30 July 2026 1H 2026 Results Presentation
Agenda
1 1H 2026 HIGHLIGHTS
2 FINANCIAL UPDATE
3 OUTLOOK
4 PUBLIC OFFER ON TREVI
5 Q&A
1 1H 2026 HIGHLIGHTS
CHIEF EXECUTIVE OFFICER
PIETRO SALINI
4 1H 2026 Results Presentation Record results for the second year in a row confirming strength of
Webuild's
industrial model, despite macro and geopolitical headwinds Strong balance sheet
and disciplined
leverage
Gross Leverage
2.67x
(in 1H 2025)2.52x Net Cash Position
€110m
(in 1H 2025)€275m
Strong backlog
securing multi
-
year
revenue visibility
Order
Intake
€7.7bn
Book
-
to -
bill
at
1.2x
Construction Backlog
€47bn
100%
covered
2026 revenues target
Improving profitability
on a solid top line
Revenues
€6.7bn
(vs 1H 2025)+15.0%
EBITDA
€673m
(vs 1H 2025)10.1%
+13.6% +120
bps
EBIT
€464m
(vs 1H 2025)7.0% +90 bps +0.1% Converting scale into additional value: vertical integration, technological innovation, profitable growth and disciplined cash
generation
Strong visibility underpins new quantitative
FY2026 guidance
2026
-
29 Business Plan to be presented at the end of September 2026
5 1H 2026 Results Presentation 1H 2026 highlights beyond the numbers Key milestones in 1H 2026 1) ENR Report, The TOP 250 -
25 agosto 2025 2) TOP 200 imprese di costruzioni -
Guamari
2026
3)
Total
direct
and
indirect
employees
Excellence, powered by our people #1 in the water sector 1 #1
in Italy
2 #3
in Australia
1 #6
in Europe
1>85,000
total
employees
3>5,000
people
hired
in 1H 2026 USA
Opening 11km of lanes on Florida
highway
Sustainability
2026
Sustainability
Report Award
Lesotho
Senqu
Bridge
inaugurated
New Bond
€500m due in 2032 (
orders
5x the
offer
)
Italy
Excavation completed on longest tunnel of
Naples
–
Bari High
-
Speed
Italy
Excavation completed
on tunnel for Messina –
Catania railway
Italy
First tunnel
completed on
Salerno
–
Reggio
Calabria High
-
Speed
Italy
First kilometre of
New Genoa
Breakwater
6 1H 2026 Results Presentation
2 FINANCIAL UPDATE
GENERAL MANAGER CORPORATE AND FINANCE
MASSIMO FERRARI
7 1H 2026 Results Presentation Improving profitability on a solid top line Adjusted data. For details please refer to the appendix 1) 1H2025 data have been restated by excluding the results of the joint ventures not controlled by Lane on a proportionate basis
Revenues
€bn
13.6
6.6 6.7
FY 2025
1H 2025
1H 2026
EBITDA
€m
1,164
592 673
FY 2025
1H 2025
1H 2026
EBIT
€m 705
403 464
FY 2025
1H 2025
1H 2026+13.6% +15.0%8.6%
margin 8.9% 10.1% 5.2% margin 6.1% 7.0% 1 1
1+120
bps
+0.1%+90
bps
8 1H 2026 Results Presentation Over 90% of revenues generated in low -
risk countries
1 . Over 60% outside Italy 1) Including Italy, North America, Europe, Saudi Arabia and Australia Revenues in 1H 2025 Revenues in 1H 2026 Top 10 projects revenues share 53%
Sustainable
Mobility
68%
Clean Hydro
Energy 20%
Clean
Water5%
Green Buildings
& Other8%
Revenues by geography Revenues by activity
Italy
34% 37%
Saudi Arabia
13% 8%
Oceania
29% 28%
Others
8% 8%
Europe
7% 8%
North America
8% 10%
9 1H 2026 Results Presentation Higher financial charges, mainly from non -
cash items
: ( i ) interest waived on customer receivables under settlement agreements to
accelerate
collections
, and (ii) write -
down of certain financial receivables A P&L fully absorbing non -
cash items due to value -
accretive and de -
risking settlements
Financial expenses (€m)
1H 2025
1H 2026
Var. vs
1H 2025
Bank charges, commissions and guarantees
(23)
(22)
1
Bond charges
(58)
(63)
(5)
Leasing
(6) (5)
1
Other
(49)
(140)
(91)
Financial expenses
(136)
(229)
(93)
1 Proactive decisions to de -
risk the portfolio and protect future profitability on certain projects in North America and Australia had an impact on
investments results
2 A Adjusted data for details please refer to the appendix 1) 1H2025 data have been restated by excluding the results of the joint ventures not controlled by Lane on a proportionate basis
(€m)
1H 2025
1
1H 2026
Var. vs
1H 2025
EBIT adjusted
403 464
60
EBIT margin
6.1%
7.0%
90 bps
Financial income
61 49
(11)
Financial expenses
(136)
(229)
(93)
Net exchange rate gains (losses)
(90)
32 121
Gain (losses) on investments
(29)
(102)
(73)
Net financing costs and net gains on
investments
(195)
(250)
(56)
EBT adjusted
209 213
5 Income taxes adjusted
(88)
(87)
1 Profit (loss) from discontinued
operations
(9) 1
10 Non controlling interests 20
(15)
(35)
Net Income (loss) adjusted 132 113
(19)
Net Income (loss) reported 107 110 2 1 2
10 1H 2026 Results Presentation Positive net cash position for the eighth semester in a row Solid positive Net Cash Position
275363
110
1H 2025
FY 2025
1H 2026
€m Seasonal Working Capital absorption, in line with typical 1H pattern
(1.8)(2.1)(1.9)
1H 2025
FY 2025
1H 2026
€bn 1)
Gross Debt on Adjusted Last Twelve Months EBITDA
Gross Leverage
1
maintained flat
2.52 2.64 2.67
1H 2025
FY 2025
1H 2026
x times
Gross Leverage
12.9 3.1 3.3 €bn
Gross Debt
Gross debt reflects opportunistic pre -
funding
from the new bond issue
under favourable
market conditions, with net leverage flat
11 1H 2026 Results Presentation
Credit Rating
Latest bond issue extended average debt life, with over 90% maturities from 4Q 2028 101 1 1 1 1 1 12 129 450 500 500 450 500
2026
2027
2028
2029
2030
2031
2032
Beyond
M/L corporate debt maturities €m
3.7 years
debt
duration5.1%
average
cost of
debt
Bond
Bank
5%
Variable
Rate
composition95%
Fixed5%
Bank
Debt
structure
95%
Bond€992m
RCF
undrawn
Liquidity
€2,364m
CashBB+
(
stable
) Latest bond issue Orders over 5 times the offer, record demand at €2.5 billion for new bond from high -
quality
investor base, approximately 75% international, led by UK, France,
and Germany
BB+ (
stable
)
12 1H 2026 Results Presentation
3 OUTLOOK
CHIEF EXECUTIVE OFFICER
PIETRO SALINI
13 1H 2026 Results Presentation 58%
Italy
13%
Australia
3%
Saudi Arabia
8%
North America
8%
Europe
Sustainable
Mobility
81%
Clean Hydro
Energy12%
Clean
Water1%
Green Buildings
& Other6%€53.7bn
Total Backlog
1€46.6bn
Construction Backlog€7.2bn
Backlog concessions and O&M
Construction backlog
High
-
quality backlog
with inflation
protection through price -
adjusted contracts
90% located in low -
risk markets
2 >95% contribute to SDGs 3
goals
50 51
47
1H 2025
FY 2025
1H 2026
NEOM contracts
termination
(€3.8bn)
Strong revenues visibility : 2026 revenues target fully covered Our backlog provides a strong base for the next business plan 1) Including €46.6 billion for construction and €7.2 billion for concessions, operation, and maintenance.
2) Including Italy, North America, Europe, Saudi Arabia and Australia 3) United Nations' Sustainable Development Goals to be achieved by 2030 49 New awards after June/ best offers
(ca. €2bn)
Reported (€47bn)
€bn
14 1H 2026 Results Presentation Acquired €7.7 billion new orders, with book -
to -
bill at 1.2x 1) Including Italy, North America, Europe, Saudi Arabia and Australia 2) Including projects for which Webuild is the best bidder, amounting for €0.8bn 3) Calculated only on bids with results disclosed by the Client. Private negotiations excluded 2026 order intake: >95% in low -
risk countries
1 80%
Awards with best technical offer in 2023 -
2026
3 Some of the new projects in 2026
€7.7bn
Total Order Intake 2
Saudi Arabia€1.2bn
Oceania
€0.1bn
North America€2.6bn
Other€0.2bn
Italy€3.6bn€0.1bn
Europe
Rome Metro Line C Extension Ohio River Tunnel Project
Christchurch
Mens’
Prison
Kwinana
Gas Power Plant
Italy
New Zealand
Australia
United States
15 1H 2026 Results Presentation Large commercial pipeline with €19.6bn of tenders already submitted 1) Including prequalification and monitored initiatives
Europe
€108.3bn€19.6bn€74.5bn €14.2bn
Tenders
awaiting
outcome
Tenders
to be
presented
Others
1
Short
-
term commercial activity Strong visibility on upcoming orders Large pipeline of orders in the process of
being finalised
and additional projects awarded, to be included in backlog after the conclusion of the design phase20%
Europe
North America11%
Italy16%
Saudi Arabia10%20%
Oceania
roads &
bridges
metros & railways hydro & water hydro & water metros & railways
hospitals
metros & railways
airports
buildings & stadiums hydro & water rails & roads buildings & other Strong pipeline across core geographies rails & roads airports & ports energy & resources
Increasing versus
1H 2025
16 1H 2026 Results Presentation
Revenues
EBITDA
Net Cash Position
2025
Actual
2026
Guidance
€13.6bn >€13.6bn
>€1.2bn €1.16bn
€363m >€300 m
2026
Guidance
Converting scale into additional value: vertical integration, technological innovation, profitable growth and disciplined cash
generation
Strong visibility underpins new quantitative
FY2026 guidance
Diversified and strong backlog fully absorbs
NEOM termination
2026
-
29 Business Plan to be presented at the end of September 2026 The guidance has been prepared on a standalone basis and does not include the effects of the voluntary tender offer launched for all ordinary shares of Trevi The guidance assumes no escalation in the geopolitical situation, excludes extreme dynamics in the prices of raw materials an d s ignificant supply chain disruptions. The forecasts are based on the current company business perimeter.
17 1H 2026 Results Presentation
4 PUBLIC OFFER ON TREVI
CHIEF EXECUTIVE OFFICER
PIETRO SALINI
18 1H 2026 Results Presentation
Strengthening
Webuild's
platform through Trevi’s
Italian excellence
+ Acquiring specialist competences Trevi is a leading specialist in the design and construction of special foundations and underground engineering — areas critical to major infrastructure projects Strengthening control over project execution Greater oversight of process, quality and delivery risk across the Group's €54bn order backlog Improving commercial effectiveness An
integrated end
-
to -
end solution
improves competitive positioning on large, complex,
geotechnically intensive
projects
— more efficient and more price -
competitive
Delivering a financially sustainable transaction
Fully
funded all
-
cash offer
, with leverage expected to normalize over the business plan, supported by Trevi's
earnings
internalisation
and €80
– 90m EBITDA run -
rate synergies
19 1H 2026 Results Presentation Creation of significant, multi -
level industrial and commercial synergies
Cost synergies
-
Economies of scale and centralized cost efficiencies As part of Webuild Group, Trevi will benefit from economies of scale and optimized operational and procurement processes , with further efficiencies in central, overhead, and research and development costs Run -
rate synergies
at EBITDA level
€80-90m
Revenue synergies
-
Internalising specialised works and cross -
selling
The transaction enables Webuild to
internalise
high
-
value
-
added work phases currently outsourced and to strengthen its
competitive positioning
;
for Trevi,
direct access to
Webuild's
backlog and commercial pipeline , on top of its own Other expected benefits -
Funding and processes 2 Lower cost of debt and improved access to capital and bond markets
thanks to
Webuild’s
credit standing, overcoming the constraints arising from
Trevi’s
current indebtedness
— and
alignment of Trevi with
Webuild’s
risk management, compliance and QHSE standards 1) Trevi FY2026 recurring EBITDA guidance (published 30 March 2026) plus run -
rate synergies of €80 -
90m.
2) The potential benefits are not included in the run -
rate synergies
Incremental EBITDA for
Webuild
€150 -170m
1
20 1H 2026 Results Presentation Trevi’s Shareholders benefitting
from:
Creating operational and financial value for Trevi New growth path for Trevi’s know -
how and people Preserve Trevi’s Italian identity within
Webuild's
global platform
Trevi retains its identity — headquarters rooted in Italy —
as an
independent centre of excellence in
underground engineering,
serving Webuild projects and third -
party clients
through
its technical and
managerial excellence
, in Italy and abroad
€4.5
per share
Attractive cash offer
+29.8%
Market Premium
1Cash consideration
C ertainty of proceeds International Market expansion Enabling Trevi to benefit from Webuild Group global positioning in large -
scale infrastructure projects , capturing additional opportunities across the global infrastructure landscape Enhancing Trevi's capabilities, powered by
Webuild's
ecosystem
Trevi would enhance and leverage
Webuild’s
ecosystem
of >85,000 employees, an order backlog of €54 billion and strong key processes such as risk management, compliance and QHSE
Financial support
Opportunity for Trevi to benefit from greater financial strength , improving access to capital and bond markets thanks to Webuild credit standing, which is essential to implement a solid growth plan 1) Based on trading closure of June 26, 2026 (being the last trading day prior to the date of the market announcement of ICOP Of fer )
21 1H 2026 Results Presentation Premium vs. Spot Price
Undisturbed market
price (26 June 2026) 1
+29.8%
Implied ICOP offer value (28 July 2026) 2
+14.4%
Type of Offer Voluntary public tender offer for 100% of Trevi share capital,
with
consideration paid in cash Cash certainty vs paper not listed on the official regulated market, with limited float and trading track record Offer Price and
Valuation
For each share tendered, Webuild will offer a cash consideration of €4.5, implying a total equity value of €295m
Higher consideration
Purpose of the Offer
To acquire
control of Trevi, de -
list it
and
integrate
its
technical capabilities
and
know
-
how in
special foundations
and
underground engineering
into Webuild Group Remaining an independent operator within a larger and global Group
Minimum Acceptance
Threshold
The offer is conditional upon Webuild acquiring a
stake equal
to at least 66.7% of Trevi voting rights Lower minimum acceptance threshold
Other Conditions
Subject to
Antitrust
and Golden Power approvals
and the
satisfaction
of the
Material Adverse Events condition Not conditional on lender’s withdrawal
right
Key terms of Webuild offer
Key dates
Voluntary public tender
offer
Today
Offer document filing
and approval
Aug -
Sep
Offer period
Sep -
Nov
Expected transaction
completion
Q4 2026
A more compelling offer for all Trevi shareholders and stakeholders
Premium Analysis
Source: Publicly available information 1) Premium is calculated versus Trevi's official closing share price on 26 June 2026 (last trading day prior to the announcem ent of the ICOP offer) 2) Premium is calculated versus the implied value per Trevi share under the ICOP offer, calculated using the ICOP closing sha re price on 28 July 2026 Why choosing Webuild’s offer?
22 1H 2026 Results Presentation
5 Q&A
CHIEF EXECUTIVE OFFICER
PIETRO SALINI
GENERAL MANAGER CORPORATE AND FINANCE
MASSIMO FERRARI
23 1H 2026 Results Presentation
APPENDIX
24 1H 2026 Results Presentation
Income
Statement
(*) The adjusted figures for the 1H 2025 have been restated excluding the effects deriving from the proportional representation, for management purposes, of the results of joint ventures not controlled by the Lane Group 1H 2025 Adjusted 1H 2026 Adjusted
(€/000)
Webuild Group
Amortisation of
intangible assets
as part of
Astaldi’s PPA
Amortisation of
intangible assets
as part of
Clough’s PPA
Adjusted (*)
Webuild Group
Amortisation of
intangible assets
as part of
Astaldi’s PPA
Amortisation of
intangible assets
as part of
Clough’s PPA
Adjusted
Total Revenues
6,643,302
-
-
6,643,302
6,650,318
-
-
6,650,318
Total
operating
expenses
(6,050,935)
-
-
(6,050,935)
(5,977,387)
-
-
(5,977,387)
Gross
operating
profit (EBITDA)
592,367
-
-
592,367
672,931
-
-
672,931
EBITDA %
8.9%
8.9%
10.1%
10.1%
Impairment losses
12,271
-
-
12,271
350 -
-
350
Provisions
,
amortisation
and
depreciation
(234,870)
18,656
14,867
(201,347)
(214,380)
3,853
899
(209,628)
Operating profit (loss) (EBIT)
369,768
18,656
14,867
403,291
458,901
3,853
899
463,653
R.o.S. %
5.6%
6.1%
6.9%
7.0%
Financial income
60,552
-
-
60,552
49,161
-
-
49,161
Financial expenses
(136,168)
-
-
(136,168)
(229,208)
-
-
(229,208)
Net exchange gains (losses)
(89,703)
-
-
(89,703)
31,623
-
-
31,623
Net financing income (costs)
(165,319)
-
-
(165,319)
(148,424)
-
-
(148,424)
Net gains (losses) on equity investments
(29,317)
-
-
(29,317)
(101,871)
-
-
(101,871)
Net financing income (costs) and net gains (losses) on equity
investments
(194,636)
-
-
(194,636)
(250,295)
-
-
(250,295)
Profit (loss) before taxes (EBT)
175,132
18,656
14,867
208,655
208,606
3,853
899
213,358
Income taxes
(78,809)
(4,477)
(4,460)
(87,746)
(85,529)
(925)
(270)
(86,723)
Profit (loss) from continuing operations
96,323
14,179
10,407
120,909
123,077
2,928
629
126,635
Profit (loss) from discontinued operations
(9,150)
-
-
(9,150)
1,133
-
-
1,133
Non -
controlling interests
20,107
-
-
20,107
(14,666)
-
-
(14,666)
Profit (loss) for the period attributable to the owners of the parent
107,280
14,179
10,407
131,866
109,544
2,928
629
113,102
Webuild Group
Reclassified statement of profit or loss adjusted
25 1H 2026 Results Presentation Statement of Financial Position (**) Assets of € 22.5 million (€ 8.0 million as at 31 December 2025) classified, in the management view, in net Net financial position with unconsolidated SPEs.
(€/000)
30 June 2025
31 December
2025
30 June 2026 Non -
current assets
2,911,442
3,166,541
3,236,499
Goodwill
76,112
75,937
78,073
Non -
current assets (liabilities) held for sale
(20,434)
2,754
2,754
Provisions for risks
(130,627)
(125,155)
(96,415)
Post
-
employment benefits and employee benefits
(80,620)
(83,599)
(56,230)
Net tax assets
528,839
525,251
527,996
Fixed capital
3,284,712
3,561,729
3,692,677
Inventories
264,137
302,071
329,976
Contract assets
4,260,172
4,516,719
4,451,848
Contract liabilities
(5,715,990)
(5,618,770)
(5,887,306)
Receivables (**)
4,591,903
4,246,807
4,860,423
Liabilities
(5,758,201)
(5,992,655)
(6,096,533)
Other current assets
1,416,572
1,182,243
1,159,655
Other current liabilities
(833,345)
(764,224)
(722,338)
Working capital
(1,774,752)
(2,127,809)
(1,904,275)
Net invested capital
1,509,960
1,433,920
1,788,402
Equity attributable to the owners of the parent
1,580,228
1,674,946
1,755,851
Non -
controlling interests
204,940
122,435
142,636
Equity
1,785,168
1,797,381
1,898,487
Net
financial
position
(275,208)
(363,461)
(110,085)
Total
financial
resources
1,509,960
1,433,920
1,788,402
Webuild Group
Reclassified statement of financial position
26 1H 2026 Results Presentation Net Financial Position
(€/000)
30 June 2025
31 December
2025
30 June 2026 Non -
current
financial
assets
282,596
217,459
244,500
Current financial assets
784,675
759,195
804,963
Cash and cash equivalents
2,125,694
2,444,680
2,364,429
Total cash and cash equivalents and other financial assets
3,192,965
3,421,334
3,413,892
Bank and other loans and borrowings
(128,563)
(133,504)
(120,074)
Bonds
(1,895,216)
(2,125,806)
(2,372,580)
Lease liabilities
(100,503)
(94,666)
(77,397)
Total non
-
current indebtedness
(2,124,282)
(2,353,976)
(2,570,051)
Current portion of bank loans and borrowings and current account
facilities
(473,755)
(484,172)
(494,081)
Current portion of bonds
(225,707)
(131,389)
(181,166)
Current portion of lease liabilities
(97,256)
(98,503)
(79,280)
Total current indebtedness
(796,718)
(714,064)
(754,527)
Total other financial assets (liabilities)
3,243
10,167
20,771
Net financial position -
continuing operations
275,208
363,461
110,085
Net financial position -
discontinued operations
6,115
-
-
Net financial position including discontinued operations
281,323
363,461
110,085
Total gross indebtedness
(2,924,313)
(3,068,040)
(3,327,237)
Webuild Group
Net financial indebtedness
27 1H 2026 Results Presentation Global leader in large -
scale, complex civil infrastructure
Sustainable Mobility
→
Metros
→ High Speed Railways →
Railways
→
Roads &
Motorways
→
Bridges &
Viaducts
→ Ports & Sea works Clean Hydro Energy → H
ydroelectric
Dams & Plants →
Pumped Storage
Clean Water
→
Desalination
& Water Treatment →
Wastewater
Management
Plants
→
Hydraulic
works
→
Irrigation
dams
Green Buildings & Other → C
ivil
and Industrial Buildings →
Stadiums
→
Hospitals
→
Airports
→ Energy Transition Projects
28 1H 2026 Results Presentation Our
track record
>3,700
Completed projects82,708 km Roads and motorways
13,686 km
Railways895 km
Metros
3,466 km
Tunnels1,023 km
Bridges and viaducts 320 Dams and hydroelectric plants58,809 MW
Installed capacity
29 1H 2026 Results Presentation Highly skilled, committed people are the foundation of our success
Total employees
1 1)
Related to direct and 3rd party employees 2)
In 2021
-
2025
Average hiring per year 2 Proven capacity to attract talent & manage labor shortage
13,800
Nationalities
The power of diversity
>130
Employees under 35 Young and agile structure in an
evolving world
35%
83,000
>
85,000
2022
1H 2026
30 1H 2026 Results Presentation
Italy
Latam
Other
Middle East &
Asia
North America
8% 3%
10% 16%
23% 40%
East Europe
A global player completely transformed since the beginning of our journey Webuild in 2012 1
Webuild
Today
1)
Impregilo stand
-
alone
2)
1H 2026
€2.3bn
Revenues
11,400
People
>€13.6bn
Target 2026 Revenues
>85,000
2
People
Revenues by
geography
Revenues by geography 2
Oceania
Ital
y
Other
North America
Europe
8% 8%
10% 8%
28% 37%
Saudi Arabia
31 1H 2026 Results Presentation
Forrestfield
Airport Link
-
Australia
Poinciana
Highway
-
USA Building a better future: internationally recognized excellence 1) ENR Report, The TOP 250, 25 August 2025 2) TOP 200 Imprese di costruzioni –
Guamari
2026
Milan Metro M4
Italy
Rising to the top: leading the
charts
Thessaloniki
Metro
Greece
Eni Headquarters
-
Italy
San Giorgio
Bridge
-
Italy
Riyadh Metro Line 3
Saudi Arabia
Main projects delivered
Projects
delivered
since 2012>350
Panama Canal
-
Panama
Long Beach
International Gateway
-
USA
Cityringen
Metro
-
Denmark
Al
Bayt
Stadium
-
Qatar
GERD Dam
Ethiopia#1
Global leader in the water sector 1 #10 Player in transportation
1 #1
Italian contractor
2 #3
International player in Australia 1 #6
European player
1
32 1H 2026 Results Presentation Italian market beyond PNRR 1 with the investment trend to remain strong 1)
Italian
Recovery Plan: Piano Nazionale di Ripresa e Resilienza Our main projects in the country 6
Opportunities
on the
horizon
and
recent
project awards
1 4 2 10 7 5 13 12 11 8 8 7 6
Fortezza
-
Ponte
Gardena railway
Roma Metro C
HS/HC
rail
Verona
-
Padova
Napoli Metro
line 10
9 10
HS/HC
rail
Napoli
-
Bari, 4
lots
Jonica
highway
, 2
lots
HS/HC
rail
Salerno
-
Reggio Calabria, 2
lots
11 12
Construction
backlog€27.0bn
Short term commercial
activity€17.5bn
▪ metros & high -
speed railways
▪ hydroelectric and water ▪
stadiums
▪
hospitals▪
M
essina
strait bridge
▪ roads & highways Roma Metro C 3 2 1
HS/HC
rail
Milan
-
Genoa
Pedemontana
Piemontese
New Genoa
Breakwater
Pedemontana
Lombarda
4
Rail Palermo
-
Catania, 7
lots
13
Trento
rail
bypass
5 3 9
Jonica
highway
Napoli Metro line 10 1H 2026 Results Presentation
33 1H 2026 Results Presentation Compelling growth story 1) Data have been restated by excluding the results of the joint ventures not controlled by Lane on a proportionate basis €bn € m
10.1%
6.7%
3.9 4.2
4.6 5.3
5.5 6.3
6.6 6.9
6.7 1H
2H 1H
2H 1H
2H 1H
2H 1H
256 327
292 526
400 583
592 572
672 1H
2H 1H
2H 1H
2H 1H
2H 1H
2022
2023
2024
2025
2026
2022
2023
2024
2025
2026
Revenues
1
EBITDA
1
34 1H 2026 Results Presentation Sustainability as responsibility: our ESG pledge and framework 1) For
further
information
refer
to the
LINK
2) Among Italian companies
Climate
Change
D -
D C -
C B -
B A -
A D -
D D+
C -
C C+
B -
B B+
A -
A A+
B -
D -
D C -
C B -
B A -
A A
Supplier Engagement
Assessment
20 40
60 80
100 83
Maximum score, A -
list.
x Maximum score: A -
list
Gold Medal,
98 °
percentile
1 C
Webuild
Score
Sector
average
Score
Prime
level
3) tCO2 scope 1 -
2/€m revenue. Scope1: direct emissions. Scope2: indirect emissions 4) Lost Time Injuries occurred per 1,000,000 worked -
manhours
A 1
Green builders
-10%
Target
-33%
GHG
Emission
Intensity
Scope
1&2 3
(2025 vs 2022) 3 Innovative and smart builders
€430m €586m
Investments in high innovative and clean techs (2024 -
2025)
2 Safe and inclusive builders
-6% -20%
Lost Time Injury Frequency Rate 4 (2025 vs 2022)
+20% +27%
Women manager (by 2025)
Actual
Achieved
Confirmed
Sustainability Leader
Sustainability
achievements
and targets
In the TOP 20 and first in the
construction segment
2 CCC
B BB
BBB A
AA AAA
AA
35 1H 2026 Results Presentation We invest in innovation for sustainable growth Machine learning to predict costs
and timelines
Predictive asset maintenance Innovative construction materials
Roboplant
R obotic precast concrete segment factories Smart Site: AI, IoT and Drones For efficient and safer construction sites Robotic process automation e.g. procurement, administration
36 1H 2026 Results Presentation Proven capacity to beat targets, despite global challenges 1) For each year from 2021 to 2023, based on a rolling 3 -
year average
2) Data have been restated by excluding the results of the joint ventures not controlled by Lane on a proportionate basis Actual figures vs guidance
Average
Book
-
to -
Bill
Guidance
1
Revenues
2
Guidance
EBITDA
2
Guidance
Net Cash Position
Guidance
2021
>1.0x1.7x
€6.5
-
7.2bn€6.6bn
slightly
decrease
vs 8%6.8%
(€500
-
300)
net
debt€467m
2022
>1.0x2.0x
€7.0
-
7.5bn€8.1bn
7.0 -
7.5%7.2%
€265m
maintain
net
cash
2023
>1.1x2.2x
€9.0
-
9.5bn€9.9bn
€720
-
760m€818m
€1,431m
maintain
net
cash
2024
>1.0x1.1x
> €11bn€11.8bn
>€900m€983m
€1,445m
>€400m
2025
>1.0x1.0x
> €12.5bn€13.6bn
>€1,100m€1,164m
€363m
>€700m
37 1H 2026 Results Presentation Global megatrends continue to support infrastructure investments
Urbanization
Climate change
Water scarcity
Energy transition
Hydroelectric Plant
Railway & Metro
Defence spending
Digital and AI revolution
Data Center
Military building
Green building
Stadium
Port &
Sea work
Airport
Hospital
Desalination Plant
Global megatrends
Webuild’s
offering
Water & Wastewater Plant
Transport network
Dual use transport infrastructure
38 1H 2026 Results Presentation
Trevi
at a glance Key financial data • Founded in 1957 and
headquartered
in
Cesena
, Trevi Group is a leading specialist in the
design
and
execution
of
special
foundations
and
underground
engineering
works
•
The Group
operates
through an
integrated
business
model
comprising
two
core
divisions
:
•
Trevi
(~80% of revenue), which delivers
special
foundation
and
ground
consolidation
works
for major
infrastructure
projects
•
Soilmec
(~20% of revenue), which
designs
,
manufactures
and
markets
machinery, equipment and services for
underground
engineering
• Trevi has a
global
presence
across approximately
90
countries
and
employs
3,000+
people
• The Group has been listed on the
Italian
Stock
Exchange
since
1999
Revenues
571 595
663 624
2022
2023
2024
2025
587 725
701 748
EBITDA
64 75
84 86
2022
2023
2024
2025
11% 13%
13% 14%
Backlog (€m):
Margin (%):
~20%
~80%
Source: Publicly available information 1) Data related to FY 2025
Europe
Revenue
1 by Business unit
Backlog
1
by Geography
40% 17%
18% 12%
8% 5%
North America
Middle East
and Asia
Far