(Translation of the Italian original which remains the definitive version) 2026 INTERIM FINANCIAL REPORT | 2This document is available at:
www.webuildgroup.com
Webuild S.p.A.
Company managed and coordinated by Salini Costruttori S.p.A.
Fully paid-up share capital €600,000,000 Head office in Rozzano (Milan), Centro Direzionale Milanofiori Strada 6 – Palazzo L Tax code and Milan Monza Brianza Lodi Company Registration no.: 00830660155 R.E.A. no. 525502 - VAT no. 02895590962
Contents
Company officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Directors’ report PART I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Webuild Group - We envisage, We design, We build the future . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 A robust industrial and financial model that is competitive and can create long-term value . . . . . . 20 Sustainability: one of the business pillars . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Global trends driving the demand for infrastructure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Milestones achieved in the first half of 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 Order backlog . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Main projects underway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66 Alternative performance indicators . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72 Directors' report PART II . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 Business risk management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76 Main risk factors and uncertainties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81 Directors' report PART III . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107 Events after the reporting date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108 Outlook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109 Other information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110 Condensed interim consolidated financial statements at 30 June 2026 . . . . . . . . . . . . . . . . . . . . . . . . . 111 Notes to the condensed interim consolidated financial statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119 Statement of financial position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126 Statement of profit or loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 152 List of Webuild Group companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 163 Statement on the condensed interim consolidated financial statements . . . . . . . . . . . . . . . . . . . . . . . . 178 Review report on the condensed interim consolidated financial statements . . . . . . . . . . . . . . . . . . . . . 179
2026 INTERIM FINANCIAL REPORT | 3
Company officers
BOARD OF DIRECTORS
Elected by the shareholders on 24 April 2024 -
updated by the shareholders’ resolution taken in their ordinary meeting of 29 April 2026 to appoint a director (see note 1) - in office until approval of the financial statements as at and for the year ending 31 December 2026.
Position Name
Chairperson Gian Luca Gregori
Chief executive
officerPietro Salini
Director Francesco Umile Chiappetta Director Davide Croff Director Moroello Diaz della Vittoria
Pallavicini
Director Paola Fandella Director Francesca Fonzi Director Lorenzo Iucci1 Director Flavia Mazzarella Director Itzik Michael Meghnagi Director Teresa Naddeo Director Alessandro Salini Director Serena Maria Torielli Director Michele Valensise Director Laura Zanetti
CONTROL, RISK AND SUSTAINABILITY
COMMITTEE
Position Name
Chairperson Teresa Naddeo Member Gian Luca Gregori Member Moroello Diaz della Vittoria
Pallavicini
Member Paola Fandella Member Flavia Mazzarella Member Serena Maria Torielli
COMPENSATION AND NOMINATING
COMMITTEE
Position Name
Chairperson Laura Zanetti Member Moroello Diaz della Vittoria
Pallavicini
Member Paola FandellaCOMMITTEE FOR RELATED-PARTY
TRANSACTIONS
Position Name
Chairperson Francesco Umile Chiappetta Member Davide Croff Member Itzik Michael Meghnagi
BOARD OF STATUTORY AUDITORS
Elected by the shareholders on 29 April 2026; in office until approval of the financial statements as at and for the year ending 31 December 2028.
Position Name
Chairperson Mauro Lonardo
Standing statutory
auditorPierumberto Spanò
Standing statutory
auditorMarcella Caradonna
Substitute
statutory auditorGuido Arrigoni
Substitute
statutory auditorGiulia Pusterla
INDEPENDENT AUDITORS
PricewaterhouseCoopers S.p.A. appointed by the shareholders on 27 April 2023 (effective from 24 April 2024 ) with a term of engagement that ends with approval of the financial statements as at and
for the year ending 31 December 2032.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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2026 INTERIM FINANCIAL REPORT | 41 Elected by the shareholders on 29 April 2026; in office until approval of the financial statements as at and for the year ending 31 December 2026.
Highlights
Key operating, financial and ESG results
OPERATING RESULTS
Global Leader2No. 1 Player in
Italy3
in the water sectorGeneral contractor
One of the international One of the Top 3 Players Top 10 Players
in in
Australia2Europe
>350 ~ 150
projects delivered
since 2012 projects underway in approx. 50 countries ~ 85,000 ~ 17,500 people of over 130 nationalities supply chain partners⌂COMPANY
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2026 INTERIM FINANCIAL REPORT | 52 ENR Report, The TOP 250 - 25 August 2025
3 TOP 200 construction companies – Guamari 2026
OUR TRACK RECORD
14,581 km 3,466 km 320 Metros and railways Tunnels Dams and hydropower
plants
82,708 km 1,023 km Roads and motorways Bridges and viaducts⌂COMPANY
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FINANCIAL RESULTS
1H 2025 1H 2026
Order backlog €58.7 bn €53.7 bn New orders €6.5 bn €7.7 bn Revenue €6.6 bn €6.7 bn
EBITDA €592 m €673 m
Profit for the year €132 m €113 m Net cash position €363 m €110 m⌂COMPANY
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ESG RESULTS
Green
buildersSafe & inclusive buildersInnovative & smart
builders
-34% -20%
GHG emissions intensity Lost time injuries frequency rate
SCOPE 1 & 2 (2025 VS 2022) (2025 VS 2022)
+27% '+€586 m
women managers
in the GroupInvestments in innovative and clean tech projects
(2025 VS 2023) (2024-2025)⌂COMPANY
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2026 INTERIM FINANCIAL REPORT | 9Directors’
report PART I
Webuild Group - We envisage, We design, We build the future A global leader with 120 years experience Webuild is a major global operator specialised in the design and construction of large infrastructure for the sustainable mobility , hydropower , water and green buildings sectors.
Listed on the Milan Stock Exchange, it has a strong shareholder base which includes Salini S.p.A., CDP Equity S.p.A. and numerous Italian and international investors .
4 Webuild’s international competitiveness is the result of a century-long journey, which has seen it bring together some of the leading construction companies on the global stage , such as Impregilo, Astaldi, Lane (United States), Clough (Australia), Cossi Costruzioni and Seli Overseas, into a single organisation .
Experience and expertise gained over the years With 120 years of engineering experience gained on five continents, drawing on the skills of over 85,000 people of more than 130 nationalities , Webuild assists its customers to work towards the Sustainable Development Goals (SGDs), combat climate change , engage in the energy transition , manage and safeguard water resources and develop infrastructure for security and defence purposes .
Learn more about our journey: webuildgroup.com/en/group/history/⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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2026 INTERIM FINANCIAL REPORT | 104 including Intesa Sanpaolo S.p.A.’s stake
WEBUILD TODAY
Leader Top 10 Top 10 Top 3 in the international
water sectorinternational
companies
for sustainable
mobility projectscompanies in
Europeinternational
companies in
Australia
OUR INTERNATIONAL LOCATIONS
With a focus on Italy, Europe, North America and Australia as part of our derisking strategy , we operate in roughly 50 countries, developing excellent operational supply chains with our approximate 17,500 partners .
Go to: Business risk management No. 1 ~ 50 > 85 ~ 150 operator in Italy countries Global presenceoffices around the
worldkey projects
underway around
the globe
Drawing on its expertise in the infrastructure sector, over the years, the Group has delivered some of the world’s most iconic works , such as the Panama Canal, two bridges spanning the Bosphorus Strait, the Long Beach International Gateway Bridge in California, the Grand Ethiopian Renaissance Dam (the biggest hydroelectric project ever built in Africa), some of the Paris, New York, Rome, Milan, Doha and Riyadh metro lines, the “Archeostations” of the Rome metro Line C and the "Art Stations" in Naples, most of the high-speed railway lines in Italy, as well as the salvage of the Abu Simbel temples in Egypt.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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Our contribution to a sustainable world We operate in four key areas, the sustainable mobility, hydro-energy, water and green buildings sectors, with a direct impact on 11 of the 17 SDGs defined by the United Nations.
>95%
Order backlog of projects linked to progress towards the SDGs At the end of 2025, roughly 45% of revenue (50% of OpEx and 52% of CapEx) is aligned with the EU Taxonomy .
This result confirms the Group’s significant contribution to climate change mitigation and adaptation.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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SUSTAINABLE MOBILITY
€37.5 bn
CONSTRUCTION ORDER BACKLOG
Metros Railways Roads
MotorwaysBridges
Viaducts
gTransport infrastructure facilitates socio-economic development, reduces CO 2 emissions and makes travel safer.gThe Group’s current metro line projects will serve 4.9 million people a day, while its railway projects underway will avoid more than 4.5 million tonnes of CO 2
emissions per year.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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CLEAN HYDRO-ENERGY
€5.7 bn
CONSTRUCTION ORDER BACKLOG
Dams for
hydropower plantsPumped storage gAs the world’s main source of renewable energy, hydropower is reliable, constant and cheap. This makes it an ideal solution for the energy transition and to expand access to energy in areas where it is still lacking or insufficient.gThe Group’s current projects will contribute to generating energy of around 50,000 GWh a year from renewable sources, providing low
emission energy to the areas served.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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CLEAN WATER
€0.6 bn
CONSTRUCTION ORDER BACKLOG
Water purification
and desalination
plantsWastewater
treatment plantsHydraulic projects Drinking water and
irrigation water
reservoirs
gThe sustainable management of water is a global challenge: almost 4 billion people live in areas at risk of water scarcity while over 2 billion do not have access to safe drinking water.gMore than 12 million people will be served by the plants being built by Webuild Group that will treat 7 million
cubic metres of water per day.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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GREEN BUILDINGS
€2.7 bn
CONSTRUCTION ORDER BACKLOG*
Civil and industrial buildingsAirports Stadiums Hospitals gIn a fast urbanising world, designing sustainable infrastructure is essential to improving the quality of urban life for over 2 million people.gThe Group has accrued significant experience in eco design & eco construction techniques, which reduce the carbon footprint of civil and industrial buildings throughout their life cycle.
(*) Including Green Buildings and Other⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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Growth underpinned by effective strategy During the Roadmap to 2025 - The Future is Now three-year 2023-2025 business plan, which wrapped in 2025, Webuild achieved significant growth and excellence in executing and delivering its projects.
Organic growth topped 15% p.a., further strengthening the Group’s profitability and financial structure and surpassing all ambitious targets in the business plan .
€13.6 bn >15% 2025 revenue organic growth p.a.
DURING 2023-2025 THREE-YEAR PERIOD
The Group’s current size places it among the largest construction players globally , the result of a strategy rolled out in 2012 and continued to date thanks to its people’s expertise and contributions.
This growth has been a strategic game-changer , enabling Webuild to increase investments in innovation and health and safety, reinforce processes and procedures, manage increasingly complex supply chains and introduce different types of resources and skills.
FROM 2012 TO TODAY: THE STRENGTH OF SIZE
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2023-2025 PLAN TARGETS SURPASSED
Targets surpassed 2022 2025 2023-2025 business plan
Book-to-bill
times2.0x 1.4x >1.1x average in 2023-2025 average in 2023-2025
Revenue
€bn8.1 13.6 10.5-11.0 +68% expected in 2025
vs 2022
EBITDA
€m583 1,164 990-1,050 +100% expected in 2025
vs 2022
Net cash position €m265 363 Net cash '+€98m expected in 2025
vs 2022
(*) The adjusted 2022 figures were restated in the management figures to exclude the effects of the proportionate inclusion of the results of the joint ventures not controlled by Lane Group.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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A robust industrial and financial model that is competitive and can create long-term value We have a well-structured, distinctive business model built over time by leveraging a solid and innovative industrial platform Our combination of industrial scale , financial discipline and executive capability means we can detect and capitalise on the emerging trends in a rapidly-evolving sector and quickly respond to future challenges.
Our results and diversified business model are the cornerstones of our new business plan .
BUSINESS PLAN PILLARS
The Webuild brand Integrated supply chain and shared innovation g g g g120 years of experience Approx. 4,000 engineers >13,000 new hires p.a. on average (2023-2025) >3 million training hours (2023-2025)g gRoughly 17,500 partners involved in projects
underway
Supply chain management Prioritising quality, safety and delivery, we design innovative engineering solutions for complex projects.Supply chain and global partner network: our work sites are hothouses of innovation, where technology, digitalisation and AI generate efficiency, quality and sustainability.
Selective commercial strategy Responsible behaviour and ESG standards Our rigorous approach to tenders considers the project’s risk/return profile. We hand pick which tenders to bid for after exhaustively examining every facet of each project, adopting a structured risk management approach and scrupulous vetting our partners and suppliers. We have a strong foothold in low-risk markets (Europe, the United States, Australia and Saudi Arabia) and a solid track record of tenders won on the basis of the best
technical offer.g
g> 4 million hours of H&S training (since 2020) Leader among its peers (MSCI ESG Solutions) We abide by ethical and governance principles benchmarked to the highest international standards, with procedures to protect people, the environment and local communities.
Efficient organisation and risk management systemProfitability and cash generation g gOptimised processes throughout the project
lifespan
Integrated risk management model (strengthened in 2015) applied to all business
phasesg
g g g g gPrice reviews and advanced contract standards Enhanced contract management Direct/indirect cost optimisation Management of working capital Reorganisation of subsidiaries Enhancement of non-core assets End-to-end processes and integrated governance to maximise operating efficiency, competitiveness and control over costs, timing, quality and safety.Financial discipline and targeted actions for contracts, costs and working capital to build up profitability and cash generation.
Learn about our business model: webuildgroup.com/en/group/business-model/⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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Sustainability: one of the business pillars We transform the principles of sustainable development into concrete actions, incorporating sustainable infrastructure and work sites into our strategies, processes and projects We are aware that our growth is tied to that of the world in which we operate. Sustainability is therefore an integral part of every decision we take from how we design and build our works to our internal processes.
Webuild’s sustainable development strategy, conceived to achieve real, measurable and continuously better solutions, hinges on two key pillars: sustainable infrastructure and sustainable work sites .
Thanks to this strategy, Webuild continues to obtain solid results, with steadily improving environmental and social performance indicators and increasingly ambitious objectives in the face of global challenges.
The 2024-2025 ESG plan The key principles underpinning the 2024-2025 ESG plan are innovation , health and safety , the circular economy , digitalisation and inclusion . The plan reinforces the Group’s intention to build sustainability into its internal processes to achieve its aims.
SUSTAINABILITY STRATEGY PILLARS
Pillar Target
Green
contribute to speeding up the transition to a low-carbon economy by investing in clean technology, improving projects’ environmental sustainability during the construction phase and of the works during their utilisation
Safety &
Inclusion
be the sector benchmark for health and safety , expertise, diversity and inclusion
Innovation
contribute to improving the sector's efficiency by investing in innovation and digitalisation.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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THE RESULTS OF OUR COMMITMENT TO ESG ISSUES
2025 was the final year of the 2024-2025 ESG plan , with all targets comfortably surpassed, further burnishing Webuild’s sustainability credentials.
Green builders
RESULTS TARGETS TARGET STATUS
-34% -10%
GHG emissions intensity Scope 1&2 (2025 vs 2022)GHG emissions intensity Scope 1&2 (2025 vs 2022)achieved Safe & inclusive builders
RESULTS TARGETS TARGET STATUS
-20% -6%
LTIFR
(2025 vs 2022)LTIFR
(2025 vs 2022)achieved
+27% +20%
women managers in the Group (compared to 2023)women managers in the Group
(by 2025)achieved
Innovative & smart builders
RESULTS TARGETS TARGET STATUS
'+€586 m '+€430 m investments in innovative and clean tech projects (2024-2025)investments in innovative and clean tech projects
(2024-2025)achieved⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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RESULTS: PEOPLE, SAFETY & INNOVATION
People
Cantiere Lavoro Italia
Webuild Next-Gen
41 35% >5,000
YEARS UNDER 35 YEARS NEW HIRES
average age of own workers vs total own workers 1H 2026
Safety
ValYou - Safety Builders Program 4 m >1 m >765 k
TRAINING HOURS SAFETY BRIEFINGS SAFETY INSPECTIONS
occupational safety
(2020-1H 2026)2021-1H 2026 2020-1H 2026
Innovation
INNOVATION AREAS
design,
planning
and
developmentconstruction
techniquesmaterials work site
digitalisationsafety, quality
and
environment⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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Accolades received
The Group made significant progress towards its ESG targets in 2025, achieving tangible results and international recognition that has strengthened its credibility and reputation with investors and stakeholders.
It entered CDP Climate Change’s 2025 A-List , obtaining an “A” rating (CDP’s highest ranking) and joining the top 4% of the more than 24,800 companies assessed worldwide. This achievement confirms the validity of the Group’s climate strategy and the effectiveness of its approach to environmental issues. Webuild was also included in the A List of the Supplier Engagement Assessment , obtaining the highest possible marks in CDP’s system used to assess climate change management along the value chain.
In late 2025, EcoVadis confirmed Webuild’s “Gold ” rating5, recognising it as one of the most sustainable organisations in terms of its environmental, social and governance practices, and a leader in the infrastructure sector.
These achievements are reflected in the ratings received from other ESG agencies such as MSCI ESG Ratings (AA) and ISS-ESG (“B- Prime level”) .
MAIN RATINGS
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2026 INTERIM FINANCIAL REPORT | 245 More information is available at the following link: https://recognition.ecovadis.com/4q9x3wCiTUuOUJ_1Yo3O9g
Global trends driving the demand for
infrastructure
Climate change, demographic growth, global electricity consumption, increasing water scarcity, AI expansion and investments in defence and security are some of the sector’s main drivers According to the IMF’s most recent projections, global economic activity and growth prospects are affected by two contrasting factors. On the one hand, there is the negative effect of the conflict in the Middle East and, on the other, the positive impact of the upturn in technological investments, bolstered mainly by the progress and dissemination of AI. After the growth of 3.5% seen in 2025 , GDP is expected to grow 3.0% in 2026 .
To date, the world economy has absorbed the impact of the conflict better than expected and the effects on commodity prices and inflation have been relatively contained. However, the risk of ripple effects of the shock remains and leading indicators signal a possible weakening of global activity in the next few months and a worsened outlook for inflation, which led to the European Central Bank to raise rates following a year of rate stability.
Investments are growing in Europe to make the EU states more efficient and resilient and include increases in defence budgets, which represent a potential growth driver in coming years.
Infrastructure investments act as an economic growth multiplier and are an increasingly valid response to global challenges such as climate change, demographic growth, greater demand for electricity, water scarcity and the AI boom . The rise in defence and security spending also boosts the demand for resilient transport networks, reliable energy infrastructure and advanced logistics systems .
'+3.5% '+3.0%Rising
investments
2025 global GDP 2026 global GDP in CORE markets
(IMF) (IMF projections)⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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INFRASTRUCTURE: A STRATEGIC DRIVER FOR MAJOR GLOBAL CHALLENGES6
'-55%
'+20/30%
reduction in GHG emissions by 2030 to achieve carbon neutralityrising global demand for water (vs 1990) (2050 vs 2010)
'+100%
50% growing urban population electricity as a proportion of global
energy consumption
(2050 vs 2023) (by 2050 vs 20% in 2023)
'+17%
1.5%
growing global cloud computing marketpotential spending in dual-use infrastructure for NATO countries (annual growth from 2024 to 2028) (spending commitment to 2035) Growth opportunities in global infrastructure markets The international scenario offers great potential for growth in the infrastructure sector. In Europe , programmes to upgrade infrastructure, the modernisation of railway networks and NATO policies drive demand bolstered by strategic investments. The Italian market continues to be robust, supported by the national and European programmes for transport and growing investments in hospitals. In North America , investments continue to be boosted by substantial public spending and PPP programmes to overhaul transport networks and upgrade water infrastructure. Australia offers significant opportunities tied to the energy transition and transport sector, including roads, ports and airports while Saudi Arabia is developing an integrated urban system of roads, railways and state-of-the-art metros as well as investing in infrastructure for airports and stadiums.
The Group and global infrastructure demand We work on a vast and diversified geographical stage, where the need for investments is solid and sustainable over time . As a Group, we are well placed to design and build works to reduce emissions and improve the resilience of transport routes , such as railway and metro lines , develop renewable energy (including through reservoirs and hydroelectric plants ), strategic water infrastructure (desalination plants and water regeneration systems ) and green buildings.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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2026 INTERIM FINANCIAL REPORT | 266 Source: European Environmental Agency – 2030 Climate target plan; The United Nations World Water Development Report 2023; The World Bank - Urban Development; The International Energy Agency; Global Data - Cloud Computing: Strategic Intelligence; 2025 NATO
Summit
Milestones achieved in the first half of 2026 The main milestones achieved in the first half of 2026 are summarised below.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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Order backlog
A robust pipeline of projects that strengthens the Group’s visibility and continued presence in its strategic markets At 30 June 2026, the total order backlog7 amounts to €53.7 billion , including €46.6 billion related to construction projects and €7.2 billion related to concessions and operations & maintenance projects. The construction order backlog is one of the largest in the construction market compared to Webuild’s main European peers.
€53.7 bn 90%
1H 2026
order backlogconstruction order backlog in low-risk geographical areas More than 95% of the construction order backlog consists of projects tied to achievement of the SDGs . In geographical terms, most of the contracts are based in Italy , Europe , the United States , Saudi Arabia and Australia (around 90 % of the total construction order backlog). They are mainly in segments linked to sustainable mobility , such as high-speed rail , railways and roads .
BREAKDOWN OF THE CONSTRUCTION ORDER BACKLOG BY GEOGRAPHICAL AREA AND BUSINESS
AREA
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2026 INTERIM FINANCIAL REPORT | 297 The order backlog shows the amount of the long-term construction and concession contracts awarded to the Group, net of revenue recognised at the reporting date (more information is available in the alternative performance indicators section).
CONTRACT COUNTRY ORDER BACKLOG (€M)
New Palermo - Catania - Messina route
Italy 7,282
High-speed/capacity Salerno - Reggio Calabria railway line
Italy 3,326
High-speed/capacity Milan - Genoa Railway Project
Italy 3,056
High-speed/capacity Verona - Padua Railway Project
Italy 2,460
High-speed/capacity Naples - Bari railway line
Italy 2,338
Pedemontana Lombarda Motorway
Italy 1,755
Rome Metro Line C
Italy 996
Jonica State Road SS-106
Italy 852
Trento rail bypass (Lot 3A)
Italy 809
New Genoa Breakwater
Italy 743
Fortezza - Verona railway line, Fortezza - Ponte Gardena section
Italy 626
Other - Italy 2,753 Total Italy 26,996 Snowy Hydro 2.0
Australia 3,642
SSTOM Sydney Metro
Australia 731
North East Link
Australia 703
Perth New Women and Babies Hospital
Australia 345
Suburban Rail Loop
Australia 283
Other - Oceania 195 Total Oceania 5,899 I-4 BTU Champions Gate
USA 451
I-64 Hampton Roads Express Lanes
USA 320
Ontario Line - Rolling Stock, Systems, Operations and Maintenance (RSSOM)
Canada 300
I-85 Widening and Reconstruction Project
USA 279
Other - North America 2,320 Total North America 3,670 Sibiu - Pitesti Motorway
Romania 1,134
TELT (Lot 2)
France 588
Grand Paris Express - Line 15 West, north section
France 516
Caransebeș - Lugoj - Timişoara - Arad railway line
Romania 491
New Industrial Railway Facility
Switzerland 197
Cluj - Oradea - Bihor- Hungarian border railway line (Lot 4 Alesd - border)
Romania 174
Other - Europe 508 Total Europe 3,608 Riyadh Metro Line 2 Extension Saudi Arabia 713
Diriyah Square
Saudi Arabia 522 Riyadh National Guard Military (SANG Villas) Saudi Arabia 261 Other - Saudi Arabia 68 Total Saudi Arabia 1,564
Other 4,823
Total construction order backlog 46,560⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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Total new orders acquired in the first six months of 2026, including change orders, amount to €7.7 billion , of which more than 95% in key low-risk geographical areas.
NEW ORDERS BY GEOGRAPHICAL AREA
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Main projects underway
ITALY
Reference context
Italy is ranked 22nd in the SDG Index Ran k8. It shows progress in the majority of the goals that are most pertinent to the Group’s business areas, although there is room for improvement with respect to, in particular, renewable energy and combating climate change.
The projects underway during the period are mostly in the Sustainable Mobility (railways, metros and road projects) and Green Buildings (civil and industrial) business areas, with a positive contribution to achievement of the SDGs in terms of improved transport and lower GHG emissions.
Main projects underway
NEW PALERMO - CATANIA - MESSINA ROUTE
This project is part of the Scandinavian - Mediterranean Corridor of the European sustainable mobility network, the Trans-European Transport Network (TEN-T). Upon completion, travel between Messina and Catania will be approximately 30 minutes faster, facilitating development of a metro-style service from Catania to Taormina/ Letojanni.
The Group is currently involved in construction of the following sections of the line assigned by Rete Ferroviaria
Italiana (“RFI”):
•doubling of the Messina - Catania line, lot 2 Letojanni - Giampilieri - executive designs and development of a section of approximately 28.3 km and construction of two single tube bored tunnels, six twin tube bored tunnels and seven viaducts for a consideration of €1 billion (Webuild Group through Consorzio Messina Catania lotto Nord: 70%). The main activities performed in the period included the sub-foundations and reinforced concrete work on the viaducts, construction of the road underpasses and the Itala-Scaletta stop, procurement and installation of the steel decks of the viaducts and production of the prefabricated ashlar segments. Conventional excavation of the Taormina Tunnel reached the section involved in the “Taormina Station” variation, which is currently being studied. Conventional excavation was also continued in the Nizza Tunnel as well as mechanised boring of the Sciglio Tunnel. During the six months, the Forza D’Agrò Tunnel was completed and the TBM was then moved to the portal of the Letojanni Tunnel where excavations commenced in June. The Scaletta Tunnel, also excavated using mechanised boring, was completed in June and activities to relocate the TBM to the Quali Tunnel portal have started. The disposal of contaminated excavated soil and rocks is also underway, for which a specific “Arsenico” variation is currently being studied (this was deemed necessary by the technical advisory board). Following the signing of conformity deed no. 1 for the explosive ordnance clearance due to the presence of ferromagnetic interference, the contract consideration was revised to €1.1 billion;
•doubling of the Messina - Catania line, lot 1 Fiumefreddo - Letojanni - executive designs and development of a section of approximately 13.9 km, including an underground station, a single tube bored tunnel, a twin tube bored tunnel, a cut-and-cover tunnel and two viaducts, connection with an existing station, two stops ⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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2026 INTERIM FINANCIAL REPORT | 338 Index that measures countries’ progress towards achievement of the 17 SDGs once a year. The SDG Index is part of the Sustainable Development Report (SDR) which, since 2016, has provided the most recent data used to monitor and classify the progress of all the UN member states towards the 2030 Agenda ( https://dashboards.sdgindex.org/ )
and restoration of the existing roads and hydraulics. The contract is worth €640 million (Webuild Group through Consorzio Messina Catania lotto Sud: 70%). TBM Taormina bored 2 km in 2025. Support work and reinforced concrete work of the cut-and-cover Fiumefreddo Tunnel and the TR01 trench continued as did work on the sub-foundations and reinforced concrete works of the viaducts. The controlled demolition of a rocky ridge in Taormina was completed while the clearing of the slope and restoration work is nearly finished. During the first half of 2026, the contract consideration was increased to €714 million after the signing of conformity deed no. 1 for the definitive stabilisation of the seaward Taormina slope (Phase 2 and Phase 3) and conformity deed no. 2 for “Viability NI22 - Site access road on the Alcantara/Randazzo railway
line) ;
•new Palermo - Catania route, Lot 4B Enna - Dittaino - a 15-km railway line, including the new Enna Station, upgrading of Dittaino Station, three tunnels and five viaducts for a consideration of €646 million (Webuild Group through Consorzio Palermo Catania ED: 70%). During the period, explosive ordnance clearance and work on opening and consolidating the tunnel portals continued. In addition, work continued on the sub-
foundations, foundations and elevation of all the viaducts and minor works. Mechanised boring commenced at full capacity with two TBMs for both tubes of the Scani Tunnel and work also started on the tunnels being excavated using conventional methods. Finally, work commenced and is underway for the Dittaino Master Plan, the railway roadbed and trenches;
•new Palermo - Catania route, lot 6 Catenanuova - Bicocca - doubling of a 38-km section between Bicocca Station and Catenanuova (Enna) on the Catania - Palermo line. The €234 million contract (Webuild Group through S. Agata FS S.C. a r.l.: 100%) covers the building of viaducts and cut-and-cover tunnels, restructuring Bicocca Station and building a signal box (Motta S. Anastasia). In 2025, the railway roadbed was delivered to the customer ahead of time with the concurrent commencement of operations on the section. In the first half of 2026, activities to complete the Motta substation with the related primary power supply line and the auxiliary hydraulic lines continued.
The Group is also working on lot 3 Lercara branch line - Caltanissetta Xirbi (Webuild Group: 60%), lots 1 and 2 Fiumetorto - Lercara branch line (Webuild Group: 75%) and lot 4A Caltanissetta Xirbi - Enna (Webuild Group:
75%) sections of the new Palermo - Catania route. This included preparatory activities for the construction of the works, such as the site set-up, explosive ordnance clearance, advance works, installation of the concrete batching plant and set up of the base camps, including transport and assembly of the TBMs.The customer and contractor signed supplementary and amending deed no. 2 approving the project’s executive designs in the first half of 2026.
HIGH-SPEED/CAPACITY MILAN - GENOA RAILWAY PROJECT
The COCIV Consortium (Webuild Group: 100%) is RFI’s general contractor for the design and construction of the high-speed/capacity Milan - Genoa Terzo Valico Dei Giovi railway line section and the Genoa Railway Junction works to upgrade the Voltri - Brignole infrastructure and the last mile between the Terzo Valico railway line and Genoa Port.
The new infrastructure will improve connections between the port and the main railway lines in northern Italy and the rest of Europe in line with the European Transportation Commission’s intention to move 30% of freight traffic off the roads and onto railways by 2030 and 50% by 2050 to the benefit of the environment, safety and the economy. The railway line will significantly optimise transportation and considerably shorten the travel times on the Genoa - Milan, Genoa - Turin and Genoa - Venice lines.
The contract is worth approximately €10.7 billion, including variations under definition and other activities to be reimbursed, and covers the construction of a railway line of 54 km, including 37 km of tunnels. It is split into six non-functional construction lots, plus the activities for the Genoa Railway Junction.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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Following the amendments signed in 2024 for additional work at the Genoa Railway Junction and to regulate some design changes for the Terzo Valico dei Giovi railway line (of which the most important related to the STI/ ZSV tectonic variation, confirmed by RFI, provided for in the 13th amendment), the independent third party continued their activities. The related reporting process continued during the period in line with progress on the works.
Excavation works for the Valico Tunnel continued as did those for the Pozzolo - Tortona open-air section.
Finally, activities for the Genoa Railway Junction continued regularly during the year.
HIGH-SPEED/CAPACITY VERONA - PADUA RAILWAY PROJECT
The Iricav Due Consortium (Webuild Group: 82.93%) is RFI’s general contractor for the design and construction of the high-speed/capacity Verona - Padua railway line section. The entire line will be 76.5 km long (running through the provinces of Verona, Vicenza and Padua) and is split into three functional lots. The estimated cost of the first two lots is €4.9 billion and the line will improve the quality of the Italian railway system and its integration with the European network.
The first functional lot worth approximately €3.2 billion will be 44.2 km long and will cross 13 municipalities, doubling the existing double track line, of which around 7 km will be rebuilt.
During the first six months of 2026, activities carried out directly by the consortium and by other contractors awarded works under public calls for tenders for the first functional lot continued, as did the resolution of interferences with existing underground utility cables and the motorway with the relevant operators. Significant interim milestones were reached with completion of the civil works and the related start of technological works while direct activities continued at the Verona work site.
The second functional lot covers the sections running through the city of Vicenza and four neighbouring municipalities. The related consideration is approximately €1.8 billion.
The executive design activities, expropriation work, geognostic-environmental surveys and ordnance clearance, design and contractual definition activities (with the operators) for the first part of the underground utility cables interfering with the works to be performed also continued for the second lot.
With respect to question no. 2 presented by RFI about the contractually-provided for allocation of the environment-related obligations and costs to the consortium and the related design, authorisation and financial impacts, on 7 May 2026, the technical advisory board issued resolution no. 1 extending the contractual completion date by 15 (fifteen) months compared to the original date of 10 March 2032.
HIGH-SPEED/CAPACITY SALERNO - REGGIO CALABRIA RAILWAY LINE (LOT 1A BATTIPAGLIA -
ROMAGNANO)
The new high-speed/capacity Salerno - Reggio Calabria railway line is a part of the strategic passenger and freight line connecting southern and northern Italy, the country’s backbone route. Lot 1A (Battipaglia -
Romagnano) is the first major section of a larger project to build a modern, sustainable infrastructure system that can manage the mobility requirements of a large interregional catchment area and remedy the chronic shortage of railway lines in these areas.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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The work, commissioned by RFI, covers the development of a 35-km railway line, including 14 km of tunnels, 6 km of viaducts and 5 km of cut-and-cover tunnels as well as a junction to connect with the existing line. The executive designs were approved in 2024, conformity deed no. 1 was signed and the works were delivered.
The revised consideration is €2.1 billion (Webuild Group through Consorzio Xenia: 60%).
The main work fronts were fully active in the first half of 2026, particularly the mechanised boring activities involving the four TBMs.
HIGH-SPEED/CAPACITY NAPLES - BARI RAILWAY LINE
The high-speed/capacity Naples - Bari railway line project is of great strategic importance to southern Italy as it will connect its two most important economic and urban areas. It will extend the high-speed/capacity service to southern Italy, linking it with the rest of the country and reducing travel times by between 20% to 45%.
Development of the Naples - Bari section has been identified as a priority as part of the new Trans-European Transport Network (TEN-T).
The Group is currently involved in construction of four sections of the line assigned by RFI:
•Apice - Hirpinia - an 18.7-km section between Benevento and Avellino, covering construction of Hirpinia Station, three bored tunnels and four viaducts for a total consideration of €689 million (Webuild Group through Consorzio Hirpinia AV: 100%) after conformity deed no. 10 was signed. During the period, construction activities of the reinforced concrete works for the foundation and elevated sections of the viaducts continued with progress on construction of the pulvini and laying of the prestressed reinforced concrete beams. Construction of the prestressed reinforced concrete spans of the viaducts on the Apice and Grottaminarda sides was completed, except for those at the transition pulvini connecting to the steel decks.
Work is underway to build the deck slabs. With respect to the underground works, the excavation and lining of the Grottaminarda and Rocchetta Tunnels were completed. The safety track for the TBMs and preparatory activities were concluded for the Melito Tunnel and TBM Aurora has been positioned at the start point, awaiting transfer of the back-up wagons from the Bari side to the Naples side, which is necessary before excavation can commence. The reinforced concrete works for Hirpinia Station and underground carpark are almost complete. In addition, the reinforced concrete embankment adjacent to the station on the Naples line has been completed while the earth embankments on the line to Bari are nearing completion. Work on the earth embankments near the Apice stop continued with the section on the Naples line completed and that on the Bari line almost completed;
•Naples - Cancello - a 15.5-km section between Naples and Cancello, worth €478 million after conformity deed no. 10 was signed (Webuild Group through Napoli Cancello Alta Velocità S.C. a r.l.: 100%). The civil works and work for the station systems and passenger stops continued as did other minor works during the first half of 2026;
•Hirpinia - Orsara and Orsara - Bovino a 28-km and 11.8-section which mostly runs through tunnels for consideration of approximately €1 billion and approximately €388 million, respectively (Webuild Group through Consorzio Hirpinia Orsara AV and Consorzio Bovino Orsara AV: 70%). During the first half of 2026, the two TBMs were still inactive due to unforeseen geological issues, for which negotiations are underway with the customer to resolve the matter. Construction of the prefabricated ashlar segments continued using both production lines as well as above-ground activities, including the underpass, culverts and the variation on State Road 90. Excavation of the bored tunnels on the Naples side continued for both the main tunnel and
the ventilation adit.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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NEW GENOA BREAKWATER
The PerGenova Breakwater Consortium (Webuild Group: 40%) was set up to design and build Genoa’s roughly 6,200-metre new breakwater which will reduce wave action within the port, extend the manoeuvring space for ships and ensure depths of up to 50 metres to allow next generation container ships to berth at Genoa Port.
The contract is worth approximately €843 million (increased by price revisions as per the Liguria region price lists) and is characterised by the deployment of innovative construction technologies and focus on sustainability aimed at maximising circularity. In September 2025, rider no. 1 was signed approving an increase of €31 million in the contract consideration, extension of the delivery deadline (with the option of additional extensions) and recognition of additional consideration of €160 million, confirmed in May 2026.
Activities progressed at a rapid pace during the first half of 2026. The 24th caisson was successfully placed, with the breakwater exceeding a total length of 1 km, and work on constructing the superstructure has begun.
JONICA STATE ROAD SS-106 - THIRD MAXI-LOT
Sirjo S.c.p.A. (Webuild Group: 100%) is the general contractor for the design & build contract for the third maxi-
lot of Jonica State Road SS-106 in the province of Cosenza (38 km). The contract is worth approximately €1 billion and is of great strategic importance as the project is part of the Trans-European Transport Network TEN-
T.
Progress was made on all fronts in the first half of 2026. Continuation of the excavation of the bored Trebisacce Tunnel saw the installation of the second diaphragm wall. At the Roseto 1 Tunnel, hydraulic and finishing works are progressing, as is the completion of the flared portals. Lining of the bored Roseto 2 Tunnel also continued. At the south section, activities to complete the minor works (culverts, overpasses and underpasses) and earthworks for the roads and interchanges progressed. In addition, the bituminisation of the embankments and installation of the related platform hydraulic system are at an advanced stage while activities have started to instal the guardrails. With respect to the north section, the excavations for the cut-and-
cover tunnels continued with the construction of the related inverted arches and placement of the cap ashlars.
Activities also continued to complete the foundation and elevation works of the other viaducts. Finally, the decks of the Straface, Forno and Annunziata viaducts are being installed.
ROME METRO LINE C
This project covers the design, works management, construction, supply of rolling stock and any other necessary materials for the commissioning of Line C of the Rome Metro. The customer is the wholly-owned subsidiary of the Rome municipal authorities, Roma Metropolitane S.r.l. in Liquidazione, which awarded the contract to Metro C S.C.p.A. (Webuild Group: 34.5%).
The metro line crosses Rome from the south-east to the north-west, linking the suburbs to the city centre. It passes through the city's historic areas such as Centocelle, Pigneto, Appio Latino and the historical centre, before arriving at the Della Vittoria area near the Farnesina area. It is approximately 28.5-km long, running ⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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around 20 km underground and about 9 km above ground with 31 stations from the Monte Compatri/Pantano stop to the Farnesina stop.
The project is being carried out by functional section. The metro line already ran from the terminus at Pantano in the Monte Compatri municipality to San Giovanni (nearer to the city centre) along 19 km with 22 stations and a depot. To date, the compensatory work for the ground level car park serving Teano Station is pending.
On 16 December 2025, the 3-km Section T3 (San Giovanni - Colosseo/Fori Imperiali), which includes the two Porto Metronia and Colosseo/Fori Imperiali archeostations, was opened to the public. The interchange between Line C and Line B was opened (the first interchange with Line A had been activated at San Giovanni Station).
Porta Metronia Station has an exhibition of a 2nd-century CE Roman barracks which can be viewed by the public.
The executive designs for Section TB (Colosseo/Fori Imperiali to Venezia, including a station) were approved in 2023. To date, macro-phase 1 has been completed and the activities for macro-phase 2 are underway. Starting from 2024, the work site for Venezia Station has hosted the Murals Project, with artworks by four internationally-renowned Italian artists on the construction work silos.
The first part of the executive designs for Section T2 (Venezia to Clodio/Mazzini), which is 3.9-km long and includes four stations, was approved on 24 February 2026. The work sites have been set up, the shrubs and trees uprooted and transplanted and activities commenced to move the utility networks.
As a result of Commission Order no. 12 of 30 December 2025, the customer Roma Metropolitane and Metro C signed a rider on 24 February 2026, providing that the contractor would be awarded the works for the 3-km Section T1 (Clodio/Mazzini to Farnesina) and two stations. The first phase of the executive designs has been presented for approval.
The Extraordinary Commissioner approved the definitive designs for the regulatory compliance of the rolling stock and rescheduling of the remaining supplies. The project also includes work at the Graniti depot. The customer is currently reviewing the executive designs.
PEDEMONTANA LOMBARDA MOTORWAY
Pedelombarda Nuova S.C.p.A. (Webuild Group: 70%) is the general contractor for the executive designs and works for Section B2 (requalification of the former State Road 35 from Lentate sul Seveso to Cesano Maderno) and Section C (ex novo construction from the former State Road 35 from Cesano Maderno to the A51 Milan East Bypass), as well as the related works for the local roads adjacent to the motorway.
The contract, signed with Autostrada Pedemontana Lombarda S.p.A. (“APL”) in December 2022, is worth €1.15 billion after the agreement of three conformity deeds in 2024.
In February 2025, APL requested the preparation of executive designs for some variations, including to incorporate the requirements of local bodies that emerged during the consultation process.
Some of these requirements were defined in an agreement signed with APL on 10 February 2026, which set out a new works programme, increased the consideration to €1.17 billion, established a new works completion date and defined the higher costs arising from the extension of the contract timeline.
During the first half of 2026, remediation and site set-up activities continued. In addition, work on the diaphragm walls of the cut-and-cover tunnels (Desio, Macherio 1, Biassono 1 and Biassono 2), boring of the open-cut tunnels (Arcore 1, Arcore 2 and Arcore 3) and construction of the Lambro River bridge (sub-
foundations, piers and abutments) and the sub-foundations of the overpasses (Desio 1 and Via Lombardia)
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Activities to build the Via Prati Bridge in Barlassina, the overpass at Seregno/Meda on the Meda Bypass and the Wall MU34 diaphragms started along Section B2.
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OCEANIA
Australia
Reference context
Australia is ranked 36th in the SDG Global Rank. It shows progress in the majority of the goals that are most pertinent to the Group’s business areas, although there is room for improvement with respect to, in particular, renewable energy and combating climate change.
The projects underway during the period are in the Sustainable Mobility (railways, metros and roads) and Clean Hydro Energy (pumped-storage hydro) business areas, with a positive contribution to achievement of the SDGs in terms of improved transport, greater generation of electrical energy from renewable sources and lower GHG emissions.
Main projects underway
SNOWY HYDRO 2.0
After negotiations with the customer Snowy Hydro, the Deed of Amendment, Settlement and Release (DOSA) of AUD8.1 billion (Webuild Group through SLC Snowy Hydro Joint Venture: 100%) was executed on 13 September 2023 and took retrospective effect from 1 July 2023.
The reset contract, changed to an open book incentivized target cost model, provides for completion of the works to link the Tantangara and Talbingo reservoirs by excavating a series of tunnels and building an underground power station with pumping capacity located roughly 1 km underground.
Commissioned by Snowy Hydro Ltd, one of the biggest energy producers in Australia, the project will increase the Snowy Mountains Hydroelectric Scheme's current generating capacity of 4,300 MW by 2,200 MW (200 MW more than in the original contract).
Excavation of the main access tunnel to the underground power station was competed by TBM Eileen and of the emergency and ventilation tunnel by TMB Kirsten, while most of the surface activities necessary to perform the contract were also finished. TBM Florence continued to advance towards the upstream reservoir while TBM Eileen proceeded to the end point of the downstream reservoir. As requested by the client to speed up the works and mitigate the excavation risks in the fault zone, the fourth TBM commenced operations in the first half of 2026. Excavation works for the power station also continued.
SSTOM SYDNEY METRO
The Parklife Metro SSTOM consortium, which includes Webuild Group (77.2%), is building the new metro line connecting Sydney with the new international airport. The contract (Webuild Group’s share: AUD3.9 billion, which includes the approved riders) provides for the construction of six stations along the section from St.
Marys interchange station to Western Sydney Aerotropolis Station, a stabling and maintenance facility (SMF) at ⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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Orchard Hills as well as the superstructure, signalling systems, mechanical and electrical systems for the entire line and the supply of the new driverless trains.
Webuild also has a 10% stake in the 15-year concession as an equity provider.
In the first half of 2026, the consortium continued the design activities and substantially completed laying the tracks, excluding the stabling and maintenance facility. In addition, the structural work at most of the stations has been completed while the plant engineering activities (mechanical, electrical and plumbing - MEP) progressed at all stations along the entire route.
NORTH EAST LINK
The Spark Consortium (Webuild Group: 29%) was awarded the primary package of the North East Link in Melbourne, worth AUD11.2 billion. The project includes twin three lane tunnels of approximately 6.5 km to complete the missing link in Melbourne’s freeway network between the Metropolitan Ring Road (M80) and the Eastern Freeway in the city’s northeast.
Webuild is also involved in the 32-year concession as an equity provider of the operator (with a share of 7.5%).
The design activities were completed in 2025. The two TBMs Gillian and Zelda successfully reached the excavation phase in the Lower Plenty launch pit and continued towards Manningham.
With respect to the above ground works, the diaphragm wall has been installed and excavation of the launch pits has almost been completed. FRP (Formwork, Reinforcement and Pouring) activities at the pits continues while construction of the buildings and land bridges has started. Finally, the ME&I procurement activities are underway and almost complete.
In the first half of 2026, northwards excavations (towards Manningham) were completed while those in the southwards direction continued. Work inside the tunnel continued with the construction of drainage channels, slabs for smoke exhaust ducts, paving, barriers and finishing works, alongside ongoing progress on the cross-
passages, the SEM (Sequential Excavation Method) tunnels and the mechanical, electrical and hydraulic systems. Activities also continued above ground at Lower Plenty and Manningham and Bulleen, including excavations, concrete pouring, prefabrication and carpentry activities, as well as work on surface drainage channels, access structures, and land bridges.
PERTH NEW WOMEN AND BABIES HOSPITAL
In 2005, the Western Australian Government awarded the Group the contract worth AUD0.8 billion for the first phase of the New Women and Babies Hospital in Perth.
The contract is divided into two phases which will be managed directly by Webuild. It is currently working on the first phase which includes the design activities, subcontracting and civil works.
The project is destined to replace the century-old King Edward Memorial Hospital for Women and will expand the healthcare services for women, children and their families in Western Australia, transforming the capacity of two important healthcare campuses: the Fiona Stanley Hospital complex in Murdoch and the Osborne Park Hospital. Construction will take place in two separate work sites at Murdoch and Osborne Park, both located in
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In the first half of 2026, Webuild completed the preliminary designs and continued activities at the Murdoch site with completion of the piling and the pouring of the concrete slab for the main hospital building as well as work at the Osborne Park site where the detailed excavation and piling commenced.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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NORTH AMERICA
United States
Reference context
The United States is ranked 44th in the SDG Global Rank. It shows progress in the majority of the goals that are most pertinent to the Group’s business areas, although there is room for improvement with respect to, in particular, renewable energy and combating climate change.
The projects underway during the period are mostly in the Sustainable Mobility (railways, metros and road projects) and Clean Water (hydraulic engineering works and environmental remediation projects) business areas, with a positive contribution to achievement of the SDGs in terms of improved transport, water management and water quality, and lower GHG emissions.
Main projects underway
TYNDALL AIRFORCE BASE - FLORIDA
The contract, worth USD362 million awarded by the U.S. Army Corps of Engineers (USACE), provides for rebuilding part of the Tyndall Airforce Base (AFB) and building more functional and resilient infrastructure to cope with future exceptional climate events. This design & build contract is part of a more far-reaching long-
term plan to upgrade the base and includes the design and building of roadways, car parks, electrical, hydraulic, wastewater, storm water, communication and fire protection systems and related works.
The customer granted Lane a one-year extension and the related contract addendum is being drawn up.
Work is progressing at a brisk pace on all project activities, and especially the Multi-Modal Corridor, which is the most important part to be completed.
DOWNTOWN TAMPA INTERCHANGE - FLORIDA
The USD227 million contract to redesign and rebuild the I-275/I-4 Interchange in Tampa was commissioned by the Florida Department of Transportation.
It is part of the Tampa Bay NEXT initiative and will provide multi-modal transport choices to move people and goods more efficiently, speed up travel times and connect districts.
The main improvements include widening the existing ramps from one to two lanes and from two to three lanes, optimising traffic flows, updating signage and adding sound barriers.
Work continued as scheduled during the first half of 2026 with completion of bridges 1, 8 and 9, enabling opening of the road to traffic and commencement of the project’s next phases.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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I-40 ORANGE COUNTY - NORTH CAROLINA
The USD264 million contract assigned to Lane includes widening 11 miles of I-40 from four to six lanes, from the interconnection with I-85 to Durham County Line in Orange County, North Carolina. This project is a key part of the regional mobility plan and will significantly help relieve congestion that develops during peak hour times.
In the first half of 2026, Lane continued the widening work, which included demolition of the existing road pavement, excavation work, widening of the bridges, asphalt and concrete pavements, installation of noise barriers, upgrading the Intelligent Transport Systems (ITS), signage and lighting. It also installed the rainwater drainage system to ensure optimal long-term road pavement performance.
FLORIDA TURNPIKE ENTERPRISE - MINNEOLA TO US27 - FLORIDA
Commissioned by the Department of Transportation of Florida, this contract worth USD242 million involves widening from four to eight lanes a seven-mile section of the Turnpike Mainline (SR 91) from the Minneola Interchange at O’Brien Road to Lake County. The project includes widening the highway, milling and resurfacing work, new drainage systems, new bridge structures, a new tolling site, signage, lighting and communications improvements. It will provide added capacity to meet future traffic demand, improve emergency evacuation times and safety.
During the first half of 2026, the main activities continued in order to complete the project.
I-4 AT STATE ROAD 33 - FLORIDA
The interchange between I-4 and State Road 33 in Lakeland will be completely reconstructed to accommodate increased traffic and integrate a rail corridor in the median of I-4. The contract is worth approximately USD195 million and covers a diamond interchange to be built in a rural area, new roundabouts and wildlife crossings, as well as the widening of State Road 33 from Old Combee Road to North Tomkow Road.
The wildlife crossing on State Road 33 was completed during the first half of 2026 and great progress was made on the construction of the bridge of the eastbound section of I-4.
STATE ROAD 417 WIDENING - FLORIDA
Commissioned by the Central Florida Expressway Authority, this contract worth approximately USD300 million provides for the widening of Seminole Expressway/State Road 417 from four to eight lanes between Aloma Avenue/State Road 426 and State Road 434. The project is designed to reduce traffic congestion and improve traffic flow at the interchange between State Road 408 and State Road 417.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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The project also includes replacing five bridges, widening and modernising the 12 existing structures and ensuring greater road safety by installing new lighting along all the spans of the bridges, crossings and pedestrian areas as well as new overhead signage in line with the new guidelines of the Manual on Uniform Traffic Control Devices.
Significant widening and structural work was performed during the first half of 2026, including completion of the piling phase of Winter Springs Road.
I-77 SCOUT INTERCHANGE - BLYTHEWOOD - SOUTH CAROLINA
This contract, worth around USD152 million, was commissioned by South Carolina Department of Transportation (SCDOT) and covers improving viability on I-77 in South Carolina. The project involves the design and build of a highway system with an interchange to allow access to Scout Motors’ facility thus also reducing traffic congestion and improving mobility.
The main works include four bridges, ramps and a new road to link I-77 to US Route 21. Lane will also expand 4.8 km of the I-77 to three lanes and upgrade the existing interchanges.
All the drainage works were completed in the first half of 2026.
Canada
Reference context
Canada is ranked 25th in the SDG Global Rank. It shows progress in the area of transport infrastructure quality with reference to the goals that are most pertinent to the Group’s business areas, although there is room for improvement with respect to, in particular, renewable energy and combating climate change.
The projects underway during the period are mostly in the Sustainable Mobility (light rail) and Green Buildings business areas, with a positive contribution to achievement of the SDGs in terms of improved public transport, the built environment and lower GHG emissions.
Main projects underway
ONTARIO LINE - ROLLING STOCK, SYSTEMS, OPERATIONS AND MAINTENANCE (RSSOM)
The RSSOM project is part of the more extensive Ontario Line project, which involves the construction of a 16-
km metro line and 15 stations across Toronto to connect the Exhibition Centre to the Science Centre.
The contract entails the design, supply, installation, testing and commissioning of the systems, railway works and construction of the maintenance facility. The civil works of €589 million have been assigned to a joint venture led by Webuild through Connect 6iX Contractor Joint Venture (65%).
In the first half of 2026, construction activities mainly consisted of civil works, structural foundations and installation of services, the installation of water utilities and management and disposal of a large volume of water have been continued. The design phase is almost complete and most of the construction packages have
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PAPE TUNNEL AND UNDERGROUND STATIONS (PTUS)
This roughly €550 million project, awarded to the Group (through Pape North Connect J.V. - Webuild Civil Works
- Fomento) as a 50:50 joint venture, covers development of the Pape Tunnel and underground stations (PTUS) of the Ontario Line, the new rapid transit line that will run through the City of Toronto. The Ontario Line will go from Eglinton Crosstown LRT (Line 5) to Don Mills Road and Eglinton Avenue in the northeast to end at Exhibition Place in the southwest. It will cut travel times on the route to less than 30 minutes compared to the current 70 minutes.
The Progressive Design Build (PDB) contract provides for the construction of three kilometres of twin tunnels, two underground stations, three emergency exit buildings, a railway crossing and interface with Line 2 at Pape Station.
In the first half of 2026, design activities continued for all project phases. Construction work progressed with support of excavation (SOC) at the Gerrard Portal site, as well as the assignment, mobilisation and commencement of SOC activities at the Bain and Cosburn sites and earth stabilisation works at the Sammon site.
Geotechnical monitoring and investigations continued across the project while most of the planned demolition activities have been completed. This facilitated continuation of the project from the design development phase to the main construction phases.
HURONTARIO LIGHT RAIL PROJECT
The project, commissioned by Infrastructure Ontario and Metrolinx, is worth €1.6 billion (civil works) and includes the construction of an 18-km Light Rail Transit (LRT) system.
The works, assigned to a joint venture in which the Group has a 70% share through Mobilinx Hurontario Contractor, include the construction of a station, 19 above-ground stops, third party infrastructure, relocation of underground utility cables, road resurfacing and widening, construction, modifications and rehabilitation of bridges, car parks and an Operations Maintenance Storage Facility (OMSF) for the LRT vehicles.
In the first half of 2026, the following activities were completed: rehabilitation of the motorway bridges, civil works for the viaduct, reorganisation of the tracks (connecting track and main line) and work to widen the road
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EUROPE
Romania
Reference context
Romania is ranked 37th in the SDG Global Rank. It shows progress in the area of transport infrastructure quality, although there is room for improvement in the other goals that are most pertinent to the Group's business areas.
The projects underway during the period are mostly in the Sustainable Mobility (railways and roads) business area, with a positive contribution to achievement of the SDGs in terms of improved public transport and lower GHG emissions.
Main projects underway
SIBIU - PITESTI MOTORWAY
Commissioned by CNAIR (the state company owned by the Romanian Ministry of Transport and Infrastructure), the contract worth approximately €1.6 billion covers the design and building of the Sibiu - Pitesti Motorway, the most important motorway section under development in Romania. It is 85% financed by EU funds and the remaining 15% by state funds.
•Lot 3 - the contract of more than the equivalent of €1 billion performed by a consortium led by the Group (99.999%) provides for the design and construction of 37.4 km of Lot 3 of the Sibiu - Pitesti Motorway, the construction of 49 bridges and viaducts, a 1.7-km tunnel, two interchanges, consolidation and hydraulic works, two service areas, a maintenance and control centre and work to preserve and protect the environment. The main activities carried out in the period related to the construction of the authorised bridges and viaducts, including the superstructure and deck works, either by installing precast beams and concrete slabs or steel decks. Earthworks and stabilisation works continued with the building of road embankments and retaining walls, while excavation and stabilisation of the entrance portal for the TBM towards Sibiu, using anchors and shotcrete, are underway. In addition, the civil works (foundations and vertical structures for the Calinesti wildlife overpass in the north section) are nearing completion.
•Lot 5 - the contract worth approximately €635 million (Webuild Group: 100%) covers the construction of more than 30 km of the Sibiu - Pitesti Motorway. In the first half of 2026, the project received the Taking Over Certificate and the final certificate was collected.
CARANSEBEȘ - LUGOJ - TIMIŞOARA - ARAD RAILWAY LINE
The project of approximately RON3.6 billion comprises the rehabilitation of the Caransebeș - Lugoj - Timişoara -
Arad railway line by doubling it and increasing train travel speeds. It is split into two lots and is part of the Pan European Corridor IV. The customer is CFR (the Romanian national railway company) and the works are financed by the EU, as part of the Large Infrastructure Operational Programme (LIOP), and state funds.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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•Lot 4 Ronat Triaj Gr. D - Arad - the contract, for which the Group is the leader (72.65%), is worth approximately RON2.2 billion. It includes the rehabilitation of the existing single track line over around 55.2 km and the construction of a new track of roughly 10.6 km. Following the customer’s approval of the executive designs (PTE) - Phase I, the agreed work commenced along the 55-km track. The main activities included the Mures Bridge work, earthworks, archaeological surveys, works at six stations and the relocation of the underground utility cables and technology systems. In addition, the executive technical designs for Phase II (the station buildings and the bridge) were approved.
•Lot 3 Timisoara Est - Ronat Triaj Gr. D - the approximate RON1.4 billion contract, for which the Group is the leader (72.1%), involves the modernisation of Lot 3 of the Caransebeș - Lugoj - Timișoara - Arad line (TEN-T, Corridor IV), with the doubling of the track and increase in speeds up to 160 km/h for passenger trains and 120 km/h for freight trains. The lot includes 13.86 km in urban areas with three stations, five bridges and four overpasses. During the six months, earthworks and works on the underground utility cables continued as did the civil works.
CLUJ - ORADEA - BIHOR- HUNGARIAN BORDER RAILWAY LINE, LOT 4 ALESD - BORDER
The contract worth RON2.4 billion was awarded to a joint venture in which the Group (through Webuild-
Pizzarotti Joint Venture) has a 62.5% share. It provides for the modernisation and electrification of the current Cluj - Oradea - Bihor - Hungarian border railway line as part of the upgrading of the railway infrastructure financed by Romania's National Recovery and Resilience Plan funds.
The work mostly consists of doubling the existing line and rehabilitating 46 km of the existing line, building five railway stations, including the related buildings, two metal bridges, 11 steel-concrete composite bridges and additional works.
During the first half of 2026, work continued on Phase 1 (line 1) and commenced on Phase 2 (line 2). The joint venture completed the platforms, roofs and walkways in all stations as part of Phase 1, 16 culverts, two metal bridges and 11 steel girder bridges.
In addition, the 7-km line from Episcopia Station to the border was opened to traffic as was the roughly 10-km line from Alesd - Tileagd, Tileagd Station, a refueling station, the 11-km line from Tileat Station to Osorhei Station (including the station) and the line from Osorhei Station to Oradea Est Station for a total of around 37 km of commissioned tracks.
France
Reference context
France is one of the countries where the Group operates with the highest sustainability levels. It is ranked 5th in the SDG Global Rank. France shows progress in the majority of the goals that are most pertinent to the Group’s business areas although there is room for improvement with respect to, in particular, combating climate change.
The projects underway during the period are mostly for the Sustainable Mobility (metros and railways) business area, with a positive contribution to achievement of the SDGs in terms of improved public transport and lower
GHG emissions.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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Main projects underway
TELT LOT 2
The contract, worth €1.4 billion, covers a section of the base tunnel running from Turin to Lyon, which is part of the European TEN-T infrastructure programme. The works, commissioned by Tunnel Euralpin Lyon Turin (TELT) and carried out by a joint venture (Webuild Group: 50%), relate to Lot 2, operating work sites 6 (La Praz) and 7 (Saint-Martin-de-la-Porte) and entail the excavation of tunnels of 46 km, including two parallel tunnels and auxiliary works between the towns of Saint-Martin-de-la-Porte and La Praz on the French side of the border.
During the first six months of 2026, activities at operating work site 6 mostly focused on excavation of the preparatory works necessary to assembly and commission the two TBMs scheduled for the La Praz site. At operating work site 7, excavation towards St. Julien and the “houiller” area continued. Lining activities also progressed with another approximate 900 metres of the Federica Tunnel’s inverted arch installed. In total, roughly 5 km of tunnel has been excavated using conventional techniques despite the geological and operating complexities.
GRAND PARIS EXPRESS - LINE 15 WEST, NORTH SECTION
Commissioned by Société du Grand Paris, this €1.4 billion contract covers the design and build of the north section of Line 15 West and is an integral part of the Grand Paris Express infrastructure programme.
The project envisages the design and build of four underground stations, a 7-km tunnel excavated using a TBM and six functional works. The section runs between the Pont de Sèvres and Saint-Denis Pleyel Stations.
The SGI joint venture led by Webuild (54%) will be responsible for the tunnel, four stations and the main civil works, while the DPR joint venture (Webuild Group: 49.5%) will be in charge of the design, work site set-up and coordination with the customer.
During the first half of 2026, activities mainly took place at the site of one of the shafts, where the deep foundations (piling and diaphragm walls) were completed and excavation of the shaft to the final depth commenced in order to allow the launch of the TBM.
The deep foundations and injections for ground stabilisation and waterproofing were also completed for the future Grésillon Station. Overall, progress has been made on the preparatory and structural works, laying the groundwork for commencement of the mechanised boring and intensification of the civil works.
Norway
Reference context
Norway is ranked 7th in the SDG Global Rank. It shows progress in the majority of the goals that are most pertinent to the Group’s business areas although there is room for improvement with respect to, in particular,
combating climate change.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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The projects underway during the period are mostly in the Sustainable Mobility (railways and roads) business area, with a positive contribution to achievement of the SDGs in terms of improved public transport and lower GHG emissions.
Main project underway
RV.555 - THE SOTRA CONNECTION
The contract of €1.2 billion (over NOK13 billion), called Rv.555 - The Sotra Connection, commissioned by the Norwegian Public Roads Administration (NPRA), is of great strategic importance to Norway. Part of the Norwegian government’s infrastructure upgrading plan, the project entails the design, construction, financing and operation under concession of a road network that includes 9 km of motorway and a suspension bridge (the new Sotra Bridge) between Øygarden and Bergen. The bridge will be 30 metres wide and 900 metres long with 144-metre high pylons. The project also includes 12.5 km of tunnels (including secondary tunnels), 19 road and pedestrian underpasses, 23 tunnel portals, 22 bridges and viaducts and 14 km of pedestrian and bicycle paths.
The design & build project has been structured as a public-private partnership (PPP) involving various players, including the grantor Norwegian Public Roads Administration, the operator Sotra Link AS (Webuild Group: 10%) and the operator and contractor Sotra Link Construction JV ANS (Webuild Group: 35%).
Design activities continued in the first half of 2026. Excavation of the tunnels was completed and the tunnel lining and waterproofing works continued as did the electromechanical and automation (E&A) activities.
Earthmoving works and utility cable works progressed above ground, while a first section of the road was completed and opened to traffic. Following completion of the towers of the New Sotra Bridge, work commenced to install the cables, with the building of the catwalks and completion of the first tensioning
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MIDDLE EAST
Saudi Arabia
Reference context
Saudi Arabia is ranked 105th in the SDG Global Rank. It shows progress in the majority of the goals that are most pertinent to the Group’s business areas, although there is ample room for improvement with respect to, in particular, renewable energy and combating climate change.
The projects underway during the period are mostly in the Sustainable Mobility (metros), Green Buildings and other (civil and commercial buildings, urbanisation, etc.) business areas, with a positive contribution to achievement of the SDGs in terms of improved public transport, the built environment and lower GHG emissions.
Main projects underway
DIRIYAH SQUARE
This is one of the most iconic and ambitious urban projects under development in Saudi Arabia. Located in Al-
Diriyah, a historical neighbourhood and UNESCO heritage site to the north-west of Riyadh, the project will transform the area into a vibrant cultural and commercial centre inspired by the traditional Najdi architectural style, invoking the atmosphere of a Saudi village, with pedestrian streets, squares, courtyards, souks and bazaars that feature traditional local designs and materials.
Through its subsidiary Salini Saudi Arabia Company Ltd. (Webuild Group: 100%), Webuild will play a key role in the project performing a number of activities commissioned by Diriyah Gate Development Authority. They include Package 2 - Super-Basement Works for a mega multi-storey car park for 10,500 vehicles. The car park will have three underground floors and a total surface area of around 1 million square metres, including the related works.
Following the award of additional activities at the end of 2023, the project was extended to include the concrete structures for Diriyah Square Development. It includes the construction of the Retail and Lifestyle District, offices, a crèche and a mosque.
In 2025, the packages for the hotels, branded residences and retail and lifestyle buildings were awarded and construction work on the main structures of the hotels and branded residences continued during the period.
MEP activities and finishings progressed for the Retail and Lifestyle District, making up the heart of Diriyah Square with around 70 buildings and covering roughly 365,000 square metres.
RIYADH NATIONAL GUARD MILITARY (SANG VILLAS)
The USD1.4 billion project commissioned by Saudi Arabia National Guard was awarded to Salini Saudi Arabia Company Ltd. (Webuild Group: 100%). It includes housing and urban planning on a large scale with the construction of 5,750 villas in an area of 7 million square metres in the Khashm-Alan area to the east of Riyadh. ⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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The project also comprises public buildings, mosques, markets, schools, public parks and recreational areas as well as a road network of more than 250 km, paths and utilities with above and below ground connections.
Following delivery of Districts A2, A3 and A4 to the customer in 2024 and 2025, finishing works and the installation of electrical and mechanical systems for the public buildings, residential units, schools and mosques continued in the other districts during the first half of 2026.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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AFRICA
Ethiopia
Reference context
Ethiopia is ranked 145th in the SDG Global Rank. With respect to the goals that are most pertinent to the Group’s business areas, it has achieved the targets for combating climate change, although there is still ample room for improvement with respect to water and mobility.
The projects underway during the period are mostly in the Clean Hydro Energy (hydropower plants) business area, with a positive contribution to achievement of the SDGs in terms of greater generation of electrical energy from renewable sources and lower GHG emissions.
Main project underway
KOYSHA HYDROELECTRIC PROJECT
This project of €2.9 billion is on the Omo River, about 370 km south west of the capital Addis Ababa. It was commissioned by Ethiopian Electric Power (EEP) and includes the construction of a dam with a 9 billion cubic metre capacity reservoir and installed capacity of 1,800 MW. The project also includes access roads, a new bridge over the river and a 400 KW transmission line from Gibe III to Koysha, which became operational in 2022.
In the first half of 2026, the activities continued for the pouring of the roller compacted concrete (RCC) to raise the dam walls and the pouring of the concrete for the spillway control structure and chute while excavations of its plunge pool were completed. In addition, excavations for the middle level outlet’s plunge pool commenced.
Installation of the draft tubes for the turbines and steel covers commenced in the powerhouse.
With respect to the hydromechanical works, the middle level outlet inside the dam body and installation of the two lower elbows of the penstock were completed. Therefore, installation of the steel linings of the outlet started following the pouring of the second phase concrete. Installation of the manifolds for units 4, 5 and 6
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LATIN AMERICA
Peru
Reference context
Peru is ranked 65th in the SDG Global Rank. It shows progress in some of the goals that are most pertinent to the Group’s business areas, although there is room for improvement with respect to, in particular, mobility.
The projects underway during the period are mostly in the Sustainable Mobility (metros) business area, with a positive contribution to achievement of the SDGs in terms of improved public transport and lower GHG emissions.
Main project underway
LIMA METRO LINE 2 AND FUACETT AVENUE - GAMBETA AVENUE BRANCH
The contract, signed with the Ministry of Transport and Telecommunications, promoted by the Agencia de Promociòn de la Inversiòn Privada, worth USD3 billion, covers the construction of the works and operation of the infrastructure over the 35-year concession for Line 2 of the Lima Metro.
The Group's share (through Consorzio Constructor M2 Lima) of the construction work is 25.5%. It comprises 35 km of underground tracks, 35 stations, 35 ventilation and emergency shafts and two storage areas. Line 2 will link the eastern side of the capital with the Callao port area to the west.
During the period, the civil works and electromechanical and electronic activities continued at some of the stations of sections 1B and 2.
At 30 June 2026, excavations of Line 2 were nearing completion. Breakthrough of the last diaphragm wall at Station 4 in the first two weeks of July wrapped the excavation phase, with completion of the 27 km of tunnels along the route.
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ASIA
Tajikistan
Reference context
Tajikistan is ranked 88th in the SDG Global Rank. It shows progress in the majority of the goals that are most pertinent to the Group’s business areas, although there is room for improvement with respect to, in particular, water and mobility.
The projects underway during the period are mostly in the Clean Hydro Energy (hydropower plants) business area, with a positive contribution to achievement of the SDGs in terms of greater generation of electrical energy from renewable sources and lower GHG emissions.
Main project underway
ROGUN HYDROPOWER PROJECT
The project, commissioned by the state-run company OJSC "Rogun HPP", includes the construction of a 335 metre-high rockfill dam with a clay core, which will be the tallest in the world, on the Vakhsh River.
Once completed, the project, with an original value of USD1.9 billion, will provide electrical energy from six 600 MW turbines for a total installed capacity of 3,600 MW.
On 30 July 2022, addendum no. 1 to the main contract was signed establishing a new work programme and related milestones as well as additional work. The contract consideration was increased to approximately USD2.3 billion.
On 19 May 2026, the parties signed addendum no. 2, updating the milestones and settling all the disputes pending between them at that date. This increased the contract consideration to USD2.5 billion.
Subsequently, on 3 June 2026, addendum no. 3 was signed incorporating additional HSE and social requirements into the contract in accordance with the standards of the World Bank and other International Financial Institutions (IFIs). The contract consideration was accordingly increased to USD2.6 billion.
During the first half of 2026, stabilisation work on the dam core’s foundations continued and materials that will constitute the body of the dam were transported to the site and installed. Concurrently, injection activities took place inside the tunnels to create the grout curtain of the two abutments as well as other activities for the structural consolidation of some tunnels, necessary to allow the subsequent construction of the dam and the consequent rise in the reservoir’s water level.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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CONCESSIONS
The Group’s concessions comprise both investments in the operators, which are fully operational and, hence, provide services for a fee or at rates applied to the infrastructure’s users, and operators that are still developing and constructing the related infrastructure and will only provide the related service in the future.
The main concessions currently held are in Latin America (Argentina, Colombia and Peru), Australia, Canada, the UK and Norway. They refer to the transportation sector (motorways and metro systems), hospitals, renewable energy and water treatment sectors.
The figure shows the figures of the main concessions at the reporting date, broken down by geographical and
business area:
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The following table shows the main figures of the concessions at the reporting date:
Autopistas del Sol S.A. 19.8 Active 1994 2030 Connect 6iX General Partnership 10.0 Under construction 2022 2061 Metro de Lima Linea 2 S.A. 18.3 Under construction 2014 2049 Ochre Solutions (Holdings) Ltd. 40.0 Active 2005 2038 Parklife Metro Pty. Ltd. 10.0 Under construction 2022 2042 Sotra Link HoldCo A.S. 10.0 Under construction 2022 2042 Spark North East Link Pty. Ltd. 7.5 Under construction 2021 2053 Yacylec S.A. 18.7 Active 1992 2091 Yuma Concesionaria S.A. 48.3 Active 2011 2031Operator Investment (%) Stage Start date Expiry date⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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Performance
This section presents the Group’s reclassified statement of profit or loss and statement of financial position and a breakdown of its net financial position at 30 June 2026, together with the key performance indicators, in order to present the Group’s performance for the period.
Information about the calculation of the figures in the adjusted reclassified statement of profit or loss is provided later in the “Alternative performance indicators” section.
Table 1 Adjusted reclassified statement of profit or loss (€'000) First half 2025 (*) First half 2026 Variation Revenue from contracts with customers 6,168,518 5,956,280 (212,238) Other revenue and income 474,784 694,038 219,254 Total revenue and other income 6,643,302 6,650,318 7,016 Operating expenses (6,050,935) (5,977,387) 73,548 Gross operating profit (EBITDA) 592,367 672,931 80,564 Gross operating profit margin (EBITDA) 8.9% 10.1% Net reversals of impairment losses 12,271 350 (11,921) Amortisation, depreciation and provisions (201,347) (209,628) (8,281) Operating profit (EBIT) 403,291 463,653 60,362
R.o.S. 6.1% 7.0%
Net financing costs (165,319) (148,424) 16,895 Net losses on equity investments (29,317) (101,871) (72,554) Net financing costs and net losses on equity investments (194,636) (250,295) (55,659) Profit before tax (EBT) 208,655 213,358 4,703 Income taxes (87,746) (86,723) 1,023 Profit from continuing operations 120,909 126,635 5,726 Profit (loss) from discontinued operations (9,150) 1,133 10,283 Non-controlling interests 20,107 (14,666) (34,773) Profit for the period attributable to the owners of the parent 131,866 113,102 (18,764) (*) The adjusted figures of the first half of 2025 were restated to exclude the effects of the proportionate presentation (for management purposes) of the results of the joint ventures not controlled by Lane Group.
Adjusted revenue for the period is € 6,650.3 million, substantially in line with the corresponding period of the previous year (€ 6,643.3 million).
The resilience of the Group’s operating model and its execution capability is confirmed by the continued production output in line with the very high levels seen in 2025 despite the persistently uncertain macroeconomic and geopolitical situation.
Production of the period mostly took place on the main projects in Italy (including the high-speed/capacity Milan - Genoa, Verona - Padua, Salerno - Reggio Calabria and Naples - Bari railway lines and the new Palermo -
Catania - Messina route) and Australia (Snowy Hydro 2.0, SSTOM Sydney Metro, North East Link Project and Perth New Women and Babies Hospital).
Once again, more than 90% of revenue was generated in low-risk markets, further confirming the Group’s de-
risking strategy and its stronger foothold in key geographies.
The adjusted gross operating profit amounts to € 672.9 million (EBITDA margin 10.1% compared to 8.9% for the first half of 2025), up 14% or € 80.6 million on the corresponding period of the previous year.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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These results point to the Group’s strong start to the year with a robust operating performance, confirming the effectiveness of the contractual and operating solutions adopted to contain risks and optimise costs as well as the quality of the order backlog and its diversification.
Adjusted net reversals of impairment losses The Group recognised net reversals of impairment losses of € 0.4 million compared to € 12.3 million for the first half of 2025.
Adjusted amortisation, depreciation and provisions of €209.6 million (€ 201.3 million for the first half of 2025)
mainly comprise:
•depreciation of property, plant and equipment of € 172.7 million (€ 125.0 million for the first half of 2025 );
•depreciation of right-of-use assets of € 44.5 million (€ 47.5 million for the first half of 2025 );
•amortisation of contract costs and intangible assets of € 10.0 million (€ 12.6 million for the first half of 2025 );
•utilisation of provisions for risks of a net € 17.5 million (net accruals of €16.3 million for the first half of 2025 ), mostly related to contracts either completed or nearing completion in Italy, Saudi Arabia, Europe and the United States.
The adjusted operating profit increased significantly by € 60.4 million ( 15%) to € 463.7 million (R.o.S. 7.0% ).
The adjusted net financing costs of approximately € 148.4 million (€ 165.3 million for the first half of 2025)
comprise:
•financial expense of € 229.2 million (€ 136.2 million for the first half of 2025 ), partly offset by financial income of €49.2 million (€ 60.6 million for the first half of 2025 );
•net exchange gains of € 31.6 million (net losses of € 89.7 million for the first half of 2025 ).
Financial expense increased by € 93.0 million, mostly due to non-recurring events, mainly in Italy, related to (i) the waiver of interest due from customers as part of agreements to settle disputes and speed up collection of contract consideration and (ii) the impairment of financial assets.
The € 11.4 million reduction in financial income is mostly due to the smaller balance of interest-bearing bank deposits to finance the planned investments and support production during the first half of 2026.
The net exchange gains reflect the performance of the US dollar, the Australian dollar and the Columbian peso against the Euro.
The adjusted net losses on equity investments of €101.9 million (€ 29.3 million for the first half of 2025) reflect the results of projects in North America and Australia that do not represent additional significant risks for the Group.
The adjusted profit before tax is substantially stable at € 213.4 million compared to € 208.7 million for the first half of 2025, bolstered by the strong growth in the operating profit which offset the net financing costs and net losses on equity investments.
Adjusted income taxes for the period amount to € 86.7 million compared to € 87.7 million for the first half of 2025.
The adjusted profit from continuing operations amounts to € 126.6 million compared to € 120.9 million for the first half of 2025.
The adjusted profit from discontinued operations of € 1.1 million (loss of € 9.2 million for the first half of 2025) relates to the former Astaldi’s foreign divisions that do not align with the Group's commercial and industrial strategies.
The adjusted profit attributable to non-controlling interests is € 14.7 million compared to a loss of € 20.1 million for the corresponding period of 2025.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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As a result of the above, the adjusted profit attributable to the owners of the parent amounts to € 113.1 million (€131.9 million for the first half of 2025).
The Group's financial position The following table shows the Group's reclassified statement of financial position.
Table 2 Reclassified statement of financial position (€'000) Note (*) 31 December 2025 30 June 2026 Variation Non-current assets 7.1-7.2-7.3-9 3,166,541 3,236,499 69,958 Goodwill 8 75,937 78,073 2,136 Net non-current assets held for sale 19 2,754 2,754 -
Provisions for risks 26 (125,155) (96,415) 28,740 Post-employment benefits and other employee benefits 25 (83,599) (56,230) 27,369 Net tax assets 11-16-29 525,251 527,996 2,745
- Inventories 12 302,071 329,976 27,905
- Contract assets 13 4,516,719 4,451,848 (64,871)
- Contract liabilities 13 (5,618,770) (5,887,306) (268,536)
- Trade receivables (**) 14 4,246,807 4,860,423 613,616
- Trade payables (**) 27 (5,992,655) (6,096,533) (103,878)
- Other current assets 17 1,182,243 1,159,655 (22,588)
- Other current liabilities 29 (764,224) (722,338) 41,886 Net working capital (2,127,809) (1,904,275) 223,534 Net invested capital 1,433,920 1,788,402 354,482 Equity attributable to the owners of the parent 1,674,946 1,755,851 80,905 Non-controlling interests 122,435 142,636 20,201 Equity 20 1,797,381 1,898,487 101,106 Net financial position (363,461) (110,085) 253,376 Total financial resources 1,433,920 1,788,402 354,482 (*) The note numbers refer to the notes to the condensed interim consolidated financial statements where the items are analysed in detail.
(**) Trade receivables of €22.5 million (€8.0 million at 31 December 2025) included in “Net financial position with unconsolidated SPEs” for management reporting purposes.
Net invested capital This item of € 1,788.4 million at 30 June 2026 increased by € 354.5 million on the previous year end. The main changes of the year are due to the factors listed below.
Non-current assets
Non-current assets increased by € 70.0 million. They may be analysed as follows:
(€'000) 31 December 2025 30 June 2026 Variation Property, plant and equipment 2,018,623 2,064,256 45,633 Right-of-use assets 190,372 145,756 (44,616) Intangible assets 206,125 183,898 (22,227) Equity investments 751,421 842,589 91,168
Total 3,166,541 3,236,499 69,958⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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Property, plant and equipment increased by € 45.6 million, mainly due to investments in projects underway in Italy (new Palermo - Catania - Messina route) and Australia (Snowy Hydro 2.0), net of depreciation. Investments in technical equipment made in the first half of 2026 amounted to approximately € 209.8 (€412.4 million in the corresponding period of 2025), reflecting the roll-out of new projects.
Right-of-use assets amount to € 145.8 million, down € 44.6 million due to depreciation, partly offset by investments made chiefly in Australia, Italy, Romania and the United States.
Intangible assets show a net decrease of € 22.2 million, mostly as a result of amortisation of € 14.7 million and changes in the consolidation scope.
The net increase of € 91.2 million in equity investments is due to the capital injections to Lane’s joint ventures of €30.9 million and Grupo Unidos por el Canal S.A. of €95.3 million, partly offset by the effects of the equity accounting of the investments in associates and joint ventures.
Provisions for risks These provisions of € 96.4 million decreased by € 28.7 million from the 31 December 2025 balance of € 125.2 million and mostly relate to contracts completed or nearly completed in Italy, Saudi Arabia, Europe and the United States.
Net tax assets The following table analyses the item:
(€'000) 31 December 2025 30 June 2026 Variation Deferred tax assets 398,471 427,119 28,648 Deferred tax liabilities (84,915) (70,259) 14,656 Net deferred tax assets 313,556 356,860 43,304 Current tax assets 90,958 79,097 (11,861) Current tax liabilities (154,284) (211,932) (57,648) Net current tax liabilities (63,326) (132,835) (69,509) Other current tax assets 379,268 387,201 7,933 Other current tax liabilities (104,247) (83,230) 21,017 Net other current tax assets 275,021 303,971 28,950 Net tax assets 525,251 527,996 2,745 Net working capital Net working capital amounts to a negative € 1,904.3 million at the reporting date compared to a negative €2,127.8 million at 31 December 2025 (difference of € 223.5 million).
The main changes compared to 31 December 2025 in the individual items making up net working capital are
summarised below:
•trade receivables increased by € 613.6 million, mostly due to the billing of important milestones for the Rogun Hydropower Project in Tajikistan and the NEOM Trojena project in Saudi Arabia9. The increase in domestic trade receivables is due to progress made on the high-speed/capacity Salerno - Reggio Calabria railway line and the new Palermo - Catania - Messina route as well as the normal trend of collections for public contracts, which mostly take place in the second half of the year;
•trade payables rose by € 103.9 million, mainly as a result of progress made on large railway projects in Italy and the Rogun Hydropower Project in Tajikistan ; ⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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2026 INTERIM FINANCIAL REPORT | 699 The customer terminated the NEOM Trojena project effective from 29 March 2026. It will reimburse the costs incurred up until that date and those related to the early termination of the contract, including the site dismantlement costs. The customer will hold the Group harmless from the economic effects of the termination as provided for by the contract and law.
•contract assets and liabilities amount to € 4,451.8 million (€ 4,516.7 million at 31 December 2025 ) and €5,887.3 million (€ 5,618.8 at 31 December 2025 ), respectively. Work in progress, net of payments on account, show a small reduction on the previous year end thanks to actions taken by management to constantly monitor certification of contact milestones. Contract advances increased, mainly in Italy, due to the extraordinary measures introduced by RFI to speed up progress on the National Recovery and Resilience projects and support the contractors;
•other current assets and liabilities amount to € 1,159.7 million (€ 1,182.2 million at 31 December 2025 ) and €722.3 million (€ 764.2 million at 31 December 2025 ), respectively.
Net financial position Table 3 Net financial position of Webuild Group (€'000) Note (*) 31 December 2025 30 June 2026 Variation Non-current financial assets 10 217,459 244,500 27,041 Current financial assets 15 759,195 804,963 45,768 Cash and cash equivalents 18 2,444,680 2,364,429 (80,251) Total cash and cash equivalents and other financial assets3,421,334 3,413,892 (7,442) Bank and other loans and borrowings 21 (133,504) (120,074) 13,430 Bonds 22 (2,125,806) (2,372,580) (246,774) Lease liabilities 23 (94,666) (77,397) 17,269 Total non-current indebtedness (2,353,976) (2,570,051) (216,075) Current portion of bank loans and borrowings and current account facilities21 (484,172) (494,081) (9,909) Current portion of bonds 22 (131,389) (181,166) (49,777) Current portion of lease liabilities 23 (98,503) (79,280) 19,223 Total current indebtedness (714,064) (754,527) (40,463) Derivative assets 10-15 2,119 905 (1,214) Derivative liabilities 21 - (2,659) (2,659) Net financial position with unconsolidated SPEs (**) 8,048 22,525 14,477 Net other financial assets 10,167 20,771 10,604 Net financial position - continuing operations 363,461 110,085 (253,376) Net financial position - discontinued operations 19 - - -
Net financial position including discontinued operations363,461 110,085 (253,376) (*) The note numbers refer to the notes to the condensed interim consolidated financial statements where the items are analysed in detail.
(**) Net exposure with unconsolidated SPEs, equal to the Group’s share of their net financial position (indebtedness). The items making up these balances are shown under trade receivables and payables, respectively, in the condensed interim consolidated financial statements.
At 30 June 2026 , the Group has a net financial position of € 110.1 million, confirming its financial strength and ability to finance its operations using its own resources.
Gross indebtedness comes to € 3,327.2 million (€ 3,068.0 million at 31 December 2025 ), with a gross indebtedness/EBITDA ratio of 2.67x, which is in line with 31 December 2025.
In May, the parent successfully completed a liability management transaction of approximately €121 million, which involved the issue of new senior notes of €500 million, maturing in 2032 with a coupon of 4.5%, and the repurchase of roughly half the notes maturing in 2027 via a tender offer. The parent also redeemed the sustainability-linked notes of approximately €76 million in advance.
The issue of the new notes enables Webuild to accelerate optimisation of its corporate debt maturities, extending their average duration significantly by moving over 90% thereof to September 2028 and beyond.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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The Group has liquidity of €2,364 million at the reporting date.
Webuild has given guarantees of € 5.2 million in favour of unconsolidated group companies securing bank loans.
Reference should be made to note 24 to the condensed interim consolidated financial statements for the calculation of the Group's net financial position in accordance with the ESMA Guidelines of 4 March 2021 and the related reconciliation with the figures shown in table 3 above.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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Alternative performance indicators As required by Consob communication no. 0092543 of 3 December 2015, details of the performance indicators used in this report and in the Group’s institutional communications are given below.
Debt indicators:
Liquidity and other financial assets are the sum of the following items:
a.current and non-current financial assets;
b.cash and cash equivalents.
Short and medium to long-term debt is the sum of the following items:
a.current account facilities and other loans;
b.bonds;
c.lease liabilities.
Other financial assets and liabilities are the sum of the following items:
a.derivatives;
b.the Group’s net amounts due from/to consortia and consortium companies operating under a cost recharging system (SPEs) and not included in the consolidation scope, equal to its share of their net financial position (indebtedness). The items making up these balances are shown under trade receivables and payables, respectively, in the condensed interim consolidated financial statements.
Performance indicators
Gross operating profit (EBITDA) : this indicator shows the sum of the following items included in the statement of profit or loss:
a.total revenue;
b.total costs, less amortisation, depreciation, impairment losses and provisions.
This can also be shown as the ratio of gross operating profit to total revenue.
Operating profit (EBIT) : the operating profit given in the statement of profit or loss, being the sum of total revenue and total costs.
Return on sales or R.o.S. : given as a percentage, shows the ratio of EBIT (as calculated above) to total revenue.
Other management indicators
Order backlog
The order backlog shows the amount of the long-term construction and concession contracts awarded to the Group, net of revenue recognised at the reporting date. The Group records the current and outstanding contract outcome in its order backlog. Projects are included when the Group receives official notification that it has been awarded the project by the customer, which may take place before the definitive and binding signing of the
related contract.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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The Group’s contracts usually provide for the activation of specific procedures (mainly arbitrations) to be followed in the case of either party’s contractual default. The order backlog includes suspended or deferred projects, pursuant to the contractual conditions.
The value of the order backlog decreases:
•when a contract is cancelled or decreased as agreed with the customer;
•in line with the recognition of contract revenue in profit or loss.
The Group updates the order backlog to reflect amendments to contracts and agreements signed with customers. In the case of contracts that do not have a fixed consideration, the related order backlog is adjusted to reflect contract variations, extensions of the execution times or amendments to the project, as long as these variations are agreed with the customer or the related revenue is highly probable.
The measurement method used for the order backlog is not a measurement parameter provided for by the IFRS. Therefore, the calculation method used by the Group may differ from that used by other sector operators.
It cannot be considered as an alternative indicator to revenue or other IFRS measurements.
Moreover, although the Group’s accounting systems update the related data on a consolidated basis once a month, the order backlog does not necessarily reflect the Group’s future results, as the order backlog data may be subject to significant variations.
The above measurement method differs from the method used to prepare the disclosure on performance obligations yet to be satisfied in accordance with IFRS 15 as set out in note 31 to the condensed interim consolidated financial statements at 30 June 2026 . Specifically, the main contract revenue included in the order backlog and not considered in the notes includes:
•revenue from concession contracts as it is earned mainly by equity-accounted investees;
•income from cost recharges attributable to non-controlling members of Italian consortia classified as “Other income”.
•contracts signed with customers that do not meet all the criteria of IFRS 15.9 at the reporting date.
Disclosure on the adjusted figures Adjusted figures are not provided for by the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and endorsed by the European Union. However, the Group deems that these adjusted figures and data facilitate an understanding of the Group’s business performance and better comparability of its results over time.
NOTES TO THE ADJUSTED RECLASSIFIED STATEMENT OF PROFIT OR LOSS
Profit or loss items are considered to be adjusting factors when they are material, relate to events or transactions that do not take place frequently in the normal course of business and arise from events or transactions that are not representative of the Group’s normal business.
For management purposes, the IFRS figures have been adjusted to reflect the amortisation of intangible assets arising from the PPA procedure for the acquisition of control of Astaldi Group and Clough Group. Starting from 2025 and following the shift in Lane’s business model to projects mostly carried out directly or through subsidiaries and the smaller importance of the non-controlled joint ventures, management no longer deems it necessary to include the joint ventures’ results on a proportionate basis. Accordingly, the comparative figures for the first half of 2025 have been restated. The effects of the adjustments are shown below:⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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Bridge between the IFRS statement of profit or loss and the adjusted figures First half 2025 First half 2026
(€'000)Note
(*)Reclassified
statement of
profit or lossAmortisation of
intangible
assets as part of Astaldi's PPAAmortisation of
intangible
assets as part
of Clough's
PPAAdjustedReclassified
statement of
profit or lossAmortisation of
intangible
assets as part of Astaldi's PPAAmortisation of
intangible
assets as part
of Clough's
PPAAdjusted
Revenue from contracts with customers 6,168,518 - - 6,168,518 5,956,280 - - 5,956,280 Other revenue and income 474,784 - - 474,784 694,038 - - 694,038 Total revenue and other income 31 6,643,302 - - 6,643,302 6,650,318 - - 6,650,318 Operating expenses 32 (6,050,935) - - (6,050,935) (5,977,387) - - (5,977,387) Gross operating profit (EBITDA) 592,367 - - 592,367 672,931 - - 672,931 Gross operating profit margin (EBITDA) 8.9% 8.9% 10.1% 10.1% Net reversals of impairment losses 32 12,271 - - 12,271 350 - - 350 Amortisation, depreciation and provisions 32 (234,870) 18,656 14,867 (201,347) (214,380) 3,853 899 (209,628) Operating profit (EBIT) 369,768 18,656 14,867 403,291 458,901 3,853 899 463,653
R.o.S. 5.6% 6.1% 6.9% 7.0%
Net financing costs 33 (165,319) - - (165,319) (148,424) - - (148,424) Net losses on equity investments 34 (29,317) - - (29,317) (101,871) - - (101,871) Net financing costs and net losses on equity investments(194,636) - - (194,636) (250,295) - - (250,295) Profit before tax (EBT) 175,132 18,656 14,867 208,655 208,606 3,853 899 213,358 Income taxes 35 (78,809) (4,477) (4,460) (87,746) (85,529) (925) (270) (86,723) Profit from continuing operations 96,323 14,179 10,407 120,909 123,077 2,928 629 126,635 Profit (loss) from discontinued operations 19 (9,150) - - (9,150) 1,133 - - 1,133 Non-controlling interests 20,107 - - 20,107 (14,666) - - (14,666) Profit for the period attributable to the owners of the parent107,280 14,179 10,407 131,866 109,544 2,928 629 113,102 (*) The note numbers refer to the notes to the condensed interim consolidated financial statements where the items are analysed in detail.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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2026 INTERIM FINANCIAL REPORT | 75Directors'
report PART II
Business risk management The Group operates and competes in a context affected in the short term by rapid macroeconomic changes, financial market instability and continuing changes to legislative and regulatory provisions, including as a result of the current geopolitical tensions and ongoing conflicts, and by megatrends such as climate change and growing resource scarcity in the medium to long-term. This requires clear strategies and effective management processes aimed at business risk oversight and management.
As part of its internal controls and risk management system, the Group has a constantly-evolving risk management framework, which is an integral part of internal procedures and extends to all operating companies to identify, assess, manage and monitor risks in accordance with industry best practices. It designed and implemented this framework in accordance with the standards and guidelines of ISO 31000.
Identify key risk
events/opportunitiesDefine/update risk
assessment
methodology and toolsIdentify risk
management strategies
and countermeasuresMonitor changes in the risk profile and effectiveness of defined
responses
Measure risks in terms of probability and impact on the company’s
objectives and
performance
Identify key risks Development, implementation and circulation of the risk management framework (presented in the above chart) is designed to assist senior management with strategic and commercial planning and operations through the comprehensive, in-depth analysis of relevant factors for the Group’s business, the local contexts in which it operates and the specific operating requirements of its individual contracts, facilitating the identification and monitoring of related risks, be they economic, financial or non-financial (sustainability or ESG risks).
The outbreak of the conflict between the United States and Iran in the first half of 2026 and the subsequent blockade of the Strait of Hormuz drove up oil and energy prices rapidly, with a cascading effect on several commodities sensitive to these cost factors, including iron, the price of which has shot up significantly since the crisis broke out. The scale and duration of these price hikes are tied to developments in the conflict. The re-
opening of the Strait of Hormuz would allow the markets and commodity prices to gradually settle down. With respect to cement, there is a risk of stricter CO 2 emission regulations. The introduction of tariffs and decarbonisation measures (such as the CBAM introduced by the European Union) and the potential toughening ⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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of anti-dumping measures feed uncertainty about commodity prices in terms of both potential inflationary effects and the risk that global demand will shrink.
With respect to the volatility of commodity prices, the Group carried out specific checks and monitored the trends of construction material prices to keep senior management informed and in a position to promptly define risk mitigation strategies. With respect to Italian contracts in the order book, following on from Decree law no. 50/2022, setting out the price review mechanism, the 2026 Budget Act (article 1.490) extended the mechanism to all contracts awarded on the basis of bids presented before 30 June 2023 and carried out or recorded after 1 January 2026 until their completion.
In June 2026, the ECB raised the key interest rates to address renewed inflationary pressures mainly caused by the shock to energy prices as a result of the conflict in the Middle East. It has stated that it will maintain a prudent and wholly data-dependent approach given the still uncertain global situation. It will take decisions about rates on a meeting-by-meeting basis based on its assessment of the inflation outlook and related risks, and most recent economic and financial data, without pre-committing to a particular rate path. At present, the market expects that the ECB rates will remain at this level or increase in 2026 with the interest rate on deposits expected to average higher than the current 2.25%. The Group's debt is of a long-term nature and bears fixed-
rate interest, which contributes to mitigating interest rate risks.
With respect to its exposure to other risks (described in detail below), the Group maintained its prudent approach in the first half of 2026 to minimise the impact of any adverse events. Specifically, it opted to develop new business projects mostly in low-risk countries, and designed its policies and procedures to select partners and counterparties that are highly qualified, have a solid financial position and the technical expertise necessary to ensure their performances meet the Group's high standards. The Group regularly revisits the risk management framework set out below to manage and monitor the risk profiles and to identify how to respond to the more significant risk events with dedicated measures .
Business risks
External risks are those that may compromise the Group’s achievement of its objectives, i.e., all events whose occurrence is not influenced by corporate decisions. This category includes risks arising from a country’s macroeconomic and socio-political dynamics, global megatrends (climate change, resource scarcity, ⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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urbanisation and commodity prices), sector trends and competitive scenario, as well as from industry-specific technological innovation and regulatory developments and the contracts’ long-term nature.
Given the nature of such risks, the Group must rely on its ability to anticipate and respond in the event that a risk arises. Specifically, Webuild embeds risk vision in its strategic and business planning processes through the definition of commercial and risk guidelines and the development of a process for the prioritisation and selection of initiatives the Group intends to pursue. This approach prioritises the assessment of country- and industry-specific risks over counterparty risk. Risk control is also ensured by monitoring the progress of strategic objectives, including in terms of composition and diversification of the portfolio and its risk profile over time.
Strategic risks
These risks arise from strategic, business and organisational decisions that may adversely impact the Group’s performance and ultimately compromise the strategic objectives. They include risks resulting from the choice of business or organisational models through which the Group intends to operate, those arising from M&A transactions, or the ineffective management of the order book or the relationships with key counterparties (customers, partners, suppliers, sub-contractors, etc.).
Webuild considers risk a key element for the preliminary assessment of decisions and strategic choices, so much so that it provided for integration of the strategy definition and development process with that for the identification, measurement and management of risks. The choices pertaining to the adoption of a business or organisational model, the assessment about the opportunity of proceeding with an extraordinary transaction or establishing a partnership are subject to preliminary analysis and evaluation of the related risks and opportunities, with the concurrent identification of risk management methods and strategies to be promptly activated should such risks arise.
Financial risks
Risks linked to the availability of group resources, depending on the management of receivables and cash and cash equivalents and/or the volatility of market variables such as interest and exchange rates, are included in this category.
Specifically, liquidity management has the objective of ensuring the financial autonomy of contracts in progress, taking into account the structure of consortia and special purpose entities, which can tie the availability of financial resources to the execution of the relevant projects. Moreover, liquidity management takes into account restrictions to currency transfers imposed by the legislation of some countries.
Webuild engages constantly in developing effective financial planning tools to allow, inter alia, prudent management of cash, debt exposure and guarantee commitments based on various risk scenarios. It evaluates specific risk areas such as the counterparty's credit rating and raw materials price volatility.
Legal and compliance risk This risk class includes risks for the management of legal issues and/or risks related to compliance with laws and regulations (e.g., taxation, local legislation, etc.) required in order to operate in the sector and/or specific countries and the risks arising from the management of contracts with business partners. Webuild deems that monitoring contractual issues linked to contract management and, particularly, the relationship with relevant counterparties, is fundamental. This also includes any internal and external fraud risks, and, more generally, the compliance with procedures and policies established by the Group to govern its operations.
With respect to the aforementioned factors, Webuild implements a regulatory risk monitoring and management policy in order to minimise the impact of such risk, through a multi-level control system that entails collaborative and ongoing liaison with relevant counterparties and business units affected by regulatory developments and the comprehensive assessment of any potential impacts. ⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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Operational risks
These are risks that could jeopardise value creation and are due to an inefficient and/or ineffective management of the Group’s core business, particularly those linked to bid management and actual execution of contracts. The various risk areas that fall into this class include bid design and planning, logistics and inventory management, as well as those linked to the management of information systems, planning and reporting, effective supply chain and personnel management, including with respect to health and safety, the environment, human rights and local communities.
The Group monitors operational risks starting from the bidding stage for each project to evaluate its potential risks and benefits and possible order backlog concentration. As part of a wider process, Webuild prepares a pre-bid risk assessment aimed at identifying potential risks and impacts linked to the project, as well as the necessary mitigation and/or contingency measures to counter them. The risk surveillance activity is updated constantly during the tender stage and is then monitored and updated during contract execution in order to promptly detect the risk of changes in its risk exposure and swiftly implement adequate remediation measures.
The Group’s governance control framework establishes that the oversight of operational risks is achieved through processes, procedures, organisational systems and proxy and power systems developed using the checks and balances approach, whereby key decisions are taken at project level after obtaining authorisation from the head office.
As part of the aforementioned framework for the identification and classification of risks applicable to group operations, Webuild has adopted a cross-functional approach for the analysis of risk dimensions that are considered more relevant due to the specific features of its business. These dimensions include various risk areas identified and belonging to Webuild’s risk universe as described below.
Country risk
The Group pursues its objectives by operating almost everywhere in the world, leveraging business opportunities in different countries and hence exposing itself to the risks resulting from the characteristics and conditions dictated by them, such as the political, economic and social scenario, local regulations, taxation and operational complexity and, above all, work and safety conditions.
Being aware of and constantly monitoring country risk through specific indicators enables the Group to define informed commercial strategies, as well as to gain an optimal understanding of the operating scenario and, therefore, adopt precautions and/or implement actions aimed at removing barriers and mitigating potential threats.
Counterparty risk
Management of counterparty risk requires identification of potential criticalities linked to relationships with the Group’s customers, partners, subcontractors and suppliers, so as to create a comprehensive overview of the features of the partners with which Webuild may start or continue to collaborate. For each of the above counterparty types, risk factors linked to financial and operational reliability apply to a different extent, as does the potential strategic role of a partnership for a specific business initiative, as well as all legal and compliance aspects and those related to the applicable standards (ethics, quality, health and safety, environment and human rights) that govern the relationship. The chief risk officer coordinates and oversees a counterparty analysis for each new project, involving all the competent departments, and this analysis is updated during the contract’s performance. It allows the more precise identification and management of the critical issues that could arise during the contract’s operational stages and more precise planning of the possible mitigation strategies. It is a key pillar of the Group’s procedure to monitor, manage and mitigate risks.
Contract risk
The contract dimension is key for an effective analysis of all risks linked to the Group’s core business. It informs the design of tools to identify and monitor contract risks right from the bidding stage, with a view to risk prevention, as part of an in-depth analysis of the risks and opportunities linked to a specific activity. ⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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Another fundamental aspect is the ongoing tracking of risks once they have been consciously taken on by management, taking a proactive, dynamic approach to managing the resulting risk exposure, as well as its development over time.
The analysis of key risk dimensions and the related risk areas has the aim of providing management with a two-
sided overview: a detailed one (i.e., at individual country, counterparty and contract level) and a portfolio one (for assessment of the overall exposure to such dimension), in order to assess the Group’s risk profile as well as its compliance with the exposure limits imposed by its risk management capacity. Moreover, the portfolio overview enables the performance of systematic assessments about the potential changes to the risk profile upon the occurrence of certain events and/or specific choices, through the use of dedicated risk management tools.
The risk management framework, as outlined above and subject to further future developments, has been designed to support decision-making and operational processes at every stage of the management of projects, in order to reduce the possibility that certain events could compromise the Group's normal business operations or attainment of its defined strategic objectives. To this end, it is embedded in strategic, commercial and product/service offering and operational planning processes to allow the ongoing monitoring of the Group's risk profile and the impact that possible strategic and operating decisions could have on its risk profile, also considering its risk appetite.
ESG risk management Reference should be made to the Consolidated Sustainability Statement included in the 2025 Annual Report for information on the ESG risks and their management.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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Main risk factors and uncertainties In addition to that set out in the “Business risk management” section above, the following specific situations linked to major outstanding disputes, country risk exposure and situations characterised by risk and/or uncertainty profiles at 30 June 2026 should be added to the risk universe that may potentially impact on operations.
Civil litigation
USW CAMPANIA PROJECTS
The USW Campania issue comprises various proceedings in different jurisdictions, some of which have been described in extensive detail in previous years and have been resolved in the Group’s favour, while others are pending at different court levels. The main aspects of the key civil and administrative proceedings are described below.
1.In May 2005, the government commissioner filed a motion requesting compensation of €43 million from Fibe S.p.A. ("Fibe") and FISIA Ambiente S.p.A. ("Fisia Ambiente") for alleged breach of contract. During the hearing, the commissioner increased its claims to €700 million, further to the additional claim for damage to its reputation, calculated to be €1,000 million. The companies appeared before the court and, in addition to disputing the claims made by the government commissioner, filed a counterclaim requesting compensation for damage due to contract default and sundry expenses for over €650 million, plus a further claim for reputation damage quantified at €1.5 billion. In the same proceeding, the banks that issued Fibe’s and Fibe Campania S.p.A.’s ("Fibe Campania") performance bonds to the government commissioner also requested the commissioner’s claim be dismissed and, in any case, to be held harmless by Webuild, which appeared before the court and disputed the banks' requests. In ruling no. 4253/2011, the judge declared their lack of jurisdiction referring the case to the administrative judge. The attorney general filed an appeal which was rejected on 14 February 2019 and the first level ruling was upheld. The attorney general appealed to the Supreme Court, which, with its ruling no. 10854/2022 published on 18 December 2023, established the jurisdiction of the ordinary judge. On 18 March 2024, the Office of the Prime Minister resumed the hearing before the Naples Court. Fibe, Fisia Ambiente and Webuild appeared in court initially requesting that the appeal be found inadmissible due to its violation of the "ne bis in idem" principle as the same requests had been proposed in the proceeding described below in point 2.
2.On 30 November 2015, the Office of the Prime Minister received a new claim form served by Fibe and other group companies involved in various ways in the activities performed in Campania for the waste disposal service, containing claims for the damage suffered as a result of termination of the contracts in 2005.
The total amount claimed was €2,429 million. Considering that some requests are already included in other proceedings, the net amount is €2,258 million. The Office of the Prime Minister filed a counterclaim for €845 million for reasons already included in other proceedings. After receipt of the count-appointed expert’s report, the competent judge handed down the ruling on 25 October 2019, finding that Fibe was due approximately €114 million and the Office of the Prime Minister approximately €80 million. After offsetting the two amounts, the Office of the Prime Minister was ordered to pay Fibe €34 million plus interest accruing from 4 December 2015. Both Fibe and the Office of the Prime Minister filed separate appeals. In the meantime, the amount plus interest was collected on 20 July 2022 as part of the enforcement proceedings which is discussed later in this report (in the administrative litigation section). The appeal hearing ended with ruling no. 662 published on 29 January 2025 in which, in short, the Appeal Court accepted only part of the claims made by the parties, acknowledging approximately €107 million due to Fibe and approximately €68 million to the Office of the Prime Minister. After offsetting, Fibe is due roughly €39 million, which net of the amounts already acknowledged and collected under the above court ruling implies that Fibe is still due around €4 million plus interest. On 29 July 2025, the Office of the Prime Minister appealed to the Supreme
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3.There is another proceeding commenced by the Office of the Prime Minister for the return of the advance of €52 million paid for the construction of the waste-to-energy plants (“WtE plants”). Fibe claimed that the receivables due from the Office of the Prime Minister, mostly for work performed on its behalf and for the fees due to Fibe, would offset this advance. The first level hearing ended with ruling no. 4658/2019 in which the Naples Court only allowed part of Fibe’s receivables (the fees already collected by the Office of the Prime Minister) for offsetting purposes, ordering the company to return the difference between the advance collected and the receivables allowed for offsetting, with the result that Fibe owed roughly €10 million, plus interest, to the Office of the Prime Minister. This ruling is contrary to the report prepared by the court-
appointed expert which found that Fibe was due the entire amount of its receivables. Fibe filed its appeal.
The collection agency notified Fibe of a notice of payment for the aforementioned amount of €10 million (increased to approximately €14 million to include the interest), partially offset by amounts due to Fibe and recognised by the Office of the Prime Minister for services rendered and accounted for the activities carried out by the former service providers following the termination of the service contracts (see the administrative litigation section). Fibe is paying the amount (€2.5 million) in regular instalments. Following the declared nullity of the offsetting by the Council of State (see the administrative litigation section), Fibe was notified of an additional tax bill of approximately €11.6 million. Given this tax bill, the tax authorities seized Fibe’s bank accounts. Following the Rome Appeal Court’s ruling no. 662/2025, the seizure was suspended until it becom es res judicata.
On 22 July 2026, Fibe, Fisia Ambiente, Fisia Italimpianti and Webuild signed a settlement agreement with the Office of the Prime Minister, which was sent to the Italian Court of Auditors, together with the Public Prosecutor’s favourable opinion, for the legitimacy check.
The agreement provides for (i) the settlement of the various disputes outstanding between the signees in the different jurisdictions, (ii) Fibe’s collection of €8.5 million net of the offsettings, (iii) adjusting all the outstanding receivables and payables with the Office of the Prime Minister, and (iv) reimbursement of approximately €2.2 million to Fibe for the amounts paid for it as part of tax bills in connection with one of the disputes included in the agreement as well as reimbursement of €0.7 million, which Fibe had paid under a ruling that had ordered it to pay this amount to a third party with recognition of the indemnity by the Office of the Prime Minister.
The settlement agreement does not cover the part of the dispute commenced by third parties for an amount which currently approximates €20 million.
PANAMA CANAL EXTENSION PROJECT
Certain critical issues arose during the first stage of full-scale production on the project to expand the Panama Canal which, due to their specific characteristics and the materiality of the work to which they relate, made it necessary to significantly negatively revise the estimates made during the early phases of the project. The most critical issues related, inter alia, to the geological characteristics of the excavation areas, specifically with respect to the raw materials required to produce concrete and the processing of such raw materials during normal production activities. Additional problems arose due to the adoption by the customer of operational and management procedures substantially different from those contractually agreed, specifically with regard to the processes for the approval of technical and design solutions suggested by the contractor. These situations, which were the subject of specific disclosures in previous reports published by the Group, continued in 2013 and 2014. Faced with the customer’s persistent unwillingness to reasonably implement appropriate, contractually provided for measures to manage such disputes, the contractor - and thus the original contracting partners - was forced to acknowledge the resulting impossibility to continue the construction activities needed to complete the project at its full and exclusive risk by undertaking the relevant entire financial burden without any guarantee of the commencement of objective discussions with the counterparty. In this context, at the end of 2013, formal notice was sent to the customer to inform it of the intention to immediately suspend work if the customer refused once again to address this dispute in accordance with a contractual approach based on good faith and the willingness of all parties to reach a reasonable agreement. ⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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Negotiations between the parties, supported by the respective consultants and legal experts, were carried out through February 2014 and, on 13 March 2014, an agreement was signed. The agreement essentially provided that the contractor would resume works and functionally complete them by 31 December 2015, while the customer and contracting companies agreed to provide financial support for the works to be finished up to a maximum of about €1.3 billion. The customer met its obligation by granting a moratorium on the refunding of already disbursed contract advances totalling €729 million and disbursing additional advances amounting to €91 million. The group of contracting companies met their obligation by directly disbursing €91 million and additional financial resources, through the conversion into cash of existing performance guarantees totalling €360 million.
While the 13 March 2014 agreement provided for financial support to complete the Canal, claims were made by the contractor Grupo Unidos por el Canal S.A. (“GUPC”) to the customer during the contract's execution.
Following the pre-litigation stage before the Dispute Adjudication Board (“DAB”) to discuss the claims as provided for contractually, there are a number of separate arbitration hearings ongoing before the International Chamber of Commerce in Miami, Florida between GUPC (with its European partners Sacyr, Webuild (previously Impregilo) and Jan De Nul) and the Panama Canal Authority (“PCA”) as described below:
1.arbitration about the extra costs incurred by GUPC due to certain unjustified conditions imposed by PCA for the design of the lock gates and other claims about labour costs. The arbitration tribunal issued an award on 17 May 2023 unanimously establishing that GUPC was entitled to receive an additional USD34.9 million for the claims related to the labour costs, in addition to the amount previously assigned by the DAB. However, the arbitration tribunal did not accept GUPC’s application about the construction of the lock gates which it had to build for reasons it did not deem were attributable to it and referred other issues to another arbitration tribunal. This decision was taken by majority vote by the tribunal members while one arbitrator issued a dissenting opinion. The parties appealed to the arbitration tribunal for the interpretation and correction of the award based on article 36 of the ICC regulation. On 8 September 2023, the tribunal found that the amounts due to GUPC were not yet collectible as part of the total refers to GUPC's EoT (extension of time) right for completion of the contract, which will be determined by the arbitration tribunal that will rule on the other issues. For the same reason, the tribunal also deferred any reimbursements due to PCA based on the cancelled DAB's rulings, again affected by considerations about the EoT. The dissenting opinion states that the part of the ruling about the award obliges PCA to immediately pay GUPC the amounts in question, including interest accrued after the award;
2.arbitration commenced at the end of 2016 involving the claims mentioned in the completion certification; the arbitration tribunal has already been set up and GUPC presented its first brief in October 2021. The proceeding is underway.
On 11 March 2020, Webuild filed its arbitration application with the International Centre for Settlement of Investment Disputes (ICSID) against the Republic of Panama. It claimed damages for the Central American country’s repeated violations of the bilateral investment treaty agreed by the Panama government with the Italian government in 2009 to promote and protect investments. The arbitration tribunal was set up on 4 December 2020. The proceeding is underway.
Already in previous years, the Group applied a valuation approach to the project on the basis of which significant losses to complete the contract were recognised, offset in part by the corresponding recognition of the additional consideration claimed from the customer and determined based on the expectation that recognition of such consideration could be deemed to be highly probable based on the opinions expressed by its legal experts and in light of the damages awarded by the DAB.
In the first half of 2026, the estimate of the project’s extra costs was updated, as well as the additional consideration claimed from the customer (again with the support of the Group’s experts). The Group has reflected this situation in its condensed interim consolidated financial statements.
Considering the uncertainties linked to the dispute stage, the Group cannot exclude that currently unforeseeable events may arise in the future which could require changes to the assessments made to date.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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CAVTOMI CONSORTIUM (HIGH-SPEED/CAPACITY TURIN - MILAN LINE)
With respect to the contract for the high speed/capacity Turin - Milan railway line (Novara - Milan sub-section), the general contractor Fiat S.p.A. (subsequently FCA N.V., “FCA”, and now Stellantis N.V., "Stellantis") is required to follow the registered claims of the general subcontractor CAVTOMI Consortium (“CAVTOMI” or the “consortium”), in which Webuild has a share of 96.14%, against the customer.
Accordingly, in 2008, FCA initiated contractual arbitration proceedings against the customer for the award of damages suffered for delays in the works, non-achievement of the early completion bonus also due to the customer and higher consideration. On 9 July 2013, the arbitration tribunal handed down an award in favour of FCA, ordering the customer to pay €187 million (of which €185 million pertaining to CAVTOMI).
The customer appealed against the award before the Rome Appeal Court in 2013 and paid the amount due to FCA, which in turn, forwarded the relevant share to CAVTOMI. The ruling of 23 September 2015 of the Rome Appeal Court cancelled a large part of the aforementioned arbitration award. Following the Appeal Court's ruling, the customer notified FCA of a writ of enforcement of €175 million and the two parties subsequently reached an agreement whereby FCA (i) paid €66 million and (ii) issued the customer a bank surety of €100 million. FCA appealed to the Supreme Court which, on 29 April 2026, dismissed the revocation application that had already been rejected by the Appeal Court in October 2019. As a result, the customer collected the bank surety of €100 million, for which Webuild's share was €74 million .
In addition, FCA and the consortium commenced the following actions:
•filing of an appeal by FCA with the Lazio Regional Administrative Court on 11 November 2016 for the claims of €18 million presented during the contract’s term and not covered by the previous award of 2013.
Following this court's decision that it did not have jurisdiction in ruling no. 1381/2023, the proceeding has been resumed before the Rome Court where it is currently pending;
•presentation of a claim form to the Rome Court by FCA for claims of €109 million made during the contract term and not covered by the previous award on 12 October 2017. With its ruling no. 11976 of 26 July 2022, the Rome Court substantially acknowledged the court-appointed expert’s findings and accepted part of FCA’s claims ordering the customer to pay €14.2 million, including the monetary revaluation and the legal default interest accruing from the date of publication of the ruling. The ruling also provided for the release of the remaining performance bond of €21 million. Both parties challenged the Rome Court’s ruling and, pending the related rulings, Stellantis has collected the amount as per the ruling and paid the consortium its share.
STRAIT OF MESSINA BRIDGE - EUROLINK S.C.P.A.
Decree law no. 35 of 31 March 2023, converted with amendments into Law no. 58 of 26 May 2023 (Urgent measures for the building of a bridge between Sicily and Calabria) was issued in 2023. It covered the resumption of the works and the possible revival of the contract terminated by operation of law in 2012.
Discussions have thus recommenced with Stretto di Messina S.p.A. (“SdM”), which has been returned to a going concern status under the above Decree law, and with the competent ministries for the revival of the contract and the concurrent discontinuation by Eurolink S.C.p.A. (“Eurolink”) and its partners of the litigation commenced in previous years when the contract terminated by operation of law in 2006.
On 5 August 2025, another rider was signed as per the legal provisions to revive the contract and resume works. Its effectiveness was subject to the issue and registration of the CIPESS (Interministerial Committee for Economic Planning and Sustainable Development) resolution approving the definitive designs. On 6 August 2025, the CIPESS approved the definitive designs for the Strait of Messina bridge, as per Decree law no.
35/2023, and the related documents required by this decree law. Subsequently, on 3 September 2025, the parties signed a clarification act to the rider of 5 August 2025 to define how the contract advance provided for by article 8.1 of the rider would be paid. However, on 27 November 2025, the Italian Court of Auditors (Central Section of the Control of Legitimacy on the Acts of the Government and State Administrations) resolved to refuse to grant endorsement and consequently did not file the CIPESS resolution of 6 August 2025.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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As the ruling referred to the termination by operation by law of the contract has been appealed and discussions have been recommenced by the parties, it was jointly decided to request a series of postponements of the hearing which, by concession of the Court of Auditors, was postponed to 14 December 2026.
ORASTIE - SIBIU MOTORWAY
In July 2011, Salini Impregilo (now Webuild) commenced work on the motorway contract to build the Orastie -
Sibiu section (Lot 3), which included 22.1 km of two lane motorway in each direction (in addition to the emergency lanes).
The contract is 85% financed with EU structural funds and 15% by the Romanian government.
Progress on the contract was adversely affected by a number of events outside Webuild’s control, including unforeseeable widespread landslides on approximately 6.6 km of the route.
Despite this, the lot was delivered to the customer and opened to traffic on 14 November 2014 while additional work made necessary by the landslides was still under completion.
Notwithstanding the DAB’s first favourable ruling and the award of approximately €6 million to Webuild, the customer refused to acknowledge the unpredictability of the landslides and to pay the amounts due.
In June 2015, Webuild stopped work due to non-payment of the amounts awarded to it by the DAB.
In September 2015, Webuild presented an application for arbitration to the ICC and the first interim award of RON83.8 million (€18.2 million) was issued in March 2017 which it subsequently collected .
In January 2016, with works completion at 99.9%, following a number of disputes between the parties, the customer terminated the contract and collected the performance guarantees of RON60.5 million (€13.5 million) on 20 April 2016, motivating such unilateral decision as being due to the alleged non-resolution of non-
compliances notified by works management. Webuild promptly formally contested the contract termination. On 17 February 2020, it filed an application for arbitration to the Court of International Commercial Arbitration attached to the Chamber of Commerce and Industry of Romania (“CCIR”) challenging the validity of the reasons allowing the customer’s collection of the performance guarantees and requesting the return of the related amounts plus damages and interest. The CCIR notified the parties of its final award on 25 February 2021. The sole arbitrator ordered the customer to repay RON60.5 million of the unduly collected performance guarantees and to reimburse the legal costs and interest as well as the arbitration costs (€0.2 million in total). The customer filed an appeal against the award with the Romanian Supreme Court, which rejected it in November 2022, making the award definitive.
With respect to the arbitration proceedings commenced before the ICC for the delays and additional costs of €57 million, on 17 October 2019, the award was handed down dismissing the Group's requests and awarding damages for delays to the customer of approximately €19 million. Webuild presented an application for the cancellation of the final award to the Romanian courts. On 2 July 2020, the Bucharest Appeal Court cancelled this award, confirmed by the Supreme Court in September 2022. As a result, the Group recommenced arbitration proceedings before the CCIR and, on 4 October 2024, the sole arbitrator handed down the award which substantially confirmed that already issued by the ICC proceeding, i.e., it rejected Webuild’s requests and accepted the customer’s request for RON90 million, plus interest of 4% calculated from 15 November 2019 until the effective payment date. Webuild filed an application for the cancellation of this latter award before the Romanian courts and the proceeding is underway.
In the meantime, on 17 February 2021, the Bucharest Court confirmed Webuild's obligation to return RON83.8 million collected on the basis of the interim award.
At the end of 2021 and in full violation of the existing agreements, the customer arbitrarily offset the amount against other amounts related to the Lugoj Deva project in Romania, as well as the above-mentioned performance guarantees of RON60.5 million. Webuild responded by commencing arbitration proceedings before the ICC claiming the return of the incorrectly offset amounts. On 21 February 2024, the tribunal handed down its award accepting all of Webuild's claims (and ordering that its court costs be paid). It established that ⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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the customer's unilateral offsetting was not valid. The procedure to execute the award has started with the concurrent attempt to come to a global settlement agreement with the customer.
In April 2025, the parties came to an agreement providing for the immediate offsetting of the amounts covered by the arbitration awards and payment of €4.5 million to the customer, in order to avoid the freezing of Webuild’s accounts in Romania.
The customer and Webuild have filed additional appeals with respect to the legal interest and inflation of their claims and the related proceedings are underway. In this respect, on 18 August 2025, in the first level hearing, the Bucharest Court rejected the customer’s appeal and confirmed Webuild’s claims for (i) legal interest (RON44.1 million) and (ii) application of inflation to the amount due (RON22 million).
Supported by the opinion of its legal advisors, Webuild is confident that its request for annulment of the award will be accepted given that the principles of adversarial and fair proceedings were violated.
Unforeseen costs have been incurred, and the Group has accordingly presented its request for additional consideration. The costs are included in the measurement of contract assets and liabilities for the part deemed highly probable to be recovered, based also on the opinions of the Group’s advisors.
Considering the uncertainties linked to the dispute stage, the Group cannot exclude that currently unforeseeable events may arise in the future which could require changes to the assessments made to date.
ROME METRO
As part of the contract for the design and construction of the works for the B1 line of the Rome Metro, Webuild (formerly Salini Impregilo) commenced legal proceedings in its name and as lead contractor of the joint venture against Roma Metropolitane S.r.l. (“Roma Metropolitane”) and Roma Capitale requesting they be ordered to pay the disputed claims recorded during works execution, for which a technical appraisal by a court-appointed expert was provided.
Rome Court - first set of claims for the Conca d'Oro - Jonio section The proceeding relates to the first set of claims for the Conca d’Oro - Jonio section. The initial stage was deferred with the interim ruling of 2018. The judge accepted some claims made by the joint venture and ordered the court-appointed expert to recalculate the amounts due to the joint venture for just the dismissed claims.
This ruling partly contradicted the initial findings of the court-appointed expert which had confirmed the joint venture’s claims for €27.5 million.
Webuild challenged the interim ruling of January 2018, solely for the part that dismissed some claims already examined by the court-appointed expert as part of their first appraisal, as did Roma Metropolitane.
The expert completed their appraisal in December 2018 and filed their additional report which included four possible amounts ranging from €12 million to €23 million in favour of the joint venturers.
The Rome Court handed down its final ruling no. 6142/2020 of 15 April 2020 setting out the second judgement on the extension of the B1 Line and ordering Roma Metropolitane to pay the entire amount of €23.3 million, increased by the monetary revaluation and interest since 31 August 2018, and the court costs and the court-
appointed expert’s cost.
Finally, with its ruling of 15 July 2020 on the interim ruling of January 2018, the Rome Appeal Court denied Webuild's applications and partly accepted Roma Metropolitane's counter appeal, stating that two of the claims, accepted by the first level judge, were ungrounded.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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Specifically, one of the two claims found to be ungrounded related to the irregular performance of the works which had been quantified by the court as part of the total compensation to be paid to the contractor for all the claims related to this issue (the irregular performance of the works), without specifying an individual amount for each claim. The appeal ruling reformulated the first level ruling finding the claim to be ungrounded but did not determine the amount of the related compensation. Therefore, it did not directly intervene with respect to the amount paid as per the first level ruling as compensation for the irregular performance of the works.
Webuild appealed against the Rome Appeal Court's ruling before the Supreme Court and Roma Metropolitane, in turn, presented its counter appeal.
The customer also appealed against the Rome Court's ruling no. 6142/2020.
The Rome Appeal Court has suspended the proceedings until the Supreme Court files its ruling on the validity of the claims subject to the interim ruling of 2018. The Supreme Court dismissed Webuild’s appeal with its ruling no. 4721 of 4 March 2026 and upheld the Rome Appeal Court’s interim ruling of 2018.
As a result, Webuild resumed the proceedings that had been stayed before the Appeal Court where the hearing will continue to determine the compensation due to the joint venture in light of the 2018 interim ruling.
Rome Court - second set of claims for the Conca d'Oro - Jonio section The proceeding refers to the second and last set of claims for the Conca d’Oro - Jonio section and was completed with the Rome Court’s ruling no. 5861/2020 of 7 April 2020 ordering Roma Metropolitane and Roma Capitale to jointly pay the total amount of €2.9 million increased by the accrued legal interest. Webuild appealed against the ruling on 18 September 2020 asserting higher claims and enforcement procedures were concurrently initiated, prompting Roma Capitale to pay the principal amount awarded by the first level ruling.
With its ruling no. 3370 of 11 May 2023, the Rome Appeal Court partly accepted Roma Metropolitane’s counter appeal and reformulated the first level ruling reducing the amounts to be paid to the joint venture to €105 thousand (from the €2.9 million established by the Rome Court). The joint venture has appealed this second level ruling before the Supreme Court.
Supported by the opinion of its legal advisors, Webuild is confident that the joint venture’s arguments will be accepted.
Unforeseen costs have been incurred and the joint venture has accordingly presented its request for additional consideration. The costs are included in the measurement of contract assets and liabilities for the part deemed highly probable to be recovered, based also on the opinions of the Group’s advisors.
Considering the uncertainties linked to the dispute stage, the Group cannot exclude that currently unforeseeable events may arise in the future which could require changes to the assessments made to date.
COLOMBIA - YUMA AND ARIGUANI
Yuma Concesionaria S.A. (in which the Group has a 48.3% investment) (“Yuma”) holds the concession for the construction and operation of sector 3 of the Ruta del Sol motorway in Colombia. The c onstruction works were delivered to the EPC contractor Constructora Ariguani S.A.S. en Reorganización (“Ariguani”), wholly owned by Webuild. More information about the project and related administrative and arbitration proceedings is provided in the 2025 Annual Report. In June 2026, Yuma filed its third arbitration application to obtain the economic balancing of the contract and compensation for a total approximate €250 million.
PROJECT S8 (POLAND)
The Group has a 95% interest in a joint venture in Poland set up in November 2014 for the design and
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Although the main road section was opened to traffic on 22 December 2017, in May 2018, the customer informed the joint venture that the contract was considered to be terminated due to the latter’s alleged breach of contract and concurrently requested payment of fines of €4.1 million.
On 22 May and 7 June 2018, the joint venture informed the customer that it considered termination of the contract to be invalid and legally ineffective and also asked for payment of the outstanding amount of €1.7 million and the contractually provided-for fines. Finally, it noted that the contract terminated due to the customer’s default. The customer attempted to collect the performance guarantees of approximately €8 million. The joint venture obtained an injunction from the Parma Court preventing this on a precautionary basis.
On 31 October 2019, the joint venture filed a claim form with the Warsaw first level court for the recovery of the costs not paid before termination of the contract, claims and compensation for the undue determination of the contract. In February 2020, the customer filed a counterclaim for €2.9 million as contractual fines due to the termination of the contract for reasons allegedly attributable to the joint venture. The ruling has not yet been handed down.
With respect to the attempted collection of the performance guarantees, in another proceeding commenced by the customer before the Warsaw Court, the guarantor Polish bank was ordered to pay PLN33.1 million (approximately €8 million), plus interest and costs. With its ruling of 13 March 2026, the Warsaw Appeal Court confirmed the first level ruling, excluding the effectiveness of the injunction issued by the Parma Court to protect the Italian counter-guarantee in the Polish legal system. As a result, the Polish first level ruling became enforceable.
On 14 July 2026, the Parma Court overturned the ex parte order and stated that (i) the application to block payment of the main guarantee was inadmissible due to the lack of standing to sue and (ii) Webuild lacked the grounds to seek an injunction against payment of the counter guarantee. Webuild presented its appeal on 16 July 2026.
Unforeseen costs have been incurred and the joint venture has accordingly presented its request for additional consideration. The costs are included in the measurement of contract assets and liabilities for the part deemed highly probable to be recovered, based also on the opinions of the Group’s advisors.
The Group cannot exclude that currently unforeseeable events may arise in the future which could require changes to the assessments made to date.
PROJECT A1F (POLAND)
The Group has a 100% interest in a joint venture in Poland set up in October 2015 for the design and construction of roads.
On 29 April 2019, the customer informed the joint venture that the contract was considered to be terminated due to the latter’s alleged breach of contract and concurrently requested payment of fines of €18 million.
On 6 May 2019, the joint venture informed the customer that it considered termination of the contract to be invalid and legally ineffective. On 14 May 2019, it notified that the contract terminated for reasons attributable to the customer as a result of reported defaults that were not remedied by the customer.
The customer obtained collection of the performance guarantees of €37 million, which the joint venture had provided.
The joint venture has commenced proceedings against the customer before the Warsaw Court to receive payment for the works performed and claims of €54 million. The ruling has not yet been handed down.
Unforeseen costs have been incurred and the joint venture has accordingly presented its request for additional consideration. The costs are included in the measurement of contract assets and liabilities for the part deemed highly probable to be recovered, based also on the opinions of the Group’s advisors.
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PROJECT S3 (POLAND)
The Group has a 99.99% interest in a joint venture in Poland set up in December 2014 for the design and construction of roads.
On 29 April 2019, the customer informed the joint venture that the contract was considered to be terminated due to the latter’s alleged breach of contract and concurrently requested payment of fines of €25 million.
The customer collected performance guarantees of €13 million, which the joint venture had provided. After presentation of an appeal against this, Salini Impregilo (now Webuild) provided for payment.
On 6 May 2019, the joint venture informed the customer that it considered the customer’s termination of the contract to be invalid and legally ineffective. On 14 May 2019, it communicated termination of the contract for reasons attributable to the customer as a result of reported breaches by it that it did not remedy.
On 31 October 2019, the joint venture filed a claim form with the Warsaw first level court for the return of the amounts related to the performance guarantees and payment of the fines due to termination of the contract.
The customer’s rejoinder and replication was received on 8 January 2021 and it includes a counterclaim for around €11 million for delays, payments made by it to subcontractors, costs for work site maintenance, costs to reorganise traffic and interest. In April 2021, the judge excluded the customer’s counterclaim from the proceedings for its examination in a separate proceeding. The proceeding is underway.
Unforeseen costs have been incurred and the joint venture has accordingly presented its request for additional consideration. The costs are included in the measurement of contract assets and liabilities for the part deemed highly probable to be recovered, based also on the opinions of the Group’s advisors.
The Group cannot exclude that currently unforeseeable events may arise in the future which could require changes to the assessments made to date.
PROJECT S7 KIELCE (POLAND)
The Group has a 99.99% interest in a joint venture in Poland set up in November 2014 for the design and construction of roads.
The customer has collected performance guarantees of €15 million.
The joint venture signed an out-of-court agreement about the guarantees with the customer in December 2022, obtaining the return of PLN45 million (€9.6 million). It still has a pending dispute with the customer for price revisions and additional costs incurred for the project of PLN79.5 million (€16.8 million).
Unforeseen costs have been incurred and the joint venture has accordingly presented its request for additional consideration. The costs are included in the measurement of contract assets and liabilities for the part deemed highly probable to be recovered, based also on the opinions of the Group’s advisors.
The Group cannot exclude that currently unforeseeable events may arise in the future which could require changes to the assessments made to date.
PROJECT S7 WYDOMA (POLAND)
Webuild was awarded this contract in October 2017.
On 7 December 2020, the customer informed the Group that the contract was considered to be terminated due to the latter’s alleged breach of contract.
On 16 December 2020, Webuild informed the customer that it considered termination of the contract to be invalid and legally ineffective. It requested payment of the contractual fine of approximately €35 million (not yet received) and the return of the performance guarantees. It also noted that the contract terminated for reasons
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On 21 December 2020, Webuild filed an update of its first claim form (filed on 4 November 2020) with the Warsaw first level court. It asked that the judge find the contract to have been terminated unjustly and that it be due the additional consideration of approximately €55 million, subsequently revised to roughly €84.5 million.
The customer collected the performance guarantees of €25 million included in Webuild's claims as part of the dispute before the Polish courts.
Webuild’s total claims approximate €88 million. With its communication of 7 October 2025, Webuild modified its counterclaims to approximately €130 million to include its claim for compensation for damages caused by termination of the contract, excluding the fine (greater completion costs).
Unforeseen costs have been incurred and Webuild has accordingly presented its request for additional consideration. The costs are included in the measurement of contract assets and liabilities for the part deemed highly probable to be recovered, based also on the opinions of the Group’s advisors.
The Group cannot exclude that currently unforeseeable events may arise in the future which could require changes to the assessments made to date.
COPENHAGEN CITYRINGEN
As a result of critical issues about this project related to its specific features and the significance of the works, the joint venture including Webuild (Copenhagen Metro Team I/S, “CMT”) had to significantly revise the cost estimates for the early stages of this project. The most critical of these issues included the concrete works, the electromechanical works and the architectural finishings.
The negotiations with the customer, assisted by the two parties' consultants and technical/legal advisors, led to the signing of an interim agreement on 30 December 2016 (which allowed the joint venture to collect €145 million) and other agreements which enabled it to collect additional advances (for a total of €260 million). This settled some claims with the outstanding claims referred to the pending arbitration proceeding before the Building and Construction Arbitration Board.
On 12 July 2019, the joint venture delivered the project and the metro was officially opened to the public on 29 September 2019.
In 2020, a year after the handover, when the performance bonds were to be reduced from 3% to 1%, the customer presented counterclaims for approximately €43 million blocking this reduction. The joint venture deems that these counterclaims are completely groundless and lacking the minimum requirements to be considered as such, by virtue of their failure to provide even the most basic information, such as a description of the events, timing, place of the facts, the cause effect link, contractual justification and support for quantification. On the basis of the above, CMT entirely rejected the counterclaims, finding them to be completely groundless.
On 26 April 2021, CMT presented the Building and Construction Arbitration Board with its Supplementary Statement of Claim. Therefore, at that date, all its claims (approximately €789 million) had been formally filed for arbitration. The customer’s counterclaims approximate €320 million, including the return of the above-
mentioned advances of €260 million.
At the start of February 2026, the arbitration board handed down an interim award rejecting part of CMT’s claims.
On 25 June 2026, the arbitration board issued an award about the legal costs to be reimbursed to the customer in connection with the interim award (DKK80 million compared to the requested DKK92 million, the equivalent of approximately €10.7 million).
Unforeseen costs have been incurred and the joint venture has accordingly presented its request for additional consideration. The costs are included in the measurement of contract assets and liabilities for the part deemed highly probable to be recovered and in line with the current situation, based also on the opinions of the Group’s
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The Group cannot exclude that currently unforeseeable additional events may arise in the future which could require changes to the assessments made to date.
SLOVAKIA
On 6 March 2019, the joint venture comprising Salini Impregilo (now Webuild) and the Slovakian company Duha signed an agreement with the customer to terminate the contract for the design and construction of a major motorway section. This agreement provided for the recognition of the works awaiting certification and also
established that:
•the customer undertook to certify in the short term most of the works performed and awaiting approval for
bureaucratic reasons;
•a dispute adjudication board (DAB) would be appointed, consisting of international members rather than the Slovakian members provided for in the original contract, to decide on the additional consideration requested by the joint venture;
•should the DAB’s ruling not be agreeable to the parties, they may apply to an international arbitration tribunal (ICC Vienna) rather than a Slovakian tribunal as provided for in the original contract.
After the joint venture’s presentation of its many claims, on 18 November 2019, the DAB issued its first decision on the unexpected geological events and over-excavation of the tunnel, finding that the joint venture was due approximately €8 million. In December 2019, both the joint venture and the customer sent the DAB a notice of dissatisfaction. As the parties were unable to come to an agreement, the joint venture applied to the ICC for arbitration on 14 February 2021 .
On 18 June 2021, the DAB issued its second decision on the greater costs related to the extension of the contract timeline and fines (milestones 2 and 3), finding that the joint venture was due €7 million.
The joint venture filed its second application for arbitration with the ICC on 28 June 2021. The parties agreed to join the two arbitration proceedings and the arbitration tribunal was constituted. The proceeding is underway.
Unforeseen costs have been incurred and the joint venture has accordingly presented its request for additional consideration. The costs are included in the measurement of contract assets and liabilities for the part deemed highly probable to be recovered, based also on the opinions of the Group’s advisors.
The Group cannot exclude that currently unforeseeable events may arise in the future which could require changes to the assessments made to date.
AUTOPISTAS DEL SOL S.A (AUSOL)
In September 2022, the grantor filed an application with the local courts to cancel decree no. 607/2018 and the renegotiation agreement with the operator Ausol, in which Webuild has a 19.8% stake. The ruling has not yet been handed down.
The renegotiation agreement provided that Ausol would receive USD499 million for its investment, which it could not recover as the grantor had never approved the necessary revisions to the motorway tolls. In addition, the parties agreed to end the local and international disputes related to the grantor’s contractual default.
Accordingly, Ausol appeared before the court. Concurrently in October 2022, Ausol filed an urgent arbitration application with the ICC, which accepted it and handed down an order blocking any further actions by the grantor. Ausol also commenced arbitration proceedings before the ICC to (i) have it pronounced that only an ICC arbitration tribunal is competent to rule on the dispute, (ii) have the renegotiation agreement with the grantor found to be valid, and (iii) request reimbursement of the fees that the grantor prevented the operator from collecting in previous years.
On 23 October 2022 , an arbitration application was filed requesting that the renegotiation agreement (“Acuerdo Integral de Renegociación”, AIR) be found to be valid and the Argentine government ordered to comply therewith (and hence pay the established amount which had never been collected). On 4 July 2023, the Argentine government obtained a precautionary measure suspending the arbitration proceedings. The legal ⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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counsel informed the tribunal and filed an appeal, which was rejected. On 5 December 2023, another appeal ("recurso de queja") was filed with the Argentine Supreme Court which was also rejected.
On 16 November 2023, a trigger letter was filed to commence an ICSID arbitration proceeding against Argentina due to its violations of the bilateral Argentina-Italy treaty. The proceeding formally commenced in January 2026 and the tribunal is yet to be constituted.
Supported by the opinion of its legal advisors, Ausol is confident that its arguments will be upheld at the end of the dispute.
NAPLES - BARI RAILWAY LINE, NAPLES - CANCELLO SECTION - NACAV S.C. A R.L.
With respect to the contract for the Naples - Cancello section of the Naples - Bari railway line, NACAV S.C. a r.l.
(Webuild Group: 100%) terminated the subcontracting contract due to the counterparty's continued non-
compliance with the related contract terms. The subcontractor subsequently appealed to the Rome Civil Court claiming damages of approximately €7.3 million. NACAV presented itself in court challenging the admissibility and validity of the subcontractor's claims. The court-appointed technical expert found the claims made by the subcontractor to be unfounded and inadmissible. Following the Reggio Calabria Court’s ruling which ordered the judicial liquidation of the counterparty (thus halting the court hearing), the case was resumed before the Rome Court.
C-43 WEST BASIN STORAGE RESERVOIR (FLORIDA, US)
Webuild and Lane are part of the C43 Water Management Builders joint venture set up to build a reservoir in southern Florida.
The project incurred significant delays and stoppages which the joint venture attributed to the numerous design changes requested by the customer and lack of access to the site. It prepared a comprehensive recovery plan and programme to accelerate completion of the works in response to a cure notice sent by the customer on 27 February 2023.
However, on 28 April 2023, the customer served the joint venture with a notice of termination of contract, ordering it to discontinue the works.
Proceedings have been commenced before the Fifteenth Judicial Circuit Court in Palm Beach County, Florida.
The customer claims that the joint venture violated the contact by not carrying out the works properly and diligently. It has requested compensation for damages. Conversely, the joint venture has claimed the unlawful termination of the contract and in turn requested damages from the customer . The proceeding is underway.
Webuild and Lane’s counterclaims amount to approximately USD136.9 million; including interest, this is currently around USD171 million. The customer’s claims approximate USD233 million. The hearings are underway.
Administrative litigation
This section describes the main administrative proceedings involving the group companies.
USW CAMPANIA PROJECTS
The special commissioner tasked by the Regional Administrative Court to collect receivables of the former operators of the waste disposal service performed until 15 December 2005 submitted their final report in November 2014, in which they stated that the competent public administration had already collected directly €46.4 million of the fee due to Fibe for its services rendered until 15 December 2005 (when the contracts were terminated ope legis), without forwarding it to Fibe, and that total outstanding receivables totalled €74.3 million.
In its ruling no. 7323/2016, the Regional Administrative Court decided that the special commissioner should pay the amounts claimed by Fibe only after the assessment is completed and thus excluding the possibility of payments during the proceedings (including of sums already recovered by the public administration). Fibe ⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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challenged this ruling with the Council of State which rejected it with its ruling no. 1759/2018. On 29 January 2021, the commissioner (appointed after other commissioners resigned or did not accept the position and interim reports) filed another report setting out the definitive calculation of the amounts due to be €57.3 million and the interest and fines due to Fibe as €62.7 million. The Regional Administrative Court ruled on 4 March 2021 that the mandate given to the special commissioner had ended and confirmed the amounts ascertained by them. These amounts are included in the requests made by Fibe as part of the civil proceedings (described in point 2 of the previous section on civil litigation).
In 2009, Fibe filed a complaint with the Lazio Regional Administrative Court about the slackness of the competent authorities in completing the administrative procedures for the recording and recognition of the costs incurred by the former service contractors for activities carried out pursuant to law and the work ordered by the administration and performed by the companies during the years from 2006 to 2008 (i.e., after the contracts had been terminated).
As part of the aforementioned ruling, the Regional Administrative Court appointed an inspector who submitted a final report on 28 September 2018. The Lazio Regional Administrative Court with its ruling of 21 March 2019 ordered the Office of the Prime Minister to pay €53 million, including VAT and interest, as the fee for services carried out after the contracts were terminated. The Office of the Prime Minister challenged this ruling before the Council of State which, in its ruling no. 974 of 7 February 2020, identified a logical legal error in the Regional Administrative Court’s ruling where it ordered the Office of the Prime Minister to pay the amounts requested and documented by Fibe (private part) not yet checked by it. The Council of State amended in part the first level ruling finding that Fibe is due the smaller amount of €21 million, increased by legal interest. It ordered the administration to check the difference between the amount due to Fibe and that established by the Regional Administrative Court (€53 million).
In May 2020, Fibe filed: (i) an appeal before the Supreme Court for excessive jurisdictional power and (ii) an appeal before the Council of State for revocation due to inconsistent rulings and the error of fact made by the Appeal Judge. The Council of State accepted the appeal for revocation and recognised Fibe’s subjective right to the amounts due to it with its ruling no. 1674/21 of 26 February 2021. Nevertheless, it referred the performance of the checks to the Office of the Prime Minister, setting a deadline of 180 days. Fibe appealed against this ruling before the Supreme Court challenging the withdrawal of jurisdiction as per article 362 of the Code of Civil Procedure (appeal no. 20137/2021, with which appeal no. 13875/2020 against the Council of State’s ruling no.
974/2020, partly revoked by the Council of State’s subsequent ruling no. 1674/2021, was joined).
The Supreme Court handed down a joint ruling filed on 4 February 2022 dismissing both appeals and confirming the Council of State’s ruling no. 1674/21 on the revocation and related obligation of the public administration to complete the procedure and, should it fail to do so, to appoint a special commissioner (the state general accounting office) to take on this task. The Office of the Prime Minister had stated that it was unable to carry out the investigation given the partial nature of the information available and short period of time allowed and referred to the special commissioner to check and confirm the reported amounts. The state general accounting office requested and obtained a further deadline (until December 2023) to express its opinion. In October 2023, the deadline was extended by another six months to the end of June 2024.
While the special commissioner was carrying out their activities, the technical unit notified the parties of:
•on 31 December 2023, decree no. 512 of the unit manager dated 30 December 2023 stating that Fibe should be paid €7.7 million based on a report prepared by the unit’s technical staff;
•on 12 January 2024, decree no. 3 of the unit manager offsetting this receivable of €7.7 million plus interest of €1.3 million (for a total of €9 million) against the larger receivable due by it to Fibe as ruled by the Naples Court with its judgement no. 4658/2019.
Fibe has challenged these measures and the report before the Council of State with a compliance appeal and complaint against the provisions of the special commissioner that considered their work to be completed following the assessment ordered by the technical unit.
With its ruling published on 22 July 2024, the Council of State:⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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•accepted the compliance appeal and (i) declared the partial nullity of the technical unit's assessment due to evasion of the res judicata and (ii) declared void the offsetting made by the technical unit between a receivable due to Fibe from the public administration, still subject to judgement by the Naples Appeal Court, and a payable from Fibe, arising from the compliance ruling;
•accepted the appeal and ordered the special commissioner to: (i) pay Fibe €7.7 million plus the legal interest and (ii) complete the checks on the additional reports to be recognised taking into account what has been filed in court by Fibe with the instructions to stick to the criteria already adopted in the past for the verification of the reports, omitting the use of new requests. The checks are being performed.
On 8 October 2024, Fibe collected approximately €9.1 million.
With its measure of 20 June 2022, the Rome Court assigned Fibe the total amount of approximately €71 million which it collected on 20 July 2022 as part of the enforcement procedure commenced by Fibe for receipt of the amounts recognised by the Council of State’s ruling no. 974/2020 and those due under the civil proceedings described in point 2 of the previous section on civil litigation.
With ruling no. 3886/2011, the Lazio Regional Administrative Court upheld Fibe’s appeal and ordered the administration to pay the undepreciated costs at the termination date for the RDF plants to Fibe, for a total amount of €205 million, plus legal and default interest from 15 December 2005 until settlement.
Following the enforcement order filed by Fibe and opposed by the Office of the Prime Minister, Fibe obtained the allocation of €241 million (collected in previous years) as a final payment for the receivables for principal and legal interest and suspended the enforcement procedure for the further amount of default interest claimed.
Both parties initiated proceedings about the merits of the case. In the ruling of 12 February 2016, the judge dismissed the request for default interest submitted by Fibe, which Fibe challenged. With its ruling no.
2383/2023 published on 30 March 2023, the Appeal Court ruled that the first level judgment was procedurally null and void given the absence of the third party subjected to attachment in the same trial and, therefore, referred the case to the first level judge for integration of the cross-examination and summary judgement.
The proceedings already finalised by the ordinary Naples Court were reinstated by the Campania Regional Administrative Court upon the application of the administration. They related to the payment of approximately €20 million due as per the conformity deed signed by Fibe on 25 February 2005 and the return of approximately €33 million collected by Fibe as the contribution for environmental restoration and withheld by it as a reduction in the waste disposal fee due to it that the special commissioner should have collected on its behalf.
With respect to these latter rulings, the Campania Regional Administrative Court published ruling no.
02761/2023 on 5 May 2023 on the ruling related to the conformity deed and ruling no. 02623/2023 on 2 May 2023 on the "environmental restoration". It ordered Fibe to pay approximately €20 million and €33 million in the two rulings, respectively, plus legal interest accruing from December 2005.
Fibe appealed to the Council of State against both rulings. With order no. 8037 of 5 October 2024, the Council of State deferred the decision about the "environmental restoration" pending the ruling to be handed down by the judge as part of the civil proceedings (point 2 of the previous section on civil litigation) as this issue is included in those proceedings. With respect to the conformity deed, the Council of State accepted Fibe's claim about the lack of jurisdiction in its order no. 8507 of 21 October 2024 and referred the case to the Supreme Court for its decision.
As part of the USW Campania projects, the Group was notified of a large number of administrative measures regarding reclamation and the implementation of safety measures at some of the landfills, storage areas and RDF plants. For the proceedings regarding the characterisation and emergency safety measures at the Pontericcio site, the RDF plant in Giugliano and the temporary storage area at Cava Giuliani, the Lazio Regional Administrative Court rejected the appeals filed by Fibe with ruling no. 6033/2012. An appeal against this ruling, based on contamination found at a site different to those the subject of the proceedings, was filed with the Council of State, which accepted Fibe’s appeal in its ruling no. 5076/2018, overturned the first level ruling and annulled the safety and reclamation measures. With respect to the Cava Giuliani landfill, the Lazio Regional Administrative Court, with ruling no. 5831/2012, found that it lacked jurisdiction in favour of the Superior Court ⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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of Public Waters, before which the appeal was summed up and this court rejected the appeal with its ruling no.
119/2020 filed on 28 December 2020. Fibe appealed this ruling before the Supreme Court, which issued a joint ruling no. 3077/7023 dated 1 February 2023, accepting Fibe's appeal and quashing the ruling in question referring the case to the Superior Court of Public Waters (with a different composition to that of the previous hearing). The Superior Court of Public Waters handed down its ruling of 15 March 2025 accepting Fibe’s appeal and effectively cancelled the challenged measures. This latter ruling is res judicata .
This dispute was also dealt with and settled as part of the agreement entered into by Fibe, Fisia Ambiente, Fisia Italimpianti and Webuild with the Office of the Prime Minister and the technical unit on 22 July 2026. The agreement has been sent to the Italian Court of Auditors, together with the Public Prosecutor’s favourable opinion, for the legitimacy opinion (see the paragraph on the USW Campania projects in the section on civil litigation).
Criminal litigation
This section describes the main criminal proceedings involving the group companies.
COCIV CONSORTIUM
On 26 October 2016, some managers and employees of COCIV were arrested as were other persons (including the chairperson of Reggio Calabria - Scilla S.C.p.A., who promptly resigned) with warrants issued on 7 October 2016 by the Genoa Preliminary Investigations Judge and 10 October 2016 by the Rome Preliminary Investigations Judge. The above two legal entities were informed that the Genoa and Rome public prosecutors were investigating alleged obstruction of public tender procedures, corruption and, in some cases, criminal organisation.
Specifically, with respect to the Genoa investigations, the public prosecutor dismissed the original charges against COCIV (article 25 of Legislative decree no. 231/2001) while it applied for and obtained trial for around 35 people, including Webuild's chief executive officer and senior managers and employees of COCIV, accused of 13 counts of bid rigging and corruption.
On 30 September 2022, the Genoa Court found Webuild’s chief executive officer and COCIV’s chairperson not guilty of any of the crimes alleged by the public prosecutor. The other managers and employees were also found not guilty except for one case of bid rigging (which was actually a market survey, the so-called “Vecchie Fornaci”) involving two employees and a former manager. On 17 March 2023 , the reasons for the decision were filed and the public prosecutor appealed against them in relation to the few remaining charges not yet time-
barred (and for which the related deadline expired shortly after presentation of the appeal), together with the civil party and the defence counsels of the defendants found guilty in the case of bid rigging (the Vecchie Fornaci market survey which was time-barred).
During the appeal hearing before the Genoa Appeal Court, the civil party withdrew its appearance in court and the Attorney General renounced the appeal lodged against the acquittal on all charges relating to the tenders (articles 353 and 353-bis of the Italian Code of Criminal Procedure). As a result, the first level acquittal ruling covering, inter alia, Webuild’s chief executive officer became res judicata while the appeal hearing about the merits continues for the corruption charges levelled at the then chairperson of COCIV, for which the Attorney General has requested the acquittal ruling be overturned. This hearing ended on 2 March 2026 with the full confirmation of the acquittal ruling.
The proceedings commenced by the Rome public prosecutor cover alleged active corruption of the works manager by senior management of the contractors (namely COCIV, Reggio Calabria - Scilla S.C.p.A. and Salerno-Reggio Calabria S.C.p.A.) to encourage the works manager (also under investigation) to carry out acts contrary to their official duties, as well as the alleged administrative liability of COCIV and Reggio Calabria -
Scilla S.C.p.A. for the administrative offence as per articles 5 and 25 of Legislative decree no. 231/2001.
Various courts (Rome, Bolzano and subsequently Alessandra) have gradually excluded their territorial jurisdiction to hear the case and, accordingly, on 25 November 2022, the Supreme Court charged with finally resolving the negative conflict of jurisdiction raised by the Preliminary Hearing Judge at the Alessandria Court, ⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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definitively confirmed the jurisdiction of the Bolzano Court, to whose public prosecutor’s office the documents were therefore sent.
On 19 July 2023, after another application for a hearing, the Preliminary Hearing Judge at the Bolzano Court set a new date for a preliminary hearing as 13 October 2023. After checking the appearance of the parties, the judge noted some defects in the notification of the summons, in particular to the entities charged with Legislative decree no. 231 offences, and ordered the irregular notifications be remedied. The judge recently revealed their incompatibility (having been part of the Review Court called to decide on an incidental issue during the investigation) and sent the documents to the Chief Judge for the assignment of the file to another judge. On 5 June 2024, the notice setting the preliminary hearing for 16 July 2024 before the new Preliminary Hearing Judge was served. However, this judge also stated their incompatibility (as they had issued plea bargaining sentences for some of the defendants). The file was assigned to a different judge who, in acceptance of the defence arguments, issued a ruling of no case to answer for all the crimes contested both to the individuals and to the companies as per Legislative decree no. 31/2001 in the preliminary hearing of 10 April 2025. This ruling became res judicata on 16 October 2025.
ROME COURT INVESTIGATIONS (NOTICE OF COMPLETION OF THE PRELIMINARY
INVESTIGATIONS)
Webuild has been informed by the legal advisors of a group manager of proceedings commenced by the Rome public prosecutor about a fatal accident at the Gibe III Ethiopian work site in 2013. On 11 February 2022, the notice of completion of the preliminary investigations as per article 415-bis of the Italian Criminal Code was notified. The public prosecutor alleged the group manager's responsibility for manslaughter as per Legislative decree no. 231/2001 for violation of the rules on safety in the workplace as the employee who had a fatal accident had not been provided with the required training and did not receive medical assistance in time.
With respect to the charges made against Webuild, it has already requested and obtained the filing order as the alleged administrative crime has been time-barred for years.
COSSI - COCIV - GENOA RAILWAY JUNCTION - CRIMINAL PROCEEDING NO. 13503/2023
On 11 April 2024, Cossi Costruzioni S.p.A. was notified of a warrant for inspection of places and things with which the company learned that it was being investigated pursuant to Legislative decree no. 231/2001 in relation to the contravention of management of non-hazardous special waste (article 256.1.a of Legislative decree no. 152/2006) allegedly performed by the manager of the Genoa - Fegino - Lot 2 work site as part of the works to build the Genoa railway junction: upgrading of the Genova Voltri - Genova Brignole infrastructure.
The proceeding is at an initial stage.
Other situations characterised by risk and/or uncertainty profiles Astaris (formerly Astaldi)
COMPOSITION WITH CREDITORS ON A GOING CONCERN BASIS AS PER ARTICLE 186-BIS OF THE
BANKRUPTCY LAW AND PARTIAL PROPORTIONATE DEMERGER OF THE CORE ASSETS SCOPE
On 28 September 2018, Astaldi S.p.A. ("Astaldi" or "Astaris") filed its application (no. 63/2018) with the bankruptcy section of the Rome Court for its composition with creditors on a going concern basis procedure as per article 161 and following articles of the Bankruptcy Law (the “procedure”).
On 19 June 2019, Astaldi filed the definitive composition with creditors plan (the "plan") together with the proposal and additional documentation requested (subsequently updated on 16 July 2019, 20 July 2019 and 2 August 2020 - the "composition with creditors proposal"). ⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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The plan is underpinned, inter alia, by the offer for financial and industrial assistance made by Webuild on 13 February 2019, subsequently integrated and confirmed on 15 July 2019 (the “Webuild offer”). On 5 November 2020, after subscribing the capital increase reserved to it, Webuild became Astaldi’s controlling shareholder and had an investment therein of 66.10% at 30 June 2021.
The Rome Court authorised the composition with creditors procedure with immediate and definitive effect with its ruling no. 2900/2020 published on 17 July 2020 (no. 26945/2020) and authorised its full execution with its ruling of 28 July 2021. Astaldi changed its name to Astaris S.p.A. with the deed of 30 May 2022.
PARTIAL PROPORTIONATE DEMERGER OF THE CORE ASSETS SCOPE
On 29 and 30 April 2021, respectively, extraordinary meetings of the shareholders of Webuild and Astaldi were held to approve the proposed partial proportionate demerger (the “demerger”) of Astaldi to Webuild, after which Astaldi's core assets scope would be definitively separated, including legally, from the separate unit set up by it on 24 May 2020 as part of its composition with creditors procedure.
On 1 August 2021, the demerger became effective and Webuild took over all the assets and legal relationships of Astaldi's core assets, without prejudice to the effects of the composition with creditors procedure and excluding those transferred to the separate unit set up by Astaldi pursuant to article 2447-bis and following articles of the Italian Civil Code as part of its composition with creditors proposal authorised by the Rome Court and to be used solely to satisfy its unsecured creditors. As a result, Webuild received Astaldi's liabilities related to the core assets scope after Astaldi discharged its debts resulting from the composition with creditors procedure. Therefore, it did not receive, inter alia, liabilities for claims to be considered as unsecured pursuant to the authorised composition with creditors proposal related to Astaldi's transactions, settled or not before 1 August 2021, even when they were acknowledged in the proceedings or out-of-court after that date. Webuild is solely obliged to issue shares for such claims in accordance with that set out in the demerger proposal.
On 1 August 2021, but effective before the demerger, the transfer of the business unit including Astaldi's Italian operations to a wholly-owned newco, Partecipazioni Italia S.p.A., took place.
As a result of the demerger, Webuild obtained control of 100% of Partecipazioni Italia S.p.A., owned by Astaldi S.p.A., with effect from 1 August 2021.
It is worth noting that the arbitration award handed down in February 2025 about the dispute related to the Arturo Merino Benítez International Airport in Santiago (see later) acknowledged the effectiveness of the above-
described principles for this project performed outside the European Union, whereby Italian laws about composition with creditors procedures automatically apply: (i) Astaldi's unsecured liabilities can only be settled through the assignment of participating financial instruments by Astaris and shares assigned by Webuild pursuant to the demerger and (ii) these liabilities were not transferred to Webuild as part of the demerger.
NBI S.P.A. - SEPARATE COMPOSITION WITH CREDITORS PROCEDURE
On 5 November 2018, NBI S.p.A. (“NBI”), wholly owned by the Group, submitted an application for a separate composition with creditors on a going concern basis procedure to the Rome Court as per article 161.6 of the Bankruptcy Law. On 9 October 2020, the Rome Court published its ruling authorising NBI’s composition with creditors procedure. This ruling, handed down without opposition as per article 180.3 of the Bankruptcy Law, cannot be appealed and is, therefore, res judicata with immediate effect. NBI’s composition with creditors procedure entails the settlement of all the pre-preferential and preferential claims in full and payment of 10.1% of the unsecured claims in cash over the plan period as well as payment of the unsecured claims using the proceeds from the sale of some non-core assets. The court has entrusted the performance of the composition with creditors procedure to NBI while the judicial commissioners will oversee its proper execution. The court appointed a receiver to sell the non-core assets in line with the information provided in NBI’s composition with creditors proposal and assigned this receiver the duty of satisfying the creditors. The court’s authorisation
implies that NBI is again a going concern.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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PARTENOPEA FINANZA DI PROGETTO S.C.P.A. - SEPARATE COMPOSITION WITH CREDITORS
PROCEDURE
Partenopea Finanza di Progetto S.C.p.A. (“PFP”, 99% controlled by the Group) received a winding up petition before the Naples Court on 6 February 2019. As it did not have sufficient funds to cover its debts (its main asset is a financial asset with Astaldi that cannot be collected given Astaldi’s composition with creditors procedure), it in turn filed an appeal pursuant to article 161.6 of the Bankruptcy Law with the Naples Court. The court authorised PFP’s composition with creditors procedure with its ruling of 21 October 2020 and appointed the judicial receiver in charge of selling the company’s assets and distributing the proceeds to its creditors.
Civil litigation
METRO C (ITALY)
Actions related to default of the implementing act:
1a) Opposition proceedings against the order for payment - Appeal against the first level ruling In January 2014, Metro C (Webuild’s investment: 34.5%) applied for and obtained an order from the Rome Court against Roma Metropolitane for payment of the amounts provided for in the implementing act of September 2013 (€296 million). Roma Metropolitane, which had paid roughly €224 million to Metro C during the proceedings, opposed the order. In April 2021, an additional €16 million was received. Therefore, Metro C has collected €240 million. Given that it has received only part of the amount outstanding, Metro C has continued to claim the remainder of approximately €56 million plus default interest. The Rome Court overturned the order for payment on 15 June 2018 and dismissed Metro C’s payment application for the remainder. Metro C has appealed against this ruling and the related proceedings are pending before the Rome Appeal Court.
1b) Action for damages due to the customer's unlawful acts Metro C commenced an action for damages with its claim form of 21 May 2019 against Roma Metropolitane and Roma Capitale for unjustly incurred financial charges and damage caused by the non-payment of the sums due under the implementing act of September 2013 referred to in point 1a) as well as the unlawful deductions applied by Roma Metropolitane. Metro C has claimed damages of approximately €55 million for the reasons cited in the claims form, based on an appraisal, in addition to another €18 million for the deductions made by Roma Metropolitane as arbitrary claims for refunds of the new prices agreed and paid during the contract term.
The court appointed an expert that prepared its report finding that the deductions made by Roma Metropolitane of a net amount of around €2.2 million are incorrect and should, therefore, be returned in full to the general contractor.
With its ruling no. 1338/2023 of 27 January 2023, the Rome Court declared Roma Capitale's lack of capacity to be sued, ordered Roma Metropolitane to pay Metro C the sum of €1.2 million plus interest from the individual deadlines to the payment date and dismissed the other requests for compensation for damage proposed by Metro C against Roma Metropolitane. Both Metro C and Roma Metropolitane have appealed this ruling.
Unforeseen costs have been incurred and Metro C has accordingly presented its request for additional consideration. The costs are included in the measurement of contract assets and liabilities for the part deemed highly probable to be recovered, based also on the opinions of the Group’s advisors. The Group cannot exclude that currently unforeseeable events may arise in the future which could require changes to the assessments
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ALTO PIURA HYDROELECTRIC PROJECT (PERU)
The Obrainsa Astaldi joint venture was awarded the contract to build the Alto Piura hydroelectric project (Proyecto Especial de Irrigacion e Hidroenergetico del Alto Piura). On 23 October 2018, the customer terminated the contract and the joint venture commenced a number of local arbitration proceedings before the arbitration centre of the Piura Chamber of Commerce (Centro de Arbitraje de la Camara de Comercio di Piura) presenting a claim of approximately €24 million (Astaldi’s share: €12 million) while the customer filed a counterclaim, mostly for alleged indirect damages, of €56 million. The first four arbitration hearings ruled in favour of the joint venture, awarding it €6.4 million (Astaldi's share: €3.2 million). The fifth award was notified on 28 August 2023 rejecting the joint venture's claims about the unlawful termination of the contract. It found that both parties were responsible and the joint venture was not due any compensation for damage or additional costs incurred as a result of the termination. Therefore, the amount due for the customer's undue enforcement of the performance guarantees of PEN47.5 million (approximately €11.6 million) is to be returned as part of the amounts involved in winding up the contract. As the two parties were unable to come to an agreement, the joint venture commenced the sixth arbitration proceeding on 13 May 2025, asking that the arbitration centre approve the final certificate.
The customer commenced procedures to have the five awards annulled. The arbitration centre confirmed the effectiveness of three awards (COA 2, COA 3 and COA 4) while the proceedings for the other two awards (COA 1 and COA 5) are still in progress.
Therefore, the customer filed a constitutional complaint (“Proceso de Amparo”) against the decisions that confirmed the effectiveness of awards COA 2 and COA 3. The proceeding is underway.
ARTURO MERINO BENÍTEZ INTERNATIONAL AIRPORT IN SANTIAGO (ICC ARBITRATION NO.
25888/GR)
On 12 March 2015, the Minister of Public Works (Ministerio de Obras Públicas), as grantor, awarded the concession for the construction, restructuring, maintenance and operation of Arturo Merino Benítez International Airport in Santiago to Sociedad Concesionaria Nuevo Pudahuel S.A. (“NPU”), 45% owned by Aéroports de Paris, 40% by VINCI Airports and 15% by Astaldi Concessioni (now transferred to the separate unit). NPU subsequently awarded an EPC contract to a joint venture comprising the Chilean branches of Astaldi and VINCI Construction Grands Projets (VCGP) and a joint venture in which VCGP has an interest (the “JV”) to design, build and restructure the airport. Due to the grantor’s delay in approving the definitive designs prepared by the contractor, the contract was immediately beset by serious delays, generating additional costs for the joint venture. In addition, there were generalised difficulties in planning the work activities leading to the lack of productivity and significant diseconomies as a result of the continued interruptions in the approval process.
Astaldi found that the leader VCGP had immediately imposed a contract strategy which was not favourable to the operator NPU. This management model and the operating decisions taken, most of which Astaldi did not agree with, meant the contract outcome decreased over time. VCGP continued to refuse the proposals made by Astaldi over the contract term to improve its management and make the processes more efficient. In the meantime, Astaldi found itself in financial difficulties which led to its application for a composition with creditors procedure and meant it was unable to cover the joint venture’s significant funding requirements.
VCGP agreed to provide the joint venture with Astaldi’s share of the funding as per the terms of an interim agreement.
Astaldi holds that the conflict of interest between VCGP and the group company VINCI Airports, which has a 40% interest in NPU, meant that it could not apply to NPU or the Ministry for the immediate cover of the higher costs incurred.
At the end of 2020, VCGP exercised its right to withdraw from the interim agreement. Its formal reason for this was the positive conclusion of Astaldi’s composition with creditors procedure and subsequent capital increase of 5 November 2020. VCGP requested Astaldi return the funding provided to the joint venture (and interest thereon) by VCGP on its behalf of around €38 million.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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As Astaldi deems that the joint venture’s difficulties were caused by its poor management unilaterally decided upon by the leader (VCGP) and given that its proposal to settle the dispute amicably was rejected, it challenged VCGP’s request and presented an application for arbitration to the International Chamber of Commerce against its partner VCGP at the end of 2020. It requested that VCGP cover all the costs of its management decisions and hold Astaldi harmless from any other risks arising from the contract.
VCGP objected that Astaldi had defaulted and announced that it was excluded from the joint venture.
As part of the same dispute, VCGP filed an appeal with the Rome Court in April 2021 for the preventive attachment of Astaldi’s real estate, movable property and receivables for €37.2 million, plus interest, as protection for its alleged claim related to the share of the funding given to the joint venture that it has counterclaimed in the arbitration proceeding commenced by Astaldi. Before the judge handed down their measure, VCGP filed an application to waive the preventive attachment and the judge declared the proceedings to be terminated on 11 October 2022.
At the end of October 2021, VINCI Agencia en Chile presented an application for the preventive attachment of €56 million to the Chilean courts against Astaldi Sucursal Chile. The relevant court rejected this application at both first and second level.
Astaldi was notified by VCGP by registered letter received on 1 July 2021 that the latter has sued Astaldi’s chairperson and CEO and the same Astaldi as the party civilly liable (for the symbolic amount of €1 as compensation plus the costs of publishing the ruling and payment of another €20 thousand) before the Nanterre Court in France for the alleged crime of public defamation under the French Criminal Code.
Based on the documentation received, the alleged defamation took place with the publication of the 2020 Annual Report which described the ongoing dispute with VCGP and the complaints made by Astaldi Group (see above). According to VCGP, these complaints were seriously defamatory and prejudicial.
Assisted by their expert advisors, Astaris and its two directors deem that VCGP’s allegations are completely unfounded at factual level as well as legally. They have taken the appropriate legal action.
VCGP also sued Webuild and its chairperson as part of the same criminal proceeding and for the same reasons.
In October 2022, VCGP dropped the public defamation charges against all the parties involved.
On 25 November 2021, VCGP filed a new arbitration application (ICC no. 26708/PAR) against Webuild (wrongly considering it to be Astaldi’s successor), requesting that Webuild be ordered to pay Astaldi’s cash calls and the funding advanced by VCGP on Astaldi’s behalf for the Santiago Airport project of €52 million and that the two proceedings be joined. The ICC joined the two proceedings and set up a new arbitration tribunal.
Webuild appeared in the arbitration proceedings contesting both the legitimacy of the arbitration tribunal to hear the dispute given the absence of a valid and effective arbitration clause against it and contesting the merits of all the charges made by VCGP against it. The proceeding is underway.
On 2 November 2021, VCGP obtained the preventive attachment of Webuild’s French accounts of €38.8 million and managed to have €1.8 million frozen.
On 27 March 2023, VCGP requested and obtained the preventive attachment of all Webuild’s French accounts with all its banks and especially BNP Paribas for Astaldi’s alleged liabilities for the Santiago de Chile Airport. On 17 May 2023, it managed to have €7.8 million held in two accounts jointly with NGE frozen. Webuild immediately filed an appeal for the cancellation of these attachments. On 19 October 2023, the French judge confirmed the preventive attachments which decision Webuild has appealed.
On 7 February 2025, the parties received the award in which the tribunal fully accepted Webuild's defences and (i) stated that it did not have jurisdication vis-à-vis Webuild, (ii) ordered Astaris to pay VCGP the unsecured amount of €37.2 million for the cash calls the latter had financed, (iii) stated that these amounts can only be paid within the terms of the Astaldi composition with creditors procedure and, hence, solely by the assignment of Astaris participating financial instruments and Webuild shares to the creditor, (iv) stated that Astaldi's ⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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unsecured liabilities were not transferred to Webuild as a result of the demerger. The tribunal also ordered VCP to pay Webuild 66% of the legal fees and costs incurred that Webuild had already collected. It offset the other parties' costs but ordered Astaris to pay USD0.1 million to VCGP as part of the arbitration costs.
Following this award, VCGP annulled the attachment of all Webuild's accounts in France, as described in the previous paragraphs. It was ordered to pay Webuild €80 thousand as compensation for damages and to cover its legal costs, which it has done.
On 13 March 2025, Vinci challenged the award before the Federal Supreme Court of Switzerland in Lausanne.
Webuild and Astaris constituted themselves in court defending the validity of the award.
The Supreme Court of Swizerland in Lausanne’s ruling of 3 July 2026, notified on 20 July 2026, rejected in full Vinci’s appeal for the cancellation of the award. The ruling thus confirmed the ICC award which excluded the tribunal’s jurisdiction to include Webuild given that the project had not been transferred to it, nor Astaldi’s unsecured claims. The court ordered Astaris to pay the cash calls. Vinci was also ordered to cover the costs of the proceeding before the court and to reimburse CHF250 thousand to Webuild and CHF20 thousand to Astaris.
FELIX BULNES HOSPITAL (CHILE)
In January 2019, the customer unduly terminated the construction contract after requesting the guarantees of €30 million be enforced. Astaldi Sucursal Chile challenged the termination and requested arbitration before the Santiago Chamber of Commerce, claiming that termination was unlawful and requesting payment for the work performed, compensation for damage and lost profit and return of the enforced guarantees for a total of around €103 million. The customer presented its counterclaim for €70 million. The final award (the "first award") was notified to the parties on 4 January 2022, rejecting Astaldi’s claims and ordering Astaldi Sucursal Chile to pay approximately €150 million. Astaldi Sucursal Chile has appealed against the award to the competent Appeal Court (the Queja appeal).
In the meantime, in accordance with Chilean law, the enforcement procedure was initiated by the customer before the arbitrator that issued the award and this proceeding is still underway.
On 1 August 2022, the Santiago Appeal Court deemed the limit of liability provided for in the contract to be applicable. This should reduce the amount to a maximum of UF2.3 billion (Chile's unit of account - Unidad de Fomento; at the current exchange rate, approximately €88 million).
Astaldi Sucursal Chile challenged the Appeal Court's decision, which dismissed the Queja appeal, before the Supreme Court in mid-September 2022. On 12 June 2023, the Supreme Court handed down its ruling rejecting the appeal, stating that the Appeal Court was responsible for possibly decreasing the original award and that it was up to the arbitration tribunal to establish the definitive amount of the ruling. On 11 May 2024, the arbitration tribunal issued its definitive award (the "second award") establishing that: (i) the amount of the first award was to be reduced to approximately €92 million, plus VAT, as per the Appeal Court's decision and (ii) the payment obligations as per the first and second award are not included in the local composition with creditors procedure.
A number of appeals have been lodged against the second award, currently awaiting definitive resolution. The Appeal Court overturned the appeals against the second award and Astaldi Sucursal Chile challenged the decision before the Supreme Court.
In the meantime, the customer commenced a procedure in Delaware (US), Ontario and Quebec (Canada) to have the award issued against Astaldi Sucursal Chile acknowledged and enforced against Webuild, as the assumed successor of Astaldi, now Astaris, as a result of the demerger. Webuild has asserted its non-
involvement in the events. On 30 April 2024, it commenced proceedings against the customer and Astaris in Italy to have acknowledged that the amount included in the award is an unsecured liability of Astaris and, therefore, cannot be enforced against Webuild. ⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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On 16 August 2024, Webuild was informed of a decision taken by the Ontario courts which established that Ontario is a "forum non conveniens" and suspended the enforcement procedure until the matters related to the merits of the case are decided in Italy. The customer appealed against this decision.
On 27 September 2024, the Delaware Court dismissed the customer’s request that the arbitration award be enforced against Webuild and declared its lack of jurisdiction. The customer appealed against this decision. On 18 May 2026, the Appeal Court upheld the customer’s appeal, confirming the jurisdiction of the Delaware Court.
Accordingly, Webuild presented a rehearing application to this Appeal Court, which rejected it. Webuild applied for suspension of the proceedings but this was rejected by the Appeal Court, with the consequent referral of the proceedings back to the Delaware District Court. Webuild is assessing what actions to take.
The customer waived the proceedings in Quebec and the case has been closed.
In the meantime, the customer commenced an identical procedure in Connecticut (USA) and Webuild requested that the proceedings be bifurcated between the jurisdiction of the Connecticut Court and the merits of the enforcement. On 12 January 2026, the first level Connecticut Court rejected the customer’s attempt to have the award enforced against Webuild . On 15 July 2026, the customer resumed the appeal hearing before the Connecticut Court.
I-405 (USA)
Astaldi Construction Corporation ("ACC") was assigned this contract as part of a joint venture with the Spanish company Obrascón Huarte Lain S.A. ("OHL") which presented an arbitration application requesting that ACC be excluded from the joint venture on 16 June 2021. It claimed that both ACC and Astaldi (its parent and guarantor) were insolvent. This application was made years after Astaldi commenced its composition with creditors procedure.
The arbitration complied with the Construction Industry Arbitration Rules of the American Arbitration Association (state of New York law). ACC challenged OHL’s claims and requested in turn that OHL be excluded from the joint venture for the same reasons as it appears that the Spanish company is in severe financial difficulties according to news in the specialist press and verified by Astaldi’s US-based legal advisors.
On 23 October 2023, the arbitration tribunal handed down its declaratory award, which established that ACC was in default as of 14 June 2019 and this constitutes a violation of the JV Agreement. ACC was solely ordered to pay OHL's legal cost, which it has already done.
As a result of the above award, in April 2024, OHL commenced a second arbitration proceeding against ACC and Webuild (the assumed successor of Astaldi as guarantor of ACC), requesting that they pay specified amounts which, according to OHL, are necessary for the project (these amounts have not yet been quantified).
Webuild does not deem it has any obligation in this respect. Astaris has applied to participate in the proceeding to clarify its position about the guarantee given for ACC's obligations. On 3 March 2026, the arbitration tribunal handed down the award rejecting ACC’s cash calls on the grounds that, having been excluded from management and control of the joint venture, it is no longer required to provide additional funding. Furthermore, the award established that Webuild succeeded Astaldi in the cross indemnity contract. However, the tribunal ruled that it lacks jurisdiction to decide on the payment of any amounts possibly due to OHL under the composition with creditors procedure pursuant to that contract. Finally, the tribunal ordered OHL to pay legal costs of USD2 million to ACC.
RAILWAY PROJECT E-59 (POLAND)
On 27 September 2018, Astaldi notified the customer of the termination of the contract due to the extraordinary and unforeseeable change in the works performance as evidenced by the abnormal increase in materials and labour costs, as well as the serious unavailability of materials, services and labour on the market, including rail transport of construction materials.
On 5 October 2018, the customer replied by terminating the contract alleging the contractor’s default and requesting payment of the fine (PLN130.9 million; €29 million) and collecting the guarantees of €18.8 million ⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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(including the advance payment bond). On 7 February 2019, the customer filed a petition with the Warsaw Court, requesting the payment of fines of PLN87.25 million (€19 million), net of the collected performance guarantees (€9.4 million). The customer also requested repayment of PLN8.1 million (including interest) (€1.8 million) it had paid to the subcontractors. Astaldi filed its defence brief on 2 December 2019 and the first level ruling is still pending.
Following the termination of the contract, Astaldi filed a claim before the Warsaw Court on 17 March 2020 for the non-payment of work performed and certified worth PLN17.6 million (€4 million). Subsequently, it filed an additional claim on 26 May 2020 requesting payment of a further PLN16.8 million (€3.9 million, of which €1.3 million for unpaid invoices and €2.6 million for work performed but not certified). At the date of preparation of this report, the proceeding is underway.
On 28 May 2026, Webuild, Astaris and the customer signed an agreement settling all mutual claims related to the railway projects.
RAILWAY PROJECT 7, DĘBLIN - LUBLIN LINE (POLAND)
On 27 September 2018, as leader of the consortium (94.98% share) set up to develop the Dęblin - Lublin railway line, Astaldi notified the customer of the termination of the contract due to the extraordinary and unforeseeable change in the works performance as evidenced by the abnormal increase in materials and labour costs, as well as the serious unavailability of materials, services and labour on the market, including rail transport of construction materials.
On 5 October 2018, the customer replied by terminating the contract alleging the consortium’s default and requesting payment of the fine of PLN248.7 million (€55 million) and collecting the guarantees totalling €43.3 million. On 7 February 2019, the customer filed a petition with the Warsaw Court, requesting the payment of fines of PLN155.6 million (€34.4 million), net of the collected guarantees (€21.7 million). The customer also requested repayment of PLN66.8 million (€15 million, including interest) it had paid to the subcontractors.
Astaldi filed its defence brief on 2 December 2019 and the ruling is still pending. Following the termination of the contract, Astaldi presented its claim to the Warsaw Court for non-payment of work performed and certified by the works manager of PLN37.9 million (€8.4 million). It subsequently filed a second claim on 26 May 2020 requesting payment of a further PLN135.3 million (€30 million) for work performed but not certified. The proceeding is underway.
On 28 May 2026, Webuild, Astaris and the customer signed an agreement settling all mutual claims related to the railway projects.
E60 ZEMO OSIAURI - CHUMATELETI (GEORGIA)
Due to the customer’s default, Astaldi notified termination of the contract on 22 November 2018 and commenced an arbitration proceeding before the ICC requesting the contractual termination be found to be legitimate and reimbursement of the higher charges and costs due to the customer’s contractual breaches. In December 2018, the customer responded by collecting the guarantees for a total of €24.1 million. The arbitration proceeding also includes the application for the return of the collected guarantees of €12 million.
On 1 April 2022, the ICC handed down the final award finding Astaldi’s termination of the contract to be illegitimate and ordering it to pay the customer roughly €15 million. Astaldi gave its legal advisors a mandate to appeal the award before the Paris (France) arbitration tribunal.
The Road Department had incidentally requested that Astaldi's appeal be found inadmissible as the actual party to which the award was applicable was Webuild and not Astaldi (allegedly due to the demerger) and that, therefore, only Webuild (and not Astaldi) had the right to appeal. On 3 October 2024, the Paris Appeal Court found in favour of Astaldi and (i) dismissed the Road Department's request that the appeal be found inadmissible and (ii) confirmed that the enforcement of the award was deferred until a final ruling is handed
down on the appeal for annulment.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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In September 2025, the Appeal Court rejected the appeal and Astaldi has challenged this decision before the Supreme Court. The proceeding is underway.
On 22 September 2023, the Milan Appeal Court accepted the Road Department’s appeal as per article 839 of the Code of Civil Procedure and ruled that the ICC’s award was enforceable in Italy. Astaris lodged an objection and a preliminary request to: (i) suspend the award's enforceability, and (ii) suspend the opposition proceedings pending the definition of the award proceeding taking place in Paris. The Milan Appeal Court dismissed the request to suspend the enforceability of the award and, on 16 May 2024, suspended the proceedings pending the completion of the French award proceeding.
Webuild has, for its part, initiated a negative declaratory action at the Rome Court against the Road Department and Astaris to have it declared that the award cannot be enforced against Webuild as it is an unsecured creditor of Astaldi.
Country risk
LIBYA
Webuild operates in Libya through a permanent establishment and a subsidiary, Impregilo Lidco Libya General Contracting Company (“Impregilo Lidco”), which has been active in Libya since 2009 and is 60% owned by Webuild with the other 40% held by a local partner.
The directors do not deem that significant risks exist with respect to the permanent establishment’s contracts as work thereon has not started, except for the Koufra Airport project worth €64 million. Moreover, the Group’s exposure for that project is not material. The Group is also involved in the Libyan Coastal Highway project (€1.1 billion) which leads to the Egyptian border for the stretch through Cyrenaica, which had not yet been started at the reporting date.
Impregilo Lidco had been awarded important contracts for LYD2 billion.
They related to the construction of:
•infrastructural works in Tripoli and Misuratah;
•university campuses in Misuratah, Tarhunah and Zliten;
•a new Conference Hall in Tripoli.
As a result of the dramatic political and social events that have materialised in Libya from 2011, the subsidiary was obliged due to force majeure to suspend work on the contracts before they even started. Despite this, Webuild has always acted in accordance with the contractual terms.
This political upheaval has not yet subsided, impeding the subsidiary from developing its business. At present, Webuild does not expect activities to be resumed in the near future as there are serious security problems.
Impregilo Lidco continues to be present in Libya and to maintain contacts with its customers, complying promptly with legal and corporate requirements. It informed its customers immediately of the activation of the force majeure clause (provided for contractually).
The customers have acknowledged the contractual rights and the validity of the claims presented for the costs, losses and damages incurred as a result of the above-mentioned unrest. Once the local situation has normalised and the country’s institutions are working again, these claims will be discussed with the customers.
The subsidiary continues to liaise with its customers but production activities have not resumed.
The impairment losses on net assets and costs incurred starting from the 2012 financial statements are fully included in contract work in progress. The subsidiary has presented claims to the customers for these amounts, which it deems are fully recoverable as they are due to force majeure.
In addition, the investments made to date are covered by the contract advances received from the customers.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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The subsidiary's legal advisors agree with this approach as can be seen in their reports.
No significant risks are deemed to exist for the recovery of the net assets attributable to the subsidiary, thanks in part to actions and claims notified to the customers.
As this country’s social and political situation continues to be complex and critical, the Group does not expect that operations can be resumed in the short term.
Webuild will continue to guarantee the subsidiary’s business continuity. However, it cannot be excluded that events which cannot currently be foreseen may take place after the date of preparation of this report that require changes to the assessments made to date.
NIGERIA
Nigeria is currently consolidating the economic reforms introduced in 2023. The main measures adopted, such as liberalising the Naira, removing energy subsidies and the fiscal reform, have enabled improvement of some macroeconomic indicators while they have had a significant social impact.
After the currency’s drastic devaluation in 2023 and 2024, the Naira has stabilised since 2025, facilitated by a tight monetary stance, greater foreign currency reserves and a modest return in foreign investors’ confidence.
The country still has to address significant critical issues, including high inflation, an increase in the cost of living, its strong reliance on the oil&gas sector and widespread social tensions.
The Group is present in Nigeria via its subsidiary Salini Nigeria Ltd., which has seven contracts, of which three are currently on hold (Cultural Centre, District 1 and IDU). Their recommencement is dependent on approval of change orders related to increases in unit prices, fees for price variations and/or monetary fluctuations. The subsidiary delivered a project, IXES (strategic infrastructure for the Abuja road network) in 2025. Another project is in the maintenance stage (INEX) and the related end of defect liability period certificate was issued in September 2025, while the subsidiary received a formal communication from the customer in May 2025 unilaterally activating the mutual termination clause for the SULEJA contract. The subsidiary is also working on the ADIYAN project, where work was resumed following the signing of an agreement with the Lagos government for the on-shore part (Naira). The agreement provides for completion of the civil works in exchange for an increase in the contract consideration (NGN30 billion, addendum 1) while the parties are negotiating the terms for the off-shore part (Euro).
The Group has another two subsidiaries in Nigeria, namely PGH Ltd. and Rivigo JV (Nigeria) Ltd, in which it has a 70% stake (the other shareholder is Rivers State).
The Group cannot exclude that events which cannot currently be foreseen may take place after the date of preparation of this report that require changes to the assessments made to date.
ARGENTINA
According to the IMF, the Argentine economy continues to gradually consolidate its macroeconomic stabilisation, bolstered by fiscal consolidation, a tighter monetary policy and structural reforms. The IMF points to the ongoing improvements with respect to disinflation, a stronger fiscal balance and better trade balance, although the country still has weak points, especially as regards its reserves.
Economic activity is expected to remain positive, with estimated GDP growth of around 3.5% in 2026, although this is subject to global and domestic uncertainties, and exports should benefit from the higher oil prices.
Inflation is expected to remain high at 25% due to the ongoing pressure on prices and external shocks.
The IMF confirmed the successful implementation of the extended fund facility as Argentina has reached most of its performance objectives. In May 2026, the county received an additional €1 billion as part of the four-year agreement with the IMF, bringing the total amount received since 2025 to USD15.8 billion. The programme continues to focus on disinflation, reconstitution of international reserves and the creation of conditions for sustainable growth, thanks to structural reforms designed to increase productivity, investments and formal employment, while also creating a more open and competitive economy.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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International rating agencies like S&P Global Rating and Fitch Rating have upgraded Argentina’s sovereign credit rating to B-, confirming the progress achieved with the economic reforms and better outlook in terms of foreign exchange reserves and economic growth as well as lower inflation.
Minor works continue for the Aña-Cuá contract signed with Entidad Binacional Yacyretá (50% Argentina - 50% Paraguay) for civil works and part of the electromechanical works to extend the Yacyretá hydroelectric plant (Webuild Group: 55%).
⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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2026 INTERIM FINANCIAL REPORT | 107Directors'
report PART III
Events after the reporting date On 28 July 2026, Webuild was awarded a contract to redevelop and expand Christchurch Men’s Prison in New Zealand. The contract, to be performed as a public-private partnership (PPP) promoted by the New Zealand Department of Corrections, is worth NZD439 million (€225 million), of which Webuild’s share is NZD308 million (€157 million).
Located in Templeton in western Christchurch, the prison is strategically important for New Zealand’s corrections system. The project includes the construction of new facilities and infrastructure to enhance the prison’s operational capacity and support the development of the country’s correctional model. The new facilities will be built in accordance with the standards of the New Zealand Department of Corrections and will incorporate design solutions to strengthen security, operational efficiency and quality of the environment for both staff and inmates. The project will also support rehabilitation and social reintegration programmes, in line with the objectives of New Zealand’s corrections system.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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Outlook
Given the results achieved in the first six months of 2026, the scale and quality of the order backlog and visibility that this guarantees, the following financial targets have been set for the year:
•Revenue in excess of €13.6 billion (€13.6 billion in 2025);
•EBITDA greater than €1.2 billion (€1.16 billion in 2025), with an improving EBITDA margin;
•Net financial position (net cash) above €300 million at year end (€363 million in 2025).
The guidance fully incorporates the effects of the termination of the Neom projects in Saudi Arabia, which are completely covered by the order backlog’s scale and diversity. In addition, the guidance was defined assuming that there will not be substantial changes to the geopolitical landscape, extreme shocks to commodity prices or significant disruptions to supply chains. The forecasts reflect the Group’s current scope of operations.
The parent’s board of directors has resolved to launch a voluntary takeover bid for Trevi Finanziaria Industriale S.p.A.. The related terms are set out in the press release released in accordance with article 102 of the Consolidated Finance Act.
The Group is currently drawing up its 2026-2029 business plan, which will be presented to the financial
community at the end of September.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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Other information
RESEARCH, DEVELOPMENT AND INNOVATION (R&S&I)
In the first half of 2026, Webuild carried out or continued industrial research, experimental development and innovation activities in order to acquire and develop new knowledge, expertise and solutions that can meet the increasingly challenging and complex requirements of customers and other key stakeholders. Webuild deems these activities extremely important to its competitive edge and to support sustainable growth.
Its projects cover many areas such as the design and development of new construction techniques, innovative materials and next generation digital solutions to improve the Group's performance, including from an environmental, health and safety point of view.
As part of its annual sustainability reporting (CSRD reporting), Webuild provides disclosure on its main projects carried out during the reporting period.
COMPLIANCE WITH THE CONDITIONS OF ARTICLE 15 OF THE STOCK EXCHANGE REGULATION
Webuild confirms that it complies with the conditions of article 15 of Consob regulation no. 20249 (“Regulation on markets”), based on the procedures adopted before article 15 became effective and the availability of the related information.
REPURCHASE OF TREASURY SHARES
During their ordinary meeting of 29 April 2026, the parent’s shareholders authorised the board of directors to adopt a treasury share repurchase plan as per the terms and methods approved by them (available in the “Shareholders’ meeting” part of the “ Governance ” section on the parent’s website www.webuildgroup.com ).
At 30 June 2026 , the parent had 30,504,906 treasury shares.
RELATED PARTIES
Reference should be made to note 37 to the condensed interim consolidated financial statements for a description of related party transactions.
On behalf of the board of directors
Chairman
Gian Luca Gregori
(signed on the original)⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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2026 INTERIM FINANCIAL REPORT | 111Condensed
interim
consolidated
financial
statements
AT 30 JUNE 2026
Interim consolidated financial statements Consolidated statement of financial position
ASSETS
(€'000) Note 31 December 2025of which: related parties 30 June 2026of which: related
parties
Non-current assets
Property, plant and equipment 7.1 2,018,623 2,064,256 Right-of-use assets 7.2 190,372 145,756 Intangible assets 7.3 206,125 183,898 Goodwill 8 75,937 78,073 Equity-accounted investments 9.1 715,454 804,446 Other equity investments 9.2 35,967 38,143 Other non-current financial assets, including derivatives10 217,459 135,832 244,500 151,365 Deferred tax assets 11 398,471 427,119 Total non-current assets 3,858,408 3,986,191
Current assets
Inventories 12 302,071 329,976 Contract assets 13 4,516,719 4,451,848 Trade receivables 14 4,254,855 582,181 4,882,948 438,103 Current financial assets, including derivatives 15 761,314 85,727 805,868 54,541 Current tax assets 16.1 90,958 79,097 Other current tax assets 16.2 379,268 387,201 Other current assets 17 1,182,243 32,968 1,159,655 27,230 Cash and cash equivalents 18 2,444,680 2,364,429 Total current assets 13,932,108 14,461,022 Non-current assets held for sale 19 2,754 2,754
Total assets 17,793,270 18,449,967⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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Consolidated statement of financial position
EQUITY AND LIABILITIES
(€'000) Note 31 December 2025of which: related parties 30 June 2026of which: related
parties
Equity
Share capital 600,000 600,000 Share premium reserve 367,763 367,763 Other reserves 138,841 128,330 Other comprehensive expense (253,634) (176,199) Retained earnings 582,129 726,413 Profit for the period/year 239,847 109,544 Equity attributable to the owners of the parent 1,674,946 1,755,851 Non-controlling interests 122,435 142,636 Total equity 20 1,797,381 1,898,487
Non-current liabilities
Bank and other loans and borrowings, including derivatives21 133,504 120,074 Bonds 22 2,125,806 2,372,580 Lease liabilities 23 94,666 2,458 77,397 Post-employment benefits and other employee benefits25 83,599 56,230 Deferred tax liabilities 11 84,915 70,259 Provisions for risks 26 125,155 96,415 Total non-current liabilities 2,647,645 2,792,955
Current liabilities
Current portion of bank loans and borrowings and current account facilities, including derivatives21 484,172 137,754 496,740 194,266 Current portion of bonds 22 131,389 181,166 Current portion of lease liabilities 23 98,503 912 79,280 Contract liabilities and other advances from customers 13 5,618,770 5,887,306 Trade payables 27 5,992,655 216,461 6,096,533 251,935 Current tax liabilities 28.1 154,284 211,932 Other current tax liabilities 28.2 104,247 83,230 Other current liabilities 29 764,224 54,341 722,338 56,159 Total current liabilities 13,348,244 13,758,525
Total equity and liabilities 17,793,270 18,449,967⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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Consolidated statement of profit or loss (€'000) Note First half 2025of which: related parties First half 2026of which: related
parties
Revenue
Revenue from contracts with customers 31.1 6,168,518 79,423 5,956,280 62,659 Other income 31.2 474,784 28,851 694,038 48,972 Total revenue and other income 6,643,302 6,650,318
Operating expenses
Purchases (1,142,910) (838) (958,492) (1,722) Subcontracts (2,017,729) (31,037) (2,003,078) (81,330) Services 32.1 (1,513,330) (86,213) (1,489,958) (108,370) Personnel expenses 32.2 (1,141,658) (14,870) (1,284,408) (530) Other operating expenses 32.3 (235,308) (8,649) (241,451) (7,144) Net reversals of impairment losses 32.4 12,271 (13) 350 Amortisation, depreciation and provisions 32.4 (234,870) (214,380) Total operating expenses (6,273,534) (6,191,417) Operating profit 369,768 458,901 Financing income (costs) and gains (losses) on equity investments Financial income 33.1 60,552 10,001 49,161 7,688 Financial expense 33.2 (136,168) (5,681) (229,208) (7,387) Net exchange gains (losses) 33.3 (89,703) 31,623 Net financing costs (165,319) (148,424) Net losses on equity investments 34 (29,317) (101,871) Net financing costs and net losses on equity
investments(194,636) (250,295)
Profit before tax 175,132 208,606 Income taxes 35 (78,809) (85,529) Profit from continuing operations 96,323 123,077 Profit (loss) from discontinued operations 19 (9,150) 1,133 Profit for the period 87,173 124,210 Profit for the period attributable to:
Owners of the parent 107,280 109,544
Non-controlling interests (20,107) 14,666⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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Consolidated statement of comprehensive income (€'000) Note First half 2025 First half 2026 Profit for the period (a) 87,173 124,210 Items that may be subsequently reclassified to profit or loss, net of the tax effect:
Net exchange gains (losses) on the translation of foreign companies' financial statements 20 (117,243) 58,221 Net gains (losses) on cash flow hedges 20 - 13 Other comprehensive income (expense) related to equity-accounted investees 20 (56,639) 20,457 Items that may not be subsequently reclassified to profit or loss, net of the tax effect:
Net actuarial gains on defined benefit plans 20 135 1,761 Other comprehensive income (expense) (b) (173,747) 80,452 Comprehensive income (expense) (a) + (b) (86,574) 204,662 Comprehensive income (expense) attributable to:
Owners of the parent (49,798) 186,979 Non-controlling interests (36,776) 17,683 Earnings per share (Euro per share) From continuing and discontinued operations 36 Basic 0.11 0.11 Diluted 0.11 0.11 From continuing operations 36 Basic 0.12 0.11
Diluted 0.12 0.11⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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Consolidated statement of cash flows (€'000) Note First half 2025 First half half 2026 (*)
Operating activities
Profit from continuing operations 96,323 123,077
adjusted by:
Amortisation of intangible assets 32 46,075 14,703 Depreciation of property, plant and equipment and right-of-use assets 32 172,475 217,222 Net reversals of impairment losses and provisions 32 4,049 (17,896) Accrual for post-employment benefits and employee benefits 25 24,164 19,531 Net gains on the sale of assets 31-32 (1,692) (1,663) Deferred taxes 35 (13,022) (23,015) Share of losses of equity-accounted investees 9-26 29,620 102,313 Income taxes 35 91,831 108,544 Net exchange (gains) losses 33 89,703 (31,623) Net financial expense 33 75,616 180,047 Other non-monetary items (9,690) 1,157
605,452 692,397
Increase in inventories and contract assets 12-13 (207,531) (153,271) Increase in trade receivables 14 (215,853) (574,407) Decrease (increase) in contract liabilities 13 (746,285) 407,444 Increase in trade payables 27 144,502 41,638 Decrease (increase) in other assets/liabilities 17-29 82,104 (57,267) Total changes in working capital (943,063) (335,863) Decease (increase) in other items not included in working capital 17,733 (77,770) Financial income collected 25,715 18,940 Interest expense paid (85,456) (95,362) Income taxes paid (91,330) (55,415) Cash flows generated by (used in) operating activities (470,949) 146,927⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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(€'000) Note First half 2025 First half 2026 (*)
Investing activities
Investments in intangible assets 7.3 (4,998) (925) Investments in property, plant and equipment 7.1 (412,374) (209,815) Proceeds from the sale or reimbursement value of property, plant and equipment and intangible assets10,191 13,941 Dividends and capital repayments from equity-accounted investees 9 4,377 3,570 Proceeds from the sale or reimbursement value of non-current financial assets 9 (65,574) (132,656) Cash and cash equivalents from change in consolidation scope (1) (18,898) Cash flows used in investing activities (468,379) (344,783)
Financing activities
Dividends distributed 20 (84,590) (97,448) Repurchase of treasury shares 20 (1,881) (4,684) Capital injections by non-controlling investors in subsidiaries 20 10,087 4,265 Increase in bank and other loans 21-22 294,800 927,723 Decrease in bank and other loans 21-22 (305,129) (739,689) Decrease in lease liabilities (45,227) (51,520) Change in other financial assets/liabilities 107,074 8,184 Cash flows generated by (used in) financing activities (24,866) 46,831 Net exchange gains (losses) on cash and cash equivalents (123,871) 47,176 Decrease in cash and cash equivalents (1,088,065) (103,849) Cash and cash equivalents 18 3,214,830 2,444,680 Cash classified as non-current assets held for sale 19 4,974 -
Current account facilities 21 (9,777) (2,695) Total opening cash and cash equivalents 3,210,027 2,441,985 Cash and cash equivalents 18 2,125,694 2,364,429 Cash classified as non-current assets held for sale 19 3,443 -
Current account facilities 21 (7,174) (26,289) Total closing cash and cash equivalents 2,121,963 2,338,140 (*) Starting from the end of 2025, cash flows from the revolving credit facility (RCF) are presented in line with the net drawdowns (repayments) of each facility. The comparative figures have been restated without affecting total cash flows from financing activities.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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As at 1 January 2025 600,000 367,763 120,000 (10,988) (50,416) 29,588 59,765 1,416 136 149,501 (82,427) (1,985) 6,722 (77,690) 479,364 194,477 1,713,415 235,927 1,949,342 Allocation of profit and reserves 20 - - - - - - - - - - - - - - 194,477 (194,477) - - -
Dividend distribution 20 - - - - - - - - - - - - - - (80,305) - (80,305) - (80,305) Change in consolidation scope 20 - - - - - - - - - - - - - - - - - (21) (21) Treasury shares 20 - - - - (1,854) - - - - (1,854) - - - - - - (1,854) - (1,854) Capital increase 20 - - - - - - - - - - - - - - - - - 10,087 10,087 Other changes and reclassifications20 - - - - - (1,427) - - - (1,427) - - - - 197 - (1,230) 8 (1,222) Dividend distribution to non-
controlling interests20 - - - - - - - - - - - - - - - - - (4,285) (4,285) Profit for the period 20 - - - - - - - - - - - - - - - 107,280 107,280 (20,107) 87,173 Other comprehensive expense 20 - - - - - - - - - - (156,631) (582) 135 (157,078) - - (157,078) (16,669) (173,747) Comprehensive expense 20 - - - - - - - - - - (156,631) (582) 135 (157,078) - 107,280 (49,798) (36,776) (86,574) As at 30 June 2025 600,000 367,763 120,000 (10,988) (52,270) 28,161 59,765 1,416 136 146,220 (239,058) (2,567) 6,857 (234,768) 593,733 107,280 1,580,228 204,940 1,785,168 As at 1 January 2026 600,000 367,763 120,000 (10,988) (59,351) 27,999 59,765 1,416 - 138,841 (262,240) (2,043) 10,649 (253,634) 582,129 239,847 1,674,946 122,435 1,797,381 Allocation of profit and reserves 20 - - - - - - - - - - - - - - 239,847 (239,847) - - -
Dividend distribution 20 - - - - - - - - - - - - - - (79,977) - (79,977) - (79,977) Change in consolidation scope 20 - - - - - - - - - - - - - - (15,767) - (15,767) 15,715 (52) Treasury shares 20 - - - - (4,684) - - - - (4,684) - - - - - - (4,684) - (4,684) Capital increase 20 - - - - - - - - - - - - - - - - - 4,265 4,265 Other changes and reclassifications20 - - - - - (5,827) - - - (5,827) - - - - 181 - (5,646) 9 (5,637) Dividend distribution to non-
controlling interests20 - - - - - - - - - - - - - - - - - (17,471) (17,471) Profit for the period 20 - - - - - - - - - - - - - - - 109,544 109,544 14,666 124,210 Other comprehensive income 20 - - - - - - - - - - 73,617 2,056 1,762 77,435 - - 77,435 3,017 80,452 Comprehensive income 20 - - - - - - - - - - 73,617 2,056 1,762 77,435 - 109,544 186,979 17,683 204,662 As at 30 June 2026 600,000 367,763 120,000 (10,988) (64,035) 22,172 59,765 1,416 - 128,330 (188,623) 13 12,411 (176,199) 726,413 109,544 1,755,851 142,636 1,898,487Consolidated statement of changes in equity Other reservesOther comprehensive income
(expense)
(€'000) NoteShare
capitalShare
premium
reserveLegal
reserveReserve for
share capital
increase
related
chargesReserve
for
treasury
sharesIFRS 2
reserveLender
warrants
reserveReserve for
shares
assigned in
exchange for
unsecured
claimsOther
reserves TotalTranslation
reserveHedging
reserveActuarial
reserve TotalRetained
earningsProfit for the
periodEquity
attributable
to the
owners of
the parentNon-
controlling
interestsTotal
equity⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORT CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS ANNEXES REPORTS
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Notes to the condensed interim consolidated
financial statements
1. Basis of preparation Webuild S.p.A. (the “parent” or “Webuild”) has its registered office in Rozzano (Milan) and is listed on the Milan Stock Exchange. These condensed interim consolidated financial statements at 30 June 2026 include the interim financial statements of the parent and its subsidiaries (the “Group”). Webuild is a global operator specialised in building large complex infrastructure, market leader in Italy and one of the main players on the international stage. At the date of preparation of these condensed interim consolidated financial statements, Webuild S.p.A. is managed and coordinated by Salini Costruttori S.p.A..
These condensed interim consolidated financial statements have been drawn up pursuant to IAS 34 - Interim financial reporting on a going concern basis. The basis of consolidation and basis of preparation described in the 2025 Annual Report (to which reference is made) have been applied to the condensed interim consolidated financial statements, except for the International Financial Reporting Standards (IFRS) that became applicable after 1 January 2026 (disclosed in note 5).
The interim financial statements schedules are presented as a complete set in line with the requirements of IAS 1 - Presentation of financial statements, while the notes thereto have been prepared in a condensed format as allowed by IAS 34. Therefore, they should be read in conjunction with the consolidated financial statements at 31 December 2025.
The parent’s board of directors approved the condensed interim consolidated financial statements at 30 June 2026 on 29 July 2026 and they have been reviewed by PricewaterhouseCoopers S.p.A.. The figures in the interim consolidated financial statements and notes thereto are in thousands of Euros, unless indicated otherwise.
2. Judgements and complex accounting estimates Preparation of the interim consolidated financial statements and the related notes in accordance with the IFRS requires management to make judgements and accounting estimates that affect the carrying amount of assets and liabilities and financial statements disclosures. The main estimates are used, inter alia, to recognise:
note 31, contract revenue;
note 32, any impairment losses on assets;
note 32, amortisation and depreciation;
note 32, provisions for risks and charges;
note 8, goodwill;
notes 11 and 35, income taxes;
note 25, employee benefits.
Considering the Group's sector, the key estimates are those used to determine contract revenue, including claims for additional consideration, total contract costs and the related stage of completion (see the “Contract assets and liabilities” paragraph of the “Basis of preparation - Material accounting policies” section of the notes to the consolidated financial statements at 31 December 2025). A significant part of the Group's activities is typically performed on the basis of contracts which provide that a specific consideration is agreed when the contract is awarded. This implies that the profits on these contracts may undergo change compared to the original estimates depending on the recoverability of greater expenses and/or costs the Group may incur during ⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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performance of such contracts. Recognition of additional consideration by associates or joint ventures may entail adjustment of their equity due to standardisation with the Group’s accounting policies.
The accounting estimates and significant judgements made by management to prepare the condensed interim consolidated financial statements reflect the current macroeconomic scenario and the risks and opportunities of climate change and the energy transition. They may have an impact on the Group’s financial position, financial performance and cash flows.
The Group’s procedures include a planning process split into two parts that take place before the preparation of the annual and interim consolidated financial statements. In this case, the 2026 forecast integrates the results of the climate risk & opportunity assessment and the uncertainties about the current macroeconomic landscape.
Furthermore, fundamental assumptions about the future and other reasons for uncertainty when making the estimates at the reporting date that may lead to material adjustments to the carrying amount of the assets and liabilities are described in the specific section of the Directors’ report on the main risk factors and uncertainties.
The actual results may differ from those estimated due to uncertainties underlying the assumptions and the conditions on which the estimates are based.
Macroeconomic scenario
Geopolitical tensions in the Middle East triggered a hike in the prices of energy and certain commodities during the six months, with the risk of additional impacts caused by development of the conflict, tariffs and decarbonisation policies.
As described in the Directors’ report, the Group continues to monitor construction material price trends to identify and implement the most suitable measures to mitigate any risks tied to market volatility.
Most of the foreign contracts are drawn up in accordance with the international standards of the International Federation of Consulting Engineers (FIDIC), which provide for price risk mitigation clauses, including risks related to changes in the cost of works due to increases in raw materials prices.
In Italy, Law no. 199/2025 (the 2026 budget act) extended the validity of the price adjustment mechanism introduced by article 26 of Decree law no. 50/2022 (the Aiuti decree) to all contracts awarded with bids made before 30 June 2023 up until they are completed.
In June, the European Central Bank (ECB) raised the key interest rates to address renewed inflationary pressures, adopting a prudent approach pending developments in the macroeconomic scenario.
The Group’s debt is of a long-term nature and mostly bears fixed-rate interest, which contributes to mitigating the risk of interest rate hikes.
The Group considered the risk of upwards inflation and interest rate trends when testing its assets (goodwill, equity investments and financial assets) for impairment.
Climate change and energy transition The transition to a more sustainable economy entails risks for companies, linked to stricter environmental policies, technological progress and increasing stakeholder engagement. The Group has analysed climate change risks as part of the group risk assessment, focusing on mitigation actions for risks of extreme weather events (acute physical risks), which can damage production equipment and disrupt the value chain.
These actions are tailored to each project and their environmental and regulatory context, such as insurance policies for the equipment and contract clauses or negotiations with the customers. The Group’s assessment confirmed the substantial effectiveness of these actions and the inexistence of any residual economic or
financial impacts10.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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2026 INTERIM FINANCIAL REPORT | 12010 See the Sustainability Statement included in the 2025 Annual Report.
Moreover, in its three-year plans, the Group has defined direct and indirect GHG emission reduction targets (to 2030) consistent with the Science Based Target initiative (SBTi) standards.
In order to achieve these targets, the Group regularly includes investments and efficiency measures in the bids it submits to customers. As a result, the actions planned are integrated into the budgets of the individual projects and tailored to the characteristics of each one.
Climate change risks have also been considered when planning the impairment tests of certain assets (goodwill, equity investments and financial assets). Given their characteristics and short life cycle (e.g., TBMs for mechanised boring), the Group’s other assets, specifically the plant, machinery and equipment that it uses in its ongoing projects, do not bear a significant obsolescence risk.
Russia-Ukraine crisis
The Group does not have any ongoing projects in either Russia or Ukraine.
Middle East conflict The Group only has active work sites in Saudi Arabia, where activities continue regularly as agreed with customers. Personnel work in compliance with strict security protocols shared with the parent and competent authorities and operations have not been significantly impacted by the conflict at the date of this report. Given the persistent uncertainty, the Group continues to monitor developments in the geopolitical landscape and possible implications for its personnel’s health and safety, as well as on the availability and costs of the supply chain.
3. Consolidation scope The interim financial statements at 30 June 2026 approved by the internal bodies of the consolidated companies, where applicable, have been used for consolidation purposes.
A list of the entities included in the consolidation scope is set out in the “List of Webuild Group companies” annex.
4. Business combinations None.
5. Changes in standards New EU-endorsed standards, amendments and interpretations that became effective on 1 January
2026
This section lists the standards, amendments and interpretations published by the IASB, endorsed by the European Union and applicable since 1 January 2026:
Standard/Interpretation/AmendmentIASB application
date
Amendments to the classification and measurement of financial instruments (Amendments to IFRS 9 and IFRS 7) (issued on 30 May 2024)1 January 2026 Annual Improvements Volume 11 (issued on 18 July 2024) 1 January 2026 Contracts referencing nature-dependent electricity (Amendments to IFRS 9 and IFRS 7) (issued on 18
December 2024)1 January 2026⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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The above amendments, applicable since 1 January 2026, have not had a significant impact on these condensed interim consolidated financial statements.
EU-endorsed standards, amendments and interpretations that the Group has not adopted early The standards, amendments and interpretations published by the IASB and the International Financial Reporting Standards Interpretations Committee (IFRS-IC) and endorsed by the competent EU bodies at the reporting date are set out below:
Standard/Interpretation/AmendmentIASB application
date
IFRS 18 - Presentation and disclosure in financial statements (issued on 9 April 2024) 1 January 2027 IFRS 18 becomes applicable on 1 January 2027 and will change the presentation of the Group’s financial position and financial performance, especially the statement of profit or loss. It is currently evaluating the impacts of the new standard.
Published standards, amendments and interpretations not yet endorsed by the EU The standards, amendments and interpretations published by the IASB and the International Financial Reporting Standards Interpretations Committee (IFRS-IC) but not yet endorsed by the competent EU bodies at the reporting date are set out below:
IFRS 19 - Subsidiaries without public accountability: Disclosures (issued on 9 May 2024) and its amendments (issued on 21 August 2025)1 January 2027 IFRS 20 - Regulatory assets and regulatory liabilities (issued on 27 May 2026) 1 January 2029 Translation to a hyperinflationary presentation currency (Amendments to IAS 21) (issued on 13 November 2025)1 January 2027Standard/Interpretation/AmendmentIASB application
date
The Group does not expect the unendorsed standards and amendments to have a significant impact on its consolidated financial statements.
6. Segment reporting Segment reporting is presented according to macro geographical regions, based on the management review approach adopted by management, for the “Italy”, “Abroad” and “Lane Group” operating segments.
“Corporate” costs relate to:
•planning of human and financial resources;
•coordination and assistance with the group companies’ administrative, tax, legal/corporate and institutional and business communications requirements.
These costs amounted to € 104.2 million for the first half of 2026 compared to € 99.7 million for the corresponding period of 2025 .
Management measures the segments’ results by considering their operating profit.
It measures their equity structure using their net invested capital.
The interim consolidated financial statements figures are summarised below by operating segment with comparative figures for the first half of 2025 (statement of profit or loss) and at 31 December 2025 (statement
of financial position).⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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Statement of profit or loss by operating segment - First half of 2025 (€'000) Italy Abroad Lane Group Total Revenue from contracts with customers 1,875,290 3,871,320 421,908 6,168,518 Other income 356,214 117,995 575 474,784 Total revenue and other income 2,231,504 3,989,315 422,483 6,643,302
Operating expenses
Production cost (1,494,133) (2,825,885) (353,951) (4,673,969) Personnel expenses (300,512) (727,104) (114,042) (1,141,658) Other operating expenses (151,891) (80,264) (3,153) (235,308) Total operating expenses (1,946,536) (3,633,253) (471,146) (6,050,935) Gross operating profit 284,968 356,062 (48,663) 592,367 Gross operating profit margin 12.8% 8.9% (11.5%) 8.9% Net (impairment losses) reversals of impairment losses (712) 12,983 - 12,271 Amortisation, depreciation and provisions (100,890) (125,199) (8,781) (234,870) Operating profit * 183,366 243,846 (57,444) 369,768
R.o.S. 5.6%
Net financing costs and net losses on equity investments (194,636) Profit before tax 175,132 Income taxes (78,809) Profit from continuing operations 96,323 Loss from discontinued operations (9,150) Profit for the period 87,173 (*) The operating profit includes the costs of the central units and other general costs of €99.7 million.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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Statement of profit or loss by operating segment - First half of 2026 (€'000) Italy Abroad Lane Group Total Revenue from contracts with customers 1,924,053 3,519,507 512,720 5,956,280 Other income 486,201 207,369 468 694,038 Total revenue and other income 2,410,254 3,726,876 513,188 6,650,318
Operating expenses
Production cost (1,670,433) (2,400,091) (381,004) (4,451,528) Personnel expenses (353,821) (818,986) (111,601) (1,284,408) Other operating expenses (121,408) (103,432) (16,611) (241,451) Total operating expenses (2,145,662) (3,322,509) (509,216) (5,977,387) Gross operating profit 264,592 404,367 3,972 672,931 Gross operating profit margin 11.0% 10.9% 0.8% 10.1% Net (impairment losses) reversals of impairment losses (1,851) 2,201 - 350 Amortisation, depreciation and provisions (89,421) (117,079) (7,880) (214,380) Operating profit * 173,320 289,489 (3,908) 458,901
R.o.S. 6.9%
Net financing costs and net losses on equity investments (250,295) Profit before tax 208,606 Income taxes (85,529) Profit from continuing operations 123,077 Profit from discontinued operations 1,133 Profit for the period 124,210 (*) The operating profit includes the costs of the central units and other general costs of €104.2 million.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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Statement of financial position at 31 December 2025 by operating segment (€'000) Italy Abroad Lane Group Total Non-current assets 1,604,654 1,353,101 284,723 3,242,478 Net assets held for sale 2,754 - - 2,754 Provisions for risks (75,035) (42,859) (7,261) (125,155) Post-employment benefits and other employee benefits (34,105) (47,459) (2,035) (83,599) Net tax assets 411,018 24,649 89,584 525,251 Net working capital (3,133,316) 925,822 79,685 (2,127,809) Net invested capital (1,224,030) 2,213,254 444,696 1,433,920
Equity 1,797,381
Net financial position (363,461) Total financial resources 1,433,920 Statement of financial position at 30 June 2026 by operating segment (€'000) Italy Abroad Lane Group Total Non-current assets 1,606,698 1,414,485 293,389 3,314,572 Net assets held for sale 2,754 - - 2,754 Provisions for risks (47,034) (41,112) (8,269) (96,415) Post-employment benefits and other employee benefits (31,466) (24,734) (30) (56,230) Net tax assets 321,249 101,700 105,047 527,996 Net working capital (3,549,843) 1,572,897 72,671 (1,904,275) Net invested capital (1,697,642) 3,023,236 462,808 1,788,402
Equity 1,898,487
Net financial position (110,085)
Total financial resources 1,788,402⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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Statement of financial position 7. Non-current assets 7.1 Property, plant and equipment This item and changes of the period are summarised below:
(€'000) Land BuildingsPlant and
machineryIndustrial
and
commercial
equipmentOther
assetsAssets under
const. and
payments on
account Total
Net opening balance (1) 10,129 232,799 1,026,752 90,094 29,183 629,666 2,018,623 Increases 92 39,517 119,418 7,275 4,815 33,975 205,092 Internal work capitalised - - 66 - - 4,657 4,723 Depreciation - (29,893) (122,874) (16,263) (3,654) - (172,684) Reclassifications - 2,205 33,855 46 140 (31,656) 4,590 Disposals (784) (45) (10,172) (814) (35) (428) (12,278) Exch. gains (losses) and other changes 134 2,707 10,937 445 110 4,083 18,416 Change in consolidation scope - - (2,182) - (44) - (2,226) Net closing balance (2) 9,571 247,290 1,055,800 80,783 30,515 640,297 2,064,256 (1) of which:
Historical cost 10,129 431,132 2,221,339 238,657 98,002 629,666 3,628,925 Accumulated depreciation -(198,333) (1,194,587) (148,563) (68,819) -(1,610,302) Carrying amount 10,129 232,799 1,026,752 90,094 29,183 629,666 2,018,623 (2) of which:
Historical cost 9,571 476,927 2,375,987 243,068 100,409 640,297 3,846,259 Accumulated depreciation -(229,637) (1,320,187) (162,285) (69,894) -(1,782,003) Carrying amount 9,571 247,290 1,055,800 80,783 30,515 640,297 2,064,256 Assets under construction and payments on account include the cost of purchasing tunnel boring machines (TBMs) and their revamping and other technical equipment (not yet ready for use) for projects in Italy (new Palermo - Catania - Messina route , Trento rail by-pass and Naples - Bari railway line) and France (TELT, Lot 2).
The most significant changes include:
•increases of € 205.1 million, mainly related to projects underway in Italy (new Palermo - Catania - Messina route), Australia (Snowy Hydro 2.0) and the United States. Increases in Italy also included the purchase of the building housing the Rome offices in Via della Dataria 22 for €21.5 million;
•internal work capitalised of € 4.7 million, related to the revamping of equipment as part of initiatives to optimise investments and reduce operating expenses;
•depreciation of € 172.7 million, mostly related to progress on the Australian projects (North East Link and Snowy Hydro 2.0), Italy (railway lines) and France (TELT, Lot 2);
•disposals of € 12.3 million, chiefly of assets used for contracts that are no longer active in South America and
Ethiopia;
•the effect of translating into Euros amounts related to technical equipment of foreign operations for € 18.4 million, mostly in the United States and Australia.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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7.2 Right-of-use assets This item and changes of the period are summarised below:
(€'000) Land BuildingsPlant and
machineryIndustrial and
commercial
equipment Other assets Total Net opening balance (1) 1,929 74,007 101,611 325 12,500 190,372 Increases 1,309 7,293 17,118 129 860 26,709 Depreciation (569) (14,036) (24,745) (571) (4,617) (44,538) Reclassifications - (2,642) (1,978) - 30 (4,590) Remeasurement - (500) (5,071) 373 (1,071) (6,269) Exch. gains (losses) and other changes - 1,011 558 7 7 1,583 Change in consolidation scope - (12,103) (5,408) - - (17,511) Net closing balance (2) 2,669 53,030 82,085 263 7,709 145,756 (1) of which:
Historical cost 6,688 144,065 238,560 1,361 29,143 419,817 Accumulated depreciation (4,759) (70,058) (136,949) (1,036) (16,643) (229,445) Carrying amount 1,929 74,007 101,611 325 12,500 190,372 (2) of which:
Historical cost 7,983 124,400 218,336 1,863 21,611 374,193 Accumulated depreciation (5,314) (71,370) (136,251) (1,600) (13,902) (228,437) Carrying amount 2,669 53,030 82,085 263 7,709 145,756 The item mainly comprises operating assets (plant, machinery and equipment) deployed in projects underway as well as buildings housing the Rome and Milan offices and those housing the offices of branches and foreign subsidiaries (principally in Australia and the United States).
The most significant changes include:
•increases of € 26.7 million, mainly attributable to investments in Australia, Italy, Romania and the United
States;
•depreciation of € 44.5 million, principally recognised on projects being carried out in Australia, the United States and Italy;
•the change in the consolidation scope related to the Perdaman project in Australia.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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7.3 Intangible assets This item and changes of the period are summarised below:
(€'000)Rights to
infrastructure
under
concessionContract
acquisition
costsIncremental
costs of
obtaining a
contractCosts to fulfil a contract Other assets Total Net opening balance (1) 57,285 116,431 377 25,583 6,449 206,125 Increases 78 224 - - 623 925 Amortisation (129) (8,939) (480) (3,883) (1,272) (14,703) Exch. gains (losses) and other changes - - 130 (13) 25 142 Change in consolidation scope - (8,591) - - - (8,591) Net closing balance (2) 57,234 99,125 27 21,687 5,825 183,898 (1) of which:
Historical cost 62,995 683,095 15,605 83,444 24,871 870,010 Accumulated amortisation (5,710) (566,664) (15,228) (57,861) (18,422) (663,885) Carrying amount 57,285 116,431 377 25,583 6,449 206,125 (2) of which:
Historical cost 63,078 617,050 17,969 83,455 26,190 807,742 Accumulated amortisation (5,844) (517,925) (17,942) (61,768) (20,365) (623,844) Carrying amount 57,234 99,125 27 21,687 5,825 183,898 Rights to infrastructure under concession mostly refer (for €45.2 million) to the design costs incurred by the subsidiary SA.BRO.M. S.p.A. for the new Broni - Mortara regional motorway, which include the borrowing costs capitalised in accordance with IAS 23. They were not amortised as the concession is currently inoperative.
Contract acquisition costs mostly relate to: (i) the order backlog recognised as part of the PPA procedure for the acquisition of Astaldi Group (€71.2 million) and (ii) contractual rights acquired from third parties to perform the high-speed/capacity Milan - Genoa and Verona - Padua railway line contracts (€10.0 million and €11.4 million, respectively).
The costs to fulfil a contract include pre-operating costs capitalised in accordance with IFRS 15.95 as they will generate resources that will be used in performing the related contracts. The reporting date balance mostly refers to the high-speed/capacity Milan - Genoa railway line contract.
Other assets principally consist of application software.
The decrease in this item is mostly due to the amortisation of the period and the change in the consolidation scope related to the Perdaman project in Australia. There are no indicators of impairment of the Group’s intangible assets.
8. Goodwill
At 30 June 2026 , this item amounts to € 78.1 million compared to € 75.9 million at the end of the previous year and refers to the acquisitions of Lane Group and Seli Overseas Group. The increase in the period is entirely related to exchange rate differences on the goodwill relating to Lane .
There are no indicators of impairment of goodwill.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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9. Equity investments 9.1 Investments in equity-accounted investees This item includes:
(€'000) 31 December 2025 30 June 2026 Variation Investments in associates 572,257 668,658 96,401 Interests in joint ventures 143,197 135,788 (7,409) Total 715,454 804,446 88,992 Changes in the Group’s investments in associates and joint ventures during the first half of 2026 are
summarised below:
(€'000) Investments in associates Interest in joint ventures Opening balance 572,257 143,197 Acquisitions (disinvestments), capital injections and other contributions 94,565 32,400 Share of loss of equity-accounted investees (13,300) (44,059) Impairment losses (963) -
Equity-accounting through OCI 18,023 4,250 (Dividends) (1,924) -
Closing balance 668,658 135,788 The main changes of the period refer to the equity-accounting of investments as well as:
•capital injections into Lane Group’s joint ventures (€30.9 million) and Grupo Unidos por el Canal S.A. (€95.3
million);
•the increase of €22.3 million in the translation reserve, due to fluctuations in the US dollar exchange rate, mostly related to the associates Grupo Unidos por el Canal S.A. (€13.1 million) and Metro de Lima S.A. (€1.5 million) and Lane Group’s joint ventures (€4.1 million);
•the reduction in dividends, mostly attributable to Otoyol Isletme Ve Bakim A.S. (€1.7 million).
Note 34 describes the effects of the equity-accounting of investments on profit or loss.
As already described in previous reports, the financial statements used to measure some of the investments using the equity method include claims for additional consideration as its payment is highly probable, based also on the technical and legal opinions of the Group’s advisors. More information is available in the “Main risk factors and uncertainties” section in the Directors’ report.
There were no indicators of impairment of the Group’s equity-accounted investments during the period.
9.2 Other equity investments This item includes:
(€'000) 31 December 2025 30 June 2026 Variation Non-controlling interests 6,399 13,625 7,226 Participating financial instruments 29,568 24,518 (5,050)
Total 35,967 38,143 2,176⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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The increase in non-controlling interests mostly reflects the injections of €7 million into the SPE Parklife Metro Pty. Ltd..
The participating financial instruments consist of the equity instruments (IAS 32.16C) assigned to the former Astaldi’s (now Astaris S.p.A., “Astaris”) creditors as partial settlement of their unsecured claims. During the period, the first partial distribution of the net liquidation income of €0.01 for each participating financial instrument from Astaris’ separate unit took place. The group companies received €1.6 million. The pledge on 20,443,375 Astaris participating financial instruments held by the subsidiary AR.GI. S.C.p.A. in liquidation, to secure its commitments taken on before Webuild’s acquisition of Astaldi Group, was enforced.
10. Non-current financial assets, including derivatives This item includes:
(€'000) 31 December 2025 30 June 2026 Variation Loans and receivables - third parties 68,044 67,389 (655) Loans and receivables - unconsolidated group companies and other related parties135,832 151,365 15,533 Other financial assets 13,583 25,746 12,163 Total 217,459 244,500 27,041 Loans and receivables - third parties mainly relate (€67.4 million) to disputes with customers about the performance guarantees for the A1F, S3 Nowa Sol, S7 Checiny and S7 Widoma motorway contracts in Poland.
The Group is confident that it will recover this amount, based also on the opinion of its legal advisors assisting it in the disputes with the customer.
Loans and receivables - unconsolidated group companies and other related parties mainly relate to the loans given to Yuma Concesionaria S.A. (€130 million) for the Ruta del Sol project in Colombia.
The balance with Yuma Concesionaria increased by €14.8 million on 31 December 2025, due mostly to exchange rate differences.
More information about the motorway projects in Poland and Yuma Concesionaria S.A. is provided in the “Main risk factors and uncertainties” section in the Directors’ report.
11. Deferred tax assets and liabilities This item may be broken down as follows:
(€'000) 31 December 2025 30 June 2026 Variation Deferred tax assets 398,471 427,119 28,648
Deferred tax liabilities (84,915) (70,259) 14,656⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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12. Inventories
This item includes:
31 December 2025 30 June 2026
(€'000)Gross
amount AllowanceCarrying
amountGross
amount AllowanceCarrying
amount
Real estate projects 2,981 (191) 2,790 2,981 (191) 2,790 Finished products and goods 9,933 - 9,933 9,524 - 9,524 Raw materials, consumables and supplies 315,232 (25,884) 289,348 344,130 (26,468) 317,662 Total 328,146 (26,075) 302,071 356,635 (26,659) 329,976 The rise in this item is mostly due to supplies required for the projects in Italy and Romania in line with the steady increase in production volumes.
Real estate projects consist of agricultural land in Gallarate in Lombardy and car parks in Arezzo.
13. Contract assets/contract liabilities and other advances from
customers
This item can be analysed as follows:
(€'000) 31 December 2025 30 June 2026 Variation Contract assets 4,516,719 4,451,848 (64,871) Contract liabilities and other advances from customers 5,618,770 5,887,306 268,536 Information about these items is set out below while the "Main projects underway" section in the Directors' report provides information about the contracts and their performance.
Contract assets
This item includes:
(€'000) 31 December 2025 30 June 2026 Variation Contract work in progress 67,813,092 70,026,296 2,213,204 Progress payments (on approved work) (61,724,390) (64,082,080) (2,357,690) Advances (1,571,983) (1,492,368) 79,615 Total 4,516,719 4,451,848 (64,871) Italian contracts that contributed to the period-end balance were the high-speed/capacity Milan - Genoa and Naples - Bari railway lines and the third maxi-lot of the Jonica State Road SS-106.
Europe’s total was pushed up mainly by the contracts underway in Romania (principally the Sibiu - Pitesti Motorway, the Caransebes - Lugoj - Timisoara - Arad railway line and other road works) and Poland (motorway projects).
In Asia and the Middle East, the projects underway in Tajikistan (Rogun Hydropower Project) and Saudi Arabia (Line 3 of the Riyadh Metro, the SANG Villas and Diriyah Square) contributed the most to the total balance for
this area.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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Contributors in Africa were the projects in Ethiopia (Koysha Hydroelectric Project) and Algeria (the Saida -
Tiaret - Moulay railway line).
Lane’s contracts (principally road works) and the Ruta del Sol Motorway in Colombia were the most significant contributors in the Americas.
The following table shows a breakdown of the item by geographical segment:
(€'000) 31 December 2025 30 June 2026 Variation Italy 1,162,593 1,042,431 (120,162) Asia/Middle East 953,440 913,841 (39,599) Americas (including Lane) 736,495 784,520 48,025 EU (excluding Italy) 715,378 712,613 (2,765) Africa 676,659 692,430 15,771 Oceania 190,652 209,561 18,909 Other European countries (non-EU) 81,502 96,452 14,950 Total 4,516,719 4,451,848 (64,871) The slight decrease of € 64.9 million in contract assets compared to 31 December 2025 is mostly due to the billing of milestones for the high-speed/capacity Milan - Genoa railway project in Italy, the Rogun Hydropower Project in Tajikistan and the Hurontario Light Rail Project in Canada, partly offset by the recovery of advances due to progress made on projects in Africa, Asia and Europe.
Contract liabilities and other advances from customers This item includes:
(€'000) 31 December 2025 30 June 2026 Variation Contract work in progress (24,748,351) (27,495,464) (2,747,113) Progress payments (on approved work) 23,902,601 26,520,959 2,618,358 Advances 6,464,520 6,861,811 397,291 Total 5,618,770 5,887,306 268,536 A breakdown of this item at 30 June 2026 shows the contribution of the railway contracts11, as well as the new Genoa Breakwater, to the Italian balance.
The main contributor in Asia and the Middle East was the NEOM (South Connector and Trojena Dams) project in Saudi Arabia.
During the period, NEOM exercised its right to withdraw from the Trojena Dams and South Connector projects with the related discontinuation of all works by the Group. The customer will reimburse Webuild all the costs accrued at the withdrawal effectiveness date, as well as those due to the early termination of the contracts, including the site dismantlement costs. It will hold the Group harmless from the effects of the termination as provided for by contract and law.
The Snowy 2.0 and North East Link projects in Australia contributed to the item in the Oceania area while Lane’s road projects contributed in the Americas.
Contract advances also include the portion of advances from customers received by Italian consortia on behalf of the non-controlling consortium members. They amounted to €1,550 million at the reporting date compared to €1,430 million at 31 December 2025.
The following table shows a breakdown of the item by geographical segment:⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
CONSOLIDATED FINANCIAL
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2026 INTERIM FINANCIAL REPORT | 13211 Palermo - Catania - Messina, Naples - Bari, Fortezza - Verona, Verona - Padua, Trento rail by-pass and Salerno - Reggio Calabria
(€'000) 31 December 2025 30 June 2026 Variation Italy 3,892,009 4,156,116 264,107 Asia/Middle East 989,579 899,409 (90,170) Oceania 287,250 359,220 71,970 Americas (including Lane) 239,259 309,051 69,792 EU (excluding Italy) 105,035 64,662 (40,373) Africa 59,234 57,467 (1,767) Other European countries (non-EU) 46,404 41,381 (5,023) Total 5,618,770 5,887,306 268,536 The € 268.5 million increase in contract liabilities is mostly a result of the rise in contract advances received, especially in Italy, due to the extraordinary measures introduced by RFI to speed up progress on the National Resilience and Recovery Plan projects and support the contractors.
Additional consideration
Contract assets and liabilities, comprising progress payments, progress billings and advances, include claims for additional consideration of €3,243.5 million and €398.1 million, respectively.
They are recognised to the extent that their payment is deemed highly probable, based also on the legal and technical opinions of the Group's advisors. The additional consideration recognised in contract assets and liabilities is part of the total consideration formally requested of the customers.
The “Main risk factors and uncertainties” section in the Directors’ report provides information on pending disputes and assets exposed to country risk.
14. Trade receivables This item includes:
(€'000) 31 December 2025 30 June 2026 Variation Third parties 4,102,596 4,870,339 767,743 Loss allowance (429,922) (425,494) 4,428 Unconsolidated group companies and other related parties 582,181 438,103 (144,078) Total 4,254,855 4,882,948 628,093 The following table shows a breakdown of the item by geographical segment:
(€'000) 31 December 2025 30 June 2026 Variation Italy 2,726,019 2,974,823 248,804 Asia/Middle East 446,716 793,538 346,822 Americas (including Lane) 332,556 313,329 (19,227) EU (excluding Italy) 296,198 313,140 16,942 Oceania 202,352 246,576 44,224 Africa 162,122 162,117 (5) Other European countries (non-EU) 88,892 79,425 (9,467)
Total 4,254,855 4,882,948 628,093⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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The increase of € 628.1 million was mostly due to the billing of important milestones for the Rogun Hydropower Project in Tajikistan and the NEOM Trojena Project in Saudi Arabia12. Italian trade receivables also increased due to progress made on the high-speed/capacity Salerno - Reggio Calabria railway line and the new Palermo -
Catania - Messina route as well as the normal trend of collections from public contracts, which mostly takes place in the second half of the year.
Trade receivables from unconsolidated group companies and other related parties13 decreased by € 144.1 million , chiefly in relation to the Hurontario Light Rail Project in Canada and Genoa’s new breakwater in Italy.
The item mostly consists of trade receivables from the SPEs for work carried out by them under contracts with customers.
Reference should be made to note 37 “Related party transactions” for information about transactions with the other related parties.
Changes in the loss allowance in the period are shown below:
(€'000) 31 December 2025Impairment
losses UtilisationsImpairment
gainsExch. gains (losses) and other changes 30 June 2026 Trade receivables 422,983 1,985 (2,332) (4,023) (100) 418,513 Default interest 6,939 - - - 42 6,981 Total 429,922 1,985 (2,332) (4,023) (58) 425,494 The loss allowance of € 425.5 million mostly relates to amounts due from customers in Venezuela (€311.1 million).
15. Current financial assets, including derivatives This item comprises:
(€'000) 31 December 2025 30 June 2026 Variation Loans and receivables - third parties 670,455 747,946 77,491 Loans and receivables - unconsolidated group companies and other related parties 85,727 54,541 (31,186) Government bonds and insurance shares 3,013 2,476 (537) Derivatives 2,119 905 (1,214) Total 761,314 805,868 44,554 Loans and receivables - third parties mostly consist of:
•loans of €536 million granted to non-controlling investors by group companies, mostly for projects in Australia, Italy and the Middle East;
•advances of €120.6 million made by Lane for projects carried out with partners in the United States.
The increase of € 77.5 million in this item is mostly due to the new loans granted to partners of the Italian railway projects.
Loans and receivables - unconsolidated group companies and other related parties decreased by € 31.2 million on the previous year end, mainly due to the collection of the loan granted to Yuma Concesionaria S.A. due in
2026.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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2026 INTERIM FINANCIAL REPORT | 13412 The customer terminated the NEOM Trojena project effective from 29 March 2026. It will reimburse the costs incurred up until that date and those related to the early termination of the contract, including the site dismantlement costs. The customer will hold the Group harmless from the economic effects of the termination as provided for by the contract and law.
13 Including € 22.5 million (€8 million at 31 December 2025) included in “Net financial position with SPEs” for management reporting purposes.
16. Current tax assets and other current tax assets 16.1 Current tax assets This item comprises:
(€'000) 31 December 2025 30 June 2026 Variation Direct taxes 9,892 8,250 (1,642) IRAP (local tax on production activities) 2,448 3,684 1,236 Foreign direct taxes 78,618 67,163 (11,455) Total 90,958 79,097 (11,861) The 30 June 2026 balance mainly consists of:
•direct tax assets for excess taxes paid in previous years, which the Group has duly claimed for reimbursement and which bear interest;
•foreign direct taxes for excess taxes paid abroad by the foreign group companies which will be recovered as per the relevant legislation.
16.2 Other current tax assets This item comprises:
(€'000) 31 December 2025 30 June 2026 Variation
VAT 350,668 356,085 5,417
Other taxes 28,600 31,116 2,516 Total 379,268 387,201 7,933 VAT mostly relates to Italian contracts with public administrations that the split payment regime14 can be applied to.
The group companies regularly carry out the procedures provided for by the applicable legislation to optimise the VAT reimbursement timing.
The other taxes mostly comprise tax credits of group companies obtained as part of tax incentive measures15 for investments made in Italy.
17. Other current assets This item includes:
(€'000) 31 December 2025 30 June 2026 Variation Other 199,712 218,347 18,635 Advances to suppliers 614,143 615,455 1,312 Unconsolidated group companies and other related parties 32,968 27,230 (5,738) Prepayments and accrued income 335,420 298,623 (36,797)
Total 1,182,243 1,159,655 (22,588)⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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2026 INTERIM FINANCIAL REPORT | 13514 Article 17-ter of Presidential decree no. 633/1972 15 Industry 4.0 and ZES Unica 2025 (single special economic zone)
"Other" includes (i) €29.9 million due to the parent as a result of the enforceable award in its favour for the Aguas del Buenos Aires project in Argentina, (ii) compensation of €45.5 million for damages incurred by the Group in Argentina, and (iii) amounts due from Webuild's partners chiefly for projects being carried out abroad for the remainder.
With respect to the international arbitration proceeding for the Rosario - Victoria motorway concession in Argentina, the ICSID upheld the Group’s rights and awarded it compensation of approximately USD100 million plus interest following Argentina’s violation of its obligations under the Bilateral Investment Treaty. Webuild has prudently not recognised any additional effects as it prefers to await greater clarification about the possible collection timeline and the debtor’s credit standing.
Advances to suppliers of € 615.5 million mostly refer to the progress on projects in Italy (high-speed/capacity Milan - Genoa and Verona - Padua railway lines) and Australia (Snowy Hydro 2.0).
Prepayments and accrued income amount to € 298.6 million and mainly relate to insurance premiums and commissions on sureties for Italian projects. The € 36.8 million decrease is due to the costs for the period.
18. Cash and cash equivalents (€'000) 31 December 2025 30 June 2026 Variation Cash and cash equivalents 2,444,680 2,364,429 (80,251) A breakdown by geographical segment is as follows:
(€'000) 31 December 2025 30 June 2026 Variation Italy 800,058 1,036,764 236,706 Americas (including Lane) 529,632 442,662 (86,970) Asia/Middle East 463,506 381,061 (82,445) Oceania 417,638 333,101 (84,537) EU (excluding Italy) 156,983 99,836 (57,147) Africa 40,348 36,278 (4,070) Other European countries (non-EU) 36,515 34,727 (1,788) Total 2,444,680 2,364,429 (80,251) The balance includes bank account credit balances and cash held at the registered offices, work sites and branches. Liquidity management is designed to ensure the independence of ongoing contracts, considering the existence of constraints imposed by the SPEs and currency restrictions in certain countries. The liquidity in Africa is partly used to cover the operating costs of the Ethiopian contracts.
The statement of cash flows shows the reasons for changes in this item and in current account facilities (note 21).
At the reporting date, the cash and cash equivalents attributable to non-controlling investors in the consolidated SPEs amount to €333.5 million, of which €188.2 million relates to Italy (mostly Consorzio Messina Catania lotto Nord e Sud, Consorzio Xenia, Consorzio Santomarco and Pergenova Breakwater) and €145.3 million abroad (principally WSS Joint Venture).
18.1 Restricted cash and cash equivalents The item comprises restricted amounts of approximately €0.3 million at the reporting date.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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19. Non-current assets held for sale and disposal groups, liabilities directly associated with non-current assets held for sale and loss from discontinued operations Non-current assets held for sale amount to € 2.8 million and entirely consist of the Group’s investment in SPV Linea M4 S.p.A..
In December 2023, the Group signed an agreement with ATM S.p.A. for the sale of its entire investment in SPV Linea M4 S.p.A., the operator for Line 4 of the Milan Metro. This agreement provides for a two-step transfer, the first of which (18.14%) was completed on 15 December 2023.
At 30 June 2026 , the remaining investment in the SPE (1.12%) was classified as held for sale as its carrying amount will only be recovered through the sale transaction. Management believes that the terms for transfer of this remaining investment16 do not in any way prejudice completion of the transaction as provided for in the related agreement.
The equity investment was measured at the lower of its carrying amount and fair value less costs to sell, resulting fully recoverable.
Profit from discontinued operations This item shows a profit for the first half of 2026 of € 1.1 million (loss of € 9.2 million for the corresponding period of 2025 ) and relates to the foreign divisions headed by the former Astaldi which do not align with the Group’s commercial and industrial strategies.
Industrial operations in these countries have been discontinued for some time and the administrative procedures for the definitive closure of the relevant reporting entities are currently nearing completion.
This item may be broken down as follows:
(€'000) First half 2025 First half 2026 Variation Operating loss (1,066) (624) 442 Net financing costs (income) (7,994) 1,832 9,826 Income taxes (90) (75) 15 Profit (loss) from discontinued operations (9,150) 1,133 10,283⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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2026 INTERIM FINANCIAL REPORT | 13716 Compliant with the regulatory and contractual provisions governing the SPE's operations.
20. Equity
This item may be analysed as follows:
(€'000) 31 December 2025 30 June 2026 Variation Equity attributable to the owners of the parent Share capital 600,000 600,000 -
Share premium reserve 367,763 367,763 -
Other reserves
- Legal reserve 120,000 120,000 -
- Reserve for share capital increase related charges (10,988) (10,988) -
- Reserve for treasury shares (53,755) (59,471) (5,716)
- Reserve for treasury shares held by group companies (5,596) (4,564) 1,032
- IFRS 2 reserve 27,999 22,172 (5,827)
- Lender warrants reserve 59,765 59,765 -
- Reserve for shares assigned in exchange for unsecured claims 1,416 1,416 -
Total other reserves 138,841 128,330 (10,511) Other comprehensive expense
- Translation reserve (262,240) (188,623) 73,617
- Hedging reserve (2,043) 13 2,056
- Actuarial reserve 10,649 12,411 1,762 Total other comprehensive expense (253,634) (176,199) 77,435 Retained earnings 582,129 726,413 144,284 Profit for the period/year 239,847 109,544 (130,303) Equity attributable to the owners of the parent 1,674,946 1,755,851 80,905 Share capital and reserves attributable to non-controlling interests 181,361 127,970 (53,391) (Profit) loss for the period/year attributable to non-controlling interests (58,926) 14,666 73,592 Share capital and reserves attributable to non-controlling interests 122,435 142,636 20,201 Total equity 1,797,381 1,898,487 101,106 20.1 Share capital At 30 June 2026 , the parent’s share capital amounts to € 600,000,000 and consists of 1,019,303,916 shares without a nominal amount, as detailed below:
Shares (no.) Voting rights (no.) Ordinary shares with one vote per share - ISIN: IT000386557017485,367,834 485,367,834 Ordinary loyalty shares - ISIN: IT0005491763 532,320,591 1,064,641,182 Total ordinary shares 1,017,688,425 1,550,009,016 Savings shares - ISIN: IT0003865588 1,615,491 -
Total ordinary and savings shares 1,019,303,916 1,550,009,016 During the period, the number of shares increased due to the assigning of 6,932 ordinary shares to the holders
of the anti-dilutive warrants.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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2026 INTERIM FINANCIAL REPORT | 13817 Comprising 4,999,867 ordinary shares to be assigned to potential unsecured creditors as part of the Astaldi demerger.
Financial instruments giving the right to new shares During their extraordinary meeting of 30 April 2021 as part of their resolutions about the partial proportionate demerger of Astaris S.p.A. (“Astaris”, formerly Astaldi) to Webuild (the “demerger”), Webuild’s shareholders resolved, inter alia:
1.to issue 80,738,448 “2021-2030 Webuild warrants (ISIN IT0005454423) to the holders of ordinary Webuild shares in proportion to the shares held by them on the open market date before the demerger’s effective date. (i.e., 30 July 2021) (the “anti-dilutive warrants”), as well as to authorise the board of directors to issue and assign, under the terms and conditions of the anti-dilutive warrants regulation, in more than one instalment, a maximum of 80,738,448 ordinary Webuild shares, without a nominal amount, reserved for the exercise of (free) subscription rights by the anti-dilutive warrant holders. The anti-dilutive warrants were assigned free of charge on a dematerialised basis, using a ratio of 0.090496435 warrants for every ordinary Webuild share held at the above date.
Considering their purpose, the anti-dilutive warrants can only be exercised after Webuild’s issue of new ordinary shares to Astaris’ unsecured creditors not provided for, as defined in the demerger proposal (the “creditors not provided for”).
Further to the new shares issued to the creditors not provided for starting from 2022, as specified in point (2) below, on 30 June 2026, 5.8907042% of the anti-dilutive warrants became exercisable (for a maximum of 4,756,063 warrants) entitling their holders to a maximum of 4,756,063 ordinary Webuild shares, of which 3,676,400 anti-dilutive warrants had been exercised and settled at 30 June 2026 with the concurrent assignment of the same number of ordinary Webuild shares;
2.to authorise the board of directors to issue, in more than one instalment and before 31 August 2030, a maximum of 8,826,087 ordinary shares, without a nominal amount, to be reserved for the creditors not provided for, to settle their claims with Astaris in the ratio of 2.536 new ordinary Webuild shares for each €100 of unsecured claims. At 30 June 2026 , the parent issued and assigned 574,518 ordinary Webuild shares to the creditors not provided for, specifically 125,402 in 2022, as per the press releases of 31 March and 1 June 2022, and 449,116 in 2023, as per the press release of 22 December 2023.
Changes of the period in the different equity items are summarised in the consolidated statement of changes in equity.
20.2 Share premium reserve This item of € 367.8 million mainly reflects the parent’s capital increase of 12 November 2019, net of utilisations in 2021 as per the resolution passed by the shareholders in their meeting of 30 April 2021.
20.3 Other reserves
Legal reserve
At 30 June 2026 , the legal reserve of € 120 million equals one fifth of the parent’s share capital as required by article 2430 of the Italian Civil Code.
Reserve for share capital increase related charges This reserve includes the costs for the parent's capital increases carried out on 12 November 2019 (€7 million) and in 2014 (€4 million).
Treasury shares
Reserve for treasury shares During their ordinary meeting of 29 April 2026, the parent's shareholders authorised the board of directors to adopt a treasury share repurchase plan as per the terms and methods approved by them (reference is made to ⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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the “Shareholders’ meeting” part of the “Governance” section on the parent's website www.webuildgroup.com).
At the reporting date, the parent had 30,504,906 treasury shares for €59,471,201.
Reserve for treasury shares held by group companies As a result of the demerger, the parent integrated the reserve for treasury shares to include its shares issued to the group companies that received new Astaldi shares in 2020 in exchange for their unsecured claims.
Considering the assignment ratio, the in-scope group companies held 2,340,897 Webuild shares at the reporting date, equal to approximately €4.6 million.
IFRS 2 reserve At 30 June 2026 , this reserve comprises the fair value (€ 22.2 million; € 28 million at 31 December 2025 ) of the shares that could be issued - under the former Astaldi’s authorised composition with creditors procedure and considering the parent's commitments taken on as part of the demerger - in exchange for potential unsecured claims (i.e., provisions for risks).
Lender warrants reserve At the reporting date, this reserve of € 59.8 million relates to the exercise of 13,493,061 lender warrants (“Warrant Webuild S.p.A. 2021-2023” (ISIN IT0005454415)) by the banks within the term of 5 July 2023, with the consequent assignment of the same number of ordinary Webuild shares. The warrants were issued pursuant to the financing agreements signed by Astaldi with its lending banks in 2020.
Reserve for shares assigned in exchange for unsecured claims The parent set up this reserve of € 1.4 million after having assigned 449,116 new shares to the creditors not provided for in 2023.
20.4 Other comprehensive expense Other comprehensive expense amounts to € 176.2 million compared to expense of € 253.6 million at 31 December 2025 .
The decrease is mostly due to the positive effects of exchange rate movements due to fluctuations in the US dollar, related to the investees Grupo Unidos por el Canal S.A. and Lane, and the Australian dollar, related to Clough’s subsidiaries.
The translation reserve includes exchange gains of € 202.8 million (€ 198 million at 31 December 2025 ) after the restatement of non-monetary items of group entities operating in hyperinflationary economies at amounts current at the reporting date, in line with IAS 29.
20.5 Retained earnings This item of € 726.4 million shows an increase of € 144.3 million over the previous year end. The variation is chiefly due to the allocation of the profit for 2025 of € 239.8 million, partly offset by the parent’s distribution of dividends of € 80 million.
20.6 Resolution of the parent’s shareholders on the allocation of the profit for
2025
In their meeting held on 29 April 2026, the parent’s shareholders resolved to distribute a total unit dividend of €0.081, gross of the withholding tax required by law, to each existing ordinary share with dividend rights at the ex-dividend date and €0.26, gross of the withholding tax required by law, to each existing savings shares (for a total of €79,976,890.11 at the payment date) using the profit for 2025.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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20.7 Share capital and reserves attributable to non-controlling interests Share capital and reserves attributable to non-controlling interests of € 142.6 million increased by € 20.2 million compared to € 122.4 million at 31 December 2025. Reference is made to the consolidated statement of changes in equity for information about the main variations of the period.
21. Bank and other loans and borrowings, current portion of bank loans and borrowings and current account facilities, including
derivatives
The Group's financial indebtedness is presented below:
31 December 2025 30 June 2026 (€'000) Current Non-current Total Current Non-current Total Bank corporate loans 66,876 99,753 166,629 33,309 88,415 121,724 Bank construction loans 110,820 6,862 117,682 125,796 2,710 128,506 Bank concession financing 1,334 6,298 7,632 1,344 5,776 7,120 Other financing 160,536 20,591 181,127 109,411 23,173 132,584 Total bank and other loans and borrowings 339,566 133,504 473,070 269,860 120,074 389,934 Current account facilities 2,695 - 2,695 26,289 - 26,289 Factoring liabilities 4,157 - 4,157 3,666 - 3,666 Loans and borrowings - unconsolidated group companies and other related parties 137,754 - 137,754 194,266 - 194,266 Derivatives - - - 2,659 - 2,659 Total 484,172 133,504 617,676 496,740 120,074 616,814 Bank corporate loans This item mostly includes term loans taken out by the parent.
31 December 2025 30 June 2026 (€'000) Current Non-current Total Current Non-current Total Short-term loan 238 - 238 209 - 209 2038 mortgage loan - - - 1,200 18,615 19,815 Yuma 2027 syndicated loan 35,000 30,000 65,000 648 30,000 30,648 2027 term loan 31,638 69,753 101,391 31,252 39,800 71,052 Total 66,876 99,753 166,629 33,309 88,415 121,724 The reduction in this item is mostly attributable to the repayment of the principal amounts falling due during the period, partly offset by the agreement of a new loan due in 2038.
With respect to the interest rates for the bank corporate loans, the Yuma 2027 syndicated loan, the 2027 term loan and the 2038 mortgage loan bear interest at a floating rate indexed to the Euribor.
The loans are backed by covenants that establish the requirement for the borrower to maintain certain financial and equity ratios, which at the reporting date, are fully respected.
Bank construction loans This item of € 128.5 million (€ 117.7 million at 31 December 2025 ) mainly consists of loans taken out by the subsidiary Salini Saudi Arabia Company Ltd. (€116.7 million, floating rate).⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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Bank concession financing This item includes:
31 December 2025 30 June 2026
OperatorExpiry
dateInterest
rate Current Non-current Total Current Non-current Total Corso del Popolo S.p.A. 2029 Euribor 683 1,858 2,541 701 1,497 2,198 Piscine dello Stadio S.r.l. 2037 IRS 651 4,440 5,091 643 4,279 4,922 Total 1,334 6,298 7,632 1,344 5,776 7,120 The interest rates shown in the table have floating spreads depending on the term and conditions of the financing.
Other financing
This item of € 132.6 million (€ 181.1 million at 31 December 2025 ) mainly comprises:
•loans of €45.5 million granted to group companies by non-controlling partners to finance projects carried out in Europe, the Americas, Asia and Oceania;
•lease liabilities of €56.1 for the sale and leaseback of three TBMs used for the high-speed/capacity Naples -
Bari railway line, the new Palermo - Catania - Messina route and the Trento Rail by-pass.
The reduction in the item compared to 31 December 2025 is mostly due to payment of liabilities (€84.6 million) for a dispute in North America, partly offset by the increase in lease liabilities.
Current account facilities Current account facilities of € 26.3 million (€ 2.7 million at 31 December 2025 ) mainly relate to the parent and Consorzio Alta Velocità Torino/Milano - C.A.V.TO.MI..
Factoring liabilities
Factoring liabilities amount to € 3.7 million (€ 4.2 million at 31 December 2025 ) and relate to transactions mostly carried out mostly in Ethiopia and Central America.
Loans and borrowings - unconsolidated group companies and other related parties This item of € 194.3 million (€ 137.8 million at 31 December 2025 ) mostly includes €192.3 million due to Yuma Concessionaria S.A. relating to the EPC contract for the construction of the Ruta del Sol Motorway in Colombia.
Reference should be made to note 37. Related party transactions for information about transactions with the
other related parties.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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22. Bonds
This item includes:
31 December 2025 30 June 2026 (€'000) Interest rateNominal
amountCurrent
portion (*)Non-current
portion (*)Nominal
amountCurrent
portion (*)Non-current
portion (*)
Sustainability-linked maturity 28/07/26 3.875% Fixed 73,888 74,972 - - - -
Senior unsecured maturity 28/01/27 3.625% Fixed 250,000 8,367 248,797 129,286 130,860 -
Senior unsecured maturity 27/09/28 7% Fixed 450,000 8,199 443,499 450,000 23,819 444,550 Senior unsecured maturity 20/06/29 5.375% Fixed 500,000 14,285 494,654 500,000 736 495,487 Senior unsecured maturity 30/04/30 4.875% Fixed 500,000 16,361 494,039 500,000 4,074 494,686 Senior unsecured maturity 31/07/31 4.125% Fixed 450,000 9,205 444,817 450,000 18,410 445,318 Senior unsecured maturity 08/03/32 4.5% Fixed - - - 500,000 3,267 492,538 Total 2,223,888 131,389 2,125,806 2,529,286 181,166 2,372,579 (*) net of related charges. The current portion includes accrued interest.
The bonds placed by the parent are listed on the Dublin Stock Exchange and are backed by covenants, which were fully complied with at the reporting date.
In May 2026, the parent successfully completed a liability management transaction, placing new notes of €500 million, which mature in 2032, and redeeming roughly half the notes maturing in 2027 for approximately €121 million by means of a tender offer settled on 8 May 2026 and an early redemption transaction launched on 27 April 2026. It also redeemed sustainability-linked notes for approximately €76.5 million in advance.
23. Lease liabilities This item includes:
(€'000) 31 December 2025 30 June 2026 Variation Non-current portion 94,666 77,397 (17,269) Current portion 98,503 79,280 (19,223)
Total 193,169 156,677 (36,492)⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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The present value of the minimum future lease payments is as follows:
(€'000) 31 December 2025 30 June 2026 Minimum lease payments:
Due within one year 106,518 86,612 Due between one and five years 101,588 83,124 Due after five years 5,458 4,315 Total 213,564 174,051 Future interest expense (20,395) (17,374) Net present value 193,169 156,677 (€'000) 31 December 2025 30 June 2026 Minimum lease payments:
Due within one year 98,503 79,280 Due between one and five years 89,705 73,541 Due after five years 4,961 3,856
Total 193,169 156,677⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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24. Analysis of net financial position 24.1 Net financial position (€'000) Note (*) 31 December 2025 30 June 2026 Variation Non-current financial assets 10 217,459 244,500 27,041 Current financial assets 15 759,195 804,963 45,768 Cash and cash equivalents 18 2,444,680 2,364,429 (80,251) Total cash and cash equivalents and other financial assets 3,421,334 3,413,892 (7,442) Bank and other loans and borrowings 21 (133,504) (120,074) 13,430 Bonds 22 (2,125,806) (2,372,580) (246,774) Lease liabilities 23 (94,666) (77,397) 17,269 Total non-current indebtedness (2,353,976) (2,570,051) (216,075) Current portion of bank loans and borrowings and current account facilities21 (484,172) (494,081) (9,909) Current portion of bonds 22 (131,389) (181,166) (49,777) Current portion of lease liabilities 23 (98,503) (79,280) 19,223 Total current indebtedness (714,064) (754,527) (40,463) Derivative assets 10-15 2,119 905 (1,214) Derivative liabilities 21 - (2,659) (2,659) Net financial position with unconsolidated SPEs (**) 8,048 22,525 14,477 Net other financial assets 10,167 20,771 10,604 Net financial position - continuing operations 363,461 110,085 (253,376) Net financial position - discontinued operations 19 - - -
Net financial position including discontinued operations 363,461 110,085 (253,376) (*) The note numbers refer to the notes to the interim consolidated financial statements where the items are analysed in detail.
(**) Net exposure with unconsolidated SPEs operating under a cost recharging system, corresponding to the Group’s share of their net financial position (indebtedness). The items making up these balances are shown under trade receivables and payables, respectively, in the interim consolidated financial statements.
More information about changes in the Group's net financial position during the first half of 2026 is available in
the Directors' report.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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24.2 Financial indebtedness as per the ESMA guidelines of 4 March 2021 (€'000) Note (*)31 December 2025of which: related parties 30 June 2026of which: related
parties
ACash 18 2,444,680 - 2,364,429 -
BCash equivalents - - - -
COther current financial assets 10 15,516 - 2,476 -
DLiquidity (A+B+C) 2,460,196 2,366,905 ECurrent financial debt (including debt instruments but excluding the current portion of non-current financial debt)21 144,606 137,754 226,995 194,266 FCurrent portion of non-current financial debt 21-22-23 569,456 - 530,191 -
GCurrent financial indebtedness (E+F) 714,062 757,186 HNet current financial position (G-D) (1,746,134) (1,609,719) INon-current financial debt (excluding current portion and debt instruments)21-23 228,170 2,458 197,471 -
JDebt instruments 22 2,125,806 - 2,372,580 -
KNon-current trade and other payables 27-29 20,614 - 46,634 -
LNon-current financial indebtedness (I+J+K) 2,374,590 2,616,685 MTotal financial indebtedness (H+L) 628,456 1,006,966 (*) The note numbers refer to the notes to the interim consolidated financial statements where the items are analysed in detail.
The next table provides a reconciliation between the Group's net financial position and financial indebtedness as per the ESMA guidelines of 4 March 2021:
(€'000) 31 December 2025 30 June 2026 Difference 991,919 1,117,051
Due to:
Non-current financial assets 217,459 244,500 Current financial assets with a maturity of more than 90 days (*) 743,679 802,487 Derivative assets 2,119 905 Net financial position with unconsolidated SPEs 8,048 22,525 Non-current trade and other payables 20,614 46,634 Total difference 991,919 1,117,051 (*) The exclusion of current financial assets with a maturity of more than 90 days is based on current professional guidance.
25. Post-employment benefits and other employee benefits Employee benefits mostly consist of the Italian post-employment benefits governed by article 2120 of the Italian Civil Code and the defined benefit plans for Lane Group’s employees.
The following table provide a breakdown of this item and changes of the period:
(€'000)31 December
2025 Accruals PaymentsContributions paid to INPS
treasury and
other fundsNet actuarial
lossesExch. gains
(losses) and
other
changes30 June
2026
Post-employment benefits
and other employee benefits83,599 19,531 (35,458) (9,307) (1,761) (374) 56,230⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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Management availed of the services of leading independent experts to perform the actuarial calculation of the employee benefits.
Post-employment benefits governed by article 2120 of the Italian Civil Code The liability for post-employment benefits (TFR) recognised in the Group’s statement of financial position, net of any advances paid, reflects (i) for companies required to transfer the accrued benefits to the INPS treasury fund, solely those benefits that are not transferred to the fund as per the ruling regulations and, therefore, continue to represent a direct obligation for the employer and (ii) for the other companies, the accumulated benefits accrued by employees over their employment term, recognised on an accruals basis on the basis of the service necessary to accrue them.
Main assumptions
The main assumptions used for the actuarial estimate of the TFR at 30 June 2026 (unchanged from the previous year end) are:
•turnover rate: 7.25%;
•advance payment rate: 3%;
•inflation rate: 2%.
The Group has used the Eurocomposite AA index, which has an average financial duration in line with the fund being valued, to calculate the discount rate.
26. Provisions for risks This item includes:
(€'000) 31 December 2025 30 June 2026 Variation Provisions for risks on equity investments 14,761 14,844 83 Other provisions 110,394 81,571 (28,823) Total 125,155 96,415 (28,740) The provisions for risks on equity investments relate to the group companies’ obligations to cover their losses exceeding their equities.
Other provisions comprise:
(€'000) 31 December 2025 30 June 2026 Variation Provisions set up by entities in liquidation 3,156 3,136 (20) USW Campania projects 24,457 15,457 (9,000) Provision for ongoing litigation 3,524 3,426 (98) Provisions for risks relating to ongoing contracts 32,786 33,739 953 Other 46,471 25,813 (20,658) Total 110,394 81,571 (28,823) The other provisions are briefly commented on below:
•the provisions set up by entities in liquidation include accruals made for probable charges related to the closing of contracts;
•the provision for the USW Campania projects mainly consists of the estimated accruals for the
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•the provision for ongoing litigation chiefly relates to litigation in Europe;
•the provisions for risks relating to ongoing contracts cover the estimated costs to fulfil certain onerous contracts in Italy, Poland and Romania;
•“Other” relates to additional probable obligations in connection with third party claims and group companies’ commitments, chiefly in Italy, the United States and South America. The decrease in this item over the previous year end is mainly related to the settlement of disputes in Italy.
Changes in the item in the period are shown in the following table:
(€'000) 31 December 2025 AccrualsReclass. and other changes 30 June 2026 Other provisions 110,394 (17,545) (11,278) 81,571 The reclassifications and other changes mostly refer to the settlement of disputes in Italy. The utilisations of €17.5 million are described in note 32 “Operating expenses”.
More information about ongoing litigation is available in the section on the “Main risk factors and uncertainties” in the Directors’ report.
27. Trade payables This item is made up as follows:
(€'000) 31 December 2025 30 June 2026 Variation Third parties 5,776,194 5,844,598 68,404 Unconsolidated group companies and other related parties 216,461 251,935 35,474 Total 5,992,655 6,096,533 103,878 Trade payables to third parties rose by € 68.4 million, mainly as a result of progress made on large railway projects in Italy and the Rogun Hydropower Project in Tajikistan.
Trade payables to unconsolidated group companies and other related parties mainly consist of payables to SPEs for work performed by them on behalf of public administrations. Reference should be made to note 37 “Related party transactions” for information about transactions with the other related parties.
28. Current tax liabilities and other current tax liabilities 28.1 Current tax liabilities Current tax liabilities are made up as follows:
(€'000) 31 December 2025 30 June 2026 Variation IRES (corporate income tax) 65,414 143,084 77,670 IRAP (local tax on production activities) 8,644 11,943 3,299 Foreign taxes 80,226 56,905 (23,321) Total 154,284 211,932 57,648 The increase in IRES reflects the estimated current tax expense for the first half of 2026.
The reduction in foreign taxes is mostly a result of payment of taxes for 2025 in Saudi Arabia.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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28.2 Other current tax liabilities This item may be analysed as follows:
(€'000) 31 December 2025 30 June 2026 Variation
VAT 74,825 50,060 (24,765)
Other indirect taxes 29,422 33,170 3,748 Total 104,247 83,230 (21,017) VAT liabilities decreased by € 24.8 million, mainly in Australia and South America, following payment of the VAT due on invoices issued for milestones around the end of 2025.
29. Other current liabilities The item is made up as follows:
(€'000) 31 December 2025 30 June 2026 Variation Other liabilities 287,847 242,370 (45,477) Employees 215,980 211,304 (4,676) Social security institutions 62,168 57,438 (4,730) Unconsolidated group companies and other related parties 54,341 56,159 1,818 Compensation and compulsory purchases 65,471 60,174 (5,297) Accrued expenses and deferred income 78,417 94,893 16,476 Total 764,224 722,338 (41,886) “Other liabilities” of € 242.4 million (31 December 2025: € 287.8 million) mostly consist of liabilities for commissions on performance guarantees and insurance premiums. The decrease on the previous year end is chiefly due to the settlement of items related to projects in Central Europe as agreed with the customer (approximately €30 million).
The rise in deferred income principally refers to grants received for tax incentives18 to encourage investments in Italy.
30. Guarantees, commitments, risks and contingent liabilities 30.1 Guarantees and commitments The key guarantees given by the Group are set out below:
(€'000) 31 December 2025 30 June 2026 Contractual sureties 21,594,485 21,663,222 Sureties for bank loans 91,191 5,175 Sureties for export credit 2,950 2,950 Other 2,118,999 1,615,011
Total 23,807,625 23,286,358⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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2026 INTERIM FINANCIAL REPORT | 14918 Industry 4.0 and ZES Unica 2025 (single special economic zone)
Contractual sureties are given to customers as performance bonds, to guarantee advances and retentions for all ongoing contracts or involvement in tenders. Of the balance, €6,814.3 million (31 December 2025: €7,044.9 million) refers to sureties given directly by Lane Group.
30.2 Collateral
Collateral relates to liens on the shares of SPEs held by the Group (€1.3 million).
30.3 Tax disputes Webuild S.p.A.
With respect to the principal disputes with the tax authorities:
•after their tax inspection related to 2015, the tax authorities notified the Constructor M2 Lima consortium of an assessment notice claiming approximately €15.9 million. The main allegation made by the local tax authorities (SUNAT) is due to a different interpretation of the accounting treatment of revenue from contracts with customers for work carried out under the IFRS. On 29 May 2025, the consortium was notified of the resolution which reduced the assessed tax, including interest and fines, to approximately €13.4 million after the ruling issued by the tax court. In June 2026, the Lima Superior Court of Justice handed down the first level ruling, finding the consortium’s application to be partly grounded. It recalculated the assessed tax to be approximately €4.1 million. The parent's investment in the consortium is 25.5%, which means the portion of assessed tax attributable to it is about €1.1 million. Since the consortium deems that the accounting treatment it adopted is correct, it challenged the above ruling for the assessed tax confirmed by the court within the term prescribed by the local law. In 2023, the tax authorities served another assessment notice concerning 2016, which is based on the same allegations made for 2015. The portion of assessed tax initially attributable to the Group amounted to about €10.6 million. In May 2026, the tax court recalculated the assessed tax, initially determined by SUNAT, to be roughly €6.6 million, thus reducing the Group’s 25.5% share of this tax to approximately €1.7 million. Since the consortium again deems that its accounting treatment is correct, it is availing of the legal instruments available under Peruvian law.
Furthermore, considering the demerger and the principal disputes of the former Astaldi (now Astaris) with the
tax authorities:
•in 2016, the El Salvadoran branch received an assessment notice from the local tax authorities relating to its tax base and related income taxes for 2012. In this assessment, the local tax authorities alleged: (i) undeclared revenue of USD23.5 million for the proceeds arising from the out-of-court agreement settling the dispute related to the El Chaparral hydroelectric power plant project, (ii) interest income of USD0.8 million allegedly accrued on intragroup loans, (iii) revenue and income reported as tax-exempt or non-taxable amounting to USD13.4 million, and (iv) costs of USD15.4 million whose deductibility was contested. As a result, the local tax authorities recalculated the income tax due by the branch for 2012 and assessed higher taxes of USD9.1 million, plus fines and interest of USD4.5 million. On 30 January 2024, the Court of Appeals of the Internal Taxes and Customs notified an act, whereby it recalculated the income tax due by the branch for 2012 and assessed higher taxes of approximately USD8.7 million and adjusted the related fine to roughly USD4.4 million, plus interest of about USD10.9 million, therefore claiming a total amount of approximately USD24 million. With the assistance of its local advisors, the branch commenced the procedures to challenge all assessments and filed its appeal with the Administrative Court on 1 May 2024.
With respect to the above pending disputes, after consulting its legal advisors, Webuild believes that it has acted correctly and deems that the risk of an adverse ruling is not probable.
Fibe S.p.A.
Fibe has a pending dispute about the assessment notice for 2003 IRPEG, IRAP and VAT issued by the tax authorities about assessed taxes of €6.5 million (for undue deduction of costs contrary to the principle of ⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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pertinence/accruals basis and undue deduction of VAT as a result of the application of a higher-than-allowed rate).
The case is again pending before the Supreme Court and a date for the hearing has yet to be set.
With respect to the above pending dispute, after consulting its legal advisors, Fibe believes that it has acted correctly and deems that the risk of an adverse ruling is not probable.
Obrainsa - Astaldi consortium In August 2021, as the result of an audit commenced by the local tax authorities in 2019, the Obrainsa - Astaldi consortium (Peru) received an assessment notice disallowing the deduction of some costs. The amount in question is SOL38.9 million (the equivalent of roughly €9.4 million), of which Astaldi’s share is SOL19.9 million (the equivalent of roughly €4.8 million) based on its 51% interest in the consortium.
Assisted by its local advisors, the consortium has activated the relevant procedures to challenge the notice and present its reasons supporting the correctness of its approach. Considering the current progress of the dispute, the consortium believes that the risk of losing it is possible, but not probable .⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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Statement of profit or loss
31. Revenue
This item may be analysed as follows:
(€'000) First half 2025 First half 2026 Variation Revenue from contracts with customers 6,168,518 5,956,280 (212,238) Other income 474,784 694,038 219,254 Total 6,643,302 6,650,318 7,016 Revenue increased by a net € 7.0 million mostly earned on projects underway in Australia and Italy.
31.1 Revenue from contracts with customers A breakdown of revenue from contracts with customers is given in the following table:
(€'000) First half 2025 First half 2026 Variation Works invoiced to customers 6,107,318 5,902,974 (204,344) Services 55,784 47,448 (8,336) Sales 5,416 5,858 442 Total 6,168,518 5,956,280 (212,238) A breakdown of revenue from contracts with customers by geographical segment is as follows:
(€'000) First half 2025Percentage of total First half 2026Percentage of
total
Italy 1,875,290 30% 1,924,053 32% Oceania 1,910,112 31% 1,803,653 30% Middle East 874,330 14% 487,963 8% EU (excluding Italy) 295,176 5% 319,887 5% Americas (excluding Lane) 238,615 4% 306,423 5% Asia 149,694 2% 243,465 4% Africa 265,586 4% 193,636 3% Other European countries (non-EU) 137,807 2% 164,480 3% Abroad 3,871,320 63% 3,519,507 59% Lane 421,908 7% 512,720 9% Total 6,168,518 100% 5,956,280 100% The main contributors to revenue in the first half of are:
•the projects underway in Italy, including the high-speed/capacity Milan - Genoa, Verona - Padua, Salerno -
Reggio Calabria and Naples - Bari railway lines and the new Palermo - Catania - Messina route;
•progress on large foreign projects including, in particular, those in Australia (Snowy Hydro 2.0, SSTOM Sydney Metro, North East Link Project and Perth New Women and Babies Hospital).
Variable consideration made up 12.1% of revenue from contracts with customers during the period.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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The transaction price of contracts allocated to the unsatisfied performance obligations amounts to € 39,626.7 million at the reporting date. The Group will recognise this amount as revenue in future years in line with the available forecasts.
31.2 Other income This item includes:
(€'000) First half 2025 First half 2026 Variation Other income from joint ventures and consortia 308,524 441,729 133,205 Recharged costs 113,163 192,891 79,728 Insurance compensation 2,509 9,215 6,706 Gains on the disposal of non-current assets 3,711 4,225 514 Other 46,877 45,978 (899) Total 474,784 694,038 219,254 The increase in this item is mostly due to the recharging of costs to consortium partners, mostly related to the Salerno - Reggio Calabria and the Palermo - Catania - Messina railway contracts and the new Genoa Breakwater.
32. Operating expenses This item may be broken down as follows:
(€'000) First half 2025 First half 2026 Variation Purchases 1,142,910 958,492 (184,418) Subcontracts 2,017,729 2,003,078 (14,651) Services 1,513,330 1,489,958 (23,372) Personnel expenses 1,141,658 1,284,408 142,750 Other operating expenses 235,308 241,451 6,143 Amortisation, depreciation, provisions and impairment losses 222,599 214,030 (8,569) Total 6,273,534 6,191,417 (82,117) Changes in this item reflect production trends of the period as described in note 31.1 on revenue from contracts with customers. The consequent decrease in operating expenses is mostly due to the contraction in activities in some of the geographical areas where the Group is operating, partly offset by greater production volumes carried out in Italy, North America and, more generally, in the other foreign countries in which the Group has a larger footprint.
With reference to inflation, the Group’s contracts with customers usually include price adjustment clauses.
More information is available in the “Business risk management” section of the Directors’ report.
The composition of this item may vary from one year to another, including in relation to the same project and with identical production volumes. Moreover, as these are large-scale infrastructural works that take several years to complete, resort to production factors for any one contract depends on the stage of completion, without significantly affecting the total percentage of expenses of total revenue.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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32.1 Services
Services are broken down below:
(€'000) First half 2025 First half 2026 Variation Consultancy and technical services 611,101 626,283 15,182 Recharging of costs by consortia 85,255 116,337 31,082 Leases 315,851 261,133 (54,718) Transport and customs 190,655 202,961 12,306 Insurance 96,169 102,126 5,957 Maintenance 57,515 69,750 12,235 Fees to directors, statutory auditors and independent auditors 6,991 8,090 1,099 Other 149,793 103,278 (46,515) Total 1,513,330 1,489,958 (23,372) A breakdown of "Consultancy and technical services" is as follows:
(€'000) First half 2025 First half 2026 Variation Design and engineering services 469,585 472,446 2,861 Construction 75,697 64,224 (11,473) Legal, administrative and other services 59,858 87,107 27,249 Other 5,961 2,506 (3,455) Total 611,101 626,283 15,182 This item includes the cost of designs incurred chiefly for the projects in Australia (SSTOM Sydney Metro and Snowy Hydro 2.0), Canada (Hurontario Light Rail Project and Ontario Line PTUS ) and the United States .
The recharging of costs by consortia mostly refers to works for the Brenner Base Tunnel (Lot Mules 2-3), Line C of the Rome Metro and the Fortezza - Verona railway line in Italy as well as the Swiss projects of the subsidiary CSC Costruzioni S.A..
“Leases” mainly relate to the continuation of the SSTOM Sydney Metro, Snowy Hydro 2.0 and North East Link (Melbourne) projects in Australia, Diriyah Square in Saudi Arabia and the new breakwater in Genoa, Italy. The decrease on the corresponding period of the previous year is mostly due to NEOM’s termination of the Trojena Dams contract in Saudi Arabia in March 2026.
The reduction in “Other” under services is mostly attributable to the change in the consolidation scope related to the Perdaman project in Australia.
32.2 Personnel expenses This item is made up as follows:
(€'000) First half 2025 First half 2026 Variation Wages and salaries 871,706 1,044,726 173,020 Social security and pension contributions 131,011 160,289 29,278 Post-employment benefits and other employee benefits 24,164 19,531 (4,633) Other 114,777 59,862 (54,915)
Total 1,141,658 1,284,408 142,750⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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The € 142.8 million increase in personnel expenses is mostly due to progress on the large projects in Italy and Australia (SSTOM Sydney Metro, North East Link and the Perth New Women and Babies Hospital).
The following table shows the breakdown of the Group’s workforce by category at 30 June 2026 and the related
average number:
30 June 202531 December 2025 30 June 2026First half 2025 average 2025 averageFirst half 2026
average
Managers 446 503 532 445 470 520 White collars 13,352 12,807 12,124 13,520 13,264 12,237 Blue collars 29,263 26,256 20,076 28,657 27,738 22,157 Total 43,061 39,566 32,732 42,622 41,472 34,914 32.3 Other operating expenses Other operating expenses are made up as follows:
(€'000) First half 2025 First half 2026 Variation Other operating costs 115,347 76,781 (38,566) Commissions on sureties 97,607 122,233 24,626 Losses on disposals 2,018 2,562 544 Bank charges 9,474 7,113 (2,361) Prior year expense and measurement adjustments 10,862 32,762 21,900 Total 235,308 241,451 6,143 The other operating costs mainly include compulsory purchase compensation, indirect taxes and duties, customs duties and other administrative costs. The decrease in this item is mostly due to less compulsory purchase compensation paid in connection with the high-speed/capacity Verona - Padua railway line project compared to the corresponding period of 2025.
Commissions on sureties increased mainly due to progress on projects in Italy and the United States.
The increase in prior year expense and measurement adjustments principally refers to an Australian project that has been completed.
32.4 Impairment losses, amortisation, depreciation and provisions
32.4.1 NET REVERSALS OF IMPAIRMENT LOSSES
Net reversals of impairment losses amount to € 0.4 million compared to €12.3 million in the first half of 2025.
32.4.2 AMORTISATION AND DEPRECIATION
Amortisation and depreciation are broken down below:
(€'000) First half 2025 First half 2026 Variation Depreciation of property, plant and equipment 124,994 172,684 47,690 Depreciation of right-of-use assets 47,481 44,538 (2,943) Amortisation of contract costs 44,569 13,302 (31,267) Amortisation of rights to infrastructure under concession 125 129 4 Amortisation of intangible assets 1,381 1,272 (109)
Total 218,550 231,925 13,375⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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The increase of € 47.7 million in depreciation of property, plant and equipment mostly relates to progress on the Italian railway projects.
Depreciation of right-of-use assets is mainly attributable to the projects underway in Australia (SSTOM Sydney Metro), Italy (the new Genoa Breakwater and the new Palermo - Catania - Messina route) and the United States (Lane).
Amortisation of contract costs relates to the EPC order backlog recognised as part of the PPA procedure for the former Astaldi (€ 3.9 million, €18.7 million in the corresponding period of 2025) and Clough (€ 0.9 million, €14.9 million in the corresponding period of 2025), as well as contract rights acquired from third parties for the high-speed/capacity Milan - Genoa (€5.6 million) and Verona - Padua (€0.9 million) railway lines.
32.4.3 PROVISIONS
Net utilisations of € 17.5 million compared to net accruals of €16.3 million in the first half of 2025 include €9.1 million for the settlement of a dispute related to the USW Campania projects. The remainder mostly refers to the updated estimates of costs related to onerous contracts in Italy, the United States, Poland and Saudi Arabia.
33. Net financing costs This item is made up as follows:
(€'000) First half 2025 First half 2026 Variation Financial income 60,552 49,161 (11,391) Financial expense (136,168) (229,208) (93,040) Net exchange gains (losses) (89,703) 31,623 121,326 Total (165,320) (148,423) 16,897 33.1 Financial income Financial income is broken down in the following table:
(€'000) First half 2025 First half 2026 Variation Income from unconsolidated group companies and other related parties 10,001 7,688 (2,313) Interest and other financial income 50,551 41,473 (9,078)
- Interest on receivables 9,389 4,840 (4,549)
- Bank interest 30,298 20,937 (9,361)
- Income from inflation adjustment 875 1,338 463
- Gains on securities 16 275 259
- Other 9,973 14,083 4,110 Total 60,552 49,161 (11,391) Bank interest decreased in line with the smaller average balance of interest-bearing deposits with banks, part of which was used to finance the planned investments and to support production during the first half of 2026 (mainly in Saudi Arabia, Italy and the United States).
Reference should be made to note 37 "Related party transactions" for information about transactions with the
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33.2 Financial expense Financial expense is broken down in the following table:
(€'000) First half 2025 First half 2026 Variation Expense to unconsolidated group companies and other related parties (5,681) (7,387) (1,706) Interest and other financial expense (130,487) (221,821) (91,334)
- Interest on bonds (58,054) (62,712) (4,658)
- Interest on bank accounts and financing (14,509) (16,881) (2,372)
- Bank fees (8,438) (4,897) 3,541
- Expense for inflation adjustment (822) (1,478) (656)
- Leases (6,108) (5,002) 1,106
- Interest on tax liabilities (142) (4,828) (4,686)
- Other (42,414) (126,023) (83,609) Total (136,168) (229,208) (93,040) Financial expense increased mostly due to non-recurring events, mainly in Italy, related to (i) the waiver of interest due from customers as part of agreements to settle disputes and speed up collection of contract consideration and (ii) the impairment of financial assets.
Reference should be made to note 37 "Related party transactions" for information about transactions with the other related parties.
33.3 Net exchange gains (losses) The next exchange gains in the first half of 2026 of € 31.6 million (net exchange losses of € 89.7 million in the corresponding period of 2025) mainly reflect the performance of the US dollar, the Australian dollar and the Columbian peso against the Euro.
34. Net losses on equity investments Net losses on equity investments are made up as follows:
(€'000) First half 2025 First half 2026 Variation Share of net losses of equity-accounted investees (29,620) (102,313) (72,693) Dividends 303 442 139 Total (29,317) (101,871) (72,554) The share of net losses of equity-accounted investees in the first half of 2026 of € 102.3 million (€ 29.6 million for the corresponding period of 2025 ) mainly reflects the results of projects in North America and Australia that do not represent additional significant risks for the Group. Dividends collected from some non-controlling interests amount to € 0.4 million for the period.⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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35. Income taxes Income taxes are broken down in the following table:
(€'000) First half 2025 First half 2026 Variation Current taxes (income taxes) 83,299 108,238 24,939 Deferred taxes (13,022) (23,015) (9,993) Prior year taxes 7,200 (2,567) (9,767) Total 77,477 82,656 5,179
IRAP 1,332 2,873 1,541
Total 78,809 85,529 6,720 The Group’s income taxes for the first half of 2026 are calculated using the best estimate of the average annual tax rate expected for the entire year.
International Tax Reform - Pillar Two Model Rules Legislative decree no. 209/2023 of 27 December 2023 implemented the tax reform on international taxation by transposing Council Directive (EU) 2022/2523 into domestic law. The EU Directive, in turn, converted into EU law the Global Anti-Base Erosion Model Rules (GloBE Rules) that the Inclusive Framework on BEPS of the OECD had approved in December 2021.
As a result of the above, as of 1 January 2024, large Italian multinational groups with annual revenue of €750 million or more are required to apply the new tax regime that establishes a minimum effective tax rate of at least 15% in each jurisdiction in which they operate.
Considering the supranational regulations and that the Group may resort to transitional safe harbours, which allow the exclusion of those jurisdictions in which the Group operates that pass certain qualifying tests from the calculation of the global minimum tax, based on currently available and reasonably estimable data, the effect on the Group’s effective tax rate is not particularly significant.
36. Earnings per share (€'000) First half 2025 First half 2026 Profit from continuing operations 96,323 123,077 Non-controlling interests 20,107 (14,666) Profit from continuing operations attributable to the owners of the parent 116,430 108,411 Profit from continuing and discontinued operations 87,173 124,210 Non-controlling interests 20,107 (14,666) Profit from continuing and discontinued operations attributable to the owners of the parent 107,280 109,544 Profit earmarked for 1,615 thousand savings shares 588 588 no. of shares /000 Average outstanding ordinary shares 983,532 980,091 Diluting effect 1,180 1,081 Average number of diluted shares 984,712 981,172 (Euro per share) Basic earnings per share (from continuing operations) 0.1178 0.1100 Basic earnings per share (from continuing and discontinued operations) 0.1085 0.1112 Diluted earnings per share (from continuing operations) 0.1176 0.1099 Diluted earnings per share (from continuing and discontinued operations) 0.1083 0.1110⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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Note 20 "Equity" provides information on the weighted average number of shares used to calculate the earnings per share and the financial instruments that give the right to new shares.
Diluted earnings per share of € 0.1110 (€0.1099 considering solely the profit from continuing operations) are calculated by adjusting the weighted average number of outstanding shares to consider the potential shares that could be issued if the financial instruments issued by the parent are exercised.
37. Related party transactions Related party transactions carried out during the period involved the following counterparties:
•directors, statutory auditors and key management personnel, solely related to the contracts regulating their positions within Webuild Group;
•associates and joint arrangements; these transactions mainly relate to:
◦commercial assistance with purchases and procurement of services necessary to carry out work on contracts, contracting and subcontracting;
◦services (technical, organisational, legal and administrative), carried out at centralised level;
◦financial transactions, namely loans and joint current accounts as part of cash pooling transactions and guarantees given on behalf of group companies.
Most of the Group's production is carried out through SPEs, set up with other partners that have participated with Webuild in tenders. The SPEs carry out the related contracts on behalf of its partners. These transactions refer to revenue and costs for design and similar activities, incurred when presenting bids and over the contracts’ term. A significant number of the transactions with group companies are with consortia, consortium companies and similar companies that operate by recharging costs and revenue as per their by-
laws. Therefore, the intragroup relationship is substantially represented by the group companies’ relationships with unrelated parties.
All the above transactions are part of the Group’s normal business activities given that, in order to complete its contracts, Webuild mostly operates through SPEs.
Transactions are carried out with associates and joint arrangements in the interests of Webuild, aimed at building on existing synergies in the Group in terms of production and sales integration, efficient use of existing skills, streamlining of centralised structures and financial resources. These transactions are regulated by specific contracts and are carried out on an arm’s length basis.
Transactions with group companies performed during the period are presented in the “Group companies” column of the table showing related party transactions at the end of this note (note 37);
•Other related parties: the main transactions with other related parties, identified pursuant to IAS 24, including companies managed and coordinated by Salini Costruttori S.p.A., are summarised below:⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
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Trade
receivablesFinancial
assetsOther
current
assetsTrade
payablesOther
current
liabilities GuaranteesTotal
revenueTotal
operating
expensesNet financing
income
(costs)
(€'000)
Salini Costruttori:
Casada S.r.l. 176 - - - - - - - -
CEDIV S.p.A. 3,306 3,241 - - - - 15 - 91
Consorzio Tiburtino 205 - - - - - 5 - -
Dirlan S.r.l. 13 - - - - - 11 - -
G.a.b.i. Re S.r.l 8,120 18,001 - - - - 15 - 504 Nores S.r.l. 142 - - - - - 6 - -
Plus S.r.l. 18 - - - - - 15 - -
Salini S.p.A. 153 - - - - - 13 - -
Salini Costruttori S.p.A. - 5,947 11,955 (642) - 942,514 62 (811) 128 Zeis S.r.l. 71 4,798 - - - - 108 - 123
CDP:
CDP S.p.A. - - 533 - -1,084,238 - (6,668) -
Fincantieri Infrastructure Opere Marittime S.p.A.8,525 - -(25,490) - - 39,165 (35,804) -
Fincantieri Infrastructure S.p.A. 40 - 2,254 (37,874) (16) - 37 (32,168) -
SNAM Rete gas S.p.A. - - - (1,181) - - - - -
SNAM S.p.A. - - 3,273 - - - - (6,000) -
Tamini Trasformatori S.r.l. - - 235 - - - - (1,058) -
Terna Rete Italia S.p.A. - - - (5) - - - (996) -
Terna S.p.A. - - - (434) - - - (570) -
Trevi S.p.A. 1,739 - 3,900 (23,651) - - 181 (13,177) -
Other CDP 88 1 517 (935) - - 22 (755) -
Other:
Iniziative Immobiliari Italiane S.p.A. - - - - - - - (220) (53) Salini Simonpietro e C. S.a.p.a. 172 - - - - - 7 - -
Total 22,768 31,988 22,667 (90,212) (16) 2,026,752 39,662 (98,227) 793 Transactions with Salini Costruttori S.p.A. and its subsidiaries mostly refer to service contracts for tax, administration, corporate and HR assistance.
With respect to the guarantees provided by Salini Costruttori S.p.A., they are measured using a group intragroup guarantee pricing policy on a case-by-case basis (e.g., considering the reference market, type of entity/ agreement and type of guarantee). This policy complies with the OECD guidelines and is reviewed once a year.
The cost to the Group of applying the policy in the first half of 2026 is €0.8 million.
Since 2020, Cassa Depositi e Prestiti S.p.A. (“CDP”) and its subsidiaries and associates have been included in the list of related parties as CDP has significant influence over Webuild. Transactions with these related parties (as per the table above) include in particular the guarantees issued by CDP chiefly for contract advances, the subcontracting contracts agreed with Fincantieri Infrastructure S.p.A. and Trevi S.p.A. for foreign and Italian contracts, transactions with Fincantieri Infrastructure Opere Marittime S.p.A. for the management of the Pergenova Breakwater consortium’s operations, mainly arising from the consortium’s by-laws and works awarded.
The above transactions qualify as ordinary transactions agreed at conditions identical to those that would be stipulated on the market or that are standard, based on the parent’s related party transactions procedure.
Therefore, they are exempt from such procedure.
During the period, Webuild exercised an option for a capital increase for its investee Trevi Finanziaria Industriale S.p.A..
With respect to key management personnel, on 25 May 2026, Massimo Ferrari, corporate and finance general manager, corporate reporting officer, member of the key management team and related party of the parent, ⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
CONSOLIDATED FINANCIAL
STATEMENTSANNEXES REPORTS
2026 INTERIM FINANCIAL REPORT | 160
informed the parent of his decision to embark on a new personal and professional journey. His departure will be effective from 30 September 2026. The terms of an agreement for the mutual termination of his employment relationship with Webuild have been defined as €5 million and the agreement qualifies as a non-ordinary related party transaction of minor significance. The parent’s board of directors approved the agreement on 26 May 2026 after receiving the favourable opinion of the compensation and nominating committee as well as the non-
binding favourable opinion of the committee for related-party transactions.
In addition, on 16 March 2026, Webuild and its related party Iniziative Immobiliari Italiane S.p.A Italiane S.p.A.
signed an agreement to purchase the building in Via della Dataria 22, Rome for €21.5 million. This non-ordinary transaction of minor significance fell within the limitations of the board of directors’ resolution of 18 December 2025 and received the non-binding favourable opinion of the parent’s committee for related party-transactions.
As the building is subject to a cultural heritage restriction, the purchase was finalised, with retroactive effect from the aforementioned date of 16 March 2026, following the non-exercise of their right of first refusal regarding cultural assets by the Ministry for Culture and other competent bodies within 60 days of notification of the purchase agreement by the notary on 19 March 2026.
No transactions of major significance, including in the form of transactions exempt from the above procedure, were carried out during the first half of 2026.
The next table shows the impact of transactions with the related parties on the statements of financial position and profit or loss (including as a percentage):
(€'000)30 June
2026Group
companiesOther
related
parties Total % Other non-current financial assets, including derivatives 244,500 151,365 - 151,365 61.9% Trade receivables 4,882,948 415,335 22,768 438,103 9.0% Current financial assets, including derivatives 805,868 22,553 31,988 54,541 6.8% Other current assets 1,159,655 4,563 22,667 27,230 2.3% Lease liabilities 77,397 - - - -
Bank and other loans and borrowings, including derivatives 120,074 - - - -
Current portion of bank loans and borrowings and current account facilities, including derivatives496,740 194,266 - 194,266 39.1% Current portion of lease liabilities 79,280 - - - -
Trade payables 6,096,533 161,723 90,212 251,935 4.1% Other current liabilities 722,338 56,143 16 56,159 7.8%
(€'000)First half
2026Group
companiesOther
related
parties Total % Revenue from contracts with customers 5,956,280 62,416 243 62,659 1.1% Other income 694,038 9,553 39,419 48,972 7.1% Purchases (958,492) (20) (1,702) (1,722) 0.2% Subcontracts (2,003,078) (405) (80,925) (81,330) 4.1% Services (1,489,958) (99,625) (8,745) (108,370) 7.3% Personnel expenses (1,284,408) (530) - (530) -
Other operating expenses (241,451) (288) (6,856) (7,144) 3.0% Net reversals of impairment losses 350 - - - -
Amortisation, depreciation and provisions (214,380) - - - -
Financial income 49,161 6,842 846 7,688 15.6%
Financial expense (229,208) (7,334) (53) (7,387) 3.2% ⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
CONSOLIDATED FINANCIAL
STATEMENTSANNEXES REPORTS
2026 INTERIM FINANCIAL REPORT | 161
38. Events after the reporting date Other than that disclosed in the Directors' report, no events have taken place after 30 June 2026 .
39. Balances or transactions arising from atypical and/or unusual
transactions
During the period, Webuild Group did not carry out any atypical and/or unusual transactions, as defined in the above Consob communication no. DEM/606429319.
40. Significant non-recurring events and transactions The Group's financial position, performance and cash flows were not affected by significant non-recurring events and transactions, as defined by Consob communication no. DEM/606429320.
On behalf of the board of directors
Chairman
Gian Luca Gregori (signed on the original)
⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
CONSOLIDATED FINANCIAL
STATEMENTSANNEXES REPORTS
2026 INTERIM FINANCIAL REPORT | 16219 Atypical and/or unusual transactions are those that, due to their significance and relevance, the counterparty, the object of the transaction, transfer pricing and timing, may cast doubts as to the accuracy and completeness of disclosures, conflicts of interest, protection of the Group's assets and non-controlling interests.
20 Significant non-recurring events and transactions are those that do not frequently occur in the normal course of business.
2026 INTERIM FINANCIAL REPORT | 163List of
WEBUILD GROUP
COMPANIES
Webuild S.p.A. Italy Euro 600,000,000 line-by-line 3E System S.r.l. (in liq.) Italy Euro 10,000 100 100 NBI S.p.A. line-by-line A1 Motorway Tuszyn-Pyrzowice lot F Joint Venture Poland 100 94.99 5 Salini Polska sp. z o.o. line-by-line 0.01 HCE Costruzioni S.p.A.
Afragola FS S.C. a r.l. (in liq.) Italy Euro 10,000 100 82.54 17.46 NBI S.p.A. line-by-line Al Maktoum International Airport Joint Venture United Arab Emirates 29.4 29.4 Lane Mideast Contracting LLC line-by-line AR.GI. S.C.p.A. (in liq.) Italy Euro 35,000,000 99.99 99.99 Partecipazioni Italia S.p.A. line-by-line AS.M. S.C. a r.l. (in liq.) Italy Euro 10,000 75.91 75.91 Partecipazioni Italia S.p.A. line-by-line Astaldi Algerie - E.u.r.l. Algeria DZD 50,000,000 100 100 line-by-line Astaldi Bulgaria Ltd. (in liq.) Bulgaria Euro 2,600 100 100 line-by-line Astaldi Canada Design and Construction Inc. Canada CAD 100 100 100 Astaldi Canada Enterprises Inc. line-by-line Astaldi Canada Enterprises Inc. Canada CAD 100 100 100 line-by-line Astaldi Canada Inc. Canada CAD 50,020,000 100 100 Lane Construction Corporation line-by-line Astaldi Concessions S.p.A. Italy Euro 300,000 100 100 line-by-line Astaldi Construction Corporation USA USD 18,972,000 100 100 line-by-line Astaldi India Services LLP India INR 30,003,000 99.99 99.99 line-by-line Astaldi International Inc. (in liq.) Liberia USD 3,000,000 100 100 line-by-line Astaldi International Ltd. (in liq.) UK GBP 2,000,000 100 100 line-by-line Astaldi Mobilinx Hurontario GP Inc. Canada CAD 100 100 100 Astaldi Canada Enterprises Inc. line-by-line Astaldi-Max Boegl - CCCF Joint Venture Romania RON 40,000 66 66 line-by-line Astur Construction and Trade A.S. Turkey TRY 35,500,000 100 100 line-by-line Buildrom S.A. Romania RON 3,809,897 99.707 99.707 line-by-line C43 Water Management Builders USA 100 30 70 Lane Construction Corporation line-by-line Capital Crossing Constructors Canada 40 40 Webuild Civil Works Inc. line-by-line (a) Capodichino AS.M. S.C. a r.l. Italy Euro 10,000 66.83 66.83 Partecipazioni Italia S.p.A. line-by-line CDE S.C. a r.l. (in liq.) Italy Euro 10,000 60 60 line-by-line Clough Curtain Joint Venture Papua New Guinea 65 65 Clough Niugini Ltd. line-by-line Clough Engineering & Integrated Solutions (CEIS) Pty. Ltd. Australia AUD 2,000 100 100 Holding Construction Australia Pty. Ltd. line-by-line Clough Niugini Ltd. Papua New Guinea PGK 2 100 100 Holding Construction Australia Pty. Ltd. line-by-line Clough Projects Australia Pty. Ltd. Australia AUD 10,000,000 100 100 Holding Construction Australia Pty. Ltd. line-by-line Clough Projects Pty. Ltd. Australia AUD 20,000,000 100 100 Holding Construction Australia Pty. Ltd. line-by-line CO.MERI S.p.A. (in liq.) Italy Euro 35,000,000 99.99 99.99 Partecipazioni Italia S.p.A. line-by-line Collegamenti Integrati Veloci C.I.V. S.p.A. Italy Euro 6,200,000 85 85 line-by-line Compagnia Gestione Macchinari - CO.GE.MA. S.p.A. Italy Euro 1,032,000 100 100 line-by-line Concreta S.C. a.r.l. Italy Euro 10,000 70.55 66.05 4.5 Seli Overseas S.p.A. line-by-line Consorcio Constructor Webuild - Cigla (florianopolis) (wound up) Brazil 100 60 40Construtora Impregilo y Associados S.A. - CIGLA S.A.line-by-line Consorcio Impregilo - OHL Colombia 70 70 Grupo ICT II SAS (en liquidación) line-by-line (a)List of Webuild Group companies at 30 June 2026
Country CurrencyShare/quota
capital
subscribed Investment % % direct % indirect Indirect parentConsolidation or
measurement
method⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORT CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS ANNEXES REPORTS
2026 INTERIM FINANCIAL REPORT | 164
Consortium Front Sud TETO3 Switzerland 70 70 CSC Costruzioni S.A. line-by-line Consortium Ouest TETO4 Switzerland 70 70 CSC Costruzioni S.A. line-by-line Consorzio Agamium Italy Euro 10,000 100 49 51 Cossi Costruzioni S.p.A. line-by-line Consorzio Alta Velocità Torino/Milano - C.A.V.TO.MI. Italy Euro 5,000,000 96.14 96.14 line-by-line Consorzio Bovino Orsara AV Italy Euro 10,000 70 45 25 Partecipazioni Italia S.p.A. line-by-line Consorzio C.A.V.E.T. - Consorzio Alta Velocità Emilia/Toscana Italy Euro 5,422,797.44 75.983 75.983 line-by-line Consorzio C2BE Switzerland 55 55 CSC Costruzioni S.A. line-by-line Consorzio CM Piottino 101 Switzerland 60 60 CSC Costruzioni S.A. line-by-line Consorzio Cociv Italy Euro 516,457 99.999 92.753 7.246Collegamenti Integrati Veloci C.I.V.
S.p.A.line-by-line
Consorzio Eco-Inerti Piemonte Italy Euro 10,000 60 60 Cossi Costruzioni S.p.A. line-by-line Consorzio Hirpinia AV Italy Euro 10,000 100 60 40 Partecipazioni Italia S.p.A. line-by-line Consorzio Hirpinia Orsara AV Italy Euro 10,000 70 45 25 Partecipazioni Italia S.p.A. line-by-line Consorzio Iricav Due Italy Euro 510,000 82.93 45.44 37.49 Partecipazioni Italia S.p.A. line-by-line Consorzio Italvenezia (in liq.) Italy Euro 77,450 100 100 Partecipazioni Italia S.p.A. line-by-line Consorzio Kassar Italy Euro 10,000 75 70 5 Seli Overseas S.p.A. line-by-line Consorzio L201 CI-Riazzino Switzerland 66.66 66.66 CSC Costruzioni S.A. line-by-line Consorzio Libyan Expressway Contractor Italy Euro 10,000 78.91 78.91 line-by-line Consorzio Messina Catania lotto Nord Italy Euro 10,000 70 45 25 Partecipazioni Italia S.p.A. line-by-line Consorzio Messina Catania lotto Sud Italy Euro 10,000 70 45 25 Partecipazioni Italia S.p.A. line-by-line Consorzio Monda Switzerland 50 50 CSC Costruzioni S.A. line-by-line Consorzio Monvi Italy Euro 10,000 100 20 80 Cossi Costruzioni S.p.A. line-by-line Consorzio Officine Ticinesi Switzerland 69.88 5 64.88 CSC Costruzioni S.A. line-by-line Consorzio Ordinario per la Depurazione delle Acque di Vicenza - CODAV Italy Euro 10,000 69.8 69.8 Fisia Italimpianti S.p.A. line-by-line Consorzio Palermo Catania ED Italy Euro 10,000 70 70 line-by-line Consorzio Pergenova Breakwater Italy Euro 10,000 40 40 line-by-line Consorzio Poseidon Italy Euro 10,000 60 60 Cossi Costruzioni S.p.A. line-by-line Consorzio Riazzinodue Switzerland 66.66 66.66 CSC Costruzioni S.A. line-by-line Consorzio Santomarco Italy Euro 10,000 60 55 5 Seli Overseas S.p.A. line-by-line Consorzio St. Anna Switzerland 65 65 CSC Costruzioni S.A. line-by-line Consorzio Stabile Operae Italy Euro 500,000 100 1 98 Partecipazioni Italia S.p.A. line-by-line 1 NBI S.p.A.
Consorzio Tridentum Italy Euro 10,000 55 51 4 Seli Overseas S.p.A. line-by-line Consorzio Triscelio Italy Euro 10,000 75 70 5 Seli Overseas S.p.A. line-by-line Consorzio Triscelio 3 Italy Euro 10,000 60 55 5 Seli Overseas S.p.A. line-by-line Consorzio Xenia Italy Euro 10,000 60 60 line-by-line Constructora Ariguani SAS En Reorganizacion Colombia COP 100,000,000 100 100 line-by-line Construtora Impregilo y Associados S.A. - CIGLA S.A. Brazil BRL 7,641,015 100 100 line-by-lineList of Webuild Group companies at 30 June 2026
Country CurrencyShare/quota
capital
subscribed Investment % % direct % indirect Indirect parentConsolidation or
measurement
method⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORT CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS ANNEXES REPORTS
2026 INTERIM FINANCIAL REPORT | 165
Copenaghen Metro Team I/S Denmark 99.989 99.989 line-by-line Corso del Popolo S.p.A. Italy Euro 1,200,000 100 100 HCE Costruzioni S.p.A. line-by-line Cossi Costruzioni S.p.A. Italy Euro 12,598,426 100 100 Partecipazioni Italia S.p.A. line-by-line CSC Costruzioni S.A. Switzerland CHF 2,000,000 100 100 line-by-line CSI Simplon Consorzio Switzerland 100 0.01 99.99 CSC Costruzioni S.A. line-by-line Curva Tri Volt Switzerland 60 60 CSC Costruzioni S.A. line-by-line Dandi Lodge Plc Ethiopia ETB 12,000,000 100 99 1Compagnia Gestione Macchinari -
CO.GE.MA. S.p.A.line-by-line
DEAS S.C. a r.l. (in liq.) Italy Euro 10,000 57 57 NBI S.p.A. line-by-line DIRPA 2 S.C. a r.l. Italy Euro 50,009,998 100 100 Consorzio Stabile Operae line-by-line DT1 S.C. a r.l. Italy Euro 10,000 71.5 71.5 Cossi Costruzioni S.p.A. line-by-line DT2 S.C. a r.l. Italy Euro 10,000 76.3 76.3 Cossi Costruzioni S.p.A. line-by-line DT4-5 S.C. a r.l. Italy Euro 10,000 83.2 83.2 Cossi Costruzioni S.p.A. line-by-line E20 Pty. Ltd. Australia AUD 36,000 100 100 Holding Construction Australia Pty. Ltd. line-by-line Etlik Hastane P.A. S.r.l. (in liq.) Italy Euro 110,000 100 100 line-by-line Fibe S.p.A. Italy Euro 3,500,000 99.998 99.989 0.003 Webuild Concessions S.p.A. line-by-line 0.006 Fisia Ambiente S.p.A.
Fisia - Alkatas Joint Venture Turkey 51 51 Fisia Italimpianti S.p.A. line-by-line Fisia Ambiente S.p.A. Italy Euro 3,000,000 100 100 line-by-line Fisia Italimpianti S.p.A. Italy Euro 3,400,000 100 100 line-by-line Fisia LLC Oman OMR 250,000 70 70 Fisia Italimpianti S.p.A. line-by-line Fisia Muhendislik VE Insaat Anonim Sirketi Turkey TRY 50,000 100 100 Fisia Italimpianti S.p.A. line-by-line Fisia - Alkatas - Alke Joint Venture Turkey 48 48 Fisia Italimpianti S.p.A. line-by-line (a) Garbi Linea 5 S.C. a r.l. (in liq.) Italy Euro 10,000 100 100 Partecipazioni Italia S.p.A. line-by-line GE.SAT. S.C. a r.l. Italy Euro 10,000 53.85 35 Partecipazioni Italia S.p.A. line-by-line 18.85 Astaldi Concessions S.p.A.
Generalny Wykonawca Salini Polska - Impregilo - Kobylarnia S.A. Poland 66.68 33.34 33.34 Salini Polska sp. z o.o. line-by-line Grupo ICT II SAS (en liquidación) Colombia COP 9,745,180,000 100 100 line-by-line HCE Costruzioni S.p.A. Italy Euro 2,186,743 100 100 line-by-line HCE Costruzioni Ukraine LLC Ukraine Euro 10,000 100 1 99 HCE Costruzioni S.p.A. line-by-line Holding Construction Australia Pty. Ltd. Australia AUD 1,000 100 100 Salini Australia Pty. Ltd. line-by-line Impregilo Lidco Libya General Contracting Co Libya LYD 5,000,000 60 60 line-by-line Impregilo New Cross Ltd. UK GBP 2 100 100 Webuild Concessions S.p.A. line-by-line INC - Il Nuovo Castoro Algerie S.a.r.l. Algeria DZD 301,172,000 99.983 99.983 line-by-line Infraflegrea Progetto S.C.p.A. Italy Euro 500,000 76 76 Partecipazioni Italia S.p.A. line-by-line Isarco S.C. a r.l. Italy Euro 100,000 79.98 79.98 line-by-line Italstrade CCCF Joint Venture Romis S.r.l. Romania RON 540,000 51 51 line-by-line Italstrade S.p.A. Italy Euro 611,882 100 100 line-by-lineList of Webuild Group companies at 30 June 2026
Country CurrencyShare/quota
capital
subscribed Investment % % direct % indirect Indirect parentConsolidation or
measurement
method⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORT CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS ANNEXES REPORTS
2026 INTERIM FINANCIAL REPORT | 166
Joint Venture Impregilo S.p.A. - S.G.F. INC S.p.A. Greece 100 100 line-by-line Lane Abrams Joint Venture USA 51 51 Lane Construction Corporation line-by-line Lane Construction Corporation USA USD 1,392,955 100 100 Lane Industries Incorporated line-by-line Lane DS - NC Consortium (Ada) United Arab Emirates 24.5 24.5 Lane Mideast Contracting LLC line-by-line Lane Industries Incorporated USA USD 5 100 100 Webuild - US Holdings Inc. line-by-line Lane Mideast Contracting LLC United Arab Emirates AED 300,000 49 49 Webuild Concessions S.p.A. line-by-line Lane Mideast Qatar LLC Qatar QAR 5,000,000 49 49 Webuild Concessions S.p.A. line-by-line LMH_Lane Cabot Yard Joint Venture USA 50 50 Lane Construction Corporation line-by-line MEL PP Pty. Ltd. Australia AUD 1,000 100 100 WBCA Pty. Ltd. line-by-line Melito S.C. a r.l. (in liq.) Italy Euro 77,400 66.667 66.667 HCE Costruzioni S.p.A. line-by-line Mercovia S.A. Argentina ARS 10,000,000 60 60 Webuild Concessions S.p.A. line-by-line Metro B S.r.l. Italy Euro 20,000,000 52.52 52.52 line-by-line Metro B1 S.C. a r.l. Italy Euro 100,000 80.7 80.7 line-by-line Metro Blu S.C. a r.l. Italy Euro 10,000 100 50 50 Partecipazioni Italia S.p.A. line-by-line Mondial Milas-Bodrum Havalimani Uluslararasi Terminal İşletmeciliği Ve Yatirim A.S. (in liq.)Turkey TRY 37,518,000 100 100 Astaldi Concessions S.p.A. line-by-line Napoli Cancello Alta Velocità S.C. a r.l. Italy Euro 10,000 100 60 40 Partecipazioni Italia S.p.A. line-by-line NBI Elektrik Elektromekanik Tesisat Insaat Ve Ticaret I.S. Turkey TRY 10,720,000 100 94.999 NBI S.p.A. line-by-line 5.001 Astur Construction and Trade A.S.
NBI S.p.A. Italy Euro 7,500,000 100 100 line-by-line Nuovo Ospedale Sud Est Barese S.C. a r.l. Italy Euro 50,000 100 100 Partecipazioni Italia S.p.A. line-by-line Ospedale del Mare S.C. a r.l. (in liq.) Italy Euro 50,000 100 100 Partecipazioni Italia S.p.A. line-by-line Partecipazioni Italia S.p.A. Italy Euro 1,000,000 100 100 line-by-line Partenopea Finanza di Progetto S.C.p.A. (in liq.) Italy Euro 9,300,000 99.99 99.99 Partecipazioni Italia S.p.A. line-by-line Passante Dorico S.p.A. Italy Euro 24,000,000 71 47 24 Partecipazioni Italia S.p.A. line-by-line Pedelombarda Nuova S.C.p.A. Italy Euro 50,000 70 45 25 Partecipazioni Italia S.p.A. line-by-line PGH Ltd. Nigeria NGN 52,000,000 100 100 line-by-line Piscine dello Stadio S.r.l. Italy Euro 1,000,000 100 100 HCE Costruzioni S.p.A. line-by-line Redo-Association Momentanée Dem. Rep. of Congo 100 75 25 Astaldi International Inc. (in liq.) line-by-line Reggio Calabria - Scilla S.C.p.A. (in liq.) Italy Euro 35,000,000 51 51 line-by-line Rivigo Joint Venture (Nigeria) Ltd. Nigeria NGN 100,000,000 70 70 PGH Ltd. line-by-line Romairport S.r.l. Italy Euro 500,000 99.263 99.263 line-by-line S. Agata FS S.C. a r.l. Italy Euro 20,000 100 60 40 Partecipazioni Italia S.p.A. line-by-line S. Filippo S.C. a r.l. (in liq.) Italy Euro 10,200 80 80 line-by-line S.P.T. - Società Passante Torino S.C. a r.l. (in liq.) Italy Euro 50,000 82.5 82.5 Partecipazioni Italia S.p.A. line-by-line SA.PI. NOR Salini Impregilo - Pizzarotti Joint Venture Norway 51 51 line-by-line Salerno-Reggio Calabria S.C.p.A. (in liq.) Italy Euro 50,000,000 51 51 line-by-line Salini Australia Pty. Ltd. Australia AUD 4,350,000 100 100 line-by-lineList of Webuild Group companies at 30 June 2026
Country CurrencyShare/quota
capital
subscribed Investment % % direct % indirect Indirect parentConsolidation or
measurement
method⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORT CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS ANNEXES REPORTS
2026 INTERIM FINANCIAL REPORT | 167
Salini Impregilo - Duha Joint Venture Slovakia 75 75 line-by-line Salini Impregilo - Healy Joint Venture NEBT USA 100 30 70 Lane Construction Corporation line-by-line Salini Impregilo - NRW Joint Venture Australia 80 80 line-by-line Salini Impregilo - Tristar Joint Venture United Arab Emirates 60 60 line-by-line Salini Insaat Taahhut Sanayi Ve Ticaret Anonim Sirketi (in liq.) Turkey TRY 2,500,000 100 100 line-by-line Salini Malaysia SDN BHD (in liq.) Malaysia MYR 1,100,000 100 90 10Compagnia Gestione Macchinari -
CO.GE.MA. S.p.A.line-by-line
Salini Namibia Proprietary Ltd. Namibia NAD 100 100 100 line-by-line Salini Nigeria Ltd. Nigeria NGN 100,000,000 100 99 1Compagnia Gestione Macchinari -
CO.GE.MA. S.p.A.line-by-line
Salini Polska - Todini - Salini Impregilo - S7 Joint Venture Poland 100 74.99 25 Salini Polska sp. z o.o. line-by-line 0.01 HCE Costruzioni S.p.A.
Salini Polska - Todini - Salini Impregilo - Pribex - S3 Joint Venture Poland 95 71.24 23.75 Salini Polska sp. z o.o. line-by-line 0.01 HCE Costruzioni S.p.A.
Salini Polska - Todini - Salini Impregilo - Pribex - S8 Joint Venture Poland 95 71.24 23.75 Salini Polska sp. z o.o. line-by-line 0.01 HCE Costruzioni S.p.A.
Salini Polska sp. z o.o. Poland PLN 393,450 100 100 line-by-line Salini Saudi Arabia Company Ltd. Saudi Arabia SAR 1,000,000 100 100 line-by-line Sartori Tecnologie Industriali S.r.l. (in liq.) Italy Euro 500,000 100 100 NBI S.p.A. line-by-line SC Hydro Pty. Ltd. Australia AUD 2,000 100 50 Salini Australia Pty. Ltd. line-by-line 50 Clough Projects Australia Pty. Ltd.
SCI ADI Ortakligi Turkey TRY 10,000 50 50 line-by-line SCLC Polihali Diversion Tunnel Joint Venture Lesotho 69.99 69.99 line-by-line Scuola Carabinieri S.C. a r.l. (in liq.) Italy Euro 50,000 76.4 76.4 Partecipazioni Italia S.p.A. line-by-line Seac S.P.a.r.l. (in liq.) Dem. Rep. of Congo 100 100 line-by-line (a) Seli Middle East Construction Co. W.L.L. Qatar QAR 200,000 49 49 Seli Overseas S.p.A. line-by-line Seli Overseas S.p.A. Italy Euro 3,000,000 100 100 Partecipazioni Italia S.p.A. line-by-line Seli Overseas USA Inc. USA USD 1,000 100 100 Seli Overseas S.p.A. line-by-line Seli Tunneling Denmark A.p.s. (in liq.) Denmark DKK 130,000 100 100 HCE Costruzioni S.p.A. line-by-line Sirjo S.C.p.A. Italy Euro 30,000,000 100 40 60 Partecipazioni Italia S.p.A. line-by-line SLC Snowy Hydro Joint Venture Australia 100 55 35 Clough Projects Australia Pty. Ltd. line-by-line 10 Lane Construction Corporation So Tunneling India Private Limited India INR 100,000 100 100 Seli Overseas S.p.A. line-by-line Società Autostrada Broni - Mortara S.p.A. Italy Euro 28,902,600 60 60 line-by-line Suramericana de Obras Publicas C.A.- Suropca C.A. Venezuela 100 99 1 CSC Costruzioni S.A. line-by-line Susa Dora Quattro S.C. a r.l. (in liq.) Italy Euro 51,000 90 90 line-by-line SYD TS Pty. Ltd. Australia 100 100 WBCA Pty. Ltd. line-by-line T.E.Q Construction Enterprise Inc. Canada CAD 11,081 100 100 Astaldi Canada Enterprises Inc. line-by-lineList of Webuild Group companies at 30 June 2026
Country CurrencyShare/quota
capital
subscribed Investment % % direct % indirect Indirect parentConsolidation or
measurement
method⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORT CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS ANNEXES REPORTS
2026 INTERIM FINANCIAL REPORT | 168
Texas High Speed Rail LLC USA 100 99.99 0.01 Lane Construction Corporation line-by-line The Lane Blythe Construction Joint Venture USA 50 50 Lane Construction Corporation line-by-line The Lane Securety Paving Joint Venture USA 60 60 Lane Construction Corporation line-by-line Thessaloniki Metro CW Joint Venture (AIS Joint Venture) Greece 50 50 line-by-line Todini Akkord Salini Ukraine 100 25 75 HCE Costruzioni S.p.A. line-by-line Toledo S.C. a r.l. (in liq.) Italy Euro 50,000 90.394 90.394 Partecipazioni Italia S.p.A. line-by-line Valle Aconcagua S.A. Chile CLP 19,064,993,360 84.308 84.308 Astaldi Concessions S.p.A. line-by-line VSL Electrical, Signing, Lighting LLC USA 100 100 Lane Construction Corporation line-by-line WBCA Pty. Ltd. Australia AUD 1,000 100 100 Webuild Concessions S.p.A. line-by-line WBCNZ-CMP Ltd. New Zealand NZD 100 100 100 Webuild Concessions S.p.A. line-by-line (a) Webuild - Connect 6iX GP Inc. Canada CAD 1 100 100 Webuild Canada Holding Inc. line-by-line Webuild - Fisia Joint Venture Turkey 100 99.933 0.067Fisia Muhendislik VE Insaat Anonim
Sirketiline-by-line
Webuild - US Holdings Inc. USA USD 1 100 100 line-by-line Webuild Canada Holding Inc. Canada CAD 1 100 100 line-by-line Webuild Civil Works Inc. Canada CAD 1 100 100 Webuild Canada Holding Inc. line-by-line Webuild Concessions S.p.A. Italy Euro 1,000,000 100 100 line-by-line Webuild Equipment & Machinery S.r.l. Italy Euro 10,000 100 100 line-by-line Webuild Innovations S.r.l. (in liq.) Italy Euro 10,000 100 100 line-by-line Webuild Leighs JV New Zealand 70 70 line-by-line (a) Webuild Mobilinx Hurontario GP Inc. Canada CAD 1 100 100 Webuild Canada Holding Inc. line-by-line Webuild NZ Ltd. New Zealand NZD 500,000 100 100 Salini Australia Pty. Ltd. line-by-line Webuild VIC Pty. Ltd. Australia AUD 10,000 100 100 Salini Australia Pty. Ltd. line-by-line Webuild QLD Pty. Ltd. Australia AUD 50,000 100 100 Salini Australia Pty. Ltd. line-by-line Webuild S.p.A. - The Lane Construction Co. - Jose J Chediack S.A. UTE Argentina ARS 10,000 75 73 2 Lane Construction Corporation line-by-line Webuild-Terna SNFCC Joint Venture Greece Euro 100,000 51 51 line-by-line Western Station Joint Venture Saudi Arabia 51 51 line-by-line WGT Joint Venture Saudi Arabia 50 50 line-by-line (a) Wres Senqu Bridge Joint Venture Lesotho 55 55 line-by-line WSS Joint Venture Saudi Arabia 70 40 30 Salini Saudi Arabia Company Ltd. line-by-line Abeinsa Infr. e Fisia Italimpianti UTE Salalah Spain 51 51 Fisia Italimpianti S.p.A. joint oper.
Acciona Construccion S.A. Y Webuild S.p.A. UTE Spain 40 40 joint oper.
Ana Cua WRT Paraguay 55 55 joint oper.
Arriyadh New Mobility Consortium Saudi Arabia 33.48 33.48 joint oper.
Asocierea Astaldi S.p.A. - IHI Infrastructure Systems SO, Ltd. (Braila) Romania 60 60 joint oper.
Asocierea Lot 3 FCC - Webuild - Convensa Romania 49.5 49.5 joint oper.
Asocierea Webuild - Euroconstruct Trading 98 Romania 70 70 joint oper.List of Webuild Group companies at 30 June 2026
Country CurrencyShare/quota
capital
subscribed Investment % % direct % indirect Indirect parentConsolidation or
measurement
method⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORT CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS ANNEXES REPORTS
2026 INTERIM FINANCIAL REPORT | 169
Asocierea Webuild - Euroconstruct Trading 98 S.r.l. - RCV Global Group S.r.l.
(Piata Sudului)Romania 50 50 joint oper.
Asocierea Webuild - FCC-Salcef, lot 2°a Romania 49.5 49.5 joint oper.
Asocierea Webuild - FCC-Salcef, lot 2°b Romania 49.5 49.5 joint oper.
Astadim Spolka Cywilina Poland 90 90 joint oper.
Astaldi - Gulermak Joint Venture Turkey 51 51 joint oper.
Astaldi - Somatra Get Groupement (G.A.S.) Tunisia 60 60 joint oper. (a) Astaldi - UTI-Romairport Joint Venture (Cluj Napoca) Romania 78.779 49 29.779 Romairport S.r.l. joint oper. (a) Astalrom - Decora Rezident Romania 56.833 56.833 Buildrom S.A. joint oper. (a) ASTEH Groupement Algeria 51 51 joint oper. (a) Aster Dantiscum Poland 51 51 joint oper.
Avrasya Metro Grubu Joint Venture (AMG) Turkey 42 42 joint oper.
BSS-KSAB Joint Venture Saudi Arabia 37.5 37.5 joint oper.
Civil Works Joint Venture Saudi Arabia 66 52 14 Salini Saudi Arabia Company Ltd. joint oper.
Clough - BMD Joint Venture (CBJV) Australia 50 50 Clough Projects Australia Pty. Ltd. joint oper.
Connect 6iX Contractor Joint Venture Canada 65 65 Webuild Civil Works Inc. joint oper.
Consorcio Contuy Medio Grupo A C.I. S.p.A. Ghella Sogene C.A., Otaola C.A. Venezuela 36.4 36.4 joint oper.
Consorcio Europeo Hospital de Chinandega Nicaragua 29.65 29.65 joint oper.
Consorzio Constructor M2 Lima Peru 25.5 25.5 joint oper.
Consorzio Constructora El Arenal Honduras 49 49 joint oper.
Consorzio GL 202 Switzerland 35 35 CSC Costruzioni S.A. joint oper.
Consorzio Lublino (Astaldi - PBDIM) Poland 94.98 94.98 joint oper.
Consorzio Vislè Switzerland 33.33 33.33 CSC Costruzioni S.A. joint oper.
Constructor Tumarin Consorcio Nicaragua 50 50 joint oper.
E2X Perdaman Australia 50 50 E20 Pty. Ltd. joint oper.
E2X (SSTOM) Australia 50 50 E20 Pty. Ltd. joint oper.
FCC - Webuild Constanza Bypass Romania 50 50 joint oper.
FCC Construccion S.A. - Webuild S.p.A., Joint Venture (Arad - Timisoara) Romania 50 50 joint oper.
Fisia Abeima Salalah Joint Venture Oman 35.7 35.7 Fisia LLC joint oper.
Fisia Italimpianti Succursal Argentina e Acciona Agua Succursal Argentina UTEArgentina 65 65 Fisia Italimpianti S.p.A. joint oper.
G.R.B.K. Barrage de Kerrada et Adduction Chelif-Kerrada du Transfert M.A.O Algeria 68.68 68.68 joint oper. (a) Gdansk Consorzio Poland 51 51 joint oper.
GEIE DPR M2 Ouest France 49.5 49.5 joint oper.
GR-RDM Groupement Algeria 51 51 joint oper. (a) Ilka Metro Yapim Joint Venture Turkey 15 15 Astur Construction and Trade A.S. joint oper.
Integrate Joint Venture Australia 60 60 Clough Projects Australia Pty. Ltd. joint oper.
Lane - Joseph B Fay Joint Venture USA 50 50 Lane Construction Corporation joint oper.List of Webuild Group companies at 30 June 2026
Country CurrencyShare/quota
capital
subscribed Investment % % direct % indirect Indirect parentConsolidation or
measurement
method⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORT CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS ANNEXES REPORTS
2026 INTERIM FINANCIAL REPORT | 170
Ligne 15 M2 Ouest Sous-Group. Infr. (SGI) France 54 54 joint oper.
Lodz Consorzio Poland 40 40 joint oper.
Mobile Bayway Constructors Joint Venture USA 40 40 Lane Construction Corporation joint oper.
Mobilinx Hurontario Contractor Canada 70 42 Webuild Civil Works Inc. joint oper.
28Astaldi Canada Design and Construction Inc.
Nadlac-Arad Joint Venture Romania 50 50 joint oper.
Nathpa Jhakri Joint Venture India 60 60 HCE Costruzioni S.p.A. joint oper.
NBI - S.I.TE Installati Romania 51 51 NBI S.p.A. joint oper. (a) NGE Genie Civil S.a.s. - Salini Impregilo S.p.A. France 50 50 joint oper.
Obrainsa - Astaldi Consorcio Peru 51 51 joint oper.
Pape North Connect J.V. - Webuild Civil Works - Fomento Canada 50 50 Webuild Civil Works Inc. joint oper.
Rio Mantaro Consorcio Peru 50 50 joint oper.
Rio Urubamba Consorcio Peru 40 40 joint oper.
Salini Impregilo S.p.A. - NGE Genie Civil S.a.s France 65 65 joint oper.
Schiavone Lane Dragados J.V. USA 35 35 Lane Construction Corporation joint oper.
Sotra Link Construction JV ANS Norway 35 35 joint oper.
South Al Mutlaa Joint Venture Kuwait 55 55 joint oper.
Southland Astaldi Joint Venture Canada 30 30Astaldi Canada Design and Construction Inc.joint oper.
Spark NEL DC Joint Venture Australia 29 29 joint oper.
Steel City Tunnel Partners JV USA 50 50 Lane Construction Corporation joint oper. (a) Superior-Lane Joint Venture USA 50 50 Lane Construction Corporation joint oper.
Swietelsky - Astalrom - Euroconstruct - Transferoviar Grup Romania 24.927 24.927 Buildrom S.A. joint oper. (a) Telt Lot 2 France 50 50 joint oper.
Telt Villarodin-Bourget Modane Avrieux France 33.33 33.33 joint oper.
Tristar Salini Joint Venture United Arab Emirates 40 40 joint oper.
UTE Abeima Fisia Shoaibah Spain 50 50 Fisia Italimpianti S.p.A. joint oper.
Uti Grup S.A. - Astaldi S.p.A. (pattinaggio) Romania 65 65 joint oper.
Webuild - Kolin Ordinary Partnership Turkey 50.01 50.01 joint oper. (a) Webuild - SC Euroconstruct Tranding 98-SC Astalrom Asocierea (Orastie -
Sibiu)Romania 99.975 94.99 4.985 Buildrom S.A. joint oper.
Webuild - FCC - Delta ACM-AB Construct (Metro 5 Bucarest struttura) Romania 47.495 47.495 joint oper.
Webuild - FCC-Salcef GTS, lot 2°b Romania 42.075 42.075 joint oper. (a) Webuild - FCC-Salcef-GTS, lot 2°a Romania 42.075 42.075 joint oper. (a) Webuild - FCC-UTI-ACTIV (Metro 5) Associera Romania 38.99 38.99 joint oper.
Webuild - FCC Joint Venture (Basarab Overpass) Romania 50 50 joint oper.
Webuild - Max Boegl Romania-Buildrom Joint Venture Romania 49.971 40 9.971 Buildrom S.A. joint oper.List of Webuild Group companies at 30 June 2026
Country CurrencyShare/quota
capital
subscribed Investment % % direct % indirect Indirect parentConsolidation or
measurement
method⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORT CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS ANNEXES REPORTS
2026 INTERIM FINANCIAL REPORT | 171
Webuild - Max Boegl-Euroconstruct-Tecnologica-Priect Bucuresti J.V. (A1 Ciuriel)Romania 27.66 27.66 joint oper.
Webuild - Pizzarotti Joint Venture Romania 62.5 62.5 joint oper.
WGB J.V. Australia 33.5 33.5 joint oper.
WLN CWJV Joint Venture Saudi Arabia 43 43 joint oper.
101 Gaggio Consorzio Switzerland 35 35 CSC Costruzioni S.A. equity Aegek-Impregilo-Aslom Transport Joint Venture Greece 45.8 45.8 equity AGL Joint Venture USA 20 20 Lane Construction Corporation equity AGN HAGA AB Sweden SEK 500,000 40 40 equity Aguas del Gran Buenos Aires S.A. (en liquidación) Argentina ARS 45,000,000 42.588 18.861 23.727 Webuild Concessions S.p.A. equity AM S.C. a r.l. (in liq.) Italy Euro 10,000 42.74 42.74 NBI S.p.A. equity Arge Haupttunnel Eyholz Switzerland 36 36 CSC Costruzioni S.A. equity Arge Secondo Tubo Switzerland 40 5 35 CSC Costruzioni S.A. equity Arriyadh New Mobility Line 2 Extension Consortium Saudi Arabia 30.1 30.1 equity Associera Webuild S.p.A.-Tancrad S.r.l. Sibiu-Pitesti S3 Romania 90 90 equity Atayde North Holding Mexico MXN 100,000,000 40 40 equity Autopistas del Sol S.A. Argentina ARS 88,384,092 19.818 19.818 Webuild Concessions S.p.A. equity Avola S.C. a r.l. (in liq.) Italy Euro 10,200 50 50 equity Avrasya Metro Grubu S.r.l. (in liq.) Italy Euro 10,000 42 42 equity Aws O and M Company LLC Saudi Arabia SAR 2,475,000 20 20 Fisia Italimpianti S.p.A. equity Brennero Tunnel Construction S.C. a r.l. Italy Euro 100,000 47.23 47.23 Partecipazioni Italia S.p.A. equity C.F.M. S.C. a r.l. (in liq.) Italy Euro 40,800 50 50 equity Churchill Construction Consortium UK 30 30 Impregilo New Cross Ltd. equity Clough Wood Pty. Ltd. Australia AUD 100,000 50 50Clough Engineering & Integrated Solutions (CEIS) Pty. Ltd.equity CMS Consorzio Switzerland 70 70 CSC Costruzioni S.A. equity CO.SAT S.C. a r.l. (in liq.) Italy Euro 10,000 50 50 Partecipazioni Italia S.p.A. equity Col De Roches Switzerland 90 90 CSC Costruzioni S.A. equity Connect 6iX DB Joint Venture Canada 21.31 21.31 Connect 6iX Contractor Joint Venture equity Consorcio Contuy Medio Venezuela 57.34 57.34 equity Consorcio Federici-Impresit-Ice (Cochabamba) Bolivia USD 100,000 25 25 HCE Costruzioni S.p.A. equity Consorcio Grupo Contuy-Proyectos y Obras de Ferrocarriles Venezuela 66.658 66.658 equity Consorcio Normetro Portugal 13.18 13.18 equity Consorcio OIV - Tocoma Venezuela 40 40 equity Consorcio V.I.T. - Tocoma Venezuela 35 35 equity Consorcio V.I.T. Caroni - Tocoma Venezuela 35 35 equity Consorcio V.S.T. - Tocoma Venezuela 30 30 equity Consorzio ACE Chiasso Switzerland 50 50 CSC Costruzioni S.A. equityList of Webuild Group companies at 30 June 2026
Country CurrencyShare/quota
capital
subscribed Investment % % direct % indirect Indirect parentConsolidation or
measurement
method⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORT CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS ANNEXES REPORTS
2026 INTERIM FINANCIAL REPORT | 172
Consorzio Astaldi-Federici-Todini (in liq.) Italy Euro 46,481 66.67 33.33 33.34 HCE Costruzioni S.p.A. equity Consorzio Astaldi-Federici-Todini Kramis Italy Euro 100,000 99.99 49.995 49.995 HCE Costruzioni S.p.A. equity Consorzio Capomastro Ticinese Switzerland 40 40 CSC Costruzioni S.A. equity Consorzio C.P.R. 2 Italy Euro 2,066 35.97 35.97 HCE Costruzioni S.p.A. equity Consorzio C.P.R. 3 Italy Euro 2,066 35.97 35.97 HCE Costruzioni S.p.A. equity Consorzio del Sinni Italy Euro 51,646 43.16 43.16 HCE Costruzioni S.p.A. equity Consorzio Di Penta Ugo Vitolo (in liq.) Italy Euro 2,582 50 50 equity Consorzio di Riconversione Industriale Apuano - CO.RI.A. S.C. a r.l. Italy Euro 46,481 10 10 HCE Costruzioni S.p.A. equity Consorzio Dolomiti Webuild Implenia Italy Euro 10,000 51 51 equity Consorzio EPC Peru 18.25 18.25 equity Consorzio Ferrofir (in liq.) Italy Euro 30,987 100 66.667 33.333 HCE Costruzioni S.p.A. equity Consorzio Gela EP28 L202 PAV Switzerland 30 30 CSC Costruzioni S.A. equity Consorzio GI.IT. (in liq.) Italy Euro 2,582 50 50 equity Consorzio Hyperbuilders Italy Euro 10,000 96.22 96.22 equity Consorzio Iricav Uno (in liq.) Italy Euro 520,000 42.853 42.853 Partecipazioni Italia S.p.A. equity Consorzio Kallidromo Greece Euro 8,804 23 23 HCE Costruzioni S.p.A. equity Consorzio MM4 Italy Euro 200,000 64.27 32.135 32.135 Partecipazioni Italia S.p.A. equity Consorzio Novocen (in liq.) Italy Euro 51,640 57.92 57.92 equity Consorzio NSIF 1301 Switzerland 35 35 CSC Costruzioni S.A. equity Consorzio Partenope 10 Italy Euro 10,000 45.81 44 1.81 M.N. Metropolitana di Napoli S.p.A. equity Consorzio Pizzarotti Todini-Kef-Eddir. (in liq.) Italy Euro 100,000 50 50 HCE Costruzioni S.p.A. equity Consorzio S.Anna Switzerland 60 60 CSC Costruzioni S.A. equity Consorzio Sarda Costruzioni Generali - SACOGEN (in liq.) Italy Euro 10,329 25 25 HCE Costruzioni S.p.A. equity Consorzio Sotpass Bess Switzerland 36 36 CSC Costruzioni S.A. equity Consorzio Torretta Switzerland 50 50 CSC Costruzioni S.A. equity Consorzio Trevi - S.G.F. Inc. per Napoli Italy Euro 10,000 45 45 equity Consorzio Vertiaz Switzerland 100 0.01 99.99 CSC Costruzioni S.A. equity CS Consorzio Switzerland 85 85 CSC Costruzioni S.A. equity D&C Joint Venture Australia 78 78 equity Depurazione Palermo S.C. a r.l. (in liq.) Italy Euro 20,000 50 50 HCE Costruzioni S.p.A. equity Diga di Blufi S.C. a r.l. (in liq.) Italy Euro 45,900 50 50 equity E.R. Impregilo-Dumez y Asociados para Yacireta - ERIDAY UTE Argentina USD 539,400 20.75 20.75 equity Enecor S.A. Argentina ARS 8,000,000 30 30 Webuild Concessions S.p.A. equity Eurolink S.C.p.A. Italy Euro 150,000,000 53.904 53.904 equity Fisia Abeima LLC Saudi Arabia SAR 500,000 50 50 Fisia Italimpianti S.p.A. equity Flatiron West Inc.- The Lane Constr. Corp. J.V. USA 40 40 Lane Construction Corporation equity Fluor-Lane 95 LLC USA 35 35 Lane Construction Corporation equityList of Webuild Group companies at 30 June 2026
Country CurrencyShare/quota
capital
subscribed Investment % % direct % indirect Indirect parentConsolidation or
measurement
method⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORT CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS ANNEXES REPORTS
2026 INTERIM FINANCIAL REPORT | 173
Fluor-Lane LLC USA 35 35 Lane Construction Corporation equity Fluor-Lane South Carolina LLC USA 45 45 Lane Construction Corporation equity Fonomen Consorzio Switzerland 33.33 33.33 CSC Costruzioni S.A. equity Fosso Canna S.C. a r.l. (in liq.) Italy Euro 25,500 32 32 equity Gaziantep Hastanesi Isletme Ve Bakim Hizmetleri Turkey TRY 6,050,000 50 50 equity Groupement de Raccordement de la Station d’El Hamma (G.R.S.H.) Algeria 100 51 49 Astaldi Algerie - E.u.r.l. equity Groupement Webuild - Consider TP Algeria 60 60 equity Grupo Empresas Italianas - GEI Venezuela VED 10,000,500 66.666 66.666 equity Grupo Unidos Por El Canal S.A. Panama USD 1,000,000 48 48 equity I4 Leasing LLC USA 30 30 Lane Construction Corporation equity Impregilo Alfred Mcalpine Churchill Hospital Joint Venture UK 50 50 Impregilo New Cross Ltd. equity Impregilo Arabia Ltd. Saudi Arabia SAR 40,000,000 50 50 equity Impresit Bakolori Plc Nigeria NGN 100,800,000 50.707 50.707 equity Infraflegrea S.C. a r.l. (in liq.) Italy Euro 46,600 50 50 equity IRINA S.r.l. (in liq.) Italy Euro 103,300 36 36 HCE Costruzioni S.p.A. equity Isibari S.C. a r.l. (in liq.) Italy Euro 15,494 100 100 HCE Costruzioni S.p.A. equity Joint Venture Aktor - Webuild - Hitachi Rail STS Greece 26.7 26.7 equity Joint Venture Impregilo S.p.A. - Empedos S.A. - Aktor A.T.E. (in liq.) Greece 66 66 HCE Costruzioni S.p.A. equity Joint Venture Salini - Secol Romania 80 80 equity Joint Venture Terna S.p.A. - Impregilo S.p.A. Greece 45 45 equity Kallidromo Joint Venture Greece Euro 29,347 23 20.7 HCE Costruzioni S.p.A. equity 2.3 Consorzio Kallidromo La Maddalena Italy Euro 10,000 66.67 5 61.67 CSC Costruzioni S.A. equity Ligne 15 M2 Ouest Group. Mom. Ent. Conj. (GMEC) France 45.5 45.5 equity Line 3 Metro Stations CW Joint Venture Greece 50 50 equity M.N. Metropolitana di Napoli S.p.A. Italy Euro 3,655,397 22.62 22.62 Partecipazioni Italia S.p.A. equity M.O.MES. S.C. a r.l. Italy Euro 10,000 60 60 Partecipazioni Italia S.p.A. equity Metro C S.C.p.A. Italy Euro 150,000,000 34.5 34.5 Partecipazioni Italia S.p.A. equity Metro de Lima Linea 2 S.A. Peru PEN 368,808,060 18.25 18.25 equity Mobilinx Hurontario General Partnership Canada CAD 100 53.85 32.31 Webuild Mobilinx Hurontario GP Inc. equity 21.54 Astaldi Mobilinx Hurontario GP Inc.
Mobilinx Hurontario Services Ltd. Canada CAD 100 20 12 8 Astaldi Canada Enterprises Inc. equity NLF Nowa Lodz Fabryczna Sp. z o.o. Poland 50 50 equity Ochre Solutions (Holdings) Ltd. UK GBP 20,000 40 40 Webuild Concessions S.p.A. equity OHL - Posillico - Seli Overseas Joint Venture USA 20 20 Seli Overseas USA Inc. equity Otoyol Deniz Tasimaciligi A.S. Turkey TRY 6,000,000 17.5 17.5 equity Otoyol Isletme Ve Bakim A.S. Turkey TRY 5,000,000 18.14 18.14 equityList of Webuild Group companies at 30 June 2026
Country CurrencyShare/quota
capital
subscribed Investment % % direct % indirect Indirect parentConsolidation or
measurement
method⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORT CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS ANNEXES REPORTS
2026 INTERIM FINANCIAL REPORT | 174
Pape North Connect Labour Corp. Canada CAD 2 50 50 Webuild Civil Works Inc. equity Pedelombarda S.C.p.A. (in liq.) Italy Euro 5,000,000 71 47 24 Partecipazioni Italia S.p.A. equity Pegaso S.C. a r.l. (in liq.) Italy Euro 260,000 43.75 43.75 Partecipazioni Italia S.p.A. equity Piana di Licata S.C. a r.l. (in liq.) Italy Euro 10,200 43.745 43.745 equity Puentes del Litoral S.A. (en liquidación) Argentina ARS 43,650,000 26 26 equity Purple Line Transit Constructors LLC USA 30 30 Lane Construction Corporation equity Renovation Palais Des Nations S.A. Switzerland CHF 100,000 24 24 CSC Costruzioni S.A. equity Rinfra Astaldi Joint Venture India 26 26 equity S. Ruffillo S.C. a r.l. (in liq.) Italy Euro 60,000 35 35 equity Salini Strabag Joint Venture Republic of Guinea Euro 10,000 50 50 equity SFI Leasing Company USA 30 30 equity Shimmick CO. INC. - FCC CO S.A. - Impregilo S.p.A - Joint Venture USA 30 30 equity Sistranyac S.A. Argentina ARS 3,000,000 20.101 20.101 Webuild Concessions S.p.A. equity Skanska-Granite-Lane Joint Venture USA 30 30 Lane Construction Corporation equity Società Consortile Valdostana Condotte - Cossi a r.l. Italy Euro 100,000 20 20 Cossi Costruzioni S.p.A. equity Spark Nel DC Workforce Pty. Ltd. Australia AUD 850 34.118 34.118 Salini Australia Pty. Ltd. equity Tangenziale Seconda S.C. a r.l. (in liq.) Italy Euro 45,900 42.73 42.73 equity Tartano S.r.l. Società Agricola (in liq.) Italy Euro 110,000 32.5 32.5 Cossi Costruzioni S.p.A. equity Techint S.A.C.I.- Webuild succursale Argentina UTE (EZEIZA) Argentina 35 35 equity Terra Verde DC Workforce Pty. Ltd. Australia AUD 1,000 33.5 33.5 Salini Australia Pty. Ltd. equity Unionport Constructors J.V. USA 45 45 Lane Construction Corporation equity VE.CO. S.C. a r.l. Italy Euro 10,200 25 25 equity Webuild-APCO Joint Venture India 30 30 equity Webuild-Partecipazione Italia-Salcef Timisoara - Arad lot 3 Joint Venture Romania 80 75 5 Partecipazioni Italia S.p.A. equity Webuild-Partecipazione Italia-Salcef Timisoara - Arad lot 4 Joint Venture Romania 80 75 5 Partecipazioni Italia S.p.A. equity Webuild-Pizzarotti-Salcef Joint Venture Romania 50 50 equity Webuild-SOMET-TIAB-UTI GRUP Romania 40 40 equity Yacylec S.A. Argentina ARS 20,000,000 18.67 18.67 Webuild Concessions S.p.A. equity Yuma Concessionaria S.A. Colombia COP 26,000,100,000 48.326 40 8.326 Webuild Concessions S.p.A. equity Acqua Campania S.p.A. Italy 0.1 0.1 Webuild Concessions S.p.A. IFRS9 Arge BBT - Baulos H41 - Sillschlucht - Pfons Austria 0.1 0.05 0.05 CSC Costruzioni S.A. IFRS9 Arge Tulfes Pfons Austria 0.01 0.01 IFRS9 Astaldi - Gulemark TR - Gulemark PL (C4 -C6) Poland 0.1 0.1 IFRS9 Astaldi - Gulemark TR - Gulemark PL (Mory) Poland 0.1 0.1 IFRS9 BSS Joint Venture - Air Academy project Saudi Arabia 5 5 IFRS9 C.F.C. S.C. a r.l. (in liq.) Italy 0.01 0.01 IFRS9 C.I.T.I.E. S.C. a r.l. (in liq.) Italy 0.49 0.39 NBI S.p.A. IFRS9List of Webuild Group companies at 30 June 2026
Country CurrencyShare/quota
capital
subscribed Investment % % direct % indirect Indirect parentConsolidation or
measurement
method⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORT CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS ANNEXES REPORTS
2026 INTERIM FINANCIAL REPORT | 175
0.1 3E System S.r.l. (in liq.) Centoquattro S.C. a r.l. Italy 12.07 12.07 NBI S.p.A. IFRS9 Centotre S.C. a r.l. Italy 12.52 12.52 NBI S.p.A. IFRS9 Connect 6iX General Partnership Canada 10 10 Webuild - Connect 6iX GP Inc. IFRS9 Consorzio Aree Industriali Potentine (in liq.) Italy 2 2 Fisia Ambiente S.p.A. IFRS9 Consorzio Asse Sangro (in liq.) Italy 4.762 4.762 IFRS9 Consorzio Centro Uno (in liq.) Italy 2 2 IFRS9 Consorzio Costruttori TEEM Italy 0.01 0.01 HCE Costruzioni S.p.A. IFRS9 Consorzio Groupement Lesi-Dipenta Italy 0.01 0.01 IFRS9 Consorzio Infrastruttura area metropolitana Cagliari (in liq.) Italy 7.5 7.5 HCE Costruzioni S.p.A. IFRS9 Consorzio Malagrotta Italy 0.035 0.035 IFRS9 Consorzio Nazionale Imballaggi - CO.NA.I. Italy 1 1 IFRS9 Consorzio Tratta Determinante Città Vitale - TRA.DE.CI.V. Italy 17.727 17.727 Partecipazioni Italia S.p.A. IFRS9 Consorzio Utenti Servizi Salaria Vallericca Italy 0.01 0.01 IFRS9 Consorzio Venezia Nuova Italy 17.55 17.55 Consorzio Italvenezia (in liq.) IFRS9 Constructora Astaldi Cachapoal Limitada Chile 99 99 IFRS9 DIRPA S.C. a r.l. Italy 99.98 99.98 Consorzio Stabile Operae IFRS9 EDIL.CRO S.C. a r.l. (in liq.) Italy 16.65 16.65 HCE Costruzioni S.p.A. IFRS9 Elektromak - Mekatronik - NBI, Joint Venture Turkey 0.1 0.1NBI Elektrik Elektromekanik Tesisat Insaat Ve Ticaret I.S.IFRS9 Fusaro S.C. a r.l. (in liq.) Italy 0.01 0.01 IFRS9 Grassetto S.p.A. (in liq.) Italy 0.001 0.001 HCE Costruzioni S.p.A. IFRS9 Gulemark - TR Astaldi - Gulemark PL (C18-C21) Poland 0.1 0.1 IFRS9 Immobiliare Golf Club Castel D'Aviano S.p.A. Italy 0.444 0.444 HCE Costruzioni S.p.A. IFRS9 Impregilo S.p.A.- Avax S.A. - Ate Gnomon S.A. Joint Venture Greece 1 1 HCE Costruzioni S.p.A. IFRS9 Istituto per lo Sviluppo Edilizio ed Urbanistico - ISVEUR S.p.A. (in liq.) Italy 2.6 1.2 1.4 HCE Costruzioni S.p.A. IFRS9 Joint Venture Aktor S.A. - Impregilo S.p.A. Greece 0.1 0.1 IFRS9 Joint Venture Salini Impregilo - Doprastav Czech Republic 0.01 0.01 IFRS9 Lambro S.C. a r.l. (in liq.) Italy 0.01 0.01 HCE Costruzioni S.p.A. IFRS9 Lane-Developement Co. For Road Works-Tadmur Joint Venture Qatar 0.49 0.49 Lane Mideast Qatar LLC IFRS9 Metro 5 S.p.A. Italy 2 2 Partecipazioni Italia S.p.A. IFRS9 Mika Adi Ortakligi Joint Venture Turkey 15 15 Astur Construction and Trade A.S. IFRS9 MN 6 S.C. a r.l. Italy 21.132 20.132 M.N. Metropolitana di Napoli S.p.A. IFRS9 1 Partecipazioni Italia S.p.A.
Normetro - Agrupamento Do Metropolitano Do Porto, A.C.E. Portugal 2.12 2.12 HCE Costruzioni S.p.A. IFRS9 Parklife Metro Holdings Pty. Ltd. Australia 10 10 SYD TS Pty. Ltd. IFRS9 Parklife Metro Pty. Ltd. Australia 10 10 Parklife Metro Holdings Pty. Ltd. IFRS9 PROG.ESTE S.p.A. Italy 2.698 2.698 NBI S.p.A. IFRS9List of Webuild Group companies at 30 June 2026
Country CurrencyShare/quota
capital
subscribed Investment % % direct % indirect Indirect parentConsolidation or
measurement
method⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORT CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS ANNEXES REPORTS
2026 INTERIM FINANCIAL REPORT | 176
S.A.T. S.p.A. Italy 1 1 Partecipazioni Italia S.p.A. IFRS9 Saipem Clough Joint Venture (SCJV) Australia 50 50 Clough Projects Australia Pty. Ltd. IFRS9 Salini Impregilo Bin Omran Joint Venture Qatar 50 50 IFRS9 Skiarea Valchiavenna S.p.A. Italy 1.09 0.165 0.925 HCE Costruzioni S.p.A. IFRS9 Sotra Link A.S. Norway 10 10 Sotra Link Holdco A.S. IFRS9 Sotra Link Holdco A.S. Norway 10 10 Astaldi Concessions S.p.A. IFRS9 Spark North East Holding Pty. Ltd. Australia 7.5 7.5 MEL PP Pty. Ltd. IFRS9 Spark North East Link Pty. Ltd. Australia 7.5 7.5 Spark North East Holding Pty. Ltd. IFRS9 SPV Linea M4 S.p.A. Italy 1.118 0.559 0.559 Partecipazioni Italia S.p.A. IFRS5 Todini-Impregilo Almaty Khorgos Joint Venture Kazakhstan 0.01 0.01 IFRS9 Transmetro - Construcao de Metropolitano A.C.E. Portugal 5 5 HCE Costruzioni S.p.A. IFRS9 U Joint Venture Astaldi S.p.A. (fil. Cile), VCGP (Ag en Chile) Astaldi Ingenieria y Const.Ltd.Chile 0.5 0.5VCGP - Astaldi Ingenieria y
Construccion LimitadaIFRS9
VCGP - Astaldi Ingenieria y Construccion Limitada Chile 50 50 IFRS9 Veneta Sanitaria Finanza di Progetto S.p.A. Italy 1 0.5 Partecipazioni Italia S.p.A. IFRS9 0.5 Astaldi Concessions S.p.A.
Wurno Construction Materials - WUCOMAT Ltd. Nigeria 5.071 5.071 Impresit Bakolori Plc IFRS9 (a): InactiveList of Webuild Group companies at 30 June 2026
Country CurrencyShare/quota
capital
subscribed Investment % % direct % indirect Indirect parentConsolidation or
measurement
method⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORT CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS ANNEXES REPORTS
2026 INTERIM FINANCIAL REPORT | 177
Statement on the condensed interim consolidated
financial statements
pursuant to article 81-ter of Consob regulation no. 11971 of 14 May 1999 and subsequent amendments and
integrations
1.Pietro Salini, as chief executive officer, and Massimo Ferrari, as corporate reporting officer, of Webuild S.p.A., considering the provisions of article 154-bis.3/4 of Legislative decree no. 58 of 24 February 1998, state:
•that the administrative and accounting procedures are adequate given the Group’s characteristics; and •that they were actually applied during the first half of 2026 to prepare the condensed interim consolidated financial statements.
2.No significant issues arose.
3.Moreover, they state that:
3.1. the condensed interim consolidated financial statements:
a.have been prepared in accordance with the applicable International Financial Reporting Standards endorsed by the European Union pursuant to Regulation (EC) no. 1606/2002 of the European Parliament and Council of 19 July 2002;
b.are consistent with the accounting records and entries;
c.are suitable to give a true and fair view of the financial position at 30 June 2026 and the financial performance and cash flows for the six months then ended of the Issuer and the consolidated
companies;
3.2. the Directors’ report includes a reliable analysis of the key events that took place during the period and their impact on the condensed interim consolidated financial statements, together with information about the main risks and uncertainties to which the Group is exposed for the second half of the year. It also sets out a reliable analysis of relevant related party transactions.
Milan, 29 July 2026 Chief executive officer Corporate reporting officer
Pietro Salini
(signed on the original)Massimo Ferrari
(signed on the original)⌂COMPANY OFFICERS HIGHLIGHTS DIRECTORS' REPORTCONDENSED INTERIM
CONSOLIDATED FINANCIAL
STATEMENTSANNEXES REPORTS
2026 INTERIM FINANCIAL REPORT | 178
Review report on the