Thank you. Good morning, everyone, and thank you for joining our annual conference call.

It is a pleasure to be here with you and to celebrate the conclusion of our three-year business plan. Let me begin with some context.

The past three years have been exceptionally complex: unprecedented inflation affecting both our geographies and the core component of our operation, significant increase of interest rates and currencies volatility, geopolitical structural changes, supply chain bottlenecks, and persistent labor constraints. Notwithstanding that, Webuild not only delivered well above plan industrially, financially, and commercially, but it also went through a structural transformation.

Now you have in front of you a new company with significant higher scale and unique execution capabilities on high-complexity projects, an order backlog among the strongest in the industry, both from size and quality. Webuild has become more profitable, proving to be resilient and strongly derisked, with a strong balance sheet and with focus on cash generation.

Last but not least, we delivered 160% of total shareholder return over the last three years. Now let me walk you through the evidence.

Slide 4, moving to slide 4, starting with execution. Over the plan period, more than 45 infrastructure projects were delivered across multiple countries.

Many others have started despite some challenges, and are being carried out according to the plan. We are talking about some of the most complex infrastructure worldwide that improve quality of life for millions of people.

One example is the Grand Ethiopian Renaissance Dam, the largest hydropower facility ever built in Africa. We also deliver strategic projects for sustainable mobility, Milano metro Line 4, Riyadh metro Line 3 as well, and the new bascule Unionport Bridge in New York.

Today, Webuild is the leading infrastructure player in Italy, and one of the top players in Europe and Australia. Globally, the group is number one in water sector.

Our unique and integrated set of capabilities make the real difference when complexity is high, from advanced engineering procurement to large-scale project management and in-house construction technologies. This is the reason why clients continue to select Webuild as their partner.

This success is powered by people. In the last five years, Webuild hired and upskilled more than 14,000 people each year all around the world.

This shows our ability to attract talents and our structural contribution to local economies. Today, around 95,000 people work for the group.

Thanks to scale, Webuild is able to develop internally highly specialized skills, skills that are difficult to replicate in the industry. Over 3 million training hours were delivered across the plan.

Safety remains a cornerstone. Webuild is the top performer among European peers in health and safety, and this is our distinctive mark in more than 50 countries.

Our lost time injury frequency rate improved from 2.79 in 2022 to 2.23 in 2025, which is a significant improvement. Our global activity is supported by a supply chain of 17,500 companies worldwide.

A qualified supply chain is the key enablers of execution. It offers the resilience to navigate global uncertainty.

It also drives efficiency and innovation across projects and local communities. Slide 5 shows two clear and simple messages: One, the financial targets set out under the plan were outperformed.

Two, the improvement in profitability is not a one-off; is a structural result of the new business model. We delivered faster growth.

Revenues grew annually at 19% versus the 10% expected into the plan, reaching in 2025 €13.6 billion compared to the €10.7 billion planned by the by the business plan. Forex was an headwind.

At constant 2022 exchange rates, revenues would have been €1.5 billion higher. This represents a remarkable 68% growth compared to 2022.

Profitability improved significantly. EBITDA margin increased to 8.6% from 7.2% in 2022.

EBITDA reached €1.2 billion, above the €1 billion planned target, more than double 2022 levels. Three structural levers explained this improvement: First, stronger contract management and derisking.

Our contract model was redesigned to identify and address risks even earlier than before. Price revision formulas are now included in most of our contracts.

New contract models such as progressive design and build and incentivized target cost were adopted, particularly in North America and Australia. Webuild has been able also to renegotiate some of major contracts on the backlog in order to rebalance risk and return.

Second, cost discipline. Through disciplined overhead and indirect cost management, we delivered €200 million of savings, above the €180 million planned target.

Third, Lane turnaround. Lane reached EBITDA break-even in 2025.

It refocus on core markets, selected lower-risk work, tightened controls. Its legacy projects are almost completed, with the settlement of claims underway.

Lane is also doing very well in terms of order intake. Slide 6 is about financial discipline and balance sheet strength.

Gross leverage declined sharply from 4.5 times in 2022 to 2.6 times in 2025. Net cash stood at €770 million at year-end 2025 on a normalized basis, adjusting for forex and a cash-in that slipped into early 2026.

This was achieved despite €2.5 billion of capex, strategically invested in equipment such as tunnel boring machines, which expand capacity and support future cash generation. We did not just stay with a positive net cash position as targeted in the business plan; a meaningful net cash buffer has been built.

Credit markets recognized this progress. Fitch and and Standard & Poor's upgraded us to BB+, a double notch improvement in three years.

Slide 7 covers commercial performance. Order intake exceeded the plan target by €13 billion.

As a result, construction backlog reached €51 billion at the end of 2025, one of the highest in the sector. It's not about size; the matter that counts is about quality.

The backlog has been progressively derisked, thanks to a greater focus on developed markets, we choose the market where to operate, a more balanced contract structures, and a selective bidding, where 80% of tenders were awarded to us on best technical offer, not on price, thanks to our execution capabilities. The outcome is a larger backlog with a significantly improved risk profile and higher earning visibility.

Before handing over to Massimo, let me highlight the most important point: The platform is built. Record backlog, people, capability, governance, risk discipline, partners, financial strength.

The next step is to leverage this platform for a sustainable and selective growth, improvement of marginality, and cash generation. Massimo, over to you.

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 9.

As Pietro mentioned before, Webuild delivered double-digit growth in revenues, EBITDA, and EBIT in 2025. Revenues reached €13.6 billion, up 15% versus 2024.

67%, 66.7% of revenues were generated outside Italy. EBITDA reached €1.2 billion with an 8.7% margin, and EBIT rose to €705 million with a 5.2% margin, both EBITDA and EBIT margins improving year on year.

Plan targets were exceeded, and results came in above upgraded 2025 guidance, as you remind. Net income reached €280 million, up 13% versus 2024, despite a significantly negative forex effect.

Let's see in detail some P&L lines. Financial income was €126 million, down €60 million, mainly due to a reduction in average balances of deposits with banks.

Financial expenses decreased by €24 million. This drop reflects, among other factors, the lower utilization of corporate credit lines, the lower cost of variable-rate debt, and higher expenses related to the bond issued in 2024 and July 2025.

The net exchange results was negative for €73 million, impacted by the performance of US dollar, Saudi riyal, and Ethiopian birr against euro. These effects tend to end up being neutral over the course of the years, and most of them are non-monetary.

Slide 10 focuses on the streamlining of the cost base. A structured cost-efficiency plan on indirect and overhead costs generated more than €200 million in savings, that is above the plan target of €180 million.

Multiple initiatives contributed: optimization of external spending, shared service among projects, automation, branch rationalization, and project-specific actions. This is not a one-off effort.

Cost discipline remains a structural priority for the group. The focus on cost efficiency will remain in place in the coming years, with continued actions on overhead and indirect cost project, and also we will start on the direct cost of the projects to support margins and cash conversion, mainly leveraging on innovation and also artificial intelligence.

Turning to slide 11, reported net income stands at €240 million, plus 23%. Over the last three years, over €205 million in dividends were distributed.

For 2026, Webuild is proposing a €0.081 per ordinary shares and €0.26 for savings shares, for an overall amount of dividends of around €80 million, with a payout ratio around 25%. It would imply a dividend yield around 2.7% at current share price.

Let's move to slide 12. Our net financial position stayed strong despite significant capex of around €960 million, a proxy of €1 billion, in 2025.

Reported net cash was €363 million at year-end. There are two temporary effects that impacted the reported net cash: foreign exchange effects and just a timing effect linked to a dispute adjudication board decision on an Italian project.

The cash-in was expected to occur in 2025, but it was received at the beginning of 2026. Normalizing by these two effects, net cash would stand at around €770 million, above our €700 million guidance.

This year, advance payments had a negative impact on the net financial position for around €300 million. There was an important part of the order intake that came at the end of 2025, beginning of 2026, with advances will be cashed in in 2026.

Year-end net cash remained strong, despite high capex and advance payments being a net outflow in 2025, making these results even more significant. On slide 13, there is the balance sheet.

Fixed assets increased due to capex plan. Working capital reflects the strong growth in production activity as well as the reduction of advances I told earlier.

Equity declined mainly due to losses attributable to non-controlling interests and to effects of the US dollar performance mainly against the euro. Gross debt remains stable at around €3.1 billion.

Gross leverage continues to strengthen, reaching 2.6 times, a significant reduction from 3 times level recorded in 2024. It compares to peers at around 4 times on average.

Moving to slide 14, our financial structures remains robust. This is confirmed by the upgrade received by the rating agency mentioned by Pietro before.

Our total liquidity position remains strong at €2.4 billion. Revolving credit line stand at around €950 million.

In 2025, €450 million debt were refinanced. Cost of debt stands now at 5.1%.

Our debt maturity profile is well, very well, let me say, distributed through 2031, with an average debt duration of 3.4 years, mostly at fixed rate. This shield us from any market volatility in the short term.

Going to slide 15, let's have now a look at our commercial performance. Order intake in 2025 was €13.2 billion.

In early 2026, around €2 billion new projects have already been awarded. Quality is key.

More than 90% of 2025 order intake comes from low-risk countries. The geographic mix is well balanced, with roughly half outside Italy, confirming our international footprint across Europe, mainly North America, Australia, and Saudi Arabia.

Slide 16 illustrates our order backlog that amounted to €58 billion. It includes €7.5 billion of backlog in concession and operation and maintenance business.

Construction backlog stood at €51 billion. It give us visibility and predictable revenue development.

Around 90% of this construction backlog is located in low-risk markets. The vast majority of our clients are public, and most contracts include inflation protection mechanisms through price adjustment formula that we mentioned before and in other meeting or conference call.

I now leave the floor to Pietro to introduce the guidelines for future developments.

Thank you, Massimo. Before I start with the outlook, we are planning an Investor Day early June to present the new three-years business plan.

Let me highlight that this backlog covers 100% of the actual level of revenues in 2026 and '27, and a very large part of the portion of 2028. We have a great visibility.

This is very important in the present scenarios. Let's turn to slide 18.

Scale matters today more than ever. I think of it this way: Every year, we generate about €1.8 billion of additional revenue.

That is like creating a top 50 European player year after year and adding it to Webuild. Scale means flexibility, it means resilience, and it means the ability to stay disciplined when the environment becomes more volatile.

The next question mark is infrastructure demand. We see demand remaining very strong.

Moving to slide 19, the megatrends that are fueling infrastructure investment are clear: climate and energy transition, water security, urbanization. The new driver are accelerating: defense infrastructure, digital infrastructure, and artificial intelligence.

Webuild is positioned to address these trends. This is visible in the numbers you can see on the next slide.

In slide 20, our near-term commercial pipeline stands at €91 billion. More than €19 billion are tenders submitted and awaiting outcome.

Around €9 billion of tenders are under preparation. The key point is not just volume; it is quality and risk profile.

The demand is there, it is visible, and it's concentrated in the markets where Webuild is strongest. We are in a position to be selective and disciplined on risk-adjusted returns.

As closing remark, €9 billion of the commercial activity are in areas currently affected by the military conflict in the Middle East, in Saudi Arabia. We are closely monitoring the latest development.

Turning to slide 21, this slide brings together the key elements underpinning our 2026 outlook. We are entering 2026 with scale and global footprint, industrial visibility supported by the order backlog, and the demand that remains strong.

At the same time, with the conflict in Middle East area, the global order is experiencing a new profile. Let me first clarify that our activities in the area are currently limited to Saudi Arabia, where operations continue regularly and safely in agreement with clients and with our security protocols.

The fundamentals of our business remain strong, but considering the current geopolitical and macro backdrop, we have taken a prudent approach, providing 2026 guidance on a directional basis. Revenues are expected broadly in line with the record level reached in 2025.

They are supported by the significant backlog and global footprint. The focus remains on improving margins, strengthening operating cash generation, and maintaining a positive net cash position.

That said, the group is already looking beyond 2026. Record backlog, people, capability, risk discipline, and strong balance sheet provide a solid starting point for the next phase.

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

To keep the discussion focused and efficient, we would encourage questions on strategy and the main initiatives supporting the group current and future financial performance. Any follow-up questions on figures, tables, or specific technical details from the presentation, the investor relation team will be, of course, reavailable after the call.

Thank you.

Good morning, all. Can you hear me?

Yes. Perfect.

I have, let's say, three questions. We can go one by one.

The first one is on your Australian business, basically because looking at the commercial pipeline in your report, it seems to be a strong acceleration in the opportunities over there. Can you just update us on the country and on how the execution of your main project is going?

Thank you.

This is Pietro Salini speaking. I say we have no effect now on our projects ongoing.

There is no practical effect. I told you before that the only project that is inside the area of Middle East are projects in Saudi Arabia, which is a very safe country and they are going as on business-as-usual basis.

Of course, we look at the present situation with a prudent approach, but I don't see any practical effect at the moment.

That was my second question. Actually, my first question was on Australia, not the Middle East, but even the Middle East was my second question.

On the Australia, if you can comment on the Sorry. Yes, Australia.

If you can just comment on the commercial opportunity over there.

No, there is a very large pipeline in Australia. This, of course, as Australia is becoming our largest market, and it is a pipeline not only of an important pipeline of project, but it is especially a very important pipeline of project of complexity and scale, which are the project in which we perform best, in which the experience and capability and competence of Webuild are having an advantage on competition.

I think that we are working closely with clients on a number of very large projects in a way of looking at the project together and to be selected in the future as their contractor. I think that this is the way in which you minimize risks and you can maximize or, let's say, have a very reasonable margin of return from those projects with a diminution, a very important diminution of risks.

Very clear. My last question is on the M&A.

I think during your last conference call, you rule out basically big M&A. Is it still the case or are you looking at something, let's say, more material on this side?

We clearly have seen the press reporting potentially interest for Rizzani, but any comment on this side will be helpful.

Yes, we are, of course, opportunistic. We see where we have special opportunity and we look at a vertical integration possibilities that could implement the EBITDA that remains inside the group for sectors like special foundation, design, and other possibilities in which the service that we purchase outside of the group are important every.

I think that the first thing, of course, is remain cash-positive. This is the essence of the plan as we declare, of course we have to limit our appetite in this sense in order to remain in a situation in which the rating agencies expectation remains inside the matrix they have designed for us.

This is, for us, a very disciplined approach to the markets. As we have a limited equity, and so we have to remain inside this frame in order to remain with a present upgraded financial profile.

Very clear. Thank you.

Thank you.

Hi. Good morning, everyone, and thank you for taking my question.

I just got one on Lane, can you give us some update on the Lane's turnaround and maybe more in general, also on the US market? Thank you.

Yeah.

Yes, thank you, Andrea. This is an important question because for us Lane was in the past not only a potential activity, but also a source of problem.

We have to solve legacy projects that in the past have underpinned our performance there. Now, finally, we changed the people.

We put a very good team there. We made a completely different pipeline of order intake with selective approach to projects, also teaming up with Webuild tendering department.

I think that these things are now going to pay out and they are paying out in this year with the turnaround. The market in US is booming.

We can see that from the very beginning of the years. I cannot say the project specifically because the client didn't allow us to make the disclosure so far, but I think that we have already done the plan for what was envisaged into the order intake of Lane just in the first two months of the year.

I think that the situation for Lane in US now, it is very bright, and we see a number of projects of the scale, magnitude, the partnership that we want to have. I think that being now in US, it is something that also gives us an additional strength into this present worldwide scenario, being having this strong pillars, one in US and one in Australia, I think is very well balanced to the rest of the world in terms of visibility and in terms also of predictability.

Absolutely correct what Mr. Salini said before.

Let me add that the market is booming, notwithstanding the situation. We are not, of course, affected by tariffs because we are working with a US company, and we are working also in some areas that are defense-related, where Lane was present before with a very successful story.

Perfect. Thank you.

Thank you.

Thank you, and good morning. The first question relates the book-to-bill.

Your book-to-bill was very strong between 2021 and 2023, also driven by key awards in Italy. Then it flattened to around 1 in 2024 and 2025.

My question is, what is your outlook for the book-to-bill in the next years? Also, if you want to provide maybe some color on the outlook in Italy versus other countries.

Also, I'm curious to know, you mentioned just in the last question US, are you looking also at some opportunities, I don't know, in growing area like data center or this broad business segments, let's say, which would be new for you in any case? Then the second question is these are two numerical question, but on very relevant topics, I would expect the company to answer to this question.

Capex in 2025 approached €1 billion, €960 million. Can you provide an indication for '26?

Finally, working capital consumed just over €0.5 billion of cash flow. Also in this case, what is the outlook for the net working capital evolution next year, in particular in relation to the delta between contract asset and contract liabilities?

Thanks.

Yes, for the numbers, I leave after the floor to Massimo and to the teams. Of course, in the business plan that we present to the market early June, as I said, you will have all details of the new business that are in the next three years and that will make Webuild even more productive in terms of marginality and cash.

I think that for the time being, we cannot give colors. I say that in the present situation, one thing I want to tell you is that we are not giving a precise guidance as for the 2026, not because we think that there are risks, but we think that in this situation, giving a precise guidance on cash flow that is done day by day and without taking into consideration the possibilities that the client have as a reaction to the present situation it is unprofessional.

I would say that we are looking at the present turmoil as a tipping point in the world is, and giving precise numbers notwithstanding this situation is unprofessional. I have no fears, because as I said to you, the present backlog gives us a very important visibility over the next three years, not only on '26.

We could give them simple numbers that are out of calculation of what is the revenues and the investment and whatever else connected with the backlog we already have and then the contract we already had to perform. I think in the present scenario, this is unprofessional.

Let's say that we hope that in June all this situation will be clear, and along with the business plan, we can also stick to numbers as we said before, as we always have done in the past, and that we outperform every time that we have given, even if they were higher than the expectation of the analyst and the people that follows us. Please, Massimo, go on on the Okay.

Regarding the working capital, we expect for 2026 a positive contribution. This should be supported by the cash-in of advances on projects awarded in 2025 and early 2026, as mentioned by Pietro; also by some dispute adjudication board decision.

The contribution that we have in the budget is very material for the working capital. Let me just confirm and give you some other color on the book-to-bill.

2025 was another very strong commercially year with I mentioned before, 13, more than €13 billion of new order. We also enter in 2026 from a very strength position, supported by solid backlog.

This means we do not feel pressure on order intake in the short term. We can remain selective, with a clear focus on margin quality, cash conversion, and risk discipline.

When I look at the commercial activity, also in Italy, we already submitted or we are studying and submitting many billion of new potential order. We are still some order that could come from Saudi Arabia, that is the main or the only market in Middle East where we are very active.

As Pietro mentioned before, the commercial activity was particularly strong, and we already paid for engineer, project advisors and so on, mainly in Oceania and North America. Oceania meaning not only Australia, but also New Zealand, for instance.

The market also in Italy, we can be selective. There is no more the support coming from the PNRR, but there are some other very important project that would be interesting for us and supporting the GDP growth for the Italian country in the coming years.

Did we miss something in your question, Matteo?

No, no, it's okay. Only the capex, maybe you answered, I was distracted.

Have you indicated the capex for this year?

We expect around €900 million. Notwithstanding that, the net cash position we expect will be positive.

Thank you.

Thank you, Matteo.

Yes, hi. Thanks.

Good morning to everybody. I have, let's say, two questions.

Sort of a first one, let's say it's just a clarification on, let's say, the current sales outlook for this year. Basically the assumption is, let's say, to assume a stable, let's say, sales, which means also that the contribution you see, let's say, now from Middle East today is assumed, let's say, as pretty stable.

Just a clarification that, let's say, the roughly over €1 billion sales from Saudi Arabia is a contribution that clearly, not affected by the current situation in Middle East. This is the first question.

Thanks. Then I go with the second one.

Sorry, we we missed some words for for the line that was not clear. You were asking us Can you repeat shortly?

Sorry, Alessandro.

Yes, yes, yes, absolutely. Yes, yes, no problem.

No, it was just related to, let's say, to your guidance on sales now where you're guiding, let's say, this stable, let's say, sales level. The assumption, let's say, behind Middle East and therefore Saudi Arabia is basically today, let's say, awaiting, let's say, any further update on that area, you're assuming basically also a stable contribution from Saudi Arabia in your sales assumption.

Yeah. Yeah.

Yes, I think that for the time being, we don't assume any negative effect on what is coming out from Saudi Arabia. I think that due to the situation in the oil, even the investment in Saudi Arabia could even improve or being larger.

I see that we can expect some positive outcome in some part of the world, not only negative outcome. Let's see what happened.

For the moment, we have no particular worries coming out from Saudi Arabia. Let me add.

Sorry, Alessandro. In general, as Pietro mentioned before, we are considering very seriously the global situation, not only for just one country or one variable, because it's a very discontinue point in the global order.

As the VIX and the volatility in all the markets, is telling us is very prudent and very serious to look at the evolution of the global situation in order to disclose any more punctual target. Go ahead.

Understood this. Then, sorry, the second question was on you mentioned before, clearly the work you did over the last three years on changing and having effective contract formulas.

The question relates mainly, let's say, to two important projects you have in your backlog. Clearly, the first one is Snowy Hydro.

When I read press article mentioning that is going to come some kind of project cost reassessment. Just to have your view on this, because I recall it that you changed the formula, if you believe that, let's say, this new format is able to protect you on these cost update.

The second question is on Trojena Dam. I recall it also in this case, some press article mentioning that, let's say, spending in the region was shifting, therefore downsizing the line, maybe changing the scope, focusing on data center.

Just to understand also your view on these two projects, which are pretty big for you. Thanks.

Hello? My microphone shut down, I didn't see it.

I'm saying about Snowy, I think that we told before and everyone that we made a contract reset with the client, changing from a remeasurement contract to a target cost-plus, which, of course, changed the risk apportionment and the marginality of the contract. This is a positive outcome.

The contract is performing well, and the appetite for contract of this type of clarity in Australia is growing. They want to invest into sustainable energy, and sustainable energy without this type of pumped storage do not have the same effectiveness.

I think that this will not only be a very important plant for Australia, but also will be something that we can leverage on around the world. We have done a fantastic job there, and we are doing a fantastic job there.

I think that Australia is looking at the relationship with contractors in a different way, as a partnership, and it is a very important [unclear] in which you change the risk apportionment. Far, you remember many contractor in the past had problems in Australia, but the government understood that it is not on confrontational basis that you solve your infrastructure.

It's a different way, in partnering, and this is what they are doing with us and with other contractors at the time. I think that Australia is a very important market for us in the future, and is doing exactly the type of complex infrastructure that we are best at doing.

Out of Snowy, what already mentioned before in the speech, it's very important that we are adopting very different contracts model also for the pipeline. This is very important because this the cost of the bidding and commercial activity, and also the structure of the contracts if we are able to win it.

The environment around the world, mainly in Australia, but also in US and Canada, is changing rapidly, and is very consistent with a different business model that could generate more stable cash in the long run.

Massimo, if I can add on NEOM, because this is something that has been on the press, the rumors about scaled-down of NEOM. For now, the payments of Trojena have been so far regular.

Production is progressing well. There might be in the future some slow down, we cannot predict it, but a change in the scope of the project is not foreseen at the moment.

Anyway, we expect that the market in Saudi Arabia, as we physically see now, it is important. If the government reduce in one side, probably will have different project in other area where we are present, like in Riyadh for instance.

In Diriyah, we are a very large contractor there. The Saudi infrastructure market remains highly significant.

We have witnessed a shift in funds to initiative aimed at developing Riyadh and in preparation for the Expo 2030 and the FIFA World Cup 2034. Is that okay for you?

Yes, okay. Thanks for the answer.

Thank you. Thank you for attending this call.

Of course, we are very positive in the future, especially on the business plan that we will present. To us, at the moment, I repeat, because it's important that we create the platform.

We outperformed our business plan 23-25 in a substantial way, and I think that the condition for the future are very similar for the 25 2025-2028 business plan in which finally the scale, the dimension, the competence, the people are now there, and that we can extract from that platform profitability and cash. This is it.

Thank you for attending the call, and see you at the Investor Day in early June.

Thank you very much. Have a good day.