP

CEP 15.991-360 BRL 680,556,762 52.70 100.00

Ecovias Raposo-Castelo S.A. Concessionaire Brazil - Av. Tamboré, 267, Conjunto 201B, 20 Andar, Torre Norte do Condomínio Canopus Corp. Alphaville, Barueri, SP, C EP 06460-0 BRL 678,611,842 52.70 100.00 Empresa Concessionaria de Rodovias do Sul S.A. - Ec osul Brazil - Rodovia BR 116 Km 511 - Retiro - Pelo tas - RS - CEP 96070-560 BRL 137,755,000 52.70 100.00 RDC Concessões S.A. Brazil - Rua Paraguai, 605 – Sala 4 – Centro – Casc avel – PR – CEP 85805-

017 BRL 13,468,261 52.70 100.00

Termares - Terminais Maritimos Especializados Ltda Brazil - Cais do Saboó, s/n, Ponto 1 - Saboó - Sant os - SP - CEP 11085-901 BRL 12,647,531 52.70 100.00 Società di Progetto Autovia Padana S.p.A. 15057 Tor tona (AL) - SP 211 della Lomellina 3/13 163,700,000 50.94 51.00 Ramonti S.c. a r.l. in liquidation 15057 Tortona (A L) - Strada Statale per Alessandria 6/A 10,000 50.64 51.00 ICCR 135 S.A. Brazil - Rua Oscar Araujo, 1048, Curv elo/Mg, 35790-440 BRL 1,000,000 49.60 50.01 ICCR 153 S.A. Brazil - Av Pedro Ludovico, 103, Urua cu, Estado de Goias, 76400-000 BRL 1,000,000 49.60 50.01 ICCR Rio Minas S.A. Brazil - Rua Israel Pinheiro, 1991 Apto 101 - São P edro, Governador Valadares - Minas Gerais BRL 1,000,000 49.60 50.01 ICCR Noroeste Paulista S.A. Brazil - Sao Paolo - Vi la Olimpia - R Gomes De Carvalho - 1510 - Sala 10 BRL 1,000,000 49.60 50.01 Halmar International LLC/LB Electric Co JV USA - 42 1 East Route 59 - Nanuet, NY 10954-2908 AA USD - 47.66 60.00 Halmar/A Servidone - B Anthony Llc USA - 421 East R oute 59 - Nanuet, NY 10954-2908 AA USD 1,510,000 47.66 60.00 Potomac Yard Constructors JV USA - 2500 Potomac Gre ens Dr., Alexandria 22314 - Virginia USD - 47.66 60.00 Ashlar Structural LLC USA - 421 East Route 59 - Nan uet, NY 10954-2908 AA USD 1,100,000 39.72 50.00 HINNS JV USA - 421 East Route 59 - Nanuet, NY 10954 -2908 AA USD - 39.72 50.00 Concessionária Ecovias do Araguaia S.A. Brazil - Avenida Juscelino Kubitschec, Qd.19, Lote 01,08, 5º andar, Jundiaí - Anápolis – Goiás – CEP 75110-390 BRL 1,922,550,917 34.26 100.00 Holding do Araguaia S.A. Brazil - Rua Gomes de Carvalho, 1510, Conjuntos 31/ 32, Sala 02 - Vila Olímpia - São Paulo - SP - CEP 04547-005 BRL 885,376,823 34.26 65.00

(1) The percentage indicates the sum of percentages of equity investments held by individual companies of the Group.

(2) Net of treasury shares held by the company.

(3) Not in operation/in the process of disposal.

List of Joint Operations Name Registered office % mediated % of the group KOGE HPT I/S Denmark - Ballerup, Industriparken 44 A CAP 2750 79.44 80.00 Itinera-Agility JV United Arab Emirates – Emirate of Abu Dhabi 74.48 75.00 JV Itinera Cimolai Botswana – Gaborone 71.73 72.23 Consorzio Instalações S-M Brazil - Rua Gomes de Car valho, 1510 – Conj.31 – sala 8 Vila Olimpia – São P aulo – CEP. 04547005 68.62 70.00 Itinera Ghantoot JV United Arab Emirates – Emirate of Abu Dhabi 49.65 50.00 Cons. Binario Porto de Santos Brazil - Rodovia Anch ieta, S/N, Km 64 e 65, Bairro Alemoa, municipio de Santos, Estado de Sao Paulo (SP) 49.59 50.00 Consorcio nn Engenharia e Consultoria Brazil - Sao Bernardo Do Campo - Alvarenga - Km 28.5 Anexo Dtc S ala 01 - Rod Dos Imigrantes 49.59 50.00 Odense HPT JV I/S Denmark - 5000 Odense C - Kochsga de, 31D 48.66 49.00 Halmar / Railworks JV USA - 421 East Route 59 - Nan uet, NY 10954 40.52 51.00 Transit-Halmar JV USA - 421 East Route 59, Nanuet, New York 10954 39.72 50.00 Connect Plus Partners USA - 55W 125th ST, Tenth Fl oor, New York, NY 10027 39.72 50.00 Skanska Halmar Penn Station Joint Venture USA - 752 0 Astoria Blvd., Suite 200, East Elmhurst, New York , NY 11370 35.75 45.00 GIE de l’Arc France - Parc d'Activites de Laurade 1 3103 Saint-Etienne-Du-Grès 28.80 29.00 TELT SEP JV France - Laurade Parc D Activite Laurad e 13103 Saint-Etienne-Du-Gres 28.80 29.00 Skanska-Halmar JFK JV USA - 75-20 Astoria Boulevard , Suite 200 East Elmhurst, NY 11370 23.83 30.00 CBNA Halmar Clean Rivers JV USA - 1601 Ohio Dr Sw, Washington, DC 20024-2004 23.83 30.00 3RD Track Contructors - Joint Operation USA - 31 Ga rden Lane, Lawrence, New York 11559 18.27 23.00

64 2026 Half Year Financial

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Condensed Consolidated interim financial report List of equity investments in jointly controlled an d associated companies accounted for by the

“equity method”

Name Registered office Share capital % of the

group (1)

Jointly-controlled equity investments Grugliasco S.c. a r.l. 15057 Tortona (AL) - Strada Statale per Alessandria 6/A 10,000 60.60 Brescia Milano Servizi S.c.a r.l. 15057 Tortona (AL ) - Località Passalacqua 2/2 10,000 55.00 CERVIT S.c. a r.l. 41012 Carpi (MO) - Via Carlo Mar x, 101 10,000 51.00 Colmeto S.c. a r.l. 15057 Tortona (AL) - Strada Sta tale per Alessandria 6/A 10,000 51.00 M.S.G. ARENA S.c. a r.l. 15057 Tortona (AL) - Strad a Statale per Alessandria 6/A 10,000 50.00 Edolo S.c. a r.l. 15057 Tortona (AL) - Strada Stata le per Alessandria 6/A 10,000 50.00 Scafa S.c.a.r.l 15057 Tortona (AL) - Strada Statal e per Alessandria 6/A 10,000 50.00 Frasassi S.c.a r.l 00187 Rome - Via Barberini 11 10,000 50.00 Manoppello S.c.a.r.l 15057 Tortona (AL) - Strada S tatale per Alessandria 6/A 10,000 50.00 Goccia S.c. a r.l. 15057 Tortona (AL) - Strada Stat ale per Alessandria 6/A 10,000 50.00 Goccia Impianti S.c. ar.l. 00187 Rome - Via Barberi ni 11 10,000 50.00 Inovap 5 Administração e Participações S.A. Brazil - Avenida Doutora Ruth Cardoso, 8501 - 5º an dar - Sala 1 - Bairro Pinheiros - São Paulo BRL 12,268,000 50.00 Penn Transformation Partners DevCo, LLC USA - 421 E ast Route 59 Nanuet, NY 10954 USD - 50.00 Federici Stirling Batco LLC Oman – Muscat, P.O. BOX 1179 Al Athaiba, 130 Omr 300,000 49.00 Eteria consorzio stabile S.c. a r.l. 00187 Rome - Via Barberini 11 550,000 45.45 Consorzio Telese S.c. a r.l. 00195 Rome - Via Piet ro Borsieri 2/a 10,000 45.30 Krathis S.c.a r.l. 00187 Rome - Via Barberini 11 10,000 45.00 Consorzio Campolattaro S.c. a r.l. 00195 Rome - Via Pietro Borsieri 2/a 10,000 43.00 Uxt S.c. a r.l. 15057 Tortona (AL) - Strada Statale per Alessandria 6/A 10,000 41.00 Albacina S.c.a.r.l 00187 Rome - Via Barberini 11 10,000 40.00 RM06 Ponte Congressi S.c. a r.l. 00187 Rome - Via B arberini 11 10,000 40.00 Nodo Catania S.c. a r.l. 15057 Tortona (AL) - Strad a Statale per Alessandria 6/A 10,000 40.00 Consorzio Cancello-Frasso Telesino - CONSORZIO CFT 43121 Parma - Via Madre Anna Maria Adorni, 1 15,000 33.00 Frasso S.c. a r.l. 43121 Parma - Via Madre Anna Mar ia Adorni 1 15,000 33.00 MobilitA4 S.c.a r.l. 00187 Rome - Via Barberini 11 10,000 33.00 InfraA4 S.c. ar.l. 00187 Rome - Via Barberini 11 1,000,000 32.67 Monte Romano EST S.c. a r.l. 00187 Rome – Via Barbe rini, 11 10,000 28.00 Mimove S.c.a r.l. 15057 Tortona (AL) - Strada Stata le per Alessandria 6/A 10,000 22.95 MetroSalerno S.c. a r.l. 00187 Rome - Via Barberini , 11 10,000 22.04 Associated equity investments Consorzio Siciliano Lavori Ferroviari - Con.Si.L.Fe r. 00144 Rome - Via Indonesia, 100 5,164 50.00 Mill Basin Bridge Constructors USA - 421 East Route 59 - Nanuet, NY 10954-2908 AA USD 22,900,000 50.00 Ponte Nord S.p.A. 43121 Parma - Via Anna Maria Ador ni 1,667,000 50.00 Transenergia S.r.l. 10144 Turin - Via Bonzanigo, 22 1,022,661 50.00 ATIVA Immobiliare S.p.A. 10156 Turin - Strada della Cebrosa, 86 1,100,000 50.00 (2) CONSEPI S.r.l. 10050 Bruzolo (TO) - Via I° Maggio, 2 1,129,600 49.16 Rivalta Terminal Europa S.p.A. 15057 Tortona (AL) - Strada Savonesa 10R Frazione Rivalta Scrivia 14,013,412 48.25 Smart Mobility Systems S.c. a r.l. (SMS S.c. a r.l. ) 15057 Tortona (AL) - Strada Statale per Alessandr ia 6/A 10,000 45.50 Vetivaria S.r.l. 20129 Milan - Via Spallanzani Lazz aro, 6 72,000 40.33 Società Italiana Traforo Gran San Bernardo S.p.A. - SITRASB 11010 Saint Rhemy en Bosses (AO) - Localit à Praz-Gentor 11,000,000 36.50 Consorzio Costruttori TEEM in liquidation 15057 Tor tona (AL) - Strada Statale per Alessandria 6/A 10,000 34.99 Galeazzi Impianti S.c. a r.l. 15057 Tortona (AL) - Strada Statale per Alessandria 6/A 10,000 34.00 Arena Impianti S.c. a r.l. 15057 Tortona (AL) - S.P . 211 della Lomellina 3/13 – Loc. San Guglielmo 10,000 34.00 Consorzio Autostrade Italiane Energia 00159 Rome - Via Alberto Bergamini, 50 116,330 31.22 Interporto di Vado I.O. S.p.A. 17047 Vado Ligure ( SV) - Via Trieste, 25 3,000,000 28.00 S.A.BRO.M S.p.A. 20089 Rozzano (MI) - Centro Direzi onale Milanofiori Strada 6 - Palazzo L 28,902,600 26.84 Darsene Nord Civitavecchia S.c. a r.l. in liquidati on 00188 Rome - Via Clauzetto, 2 20,000 25.00 IGEA Romagna S.c. a r.l. 48121 Ravenna - Via Pier T raversari, 63 20,000 20.33 Road Link Holdings Ltd. United Kingdom - Northumber land - Stocksfield - NE43 7TN GBP 1,000 20.00

(1) The percentage indicates the sum of percentages of equity investments held by individual companies of the Group.

(2) Net of treasury shares held by the company.

65 2026 Half Year Financial

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Condensed Consolidated interim financial report List of other equity investments Name Registered office Share capital % of the

group (1)

DAITA S.c. a r.l. 93100 Caltanissetta - Via Napoleo ne Colajanni 314/E 10,328 80.00 Tuborus LLC (3) Russia - Ryazan Russian Federation - bldg 8 "a" Zu bkova Stree" RUB 65,849,770 50.00 Siteco BG ODD Bulgaria - Sofia - Sofi Kniaz Boris I 55 2,621 48.99 Abesca Europe S.r.l. 23017 Morbegno (SO) - Via Vano ni, 24 100,000 19.52 Codelfa S.p.A. 15057 Tortona (AL) - Strada Statale per Alessandria 6/A 2,500,000 16.42 Autostrade centro padane S.p.A. 26100 Cremona - Via Colletta 1 30,000,000 11.10 Passante Dorico S.p.A. 20089 Rozzano (MI) - Centro Direzionale Milanofiori Strada 6 - Palazzo L 24,000,000 11.00 Pedelombarda S.c.p.A. in liquidation 20129 Milan - Via Goffredo Mameli, 11 5,000,000 11.00 United Operator Russia - Moscow - 6 Presnenskaya Na berezhnaya, bldg. 2 123112 RUB 10,000 10.00 SPEDIA S.p.A., in liquidation 19136 La Spezia - Via delle Pianazze, 74 2,413,762 7.97 Agenzia di Pollenzo S.p.A. 12042 Bra (CN) - Piazza Vittorio Emanuele 13 - Frazione Pollenzo 23,079,108 6.05 Eurolink S.c.p.A. 00156 Rome - Via Giulio Vincenzo Bona 65 150,000,000 2.40 PST S.p.A. (Parco Scientifico e Tecnologico) 15057 Tortona (AL) - Strada Comunale Savonesa, 9 Frazione Rivalta Scrivia 5,271,936 1.96 MN 6 S.c. a r.l. 80142 Naples - Via G. Ferraris, 10 1 51,000 1.00 Digitalog S.p.A. in liquidation 00187 Rome - Via Lu dovisi, 16 1,142,000 0.90 Compagnia Aerea Italiana S.p.A. 00198 Rome - Viale Liegi, 41 3,526,846 0.40 Consorzio Topix 10123 Turin, Via Maria Vittoria, 38 1,486,000 0.31 Turismo Torino e Provincia S.c.r.l. 10123 Turin, Vi a Maria Vittoria, 19 835,000 0.29 Interporto Toscano A. Vespucci S.p.A. Livorno - Gua sticce 57010 Collesalvetti (LI) - Strada Prima 5 - Frazione Guasticce 29,123,179 0.27

CE.P.I.M. S.p.A. (CENTRO PADANO INTERSCAMBIO MERCI SPA) 43010 Fontevivo (PR) - Piazza Europa, 1 6,642,928 0.21

Argentea Gestioni S.C.p.A. 25125 Brescia - Via Fler o, 28 120,000 0.03 C.A.F. dell'Industria dell'Emilia-Romagna S.p.A. 40 124 Bologna - Via San Domenico, 4 366,902 0.01 Società Cooperativa Elettrica Gignod - C.E.G. 11020 Saint Christophe (AO) - Rue Croix-Noire, 61 - Loc. La Croix-Noire 269,150 0.01 Webuild S.p.A. 20089 Rozzano (MI) - Milanofiori St rada 6 600,000,000 0.01 (2) BRE.BE.MI S.p.A. 25125 Brescia - via Flero, 28 71,872,377 -

Banca d'Alba 12051 Alba (CN) - Via Cavour, 14 43,082,112 -

M.N. Metropolitana Napoli S.p.A. 80142 Naples - Via G. Ferraris, 101 3,655,397 -

(1) The percentage indicates the sum of percentages of equity investments held by individual companies of the Group.

(2) Net of treasury shares held by the company.

(3) Not in operation/in the process of disposal.

Changes in the scope of consolidation During the first half of 2026 the changes in the scope of consolidation were determined by the following o perations:

End of liquidation process 1H 2026  Torre di Isola S.c. a r.l.;

 Cornigliano 2009 S.c. a r.l;.

 Lambro S.c. a r.l. in liquidation.

Placed in liquidation  CERVIT Impianti Tecnologici - C.I.T. S.c. a r.l. in liquidation;

 Consorzio Sintec in liquidation.

New incorporation

 Sinelec Albania SHPK, a wholly-owned subsidiary of Sinelec S.p.A.;

 Galeazzi MEP S.c.ar.l., in which Sinelec S.p.A. hol ds 55%.

It should also be noted that during the first half of the year, the subsidiaries ASTM North America In c. and EIL 06 S.A. changed their names to Halmar Infrastructure Development Inc. and Concessionária Ecovias das Gerais S.A. respectivel y.

66 2026 Half Year Financial

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Condensed Consolidated interim financial report

Measurement criteria

The valuation criteria applied in preparing the con densed consolidated interim financial report at 30 Ju ne 2026 is the same as that used to prepare the financial statements as at 31 Dec ember 2025.

Intangible assets

Goodwill

As an intangible asset, this is not subject to amor tisation. An impairment test is conducted at least annually, and in any case when events arise that may indicate a reduction in value . This check is carried out at the level of the ind ividual cash generating unit (CGU) to which goodwill has been allocated and based on w hich Management evaluates the profitability of the investment. Write-downs are not subject to reversal.

Concessions – introduction Based on contractual agreements (Concessions) inclu ded in the scope of application of IFRIC 12, the conc essionaire operates as service provider with regard to (i) the constructio n and/or improvement of the infrastructure used to provide public service and (ii) its management and maintenance for a specific time frame. As a result, the construction and improvemen t activities of the infrastructure can be compared to those of a constr uction company. Therefore, in the period during whi ch these services are provided, construction revenue and costs are record ed in the income statement, pursuant to IFRS 15.

As provided for in IFRIC 12, for construction and/or improvement services rendered by the concessionaire , the granting body pays an amount to the concessionaire, to be recorded at its fair value, which can consist of rights to:

a) a financial asset (the so-called financial asset model); or b) an intangible asset (the so-called intangible as set model).

The financial asset model is applied when the conce ssionaire has an unconditional right to receive con tractually guaranteed cash flows (so-called “guaranteed minimum amount”) for c onstruction services, regardless of the actual use of the infrastructure.

On the other hand, in the intangible asset model th e concessionaire acquires the right to charge users with a fee for the use of the infrastructure, in return for construction and impr ovement services on the infrastructure. Therefore, the concessionaire's cash flows are not guaranteed by the granting body, but are re lated to the actual use of the infrastructure by us ers, thus implying a demand risk for the concessionaire. This risk implies that reve nue from the exploitation of the right to charge us ers for the use of the infrastructure is not enough to ensure an adequate remuneration ma rgin for the investments made.

We talk about a mixed accounting model if the conce ssionaire is paid for construction and improvement services on the infrastructure partly by means of a financial asset and partly thr ough an intangible asset. In this case, it is neces sary to separate the parts of the agreement referring to the financial asset and thos e referring to the intangible asset. In this event, IFRIC 12 sets out that the concessionaire firstly calculates the part concerni ng the financial asset and then the amount referrin g to the intangible asset in a residual way (as compared to the value of the const ruction and/or improvement services rendered).

With regard to the concession agreements held by th e motorway concession companies , the intangible asset model applies, while the agreements held by companies belonging to other sectors are subject to the financial asset model.

67 2026 Half Year Financial

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Condensed Consolidated interim financial report Concessions – non-compensated revertible assets “Non-compensated revertible assets” represent the r ight of the Concessionaire to use the asset under c oncession, given the costs incurred for planning and construction activities o f the asset. The value corresponds to the fair valu e of design and construction activities plus financial expenses capitalised - in compliance with the requirements of IAS 23 - during the construction phase. The book value of these assets is represented net of "c apital grants". In fact, in line with IFRIC 12, these grants take the form of a right to receive a prearranged amount (financial asset) agai nst the costs incurred to carry out the works.

These assets are amortised on the basis of the expe cted traffic (kilometres) over the term of the indi vidual concessions, a method that reflects the way in which the future economic benefits deriving from the asset are expected to be used by the Concessionaire.

It should be noted that, in determining the depreci ation of the revertible assets of certain investee companies, account was taken, in respect of certain investments, of the “takeover values” and “contributions” provided for in the co ncession agreements currently in force, in the supplementary deeds approved by or submitted to the Granting Body, and/or in the agre ements entered into with the Granting Body.

Concerning non-compensated revertible assets, the a mortisation and depreciation reserve and the provis ions for restoration and replacement, considered overall, provide adequate c overage of the following expenses:

 free alienation to the Granting Body, at the end of the concession, of revertible assets with a useful life greater than the duration of the concession;

 recovery and replacement of components of revertibl e assets, which are subject to wear;

 recovery of the investment also in relation to new works scheduled in the financial plans.

When events arise that indicate a reduction in valu e of intangible assets, the difference between the book value and the associated recovery value is imputed to the income statement.

The cost of “non-compensated revertible motorway fi xed assets” includes the value of the stretches in operation built by third parties and given to the Group to operate. The “provision f or capital grants” was increased by an equivalent a mount.

Other intangible assets “Other intangible assets” are posted at cost. They are systematically amortised over the period in whi ch the assets are expected to be used by the business.

Costs associated with development activities are po sted to the balance sheet assets when: (i) the expe nse related to the intangible asset can be reliably determined, (ii) there is the intention, the availability of financial resources and the technical ability to make the asset available for use or sale, (iii) it can be pr oved that the asset can produce future economic ben efits. These intangible assets are amortised over a period not to exceed five financia l years.

When events arise that indicate a reduction in valu e of intangible assets, the difference between the book value and the associated recovery value is imputed to the income statement.

Expenses for research activities are posted to the income statement of the period in which they are in curred.

Tangible fixed assets Property, plant, machinery and other assets These assets are posted at purchase cost or product ion cost (including directly imputable auxiliary co sts) and include the related directly imputable financial expenses needed to mak e the assets available for use.

68 2026 Half Year Financial

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Condensed Consolidated interim financial report The annual depreciation rates used to distribute sy stematically the value of tangible assets based on their useful life are as follows (presented by similar categories with evidence of t he related application interval):

Category Rate

Land not depreciated Buildings 3% - 4% Plant and machinery 10% - 20% Industrial and commercial equipment 10% - 40% Other assets 10% - 25% Rights of use On the basis of the provisions of IFRS 16, the lease contracts payable (which do not constitute the prov ision of services) are accounted for by recognising a financial liability in the sta tement of financial position, represented by the pr esent value of future lease payments, against the posting of the right of use of the leas ed asset to the assets.

IFRS 16 introduces the “right of use” concept, which determines – independently of the contractual form – the obligation to post the right of use to the balance sheet assets with the c orresponding payable at the present value of future lease payments as a contra-

item in the liabilities.

The assets and liabilities are posted at the curren t value of the contractually due lease payments, ta king account of any option for extension/resolution where there is reasonable cert ainty to exercise/not exercise it.

The portion of amortisation and depreciation of the right of use posted to the assets and the interest expense originating from the financial liabilities of the lease are recognised i n the income statement at amortised cost.

The value of the right of use recorded under tangib le assets is systematically depreciated on the basi s of the expiry dates of the lease contracts, also considering the probability of rene wal of the contract if there is an enforceable rene wal option.

For contracts expiring within 12 months (short-term l eases) and the contracts for which the underlying a ssets are configured as low-

value assets (i.e. the assets of the leasing that d o not exceed the value of EUR 5,000/USD 5,000 when new), th e introduction of IFRS 16 does not result in the recognition of the financia l liability of the lease and the related right of u se, but the lease payments are posted to the income statement, under the item righ t of use asset, on a straight-line basis for the du ration of the respective contracts.

Inventories

Raw materials, ancillary materials, consumables, se mi-finished goods, finished goods and goods These are valued at the lesser of the cost – determ ined with the “average weighted cost” method – and the “net realisable value”.

Contract assets

Construction contracts in progress are measured on the basis of the contractual consideration accrued with reasonable certainty in view of the progress of the work by using the perce ntage of completion approach, determined as the rat io between costs incurred and total estimated costs, so as to allocate the re venue and profit/loss deriving from the contract to the individual financial years pertaining to individual years in proportion to the progress made with the work. The positive or negat ive difference between the amount of the consideration accrued and the amount of the advance payments is entered respectively und er assets or liabilities in the statement of financial position, also taking in to account any write-downs made for risks connected with non-recognition of work carried out on behalf of customers.

In addition to the contractual consideration, contr act revenue includes claims, price revisions and an y requests for additional payments provided that it is highly probable that t here will be no significant adjustment to them in t he future.

If the performance of the contract activities is ex pected to generate a loss, this is immediately reco gnised in the income statement regardless of the progress of the contract.

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Condensed Consolidated interim financial report Revenue for construction and/or improvement service s in favour of the Granting Body and relating to co ncession contracts held by certain Group companies is recognised in the income statement based on the progress of the work. In pa rticular, these revenues represent the consideration due for the activities performed and are measured at fair value, based on the total costs incurred (mainly consisting of costs for materials and external serv ices, costs of employee benefits dedicated to these activities, relevant financial expenses for construction and/or improvement servic es relating to works expected to yield additional e conomic benefits), as well as any margin on services carried out with structures within the Group (as this represents the fair value of these services). The balancing entry to these revenues for construction and/or imp rovement services is financial assets (concession r ights) or concession rights under intangible assets, as described in this parag raph.

Financial assets

In accordance with IFRS 9, financial assets are clas sified in the following three categories:

 Financial assets measured at amortised cost (AC) us ing the effective interest method: these assets fal l under a “hold to collect” business model and generate contractual cash flows of a principal and interest nature. This category i ncludes financial assets other than derivatives such as loans and receivable s with payments that are fixed or can be determined , and that are not listed in an active market. Discounting is omitted when th e effect is insignificant. This category includes c ash, trade receivables and receivables from connected companies for tolls coll ected on behalf of Group concessionaires, which had not yet been allocated by the end of the period, and interest-bearing loan s granted.

 Financial assets measured at fair value with change s in fair value recognised in the statement of comp rehensive income (FVOCI):

these assets fall under a hold to collect and sell business model and generate contractual cash flows of a principal and interest nature. This category also includes minority intere sts, irrevocably designated as such under IFRS 9, ot her than equity instruments not held for trading and not a potentia l consideration arising from a business combination . For minority interests, contrary to what generally happens with financial a ssets at FVOCI, the gains and losses recognised in the statement of comprehensive income are not subsequently transferr ed to the income statement, although the cumulative profit or loss may be transferred to Shareholders’ equity; in addition , such minority interests are not subject to impair ment accounting. The dividends arising from these are still recognised i n the income statement, unless they clearly represe nt a recovery of part of the investment cost.

 Financial assets measured at fair value with change s in fair value recognised in profit and loss (FVPL ): this category covers the remainder and includes all financial assets other t han those measured at amortised cost and at fair va lue with changes in fair value recognised in the statement of other comprehe nsive income (FVOCI). This category includes financ ial assets without an interest component, including investments in invest ment funds.

Cash and cash equivalents Cash includes cash on hand, including cheques, and bank demand deposits. Cash equivalents are represen ted by financial investments with a maturity of three months or less (from the d ate of purchase), readily convertible into cash and with an insignificant risk of change in value.

Cash and cash equivalents are recognised at nominal value or amortised cost, depending on their nature .

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Financial liabilities

Pursuant to IFRS 9, financial liabilities are divide d into two categories: 1) financial liabilities meas ured at amortised cost using the effective interest rate upon expiry (AC); 2) financi al liabilities measured at fair value with changes in fair value recognised in profit and loss (FVPL), which are in turn divided into the two sub-categories “held for trading” and “FVPL at inception”.

Financial liabilities include loans, bond loans, le ase liabilities, trade payables, other liabilities and financial derivatives. These instruments are recorded at fair value when opened, net of any costs that can be ascribed to them. Sub sequently, the financial liabilities in question are measured at amortised c ost using the effective interest method, with the e xception of derivative financial instruments (other than derivative financial instru ments designated as effective hedging instruments) and any financial liabilities designated at FVPL, which are accounted for at fair value through profit or loss.

Payables to ANAS – Central Insurance Fund These payables refer to operations undertaken by AN AS and the Central Insurance Fund during earlier ac counting periods on behalf of a number of Italian motorway concessionaires for the payment of loan instalments and trade payables . To facilitate the economic and financial equilibrium of the respective concess ions, the financial plans attached to them require repayment of these liabilities based on the duration of the concession, in the abs ence of related interest payments.

Therefore, these payables have been discounted base d on a specific interest rate for each concessionai re. In compliance with IFRS, this interest rate is established using as a refere nce financial instrument with essentially the same conditions and features (the discounting rates that have been used vary between 6.18% and 6.23%). The difference between the original am ount of the debt and its current value is posted among liabilities to “d eferred income” in accordance with IAS 20 regarding l oans bearing interest at below-

market rates.

The charge from the discounting process is imputed to the income statement among “financial expenses”. At the same time, the amount previously deferred (and included in "deferr ed income") is posted to the item “other income”.

Provisions for risks and charges Provisions for risks and charges concern costs and charges of known type and of certain and probable e xistence, the amount and date of occurrence of which was not known at the cl osing date of the accounting period. Provisions are recorded when: (i) a current, legal or implied obligation probably exists from a past event; (ii) it is probable that meeting the ob ligation will be burdensome; (iii) the amount of the obligation can be reliably estima ted.

The provisions to reserves represent our best estim ate of the amount needed to extinguish the obligati on or to transfer it to third parties as at the closing date of the financial sta tements. When the financial impact of time is signi ficant and the dates for paying off the obligations can be reliably estimated, the prov isions are discounted.

The explanatory notes also explain any contingent l iabilities represented by: (i) possible (but not pr obable) obligations from past events, the existence of which will be confirmed on ly upon the occurrence of one or more uncertain fut ure events not completely under the control of the Group; (ii) current obliga tions from past events, the total of which cannot b e reliably estimated or the fulfilment of which is probably not costly.

Provision for restoration, replacement or maintenan ce of non-compensated revertible assets Consistent with the contractual obligations, as at the reporting date, the “Provision for restoration, replacement or maintenance of non-compensated revertible assets” receives the pro visions needed to carry out maintenance to ensure t he due functionality and safety of the non-compensated revertible assets dur ing later accounting periods and takes account – we re significant – of the financial component associated with the passage of time.

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Employee benefits

Post-employment benefits, taking account of their c haracteristics, are divided into “defined contribut ion” and “defined benefit” plans.

In the defined contribution plans, the company’s ob ligation, limited to the payment of contributions t o the State or to a fund or to a legally distinct entity, is determined on the basis of the contributions due. The costs related to the se plans are recognised in the consolidated income statement on the basis of the c ontribution made in the period.

In the defined benefit plans, however, the company’ s obligation is determined separately for each plan on the basis of actuarial estimates by estimating (in accordance with the Pro jected Unit Credit Method) the amount of future ben efits that employees have accrued at the date of reference. Specifically, the actual value of the defined benefit plans is calcu lated using a rate determined on the basis of the market returns, at the reporting d ate of the financial statements, of bonds of leadin g companies, or, in the absence of an active market on which these are exchanged, g overnment securities. Liabilities are recorded on a n accrual basis during the period of accrual of the right. Liabilities are cal culated by independent actuaries.

Multi-employer pension plans are accounted for by t he Group as either defined benefit or defined contr ibution plans, depending on the terms of the plan. In this case, when sufficien t information is not available to use defined benef it accounting for a multi-employer defined benefit plan, these plans are recognised as defined contribution plans.

Treasury shares

Treasury shares are posted at purchase cost, as a r eduction in shareholders’ equity. The nominal value of the treasury shares held is deducted directly from share capital. The value res ulting from their transfer is posted with a contra- item in shareholders’ equity and no entry in the income statement.

Revenue

Revenue is the gross inflow of economic benefits du ring the period arising in the course of the ordina ry activities of an entity.

Revenue is recognised at a specific point in time o r over time, when the Group meets its performance o bligations by transferring control of the goods and services to its customers; the process underlying the recognition of revenue follows the five steps required by IFRS 15: (i) identification of the contract with t he customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv) alloca tion of the price to the various performance obliga tions and (v) recognition of revenue as each performance obligation is satisfied . In particular:

Proceeds from tolls These are posted based on the related transits. In particular, the net toll revenue was calculated by multiplying the kilometres travelled by users on the relevant stretches by the tariff in force for each motorway stretch.

Rental income and royalties Rental income and royalties are valued based on the payment indicated in the underlying contracts with the respective counterparties. In particular, royalties relating t o the service areas on the motorway networks manage d are quantified on the basis of a (fixed) percentage of revenues from the econom ic use of sub-concession areas (normally the sale o f food and oil products).

Revenues from product sales The Group recognises the revenue from product sales when it transfers control of the asset to its cust omers; this moment generally coincides with the Group obtaining the right to pay ment and the transfer of material possession of the asset, which incorporates the transfer of the significant risks and rewards of ow nership.

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Condensed Consolidated interim financial report Revenues for services Revenues for services are recognised based on the a ccrued payment, calculated by reference to the stag e of completion of the service.

Contract revenue

Revenues from construction contract work in progres s are recognised using the percentage of completion method. The percentage of completion is determined using the cost-to-cost method, calculated by applying the percentage of co mpletion to the total expected revenue, as calculated by the ratio between the con tract costs incurred and the total expected costs.

Financial income

Interest income is calculated on the value of the r elated financial assets at the effective interest r ate.

Dividends

Dividends paid by unconsolidated companies are post ed when the right to receive them is established, w hich corresponds to the date that the Shareholders’ Meeting of the investee companies approves the distribution.

Any interim dividends are recorded when the distrib ution is approved by the Board of Directors of the investee company.

Grants

Grants are recognised when there exists a reasonabl e certainty that they will be received and that all the conditions for their disbursement will be met. Capital grants are posted to the balance sheet as an adjustment entry to the book value of the asset to which they refer. Operating grants are imputed as i ncome and systematically allocated to the cost rela ted to them using the matching principle.

Financial expenses

Financial expenses are recorded, on an accrual basi s, as a cost in the accounting period in which they are incurred except for those which are directly imputable to the construction of non-compensated revertible assets and other assets , which are capitalised as an additional part of the cost of production of the as set. Capitalisation of financial expenses begins wh en activities are under way to prepare the asset for use, and it ends when these a ctivities are essentially completed.

Taxes on income Current and deferred taxes are posted to the income statement when they do not relate to transactions directly posted to shareholders’ equity.

Income taxes are posted based on an estimate of the taxable income for the period, in compliance with current regulations.

In accordance with IAS 12, “deferred tax liabilities” and “deferred tax credits” are calculated based on the temporal differences between the recognised value for tax purposes of an asset or a liability and its value in the balance sheet, when it is probable that these differences will cancel themselves out in the foreseeable future. The amount of the “deferred ta x liabilities” or “deferred tax credits” is determined based on tax rates that are expected to apply to the period in which the tax cr edit is realised or the tax liability is extinguished. The tax rates are those establishe d in current fiscal legislation as at the reference date of the individual accounting entries.

Deferred tax assets are posted when their recovery is likely.

Deferred tax assets and liabilities are offset when it is legally allowed.

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Condensed Consolidated interim financial report Furthermore, tax effects have been considered, deri ving from the adjustments made to the financial sta tements of consolidated businesses while applying uniform Group valuation c riteria.

Derivatives

Derivatives are assets and liabilities recognised a t fair value. The fair value of derivatives is dete rmined by discounting the expected net cash, using the market interest rate curves for the date of reference and the listed credit defaul t swap curve of the counterparty and the group companies, to include the risk of non -performance explicitly envisaged in IFRS 13.

Derivatives are classified as hedging instruments w hen the relationship between the derivative and the subject of the coverage is formally documented and the coverage is highly effe ctive, which is verified periodically. When hedging derivatives cover the risk of changes to the fair value of the instruments being covered (a "fair value hedge", for example, coverin g the variability of the fair value of assets/liabilities at a fixed rate), the derivat ives are recognised at fair value and their effects are recognised to the income statement. At the same time, the instruments hedged are updated to reflect the changes to their fair v alue associated with the underlying risk. When derivatives hedge the risk of changes in the cash flows of the hedged instrument s (cash flow hedge; e.g. hedging the variability of cash flows from assets/liabiliti es at variable rates, or hedging the exchange rate risk of foreign currency investment transactions considered highly probable), changes i n the fair value of derivatives are recognised in t he statement of comprehensive income and included in the cash flow hedge reserve in Shareholders’ equity and subsequently charged to the income statement in line with the economic effects produced by the hedg ed transaction or in the event of total or partial ineffectiveness of the hedge.

Changes to the fair value of derivatives that do no t satisfy the conditions to be classified as hedges are posted to the income statement.

Impairment test

When impairment is detected, an impairment test is carried out to estimate the recoverable value of th e asset. Impairment is accounted for in the income statement when the book value of an asset or of a cash generating unit exc eeds the recoverable value.

The book values of the Group’s assets are still ass essed at the end of each annual reporting period.

Intangible assets with indefinite useful life are a ssessed every year and whenever there is an indicat ion of potential impairment, in order to ascertain if such impairment effectively e xists.

The recoverable value of non-financial assets corre sponds to the highest between their fair value net of sale costs and their useful life. In order to establish their value in use, the estimated future cash flows are discounted at a ra te that reflects the current market valuation of the money value and the risk related t o that type of asset. If the assets do not generate incoming cash flows deemed as widely independent, the recoverable value of the ca sh generating unit to which the asset belongs is ca lculated.

The losses posted in the income statement are writt en back in case of changes in the valuation criteri a used to determine the recoverable value. A value write-back is recorded i n the income statement by aligning the book value o f the assets to its recoverable value. The latter cannot exceed the value that woul d have been determined, net of amortisation and dep reciation expense, if impairment had not been posted in the previous year s.

That said, as at the reporting date, there were no serious concerns that might indicate impairment and therefore warrant the performance of impairment tests.

Business combinations and goodwill Acquisitions of companies and business units are re cognised in line with the acquisition method establ ished in IFRS 3; to that end the identifiable assets and liabilities taken on are me asured at their respective fair values as of the da te of acquisition. The cost of the acquisition is measured as the total of the fair va lues, as of the date of exchange, of the assets rec eived, liabilities taken on and any

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Condensed Consolidated interim financial report equity instruments issued by Group companies in exc hange for control over the entity in question. Acce ssory costs directly attributable to the business combination are recogn ised in the income statement when incurred.

In line with IFRS 3, goodwill is recognised in an am ount equal to the positive difference between:

a) the sum of:

1. the cost of acquisition, as defined above;

2. the fair value on the acquisition date of any non-c ontrolling stakes already held in the acquired enti ty;

3. the value of minority interests held by third parti es in the acquired entity, measured, for each opera tion, at the fair value or in proportion to the current value of the net identifiable assets of the acquired entity;

b) the net fair value on the acquisition date of ident ifiable assets and liabilities taken on.

On the acquisition date, the goodwill identified is allocated to each substantially independent cash g enerating unit (CGU), expected to benefit from synergies obtained through the busi ness combination. If expected benefits involve mult iple CGUs, goodwill is allocated to all of them.

In the case of a negative difference between the va lues in points a) and b) above, this is recognised as income in the income statement for the year in which acquisition occurred.

Any goodwill relative to non-controlling equity inv estments is included in the carrying value of the e quity investments for the companies in question.

When all necessary information for determining the fair value of assets and liabilities is not availab le, they are recognised provisionally in the year in which the business combination occur s and adjusted, retroactively, no later than twelve months after the acquisition date.

After initial recognition, goodwill is not amortise d and is decreased for any losses of value accumula ted, determined with the method described in the section “Impairment test”.

IFRS 3 was not applied retroactively to acquisitions made prior to 1 January 2004; consequently, for these a cquisitions the goodwill determined using previous accounting standard has b een maintained, equal to the net book value at that date, after verification and identification of any impairment.

Any acquisitions or disposals of companies and/or b usiness units between companies under the control o f a common entity (known as “under common control” operations) are handled, in compliance with that established in IAS 1 and IAS 8, based on the economic substance of the same, verifying that the amount pa id was determined based on the fair value and that it generates added value for all of the parties interested, made concrete throug h significant measurable changes in cash flows befo re and after the operation transferring equity investments. In relation to the same:

a) when both the requirements are respected, these acq uisitions of companies and/or business units are re cognised in line with IFRS 3, with the same criteria previously illus trated for similar transactions carried out with th ird parties. In these cases, the disposing company recognises in its inco me statement any difference between the book values of the assets and liabilities transferred and the relative fee receiv ed;

b) in other cases, assets and liabilities transferred are recognised by the recipient company at the same values at which they were recognised in the financial statements of the disposing company prior to the operation, recognisi ng any difference with respect to the acquisition cost under sharehol ders’ equity. Similarly, the disposing company reco gnises in its shareholders’ equity the difference between the net book value of the assets and liabilities disposed of and the fee established.

Estimates and valuations The preparation of this condensed consolidated inte rim financial report and the related notes required estimates and assumptions that had an effect on the values of the assets and liabilities in the report and on the information re lated to potential assets and

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Condensed Consolidated interim financial report liabilities as at the reporting date. Actual result s achieved may differ from these estimates. Among o ther things, estimates are used to appraise financial assets and liabilities, to pe rform the impairment test – in the presence of indi cators – for the reporting of deferred tax assets and liabilities and to record t he amortisation/depreciation, the write-downs of as sets and the provisions for risks.

The outcomes of assessments by independent experts were also used to calculate the estimates. The esti mates and assumptions are reviewed periodically and the effects of any change s are reflected in the income statement.

Generally, some valuation processes – in particular the most complex ones, such as the assessment of a ny loss in value of fixed assets – are completely carried out only upon drawing up o f the financial statements, when all necessary info rmation is available. However, in case there is evidence of potential losses in va lue, an impairment test is carried out and the pote ntial loss is reflected in each single book value.

Translation of foreign currency items The statement of financial position and income stat ement of each consolidated company are prepared usi ng the functional currency of the economy in which each company carries out it s operations. Transactions in foreign currencies ot her than the functional currency are recorded at the exchange rate prevaili ng at the transaction date. Monetary assets and lia bilities denominated in a currency other than the functional currency are sub sequently adjusted to the exchange rate at the repo rting date with any exchange differences recognised through the income statement . Non-monetary assets and liabilities denominated i n foreign currencies and recorded at historical cost are translated using th e exchange rate prevailing at the time the transact ion was first recognised.

For the purpose of consolidation in the Group accou nts, the income statement and the balance sheet of consolidated companies with functional currencies other than the Euro are translated by applying the exchange rate prevailing as at the reporting date to assets and liabilities, including goodwill and adju stments made upon consolidation, and the average ex change rates for the year or for the consolidation period, whichever is less, to income statement items. The resulting foreign exch ange differences are recognised directly in the statement of comprehensive income a nd reclassified to the income statement upon loss o f control of the equity investment and, therefore, upon de-consolidation.

The main exchange rates applied during the period t o translate the income statements and statements of financial position with functional currency other than the Euro, are those published by the Bank of Italy (1) and presented in the following table:

Currency 2026 2025 Spot exchange rate as at 30 June Average half-year exchange rate Spot exchange rate as at 31 December Average half-year

exchange rate

EUR/GBP 0.86178 0.8672 0.8726 0.84229

EUR/BRL 5.9003 6.0127 6.4364 6.2913

EUR/USD 1.1394 1.1666 1.175 1.0927

EUR/Kuwaiti Dinar 0.3518 0.3583 0.3617 0.3361 EUR/Omani Rial 0.4381 0.4486 0.4518 0.4202 EUR/Albania - ALL 94.08 95.83 96.8 98.69 EUR/Algeria – Dinar 151.7638 153.5543 152.0642 145.6799 EUR/Botswana – Pula 15.825 16.0723 16.2517 14.9681 EUR/South Africa – Rand 18.6544 19.1396 19.4439 20.0823 EUR/Romania – Ron 5.2439 5.1425 5.0968 5.0041 EUR/Saudi Arabia – Saudi Ryal 4.2728 4.3748 4.4063 4.0978 EUR /United Arab Emirates – Arab Emirates Dirham 4.1844 4.2843 4.3152 4.0131 EUR/Denmark – Danish Krone 7.4744 7.4721 7.4689 7.4607 EUR/Sweden – Swedish Krone 11.0935 10.7895 10.8215 11.0961 EUR/Russia – Russian Ruble (1) 89.887 89.263 92.496 95.187 (1) In the absence of publication by the Bank of Italy of an updated Euro/Russian Ruble exchange rate as at 30 June 2026, reference was ma de to the information published on the website www.it.investing.com

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Condensed Consolidated interim financial report *** The afore-mentioned valuation criteria were applied on a like-for-like and coherent basis in the prepa ration of this condensed consolidated interim financial report.

Any reclassifications of annual financial statement items made previously in order to allow for compar ison with the final values in the current period are shown in detail in the explanato ry notes.

*** Accounting standards, amendments and interpretation s: IFRS accounting standards applied from 1 January 2026 The following IFRS accounting standards, amendments and interpretations were applied by the Group for the first time on 1 January

2026:

 On 30 May 2024 the IASB published the document “ Amendments to the Classification and Measurement of Financial Instruments—Amendments to IFRS 9 and IFRS 7 ”. The document clarifies some problematical aspect s that emerged from the post-implementation review of IFRS 9, including the accounting treatment of financial assets the yields of which change on the achievement of ESG goals (i.e. green bonds). In par ticular, the amendments have the objective of:

- clarifying the classification of financial assets w ith variable yields linked to environmental, social and corporate governance (ESG) goals and the criteria to be used for the assessment of the SPPI test;

- determining that the settlement date of liabilities through electronic payment systems is that on whic h the liability is extinguished. However, it is permissible for an ent ity to adopt an accounting policy to enable the eli mination from the accounts of a financial liability before delivering cash at the settlement date in the presence of cer tain specific conditions.

With these amendments, the IASB also introduced fur ther disclosure requirements regarding in particula r investments in equity instruments designated at FVOCI.

The adoption of such amendment had no effect on the Group’s condensed consolidated interim financial r eport.

 On 18 December 2024, the IASB published the amendment “ Contracts Referencing Nature-dependent Electricity – Amendment to IFRS 9 and IFRS 7 ”. The goal of the document is to support entities in reporting the financial effects of contracts to purchase electricity produced by renewable sources (frequent ly structured as Power Purchase Agreements). Under these contracts, the amount of electricity generated and purchased may v ary based on uncontrollable factors such as the wea ther. The IASB made targeted amendments to IFRS 9 and IFRS 7. These amend ments include:

- a clarification on the application of the “own use” requirements for this type of contract;

- the criteria that allow recognising these contracts as hedging instruments; and,

- new disclosure requirements to allow financial stat ement users to understand the impact of these contr acts on the financial performance and cash flows of the entity.

The adoption of such amendment had no effect on the Group’s condensed consolidated interim financial r eport.

 On 18 July 2024, the IASB published the document “Annual Improvements Volume 11”. The document offers clarifications, simplifications, corrections and changes intended t o improve the consistency of the various IFRS Accou nting Standards. The standards amended are:

- IFRS 1 First-time Adoption of International Financia l Reporting Standards;

- IFRS 7 Financial Instruments: Disclosures and guidel ines on the implementation of IFRS 7;

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- IFRS 9 Financial Instruments;

- IFRS 10 Consolidated Financial Statements; and

- IAS 7 Statement of Cash Flows.

The adoption of such amendment had no effect on the Group’s condensed consolidated interim financial r eport.

IFRS accounting standards, amendments and interpret ations approved by the European Union, not yet compulsorily applicable and not adopted in advance by the Group as at 30 June 2026 At the reporting date of this document, the compete nt bodies of the European Union had concluded the a pproval process required for the adoption of the amendments and the standard s described above, but these standards are not comp ulsorily applicable and have not been adopted in advance by the Group as at 30 June 2026:

 On 9 April 2024 the IASB published a new standard IFRS 18 Presentation and Disclosure in Financial Stat ements which will replace the standard IAS 1 Presentation of Financial Statements . The new standard has the aim of improving the pre sentation of the financial statement schedules, particularly with reference to the structure of the income state ment. In particular, the new standard requires entities to:

- Classify revenues and costs in three new categories (operating section, investment section and financi al section), as well as the categories of taxes and discontinued operati ons already present in the income statement;

- present two new sub-totals, the operating profit or loss and profit or loss before financing and incom e taxes (i.e. EBIT).

The new standard in addition:

- requires more information on management-defined per formance measures;

- introduces new criteria for the aggregation and dis aggregation of the information; and,

- introduces some changes to the format of the statem ent of cash flows, including the requirement to use the operating profit or loss as starting point for the presentati on of the statement of cash flows prepared with the indirect method and the elimination of some options for classification of some currently existing items (such as interest paid, interest collected, dividends paid and dividends collected).

The new standard will take effect as of 1 January 2027, but early application is allowed. The directors hav e launched a project to analyse the possible effects of introducing this new standard on the Group’s consolidated financial statements.

IFRS accounting standards, amendments and interpret ations not yet approved by the European Union At the reporting date of this document, the compete nt bodies of the European Union had not yet conclud ed the approval process required for the adoption of the amendments and pri nciples described above.

 On 9 May 2024 the IASB published a new standard IFRS 19 Subsidiaries without Public Accountability: D isclosures (together with the Amendments to IFRS 19 Subsidiaries without Public Ac countability : Disclosures published on 21 August 2025). The new standard introduces a number of simplifications in terms of the disclosures requested by the IFRS Acco unting Standard in the annual financial statements of a subsidiary which m eets the following requirements:

- it has not issued equity or debt instruments quoted on a market and is not about to issue them;

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- its parent company prepares consolidated financial statements in accordance with the IFRS.

The new standard will take effect as of 1 January 2027, but early application is allowed. This standard doe s not apply to the Group’s consolidated financial statements.

 On 13 November 2025, the IASB published a document entitl ed “Transition to a Hyperinflationary Presentation Currency – Amendment to IAS 21”, which clarifies the translatio n procedures for an entity whose presentation curre ncy is that of a hyperinflationary economy. The entity applies the a mendments if:

- its functional currency is that of a non-hyperinfla tionary economy and it is converting its financial results and financial position into the currency of a hyperinflationary e conomy; or,

- it is converting the financial results and financia l position of a foreign operation, whose functional currency is that of a non-hyperinflationary economy, into the currency of a hyperinflationary economy.

The amendments will apply starting from the financi al statements of years that begin from 1 January 2027. T he directors do not expect an effect in the Group’s consolidated fi nancial statements arising from adoption of this am endment.

 On 27 May 2026 the IASB published the standard IFRS 20 – Regulatory Assets and Regulatory Liabilitie s. The new standard applies to all entities subject to a specific type of rate regulation, namely rate regulation that cre ates timing differences.

The objective of the new standard is to require an entity to provide relevant information that reflect s the impact of income and expense arising from regulated activities on the en tity’s financial performance, as well as the impact of assets and liabilities arising from regulated activities on the financial position. To achieve this objective, the new standa rd sets out the requirements for the recognition, measurement, presentation and disclosure of assets, liabilities, income and expen ses arising from regulated activities. Assets and liabilities arising from reg ulated activities constitute a subset of the rights and obligations created by a regulatory agreement. The information relating to t his subset of rights and obligations enables users of the financial statements

to understand:

a) the income and expense arising from an entity’s reg ulated activities, which stem from the assets and l iabilities arising from those regulated activities. This understanding , together with the information required by other I FRS, will provide guidance on the total remuneration permitted for re gulated goods or services supplied by the entity du ring a reporting period and, consequently, on the entity’s financial performance and prospects for future cash flows.

b) the assets and liabilities arising from an entity’s regulated activities. This understanding will prov ide information on the entity’s financial position at the end of a reporti ng period and on the amount, timing and uncertainty of the entity’s future cash flows.

IFRS 20 will replace IFRS 14 – Regulatory Deferral Accounts and will come into force on 1 January 2029, although e arly adoption is permitted.

The directors are currently evaluating the possible effects of the introduction of this new standard o n the Group’s consolidated financial statements.

 On 27 June 2026, the IASB published a document entitled “Amendments to the Fair Value Option for Investment s in Associates and Joint Ventures (Amendments to IAS 28)” , which clarifies which entities are eligible to me asure investments in associates and joint ventures using the fair value option prov ided for in IAS 28. The IASB decided to draw up amen dments to address:

- the lack of clarity about the meaning of “similar e ntities, including investment-linked insurance fund s” and how narrowly or broadly that description should be inte rpreted; and,

79 2026 Half Year Financial

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Condensed Consolidated interim financial report

- the different interpretations of the relationship b etween the scope of application of the fair value o ption in IAS 28 and the requirements in IFRS 18 referring to specifie d main business activities.

The amendments will apply at the same time as appli cation of IFRS 18 and, therefore, starting from the f inancial statements of years that begin from 1 January 2027. The directors a re currently evaluating the possible effects of the introduction of these amendments on the Group’s consolidated financ ial statements.

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Condensed Consolidated interim financial report Explanatory Notes – Operating segments On the basis of the current organisational structur e of the ASTM Group, the information required by IF RS 8 is provided below, broken down by “business segment".

The activity of the group is divided into five main sectors:

a. Motorway sector (operating activities) b. Motorway/EPC sector planning and construction activ ities - IFRIC 12 c. EPC sector d. Technology sector e. Minor sectors and other services The financial and equity data for each sector are s hown in the table below. Transactions between secto rs are reversed in the “Eliminations” column.

Segment reporting, prepared using the same accounti ng policies as those applied in the preparation of the condensed consolidated interim financial statements, is consistent with th e reporting methods used by management for operatio nal decision-making. In particular, identification of operating segments an d assessment of their performance is based on inter nal reports regularly reviewed (in thousands of EUR) 1HY 2026 1HY 2025 1HY 2026 1HY 2025 1HY 2026 1HY 2025 1HY 2026 1HY 2025 1HY 2026 1HY 2025 1HY 2026 1HY 2025 1HY 20 26 1HY 2025 Revenues from third parties:

motorway sector – operating activities 1,342,987 1,264,713 - - - - - - - - 1,342,987 1,264,713 motorway sector – planning and construction activities - - 573,329 606,100 - - - - - - 573,329 606,100 EPC sector - - - - 783,772 759,078 - - - - 783,772 759,078 EPC sector - planning and construction activities - - 49,704 74,752 - - - - - - 49,704 74,752 Technology sector - - - - - - 46,762 64,630 - - 46,762 64,630 Other 56,160 51,161 - - 19,554 23,012 2,229 1,411 58,860 72,406 136 ,803 147,990 Total revenues from third parties 1,399,147 1,315,874 623,033 680,852 803,326 782,090 48,99 1 66,041 58,860 72,406 - - 2,933,357 2,917,263 Inter-segment revenues 12,236 10,731 - - 380,542 425,203 110,476 115,152 63,204 50, 264 (566,458) (601,350) - -

Total revenues 1,411,383 1,326,605 623,033 680,852 1,183,868 1,207,293 1 59,467 181,193 122,064 122,670 (566,458) (601,350) 2,933, 357 2,917,263 Operating costs (567,962) (514,471) (623,033) (680,852) (1,115,893) (1,1 51,179) (127,644) (132,639) (99,240) (92,844) 565,684 600 ,610 (1,968,088) (1,971,375) Sector EBITDA 843,421 812,134 - - 67,975 56,114 31,823 48,554 22,824 29,82 6 (774) (740) 965,269 945,888 Amortisation/depreciation and net provisions (361,960) (405,048) - - (26,300) (20,984) (2,860) (3,274) ( 9,524) (6,981) 661 604 (399,983) (435,683) Operating profit 481,461 407,086 - - 41,675 35,130 28,963 45,280 13,300 22,845 (113) (136) 565,286 510,205 Financial income 71,477 52,372 - - 11,041 14,667 1,208 1,486 80,287 79,115 (61,134) (68,937) 102,879 78,703 Financial expenses (299,042) (229,857) - - (11,640) (11,659) (259) (832) (213,319) (193,229) 60,753 68,063 (463,507) (367,514) Profit (loss) of companies accounted for with the equity method 73 (169) - - 30 280 - - (565) 282 - - (462) 393 Profit (loss) before taxes on Continuing operations 253,969 229,432 - - 41,106 38,418 29,912 45,934 (120,297) (9 0,987) (494) (1,010) 204,196 221,787 Income taxes (108,362) (109,871) Profit (loss) for the period on Continuing operations 95,834 111,916 Consolidated

Motorway sector

(operating activities) Motorway/EPC sector (planning and construction activities) EPC sector Technology sector Minor sectors and other services Business segment Eliminations (in thousands of EUR)

June 30,

2026 December 31, 2025 June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025 June 30, 2026 December 31,

2025

Fixed assets 15,791,268 14,883,593 599,397 539,213 26,78 1 23,416 8,072,385 7,778,805 (8,500,721) (8,254,790) 15,9 89,110 14,970,237 Current assets 396,713 466,347 1,680,949 1,642,908 229,4 28 233,490 242,853 420,243 (715,859) (1,039,109) 1,834,08 4 1,723,879 Total assets 17,823,194 16,694,116 Short-term liabilities 845,874 996,743 1,523,532 1,463, 337 159,823 172,788 342,303 411,518 (831,391) (1,152,230) 2,040,141 1,892,156 Medium long term liabilities and provisions 2,455,37 8 2,332,134 339,798 331,853 23,387 26,575 91,167 82,559 - - 2 ,909,730 2,773,121 Net financial indebtedness 4,762,507 4,212,881 (4,998) (50,345) (58,245) (85,669) 5,206,882 5,084,226 - - 9,906,1 46 9,161,093 Shareholders’ equity 3,245,157 3,139,044 Total liabilities 18,101,174 16,965,414

Equity accounted investments 33,166 33,093 2,723 2,391 54 54 1,705 1,854 37,648 37,392 Minor sectors and other services Business segment Eliminations Consolidated

Motorway sector

(operating activities) EPC sector Technology sector

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Condensed Consolidated interim financial report by management - meaning the Chief Operating Decisio n Maker within the meaning of IFRS 8 - in order to a llocate resources to individual segments and monitor their economic and financial performance. The segment report sets out all the Key Performance Indicators (KPI) monitored by management: revenue, EBITDA and net financial indebtedness.

The nature of the products and services covered by segment reporting is described in detail in the int erim management report and in the explanatory notes to the condensed consolida ted interim financial statements, to which referenc e should be made.

The motorway sector is a separate reporting segment , geographically differentiated between Italian and Brazilian motorway concession companies. Detailed information regardin g these two geographical areas is provided in the i nterim management report and the explanatory notes to the condensed consolid ated interim financial statements, to which referen ce should be made.

Activities not included in the operating segments r eported separately are grouped under the residual c ategory “minor sectors and other services”. This category primarily comprises the supply of port logistics services; this categor y also includes holding company activities, which comprise strategic coordination, management of equity investments, centralisation of fundraising activities and costs associated with the general corporate structure, th e costs of which are not allocated to the operating segments as they are not directly attributable to specific business lines.

In accordance with the requirements of paragraph 34 o f IFRS 8, it should be noted that, as at 30 June 2026, the re were no individual external customers whose revenue accounted for 10% or more of the Group’s consolidated revenue. The cust omer portfolio is highly diversified across all the sectors in which the Gro up operates.

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Condensed Consolidated interim financial report Explanatory Notes – Concessions At 30 June 2026, business operations in the context of co ncessions are mainly represented by the construction and management of motorway infrastructure for which the Group companies are the concessionai res, as well as the construction, management and maintenance of vertical transport systems in certai n New York City subway stations.

The motorway concessionaires that are subsidiaries or associated companies of t he Group operate in accordance with specific concession agreements, which govern the rights and obligations of the concessionaire. In this respect, the concessionaires are in fact obliged, under their own responsibility and at thei r own expense, to arrange the planning, constructio n, maintenance and management of the motorway infrastructure until exp iry of the concession agreement and the right to co llect tolls from users (calculated and updated according to the methods sp ecified in the agreement), which guarantees that th e investments made are remunerated fairly. On expiry of the concessions, a ll motorway works completed (the “revertible assets ”) by the concessionaire must be transferred free of charge and in good condition to the Granting Body, except for concessions invol ving payment by the incoming concessionaire of the residual book value of the re vertible assets (the “terminal value”).

The following table provides details of the motorwa y concessions, with breakdown by concessionaire:

Concessionaire Motorway stretch Expiry of the

concession

Subsidiaries – Italy SATAP S.p.A. Torino-Milano 31 December 2026 SAV S.p.A. Quincinetto-Aosta 31 December 2032 SALT p.A. La Spezia-Parma (and road link with Autos trada del Brennero) 31 December 2031 Autostrada dei Fiori S.p.A. Torino-Savona 31 Decemb er 2038 Asti-Cuneo S.p.A. Asti-Cuneo 31 December 2031 Società di Progetto Autovia Padana S.p.A. Piacenza- Cremona-Brescia 28 February 2043 Società di Progetto Concessioni del Tirreno S.p.A. Savona-Ventimiglia 4 December 2035 (1) Società di Progetto Concessioni del Tirreno S.p.A. Sestri Levante-Livorno, Viareggio-Lucca and Fornola -La Spezia 4 December 2035 (1) SITAF S.p.A. Torino-Bardonecchia, Fréjus Tunnel 31 December 2050 Tangenziale Esterna S.p.A. Tangenziale Est Esterna di Milano (Milan Outer Ring Road) 30 April 2065 Associated companies – Italy SITRASB S.p.A. Traforo Gran San Bernardo (Great St Bernard Tunnel) 31 December 2034 Subsidiaries – Abroad Ecovias Imigrantes São Paulo metropolitan area - Port of Santos February 2034 Ecovias Leste Paulista Metropolitan São Paulo - Val e do Rio Paraiba industrial area October 2042 Ecovias Ponte Rio de Janeiro Noteroi - State of Rio de Janeiro May 2045 Ecovias Capixaba (Ecovias 101) Macuri/BA Rio de Jan eiro border August 2049 Ecovias Minas Goias Cristalina (Goias) - Delta (Min as Gerais) January 2044 Ecovias Norte Minas Montes Claros - Curvelo (Minas Gerais) June 2048 Ecovias Cerrado Jatai (Goias) - Uberlandia (Minas Gerais) January 2050 Ecovia Araguaia Alianca do Tocantins (To) - Anapoli s (Go) October 2056 Ecovias Rio Minas Rio de Janeiro (RJ) - Governador - Valadares (MG) September 2052 Ecovias Noroeste Paulista São José do Rio Presto, Araraquara São Carlos e Barretos April 2053 Ecovias Raposo Castello Raposo Tavares - Castello Branco March 2055 Ecovias das Gerais Rota das Gerais July 2056 (2) (1) Starting from 5 June 2024 these stretches, previou sly managed by SALT p.A. and Autostrada dei Fiori S .p.A., are managed by Società di Progetto Concessio ni del Tirreno S.p.A.. The concession period offered in the tender procedure is 138 month s for the Sestri Levante-Livorno, Viareggio-Lucca a nd Fornola-La Spezia stretches and 127 months for t he Savona-Ventimiglia stretch;

consequently 4 December 2035 is the expiry date of the last stretch in concession.

(2) The concession contract was signed on 3 June 2 026; on 3 July, the subsidiary Concessionaria Ecovi as das Gerais S.A. took over the relevant motorway network (BR-251/MG and BR-116/MG).

As regards the profit and loss figures of the indiv idual concessionaires, reference should be made to the information provided in the Interim Management Report in the section “Results o f Operations – Motorway Sector”.

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Condensed Consolidated interim financial report *** During 2023, a concession contract was signed between N ew York Metropolitan Transportation Authority Const ruction & Development Company (“MTA C&D”, the public entity t hat manages public transport in New York City) and Elevated Accessibility Enhancements Operating Company LLC (the vehicle company created and 100% controlled by Halmar Infrastructure Development Inc.) which calls for the execution of a project to improve accessibility in 13 New York City subway sta tions over a period of 3.5 years.

The project in particular includes: (i) the executi on of the works necessary to install 20 new vertical transport systems , ii) the replacement of another 14 vertical transport systems to improve the path of travel and iii) the manageme nt and maintenance of infrastructure for an initial period of 15 years afte r completion, with two extension periods of 5 years each, which can be activated at MTA C&D’s discretion.

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Condensed Consolidated interim financial report Explanatory Notes – Information on the balance shee t Note 1 – Intangible assets

1.a) Goodwill

The values of “goodwill” and the changes that occurred during the year are summarised below (in thousands of EUR):

Cash Generating Unit Value as at 31/12/2025 Increases Change in scope of consolidation Foreign exchange differences Value as at 30/06/2026

ATIVA S.p.A. 2,231 - - - 2,231

Autostrada dei Fiori S.p.A. 313 - - - 313 EcoRodovias Group 90,380 - - 8,212 98,592 Halmar International LLC 42,430 - - 1,220 43,650

SALT p.A. 38,435 - - - 38,435

SATAP S.p.A. 2,907 - - - 2,907

SEA Segnaletica Stradale S.p.A. 539 - - - 539 Sinelec S.p.A. 1,688 - - - 1,688 Sitalfa S.p.A. 233 - - - 233 Tubosider S.p.A. 347 - - - 347 Total 179,503 - - 9,432 188,935

“Foreign Exchange Differences” refer to the alignment of goodwill relating to the EcoRodovias Group expressed in Brazilian reais and to Halmar International LLC expressed in US dollars to the exchange rates as at 30 June 2026.

Below follow the main disclosures relating to the i nvestment in EcoRodovias Infraestrutura e Logistica S.A. and Halmar International LLC.

EcoRodovias Infraestrutura e Logistica S.A.

(amounts in millions of EUR) Company Main Activity Date of

purchase Percentage

of voting

rights

acquired Percentage

acquired Acquisition

Cost

EcoRodovias Infraestrutura e Logistica S.A. Industrial holding active in the sector of motorway and port concessions in Brazil 16/11/2021 51.2% 51.2% (*) 675.7 (*) After the acquisition of control, the subsidiar y IGLI S.p.A. increased – through a series of purch ase orders on the market – its direct and indirect stake in EcoRodovias Infraestrutura e Logistica S.A. which, as of today, is 52.7% of the share capi tal. Since these were purchases of minorities, ther e were no effects on the amount of goodwill previou sly recognised.

The cost of acquisition (including the measurement of the ownership interest previously held at fair v alue) was determined as EUR 675.7 million. Below is the definitive allocation deter mined as the difference between (i) the acquisition price, (ii) the fair value of the equity investment previously held in EcoRodovia s, (iii) the minority interests of EcoRodovias and 100% of the EcoRodovias identifiable assets/liabilities acquired/assumed measured at their fair value.

(amounts in millions of EUR) Acquisition price A 194.0 Fair value of the previously held equity investment B 481.7 Fair value of minority interests C 617.9 100% of net assets identifiable at acquisition at f air value D 1,199.5 Residual goodwill a+b+c-d 94.1 (1) (1) equal to EUR 98.6 million at the exchange rate as at 30 June 2026.

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Condensed Consolidated interim financial report Halmar International LLC

(amounts in millions of EUR) Company Main Activity Date of purchase Percentage of

voting rights

acquired Percentage

acquired Acquisition

Cost

Halmar International LLC Industrial holding operating in the construction se ctor, in the metropolitan area of New York 05/07/2017 50% 50% (*) 56.3

(*) During FY 2021, the ASTM Group signed an agreem ent for the purchase of 50% of the capital of Halma r International LLC still held by minority sharehol ders. The acquisition of an initial 30% stake occurred in September 2021.

The initial acquisition cost (inclusive of potentia l future payments) was calculated at EUR 56.3 million and paid for an amount equal to EUR 51.8 million at the closing of the transaction.

Determination of goodwill resulting from acquisitio n 05/07/2017 Acquisition cost of Halmar International LLC 56.3 A Book value of the net assets and liabilities acquir ed - pro rata 12.3 B Goodwill 44. 0(1) A-B (1) equal to EUR 43.6 million at the exchange rate as at 30 June 2026.

In accordance with IAS 36, goodwill is not subject to amortisation but - since it is an intangible asset with an indefinite useful life - to an impairment test at least once a year or when eve nts arise that may indicate impairment. For the pur poses of said test, goodwill has been allocated on the cash generating units (CG Us) shown above; at the reporting date, there were no indicators to suggest that this test would be necessary. For details about the calculation methods of the impairment test and its results, refer to the description in the note “Impairment test” of the consolidated financial statements as at 31 De cember 2025.

1.b) Other intangible assets This item breaks down as follows:

in thousands of EUR Other intangible assets Total In operation In process

Cost:

as at 1 January 2026 122,566 438 123,004 Change in the scope of consolidation - - -

Investments 2,925 - 2,925 Divestiture and write -downs (1,373) - (1,373) Reclassifications and other changes (853) (313) (1,166) Foreign exchange differences 6,491 32 6,523 as at 30 June 2026 129,756 157 129,913

Accumulated depreciation:

as at 1 January 2026 (96,253) - (96,253) Change in the scope of consolidation - - -

Amortisation and depreciation (4,693) - (4,693) Drawdowns 1,348 - 1,348 Reclassifications and other changes 573 - 573 Foreign exchange differences (4,472) - (4,472) as at 30 June 2026 (103,497) - (103,497) Net book value:

as at 1 January 2026 26,313 438 26,751 as at 30 June 2026 26,259 157 26,416 This item consists mainly of software. Investments for the period relate – for the most part – to the EcoRodovias Group.

The item “foreign exchange differences” relates to the adjustments for exchange differences referring to the EcoRodovias Group.

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Condensed Consolidated interim financial report 1. c) Concessions – non-compensated revertible asse ts in thousands of EUR Motorway in operation Motorway under

construction Total

Cost:

as at 1 January 2026 20,722,195 1,662,951 22,385,146 Change in the scope of consolidation - - -

Investments 169,276 473,897 643,173 Divestitures (478) - (478) Reclassifications and other changes 49,189 (73,620) (24,431) Foreign exchange differences 532,832 40,002 572,834 as at 30 June 2026 21,473,014 2,103,230 23,576,244

Advances:

as at 1 January 2026 - 17,408 17,408 Change in the scope of consolidation - - -

Increases - 26,463 26,463 Decreases - (4,756) (4,756) Reclassifications and other changes - - -

Foreign exchange differences - 1,046 1,046 as at 30 June 2026 - 40,161 40,161

Capital grants:

as at 1 January 2026 (2,941,897) (29,757) (2,971,654) Change in the scope of consolidation - - -

Increases - (3) (3) Decreases - - -

Reclassifications and other changes (1) (1) (2) Foreign exchange differences - - -

as at 30 June 2026 (2,941,898) (29,761) (2,971,659)

Accumulated depreciation:

as at 1 January 2026 (6,028,267) - (6,028,267) Change in the scope of consolidation - - -

Amortisation and depreciation (335,851) - (335,851) Drawdowns 21 - 21 Reclassifications and other changes - - -

Foreign exchange differences (118,176) - (118,176) as at 30 June 2026 (6,482,273) - (6,482,273) Net book value:

as at 1 January 2026 11,752,031 1,650,602 13,402,633 as at 30 June 2026 12,048,843 2,113,630 14,162,473 The item “investments” , equal to a total of EUR 643.2 million, includes the c apitalisation of financial expenses for EUR 51.4 milli on.

The reconciliation with the value of “Motorway sect or revenues – planning and construction” shown in t he income statement is given

below:

in millions of EUR 1HY 2026 Motorway sector - planning and construction activit ies IFRIC 12 573.3 Capitalised financial expenses 51.4 Other investments – EcoRodovias Group 18.5 Total non-compensated revertible assets 643.2 The item “ foreign exchange differences ” is entirely attributable to the adjustment to the exchange rates as at 30 June 2026 of the non-compensated revertible assets relating to the B razilian EcoRodovias Group.

As specified in the “ valuation criteria ”, calculation of the amortisation and depreciation of the non-compensated revertible assets took into account the “contributions” and “takeover values” set out in the current agreements, as well as in the financial plans approved by/submitted to the Granting Body, as desc ribed in the section entitled “Regulatory framework , relations with the Granting Body, toll rates, the Authority and possible develo pments in the concession models” of the interim man agement report.

Details of the amount of the item “concessions – no n-compensated revertible assets” as at 30 June 2026 and 31 December 2025 are broken down by geographic area:

in millions of EUR 30/06/2026 31/12/2025 Motorway concessions – Italy 8,532.6 8,425.4 Motorway concessions – Brazil 5,629.9 4,977.2 Total non-compensated revertible assets 14,162.5 13,402.6

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Condensed Consolidated interim financial report Note 2 – Tangible fixed assets 2.a) Property, plant, machinery and other assets

in thousands of EUR Land and buildings Plant and machinery Industrial and

commercial

equip. Other

assets Assets under

construction

and advance

payments Total

Cost:

as at 1 January 2026 209,976 192,556 328,751 71,713 19,141 822,137 Change in the scope of consolidation - - - - - -

Investments 543 4,445 26,049 3,245 18,446 52,728 Divestiture and write -downs (221) (9,148) (6,500) (1,306) (129) (17,304) Reclassifications and other changes 333 1,005 293 1,025 (1,169) 1,487 Foreign exchange differences 5,880 8,244 21,067 1,277 681 37,149 as at 30 June 2026 216,511 197,102 369,660 75,954 36,970 896,197

Accumulated depreciation:

as at 1 January 2026 (126,498) (125,136) (194,204) (55,827) - (501,665) Change in the scope of consolidation - - - - - -

Amortisation and depreciation (2,524) (6,174) (22,717) (2,547) - (33,962) Drawdowns 162 8,905 5,458 949 - 15,474 Reclassifications and other changes 577 2 (571) (1,162) - (1,154) Foreign exchange differences (5,106) (4,351) (11,628) (782) - (21,867) as at 30 June 2026 (133,389) (126,754) (223,662) (59,369) - (543,174) Net book value:

as at 1 January 2026 83,478 67,420 134,547 15,886 19,141 320,472 as at 30 June 2026 83,122 70,348 145,998 16,585 36,970 353,023

The item “ investments ” refers – primarily – to the Halmar Group (EUR 22.7 m illion), the Brazilian subsidiaries of the EcoRodov ias Group (EUR 16.7 million) and other companies within th e Itinera Group (EUR 7.2 million).

The items “ divestiture and write-downs ” and “drawdowns” relate to Group companies operating mainly in the EPC sector and are linked to the completion of work on the relevant co ntracts.

The item “ depreciation and amortisation ” relates to the Brazilian subsidiaries of the EcoR odovias Group (EUR 18 million), companies operating in the EPC sector (EUR 12.6 million), Italia n concession companies (EUR 2.1 million) and other su bsidiaries (EUR 1.3 million).

The item “ foreign exchange differences ” is attributable mainly to the adjustment to the e xchange rates as at 30 June 2026 of the assets relating to the US companies in the Itinera Group and the Brazilian EcoRodovias Group.

With regard to the item “land and buildings”, the f ollowing mortgage guarantees have been recorded:

 in favour of M&T Bank on land and buildings owned b y Halmar International LLC to guarantee loans with a total outstanding debt of EUR 3.4 million as at 30 June 2026;

 in favour of BNP Paribas, a mortgage of EUR 2 millio n on property owned by Tecnositaf S.p.A. in liquida tion as a counterguarantee of the performance bond in relation to the JV work order in Algeria.

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Condensed Consolidated interim financial report 2.b) Rights of use

in thousands of EUR Rights of use -

Property Rights of use -

Vehicles Rights of use -

Machinery Rights of use -

Other assets Total

Cost:

as at 1 January 2026 61,813 102,829 36,908 43,197 244,747 Change in the scope of consolidation - - - - -

Investments 11,519 29,475 3,945 3,873 48,812 Divestiture and write -downs (5,964) (9,601) (8,056) (1,286) (24,907) Reclassifications and other changes (28) (8) (1) (1) (38) Foreign exchange differences 1,253 7,503 813 1,404 10,973 as at 30 June 2026 68,593 130,198 33,609 47,187 279,587

Accumulated depreciation:

as at 1 January 2026 (38,006) (59,358) (25,151) (29,532) (152,047) Change in the scope of consolidation - - - - -

Amortisation and depreciation (5,889) (15,644) (3,676) (3,752) (28,961) Drawdowns 2,996 8,235 6,297 718 18,246 Reclassifications and other changes 3 7 (4) 1 7 Foreign exchange differences (761) (4,404) (495) (928) (6,588) as at 30 June 2026 (41,657) (71,164) (23,029) (33,493) (169,343) Net book value:

as at 1 January 2026 23,807 43,471 11,757 13,665 92,700 as at 30 June 2026 26,936 59,034 10,580 13,694 110,244

In accordance with IFRS 16, the item “rights of use” contains the lease contracts payable that do not c onstitute the provision of services .

The item “ investments ” mainly refers to the Brazilian subsidiaries of th e EcoRodovias Group (EUR 30.8 million), companies of t he Itinera S.p.A. Group (EUR 13.9 million) and Sinelec S. p.A. (EUR 1.3 million).

The item “ divestiture and write-downs ” mainly refers to the Brazilian subsidiaries of th e EcoRodovias Group (EUR 12.2 million), companies of the Itinera S.p.A. Group (EUR 10.8 millio n) and Sinelec S.p.A. (EUR 1 million).

The item “ foreign exchange differences ” is attributable mainly to the adjustment to the e xchange rates as at 30 June 2026 of right of use assets relative to the EcoRodovias Group and th e Halmar Group.

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Condensed Consolidated interim financial report Note 3 – Non-current financial assets 3.a – Equity accounted investments Changes during the period to investments in busines ses accounted for by the “equity method” were as fo llows:

31/12/2025 Purchases/

Increases Sales/

Decreases Change in the scope of consolidation Reclass.

and

other

changes Adjustments to “shareholders’

equity” Exchange

differences 30/06/2026 (EUR thousands) Profit/(loss) Dividends Others

Equity investments:

a) in jointly controlled entities Albacina S.c.ar.l. 4 - - - - - - - - 4 Brescia Milano Servizi S.c.ar.l. 5 - - - - - - - - 5 CERVIT S.c.ar.l 5 - - - - - - - - 5 Colmeto S.c.ar.l. 5 - - - - - - - - 5 Consorzio Campolattaro S.c.ar.l. 4 - - - - - - - - 4 Consorzio Cancello Frasso Telesino 4 - - - - - - - - 4 Consorzio Telese S.c.ar.l. 4 - - - - - - - - 4 Edolo S.c.ar.l. 5 - - - - - - - - 5 Eteria consorzio stabile S.c.ar.l. 250 - - - - - - - - 250 Federici Stirling Batco LLC - - - - - - - - - -

Frasassi S.c.a.r.l 5 - - - - - - - - 5 Frasso S.c.ar.l. 5 - - - - - - - - 5 Goccia Impianti S.c. ar.l. 5 - - - - - - - - 5 Goccia S.c. a r.l. 6 - - - - - - - - 6 Grugliasco S.c.ar.l 6 - - - - - - - - 6 InfraA4 S.c. ar.l. - 327 - - - - - - - 327 Inovap 5 Administração e Participações

S.A. - 976 - - - (673) - - 6 309

Krathis S.c.a r.l. - 5 - - - - - - - 5 Manoppello S.c.a.r.l 5 - - - - - - - - 5 MetroSalerno S.c. a r.l. 2 - - - - - - - - 2 Mimove S.c.a r.l. 2 - - - - - - - - 2 MobilitA4 S.c.a r.l. 3 - - - - - - - - 3 Monte Romano EST S.c. a r.l. 3 - - - - - - - - 3 M.S.G. Arena S.c. a r.l. 5 - - - - - - - - 5 Nodo Catania S.c. a r.l. 4 - - - - - - - - 4 Penn Transormation Partners DevCo, LLC - - - - - - - - - -

RM06 Ponte Congressi S.c. a r.l. - 4 - - - - - - - 4 Scafa S.c.a.r.l 5 - - - - - - - - 5 Uxt S.c. a r.l. 4 - - - - - - - - 4 b) in associated companies Arena Impianti S.c. a r.l. 3 - - - - - - - - 3 ATIVA Immobiliare S.p.A. 491 - - - - (26) - - - 465 CONSEPI S.p.A. (Consusa S.r.l.) 454 - - - - (63) - - - 391 Consorzio Siciliano Lavori Ferroviari -

Con.Si.L.Fer. 3 - - - - - - - - 3 Consorzio Autostrade Italiane Energia 31 - - - - - - - - 31 Consorzio costruttori TEEM in liquidation 4 - - - - - - - - 4 D.N.C. S.c.ar.l in liquidation 4 - - - - - - - - 4 Galeazzi Impianti S.c.ar.l. 3 - - - - - - - - 3 Igea Romagna S.c.ar.l. 4 - - - - - - - - 4 Interconnessione S.c.ar.l. in liquidation 5 - (5) - - - - - - -

Interporto di Vado I.O. S.p.A. 6,605 - - - - (99) - - - 6,506 Lissone S.c.ar.l. in liquidation - - - - - - - - - -

Mill Basin Bridge Constructors 88 - - - - 89 - - 4 181 Ponte Nord S.p.A. 754 - - - - (30) - - - 724 Rivalta Terminal Europa S.p.A. 5,296 - - - - (261) - - - 5,035 Road Link Holdings Ltd 1,364 - - - - 134 (568) - 2 932

SABROM S.p.A. 5,786 - - - - (176) - - - 5,610

SITRASB S.p.A. 15,199 - - - - 643 - - - 15,842

Smart Mobility System S.c.ar.l. (SMS S.c.ar.l.) 4 - - - - - - - - 4 SP01 S.c.ar.l. 4 - (4) - - - - - - -

Tessera S.c.ar.l. in liquidation 4 - (4) - - - - - - -

Transenergia S.r.l. 873 - - - - - - - - 873 Tunnel Frejus S.c.ar.l. in liquidation 25 - (25) - - - - - - -

Vetivaria S.r.l. 42 - - - - - - - - 42 Total 37,392 1,312 (38) - - (462) (568) - 12 37,648

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Condensed Consolidated interim financial report The item “ purchases/increases ” refers to the incorporation of InfraA4 S.c.ar.l., Krathis S.c.ar.l. and RM06 Ponte Congressi S.c.ar.l. – all part of the Itinera Group – as well as Inovap 5 Administração e Participações S.A. belonging to the EcoRodovias Group.

The item “ sales/decreases ” refers to the completion of the liquidation proce ss of Tessera S.c.ar.l. in liquidation, Tunnel Frej us S.c.ar.l.

in liquidation, Interconnessione S.c.ar.l. in liqui dation and SP01.

The item “ adjustments to Shareholders’ equity ” incorporates the pro-rata share of the profit/los s, the dividend distribution and the adjustments posted with “Shareholders’ equity” as c ontra-item, of the investee companies.

The item “ foreign exchange differences ” includes the changes made during conversion, into euro, of the financial statements of the associated companies of Road Link Holdings Ltd., Mi ll Basin Bridge Constructors and Inovap 5 Administra ção e Participações S.A.

The main income and financial data of the companies accounted for by the equity method are shown below (jointly controlled entities and associated compani es) Jointly controlled entities With regard to the equity /financial situation (1) :

in thousands of EUR Current assets Non-current assets Current liabilities Non-current Liabilities of which financial of which financial of which financial Albacina S.c.ar.l. 19,867 3,228 647 20,484 9,880 21 -

Brescia Milano Servizi S.c.ar.l. 838 819 117 920 - 25 -

CERVIT S.c.ar.l. 6,047 3,695 26 6,062 - - -

Colmeto S.c.ar.l. 51,943 621 17,606 57,329 9,000 12,210 -

Consorzio Campolattaro S.c.ar.l. 106,396 41,073 37,016 84,807 - 58,595 -

Consorzio Cancello-Frasso Telesino 63,966 5,273 352 62,155 - 2,148 -

Consorzio Telese S.c.ar.l. 275,624 82,616 14,933 264,237 - 26,310 -

Edolo S.c.ar.l. 2,940 218 14 2,937 800 7 -

Eteria consorzio stabile S.c.ar.l. 640,733 22,268 229 640,210 - 203 -

Frasassi S.c.ar.l. 108,291 1,200 13,063 121,106 45,818 238 -

Frasso S.c.ar.l. 69,453 1,000 660 47,436 6,360 22,661 22,619 Goccia S.c.ar.l. 6,380 2,295 118 6,485 1,600 3 -

Goccia Impianti S.c.ar.l. 713 10 - 703 - - -

Grugliasco S.c.ar.l. 31,619 12,285 173 31,758 - 24 -

M.S.G. ARENA S.c.ar.l. 112,402 123 6,471 118,846 19,487 17 -

Manoppello S.c.ar.l. 23,716 7,721 724 11,921 3,590 12,508 12,000 MetroSalerno S.c.ar.l. 31,801 3,097 93 31,857 22,720 26 -

Mimove S.c.ar.l. 31,144 30,125 - 31,134 30,500 - -

MobilitA4 S.c.ar.l. 658 10 - 648 - - -

Monte Romano EST S.c.ar.l. 42,833 29,774 1,021 43,839 37,852 5 -

Nodo Catania S.c.ar.l. 108,915 28,559 4,719 111,281 67,610 2,344 -

Scafa S.c.ar.l. 56,802 15,020 2,877 29,131 10,000 30,538 29,167 Uxt S.c.ar.l. 30,257 23,696 12,275 42,514 40,635 9 -

(1) Information added based on reporting provided by th e companies for the purposes of preparing the 2025 financial statements.

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Condensed Consolidated interim financial report With regard to profit and loss (1) :

in thousands of EUR Revenue Profit (loss) for the year Total other comprehensive income Dividends received Albacina S.c.ar.l. 13,047 - - -

Brescia Milano Servizi S.c.ar.l. 2,907 - - -

CERVIT S.c.ar.l. 8,912 - - -

Colmeto S.c.ar.l. 37,490 - - -

Consorzio Campolattaro S.c.ar.l. 40,903 - - -

Consorzio Cancello-Frasso Telesino 53,337 - - -

Consorzio Telese S.c.ar.l. 293,941 - - -

Edolo S.c.ar.l. 1,750 - - -

Eteria consorzio stabile S.c.ar.l. 620,224 - - -

Frasassi S.c.ar.l. 107,769 - - -

Frasso S.c.ar.l. 61,229 - - -

Goccia S.c.ar.l. 5,843 - - -

Goccia Impianti S.c.ar.l. 667 - - -

Grugliasco S.c.ar.l. 46,509 - - -

M.S.G. ARENA S.c.ar.l. 258,886 - - -

Manoppello S.c.ar.l. 10,790 - - -

MetroSalerno S.c.ar.l. 21,644 - - -

Mimove S.c.ar.l. 815 - - -

MobilitA4 S.c.ar.l. 437 - - -

Monte Romano EST S.c.ar.l. 4,591 - - -

Nodo Catania S.c.ar.l. 86,220 - - -

Scafa S.c.ar.l. 28,193 - - -

Uxt S.c.ar.l. 7,900 - - -

(1) Information added based on reporting provided by th e companies for the purposes of preparing the 2025 financial statements.

Note that the joint venture agreements do not envis age significant restrictions or limitations on the use of resources of the companies under joint control. However, the agreements envisa ge lock up clauses (blocking the disposal of joint arrangements) and exit mechanisms from the agreements mentioned above.

Associated companies

The equity and economic data of the associated comp anies are shown below; the associated consortium co mpanies have not been included since their inclusion is reflected in the accounts of the consortium companies.

(EUR thousands) Total Assets Total Liabilities Total Revenues Profit/(loss) for the year Financial statement data as at ATIVA Immobiliare S.p.A. 3,274 1,252 667 (95) 31/12/2025 Consepi S.r.l. 3,691 2,901 2,396 (129) 31/12/2025 Interporto di Vado I.O. S.p.A. 25,809 14,355 3,803 360 31/12/2025 Mill Basin Bridge Constructors (1) 1,231 1,052 (88) 516 31/12/2025 Ponte Nord S.p.A. 4,077 2,631 65 (61) 31/12/2025 Rivalta Terminal Europa S.p.A. 47,780 37,508 1,720 (356) 31/12/2025 ROAD LINK Holdings Ltd. (1) 1 1 6,342 6,342 31/03/2025

SA.BRO.M. S.p.A. 45,667 24,091 198 (967) 31/12/2025

SITRASB S.p.A. 56,917 14,852 14,890 2,755 31/12/2025

Transenergia S.r.l. 1,745 120 - (127) 31/12/2025 Vetivaria S.r.l. 1,362 914 1,612 151 31/12/2025

(1) Data converted at the average exchange rate for th e first half of 2026 and at the spot exchange rate as at 30 June 2026.

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Condensed Consolidated interim financial report 3.b – Other equity investments Changes to investments in “other equity investments ” during the period were as follows:

31 December 2025 Changes during the period 30 June 2026 (EUR thousands) Original

value Adjustments

to fair value Total Purchases/

Increases Sales/

Decreases Change in the scope of

consolidation Reclassifications

and other

changes Adjustments

to fair value Original

value Adjustments

to fair value Total Webuild S.p.A. 270 156 426 - - - - (136) 270 20 290 Total Level 1 270 156 426 - - - - (136) 270 20 290

Abesca Europe S.r.l. 158 - 158 39 - - - - 197 - 197 Agenzia di Pollenzo S.p.A. 1,349 - 1,349 - - - (5) - 1,344 - 1,344 Argentea Gestioni S.c.p.A. - - - - - - - - - - -

Autostrade Centro Padane S.p.A. 9,328 (2,637) 6,691 - - - - - 9,328 (2,637) 6,691 Banca d'Alba - - - - - - - - - - -

BRE.BE.MI S.p.A. - - - - - - - - - - -

C.A.F. dell'Industria dell'Emilia-

Romagna S.p.A. - - - - - - - - - - -

CE.P.I.M. S.p.A. 14 - 14 - - - - - 14 - 14

Codelfa S.p.A. 2,513 2,126 4,639 - - - - - 2,513 2,126 4,639 Compagnia Aerea Italiana S.p.A. - 37 37 - - - - (33) - 4 4 Consorzio Topix 5 - 5 - - - - - 5 - 5 DAITA S.c.ar.l. 8 - 8 - - - - - 8 - 8 Digitalog S.p.A. in liquidation 10 - 10 - - - - - 10 - 10 Eurolink S.c.p.A. 3,653 - 3,653 - - - - - 3,653 - 3,653 Interporto Toscano A. Vespucci S.p.A. 77 - 77 - - - - - 77 - 77 MN 6 S.c.a.r.l. 1 - 1 - - - - - 1 - 1 M.N. Metropolitana Napoli S.p.A. - - - - - - - - - - -

Passante Dorico S.p.A. 2,624 (41) 2,583 - - - - - 2,624 (41) 2,583 Pedelombarda S.c.p.A. in liquidation 550 - 550 - - - - - 550 - 550

P.S.T. S.p.A. 166 (30) 136 - - - - - 166 (30) 136

Società Cooperativa Elettrica Gignod - - - - - - - - - - -

Siteco BG ODD 10 - 10 - - - - - 10 - 10 SPEDIA S.p.A., in liquidation 376 (108) 268 - - - - - 376 (108) 268 Tuborus LLC - - - - - - - - - - -

Turismo Torino e Provincia 2 - 2 - - - - - 2 - 2 United Operator - - - - - - - - - - -

Total Level 3 20,844 (653) 20,191 39 - - (5) (33) 2 0,878 (686) 20,192 Total 21,114 (497) 20,617 39 - - (5) (169) 21,148 (666) 2 0,482 Fair value measurement hierarchy Level 1: fair value calculated on the basis of the security listing on active markets.

Level 2: (not present) fair value determined based on differ ent inputs other than the listing price described f or Level 1, which can be directly (price) or indire ctly (price derivatives) observed on the market.

Level 3: fair value, not based on observable market data, de termined based on the price reflected in recent app raisals or transactions, cost, shareholders’ equity , models/financial plans.

The changes during the first half of 2026 mainly refer to:

 the capital contribution to Abesca Europe S.r.l.;

 the fair value adjustment of equity investments bas ed on market prices or the latest available financi al statements.

At 30 June 2026, the value of the “other equity investmen ts” included a total negative amount of adjustments to fair value (Group and minority interests) of approximately EUR 0.7 mill ion (negative for EUR 0.5 million as at 31 December 2025).

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Condensed Consolidated interim financial report 3.c – Non-current derivatives with a positive fair value This item, equal to EUR 24,694 thousand (EUR 22,136 thousand as at 31 December 2025), consists of hedging derivatives with a positive fair value. For more information, see the section “Other information (ii) assessing the fair value: additional information”.

3.d – Other non-current financial assets This item is formed of:

in thousands of EUR 30 June 2026 31 December 2025

Loans:

 Loans to investees and other loans 94,643 90,429

Receivables:

 financial receivables due from the granting body 416,031 315,015  from INA 5,305 5,680  to others 184,275 128,269 Other financial assets:

 takeover 200,096 186,885  other financial assets 76,721 65,958 Total 977,071 792,236 “Loans to investees and other loans” refers, as shown below, to (i) the interest-bearin g loans granted to Federici Stirling Batco LLC and to SA.BRO.M. S.p.A. and (ii) the non-interest-b earing loans granted to certain consortium companie s:

in millions of EUR 30 June 2026 31 December 2025 Changes Federici Stirling Batco LLC 23.6 22.9 0.7

SA.BRO.M. S.p.A. 6.3 6.2 0.1

Consortiums 82.3 78.2 4.1 Other 0.7 0.7 -

Total 112.9 108.0 4.9 Write-down provision (18.3) (17.6) (0.7) Total loans 94.6 90.4 4.2 The change in this item of EUR +4.2 million is due ma inly to (i) new disbursements to investee companies (EUR 27.7 million) and (ii) the classification of the current portions in the i tem “Current financial assets” (EUR -24.1 million).

The item “ financial receivables due from the granting body ” equal to EUR 416 million (EUR 315 million as at 31 Decemb er 2025) is broken down as follows:

in millions of EUR 30 June 2026 31 December 2025 Changes Ecovias Araguaia 311.4 265.9 45.5 Ecovias Rio Minas 4.4 5.8 (1.4) Ecovias Noroeste Paulista 1.2 - 1.2 Ecovias Capixaba 4.1 3.0 1.1 Ecovias das Gerais 14.5 - 14.5 Elevated Accessibility Enhancements Operating Compa ny 78.8 38.7 40.1 Sinelec 1.6 1.6 -

Financial receivables due from the granting body 41 6.0 315.0 101.0 In detail, this item includes, for an amount of EUR 311.4 million (EUR 265.9 million as at 31 December 2025), the re serve account account created by the concessionaire Ecovias Aragu aia as part of the obligations set out by the conce ssion tender for the management of the BR-153/414/080/TO/GO motorway which was aw arded in April 2021. The amount recorded is equal to BR L 1,837.5 million (EUR 311.4 million, updated by the IPC-A), w ith contra-entry in the item “ Payables for concession fees " to the Granting

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Condensed Consolidated interim financial report Authorities (see Note 16), the function of which is t o guarantee the economic and financial sustainabili ty of the concession (in the event of economic/financial rebalancing, activation of the Frequent User Discount and Final Adjustment of Results), the residual balance of which at the end of the concession contr act will be transferred to the Treasury Account, pu rsuant to Article 30.12.1 of the subsidiary’s Concession contract.

As envisaged by the “IFRIC 12 Interpretation”, the it em also includes the value of the medium-long term portion of the amount guaranteed by the granting body to Elevated Accessi bility Enhancements Operating Company, LLC related to the ADA 13 Stations work order (EUR 78.8 million) and to Sinelec S.p.A. (E UR 1.6 million). The current portion is recognised un der current financial assets, as indicated in Note 10 – Current financial assets.

Receivables from INA are the provisions during prev ious periods to the employee severance indemnity of motorway concessionaires.

The item “receivables due from others” refers, for EUR 123.6 million, to the companies of the EcoRodovias Group (EUR 97.3 million as at 31 December 2025) and for EUR 17.5 million to a receiv able due from the subsidiary Itinera USA to the min ority shareholders of Halmar International LLC (EUR 17 million as at 31 D ecember 2025). The increase in the period is attributa ble to the recognition of an “escrow account” term deposit amounting to EUR 26. 5 million entered into by the subsidiary Halmar Inte rnational.

The item “ takeover ” equal to EUR 200.1 million (EUR 186.9 million as at 31 Dece mber 2025) is broken down as follows:

 EUR 197.3 million refers to the receivable accrued by t he subsidiary Autostrada Asti Cuneo S.p.A. in the c ontext of the so-

called Cross Financing. In line with the provisions of the Additional Deed and as a result of the Cross Financing coming into effect, the concessionaire accrues a receivable whi ch will be paid to it upon expiry of the concession , since the flows arising from the management of the stretch, considering the expiry in 2031, are not able to repay and remunerate t he invested capital. The amount of this takeover receivable is formed from year to year as the difference between the revenues, related costs and remuneration of invested capital; the amo unt accrued in the period was equal to EUR 17.6 millio n.

 EUR 2.8 million relates to receivables corresponding to the value of motorway investments made by the su bsidiaries Autostrada dei Fiori S.p.A. and SALT p.A. on the A10 and A12 stretches during the period from 1 January to 4 June 2024, which exceed the amount to be reimbursed by the Ministry for Infrastructure and Transport. This amount will be transferred to Concessioni del Tirreno S.p.A. once the checks have been completed by the Granting Body.

The item “ other financial assets ” refers, for EUR 41.4 million, to investments in high -liquidity securities (investment funds and Deposit Certificates) made by several companies of the EcoR odovias Group and linked to the loan contracts of t he BNDES and bonds as a guarantee of part of the payment of interest and ca pital of several indirect subsidiaries, as describe d below:

in millions of EUR 30 June 2026 31 December 2025 Investment funds (a) 65.5 58.5 Deposit certificates (b) 15.9 9.8 Other 0.2 0.5 Other financial investments, Brazil 81.6 68.8 current (Note 10) 40.2 34.8 non-current 41.4 34.0

(a) The investment fund is remunerated at a weig hted average rate of 99.9% of the CDI as at 30 June 2026 (98.4% as at 31 December 2025).

(b) The Bank Deposit Certificate (CDB) bears int erest at a weighted average rate of 88% of the CDI as at 30 June 2026 (86% of the CDI as at 31 Decembe r 2025).

This item also includes ancillary costs relating to the issuance of bonds and loans granted to certain companies within the EcoRodovias Group, which have been approved but not yet drawn d own, amounting to EUR 34.9 million (EUR 31.5 million as a t 31 December 2025).

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Condensed Consolidated interim financial report Note 4 – Deferred tax assets This item totalled EUR 189,085 thousand (EUR 163,437 thousand a s at 31 December 2025). For the breakdown and changes to this item, please refer to Note 38 – Income taxes.

Note 5 – Contract assets and inventories The item “ contract assets and inventories ” is substantially attributable to the production o f the companies operating in the EPC sector.

These consist of:

in thousands of EUR 30 June 2026 31 December 2025 Raw materials, ancillary materials and consumables 77,899 65,844 Work in progress and semi-finished goods 7,412 6,356 Contract work in progress – Contract assets 764,781 720,862 Finished products and merchandise 8,219 6,563 Advance payments 13,536 15,514 Total 871,847 815,139

The contract work in progress breaks down as follow s:

in thousands of EUR 30 June 2026 31 December 2025 Gross value of the orders 7,491,194 6,623,518 Advance payments on work progress (6,375,174) (5,588,128) Advance payments on reserves and price changes (300,887) (245,206) Provisions to guarantee work in progress (50,352) (69,322) Net value 764,781 720,862 The adjusting provisions are against possible risks on some entries in the assets due to ongoing lawsu its with clients and losses that may be incurred as the works continue on some order s undergoing completion; their amount is considered consistent with the risks and potential liabilities that could be incurred in relation to the value of the orders. In line with the valuation criteria set out in the section “Contract assets”, the value of contracts i ncludes the amount of outstanding claims raised under certain contracts.

Note 6 – Trade receivables Trade receivables totalled EUR 575,140 thousand (EUR 556,173 t housand as at 31 December 2025), net of the provision for bad debts of EUR 9,706 thousand (EUR 8,765 thousand as at 31 December 2025). The receivables derive from normal operations w ithin the scope of the activities carried out by the group, m ainly relating to the EPC sector, the execution of works, the supply of materials, technical and administrative services and other ser vices.

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Condensed Consolidated interim financial report Note 7 – Current tax assets This item totalled EUR 131,463 thousand (EUR 115,815 thousand a s at 31 December 2025) and refers to receivables for VAT, regional production tax (IRAP), corporate income tax (IRES) and other tax credits, as detailed below:

in thousands of EUR 30 June 2026 31 December 2025 Tax credits requested as reimbursement 2,898 3,377 Tax credits/advances during the year 52,284 43,412 Other tax credits 64,571 43,373 VAT receivables due from tax authorities 11,710 25,653 Total 131,463 115,815

Note 8 – Other receivables This item breaks down as follows:

in thousands of EUR 30 June 2026 31 December 2025 Advances to suppliers 31,738 24,940 Receivable from parent company 9,107 9,107 Receivable from others - Joint Arrangements 24,887 20,146 Receivables due from others 95,927 99,321 Prepaid expenses 93,975 83,238 Total 255,634 236,752 The item “ advances to suppliers ” mainly refers to advances paid to suppliers with reference to the motorway and EPC sectors.

The item “receivable from parent company” relates to receivables arising from the sale by th e subsidiary Finanziaria di Partecipazioni e Investimenti S.p.A. in liquidation (now Società A utostrada Ligure Toscana p.A.) of the shares held i n Nuova Codelfa S.p.A. (today merged into Nuova Argo Finanziaria S.p.A.).

The item “receivable from others – Joint Arrangements” relates to trade receivables held by companies in the EPC sector from third-

party partners on certain contracts.

The item “ receivables due from others ” is attributable for around EUR 37.8 million to Itali an concessionaires, for EUR 13.3 million to companies in the EPC sector, for EUR 8.9 million to the EcoRodovias Group, while the remaining part is associated with Group companies in other sectors.

Note 9 - Current derivatives with a positive fair v alue This item, equal to EUR 430 thousand, consists of hedg ing derivatives with a positive fair value. For mor e information, see the section “Other information (ii) assessing the fair value: a dditional information”.

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Condensed Consolidated interim financial report Note 10 – Current financial assets The current financial assets consist of:

in thousands of EUR 30 June 2026 31 December 2025 Financial receivables from interconnection – cash i n transit 315,446 265,457 Reserve and Deposit accounts - pledged current acco unts 2,297 1,854 Financial receivables due from the Granting Body - availability payments 189,861 234,996 Loans to investees 64,375 62,931 Takeover 80,225 75,884 Other financial receivables – ASTM S.p.A. 253,824 251,122 Other financial receivables 314,374 580,098 Insurance policies 124,818 123,705 Other current financial assets 50,515 59,017 Total 1,395,735 1,655,064 The item “financial receivables from interconnection – cash in transit” indicates the sums pertaining to Italian concessio naires in the Group which have temporarily been collected on thei r account by third-party concessionaires based on r eciprocal collection agreements, as established in the “Interconnection Agreement” governing relations between concessionai res; these receivables are interest-bearing.

The item “ financial receivables due from the Granting Body - availability payments ” includes, as envisaged by the “IFRIC 12 Interpretation”, the discounted value of the short- term portion of the amount guaranteed by the granti ng body to Elevated Accessibility Enhancements Operating Company, LLC r elated to the ADA 13 Stations work order (EUR 189.7 milli on) and to Sinelec S.p.A. (EUR 0.1 million). The change during the finan cial year is the result of (i) cash inflows during the period (EUR -62.4 million), (ii) the reclassification to current liabilities of port ions of medium- to long-term loans (EUR +11.1 million ) and (iii) exchange rate fluctuations (EUR +6.1 million). The medium/long-term portion is recognised under non-current financial assets, as indicated in Note 3d - Other non-current financial assets.

The receivable item “ takeover ”, in the amount of EUR 74.5 million, refers to the v alue of motorway investments made by the subsidiaries Autostrada dei Fiori S.p.A. and SALT p .A. on the A10 and A12 stretches in the period 1 Janua ry - 4 June 2024; in the reports relating to the takeover by Concessioni del Tirreno S.p.A. in the management of the stretches in question it is envisaged that these amounts will be reimbursed by the Ministry of Infrastructures and Transport once it has complete d its checks. The remaining portion, of EUR 5.7 million, refers to the portion y et to be collected by the subsidiary ATIVA S.p.A. r elative to the stretch handed over.

“Loans to investees” mainly refer to the non-interest-bearing loans gra nted to consortium companies by the subsidiary Itin era S.p.A.

The change during the financial year is the result of cash inflows during the period (EUR -22.9 million), net of the reclassification to current of medium- to long-term receivables (EUR +24. 1 million).

“Other financial assets – ASTM S.p.A.” refers to the time deposits entered into by the pa rent company with Mediobanca and Banco Santander as part of the temporary investment of li quidity arising from the new bond issue carried out in October 2025, aimed at maximising the return on that issue pending the red emption of the bond issue maturing in November 2026.

“Other current financial assets ” for EUR 314.4 million (EUR 580.1 million as at 31 December 2025) mainly refer to temporary investments of cash – highly liquid (also on a dail y basis) and without the application of penalties a nd negative changes in value – mainly made by the EcoRodovias Group (EUR 285.4 million ). It also includes financial receivables due to co mpanies in the EPC sector from third-party partners on certain contracts.

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Condensed Consolidated interim financial report The change is mainly attributable to the temporary investments of cash made by the EcoRodovias Group, as set out below:

in millions of EUR 30 June 2026 31 December 2025 Fund’s shares – BTG CDB I and Plus (a) 135.8 515.7 Fund’s shares – BTGP TESOURO (a) 142.5 -

Fund’s shares - FIDC_ECO (b) 7.2 7.9

285.4 523.6

(a) As at 30 June 2026, these refer to financial in vestments in units of funds managed by Banco BTG Pa ctual S.A. (BTG CDB I Fund, CDB Plus and BTGP TESOU RO), remunerated at a weighted average rate of 101.4% of the CDI (102.7% as at 31 December 2025), linked to the investment f und. This investment is characterised by daily liqu idity.

(b) As at 30 June 2026, these refer to financial in vestments in units of money market funds by the Eco Rodovias Group, managed and administered by Banco B TG Pactual S.A. (FIDC_ECO Fund), remunerated at a weighted average rate of 10 1.4% of the CDI (102.7% as at 31 December 2025), li nked to the investment fund.

The item “ insurance policies ” refers to capitalisation policies with single pre mium and guaranteed capital. The capital appreciate s according to the higher of minimum guaranteed retur n (where provided for by the contract) and the retu rn of the separate management of the underlying fund to which the poli cy refers. In particular, an amount of EUR 119.3 millio n relates to capitalisation policies taken out by the subsidiary SATAP S.p.A. w ith Reale Mutua Assicurazioni and Unipol Sai Assicu razioni. The said amount includes the interests accrued and not yet collecte d as at the reporting date.

These contracts represent a temporary investment of excess liquidity, allowing the possibility to mone tise the investment – in the short term (max 30 days of request) – without the app lication of penalties or negative changes in value.

The item “other current financial assets” – equal to EUR 50.5 million (EUR 59 million as at 31 Decem ber 2025) – is broken down as

follows:

in thousands of EUR 30 June 2026 31 December 2025 Government securities - 11,000 Other financial investments – Brazil 40,236 34,825 Other current financial assets 10,279 13,192 Total 50,515 59,017 The item “government securities” refers to investments in BTPs made by the subsidia ry Concessioni del Tirreno S.p.A. and released in the period.

“Other financial investments - Brazil ” refers to investments in highly liquid securities (investment funds and BDCs – Bank Deposit Certificates), linked to loan contracts and bonds, as described in Note 3d – Other non-current financia l assets (EUR 34.8 million as at 31 December 2025).

“Other current financial assets” mainly refer to accessory costs associated with th e signing of loans and credit lines established but not yet utilised, as well as interest income accrue d and not yet collected as at 30 June 2026.

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Condensed Consolidated interim financial report Note 11 – Cash and cash equivalents These consist of:

in thousands of EUR 30 June 2026 31 December 2025 Bank and postal deposits 1,078,582 1,098,357 Other liquid investments - equivalent 919,944 534,606 Cash and cash equivalents on hand 8,925 12,306 Total 2,007,451 1,645,269 The item “ other liquid investments - equivalent ” refers to financial investments that are readily convertible into cash and without any risk of change in value; these investments include time deposits, demand deposits, Brazilian credit ce rtificates, funds linked to repurchase agreements, etc.

For a detailed analysis of the changes in this item , please see the consolidated cash flow statement.

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Condensed Consolidated interim financial report Note 12 – Shareholders’ equity 12.1 – Share capital As at 30 June 2026, the share capital consisted of 73,577,015 ord inary shares without nominal value, for a total amo unt of EUR 36,788 thousand (EUR 36,788 thousand as at 31 December 2025), entirel y subscribed and paid in.

The share capital includes an amount of EUR 11.8 milli on consisting of revaluation reserves pursuant to I talian Law 72/83. In case of distribution, these reserves will represent the Com pany's income, pursuant to current tax regulations.

Pursuant to IAS 1, the nominal value of treasury sha res is posted as an adjustment to the share capital . The balance as at 30 June 2026 (unchanged with respect to 31 December 2025) is provided in the table below:

No. of shares Nominal value (in EUR) % Share Capital Average unit value (in EUR) Total value (thousands of EUR)

30 June 2026 10,741,948 5,370,974 14.60% 13.52 145, 242 With regard to the above-mentioned aspects, the sha re capital as at 30 June 2026 is as follows (amounts in t housands of EUR):

30 June 2026 Share capital 36,788 Treasury shares held (4,285) Treasury shares held by the subsidiary SINA S.p.A. (1,075) Treasury shares held by the subsidiary ATIVA S.p.A. (11) “Adjusted” share capital 31,417

12.2 – Legal reserve The legal reserve is equal to EUR 14,051 thousand (EUR 14, 051 thousand as at 31 December 2025). Its value has achieved the one-

fifth of the share capital required by Article 2430 of the Italian Civil Code.

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Condensed Consolidated interim financial report 12.3 – Other Reserves

in thousands of EUR Share

premium

reserve Reval.

Reserves Reserve

for

purchase

of

treasury

shares Purchased

treasury

shares Reserve

for revaluat.

at fair

value Cash flow

hedge

reserve Exchange

rate

difference

reserve Reserve for

discounting

employee

benefits Total

Other

reserves

1 January 2025 147,361 9,325 108,002 (103,717) 5,841 25,815 (22,572) (1,19 5) 168,860 Allocation of profits - - - - - - - - -

Dividend distribution - - - - - - - - -

Purchase of treasury shares - - - - - - - - -

Change in the scope of consolidation - - - - - - - - -

Acquisition of minorities and other changes - - - - (6,875) - - - (6,875) Comprehensive income - - - - (511) (769) (10,873) - (12,153) 30 June 2025 147,361 9,325 108,002 (103,717) (1,545) 25,046 (33,445) (1, 195) 149,832

1 January 2026 147,361 9,325 108,002 (103,717) (1,577) 30,896 (33,712) (87 5) 155,703 Allocation of profits - - - - - - - - -

Dividend distribution - - - - - - - - -

Purchase of treasury shares - - - - - - - - -

Change in the scope of consolidation - - - - - - - - -

Acquisition of minorities and other changes - - - - - - - - -

Comprehensive income - - - - (124) 1,524 62,881 - 64,281 30 June 2026 147,361 9,325 108,002 (103,717) (1,701) 32,420 29,169 (875) 219,984

12.3.1 – Share premium reserve This item totalled EUR 147,361 thousand (EUR 147,361 thousand a s at 31 December 2025).

12.3.2 – Revaluation reserves This item totalled EUR 9,325 thousand (EUR 9,325 thousand a s at 31 December 2025).

The revaluation reserves, in the event of distribut ion, will contribute to the income of the sharehold ers of the Parent Company.

12.3.3 – Reserve for the purchase of treasury share s This “unavailable” reserve was created to purchase treasury shares, in execution of Shareholders’ Meet ings resolutions. It totalled EUR 108,002 thousand, unchanged since 31 December 2025. This re serve was constituted by reclassifying the item “Re tained earnings (losses)”.

12.3.4 – Purchased treasury shares This item represents the contra-item paid by the pa rent company to purchase treasury shares. As illust rated in the “Valuation criteria”, this amount, totalling EUR 103,717 thousand, a djusts the shareholders’ equity reserves (net of th e nominal value of treasury shares, amounting to EUR 4,285 thousand, which is deduc ted directly from the “share capital”).

12.3.5 – Reserve for revaluation at fair value This reserve was established and moved as a direct contra-entry to the “fair value” measurement of equ ity investments and other financial assets. As at 30 June 2026, this reserve totall ed a negative EUR 1,701 thousand, net of the related de ferred tax effect (a negative EUR 1,577 thousand as at 31 December 2025).

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Condensed Consolidated interim financial report 12.3.6 – Cash flow hedge reserve This item was established and moved as a direct con tra-entry to the fair value measurement of interest rate swap agreements and the foreign exchange hedge derivatives. As at 30 June 2026, this item showed a positive balance of EUR 32,420 tho usand, net of the related deferred tax effect (positive balance of EU R 30,896 thousand as at 31 December 2025). More specifically, the change in the period, amounting to EUR 1,524 thousand, is detailed be low:

(EUR thousands)

IRS adjustment 2,369 Tax effect on IRS adjustment (619)

Total 1,750

Of which:

Share attributable to minorities 226 Share attributable to the Group 1,524

Total 1,750

12.3.7 – Exchange rate difference reserve This reserve was positive for EUR 29,169 thousand (negat ive for EUR 33,712 thousand as at 31 December 2025) and includ es the foreign exchange differences relative to Itinera S. p.A. and its subsidiaries, the subsidiaries Igli do Brasil Ltda and EcoRodovias Infraestrutura e Logistica S.A. and its subsidiarie s, the associated company Road Link Holdings Ltd an d other companies valued on a line-by-line basis. More specifically, the change i n the period, amounting to EUR +62,881 thousand, is deta iled below:

Foreign exchange adjustment effect Igli do Brasil L tda and Ecorodovias Infraestrutura e Logistica S.A. 120,572 Foreign exchange adjustment effect Road Link Holdin gs Ltd. 2 Foreign exchange adjustment effect Itinera Group 1, 627 Foreign exchange adjustment effect other companies (435)

Total 121,766

Of which:

Share attributable to minorities 58,885 Share attributable to the Group 62,881

Total 121,766

12.3.8 - Reserve for discounting employee benefits This reserve – which is negative for an amount of E UR 875 thousand (unchanged compared to 31 December 2025) – i ncludes the actuarial differences arising from the remeasuremen t of liabilities relating to “Employee benefits” .

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Condensed Consolidated interim financial report 12.4.1 – Retained earnings (losses) in thousands of EUR Retained

earnings

(losses) Profit (loss)

for the

period Total

Retained

earnings

(losses)

1 January 2025 633,104 460,646 1,093,750 Allocation of profits 460,646 (460,646) -

Dividend distribution (73,355) - (73,355) Purchase of treasury shares - - -

Change in the scope of consolidation - - -

Acquisition of minorities and other changes (4,785) - (4,785) Comprehensive income 8,990 98,730 107,720 30 June 2025 1,024,600 98,730 1,123,330

1 January 2026 1,000,368 334,646 1,335,014 Allocation of profits 334,646 (334,646) -

Dividend distribution (73,821) - (73,821) Purchase of treasury shares - - -

Change in the scope of consolidation - - -

Acquisition of minorities and other changes 6,627 - 6,627 Comprehensive income - 96,971 96,971 30 June 2026 1,267,820 96,971 1,364,791

The item “ retained earnings (losses) ” includes the prior-year profits/losses of consoli dated companies and also includes amounts related to the differences in accounting treatment that arose on the date of transition to IFRS (1 Janu ary 2004), which can be traced to the adjustments made to the financial statements that were prepared up to that date in compliance w ith national accounting standards.

The change in this item, equal to EUR +267.4 million, i s the result of (i) the allocation of the pro-rata portion of the net profit for FY 2025, net of dividend distributions (EUR +260.8 million), ( ii) minority interest acquisitions (EUR +6.9 million) , (iii) the update to the value of options (EUR -0.2 million) and (iv) other mi nor changes (EUR -0.1 million).

12.4.2 – Profit (loss) for the period The item “ Profit (loss) for the period ” reflects the result for the period equal to EUR 96, 971 thousand (EUR 98,730 thousand in the first half of 2025).

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Condensed Consolidated interim financial report 12.5 – Equity attributable to minorities As at 30 June 2026, this item totalled EUR 1,614,914 thousand (E UR 1,602,859 thousand as at 31 December 2025).

The increase during the period - equal to EUR +12.1 mi llion - is due to: (i) the pro-rata share of the ex change difference reserve (EUR +58.9 million), (ii) the pro-rata share of the IRS val uation reserve (EUR +0.2 million), (iii) capital incr eases paid in by minority shareholders and other minor changes (EUR +6.4 million), partially offset by (iv) the dist ribution of dividends to third-party shareholders by subsidiaries (totalling EUR -35.8 mill ion), (v) the purchase of minority interests (EUR -16.4 million),and (vi) the profit for the period attributable to minority interests ( EUR -1.2 million).

A reconciliation between the profit for the period attributed to minorities and the comprehensive inco me ("share attributed to minority interests") is provided below.

(EUR thousands)

Profit/(loss) attributed to minority interests (1,2 18) Cash flow hedge – IRS, pro-rata share 175 Provisions for foreign exchange differences - other companies 58,885 Adjustment to fair value, pro-rata share (45) Comprehensive profit attributable to minorities 57,797

The Shareholders' equity of third parties including significant minority interests are shown in detail below:

% attributed to minority interests Reserves Profit/(loss) Shareholders’ Equity in millions of EUR directly-held mediated EcoRodovias Group 47.3 47.3 687.5 (20.4) 667.1

SITAF S.p.A. 31.9 32.2 323.4 8.1 331.5

Autostrada dei Fiori S.p.A. 27.0 28.7 169.4 2.0 171.4 Tangenziale Esterna S.p.A. 7.5 17.4 122.9 (1.0) 121.8 Società di Progetto Autovia Padana S.p.A. 49.0 49.1 84.5 0.4 84.9

SAV S.p.A. 28.7 30.4 58.3 3.5 61.8

ATIVA S.p.A. 27.7 27.7 61.0 (0.1) 60.9

Autostrada Asti-Cuneo S.p.A. 35.0 36.5 53.1 3.3 56.4

SALT p.A. 2.4 2.4 21.4 0.2 21.6

Other companies - - 34.6 2.8 37.5 Total 1,616.1 (1.2) 1,614.9 The above-mentioned equity investments were deemed significant on the basis of quantitative parameters (impact of the related minority quota on the shareholders’ equity of third parties at the reporting date) and qualitative par ameters.

As more extensively illustrated in the interim mana gement report, (to which reference should be made), the main economic-financial figures of the subsidiaries with significant minori ty interests are summarised below:

(in millions of EUR) SITAF

S.p.A. EcoRodovias

Group (1) Autostrada

dei Fiori

S.p.A. Tangenziale

Esterna

S.p.A. Autovia

Padana

S.p.A. SAV

S.p.A. ATIVA

S.p.A. SALT

p.A. Autostrada

Asti-Cuneo

S.p.A.

Net toll revenue (2) 98.1 619.4 40.4 46.3 46.9 38.4 - 54.7 16.2 Other motorway sector revenue (3) 0.8 11.0 0.9 - 0.5 0.6 - 2.1 -

Other revenue 22.2 50.2 3.6 1.0 1.8 1.0 0.2 7.6 10 .8 Turnover (A) 121.1 680.6 44.9 47.3 49.2 40.0 0.2 64 .4 27.0 Operating costs (2 )(3) (B) (44.6) (232.3) (27.8) (14.1) (27.5) (19.2) (1. 7) (32.0) (16.7) Gross operating margin (EBITDA) (A+B) 76.5 448.3 17. 1 33.2 21.7 20.8 (1.5) 32.4 10.3

(1) Figures converted using the average exchange rate of EUR/Re ais 6.0127 for the first half of 2026.

(2) Amounts net of the fee/additional fee payable to ANAS.

(3) Amounts net of revenue and costs for construction activities of non-compensated revertible assets.

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Condensed Consolidated interim financial report (in millions of EUR) SITAF

S.p.A. EcoRodovias

Group (1) Autostrada

dei Fiori

S.p.A. Tangenziale

Esterna

S.p.A. Autovia

Padana

S.p.A. SAV

S.p.A. ATIVA

S.p.A. SALT

p.A. Autostrada

Asti-Cuneo

S.p.A.

A) Cash 85.2 543.3 54.0 48.4 6.0 4.9 196.6 72.9 14 .0 B) Financial receivables 60.5 406.0 136.7 22.7 25. 4 14.9 6.9 43.3 14.8 C) Short-term borrowings (1.5) (177.1) (93.4) (0.6) (33.1) (31.3) - (3.8) (1.3) D) Current net cash (A) + (B) + (C) 144.2 772.3 97.3 70.5 (1.7) (11.5) 203.5 112.4 27.5 E) Long-term borrowings (433.9) (4,774.4) (393.9) ( 992.7) (352.8) (75.0) - (70.3) (100.2) F) Net financial indebtedness (D) + (E) (289.7) (4,0 02.1) (296.6) (922.2) (354.5) (86.5) 203.5 42.1 (72 .7) (1) Figures translated at the EUR/BRL spot exchange rate as at 30 June 2026 of 5.9003.

With reference to the provisions of paragraphs 12 an d 13 of IFRS 12 and taking into account the fact that t he concession assets are governed by specific contractual arrangements with the Granting Body (as indicated in the paragraph “C oncessions” in the explanatory notes) there are no significant restric tions or limitations to report on the use of certai n assets or the settlement of liabilities.

The articles of association of a number of the moto rway concessionaires envisage qualifying majority a pproval for extraordinary transactions (transformation, merger, share capital increases, etc.).

Note 13 – Provisions for risks and charges This item, equal to EUR 368,418 thousand (EUR 360,447 thousand as at 31 December 2025) is formed as follows:

in thousands of EUR 30 June 2026 31 December 2025 Provision for restoration or replacement of non-com pensated revertible assets 235,949 235,347 Other provisions 132,469 125,100 Total 368,418 360,447

13.1 Provision for restoration or replacement of no n-compensated revertible assets The change in the “ provision for restoration or replacement of non-com pensated revertible assets ” during the period was as follows (in millions of EUR):

(*) inclusive of the discounting effects included amon g the financial entries.

This provision represents the fund set aside for ma intenance costs to be incurred mainly in the subseq uent financial year.

1 January 2026 235.3 Adjustments (*) 91.4

Drawdowns (91.6)

Exchange differences and other changes 0.8 30 June 2026 235.9

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Condensed Consolidated interim financial report 13.2 Other provisions The change in “ Other provisions ” during the period was as follows (in millions of EUR):

1 January 2026 125.1 Adjustments (*) 19.0

Drawdowns (17.0)

Exchange differences and other changes 5.3 30 June 2026 132.4

(*) inclusive of the discounting effects included amon g the financial entries.

As at 30 June 2026, the balance of the item “ other provisions ” can be broken down as follows:

 EUR 64.6 million are attributable to the EcoRodovias G roup and mainly refer to funds allocated for civil proceedings (EUR 49.4 million), employment cases (EUR 4.1 million) and tax disputes (EUR 10.6 million).

 EUR 67.9 million are related to funds allocated for ri sks in relation to investee companies, to retiremen t funds and other personnel costs, to the “managerial incentive system”, to tax disputes, to legal proceedings and other ongoing d isputes.

Note 14 – Employee benefits As at 30 June 2026, this item totalled EUR 31,173 thousand (EU R 32,931 thousand as at 31 December 2025). Changes during the period were as follows:

1 January 2026 32,931 Period contributions (*) 653 Indemnities advanced/liquidated during the period (1,974) Transfers from/to other companies not in the scope of consolidation 95 Reclassifications and other changes (532) 30 June 2026 31,173 (*) inclusive of the discounting effects included among the financial entries.

The tables below show the economic/financial and de mographic assumptions respectively used for the act uarial valuation of these liabilities.

Economic/financial assumptions

Annual discount rate 3.37%-3.69% Annual inflation rate 2.00% Annual rate of increase in severance pay 3.00% Annual rate of salary increases From 1% to 2.5%

Demographic assumptions

Mortality ISTAT 2022 Disability INPS tables by age and gender Retirement age 100% of requirements met % of frequency of advances From 1% to 4% Turnover From 1% to 10% Through its American subsidiaries and associated co mpanies operating in the construction sector, the G roup contributes to Multi-

Employer Pension Plans that use the aggregate of th e assets contributed to the plan in order to provid e employee benefits of the various entities, determining the levels of contrib utions and benefits independently of the identity o f the entity that employs the employees. As envisaged by IAS 19, the Group account s for these plans in the same way as the defined co ntribution plans. At 30 June

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Condensed Consolidated interim financial report 2026, all commitments had been fulfilled and, as it is not expected that the participating Halmar Group co mpanies will abandon these plans, no additional liability was recognised for c ontributions to be made in relation to benefits acc rued.

Note 15 – Trade payables (non-current) The item “ trade payables (non-current) ”, for EUR 63 thousand (EUR 4 thousand as at 31 Decembe r 2025) includes medium/long-term trade payables.

Note 16 – Other payables and contract liabilities ( non-current) These consist of:

in thousands of EUR 30 June 2026 31 December 2025 To ANAS – Central Insurance Fund 579,726 561,756 Deferred income related to discounting the payable to ANAS – Central Insurance Fund 235,781 253,751 Payables for concession fees 539,991 458,135 To others 379,016 356,381 Total 1,734,514 1,630,023

The change in the payables “to ANAS – Central Insurance Fund” and “ deferred income related to discounting the payable to ANAS – Central Insurance Fund” compared to the previous year is reported below:

in thousands of EUR 31/12/2025 Changes 30/06/2026

Other changes

To ANAS – Central Insurance Fund 561,756 17,970 579,726 Deferred income related to discounting the payable to ANAS – Central Insurance Fund 253,751 (17,970) 235,781 Total 815,507 - 815,507 The item payable “to ANAS - Central Insurance Fund” refers to operations undertaken by the parties in question in favour of the concessionaires SALT p.A. (A15 Stretch) and SITAF S.p .A to make instalment payments and for payables to suppliers. The amount of the payable has been discounted based on the repaym ent plans.

The breakdown by concessionaire of payables discoun ted as at 30 June 2026 and their developments until full y repaid is as follows (in millions of EUR):

30/06/2026 2026 2027 2028 2029 2030 2031 2032 2033 SALT- A15 Stretch 75.8 75.5 24.8

SITAF 520.4 523.0 543.2 564.6 546.9 465.8 370.4 257.1 137.3

Total 596.2 (*) 598.5 568.0 564.6 546.9 465.8 370.4 257.1 137.3 (*) of which EUR 579.7 million as the non-current porti on and EUR 16.5 million as the current portion (Not e 22).

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Condensed Consolidated interim financial report The item “ deferred income related to discounting the payable to ANAS – Central Insurance Fund ” collects the difference between the original amount of the payable and its discounted v alue. The charge from the discounting process is im puted to the income statement among “financial expenses”.

The item “ payables for concession fees ” refers to the non-current portion of payables to the Brazilian authorities arising from EcoRodovias Group as detailed below (in millions of EUR):

30 June 2026 31 December 2025 changes Ecovias Araguaia (*) 311.6 266.1 45.5 Ecovias Norte Minas 228.4 202.4 26.0 Other 26.4 11.0 15.4 Payables for concession fees 566.5 479.5 87.0

of which

Current (Note 22) 26.5 21.4 5.1 non-current 540.0 458.1 81.9 (*) The item “financial receivables due from the granting body” includes for an amount of EUR 311.4 million (EUR 26 5.9 million as at 31 December 2025), the reserve ac count created by the concessionaire Ecovias Araguaia as part of the obli gations set out in the concession tender procedure for the management of the BR-153/414/080/TO/GO moto rway (see Note no. 3d), the function of which is to guarantee the economic and financial sustainability of the concession.

The item payables “ to others ”, equal to EUR 379 million (EUR 356.4 million as at 31 Dece mber 2025), includes (i) for EUR 173.2 million, advances on works from clients, in accordance with the law and to be recovered on the issue of interim payment certificates in proportion to the percentage of the work order carr ied out, after 30 June 2027 (EUR 170.1 million at 31 December 2025), (ii) for EUR 120.8 million, the payable for the option to purchase t he remaining 20% of Halmar International LLC (EUR 117.1 m illion at 31 December 2025) and (iii) for EUR 84.7 million, other payab les arising from the EcoRodovias Group (EUR 68.8 milli on at 31 December 2025). The advances on works include, for EUR 93.7 million , total advances paid by the customer for the Stors trøm Bridge project as part of the Liquidity Bridge Agreement, signed with the customer to provide financial support while aw aiting the execution and resolution of the relative claims in the context of the arbitration procedure in progress.

The payables shown above are broken down by maturit y as follows:

in thousands of EUR Between one and five years Beyond five years Total To ANAS – Central Insurance Fund 238,301 341,425 579,726 Deferred income related to discounting the payable to ANAS – Central Insurance Fund 159,124 76,657 235,781 Payables for concession fees – Long term 76,139 463,852 539,991 Other payables 378,111 905 379,016 Total 851,675 882,839 1,734,514

Note 17 – Bank debt (non-current) Bank debt amounted to EUR 4,039,224 thousand (EUR 4,151,634 tho usand at 31 December 2025); the change compared to the previous year is detailed below (in thousands of EU R):

31/12/2025 Changes

30/06/2026 Change in the

scope of

consolidation Disbursements Reimbursements Transfers to current portion Exchange differences and other changes

4,151,634 - 174,410 (38,446) (316,274) 67,900 4,039,224

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Condensed Consolidated interim financial report The tables below show bank debt as at 30 June 2026, indic ating the related balance due (current and non-curr ent portion) and summarising the principal conditions applied to eac h liability.

30 June 2026 Company Lending bank Maturity Initial amount (*) Interest rate Currency Balance as

at Within

1 year 1 to 5

years Beyond

5 years

ASTM Pool Unicredit, Intesa, Credit Agricole 15/12/2033 137,000 Variable/IRS EUR 115,217 10,823 56,581 47,813 ASTM Pool Unicredit, Intesa, Credit Agricole 15/12/2033 133,000 Variable EUR 111,853 10,507 54,929 46,417 ASTM CDP 31/12/2026 350,000 Variable EUR 35,000 35,000 - -

ASTM BPM 29/03/2030 100,000 Variable EUR 100,000 - 100,000 -

ASTM CAIXA 27/04/2027 100,000 Variable EUR 100,000 100,000 - -

ASTM BNL 29/03/2030 100,000 Variable EUR 100,000 - 100,000 -

ASTM Intesa 31/03/2027 180,000 Variable EUR 119,970 119,970 - -

ASTM Unicredit 01/02/2028 300,000 Variable EUR 300,000 - 300,000 -

ASTM Intesa 17/07/2028 100,000 Variable EUR 100,000 - 100,000 -

ASTM Intesa 19/12/2029 150,000 Variable EUR 150,000 - 150,000 -

ASTM Mediobanca 14/12/2028 400,000 Variable EUR 370,000 - 370,000 -

ASTM Mediobanca 23/06/2031 100,000 Variable EUR 100,000 - 100,000 -

ASTM CDP 09/01/2034 500,000 Variable EUR 465,000 18,000 237,000 210,000 ASTM Unicredit 10/02/2029 1,000 Variable EUR 1,000 - 1,000 -

Ecovias Rio Minas BNB 15/07/2047 350,000 Variable BRL 60,240 2,601 11,961 45,678 Ecovias Rio Minas BNDES 15/09/2047 60,000 Variable BRL 10,622 119 92 10,411 Ecovias Araguaia BASA 16/07/2046 315,141 Variable BRL 51,383 2,712 10,202 38,469 Ecovias Araguaia BNDES 15/09/2051 870,000 Variable BRL 162,947 3,738 10,908 148,301 Ecovias Minas Goiás BDMG 15/12/2038 120,000 Variable BRL 17,816 936 4,276 12,604 Ecovias Minas Goiás BNDES 15/12/2038 417,968 Variable BRL 62,935 3,307 15,109 44,519 Ecovias Minas Goiás CAIXA 10/04/2036 186,486 Fixed BRL 18,533 2,119 7,295 9,119 Ecovias Minas Goiás CAIXA 15/12/2038 326,350 Variable BRL 48,316 2,537 11,596 34,183 Ecovias Norte Minas Banco Santander 15/09/2026 87 Variable BRL 5 5 - -

Ecovias Norte Minas Banco Santander 15/07/2026 5,246 Variable BRL 329 329 - -

Ecovias Norte Minas Banco Santander 15/12/2026 6,4 93 Variable BRL 395 395 - -

Ecovias Norte Minas BNDES 15/06/2043 946,532 Variable BRL 176,453 7,071 30,394 138,988 Ecovias Ponte BNDES 15/08/2032 84,075 Variable BRL 7,305 950 4,650 1,705 Ecovias Ponte BNDES 15/12/2032 127,489 Variable BRL 15,733 1,913 9,345 4,475 Ecovias Ponte BNDES 15/06/2034 69,546 Variable BRL 9,367 867 4,193 4,307 Ecovias Ponte BNDES 15/12/2032 2,076 Variable BRL 236 31 142 63 HALMAR M&T Consolidated Mortgage 02/08/2029 5,900 Fixed USD 3,409 259 3,150 -

Itinera BPM 31/12/2029 50,000 Variable EUR 44,106 12,084 32,022 -

Itinera CDP 09/01/2029 10,000 Variable EUR 6,250 2,500 3,750 -

Itinera CREDIT AGRICOLE 14/06/2027 15,000 Variable EUR 5,197 5,197 - -

Itinera MPS 31/03/2030 35,000 Variable EUR 26,250 7,000 19,250 -

Itinera Unicredit Intesa pool 21/01/2027 60,000 Variable EUR 60,000 60,000 - -

Itinera Sparkasse 30/09/2029 10,000 Variable EUR 9,286 2,857 6,429 -

Itinera DESIO 10/11/2030 10,000 Variable EUR 8,909 1,915 6,994 -

Itinera SELLA 17/02/2029 15,000 Variable EUR 13,801 4,887 8,914 -

Itinera Banco Santander 15/05/2028 30,000 Variable EUR 30,000 - 30,000 -

Itinera Banca Alpi Marittime 30/06/2031 20,000 Var iable EUR 20,000 3,740 16,260 -

SITAF European Investment Bank 15/06/2037 98,000 Variable/IRS EUR 81,146 - 14,629 66,517 SITAF European Investment Bank 15/06/2037 78,854 Variable/IRS EUR 78,854 - 14,216 64,638

SITAF CDP 15/06/2037 98,000 Variable/IRS EUR 81,146 - 14,629 66,517

SITAF CDP 15/06/2037 80,000 Variable/IRS EUR 66,976 - 12,074 54,902

SITAF CDP 15/06/2037 91,879 Variable/IRS EUR 91,878 - 16,564 75,314

SITAF Unicredit 15/06/2037 50,000 Variable/IRS EUR 50,000 - 9,014 40,986 TE Pool with Intesa Unicredit BPM CDP Caixa Sogen BNP Credit Agricole 17/04/2032 606,620 Variable/IRS EUR 606,620 - - 606,620 TE Pool with Intesa Unicredit BPM CDP Caixa Sogen BNP Credit Agricole 17/04/2032 148,380 Variable/IRS EUR 148,374 - - 148,374 TE Pool with Intesa Unicredit BPM CDP Caixa Sogen BNP Credit Agricole 17/04/2032 260,000 Variable/IRS EUR 260,000 - - 260,000

Total net accruals and deferrals 4,502,857 424,369 1,897,568 2,180,920 (35,302) 3,962 (9,964) (29,300) Total bank debt 4,467,555 428,331 1,887,604 2,151,620

of which:

current 428,331

non -current 4,039,224 (*) Initial amount in local currency Almost all the medium- and long-term loan contracts in place as at 30 June 2026 entered into require complia nce with certain economic and financial parameters (covenants) that are normal for loans of this type. These parameters , up to 30 June 2026, were met.

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Condensed Consolidated interim financial report The table below shows the spot values at 30 June 2026 for the average spread and reference average weighted rate for the loans, including the reference average weighted rate (for the current and non-current portions):

ASTM Group

without EcoRodovias EcoRodovias Group ASTM Group Weighted average spread 1.9% 4.8% 2.3% Weighted average rate of reference 2.5% 5.7% 3.0% Weighted average rate 4.4% 10.5% 5.3% Within the financial structure that envisages the c entralisation of Group funding within the parent co mpany ASTM S.p.A., the debt contracted by ASTM S.p.A. is subsequently transferr ed to Italian subsidiaries operating in the motorwa y sector – now only in some limited residual cases – and was supported by a spe cial security, based on the pledging or collateral assignment of receivables from intercompany loans, in turn intended solely to guar antee ASTM S.p.A.’s creditors direct access to the financed operating companies in the event of certain significant negative events , and to prevent, where existing, any structural su bordination between the financial creditors of ASTM S.p.A. and the financial creditor s of its subsidiaries. Since November 2021, the structu re in question has no longer provided for activation of the above security packa ge and therefore the new debt contracted by ASTM S. p.A., from said date, has been issued on an unsecured basis.

The note “Other information – Financial risk manage ment” contains the description of the financial ris ks of the Group and the management policies for them.

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Condensed Consolidated interim financial report The tables below show bank debt as at 31 December 2025, indicating the related balance due (current and non -current portion) and summarising the principal conditions applied to eac h liability.

31 December 2025 Company Lending bank Maturity Initial amount (*) Interest rate Currency Balance as at Within 1 year 1 to 5 years Beyond

5 years

ASTM Pool Unicredit, Intesa, Credit Agricole 15/12/2033 137,000 Variable/IRS EUR 120,286 10,138 53,430 56,718 ASTM Pool Unicredit, Intesa, Credit Agricole 15/12/2033 133,000 Variable EUR 116,774 9,842 51,870 55,062 ASTM Mediobanca 30/06/2026 50,000 Variable EUR 23,000 23,000 - -

ASTM Mediobanca 31/12/2026 50,000 Variable EUR 50,000 50,000 - -

ASTM CDP 31/12/2026 350,000 Variable EUR 70,000 70,000 - -

ASTM BPM 29/03/2030 100,000 Variable EUR 100,000 - 100,000 -

ASTM CAIXA 28/03/2026 50,000 Variable EUR 50,000 50,000 - -

ASTM CAIXA 27/04/2027 100,000 Variable EUR 100,000 - 100,000 -

ASTM BNL 29/03/2030 100,000 Variable EUR 100,000 - 100,000 -

ASTM Intesa 31/03/2027 180,000 Variable EUR 131,976 24,012 107,964 -

ASTM Unicredit 01/02/2028 300,000 Variable EUR 300,000 - 300,000 -

ASTM Intesa 17/07/2028 100,000 Variable EUR 100,000 - 100,000 -

ASTM Intesa 19/12/2029 150,000 Variable EUR 150,000 - 150,000 -

ASTM Mediobanca 14/12/2028 400,000 Variable EUR 370,000 - 370,000 -

ASTM CDP 09/01/2034 500,000 Variable EUR 474,000 18,000 204,000 252,000 ASTM Unicredit 10/02/2029 1,000 Variable EUR 1,000 - 1,000 -

Ecovias Rio Minas BNB 15/07/2047 350,000 Variable BRL 55,327 949 11,173 43,205 Ecovias Araguaia BASA 16/07/2046 315,141 Variable BRL 48,276 2,491 9,352 36,433 Ecovias Araguaia BNDES 15/09/2051 870,000 Variable BRL 144,346 2,080 9,325 132,941 Ecovias Minas Goiás BDMG 15/12/2038 120,000 Variable BRL 16,466 815 3,716 11,935 Ecovias Minas Goiás BNDES 15/12/2038 417,968 Variable BRL 58,175 2,885 13,133 42,157 Ecovias Minas Goiás CAIXA 10/04/2036 186,486 Fixed BRL 17,843 1,959 6,688 9,196 Ecovias Minas Goiás CAIXA 15/12/2038 326,350 Variable BRL 44,671 2,223 10,079 32,369 Ecovias Capixaba BNDES 15/12/2028 188,658 Variable BRL 12,217 3,730 8,487 -

Ecovias Capixaba BNDES 15/06/2030 241,049 Variable BRL 21,855 4,160 17,695 -

Ecovias Norte Minas Banco Santander 15/07/2026 3,070 Variable BRL 165 165 - -

Ecovias Norte Minas Banco Santander 15/09/2026 87 Variable BRL 5 5 - -

Ecovias Norte Minas Banco Santander 15/07/2026 5,246 Variable BRL 283 283 - -

Ecovias Norte Minas Banco Santander 15/12/2026 6,493 Variable BRL 338 338 - -

Ecovias Norte Minas BNDES 15/06/2043 946,532 Variable BRL 159,400 6,129 26,286 126,985 Ecovias Ponte BNDES 15/08/2032 84,075 Variable BRL 6,988 822 4,014 2,152 Ecovias Ponte BNDES 15/12/2032 127,489 Variable BRL 14,996 1,656 8,068 5,272 Ecovias Ponte BNDES 15/06/2034 69,546 Variable BRL 8,813 751 3,620 4,442 Ecovias Ponte BNDES 15/12/2032 2,076 Variable BRL 226 27 125 74 HALMAR M&T Consolidated Mortgage 02/08/2029 5,900 Fixed USD 3,431 251 3,180 -

Itinera BPM 31/12/2029 50,000 Variable EUR 50,000 11,887 38,113 -

Itinera CDP 09/01/2029 10,000 Variable EUR 7,500 2,500 5,000 -

Itinera CREDIT AGRICOLE 14/06/2027 15,000 Variable EUR 7,734 5,116 2,618 -

Itinera MPS 31/03/2030 35,000 Variable EUR 29,750 7,000 22,750 -

Itinera Unicredit Intesa pool 21/01/2027 60,000 Variable EUR 60,000 - 60,000 -

Itinera Sparkasse 30/09/2029 10,000 Variable EUR 10,000 2,143 7,857 -

Itinera DESIO 10/11/2030 10,000 Variable EUR 9,845 1,886 7,959 -

Storstrøm Bridge JV I/S Banco Santander 16/10/2026 15,000 Variable EUR 15,000 15,000 - -

SITAF EIB 15/06/2037 98,000 Variable/IRS EUR 81,145 - 11,860 69,285

SITAF EIB 15/06/2037 78,854 Variable/IRS EUR 78,854 - 11,526 67,328

SITAF CDP 15/06/2037 98,000 Variable/IRS EUR 81,145 - 11,860 69,285

SITAF CDP 15/06/2037 80,000 Variable/IRS EUR 66,977 - 9,789 57,188

SITAF CDP 15/06/2037 91,879 Variable/IRS EUR 91,879 - 13,429 78,450

SITAF Unicredit 15/06/2037 50,000 Variable/IRS EUR 50,000 - 7,308 42,692 TE Pool with Intesa Unicredit BPM CDP Caixa Sogen BNP Credit Agricole 17 April 2032 606,620 Variable/IRS EUR 606,620 - - 606,620 TE Pool with Intesa Unicredit BPM CDP Caixa Sogen BNP Credit Agricole 17 April 2032 148,380 Variable/IRS EUR 148,374 - - 148,374 TE Pool with Intesa Unicredit BPM CDP Caixa Sogen BNP Credit Agricole 17 April 2032 260,000 Variable/IRS EUR 260,000 - - 260,000 Total 4,525,680 332,243 1,983,274 2,210,163 Net accruals and deferrals (37,660) 4,143 (10,929) (30,874) Total bank debt 4,488,020 336,386 1,972,345 2,179,289

of which:

current 336,386

non -current 4,151,634 (*) Initial amount in local currency

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Condensed Consolidated interim financial report Note 18 - Non-current derivatives with a negative f air value This item amounts to EUR 2,571 thousand as at 30 June 2026 (E UR 2,853 thousand as at 31 December 2025) and refers to the f air value of the Interest Rate Swap contracts concluded by Group companies in order to prevent the risk deriving from changes in interest rates. Please refer to section “Other information – Derivatives” for more detailed information.

Note 19 – Other financial liabilities (non-current) This item amounts to EUR 7,601,289 thousand EUR 6,694,289 thousan d at 31 December 2025).

in thousands of EUR 30 June 2026 31 December 2025 ASTM bonds 3,277,965 3,278,986 EcoRodovias bonds 4,130,368 3,247,496 Payables for lease contracts 66,259 48,237 Other payables 126,697 119,570 Total 7,601,289 6,694,289

See below for the changes to the items “ASTM bonds” and “EcoRodovias bonds” compared to 31 December 2025:

in thousands of EUR 31/12/2025 Changes

30/06/2026

Emissions Reimbursements Transfers to current portion Exchange

differences and

other changes

ASTM bonds 3,278,986 - - (3,560) 2,539 3,277,965 EcoRodovias bonds 3,247,496 479,414 - (22,133) 425,591 4,130,368 Non-current bonds 6,526,482 479,414 - (25,693) 428,130 7,408,333

With reference to the issues that took place during the period, the EcoRodovias Group issued bonds mat uring beyond 12 months for a total of BRL 2,940 million (approximately EUR 498.3 milli on 1); these bond issues have the following characteris tics:

 Ecovias Rio Minas: 540 million reais in January 2026, the subsidiary Ecovias Rio Minas issue d the second tranche of the fourth bond issue total ling BRL 540 million (EUR 91.5 million 1), maturing in 2047;

 Ecovias Capixaba: 2,400 million reais in May 2026, the subsidiary Ecovias Capixaba issued bon ds totalling BRL 2,400 million (EUR 406.8 1 million), maturing on 15 June 2030.

1 Based on the Euro/Reais exchange rate of 5.9003 a s at 30 June 2026.

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Condensed Consolidated interim financial report The following table contains the details of the AST M Bonds (in thousands of EUR):

Company Issue date Maturity date Rate Currency Nominal value Repayment method value as at 30/06/2026 value as at

31/12/2025

ASTM 08/02/2018 08/02/2028 1.625% EUR 550,000 bullet at maturity 551,947 555,979 ASTM 25/11/2021 25/11/2026 1.000% EUR 750,000 bullet at maturity 754,068 749,842 ASTM 25/11/2021 25/01/2030 1.500% EUR 1,250,00 0 bullet at maturity 1,247,968 1,256,061 ASTM 25/11/2021 25/11/2033 2.375% EUR 1,000,00 0 bullet at maturity 1,008,959 996,863 ASTM 16/10/2025 16/02/2032 3.375% EUR 500,000 bullet at maturity 506,771 498,015

4,069,713 4,056,760

of which:

current 791,748 777,774 non-current 3,277,965 3,278,986

These bonds, governed by English law, have a minimu m unit of EUR 100 thousand and are traded on the Irish stock exchange.

The following table contains the details of the Eco Rodovias bonds (in thousands of reais):

Company Issue date Maturity date Rate Currency Nominal value Repayment method value as at 30/06/2026 value as at

31/12/2025

EcoInfra 10/11/2025 Oct-32 CDI + 1.35% a.a. BRL 1,250,000 Annual as from 2030 1,278,674 1,266,517 Ecovias Leste Paulista 15/03/2023 Mar-30 IPC-A + 7 .55% a.a. BRL 472,000 Half-yearly as from 202 4 454,875 465,959 Ecovias Leste Paulista 15/03/2023 Mar-35 IPC-A + 8. 15% a.a. BRL 708,000 Half-yearly as from 2030 817,031 787,575 Ecovias Rio Minas 15/01/2025 Sep-47 IPC-A + 8.3939% a.a. BRL 1,350,000 Half-yearly as from 2031 1,449,377 1,399,164 Ecovias Rio Minas 27/01/2026 Sep-47 IPC-A + 7.65% a .a. BRL 540,000 Half-yearly as from 2031 559,607 -

Ecovias Imigrantes 15/02/2024 Feb-33 IPC-A + 6.095% a.a. BRL 1,63 0,000 Annual as from 2028 1,830,851 1,766,878 Ecovias Imigrantes 25/02/2025 Feb-32 CDI + 1.25% a.a. BRL 1,400,0 00 Annual as from 2030 1,467,979 1,473,503 Ecovias Ponte 15/10/2019 Oct-34 IPC-A + 4.4% a.a. BRL 230,000 Annual as from 2022 301,726 284,462 Ecovias Capixaba 15/09/2025 Sep-26 CDI + 0.75% a.a . BRL 650,000 bullet at maturity - 674,879 Ecovias Capixaba 08/06/2026 Jun-30 IPC-A + 8.6431% BRL 2,400,000 bullet at maturity 2,379,058 -

Ecovias Minas Goiás 15/12/2017 Dec-29 IPC-A + 9% a .a. BRL 90,000 Half-Yearly 95,970 100,152 Ecovias Minas Goiás 15/08/2025 Dec-38 IPC-A + 8.59 % a.a. BRL 450,000 Half-yearly as from 2027 465,469 457,335 Ecovias Norte Minas 15/07/2023 Mar-43 IPCA + 7.10% a.a. BRL 520,000 Half-yearly as from 2025 543,780 561,976 EcoRodovias Concessões 15/04/2019 Apr-26 IPC-A + 5 .50% a.a. BRL 66,325 Annual as from 2025 - 48,604 EcoRodovias Concessões 20/06/2023 Jun-26 IDC + 2.6 5% a.a. BRL 650,000 bullet at maturity - 46,100 EcoRodovias Concessões 15/09/2023 Oct-28 IDC + 1.8 5% a.a. BRL 220,000 Annual as from 2027 63, 444 63,417 EcoRodovias Concessões 15/09/2023 Oct-30 IDC + 2.3 5% a.a. BRL 600,000 Annual as from 2028 614 ,864 615,506 EcoRodovias Concessões 15/09/2023 Oct-33 IPCA + 6. 8285% a.a. BRL 180,000 Annual as from 2031 206,517 198,972 EcoRodovias Concessões 15/06/2024 Jun-31 IPCA + 6. 8233% a.a. BRL 897,312 bullet at maturity 993,247 936,138 EcoRodovias Concessões 15/06/2024 Jun-34 IPC-A + 7 .1117% a.a. BRL 842,198 Annual as from 2032 910,755 877,399 EcoRodovias Concessões 15/06/2024 Jun-39 IPC-A + 7 .3108% a.a. BRL 360,490 Annual as from 2037 367,772 374,850 EcoRodovias Concessões 15/07/2025 Jul-31 IDC + 1.2 0% a.a. BRL 2,000,000 Annual as from 2029 2,116,022 2,104,217 Ecovias Sul 03/05/2024 Feb-26 CDI + 0.70% a.a. B RL 80,000 bullet at maturity - 81,874 Ecovias Sul 28/04/2025 Feb-26 CDI + 0.80% a.a. B RL 70,000 bullet at maturity - 76,946 Holding do Araguaia 15/10/2021 Oct-36 IPC-A + 6.66 47% a.a. BRL 1,400,000 Half-yearly as from 2024 1,599,053 1,587,483 Ecovias Cerrado 15/08/2023 Sep-27 IPCA + 6.35% a.a . BRL 640,000 bullet at maturity 865,085 808,398 Ecovias Araguaia 15/06/2022 Jul-51 IPC-A + 6.6600 % a.a. BRL 593,150 Half-yearly as from 2026 704,164 679,102 Ecovias Noroeste Paulista 15/08/2025 Dec-47 IPC-A + 8.3702% a.a. BRL 2,050,000 Half-yearly as from 2031 2,129,522 2,055,731 Ecovias Noroeste Paulista 15/08/2025 Dec-47 IPC-A + 8.3702% a.a. BRL 300,000 Half-yearly as from 2031 311,637 300,839 Ecovias Raposo Castello 15/02/2025 Mar-29 IPC-A + 8.1773% a.a. BRL 2,200,000 bullet at maturity 2,572,956 2,384,947

25,099,435 22,478,923

EUR 4,253,925 3,492,468

of which

current 729,023 1,576,749

EUR 123,557 244,972

non-current 24,370,412 20,902,174

EUR 4,130,368 3,247,496

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Condensed Consolidated interim financial report EcoRodovias Group contracts require certain financi al indices (covenants) to be maintained which, as a t 30 June 2026, were met by all the subsidiaries.

In compliance with IFRS, this item was posted net o f the cost incurred for the issue/listing and of th e issue discounts.

As in previous financial years, the Group companies have the funding needed to repay the bond issues u pon their respective maturities.

The item “ other payables” includes, for an amount of EUR 116.9 million (USD 133.2 mi llion), the loans granted to Elevated Accessibility Enhancements Operating Company, LLC (“EAE”) as part of the ADA 13 Stations project. In particular, as in dicated in the Management Report, the project was financed by EAE with suppor t from the customer; the latter, through the New Yo rk Transportation Development Corporation as a conduit, issued two Su stainability Bonds, the first ”Loan Series 2023A Bond” for USD 191.7 million and the second “Loan Series 2023B Bond” for USD 135.5 million. The resources were then allocated to EAE through tw o specific loans, which substantially replicate the terms and conditi ons of the bond issues.

Disbursement Date Nominal value (US$/mil) Rate Initial maturity Repayment method Loan Series 2023A Bond 04/05/2023 191.7 5.30% 27/10/2027 bullet Loan Series 2023B Bond 04/05/2023 135.5 6.971% 30/06/2051 half-yearly, starting from 30/06/2032

The loan received from the issue of the Loan Series 2023A Bond is classified under the item “ Other financial liabilities (current )” given that they are expected to be repaid within 12 months of the reporting date.

The remainder is mainly attributed to the non-curre nt portion of payables relative to leasing contract s recognised in compliance with IFRS 16.

Note 20 – Deferred tax liabilities This item totalled EUR 479,582 thousand (EUR 478,418 thousand a s at 31 December 2025). For the breakdown of this item, please refer to Note 38 – Income taxes.

Note 21 – Trade payables (current) Trade payables totalled EUR 883,990 thousand (EUR 902,927 thous and at 31 December 2025).

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Condensed Consolidated interim financial report Note 22 – Other payables and contract liabilities ( current) These consist of:

in thousands of EUR 30 June 2026 31 December 2025 Advances/Advance payments 459,894 422,438 Payables to welfare organisations 28,008 25,318 Payables due to employees 82,766 69,855 Payables for concession fees 39,406 47,094 Payables to ANAS – Central Insurance Fund 16,453 16,453 Payables for cross charges from consortium companie s 173,271 186,468 Payables to shareholders for dividends 72,984 34 Payables to Autostrada dei Fiori shareholders for o ption 8,479 8,201 Deferred income 11,139 9,494 Other payables 103,745 126,774 Total 996,145 912,129 The item “advances/advance payments” includes advances received from buyers in accordan ce with the law and intended to be recovered based on the progress of the work, by the end of next year, as well as excess on advances in voiced with respect to the progress of the relative work completed. The change during the period reflects the increase in advance payments received from the Halmar Group (EUR +35.2 million) and from Itinera S.p. A. in relation to contracts attributable to Consorz io Eteria (EUR 6 million).

“Payables for concession fees” represents for an amount of EUR 12.9 million, the pay able of the Italian concessionaires related to the concession fees to be paid to ANAS and to the Minis try of Economy and Finance, calculated on the motor way tolls and on the royalties received from service area operators. This item als o includes EUR 26.5 million related to the current por tion of payables due to the Brazilian authorities of the EcoRodovias Group.

The item “payables to ANAS – Central Insurance Fund” represents the portion of the payable maturing in the next accounting period.

“Payable for cross charges from consortium companies ” refers mainly to the cross charge made by the con sortium companies of the EPC sector and is posted net of the invoiced advanc e payments. Note that due to the operating mechanis ms of these consortium companies, these balances due are more or less mirr ored in equity items as assets against the balances recognised for work orders which are the context of the workings of the consor tium . The change during the FY is mainly attributable to lower payables associated with the Arena Pala Italia and Albacina projects.

As part of the share capital increase of the subsid iary Autostrada dei Fiori S.p.A., which was approve d by the Shareholders’ Meeting on 23 October 2012, the subsidiary Salt p.A. granted a pu t option to some shareholders of Autostrada dei Fio ri S.p.A. on the shares subscribed by them. The item “payables to Autostrad a dei Fiori shareholders for option” represents the estimate of the price to be paid to the shareholders if the latter decide to ex ercise the put option for the above-mentioned share s. At 30 June 2026 there remains a commitment on 1,530,390 shares (equal to 0.95% of the share capital) for a countervalue of EUR 8,479 thousand.

“Deferred income” includes contributions received by SATAP S.p.A. fr om TAV S.p.A. and RFI S.p.A., and grants received b y SAV S.p.A., contributions received by SAV S.p.A. from RAV S.p.A . and the Autonomous Region Valle d’Aosta, as well as the relevant portion from subsequent years for multi-year contracts for motor way crossings. This item also includes deferred inc ome on contributions for investments in instrumental assets relative to comp anies in the EPC and technology sectors.

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Condensed Consolidated interim financial report Note 23 – Bank debt (current) These consist of:

in thousands of EUR 30 June 2026 31 December 2025 Current account overdrafts and advances 130,186 96,851 Maturing portion of medium- and long-term loans 428,331 336,386 Total 558,517 433,237 The "maturing portion of medium- and long-term loans" amounted to EUR 428,331 thousand as at 30 June 2026 (EUR 333,386 thousand as at 31 December 2025). The changes compared t o the previous financial year are shown below:

31/12/2025 Changes

30/06/2026

Disbursements Reimbursements Transfers from non-

current portion Exchange differences and

other changes

336,386 - (251,164) 316,274 26,835 428,331

Note 24 – Other financial liabilities (current) These consist of:

in thousands of EUR 30 June 2026 31 December 2025 ASTM bonds 791,748 777,774 EcoRodovias bonds 123,557 244,972 Financing ADA 13 Stations project 167,387 162,067 Financial payables from interconnection - cash in t ransit 8,240 7,004 Payables for lease contracts 45,249 45,153 Payables for loans to investees 9,656 10,658 Other payables 63,285 19,425 Total 1,209,122 1,267,053 See below for the changes to the current portion of the items “ASTM bonds” and “EcoRodovias bonds” com pared to the previous

year:

in thousands of EUR 31/12/2025 Changes Disbursements/Increases Reimbursements Transfers

from non-

current

portion Exchange

differences and

other changes 30/06/2026 ASTM bonds 777,774 - (27,688) 3,560 38,102 791,748 EcoRodovias bonds 244,972 - (325,993) 22,133 182,445 123,557 Current bonds 1,022,746 - (353,681) 25,693 220,547 915,305 For more information please see Note 19.

The item “financial payables from interconnection - cash in transit” indicates amounts due to interconnected companies for tolls momentarily collected by Italian concessionaires in the Group, but which pertain to third-party conces sionaires; these payables are interest-bearing.

The item “ payables for loans to investees ” refers to loans granted to the subsidiary Itinera S.p.A. by associated companies.

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Condensed Consolidated interim financial report “Other payables”, for EUR 45.8 million (EUR 11 million a s at 31 December 2025), refer to the financial debt due t o the Granting Body in respect of the supplemental charges relative to the years 2024 and 2025, for which the Granting Body issued instructions regarding their use.

Note 25 – Current tax liabilities Current tax liabilities totalled EUR 160,006 thousand (EU R 77,100 thousand as at 31 December 2025) and refer to payable s for corporate income tax (IRES), regional production ta x (IRAP), VAT and personal income tax (IRPEF) as a substitute tax, as well as direct overseas taxes, detailed below:

in thousands of EUR 30 June 2026 31 December 2025 Payable for current taxes - Italy 78,450 4,591 Payable for IRPEF as substitute tax 9,901 10,045 Payable for VAT 14,816 3,219 Payables for taxes - overseas 50,550 53,753 Other current tax liabilities 6,289 5,492 Total 160,006 77,100

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Condensed Consolidated interim financial report Explanatory Notes – Information on the income state ment Note 26 – Revenue 26.1 – Motorway sector revenue – operating activiti es This item breaks down as follows:

in thousands of EUR 1HY 2026 1HY 2025 Net toll revenue - Italy 657,435 638,224 Net toll revenue - Brazil 619,384 563,310 Fee/additional fee payable to ANAS 40,065 38,654 Gross toll revenue 1,316,884 1,240,188 Other accessory revenues 26,103 24,525 Total 1,342,987 1,264,713

The change in “net toll revenue - Italy” – equal to EUR 19.2 million (+3.0%) – was due to: (i) g rowth in traffic volumes for EUR +20.7 million, (ii) the tariff increase applied with effe ct from 1 January 2026 for EUR +6.7 million, and (iii) the increase of the tariff component for supplemental charges pertaining to th e Granting Body envisaged by the Concessioni del Ti rreno S.p.A. agreement for EUR -8.2 million.

The change in “net toll revenue - Brazil” – equal to EUR 56.1 million (+10.0%) – is the result of (i) the growth in traffic volumes and the recognition of the tariff increases due for EUR 35.2 million, (ii) the inclusion, for the entire per iod, of toll revenue from Ecovias Noroeste Paulista and Ecovias Raposo Castello for E UR 32.7 million (in 1H 2025, these companies had contributed, from 4 Marc h 2025, to the Noroeste Paulista stretch previously manag ed by TEBE and, from 30 March 2025, to the Raposo-Castell o stretch), (iii) the positive effect of the difference in the averag e EUR/BRL exchange rate between the two periods com pared for EUR +26.1 million, partially offset by the loss of part of the toll re venue relating to Ecovias Sul following the expiry of the relevant concession on 4 March 2026 (EUR -37.9 million).

The change to the item “fee/additional fee payable to ANAS” is attributable to the increase in traffic on the stretches managed by the Italian concession companies. As these are paym ents corresponding to a fee of the same value recor ded under “ other costs ”, this increase is recognised for the same amount as a con tra-entry under “ operating costs” .

“Other accessory revenues” , which mainly refer to rental income on service ar eas and crossing fees, showed growth for both the Italian and Brazilian concessionaires.

26.2 – Motorway sector revenue – planning and const ruction activities This item totalled EUR 573,329 thousand (EUR 606,100 thousand i n the first half of 2025) and refers to the “planning a nd construction” activity of non-compensated revertibl e assets that – according to IFRIC 12 – are booked am ong revenue with regards to both the portion obtained by Group companies and that of Third Parties. A similar amount of costs w as booked against these revenues under the item “ Other costs for services ”.

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Condensed Consolidated interim financial report 26.3 – EPC sector revenue This revenue breaks down as follows:

in thousands of EUR 1HY 2026 1HY 2025 Revenue for works and planning and changes in contr act work in progress 770,849 742,248 Other revenue 12,923 16,830 Total 783,772 759,078 The increase in the item “ revenue for works and planning and changes in contr act work in progress ” is attributable to greater production for third parties on the Italian worksit es; production abroad in the EPC sector amounted to EUR 401.9 million (EUR 405.6 million in 1H 2025), of which EUR 274 million in the United States (through the American subsidiary of the Hal mar Group), EUR 125.8 million in Europe, EUR 1.8 million in Africa and EUR 0.3 million in the Middle East.

This amount was posted net of the intercompany “pro duction” related to maintenance and expansion servi ces performed on the motorway network by the EPC sector companies for th e Group motorway concessionaires.

26.4 – EPC sector revenue – planning and constructi on activities This item totalled EUR 49,704 thousand (EUR 74,752 thousand i n the first half of 2025) and refers to the “planning a nd construction activities” relating to the ADA 13 Stations work ord er in the USA that – according to IFRIC 12 – is recog nised among revenues with regards to both the portion implemented internally and that implemented by Third Parties. A similar am ount of costs was booked against these revenues.

26.5 – Technology sector revenue This revenue breaks down as follows:

in thousands of EUR 1HY 2026 1HY 2025 Revenue and changes in contract work in progress 43,374 62,663 Other revenue 3,388 1,967 Total 46,762 64,630 This is the total amount of “production” carried ou t for third parties by the subsidiaries operating i n the sector, of which approximately EUR 1.2 million carried out abroad (EUR 0.7 million in North America and EUR 0.5 million in Eu rope). The above-

mentioned amounts are recognised net of intergroup “production” related to maintenance and enhancement activities for the motorway network, which were carried out by the com panies in the technology sector in favour of the Gr oup’s motorway concessionaires.

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Condensed Consolidated interim financial report 26.6 – Other revenues This revenue breaks down as follows:

in thousands of EUR 1HY 2026 1HY 2025 Claims for damages 7,506 5,509 Recovery of expenses and other income 64,834 78,875 Logistics and transport revenues 42,912 40,800 Share of income resulting from the discounting of t he payable due to the Central Guarantee Fund and ANAS 17,970 17,539 Works on behalf of third parties and cost reversal 2,499 4,300 Operating grants 1,082 967 Total 136,803 147,990 The item “claims for damages” includes the refunds - by insurance companies - of the costs incurred by the motorway concessionaires for repair to the motorway network following accide nts and other damages, as well as the requests made by the construction companies with reference to existing contracts.

The item “ recovery of expenses and other income” includes the recovery of collection cost, the recov ery of exceptional transit costs, capital gains from disposals and contingent assets; this item also includes EUR 9.3 million relating to the revenue accrued in the period with reference to the Cross Financing, calculated as the difference between the revenues, related costs and remuneratio n of invested capital (EUR 10,6 million in the first half of 2025). In 1H 2025, this item included the compensation r eceived by the Brazilian subsidiary Igli do Brasil following the closure of the Monotrilho Linha 18 Bronze project, amounting to EUR 19.8 million.

The item “logistics and transport revenues ” refers to the activities carried out by the EcoRo dovias Group in the logistics/port sector.

The item “share of income resulting from the discounting of the payable due to the Central Guarantee Fund and A NAS” refers to the share related to the difference – which was previou sly deferred – between the original amount of the p ayable and its present value.

Note 27 – Payroll costs This item can be broken down as follows:

in thousands of EUR 1HY 2026 1HY 2025 Salaries and wages 271,382 261,148 Social security contributions 72,888 66,805 Allocations to payroll provisions 36,626 36,238 Other costs 9,486 11,000 Total 390,382 375,191

The overall increase seen in “ payroll costs ” is due to the increase in the number of employees and of the cost of labour in the business sectors in which the Group operates. It should be n oted that the figure for 1H 2026 includes, for EUR 1.9 mil lion, the effects of the renewal of the National Collective Labour Agreement for the Italian motorway sector, signed on 26 June.

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Condensed Consolidated interim financial report Average employee staffing 1 breaks down by category as follows:

1HY 2026 1HY 2025 Changes Executives 301 286 15 Middle managers 832 767 65 Office workers 4,014 3,878 136 Toll chargers (motorway sector) 2,835 3,000 (165) Manual workers 6,388 5,012 1,376 Total 14,370 12,943 1,427

Note 28 – Costs for services This expense item breaks down as follows:

in thousands of EUR 1HY 2026 1HY 2025 Maintenance of non-compensated revertible assets 19,459 18,286 Other costs related to non-compensated revertible a ssets 11,840 11,283 Subcontracting 314,607 378,977 Cross-charges from consortium companies 255,920 219,323 Works on behalf of third parties 63, 799 70,859 Technical design activities 37,637 21,230 Seconded personnel and contract workers 26,053 19,610 Other payroll costs 24,106 16,374 Transport 16,700 15,806 Insurance 27,422 23,507 Utilities 23,018 17,870 Costs for construction activities carried out by th ird parties non-compensated revertible assets (IFRIC 12) 284,304 291,250 Other costs for services 106,962 102,319 Total 1,211,827 1,206,694 “Costs for services ”, which are affected by the difference in the aver age EUR/BRL exchange rate between the two periods c ompared, are broadly in line with 1H 2025.

Note 29 - Costs for raw materials and consumables This expense item breaks down as follows:

in thousands of EUR 1HY 2026 1HY 2025 Raw materials 95,034 103,219 Consumables 60,622 84,932 Changes in inventories of raw materials, consumable s and merchandise (4,898) (4,565) Total 150,758 183,586 This item refers to production materials, ancillary materials and consumables and mainly relates to th e subsidiaries forming part of the EPC and Technology sectors.

1 Note that the number of employees of the joint op eration is calculated in proportion to the percenta ge held, while the figure for workers associated wi th unions and on the payroll of the Halmar Group companies (“union w orkers”) takes hours worked during the reference pe riod into account.

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Condensed Consolidated interim financial report Note 30 – Other costs This expense item breaks down as follows:

in thousands of EUR 1HY 2026 1HY 2025 Concession fee pursuant to Article 1, para. 1020 of Ital ian Law No. 296/06 15,543 15,008 Fee pursuant to Article 19, para. 9- bis of Italian Law Decree no. 78/09 40,065 38,654 Sub-concession fee 3,108 3,132 Concession fees – Brazil 80,891 71,433 Leases and rental expenses 27,951 31,020 Other operating expenses 50,360 48,160 Total 217,918 207,407 The item “ concession fee pursuant to article 1, paragraph 1020 of Law 296/06” was calculated at 2.4% of “net toll revenue” for the Italian motorway concessionaires; the trend in this item is related to the trend in net toll revenue.

The “fee pursuant to article 19, para. 9-bis of Italian Law Decree no. 78/09” is calculated according to EUR 0.0060 vehicle/km for li ght vehicles and EUR 0.0180 vehicle/km for heavy vehicles pa ssing on the stretches managed by the Italian motor way concessionaires.

The amount of the “sub-concession fee” is calculated on the royalties received from servi ce areas.

The “concession fees – Brazil” refer to companies within the EcoRodovias Group op erating in the port and motorway sectors.

Following the application of IFRS 16 (Lease), the “leases and rental expenses” only refer to contracts with a duration of less th an 12 months or to contracts for which the underlying ass ets are configured as low-value assets. The change compared to the previous period is substantially attributable to lower short -term rental contracts signed mainly by the subsidi aries of the EcoRodovias Group and of those operating in the EPC sector.

Note 31 – Capitalised costs on fixed assets This item, amounting to EUR 2,797 thousand (EUR 1,503 thou sand in the first half of 2025), refers to internal wor ks carried out within the Group and capitalised as an increase to tangibl e assets.

Note 32 – Amortisation, depreciation and write-down s This item breaks down as follows:

in thousands of EUR 1HY 2026 1HY 2025

Intangible assets:

 Other intangible assets  4,693 4,298  Non-compensated revertible assets  335,851 372,280

Tangible assets:

 Buildings  2,524 2,374  Plant and machinery  6,174 5,675  Industrial and commercial equipment  22,717 17,005  Other assets  2,547 2,401  Rights of use  28,961 22,361 Total Amortisation/Depreciation 403,467 426,394 Write-down of goodwill and other write-downs 786 -

Total amortisation, depreciation and write-downs 404,253 426,394

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Condensed Consolidated interim financial report The depreciation of non-compensated revertible asse ts is linked to the expected growth in traffic alon g the managed stretches; the change in this item compared with the previous fina ncial year is the result of (i) higher traffic volu mes, (ii) the increased value of reversible assets following the investments made, ( iii) the difference in the EUR/BRL exchange rate be tween the two financial years compared, as well as (iv) the fact that the depreci ation of the assets to be returned free of charge b y SAV S.p.A., Autostrada dei Fiori S.p.A., SALT S.p.A. and SITAF S.p.A. (A32 stretch), w hose economic and financial plans – as explained in the interim management report – have now been expired for years, were draw n up on the basis of the draft economic financial p lans submitted to the Ministry of Infrastructure and Transport in December 2025, which were validated by the Ministry and forwarded to AR T for the relevant opinions.

Note 33 – Adjustment of the provision for restorati on/replacement of non-

compensated revertible assets The adjustment of the provision for restoration/rep lacement of non-compensated revertible assets is de tailed as follows:

in thousands of EUR 1HY 2026 1HY 2025 Drawdown of provision for restoration/replacement o f non-compensated revertible assets (91,603) (80,024) Allocation to provision for restoration/replacement of non-compensated revertible assets 82,062 88,577 Net adjustment of the provision for restoration and replacement of non-

compensated revertible assets (9,541) 8,553 Drawdown of the provision for restoration, replacem ent or maintenance of non-compensated revertible as sets represents all maintenance costs incurred during the period by Ita lian motorway concessionaires whose concessions hav e not yet expired. The provision includes the amount needed to update the fund to meet scheduled maintenance programmes in th e financial plans attached to the individual concessions in later acc ounting periods, in order to ensure the appropriate functionality and safety of the respective infrastructures.

The net adjustment of the provision for restoration and replacement of non-compensated revertible asse ts reflects, among other things, the change in the maintenance work programm e.

Note 34 – Other provisions for risks and charges Provisions for risks and charges in the first half of 2026 totalled approximately EUR 5.3 million (EUR 0.7 mil lion in the first half of 2025). The change compared with the previous period is attributable to higher provisions made by companies operating in the EPC sector.

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Condensed Consolidated interim financial report Note 35 – Financial income This item breaks down as follows:

in thousands of EUR 1HY 2026 1HY 2025 Income from equity investments:

 dividends from other businesses  10 243  capital gain on sale of investments  - -

Total 10 243

Interest income and other financial income  from credit institutions  66,792 51,974  from financial assets  12,402 8,155  from derivatives  342 -

 exchange differences  8,499 4,021  other  14,834 14,310 Total 102,869 78,460 Total financial income 102,879 78,703 The item interest income “ from credit institutions ” refers to interest income accrued on the cash hol dings at credit institutions. The change observed between the periods compared is mai nly attributable to the subsidiaries of the EcoRodo vias Group.

The item “ from financial assets ” includes income from insurance policies for EUR 1. 2 million (EUR 1.1 million in 1H 2025), interest income on loans granted to investee companies for E UR 0.4 million (EUR 0.2 million in 1H 2025), interest incom e on Brazilian Bank Deposit Certificates subscribed by the subsidiary I GLI S.p.A. for EUR 2.4 million (EUR 1.2 million in 1H 2025) and interest from financial assets relating to the parent company and to compan ies of the EcoRodovias Group, as well as companies in the EPC sector for EUR 8.4 million (EUR 5.7 million in 1H 2025).

The item “ exchange differences ” is mainly attributable to gains on exchange rates accounted for by IGLI S.p.A. and by the Itinera Group.

Note 36 – Financial expenses This item breaks down as follows:

in thousands of EUR 1HY 2026 1HY 2025 Interest expense to credit institutions:

 on loans 120,075 119,457  on current account overdrafts 1,900 2,605 Miscellaneous interest expense:

 from interest rate swap agreements 336 (6,230)  from financial discounting 38,439 36,613  from bond loans 323,079 242,285  change in fair value of hedging derivatives reclass ified from statement of other comprehensive income (193) (193)  from rights of use contracts and other contracts 4,249 3,419  from other lenders 8,646 9,230  capitalised financial expenses (1) (51,425) (55,803) Total interest expense 445,106 351,383  exchange differences 1,471 6,350  other financial expenses 16,930 9,781 Total other financial expenses 18,401 16,131 Total interest expense and other financial expenses 463,507 367,514 (1) As reported in Note 1 – Intangible assets/Concessi ons of non-compensated revertible assets, an amount equal to EUR 51.4 million was capitalised in the f irst half of 2026 under the item “non-compensated revertible ass ets”.

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Condensed Consolidated interim financial report “Interest expense to credit institutions” (including interest on interest rate swap contract s) shows an increase of EUR 6.5 million.

Interest expense related to “financial discounting” of non-current liabilities refers for EUR 18 million to payables to ANAS – Central Insurance Fund (EUR 17.5 million in the first half of 2025) and for EUR 19.8 million to the “financial component ” of provisions and concession rights of the Brazilian investee compani es (EUR 18.6 million in the first half of 2025).

The “ interest expense from bond loans ” is broken down as follows:

in thousands of EUR 1HY 2026 1HY 2025 from 2018 -2028 bond loan 4,905 4,893 from 2021 -2026 bond loan 4,226 4,220 from 2021 -2030 bond loan 10,657 10,630 from 2021 -2033 bond loan 12,096 12,089 from 2025 -2032 bond loan 8,756 -

Interest expense from ASTM bonds 40,640 31,832

Interest expense from EcoRodovias bonds 282,439 210,453

Interest from bond loans 323,079 242,285 “Interest expense from other lenders ” refers to loans received by the subsidiary Elevat ed Accessibility Enhancements Operating Company, LLC in the context of the ADA 13 Stations pr oject.

“Capitalised financial expenses” are associated with the performance of the investm ents made. This item refers for EUR 16.4 million to interest capitalised on the non-compensated reve rtible assets of the Italian concessionaires (EUR 28. 6 million in the first half of 2025) and for EUR 35 million to the Brazilian concessiona ires (EUR 27.2 million in the first half of 2025).

The item “ exchange differences ” is mainly attributable to losses on exchange rate s made by IGLI S.p.A. and the companies operating in the EPC sector.

The item “ other financial expenses ” includes EUR 12.6 million relating to the Brazilian investee companies (EUR 7 million in 1H 2025) and the remainder to loan fees, the write-down of r eceivables for loans to investees and other securit ies.

Note 37 – Profit (loss) of companies accounted for with the equity method The breakdown of this item, which includes, for the relevant share, the profit/(loss) of the jointly c ontrolled entities and associated companies, is as follows:

in thousands of EUR 1HY 2026 1HY 2025 ATIVA Immobiliare S.p.A. (26) -

CONSEPI S.r.l. (63) -

Inovap 5 Administração e Participações S.A. (673) -

Interporto di Vado I.O. S.p.A. (99) (100) Mill Basin Bridge Constructors 89 280 Monotrilho Linha 18 Bronze - (46) Ponte Nord S.p.A. (30) -

Rivalta Terminal Europa S.p.A. (261) (12) Road Link Holdings Ltd. 134 513

S.A.BRO.M S.p.A. (176) (187)

Società Italiana Traforo Gran San Bernardo S.p.A. - SITRASB 643 4 Other minor companies (1) (59) Total (463) 393

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Condensed Consolidated interim financial report Note 38 – Taxes This item can be broken down as follows:

in thousands of EUR 1HY 2026 1HY 2025

Current taxes:

 Corporate income tax (IRES)  70,712 65,194  Regional production tax (IRAP)  13,654 12,397  International taxes  48,548 63,911

132,914 141,502

Taxes (prepaid)/deferred:

 Corporate income tax (IRES)  (11,942) (16,687)  Regional production tax (IRAP)  2,438 (548)  International taxes  (22,442) (15,528)

(31,946) (32,763)

Taxes related to prior years  Corporate income tax (IRES)  6,345 981  Regional production tax (IRAP)  1,049 (12)  International taxes - 163

7,394 1,132

Total 108,362 109,871

of which

Total current taxes 140,308 142,634 Total deferred taxes (31,946) (32,763) During 1H 2026, with “shareholders’ equity” as contra-it em, net deferred taxes were recognised for approxim ately EUR 25.5 million related to the fair value measurement of IRS (EUR - 0.6 million) and foreign exchange adjustment (EUR -24.8 million).

In compliance with paragraph 81 (c) of IAS 12, we provi de below the reconciliation of the (“effective”) an d “theoretical” income taxes posted to the financial statements as at 30 June 2026 and 2025.

in thousands of EUR 1HY 2026 1HY 2025 Period income before taxes 204,196 221,787 Effective income taxes 84,876 41.57% 96,890 43.69% Lower taxes (compared to the theoretical rate):

 lower taxes on dividends 2 0.00% 55 0.02%  adjustment of equity investments accounted for by t he equity method - 0.00% 94 0.04% Higher taxes (compared to the theoretical rate):

 taxes on intercompany dividends (3,174) -1.55% (2,538) -1.14%  adjustment of equity investments accounted for by t he equity method (111) -0.05% - 0.00%  non-deductible write-downs, unrecognised tax losses (Italy) and other changes (6,953) -3.40% (13,887) -6.26%  tax losses not recognised (EcoRodovias Group) (22,5 97) -11.07% (21,729) -9.80%  net effect of international taxes (3,036) -1.49% (5,656) -2.55% Theoretical income taxes 49,007 24.00% 53,229 24.00%

Reconciliation between “effective” and “theoretical ” rates (regional production tax (IRAP)):

in thousands of EUR 1HY 2026 1HY 2025 Value added (Regional production tax taxable base - IRAP) 565,286 510,205 Effective income taxes 16,092 2.85% 11,849 2.32% Higher/Lower taxes (compared to the theoretical rat e):

 Net miscellaneous deductible expenses/(income) 5,95 4 1.05% 8,049 1.58% Theoretical income taxes 22,046 3.90% 19,898 3.90%

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Condensed Consolidated interim financial report The table below shows the total amount of deferred tax income and expenses (posted to the income state ment and statement of comprehensive income) and the total deferred tax cr edits and liabilities (posted to the statement of f inancial position).

in thousands of EUR 31 December

2025 Changes

entered in

the income

statement

(*) Changes

entered in the

statement of

comprehensive

income Exchange

differences

and

other

changes 30 June

2026

provisions to tax deferral reserves 28,558 (1,029) - (268) 27,261 excess maintenance expense & allocations to the pro vision for renewal 77,905 (831) - - 77,074 effect of the recalculation of amortisation of non- compensated revertible assets (IFRIC 12) 93,626 1,1 84 - - 94,810 tax assets generated by the Purchase Price Allocation 95,295 - - 8,659 103,954 deferred foreign tax assets 2,215 (6,101) - (788) ( 4,674) tax losses 95,928 13,096 - 4,800 113,824 other tax assets 41,208 13,338 - 271 54,817 tax liabilities from fair value measurement of fina ncial assets/liabilities (5,208) - (619) - (5,827) effect of the recalculation of amortisation of non- compensated revertible assets (IFRIC 12) (37,781) ( 7,753) - - (45,534) tax liabilities generated by the Purchase Price Allocation (636,746) 22,043 - (34,677) (649,380) deferred foreign tax liabilities (36,437) (1,580) - (2,839) (40,856) other tax liabilities (33,544) (421) - (1) (33,966) Total assets/(Deferred tax assets) liabilities (31 4,981) 31,946 (619) (24,843) (308,497)

of which:

Deferred tax assets (**) 163,437 189,085 Deferred tax liabilities (**) (478,418) (497,582)

(*) Deferred tax income and expenses are accounted for based on tax rates in effect at the time their “repayment” is expected.

(**) Deferred tax credits and liabilities are acc ounted for based on tax rates in effect at the time that their “repayment” is expected.

Global Minimum Tax – Pillar 2 Italian Legislative Decree 209 of 27 December 2023 endorsed Council Directive 2022/2523/EU, implementing as from 1 Janu ary 2024 the OECD Global Rules regarding the Global Minimum Tax (also known as Pillar 2).

In concert with its parent company Aurelia S.r.l., the ASTM Group evaluated its exposure to these regu lations, while also assessing the applicability of the transitional safe harbour rules. To that end, for all the jurisdictions in wh ich the ASTM Group works, it is believed that the Group will be able to exercise th e simplified regime pursuant to Art. 39 of Italian Le gislative Decree 209 of 27 December 2023 and as of the date these financial statem ents were approved, no evidence had arisen that cou ld lead to a top-up tax for the Group.

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Condensed Consolidated interim financial report Note 39 - Profit (loss) for “assets held for sale” net of taxes (Discontinued Operation) In the context of the contract for EcoRodovias to d ispose of 100% of the share capital of Elog S.A. (Dec ember 2017), EcoRodovias recognised in the first half of 2026 charges totalling 0.5 million reais 1 with reference to the indemnity clause that requir es compensating the purchaser, in the case of losses i ncurred, for events which had occurred up to the da te on which the sale was concluded, including any disputes relative to exist ing disputes.

Note 40 – Significant non-recurring events and tran sactions The first half of 2026 was not influenced by any signif icant non-recurring events or transactions.

Note 41 – Atypical and/or unusual transactions There were no significant positions or transactions deriving from atypical and/or unusual operations d uring the first half of 2026.

1 EUR 0.1 million at the average EUR/BRL exchange ra te of 6.0127 for the first half of 2026.

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Condensed Consolidated interim financial report

Other information

Information is shown below with regard to (i) the c ommitments undertaken by the Group Companies, (ii) the “ fair value ” measurement, (iii) financial risk management, (iv) ESMA financial indebtedness, (v) related-party tran sactions, (vi) EcoRodovias Infraestrutura e Logistica S.A. and (vii) significa nt subsequent events.

(i) Commitments undertaken by the Group Companies In this regard, please note the following:

Operating/commercial guarantees

 Performance bonds, equal to EUR 155.2 million, issued b y certain banks and/or insurance companies in the i nterest of Italian motorway concessionaires in favour of the Ministry of Infrastructure and Transport to guarantee the pr oper execution of the operational management of concessions, as provided for by the current Standard Agreements. The amount of these performance bonds, amounting, as the case may be, to 3% or 10% of the amount (calculated, as the case may be, as whol e life or only with reference to the current regulatory period) of the monetary operating costs envisaged in the financial plans attached to the mentioned agreements, is usually released annually for the amount relative to the pro-rata share attri butable to each year of the concession.

 Performance bonds, issued by several banks and/or i nsurance companies in the interest of Italian motor way companies and other Group operating concessionaires for EUR 144 million, i n favour of the Ministry of Infrastructure and Tran sport, other public entities and/or other counterparties to guarantee t he proper execution of the final design, advance pa yments and other operating/commercial obligations.

 Performance bonds, issued by certain insurance comp anies in the interest of EcoRodovias subsidiaries f or BRL 6,177.5 million (EUR 1,047 million at the exchange rate of 5.9003 at 30 June 2026) in favour of ANTT and other state and federal coun terparties, of which BRL 973.6 million to guarantee good execution of the concession works and BRL 5,203.9 million to guara ntee good management of the concession.

 The corporate guarantees recognised by the outgoing concessionaires - Autostrada dei Fiori S.p.A., Soc ietà Ligure Toscana p.A., SATAP S.p.A. and ATIVA S.p.A. in liquidation - in f avour of the Ministry of Infrastructures and Transp ort and the incoming concessionaire against any adjustments that may be made on the determination of the definitive takeove r of the stretches A10 Ventimiglia-Savona and A12 Sestri Levante-Livorno, A11/ A12 Viareggio-Lucca, A15 fork for La Spezia following the transfer to the incoming concessionaire Società di Progetto Concess ioni del Tirreno S.p.A. and the A21 stretches Torino- Piacenza and Tangenziale di Torino, Torino-Quincinetto, Invrea-Santhia and T orino-Pinerolo, following the handover to the incom ing concessionaire Ivrea-

Torino-Piacenza S.p.A.

 The corporate guarantee, amounting to EUR 7.9 million (pro-rata share), issued in favour of SACE BT Cred it & Surety, through which SATAP S.p.A. guarantees – pro-rata and non-so lidary – the commitments undertaken by the associat ed company S.A.BRO.M. S.p.A. against the issue by SACE BT Cre dit & Surety of the guarantee of proper execution o f the works (performance bond) pursuant to the agreement relative to the Bro ni-Mortara motorway stretch signed on 16 September 2010.

 ASTM S.p.A. asked BNP Paribas to issue, based on op en credit lines in favour of ASTM S.p.A. itself, a performance bond in the interest of the subsidiary Storstrøm Bridge Joint V enture I/S and in favour of the Danish Road Directo rate for an amount of DKK 823.6 million (approximately EUR 110.2 million converted at the exchange rate of 7.4744 as at 30 June 2026). The perform ance

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Condensed Consolidated interim financial report bond was issued as a guarantee of several payments received from Storstrøm Bridge Joint Venture I/S as additional contract advances with respect to the original contract and associated with the achievement of certain mileston es. These advances shall in any case be definitively settled following the a rbitration proceedings ongoing between Storstrøm Br idge Joint Venture I/S and the Danish Road Directorate.

 Itinera S.p.A. and ASTM S.p.A., the latter in its c apacity as ultimate parent company, have both assum ed an obligation to indemnify and have jointly acted as guarantors for the US insurance companies (sureties) supporting Ha lmar International LLC through dedicated ceilings, in the issue of commerc ial bonds (bid bonds, performance bonds, etc.), in relation to the latter’s operating performance, including in relation to the development of P3 projects. In particular, Itinera S.p.A. has signed specific Indemnity Agreements in place as at 30 June 2026 for a to tal of USD 4,003 million (EUR 3,513 million at the exchange rate of 1.1394 as at 30 June 2026). The underlying performance bonds i ssued on portfolio work still to be carried out amo unt, as at 30 June 2026, to USD 2,303 million (EUR 2,021.2 million at the exch ange rate of 1.1394 as at 30 June 2026). ASTM, in its capacity as ultimate parent company and solely on a secondary b asis to Itinera S.p.A., has also entered into a sig nificant portion of the Indemnity Agreements outstanding as at 30 June 2026, for an aggregate maximum amount of USD 4,000 million (EUR 3, 511 million at the exchange rate of 1.1394 as at 30 June 2026). As at the same date, these agreements corresponded to performance bonds issued in respect of a portion of the above-m entioned works amounting to USD 2,300 million (EUR 2,018.6 million at the exchange rate of 1.1394 as at 30 June 2026).

 The subsidiary Itinera S.p.A. issued a joint parent company guarantee in favour of a customer of Eteri a Consorzio Stabile S.c.ar.l, guaranteeing proper execution of a project in the p ortfolio; the residual amount of the works to be co mpleted is, with reference to Itinera, equal to EUR 13 million at 30 June 2026 (total value of residual work, EUR 26 million).

 Itinera USA issued a joint parent company guarantee in favour of a customer of the US subsidiary Halma r, guaranteeing proper execution of a project in the portfolio; the releva nt residual amount of work is USD 140 million (EUR 123 mi llion at the exchange rate of 1.1394 at 30 June 2026); overall, residual work at 30 June 2026 comes to USD 465 million (EUR 408 million at the e xchange rate of 1.1394 at 30 June 2026).

 Itinera S.p.A. and Itinera USA issued, benefiting t he shareholders of Halmar in the context of certain joint ventures responsible for carrying out certain projects, parent company g uarantees ensuring the operating performance of Hal mar for a comprehensive total of USD 1,745 million (EUR 1,532 million at the excha nge rate of 1.1394 at 30 June 2026); the aforementioned amount s correspond to the pro-rata portion of residual work for Halmar, total residual work for all members of the various joint ventures comes to USD 3,708 million (EUR 3,254 million at the exchan ge rate of 1.1394 at 30 June 2026). In particular, the value o f the outstanding work attributable to Halmar and guarant eed only by Itinera S.p.A. amounts to USD 1,168 million (EUR 1,025 million at the exchange rate of 1.1394 at 30 June 2026), whilst the va lue of the outstanding work attributable to Halmar and guaranteed only by Itinera USA amounts to USD 577 million (EUR 506 m illion at the exchange rate of 1.1394 at 30 June 2026). It sho uld be noted that, against these guarantees, Halmar, Itine ra S.p.A. or Itinera USA in turn received, from the ir partners (and the relative reference shareholders) in various joint ventures, similar corporate guarantees guaranteeing the execu tive performance of the various companies involved in the projects, totalli ng approximately USD 1,963 million (EUR 1,723 million at an exchange rate of 1.1394 as at 30 June 2026), equal to the pro-rata portion of r esidual work for Halmar’s partners in the various j oint ventures. It should be noted that these types of cross-guarantee s are commonly utilised on the EPC market in partic ular in the US market to regulate reciprocal obligations and indemnities bet ween partners on a given project in which joint lia bility is held with respect to the customer.

 The Itinera Group issued, through credit and/or ins urance institutions, commercial guarantees (trade f inance) for a residual value as at 30 June 2026 of EUR 771.7 million, in favour of client s and as guarantee of the proper execution of works (performance bonds), contract advances (advance bonds), release of guarantee withholdings (retention bonds) and par ticipation in tenders

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Condensed Consolidated interim financial report (bid bonds) as part of its ordinary business operat ions and sales activities.

 In addition, in relation to some of the commercial guarantees, the Itinera Group issued bank counter-g uarantees for USD 25 million (EUR 21.9 million at the exchange rate of 1.1394 at 30 June 2026).

Other commitments and guarantees  Considering the actual use and net of the liabiliti es already expressed in the financial statements, a s at 30 June 2026 the Itinera Group issued in favour of financial institutions, p ro-rata and non-solidary corporate guarantees for c ertain commercial guarantees in the interests of investee companies f or a total amount of EUR 120.1 million. In addition, th e Itinera Group issued pro-rata and non-solidary corporate guarantees in f avour of financial institutions in respect of finan cial guarantees granted to its investee companies, amounting to EUR 15.3 million.

 The subsidiary Itinera S.p.A. issued a parent compa ny guarantee on a pro-rata and non-solidary basis f or the commitments undertaken in relation to a third-party supplier by the jointly controlled investees Colmeto S.c.ar.l. and Uxt S.c.ar.l. for a residual amount, as at 30 June 2026, of EUR 13.2 million.

 Halmar Infrastructure Development Inc issued, throu gh Société Générale, a letter of credit for an amou nt of USD 25.2 million (approximately EUR 22.1 million at the exchange rate o f 1.1394 as at 30 June 2026) in the interest of the subsidiary Elevated Accessibility Enhancements Operating Company, LLC t o the benefit of its creditors and of the granting body, and in light of the deferred payment obligations of the equity envisage d by contract for the aforementioned subsidiary.

 ASTM S.p.A. and to a lesser extent other companies in the Group provided guarantees to the Italian Rev enue Agency and to Local Authorities for a total amount of EUR 178 million.

*** On 3 December 2004, an “additional agreement” was signed between ANAS, ASTM S.p.A. and SATAP S.p.A. accordi ng to which – following the transfer to SATAP of the agreement fo r the “Turin-Milan” stretch – over time ASTM S.p.A. would maintain shareholding control of SATAP S.p.A. and would assume a guarante e towards ANAS S.p.A. equal to EUR 75.1 million, which corresponds to the value of the assets in the ASTM cash funds that are not included in the business segment being allocat ed, exceeding 10% of the shareholders’ equity of ASTM as stated in the finan cial statements as at 31 December 2004.

*** Also note that:

 EcoRodovias Concessões e Serviços S.A., with refere nce to existing loans, has issued pledges on shares and assets of some operating companies as well as the transfer of rece ivables as guarantees relative to concession contra cts, in addition to corporate guarantees.

 As at 30 June 2026, 477,004,673 shares of the investee company Ta ngenziale Esterna S.p.A. were pledged in favour of the lending banks as part of a project financing transaction by ASTM S.p.A., SATAP S.p.A., Itinera S.p.A. and Tang enziali Esterne di Milano S.p.A..

 As at 30 June 2026, certain current accounts and trade r eceivables, including those associated with the con cession contract, were pledged in favour of the lending banks as part of a project financing transaction for the investee SIT AF S.p.A..

 Following the signing of the concession contract by MTA C&D and the subsidiary Elevated Accessibility Enhancements Operating Company LLC the shares and trade receivables of the investee have been pledged and, in particular, con tract receivables linked to the MTA concession contract from which the minim um amounts guaranteed by the Granting Body derive, as well as all of the assets of the subsidiary in question.

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Condensed Consolidated interim financial report  As part of BNP Paribas’s issuance of a performance bond in connection with a joint venture contract in Algeria on behalf of Tecnositaf S.p.A., in liquidation, pledges over a c urrent account and certain trade receivables, as we ll as a mortgage over a property owned by the company, were established as counter-guarantees in favour of the bank.

 Finally, it should be noted that part of the debt ( approximately EUR 812 million) incurred by ASTM S.p.A. as part of the centralised funding structure described in the Interim Manageme nt Report (section “Financial Income”), was backed by a specific security, based on the pledging or assignment as security of receivables arising from intra-group loans, aimed e xclusively at avoiding any structural subordination.

(ii) Assessing the fair value: additional informati on Concerning the valuation of the fair value of finan cial instruments in compliance with IFRS 7, we speci fy the following:

Activity

 non-current financial assets-receivables: the value posted to the financial statements repres ents their fair value  cash and cash equivalents: the value posted to the financial statements represents their fair value  equity investments in other businesses: the value p osted to the financial statements represents their fair value

Liabilities

 variable rate loans: the value posted to the finan cial statements represents their fair value  trade payables: the value posted to the financial statements represents their fair value

The Group companies issued bond loans posted at the nominal value net of issue charges. As this involv es listed financial instruments, shown below is a comparison between their market va lue and the corresponding values posted to the fina ncial statements:

(amounts in millions of EUR) issue date 30/06/2026 (*) 31/12/2025 (*)

2018-2028 bond loan  value posted to the financial statements 8 February 2018 552 556  official market listing  537 538 2021-2026 bond loan  value posted to the financial statements 25 November 2021 754 750  official market listing  745 740 2021-2030 bond loan  value posted to the financial statements 25 November 2021 1,248 1,256  official market listing  1,175 1,179 2021-2033 bond loan  value posted to the financial statements 25 November 2021 1,009 997  official market listing  906 894 2025-2032 bond loan  value posted to the financial statements 16 October 2025 507 498  official market listing  494 489

(amounts in millions of BRL) 30/06/2026 (*) 31/12/2025 (*)

Bond loans – Brazil  value posted to the financial statements  25,099 22,479  official market listing  24,951 23,281 (*) amount inclusive of the payable and interest accru als

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Condensed Consolidated interim financial report

Derivatives

Hedging derivative - IRS-based hedge As at 30 June 2026, hedging transactions were in place (I RS-based). These contracts, signed by the subsidiar ies Tangenziale Esterna S.p.A., Società di Progetto Autovia Padana S.p.A. a nd SITAF S.p.A., were classified as hedging instrum ents because the relationship between the derivative and the subject of the hedgi ng (maturity, amount of the instalments) is formall y documented (some contracts signed by the subsidiary SITAF S.p.A. and Tangenzia le Esterna S.p.A. are of the kind known as “forward starting”). These financial instruments are valued at fair value and changes ar e imputed completely to a specific reserve in Share holders’ equity.

The fair value of derivatives is determined by disc ounting the expected net cash, using the market int erest rate curves for the date of reference. The features of the derivative contra cts in place as at 30 June 2026 and the related fair valu e are summarised below:

(EUR thousands)

Company Type Counterparties Currency Duration of the derivative contract Notional reference 30 June 2026 Hedged financial liability From To Fair Value Description Nominal

amount Maturity

AUTOVIA PADANA IRS Credit Agricole EUR 22/01/2020 15/12/2033 12,674 1,244 Loan 12,674 15/12/2033 AUTOVIA PADANA IRS Banca Intesa EUR 22/01/2020 15/12/2033 43 ,732 4,313 Loan 43,732 15/12/2033

AUTOVIA PADANA IRS Unicredit EUR 22/01/2020 15/12/2033 58,81 1 5,796 Loan 58,811 15/12/2033

SITAF IRS Intesa Sanpaolo EUR 10/03/2014 15/06/2031 29,494 186 Loan 450,000 15/06/2037 SITAF IRS Mediobanca EUR 10/03/2014 15/06/2031 93,398 587 Loan SITAF IRS Unicredit EUR 01/02/2024 15/06/2037 18,000 272 Loan SITAF IRS Unicredit EUR 15/02/2024 15/06/2037 19,000 227 Loan SITAF IRS Unicredit EUR 29/02/2024 15/06/2037 15,000 129 Loan SITAF IRS Unicredit EUR 07/03/2024 15/06/2037 8,000 1 12 Loan SITAF IRS Unicredit EUR 27/03/2024 15/06/2037 15,000 308 Loan SITAF IRS Unicredit EUR 21/05/2024 15/06/2037 20,000 197 Loan SITAF IRS Unicredit EUR 14/06/2024 15/06/2037 15,000 180 Loan SITAF IRS Unicredit EUR 10/07/2024 15/06/2037 7,000 4 0 Loan SITAF IRS Unicredit EUR 11/07/2024 15/06/2037 5,000 3 8 Loan SITAF IRS Unicredit EUR 16/07/2024 15/06/2037 10,000 80 Loan SITAF IRS Unicredit EUR 17/07/2024 15/06/2037 5,000 3 7 Loan SITAF IRS Unicredit EUR 23/07/2024 15/06/2037 5,000 3 9 Loan SITAF IRS Unicredit EUR 23/07/2024 15/06/2037 5,000 4 3 Loan SITAF IRS Unicredit EUR 29/07/2024 15/06/2037 10,000 84 Loan SITAF IRS Unicredit EUR 29/07/2024 15/06/2037 5,000 4 5 Loan SITAF IRS Unicredit EUR 29/07/2024 15/06/2037 10,000 90 Loan SITAF IRS Unicredit EUR 14/11/2023 15/06/2037 50,000 (1,522) Loan SITAF IRS Unicredit EUR 16/11/2023 15/06/2037 15,000 (354) Loan SITAF IRS Unicredit EUR 22/11/2023 15/06/2037 15,000 (305) Loan SITAF IRS Unicredit EUR 28/11/2023 15/06/2037 5,000 ( 97) Loan SITAF IRS Unicredit EUR 29/11/2023 15/06/2037 5,000 ( 64) Loan SITAF IRS Unicredit EUR 04/12/2023 15/06/2037 5,000 ( 34) Loan SITAF IRS Unicredit EUR 05/12/2023 15/06/2037 5,000 ( 4) Loan SITAF IRS Unicredit EUR 22/12/2025 15/06/2037 20,150 (190) Loan SITAF IRS Unicredit EUR 14/05/2025 15/06/2037 392 (1) Loan TE IRS Unicredit EUR 23/05/2025 17/04/2031 31,31 5 507 Loan 1,014,994 17/04/2032 TE IRS Unicredit EUR 23/05/2025 17/04/2031 30,18 4 450 Loan TE IRS Unicredit EUR 23/05/2025 17/04/2031 20,00 0 321 Loan TE IRS Unicredit EUR 27/05/2025 17/04/2031 20,00 0 348 Loan TE IRS Unicredit EUR 21/07/2025 17/04/2031 10,92 3 159 Loan TE IRS Intesa Sanpaolo EUR 26/05/2025 17/04/2031 25,668 419 Loan TE IRS Intesa Sanpaolo EUR 27/05/2025 17/04/2031 20,000 366 Loan TE IRS Intesa Sanpaolo EUR 30/05/2025 17/04/2031 22,352 393 Loan TE IRS Intesa Sanpaolo EUR 03/06/2025 17/04/2031 20,000 366 Loan TE IRS Intesa Sanpaolo EUR 21/07/2025 17/04/2031 20,000 307 Loan TE IRS Intesa Sanpaolo EUR 05/09/2025 17/04/2031 20,000 305 Loan TE IRS Intesa Sanpaolo EUR 08/09/2025 17/04/2031 20,000 315 Loan

TE IRS BPM EUR 03/06/2025 17/04/2031 20,877 414 Loan

TE IRS BPM EUR 03/06/2025 17/04/2031 26,790 478 Loan

TE IRS BPM EUR 03/06/2025 17/04/2031 20,000 360 Loan

TE IRS Société Générale EUR 25/06/2025 17/04/203 1 17,507 302 Loan TE IRS Société Générale EUR 21/07/2025 17/04/203 1 9,077 139 Loan TE IRS Société Générale EUR 22/07/2025 17/04/203 1 19,237 305 Loan TE IRS Crédit Agricole EUR 25/06/2025 17/04/2031 35,990 618 Loan TE IRS Crédit Agricole EUR 04/07/2025 17/04/2031 20,000 333 Loan TE IRS Crédit Agricole EUR 04/07/2025 17/04/2031 20,000 334 Loan TE IRS Crédit Agricole EUR 21/07/2025 17/04/2031 20,000 302 Loan TE IRS Crédit Agricole EUR 22/07/2025 17/04/2031 20,662 326 Loan

TE IRS BNP EUR 05/06/2025 17/04/2031 20,877 390 Loan

TE IRS BNP EUR 22/07/2025 17/04/2031 20,000 326 Loan

TE IRS BNP EUR 05/09/2025 17/04/2031 26,790 394 Loan

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Condensed Consolidated interim financial report Company Type Counterparties Currency Duration of the derivative contract Notional reference 30 June 2026 Hedged financial liability From To Fair Value Description Nominal

amount Maturity

TE IRS Caixa EUR 01/07/2025 17/04/2031 31,315 51 0 Loan TE IRS Caixa EUR 30/09/2025 17/04/2031 30,184 34 4 Loan TE IRS Caixa EUR 30/09/2025 17/04/2031 20,000 21 8 Loan TE IRS Caixa EUR 30/09/2025 17/04/2031 20,000 22 4 Loan

Total Assets 24,620 Total liabilities (2,571)

Derivatives – foreign exchange risk hedging As at 30 June 2026, there were exchange rate hedges subsc ribed to prevent risks associated with changes in t he EUR/USD exchange rate. The contracts subscribed by the subsidiary Ha lmar were classified as hedging instruments because the relationship between the derivative and the subject of the hedging (matu rity, amount) is formally documented. These financi al instruments are valued at fair value and changes are imputed completely to a specific reserve in Shareholders’ equity.

The fair value of derivatives is determined by disc ounting the expected net cash, using the market exc hange rate curves for the date of reference.

With reference to the derivatives entered into by A STM, it should be noted that these derivatives are entered into to fix the exchange rate at which the group has procured the currency r equired to carry out capital increases; these instr uments cannot be designated for hedge accounting as the underlying asset is not a hedging item.

The features of the derivative contracts in place a s at 30 June 2026 and the related fair value are summari sed below:

(EUR thousands)

Company Type Counterparties Duration of the derivative contract Currency Notional reference 30 June 2026 Subject of the hedging From To Fair Value Description Nominal

amount Maturity

HALMAR European Purchased Call - Eur Hedging JPM 13/05/2026 02/12/2027 USD 21,839 162 Acquisition of assets 21,839 02/12/2027 ASTM Forward FX

EUR/USD Société

Générale 15/04/2026 15/09/2026 USD 7,250 177 Capital increase 7,250 15/09/2026 ASTM Forward FX

EUR/USD Société

Générale

16/04/2026 15/12/2026 USD 3,000 87 Capital increase 3,000 15/12/2025 ASTM Forward FX

EUR/USD Société

Générale 16/04/2026 15/12/2026 USD 2,615 78 Capital increase 2,615 15/12/2025

Total Assets 504 Total liabilities -

(iii) Financial risk management In compliance with IFRS 7, we specify that in the no rmal conduct of its business operations, the ASTM G roup is potentially exposed to the following financial risks:

 “market risk” mainly from exposure to interest rate fluctuations and to the changes in foreign exchang e rates;

 “credit risk” deriving from the exposure to potenti al losses arising from the failure of the counterpa rty to meet its obligations;

 “liquidity risk” from a lack of financial resources suitable for business operations and repayment of liabilities assumed in the past.

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Condensed Consolidated interim financial report The risks cited above are broken down below:

Market risk – Fluctuation of interest rates With regard to the risks connected with the fluctuation of interest rates , the strategy pursued by the ASTM Group is aimed a t containing this risk, mainly through carefully moni toring the trends related to interest rates, enteri ng into specific “hedging contracts” if considered opportune.

We can note also that in September 2021 - in order to l imit the risk of oscillating interest rates - the P arent Company signed specific Forward Starting Interest Rate Swap hedging contrac ts with a Mandatory Early Termination clause to hed ge the risk of oscillating interest rates in view of highly probable bond issu es in the context of the programme to refinance par t of its debt exposure. In particular, three derivative contracts were signed for a total of EUR 1,752 million with a notional value of less than the presumed amount of the bond loans and maturity dates substan tially aligned with that of the expected duration o f the aforesaid loans, so that changes in the cash flows expected from these contr acts are balanced by corresponding changes in the e xpected cash flows of the underlying position.

The swaps were closed as planned (cash settlement) against the three bond issues made in November 2021 for a total of EUR 3 billion.

With reference to the Group's total debt, the risk of fluctuation of interest rates has been limited w ith the signing of “hedging contracts”: as of today, in fact, around 41% of the G roup’s medium/long-term debt is at “fixed rate/hedg ed”.

Below is gross debt 1 broken down by exposure to interest rate risk:

in thousands of EUR 30 June 2026

fixed rate 4, 359,800 33% hedged floating rate 1,105,005 8% floating rate 7,752,972 59% Total gross debt 13,217,777 100%

Sensitivity analysis, which shows the effects cause d by a hypothetical change in the curves of +50 or -50 basis points with respect to effective rates (applied to the amount of gross deb t at floating rates at 30 June 2026, not taking any chang es into account), shows an increase/decrease in financial expenses of around E UR 19.4 million. Note that the analysis was carried ou t with respect to solely the debt component of financial expense and does not in clude financial income which, in the first half of 2026, had a particularly significant impact.

Market risk – Counterparty creditworthiness risk fo r hedging agreements As reported above, the Group concessionaires signed hedging transactions with major financial institut ions in order to prevent the risks arising from the changes in the benchmark int erest rates.

With regard to these transactions, note that there could be risks related to the strength/creditworthi ness of the counterparties with which said hedging agreements were signed.

Market risk – Fluctuation of exchange rates The Group is exposed to foreign exchange risk arisi ng from various factors including (i) cash inflows and outflows in currencies other than the functional currency (economic foreign exch ange risk); (ii) net invested capital in investees whose functional currency is not

1 Includes gross bank debt, domestic and supranation al institutions and subscribers of bond issues.

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Condensed Consolidated interim financial report the euro (translation exchange rate risk); (iii) de posit and/or financing transactions in currencies o ther than the functional currency (transaction exchange rate risk).

The Group implements a hedging policy against excha nge rate fluctuations by making use of the financia l instruments available on the market. For details of the hedges in place as a t 30 June 2026, refer to the previous note “Derivatives – foreign exchange risk hedging”.

Credit risk

Credit risk is the Group's exposure to potential lo sses arising from the failure of the counterparty t o meet its obligations.

This risk can derive both from factors of a strictl y technical-commercial or administrative-legal natu re and from factors of a typically financial nature, i.e. the “credit standing” of the counterparty. In particular, the type of clients i n the EPC sector essentially includes public entities, which are creditworthy by nature, and public and private clients with a high credit s tanding. This leads to the consideration that default risk is unlikely, wherea s cases of extension to collection times beyond the contractual terms and requests for dilution of debt are more likely and in practic e, much more frequent. Also note that for the cons truction companies the credit risk exposure analysis based on the overdue payment s is scarcely significant since the receivables are measured jointly with the other working capital items that represent the actual net exposure to clients in relation to all ongoing wor ks (inventories of works in progress, advance payments, any advances, etc.) and in particular to the payables due to sub-contracto rs and suppliers in general as a result of which, as part of the management of the operating leverage, the maturities were aligned as much as possible with collection from the clients.

Nevertheless, all companies forming part of the Gro up constantly monitor the trade receivables and wri te down positions for which partial or total default is identified. The amount of the write-downs takes account of an estimate of the recoverable cash flows and the related collection date, future expenses and co sts for recovery and the value of guarantees and de posits received from customers.

For a breakdown of the provision for write-downs of trade receivables, refer to Note 6. It should be no ted that in recent years, the number of financial defaults and collection procedu res involving companies operating in the constructi on sector and the related supply chain has increased considerably.

Unfortunately, this has affected a number of compan ies operating in partnerships with the subsidiary I tinera S.p.A. on a number of works contracts, with inevitable negative consequen ces in operating, economic and financial terms. The effects of these situations are continuously and carefully monitored, consideri ng many commercial relationships and the related ac counting entries of receivables and liabilities that arise in particula r with regard to the consortium companies in Italy and the JVs overseas, which are typical operating instruments used for the joint ex ecution of works.

Credit risk arising from open positions in financia l derivative transactions can be considered margina l as the counterparties used are primary credit institutions.

Individual write-downs are instead made for credit positions which are individually significant and sh ow objective status of partial or complete uncollectibility.

Liquidity risk

The “liquidity risk” is the risk that financial res ources available may be insufficient to cover matur ing obligations. The ASTM Group believes that the generation of cash flow, together with the planned diversification of financing sour ces and the current debt maturity, guarantee being able to satisfy scheduled financial requirements. The table below shows the breakdown of financial liabilities in place as at 30 June 2026 by maturity date . The amounts shown below also include interest pay ments (we clarify that the interest on variable-rate loans is calculated based on the last available rate as at the reference dat e, keeping it constant to maturity).

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Condensed Consolidated interim financial report Company Total financial flows Maturity (*) Within 1 year 1 to 5 years Beyond 5 years Capital Interest Capital Interest Capital Interest Capital Interest

ASTM 115,217 26,675 10,823 5,810 56,581 16,938 47,813 3,927

ASTM 111,853 25,893 10,507 5,638 54,929 16,441 46,417 3,814

ASTM 35,000 675 35,000 675 - - - -

ASTM 100,000 12,708 - 3,684 100,000 9,024 - -

ASTM 100,000 4,398 100,000 4,398 - - - -

ASTM 100,000 12,880 - 3,734 100,000 9,146 - -

ASTM 119,970 3,876 119,970 3,876 - - - -

ASTM 300,000 21,522 - 13,478 300,000 8,044 - -

ASTM 100,000 9,004 - 4,391 100,000 4,613 - -

ASTM 150,000 20,370 - 5,864 150,000 14,506 - -

ASTM 370,000 35,815 - 14,559 370,000 21,256 - -

ASTM 100,000 18,255 - 3,614 100,000 14,641 - -

ASTM 465,000 114,912 18,000 23,022 237,000 75,261 210,000 16,629

ASTM 1,000 97 - 37 1,000 60 - -

Ecovias Rio Minas 60,240 65,502 2,601 6,447 11,961 21,387 45,678 37,668 Ecovias Rio Minas 10,622 34,451 119 950 92 4,492 10,411 29,009 Ecovias Araguaia 51,383 48,325 2,712 4,568 10,202 16,402 38,469 27,355 Ecovias Araguaia 162,947 201,384 3,738 12,428 10,908 44,268 148,301 144,688 Ecovias Minas Goiás 17,816 11,306 936 1,406 4,276 4,920 12,604 4,980 Ecovias Minas Goiás 62,935 39,548 3,307 4,945 15,109 17,278 44,519 17,325 Ecovias Minas Goiás 18,533 7,054 2,119 1,310 7,295 3,896 9,119 1,848 Ecovias Minas Goiás 48,316 30,935 2,537 3,827 11,596 13,408 34,183 13,700 Ecovias Norte Minas 5 1 5 1 - - - -

Ecovias Norte Minas 329 34 329 34 - - - -

Ecovias Norte Minas 395 56 395 56 - - - -

Ecovias Norte Minas 176,453 110,268 7,071 9,380 30,394 34,618 138,988 66,270 Ecovias Ponte 7,305 2,749 950 686 4,650 1,849 1,705 214 Ecovias Ponte 15,733 6,158 1,913 1,469 9,345 4,070 4,475 619 Ecovias Ponte 9,367 4,428 867 867 4,193 2,657 4,307 904 Ecovias Ponte 236 63 31 15 142 41 63 7

HALMAR 3,409 247 259 86 3,150 161 - -

Itinera 44,106 3,042 12,084 1,393 32,022 1,649 - -

Itinera 6,250 350 2,500 210 3,750 140 - -

Itinera 5,197 106 5,197 106 - - - -

Itinera 26,250 1,719 7,000 773 19,250 946 - -

Itinera 60,000 1,331 60,000 1,331 - - - -

Itinera 9,286 455 2,857 234 6,429 221 - -

Itinera 8,909 632 1,915 248 6,994 384 - -

Itinera 13,801 698 4,887 399 8,914 299 - -

Itinera 30,000 2,328 - 1,240 30,000 1,088 - -

Itinera 20,000 1,925 3,740 683 16,260 1,242 - -

SITAF 81,146 36,877 - 4,621 14,629 17,750 66,517 14,506

SITAF 78,854 32,007 - 4,011 14,216 15,406 64,638 12,590

SITAF 81,146 38,131 - 4,778 14,629 18,354 66,517 14,999

SITAF 66,976 30,437 - 3,814 12,074 14,650 54,902 11,973

SITAF 91,878 38,855 - 4,869 16,564 18,702 75,314 15,284

SITAF 50,000 21,145 - 2,650 9,014 10,178 40,986 8,317

TE 606,620 171,927 - 29,251 - 117,928 606,620 24,748

TE 148,374 42,052 - 7,155 - 28,844 148,374 6,053

TE 260,000 73,689 - 12,537 - 50,545 260,000 10,607

Total 4,502,857 1,367,295 424,369 221,558 1,897,568 657,703 2,180,920 488,034

2018 -2028 bond 550,000 17,876 - 8,938 550,000 8,938 - -

2021 -2026 bond 750,000 7,500 750,000 7,500 - - - -

2021 -2030 bond 1,250,000 75,000 - 18,750 1,250,000 56,250 - -

2021-2033 bond 1,000,000 190,000 - 23,750 - 95,000 1,000,000 71,250 2025 - 2032 bond 500,000 106,937 - 22,562 - 67,500 500,000 16,875 EcoRodovias bonds 3,883,744 5,236,634 43,414 314,692 1,905,840 1,889,733 1,934,490 3,032,209

Total 7,933,744 5,633,947 793,414 396,192 3,705,840 2,117,421 3,434,490 3,120,334

Payables for IFRS 16 Leases loans 111,508 14,108 45,249 6,259 63,828 7,521 2,431 328 Total 111,508 14,108 45,249 6,259 63,828 7,521 2,431 328 (*) Distribution upon maturity is based on c urrent residual contract duration.

It is worth highlighting that the payable due to AN AS - Central Insurance Fund as at 30 June 2026 amounts t o EUR 832 million. The discounted value of said payable totals EUR 596.2 milli on (this payable is not included in the data provid ed above).

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Condensed Consolidated interim financial report Details are provided below of the amount payable to ANAS – Central Insurance Fund and its developments until fully repaid. In relation to the discounted value of this payable, r eference should be made to the illustration provide d in Note 16 – Other payables and contract liabilities (non-current):

(amounts in millions of EUR) 30/06/2026 2026 2027 2028 2029 2030 2031 2032 2033 SALT A15 Stretch 84.3 80.2 28.0

SITAF 747.7 735.3 722.9 710.6 657.6 542.5 418.1 281.7 145.8

TOTAL 832.0 815.5 750.9 710.6 657.6 542.5 418.1 281.7 145.8

The credit lines of the ASTM Group companies can essentially be bro ken down as follows:

1. Bond issues by ASTM S.p.A. under the “ EMTN Programme ” and by the EcoRodovias Group;

2. Medium- to long-term loans, also used to support in vestment;

3. Uncommitted credit lines referring to current accou nt overdraft/receivables conversion facilities to s upport working capital

needs;

4. Committed back-up credit lines to cover the operati ng needs of the companies.

With reference to the bond loans issued as part of the EMTN Programme, reference should be made to the description in Note 19 – Other financial liabilities (non-current) and Note 24 – Other financial liabilities (current) .

With regard to the EcoRodovias Group, the financial resources available as at 30 June 2026 include bond issu es authorised but not yet utilised, totalling EUR 1,209 thousand.

The credit lines of Group companies had all been di sbursed as at the reporting date, except for:

 a credit line granted to ASTM S.p.A. by UniCredit S .p.A., still available at 30 June 2026 for EUR 249 million;

 a credit line granted to SITAF S.p.A. by Cassa Depo siti e Prestiti S.p.A. and the EIB, still available at 30 June 2026 for EUR 25 million;

 a credit line granted to Tangenziale Esterna S.p.A. by a pool of banks, still available as at 30 June 2026 for EUR 25 million;

 a credit line granted to Halmar International LLC b y Crédit Agricole Corporate and Investment Bank, of which USD 25 million is still available as at 30 June 2026;

 credit lines granted to the companies of the EcoRod ovias Group for BRL 3,455 million.

For each ASTM Group company, the following table il lustrates the total of “medium- and long-term loans ” granted, with an indication of (i) the amount used (book value) and (ii) the am ount available, not yet disbursed as at 30 June 2026 (amo unts in thousands of

EUR):

Company Amount used Amount available

ASTM S.p.A. 2,168,040 249,000

Halmar International LLC 3,409 21,941 Itinera S.p.A. 22 3,799 -

Tangenziale Esterna S.p.A. 1,014,994 25,000

SITAF S.p.A. 450, 000 25,000

EcoRodovias Group 642,615 585,502 Total 4,502,857 906,443

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Condensed Consolidated interim financial report Uncommitted credit lines For each ASTM Group company, the following table il lustrates the total of uncommitted credit lines – s et up mainly for revolving current account overdrafts – with an indication of (i) the amount used (book value) and (ii) the amoun t available as at 30 June 2026.

Uncommitted credit lines (amounts in thousands of e uro) Company Assigned Amount used Amount available

ASTM S.p.A. 40,000 - 40,000

Autostrada Asti Cuneo S.p.A. 35,000 - 35,000

ATIVA S.p.A. 3,000 - 3,000

Autostrada dei Fiori S.p.A. 40,500 - 40,500 Società di Progetto Autovia Padana S.p.A. 30,000 10,000 20,000 Concessioni del Tirreno S.p.A. 15,000 - 15,000 Sinelec S.p.A. 8,505 - 8,505 Halmar International LLC 35,106 - 35,106 Itinera S.p.A. 173,572 117,718 55,854 Società Autostrada Ligure Toscana p.A. 33,000 - 33,000

SATAP S.p.A. 5,100 - 5,100

SAV S.p.A. 35,000 - 35,000

Sea Segnaletica Stradale S.p.A. 6,500 - 6,500

SINA S.p.A. 1,400 - 1,400

S.I.T.A.F. S.p.A. 35,000 - 35,000

Sitalfa S.p.A. 20,200 - 20,200 Tubosider S.p.A. 19,950 2,068 17,882 Total uncommitted credit lines on current account o verdrafts and advances 536,833 129,786 407,047

Back-up committed credit lines At 30 June 2026 there are two unused back-up committed fa cility lines granted to ASTM S.p.A. by Santander/BN L and Crédit Agricole/Intesa Sanpaolo S.p.A./Unicredit S.p.A. fo r a total of EUR 750 million.

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Condensed Consolidated interim financial report (iv) Financial indebtedness (ESMA) The financial indebtedness of the ASTM Group prepar ed in accordance with the Guidelines of the Europea n Securities and Markets Authority (ESMA) – March 2021, is broken down as follow s:

in thousands of EUR 30/06/2026 31/12/2025 A Cash 1,087,507 1,110,663 B Cash and cash equivalents 919,944 534,606 C Other current financial assets 1,472,432 1,720,568 D Liquidity (A + B + C) 3,479,883 3,365,837 E Current financial debt (1,339,308) (1,363,904) F Current portion of non-current financial debt (428, 331) (336,386) G Current financial indebtedness (E + F) (1,767,639) (1,700,290) H Net current financial indebtedness (G + D) 1,712,244 1,665,547 I Non-current financial debt (4,232,180) (4,319,441) J Debt instruments (7,386,210) (6,507,199) K Non-current trade and other payables (908,396) (864,327) L Net non-current financial indebtedness (I + J + K) (12,526,786) (11,690,967) M Total financial indebtedness (H + L) (10,814,542) (10,025,420)

This financial debt presented in compliance with th e ESMA Guidelines differs from the “net financial i ndebtedness” presented in the interim management report owing to inclusion in the item “ Non-current trade and other payable s” (i) of the discounted payable to ANAS-Fondo Centrale di Garanzia (Central Guarantee Fund) of EUR 579.7 million (EUR 561.8 million at 31 December 2025) (ii) of the portion of concession fees payable to the Brazilian authorities not guaranteed by reserve accounts equ al to EUR 207.9 million (EUR 185.4 million at 31 December 2025) and (iii) of the payable for the option to purchase the remaining 20% of Halma r International LLC of EUR 120.8 million (EUR 117.1 million at 31 December 2025).

(v) Related-party transactions The main transactions of the Company with related p arties, identified according to criteria defined by IAS 24, are described below.

The approval of related-party transactions carried out by ASTM S.p.A., directly or through Subsidiarie s, is governed by a specific procedure of the Company.

The table below shows the commercial and financial income statement figures arising from related-party transactions.

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Condensed Consolidated interim financial report

STATEMENT OF FINANCIAL POSITION

(EUR thousands) 30 June 2026 Parent companies Subsidiaries of

parent

companies Jointly

controlled and

associated

companies Other related parties (1) TOTAL

RELATED

PARTIES % IMPACT OF

FINANCIAL

STATEMENT

ITEMS

Assets

Non-current assets

Intangible assets

goodwill 188,935 - - - - - 0.0% other intangible assets 26,416 - - - - - 0.0% concessions – non-compensated revertible assets 14,162,473 - - - - - 0.0% Total intangible assets 14,377,824 Tangible fixed assets property, plant, machinery and other assets 353,023 - - - - - 0.0% rights of use 110,244 2,572 2,357 129 495 5,553 5.0% Total tangible assets 463,267 Non-current financial assets equity accounted investments 37,648 - - - - - 0.0% other equity investments 20,482 - - - - - 0.0% non-current derivatives with a positive fair value 24,694 - - - - - 0.0% other non-current financial assets 977,071 - - 94,307 94,307 9.7% Total non-current financial assets 1,059,895 Deferred tax assets 189,085 - - - - - 0.0% Total non-current assets 16,090,071

Current assets

Contract assets and inventories 871,847 - 12 238, 937 - 238,949 27.4% Trade receivables 575,140 126 2,822 142,565 23 145,536 25.3% Current tax assets 131,463 - - - - - 0.0% Other receivables 255,634 9,107 74 18,054 689 27,924 10.9% Current derivatives with a positive fair value 430 - - - - - 0.0% Current financial assets 1,395,735 - - 64,375 - 64,375 4.6% Cash and cash equivalents 2,007,451 - - - - - 0.0% Total current assets 5,237,700 Total assets 21,327,771 Equity and liabilities

Shareholders’ equity

Equity attributable to the Group share capital 31,417 - - - - - 0.0% reserves and earnings 1,598,826 - - - - - 0.0% Equity attributable to the Group 1,630,243 Equity attributable to minorities 1,614,914 - - - - -

Total Equity 3,245,157

Liabilities

Non-current Liabilities

Provisions for risks and charges 368,418 - - - 7,853 7,853 2.1% Employee benefits 31,173 - - - - - 0.0% Trade payables 63 - - - - - 0.0% Other payables and contract liabilities 1,734,514 - - 67,312 - 67,312 3.9% Bank debt 4,039,224 - - - 25,000 25,000 0.6% Non-current derivatives with a negative fair value 2,571 - - - - - 0.0% Other financial liabilities 7,601,289 2,137 2,013 7,778 - 11,928 0.2% Deferred tax liabilities 497,582 - - - - - 0.0% Total non-current liabilities 14,274,834

Current liabilities

Trade payables 883,990 179 11,999 148,138 682 160,998 18.2% Other payables and contract liabilities 996,145 72, 889 48 251,725 628 325,290 32.7% Bank debt 558,517 - - - - - 0.0% Current derivatives with a negative fair value - - - - - - 0.0% Other financial liabilities 1,209,122 589 481 9,71 9 445 11,234 0.9% Current tax liabilities 160,006 - - - - - 0.0% Total current liabilities 3,807,780 Total liabilities 18,082,614 Total Equity and liabilities 21,327,771 (1) Amounts include relations with Directors, Statutor y Auditors and other key management personnel of th e Group.

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Condensed Consolidated interim financial report The main relationships with related parties, arrang ed by items in the financial statements, are the fo llowing:

 right of use recognised for property leases (IFRS 16) relating to the parent company Aurelia S.r.l. for EUR 2.6 million, towards companies subject to the control of the parent comp any for EUR 2.4 million (mainly with Appia S.r.l. for EUR 1.6 million and Codelfa S.p.A. for EUR 0.7 million), with the associa ted company Ativa Immobiliare S.p.A. for EUR 0.1 mill ion and with the other related party Ardian US LLC for EUR 0.5 million;

 receivables classified under non-current financial assets from associates and joint ventures amounting to EUR 94.3 million;

specifically, EUR 14.1 million due from Uxt S.c.ar.l., EUR 13.3 million due from Mimove S.c.ar.l., EUR 8.5 mi llion due from Monte Romano EST S.c.ar.l., EUR 8.2 million due from Scafa S.c.ar.l., EUR 7.4 million due from Frasso S.c.ar.l. , EUR 5.5 million from Federici Stirling Batco LLC, EUR 4.6 million from Fr asassi S.c.ar.l., EUR 4 million from Nodo Catania S. c.ar.l., EUR 4 million from Manopello S.c.ar.l., EUR 3.3 million from Albacina S. c.ar.l., EUR 3.2 million from Goccia S.c.ar.l. and EU R 3.1 million from Colmeto S.c.ar.l. against loans granted by Itinera S.p.A., from Arena Impianti S.c.ar.l. for EUR 5.2 million aga inst loans granted by Sinelec S.p.A. and from S.A.BRO.M. S.p.A. in respect of loa ns granted by Group companies totalling EUR 6.3 mill ion;

 contract assets and inventories for EUR 238.9 million t o jointly controlled and associated companies, in p articular Eteria consorzio stabile S.c.ar.l. for EUR 124 million, Consorzio Teles e S.c ar.l. for EUR 33.4 million, Grugliasco S.c.ar.l. for EUR 31.7 million, Consorzio Campolattaro S.c.ar.l. for EUR 21.3 million and Colmeto S.c.ar.l. for EUR 20.9 million;

 trade receivables for EUR 145.5 million, specifically:

- trade receivables for services provided by Itinera S.p.A to jointly controlled and associated companie s for EUR 131.9 million, of which EUR 73.9 million for Eteria consorzi o stabile S.c.ar.l., EUR 30.2 million for Consorzio Te lese S.c.ar.l., EUR 5.6 million for Consorzio Cancello-Frasso Telesino, E UR 4.4 million for Colmeto S.c.ar.l., EUR 2.5 million f or Consorzio Campolattaro S.c.ar.l., EUR 2.2 million for M.S.G. A rena S.c.ar.l., EUR 1.9 million for Nodo Catania S.c. ar.l., EUR 1.7 million for Goccia S.c.ar.l., EUR 1.6 million for Uxt S.c.ar. l. and EUR 1.1 million for Ponte Nord S.p.A.;

- trade receivables for services provided by Sinelec S.p.A. for a total of EUR 9.4 million, in particular in favour of Eteria consorzio stabile S.c.ar.l. for EUR 3.5 million, Aren a Impianti S.c.ar.l. for EUR 2.4 million, M.S.G. Aren a S.c.ar.l. for EUR 1.7 million and Goccia Impianti S.c.ar.l. for EUR 1 mill ion;

 other receivables for EUR 27.9 million, specifically:

- receivables from the parent company Nuova Argo Fina nziaria S.p.A. for EUR 9.1 million following the sal e by Finanziaria di Partecipazioni e Investimenti S.p.A. in liquidat ion (today Società Autostrada Ligure Toscana p.A.) of the shares held in Nuova Codelfa S.p.A.; (today merged into Nuova Argo Finanziaria S.p.A.);

- receivables from Autostrada dei Fiori S.p.A. due to the associated companies Rivalta Terminal Europa S .p.A. for EUR 16.2 million and Vado Intermodal Operator S.p.A. for EUR 0.5 million;

 receivables classified under current financial asse ts from associates and joint ventures amounting to EUR 64.4 million; specifically, EUR 15.8 million due from Nodo Catania S.c.ar.l., EUR 12.3 million due from Frasassi S.c.ar.l., EUR 10.2 milli on due from Scafa S.c.ar.l., EUR 6 million due from Frasso S.c.ar.l., EUR 3.4 million due from Mimove S.c.ar.l., EUR 3.3 mill ion from Colmeto S.c.ar.l., EUR 3.1 million from MetroSalerno S.c.ar.l., EUR 2.8 mi llion from Manoppello S.c.ar.l., EUR 2.5 million from Albacina S.c.ar.l., EUR 2.1 million from Monte Romano EST S.c.ar.l. and EUR 1. 9 million from Goccia S.c.ar.l.;

 other long-term payables and contract liabilities f or EUR 67.3 million against advances with respect to E teria consorzio stabile

S.c.ar.l.;

 financial liabilities of EUR 25 million relating to t he portion subscribed by related parties of Tranche A of the pool loan linked to Tangenziale Esterna S.p.A.;

 other financial liabilities for a total of EUR 23.2 mi llion:

- attributable to the application of the IFRS 16 accoun ting standard to the leasing contracts existing wit h the parent company Aurelia S.r.l. for a total of EUR 2.7 million (EUR 2.1 million long-term portion and EUR 0.6 million short-term

143 2026 Half Year Financial

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Condensed Consolidated interim financial report portion), with the companies subject to the control of the parent companies for an overall EUR 2.5 milli on (EUR 2 million long-term portion and EUR 0.5 million short-term port ion), with jointly controlled and associated compan ies for a total of EUR 0.2 million (EUR 0.1 million long-term portion a nd EUR 0.1 million short-term portion) and with other related companies for an overall EUR 0.4 million (EUR 0.4 milli on short-term portion);

- loans payable recognised among other financial liab ilities to associated companies and companies under joint control for a total of EUR 17.3 million (EUR 7.7 million long-term p ortion and EUR 9.6 million short-term portion) to Con sorzio Campolattaro S.c.ar.l. for EUR 9.9 million, to Mimov e S.c.ar.l. EUR 5.7 million and to Consorzio Telese S .c.ar.l. for EUR 1.7

million;

 trade payables for a total of EUR 161 million related to:

- services provided by the subsidiary of parent compa nies Autosped G S.p.A. to ASTM Group companies tota lling EUR 7.9 million and to Gale S.r.l. for a total of EUR 3 mill ion;

- services provided to Itinera S.p.A. by jointly cont rolled and associated companies for EUR 147.8 million, of which EUR 67.4 million from Consorzio Telese S.c.ar.l., EUR 18.6 mi llion from Colmeto S.c.ar.l., EUR 13.5 million from Fr asso S.c.ar.l., EUR 13.4 million from Consorzio Campolattaro S.c.ar.l. , EUR 11.2 million from Scafa S.c.ar.l., EUR 5.4 millio n from Nodo di Catania S.c.ar.l., EUR 3.9 million from Consorzio Cancello-Frasso Telesino and EUR 3.5 million from Alb acina S.c.ar.l.;

 other payables and contract liabilities for EUR 325.3 m illion, of which:

- EUR 72.9 million related to the payable to shareholder s for dividends resolved by ASTM S.p.A. and not yet paid to the parent company Nuova Argo Finanziaria S.p.A.;

- EUR 239.8 million related to Itinera S.p.A payables to jointly controlled and associated companies (mainly EUR 78.6 million to Eteria consorzio stabile S.c.ar.l., EUR 42.1 millio n to Frasassi S.c.a r.l., EUR 32.9 million to M.S.G. A rena S.c.ar.l., EUR 22 million to Nodo di Catania S.c.ar.l., EUR 14.5 million to Scafa S.c.ar.l., EUR 7.8 million to Consorzio Cam polattaro S.c.ar.l., EUR 6.8 million to Grugliasco S.c.ar.l., EUR 6.7 millio n to Frasso S.c.ar.l. and EUR 4.5 million to Goccia S .c.ar.l.);

- EUR 11.8 million related to Sinelec S.p.A. payables to jointly controlled and associated companies (EUR 6. 5 million to Arena Impianti S.c.ar.l., EUR 2 million to Grugliasc o S.c.ar.l, EUR 1.1. million to Galeazzi Impianti S.c .ar.l. and EUR 1.1 million to Eteria consorzio stabile S.c.ar.l.).

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Condensed Consolidated interim financial report

INCOME STATEMENT

(EUR thousands) 1HY 2026 Parent

companies Subsidiaries

of parent

companies Jointly

controlled

and

associated

companies Other

related

parties (1) TOTAL

RELATED

PARTIES % IMPACT

OF

FINANCIAL

STATEMENT

ITEMS

Revenue

motorway sector – operating activities 1,342,987 - - - - - 0.0% motorway sector – planning and construction activit ies 573,329 - - - - - 0.0% EPC sector 783,772 23 147 266,506 10 266,686 34.0% EPC sector – planning and construction activities 4 9,704 - - - - - 0.0% Technology sector 46,762 4 889 20,417 12 21,322 45.6% other 136,803 23 261 8,708 5 8,997 6.6% Total Revenues 2,933,357 Payroll costs (390,382) - - - (5,696) (5,696) 1.5% Costs for services (1,211,827) - (11,648) (257,280) (1,897) (270,825) 22.3% Costs for raw materials and consumables (150,758) - (4,856) (3) - (4,859) 3.2% Other costs (217,918) (9) (102) (142) (1) (254) 0.1% Capitalised costs on fixed assets 2,797 - - - - - 0.0% Amortisation, depreciation and write-downs (404,253 ) (312) (269) (27) (210) (818) 0.2% Adjustment of the provision for restoration/replace ment of non-compensated revertible assets 9,541 - - - - - 0.0% Other provisions for risks and charges (5,271) - - - - - 0.0%

Financial income:

from unconsolidated investments 10 - - - - - 0.0% other 102,869 - - 174 - 174 0.2%

Financial expenses:

interest expense (445,106) (66) (54) (214) (1 1) (345) 0.1% other (18,401) - - - - 0.0% Profit (loss) of companies accounted for with the e quity method (462) - - - - 0.0% Profit (loss) before taxes on Continuing operations 204,196 Taxes (108,362) - - - - - 0.0% Profit (loss) for the period on Continuing operations 95,834 (1) Amounts inclusive of the relationships and fees re lated to the Directors, Auditors and other key mana gement personnel of the Group.

More specifically, the main relationships with rela ted parties, arranged by items in the financial sta tements, are the following:

 EPC sector services provided by the Group totalling EUR 266.7 million, including:

- to jointly controlled and associated companies for EUR 266.3 million provided by Itinera S.p.A., in partic ular to Eteria consorzio stabile S.c.ar.l. for EUR 138.7 million, to C onsorzio Telese S.c.ar.l. for EUR 74.5 million, to Con sorzio Campolattaro S.c.ar.l. for EUR 18.4 million, to Colmet o S.c.ar.l. for EUR 12 million, to Consorzio Cancello -Frasso Telesino for EUR 6.5 million and to Uxt S.c.ar.l. for EUR 3.5 mi llion;

 technology sector services provided by the Group to talling EUR 21.3 million, including:

- to jointly controlled and associated companies for EUR 20.4 million for services provided by Sinelec S.p. A. to Grugliasco S.c.ar.l. for EUR 7.1 million, to Eteria consorzio st abile S.c.ar.l. for EUR 6 million and to M.S.G. Aren a S.c.ar.l. for EUR 5.3

million;

 other services totalling EUR 9 million, of which:

- EUR 8.7 million related to services provided by Group companies or charges reversed to jointly-controlle d and associates (mainly to MSG Arena S.c.a r.l. for EUR 1.7 million);

 costs for services for EUR 270.8 million mainly related to:

- provision of services provided by the companies con trolled by the parent company for EUR 11.6 million, of which EUR 8 million from Autosped G S.p.A.;

- services from jointly controlled and associated com panies totalling EUR 257.3 million, in particular from Consorzio Telese S.c.ar.l. (EUR 59.7 million), from Frasassi S.c.ar.l. (EUR 49.7 million), from M.S.G. ARENA S.c.ar.l. (EUR 22. 2 million), from Nodo Catania S.c.ar.l. (EUR 22 million), from Consorz io Campolattaro S.c. a r.l. (EUR 16.4 million), from S cafa S.c.ar.l. (EUR 14.5 million), from Colmeto S.c.ar.l. (EUR 11.8 million), from Frasso S.c.ar.l. (EUR 11.3 million), from Grugli asco S.c.ar.l.

(EUR 8.7 million), from Consorzio Cancello-Frasso Te lesino (EUR 6.2 million) and from Goccia S.c.ar.l. (E UR 5.2 million) in

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Condensed Consolidated interim financial report favour of Itinera S.p.A.; from Arena Impianti S.c.a r.l. (EUR 4.8 million), from Grugliasco S.c.ar.l. (EU R 1.9 million) in favour of Sinelec S.p.A.;

 costs incurred for the purchase of raw materials fr om companies subject to the control of the parent c ompanies (EUR 4.9 million) for group purchases mainly from Gale S.r.l. (EUR 3.5 million) and Autosped G S.p.A. (EUR 1.3 million);

In addition to the above, note that costs for servi ces include expenses incurred by the ASTM Group for insurance premiums brokered by the related company PCA S.p.A. totalling EUR 20.5 m illion.

Other related-party transactions Note also that the subsidiaries SINA S.p.A. and ATI VA S.p.A. held 2,149,408 and 21,500 shares respectively of the parent company ASTM S.p.A. as at 30 June 2026.

In addition to what is shown above, there are relat ionships between the businesses of the Group concer ning transaction in the system that interconnects motorway tolls.

The transactions indicated above were carried out u nder normal market conditions, with the exception o f certain non-interest-

bearing loans, almost all of which were granted to consortium companies.

Pursuant to Article 2391- bis of the Italian Civil Code, note that – on the basi s of the corporate governance laws – related party transactions (carried out directly, or through subs idiaries) are carried out on the basis of rules whi ch ensure transparency, as well as substantial and procedural correctness.

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Report

Condensed Consolidated interim financial report (vi) EcoRodovias Infraestrutura e Logistica S.A.

(a) Ecovia (now CECM) – Ecocataratas (now RDC) State of Paraná For the disputes of EcoRodovias and its subsidiarie s CECM Concessões S.A. (formerly Ecovia Caminho do Mar) and RDC Concessões S.A. (formerly Rodovia das Cataratas – Ecocataratas ), it should be noted that, with regard to the info rmation provided in the 2025 financial statements of ASTM, on 27 May 2026, the Federal Regional Court (TRF4) approved a comprehensive sett lement agreement confirming full compliance with the obligations und ertaken under the leniency agreement entered into o n 12 August 2019, resulting in full compliance with and complete discharge from all obligations arising therefrom.

(b) Ecovias Imigrantes | State of São Paulo With reference to the civil non-prosecution agreeme nt (“ acordo de não persecução cível ”) signed on 6 April 2020 by EcoRodovias, the indirect subsidiary EcoRodovias Concessões e Se rviços S.A. (“ECS”) and the subsidiary Concessionàr ia Ecovias Dos Imigrantes S.A.

(“Ecovias Imigrantes”) with the 3rd Prosecution Offi ce of Public and Social Assets of the State of São Paulo, reference should be made to the information reported in the 2025 Financial State ments of ASTM since, as shown by the interim report ing of EcoRodovias as at 30 June 2026, there have been no relevant developments.

(c) Ecovias 101 (now Ecovias Capixaba) | State of Espírito Santo For the disputes in the State of Espírito Santo inv olving Eco101 Concessionaire de Rodovias S.A. (“Ecovia s Capixaba”), a subsidiary of EcoRodovias, refer to the information reported in t he 2025 Financial Statements of ASTM since, as can be s een from the interim reporting of EcoRodovias as at 30 June 2026, there have b een no significant developments.

(vii) Significant subsequent events Other than that stated above and in the interim man agement report, no significant events occurred afte r 30 June 2026.

147 2026 Half Year Financial

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Condensed Consolidated interim financial report

Certification pursuant to Article 154- bis of Italian Legislative

Decree 58/98

148 2026 Half Year Financial

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Condensed Consolidated interim financial report Certification pursuant to article 154-bis of Legisl ative Decree no. 58/98

 The undersigned Umberto Tosoni as Managing Director and Alberto Gargioni as Manager in charge of drawi ng up the corporate accounting documents of the ASTM Group, taking into account the provisions of article 154-bis, paragraph s 3 and 4 of Legislative Decree no. 58 of 24 February 1998, hereby certi fy:

- the adequacy with regard to the characteristics of the business and

- the actual implementation, of the administrative and accounting procedures fo r preparing the condensed consolidated interim fina ncial report for the first half of 2026.

 Furthermore, it is attested that:

- the Condensed Consolidated Interim Financial Repo rt:

a) are prepared in compliance with the international a ccounting standards approved by the European Commun ity pursuant to EC Regulation No. 1606/2002 of the European Par liament and the Council dated 19 July 2002;

b) correspond to the books and accounting entries;

c) provide a true and correct representation of the eq uity, economic and financial position of the issuer and all the businesses included in the consolidation;

- the interim management report contains at least references to the significant events that took plac e in the first six months of the financial year and to their impact on the co ndensed consolidated interim financial report, alon gside a description of the main risks and uncertainties for the remaining six months of the year. The interim management repo rt also contains information regarding significant related party tra nsactions.

Tortona, 31 July 2026

Chief Executive Officer The Manager in charge of dr awing up the corporate accounting documents

Umberto Tosoni Alberto Gargioni

149 2026 Half Year Financial

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Condensed Consolidated interim financial report

Independent Auditors’ Report

150 2026 Half Year Financial

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Condensed Consolidated interim financial report