Thank you. Good morning, everyone, and thank you for joining our conference call on our group first-half results.

Let me start with headline. We are proud to present a very strong first-half results that keep us firmly on our industrial trajectory.

The environment was demanding: inflation, high interest rates, geopolitical uncertainty, and supply chain pressure. On top of that, the two NEOM contracts in Saudi Arabia were cancelled.

Yet, Webuild delivered. The scale and diversification of our backlog absorbed the cancellation in full, and our 2026 guidance already reflects it.

Let me turn to the numbers. Revenues held at €6.7 billion, in line with the record first half of last year.

Profitability improved further. EBITDA margin rose to 10% and EBIT margin to 7%, continuing on the improvement path we recorded in the last years.

Our financial position remains strong, a net cash €110 million, with gross leverage broadly unchanged at 2.67 times. The order backlog stands at a robust €47 billion, fully covering our 2026 revenue guidance.

New orders reached €7.7 billion. We see a strong momentum moving forward into the second half for the order intake.

The book-to-bill stood at 1.2 times. To summarize, Webuild is diversified and disciplined.

No single project or market can affect our ability to create value. We have reached scale and market leadership.

Now our priority is to turn that scale into additional value. That is the direction of the new 2026-2029 business plan we will present at the end of September: deeper vertical integration, technological innovation, and profitable growth with one clear aim, stable and predictable cash generation.

We are not waiting to start. Yesterday, we announced a voluntary tender offer for Trevi, the first tangible step of that plan.

By acquiring Trevi, we would bring critical, high-value expertise in-house, gaining greater control over execution and improving competitiveness in tenders involving complex geotechnical challenges. We will discuss the strategic rationale in details later.

We look to the coming years with confidence. In slide 5, we show some of our major operational milestone in Italy and abroad for this six months.

In Italy, we made significant progress on ongoing high-speed rail, Napoli-Bari, Messina-Catania, and Salerno-Reggio Calabria, and on the new breakwater for the Port of Genoa. Abroad, we opened 11 km of new highway lanes in Florida ahead of schedule and inaugurated the Senqu Bridge in Lesotho.

Two further milestones confirm our credibility and financial discipline: the 2026 Sustainability Report Award and the successful €500 million bond issued in May, a clear sign of investor confidence. Our track record is recognized internationally.

We are number one in water, number one in Italy, and number six in Europe. Australia continue to be one of the most important growth markets, and we are the third player there.

I now leave the floor to Massimo for a full overview of the financial results.

Good morning to everybody, and thank you, Pietro. Before I go through the results, let me remind you that we are presenting the recurring performance of the business.

You can find details of the adjustments in the presentation appendix. Let me start with slide 7.

At the top line, we maintained the same record level of first half 2025. At €6.7 billion, the group shows how it can maintain production levels and absorb the impact of the two very important NEOM contracts being cancelled by the client.

An impact of around €250 million in the first half and more than €550 million for the full year. The strength and diversification of our backlog protect our volumes and marginality.

Margins improved. EBITDA was €673 million, up 14% year on year.

EBIT was €464 million, up 15%. EBITDA margin increased by 120 basis points to 10.1% and EBIT margin by 90 basis points to 7%, both versus first half of 2025.

The improvement reflects strict cost discipline and the effectiveness of the contractual and operational solutions we have adopted. Turning to slide 8.

More than 90% of revenues were generated in low-risk countries, with Italy, North America, and Australia the biggest contributors. More than 60% comes from international markets, with revenues well-balanced by geography.

First-half production was driven by our largest projects, already mentioned by Pietro, in Italy, in Australia, and also some other in US. The revenue contribution of the top 10 projects down to 53% shows how market diversification matters.

It reduces exposure to local shocks, mitigates project-specific risk, and makes the group's revenue profile more balanced and resilient. By business area, sustainable mobility and clean hydro energy are the largest contributors, representing together around 90% of the revenues for the period.

Let's see in detail some lines of the P&L in slide 9. Financial income was €49 million, down €11 million, mainly due to a reduction in average balances of bank deposit.

Financial expenses increased by €93 million. This increase is no cash.

The larger part is a deliberate trade-off in favor of cash. By waiving interest on some receivables under settlement agreements, we accelerated collections, added new work to our backlog, and reduced our claim exposure.

The remaining part is a genuine one-off write-down of certain financial receivables. The net exchange results was positive for €32 million, impacted by the performance of US and Australian dollar and Colombian peso against the euro.

These effects tend to end up being neutral over the course of the years, and most of them are non-monetary. Proactive decision to de-risk the portfolio and protect future profitability on certain projects completed or nearing completion in North America and Australia had an impact on investment results.

The exposure is now closed, with no further losses expected. In short, the underlying quality of our results is intact.

Net income stood at €113 million. Moving to slide 10, we highlight our continued financial discipline.

We maintained a positive net cash position of €110 million. It's the eighth semester in a row that we achieved a positive net cash.

This marks a structural change. It stood at €363 million at year-end 2025.

The decrease reflects the typical seasonal absorption of working capital that we normally see in the first half of the year. The decrease also reflect around €210 million of CapEx in the first half.

For the full year, we expect a total CapEx of around €700 million. At the same time, we preserved a disciplined leverage profile.

Gross debt was €3.3 billion at the end of June 2026. The increase versus end 2025 reflects the impact of the new bond issue.

We also assumed the Panama Canal bank debt, which was previously accounted for at equity. What matter most is the gross leverage that remained almost unchanged at 2.67 times.

In fact, the increase in gross debt should be seen as an opportunistic pre-funding transaction. We tapped favorable market windows to give greater flexibility and create additional liquidity while keeping the net position under control.

You can see on slide 11 on how the recent bond issuance has further strengthened our financial profile. The €500 million bond issued in May and maturing in 2032 attracted orders exceeding five times the offer size, generating record demand of approximately €2.5 billion.

Around 75% of investors were from outside Italy, mainly from UK, France, and Germany. The issue helped us extend the maturity of our debt.

We will have the first expiration date material in 2028. Today, more than 90% of our corporate debt maturities start from the fourth quarter quarter of 2028 onwards.

This also gives us greater long-term financial flexibility. Our structure is predictable, with 95% of debt at fixed rate.

The average cost of debt remains at 5.1%. On liquidity, we have a very strong position supported by €2.4 billion of cash and around €1 billion of fully undrawn revolving credit facilities.

This financial strength is recognized by the rating agency. As both Fitch and Standard & Poor's confirm Webuild with a BB+ rating and stable outlook.

I thank you for the your time, and Pietro, over to you.

Thank you, Massimo. Let's move to slide 13.

Our strength lies in the quality and visibility of our order book. As shown at the top of the slide, the total order backlog stands at €53.7 billion, including €47 billion for construction and €7 billion related to concession and operation and maintenance activities.

If we include the projects awarded after June 2026 and the best offers already secured, construction alone rises to approximately €49 billion. This means that despite the termination of the two NEOM contracts, which reduced it by around €3.8 billion, the overall backlog remains at a very significant level, almost in line with last year.

It continues to provide substantial visibility on future revenues. 2026 target revenues are fully covered and large part of our business plan.

Beyond its size, quality matters just as much. It is high quality, supported by contracts with price adjustment mechanisms that provide protection against inflation.

It therefore offers not only coverage, but also greater predictability in project execution and profitability. Turning to slide 14.

What keeps this backlog replenished is our commercial momentum. In the first half, we already secured €7.7 billion of new orders.

It represents a book-to-bill of 1.2 times over the six months. The majority of the new orders came from our core markets: Italy contributed €3.6 billion, North America €2.6 billion, and Oceania €1.2 billion.

Among the projects awarded, there are Rome Metro Line C extension in Italy, Ohio River Tunnel Project in United States, Kwinana gas power plant in Australia, and we entered the New Zealand market with an award of Christchurch Men's Prison. The pipeline ahead remains strong, as I will show you on the next slide.

Let's move on slide 15. The megatrends determining investment in infrastructure remain unchanged.

This includes climate and energy transition, water security, urbanization, defense, and digital infrastructure. Webuild is well positioned to address them all.

Let me add some color by region. In Italy, our home market, demand remains strong, supported by national and EU transport programs and growing investment in hospitals and sports facility.

Across the rest of Europe, infrastructure renewal, rail modernization, and higher defense spending are driving demand. In North America, large public programs and PPPs are funding transport and water.

Australia offers strong opportunities in the energy transition and transport, while Saudi Arabia continue to build out an integrated urban system, connectivity, and social infrastructure. Beyond these core markets, we monitor other geographies where our local experience can deliver the right risk-return balance.

Our commercial pipeline stands at over €108 billion. Of this amount, we have €19.6 billion of tenders already submitted and awaiting an outcome, while a further €14.2 billion related tenders we are submitting.

Importantly, the pipeline includes a number of major contracts where we are already strongly positioned to win. There are projects where Webuild is already well positioned for the award, other where the tender has already been won and the project is progressing through the design phase.

These contracts will be included in the backlog once the design activities are completed. Lastly, on slide 16, you will find our 2026 guidance.

We expect revenues at more than €13.6 billion, in line with the record level obtained in 2025. EBITDA is expected at more than €1.2 billion and a net cash position at more than €300 million.

Let me put this outlook in perspective. Early this year, around €3.8 billion of backlog was cancelled, and yet our performance and our guidance remain strong.

That is the real message. The scale we have reached and the diversification of our backlog allow us to absorb even extraordinary events without changing course.

Our outlook is not based on optimistic scenarios of future upside, but on a solid foundation of existing backlog, visible commercial opportunities, and operational initiatives that are already underway. We built something solid and hard to replicate.

Now our focus is clear: turning that scale into additional value with the same discipline that brought us here. We are finalizing our 2026-2029 industrial plan, which we will present to the financial community at the end of September.

It will pursue the priority of a stable and predictable cash generation, also through vertical integration, technological innovation, and profitable growth. In line with the direction of that plan, yesterday we announced to launch a voluntary tender offer for all the ordinary shares of Trevi.

Let me be clear, any impact from this offer are excluded from our guidance for the full year 2026. Let's now look at the strategic rationale of the offer on Trevi.

Slide 18. Trevi is one of the leading global specialist in underground engineering and special foundation, with a unique vertically integrated business model combining engineering services and equipment manufacturing through Soilmec.

This model has been built over more than 60 years and has established Trevi as one of the few truly global operators in the sector. The industrial logic of this transaction is straightforward.

Special foundation and underground engineering are critical activities in nearly every major infrastructure project and directly influence schedule, cost, and delivery risk. Today, these services are outsourced by Webuild.

By bringing Trevi's capability inside the group, we would acquire competencies in a highly specialized and a strategically important segment of the construction value chain. It would also secure greater control over execution in terms of process, quality, and delivery risk across the group's order backlog.

For Trevi, this €54 billion of backlog is not an abstract number, is immediate ready work. The acquisition would allow us also to be more competitive in tenders involving complex geotechnical challenges.

It would enable us to offer clients a more integrated, end-to-end solution, improving pricing capability. On the financial side, the cash offer is already funded.

The initial financial debt linked to the acquisition is around €500 million: approximately €300 million related to the equity investment at Webuild level and around €200 million at Trevi level, following the financial restructuring completed in the first half of 2026. Trevi standalone business plan already envisages the full repayment of its debt over the plan period to 2029.

At the same time, the industrial synergies that are expected to generate around €200 million of cash in plan horizon. This, together with additional synergies to be quantified and Webuild standalone capacity to generate cash, will give ample coverage to reduce the leverage within plan.

Let's move on slide 19. Bringing Trevi into the Webuild Group will generate significant industrial and commercial synergies on both the revenue and the cost side.

Through Trevi, Webuild will internalize high value-added foundation and ground engineering activities that today are largely outsourced to third parties, while Trevi gains direct access to the group global leading platform, accelerating its own standalone plan. Overall, we have identified synergies of approximately €80 million to €90 million of additional EBITDA per year on a run-rate basis.

This estimate is highly visible. More than €60 million of it is tied to works we have already had in hand through our current backlog and our short-term pipeline.

In practice, these are plug-and-play. The rest is a deliberately prudent estimates of cost synergies: around €10 million comes from joint procurement, equipment, and fleet optimization and logistics, plus a further €20 million from leveraging shared service and standardization of central processes.

Together with Trevi's own EBITDA, the transaction would bring to Webuild an incremental EBITDA contribution of around €150 million to €170 million and would be accretive to group's EBITDA margin. Importantly, the estimate does not include further expected benefits, which represent additional value creation potential.

These are mainly financial and funding synergies: lower cost of debt and improved access to capital markets and bond financing thanks to Webuild's standing, and the strengthening of risk management, compliance, and quality and health and safety controls through alignment with the group standards. On slide 20, we show how this transaction creates value also for all Trevi stakeholders.

For Trevi and its people, joining Webuild opens a new growth path. The company would gain access to a global platform operating in around 50 countries with a backlog of €54 billion, more than 85,000 people, and decades of experience in delivering some of the world's most complex infrastructure projects.

Trevi would plug directly into Webuild project pipeline, gaining volume from day one without the commercial cost of winning it. Trevi just completed its financial turnaround and has a credible growth plan of its own.

With Webuild, that path would accelerate. The company would leverage Webuild's international footprint to access new geographies, for example scaling up in markets such as Australia, where the group has a major industrial presence, and to take part in larger, more complex projects.

Let me be clear on one point: we do not intend to change Trevi's identity. We intend to protect it and build on it.

Trevi would remain an Italian center of excellence, with its headquarters, its people, and its know-how firmly rooted in Italy, continuing to serve both third-party clients in Italy and internationally and Webuild's projects while benefiting from stronger risk management, compliance, governance, and health and safety standards in line with Webuild's one. For Trevi shareholders, our offer means certainty and a meaningful premium.

The consideration is entirely in cash, €4.5 per share, representing a 29.8% premium to Trevi's closing share price on 26 June 2026, delivering immediate, certain value and full liquidity, unlike the Icop offer, whose shares are not yet listed on a regulated market. Certainty of value is the key differentiator of our proposal.

Let me finish on slide 21. The transaction is structured as a voluntary, all-cash tender offer for 100% of Trevi's share capital, aimed at acquiring control and delisting the company and fully integrating its capabilities into the group.

The proposed minimum acceptance threshold is 66.7%, significantly lower than the 90% threshold contemplated by the Icop offer. In economic terms, we are offering €4.5 per share, valuing Trevi at approximately €295 million of equity, a premium of 29.8% over Trevi's undisturbed share price and a 14.4% over the value implied by the Icop offer.

Unlike the Icop proposal, our offer is not conditional on Trevi's lending bank waiving change of controls rights. It is subject only to customary conditions: antitrust clearance, golden power clearances, and a material adverse event condition.

As I said, it is based entirely on cash, rather than shares whose final value depends on future market performance and liquidity. Put simply, our is a more compelling offer for Trevi's shareholders: certain cash instead of variable paper, higher value, a lower acceptance threshold, and a fewer conditions.

We expect to file the offer document after the summer, run the offer period in autumn, and complete the transaction by year-end. We take this step and the one that will follow in our plan, confident in our ability to meet the challenges ahead in a market that increasingly demand a more integrated approach.

Thank you for your attention. We are now ready for the Q&A session.

To give the discussion focus and efficient, we would encourage question on strategy and the main initiatives supporting the group current and future financial performance. For any follow-up question on figures, tables, or specific technical details from the presentation, the Investor Relation team will, of course, be available after the call.

Okay. We are ready.

We see the first question coming from Mr. Baldelli.

Is it right?

Good morning to everybody. I hope you can hear me well.

I have a question on the Trevi acquisition, if you can share at this current moment some details about the cost synergies or the top-line synergies, just to give a little bit more color on these targets that you gave on the EBITDA, how much is cost, how much is revenues, and so on. The second question relates to the order intake, basically just an update on the outlook for the coming few months until the end of the year, if you can provide a sort of color on what could be the book-to-bill expected at the end of the year or what could be the large contracts still ahead that could be grabbed until December.

Lastly, the third question relates to the items below EBIT. You are referring to some write-downs of receivables and also interest from customers on the financial expenses.

Can you elaborate how much of the total financial expenses was driven by these kind of one-offs, please? Thank you.

Mr.

Baldelli, I think that all of these questions were already answered by the presentation, probably you arrived later. Let's say that starting from Trevi synergies that are with us, we just said that we have synergies that are firstly related to our portfolio, the one that is let's say linked to the around €60 million of this synergies comes from the portfolio that we can share immediately with Trevi.

This written on the slide. The rest is a deliberately prudent estimates of cost synergies: around €10 million comes from the joint procurement, equipment, fleet optimization, and logistic, plus a further €20 million from leveraging shared services and standardization of central processes.

This is around €90 million that we say from 70 to 90, so that's it. It's a prudent assumption of it.

Of course, we didn't take into consideration what can happen to our portfolio in terms of, of course, of projects that significantly demand the role of a player like Trevi for us. I think this transaction on Trevi, the synergies that we are saying that bring us an accretive €150, €170 million to the group EBITDA is very prudent assumption.

This is for Trevi. For Now,

regarding the impact that you mentioned under the EBIT, we already mentioned it, but at the level of the net profit that has been impacted by around €190 million of one-off items, we already mentioned that are not monetary. The first part, €90 million, is within financial expenses.

Most of this is a deliberate trade-off in favor of cash by waiving interest on some receivables under settlement agreements. We accelerated the collection, we cashed in the money that we expected, renouncing to something.

We added the new work to our backlog. You can imagine that we can refer, for instance, to the Metro C project, and we reduced significantly our claim exposure.

The remaining part here is a one-off write-down of certain financial receivables. The second part, around €100 million, is in losses on investments, which reflect the economic effects related to projects that are completed or nearing completion in North America and Australia.

Decisive actions have been taken to contain the risk.

Regarding the new order What order intake do you expect to sign in 2026? We have already a very sound pipeline, we said during the presentation, of tender that already been submitted and that in which we are the best offer or let's say the sole offer and as these have already also happened.

We already secured a €7.7 billion of new orders since the beginning of the year. We enter the second half with a very solid, high-quality backlog of €47 billion.

We are very well positioned on several additional opportunities, while other awarded project are progressing through the design phase and will be added at the backlog once the relevant activities are completed. As a result, we remain confident that a book-to-bill above 1 is achievable.

Thank you very much.

Thank you. Good morning.

I have two questions. The first one relates the strong EBITDA margin which you have posted, which is above 10%, which is above let's say the usual range which in the past you were flagging, sort of 8-9%.

I would like to know what is the mid-term sustainability of this 10% plus EBITDA margin, and also if you can explain a little bit more the reason and the origin let's say of this very high margin. The second question relates the offer on Trevi and the rationale.

Just to elaborate with you, Trevi is currently an independent special foundation player as it is Keller or Bauer. We have a case of Soletanche Bachy, which is below with VINCI, but in general I would say that in the industry most player are independent.

I can understand that they will gain more opportunity with you, but I wonder if they will lose maybe commercial opportunities outside the Webuild Group because from now on they will see as a captive player of Webuild. What are your consideration about that?

Also I would like to know the funding. If you look at the enterprise value of the deal is in the region of €0.4 billion, €0.3 slightly below equity value, and then Trevi has slightly below €100 million of net debt.

Overall close to €0.4 billion, which for you in terms of ratio on EBITDA is a 0.3, not much, but still I would say a mid-sized move. What are the option which you are considering for the funding of this deal?

Thanks.

Let's start with the question on Trevi. It's not the only case of a player of special foundation that is owned by a group and that works for the rest of the market.

There is VINCI, there is ACS that also in Australia has a specialist. There are other example of it, very successful, for the group they work for and for the market.

We think that this model is something that gives exactly to Trevi a good benefit to enjoy our platform, which is much larger, of course, of the one they have alone, and the fact that they can benefit from our project pipeline, which is quite large. We are one of the largest operator in the world for infrastructure, where, of course, the special foundation market is one of the key factors for success, for competing, for advantages in terms of synergies that can be had together.

I think that the strategy on Trevi is exactly what we need now. I would say also that this idea of investing in the competence line that we will explain further into the business plan presentation, it is, of course, something that is very important for us, not only in the sector of special foundation, but also in the other segment that are important to our clients and are important to the project we work with.

We have a very important internal market, internal demand for these specialties that we now have to outsource because we don't have the resources internally. We will develop this capability internally, not only as an investment on the market or purchasing company, but also creating this specialties internally and dedicating part of our specialized companies to master this competence line.

This you'll find in more details of course in September. This is it for Trevi.

For the other question, Massimo, what was it?

Margin, marginality, how can we

Also the funding, Massimo. Funding for Trevi overall.

Okay.

The funding right now is of course debt with a very let me say reasonable cost, in line with the average cost that we have on the gross debt. At the end, we expect to finance the acquisition through a capital market source.

Is it okay?

Bond? Bond?

Bond, right. Bond.

Thank you. No,

bond. Not convertible, not equity, bond.

No,

just to know. Clear.

For sure.

No, because I received the question from some investor, eh? I'm asking because I was receiving this morning

No, for sure. It will depend, as Pietro mentioned before, of course we cannot anticipate which will be the total amount of Trevi shares that we can receive from the actual shareholders, and then we can have also to view from inside the opportunity to optimize the total leverage of Trevi and the entire group, including Trevi.

Thanks.

Good morning. My question is on the guidance.

The guidance on EBITDA looks really conservative because it implies an EBITDA in the second half below €530 million. You did above €670 in the first half, and usually in the second half you have higher volumes, also the EBITDA is higher compared to the first half.

It seems to me that I'm missing around €100 million on EBITDA on the guidance side. I would like to understand if there are particularly reasons why you are so conservative on the EBITDA.

Thank you. Yes,

thank you. No, the first thing that you have to take into account that when we say 1 1.2 billion of EBITDA at the end of the year is not negligible, if you see as a marginality.

The fact that the second half is less than what is in the first half depends on the job mix, which is normal related to seasonality and the projects that are done by the company and that schedule of this project, this is the thing. The strong 10.1% EBITDA margin achieved in the first half reflects, as I said, a particularly favorable mix, including contribution from projects with higher profitable profiles.

We continue to execute the initiative embedded in our strategy, aimed at increasing profitability, including greater selectivity in new order intake, tighter project execution control, and continued focus on cost optimization. As a result, we still expect full-year 2026 profitability to improve compared to full-year 2025, confirming the structural progress achieved by the group in recent years.

Is okay for you? You need further details?

It's okay. Thank you.

Thank you very much.

thanks. Good morning.

Good morning to everybody. Let's say I have three questions, okay?

The first one is you mentioned before the let's say impact and the recent cancellation you had on Saudi Arabia contracts. Can you share a little bit with us what is your medium-term view there because you shared that there is a healthy pipeline in the region.

How do you see for Webuild, how do you see, let's say, your commercial pipeline maybe moving, let's say, to some other, let's say, areas, with the focus for instance on let's say new sectors like data center also for Saudi Arabia. Just to understand how do you see your project mix evolving in Saudi Arabia compared to the past?

This is the first question, thanks.

Let's go to the first question. Saudi Arabia is not NEOM, and the market is quite large in Saudi Arabia.

I think that the first thing that we have to say that the fact that a decision from the government to cancel a very large investment, it do not transform Saudi Arabia into a bad market. We are working in Saudi Arabia from more than 60 years.

We have enjoyed a very solid pipeline of important projects. We have just finished the metro of Riyadh, line 3.

We got, as a new contract, the line 2, and we expect good news on a further line 7, probably that we will receive some news on it in the next coming days. I think that the market in Saudi Arabia remains for us very important.

Is a very very large investor, and so, of course, we are sorry that they did change their ideas on the project. We were very well executing, I have to say, it's a pity, but we understand that the project was not only us, of course, there were an enormous investment which was related to that, and probably the magnitude of that investment in the present situation in the Gulf that means a very strategic, let's say, tourist attractive new very large project, probably time to market is not exactly the right moment to do it, we understand the rationale that it was behind this decision.

Now, there are safer areas, of course, of Saudi Arabia. Saudi Arabia, as has also enjoyed a very good, let's say, politic, close understanding with US, and they are working together to defend the area.

I think that it will remain a very central part of the world for investment and for us as a competent, executive infrastructure builder to serve the nation for their needs.

Thanks. Then the second question is if I understood well, you mentioned this year roughly €700 million CapEx, okay, for you to support, let's say, the ongoing backlog execution.

Should we see these level of CapEx as a sort of peak or, I'm also, let's say, linking this to your comment on the focus on cash conversion, okay, increasing focus on cash conversion in the coming years. Should we think about these €700 million as a kind of peak?

No.

I agree, Alessandro. You can see as a peak.

Okay.

Let's say going forward, we should see, let's say, some kind of, let's say, normalized CapEx on sales rate lower, huh? Yeah.

Thanks.

Then

if you can elaborate a little bit more, eh? Thanks.

No, yes.

As we expected something more as a CapEx for the first half. We achieved a level lower, but keeping the production.

It depends also from the business mix. This can occur also in the second half.

This is why I immediately answer that you can consider as a peak. I have to add that also linked to the cancellation of the connector and NEOM, there were, of course, some investments related to that that has been cancelled.

This is, let's say, an upside from that part.

Thanks. Then the last question is you mentioned before that you clearly know Australia is a really, it's a big market, second market for you, immediately after Italy.

Let's say are you happy with the current kind of organization you have? You own 100% of this business.

Do you see at a certain point, for instance, the possibility, I don't know, to crystallize the asset value for let's say for the Australian business?

By putting the company in the stock exchange there, or what do you think?

I'm just asking because today it's pretty big, no? It's pretty big the business there.

Just understanding if you are happy

We want to increase We want to increase the size because, of course, Australia is a very large continent. Apart from the fact there are few people, but it's a very large continent.

It's investing enormously into the sustainable energy. Oceania, not only not only Australia, also, for instance, New Zealand, Tasmania are important part of this design of expansion.

There is also an enormous defense plan in which we are participating, transmission line for power and other specialized activities in the defense and also in the energy transmission are very very very well positioned. We are very well positioned, we think that we can grow still grow a lot in Australia.

We have now 10,000 people working for us in Australia, it's quite a large a large company. We are we are one of the major company there working, very happy about that.

It's is is our largest market after Italy, and most probably it will even grow in the in the very next future, this is important.

Thank you. Thanks.

Thank you, Alessandro. Probably we have the last question coming from Emanuele Gallazzi.

Hope you can hear me. Good morning, everybody.

I have basically two follow-ups on the Trevi deal and then one on your business. On Trevi, I just try to understand if you can, let's say, provide a little bit more color on the timeline for the synergies.

Basically when do you expect to be at regime? You mentioned the €60 million of synergy coming from the plug of Trevi on your current project.

Can you quantify the weight of the foundation or underground business within the Webuild total revenues and how much of that work is currently carried out by Trevi versus third parties? Still if you can just elaborate a little bit more on the geographical footprint because Trevi has quite significant exposure to emerging market, roughly 60% of their revenues are coming from Middle East, APAC, Africa, and South America, while clearly your focus in the last years has been on lower-risk geographies.

Then on your business, looking at the US market, clearly a strong commercial acceleration in the first half. Can you comment a little bit more on the outlook there and, let's say, the operating performance of Lane?

Thank you.

About Trevi, to give an idea, we have now around €1.5 billion into the business plan of demand for what are the services of Trevi that can be given. The synergies will start from the 2027.

Of course, this is it, and the expected time, as we said, is €80 million to €90 million of additional EBITDA, of course. We start when we can physically

We will have it.

We will have it, and this is it, Emanuele Galazzi (Equita): I

just want to understand if you expect this €80, €90 million to be reached in, I don't know, 2029, 2030

or

much later? No.

Yearly.

This is yearly from 2027.

Right.

Okay.

No, sorry. There is another question

There was another question, sorry.

Regarding the US outlook on Lane is favorable both because we already achieved the turnaround in 2025. As you mentioned before, we got an excellent commercial performance, and the market is very interesting, is mainly a single-state market and where Lane is very established since a long time.

They are getting very profitable new job, and we have very good relationship with the client. We expect something very good coming from US, but let me mention also the Canada market where we are doing a lot of commercial activity.

We are running very important project, and the pipeline could be very very interesting for also the new business plan. It's okay, Emanuele?

Okay. Anyway,

I think that for the Q&A is okay now, and every other question you may have you may simply ask to the Investor Relations that will be happy to answer to all other questions. Thank you very much, and we wish for you an happy day.

An

happy summer and have a good day. An

happy summer, of course.

Bye-bye.

Bye-bye.