Webuild: S&P Global Ratings raises Group’s rating to BB+ on improving credit metrics, solid operating performance, future revenue visibility

PRESS RELEASE

WEBUILD: S&P GLOBAL RATINGS RAISES GROUP'S RATING TO BB+ ON IMPROVING CREDIT METRICS, SOLID OPERATING PERFORMANCE, FUTURE REVENUE VISIBILITY

MILAN, November 3, 2025 - International ratings agency S&P Global Ratings has upgraded its rating on Webuild to "BB+" from "BB", with a stable outlook. It is the second upgrade made by the agency during the execution of the Group's 2023-2025 business plan, confirming the soundness of its business model, its strategic vision and financial performance despite macroeconomic complexities. Webuild is preparing a new business plan with the rating at one level below investment grade.

S&P said the upgrade reflected Webuild's strong order backlog, disciplined contract management, and a leading position in key markets, factors which have led to robust growth and a strengthening of the Group's financial structure.

The agency highlighted Webuild's leading market position in key markets that are low risk, representing approximately 90 percent of both order backlog and revenue, up from 59 percent in 2018. This increase is due to a strategy to focus on developed countries, with acquisitions and investments having increased the importance of Italy and Australia. The agency also said the business was supported by greater diversification and more advanced engineering capabilities compared with similarly rated peers.

Looking forward, S&P foresees Webuild continuing to register a solid operating performance in the coming years, supported by a construction order backlog worth €50 billion that guarantees strong visibility on revenues. It points to favorable contractual terms and an increased adoption of clauses that facilitate the pass-through of costs. It also refers to the positive impact being made by the Group's cost-efficiency program. These factors, combined with the ongoing focus on working capital management, should ensure robust cash flow and greater profitability in coming years.

Given the approval process is still being finalised on the Strait of Messina bridge project, the ratings agency said it did not include the potential financial-economic impact of the project in its current estimates, preferring to qualify it as a possible upside. The agency said a project of this kind demonstrated Webuild's advanced managerial and engineering capabilities to deliver large, complex infrastructure even in front of technical, geological and engineering challenges.

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Webuild is a global leader in the construction of large, complex infrastructure projects, with a focus on sustainable mobility, hydropower, water treatment, and green buildings. A recognized leader in the water sector and active in about 50 countries, the Group employs approximately 95,000 people of over 125 nationalities. It boasts 120 years of experience with over 3,700 completed projects. Its track record includes 13,648 kilometres of railways, 891 kilometres of metro lines, 82,577 kilometres of roads and highways, 1,022 kilometres of bridges and viaducts, 3,462 kilometres of tunnels, and 319 dams and hydropower plants. Among its most iconic projects are the Grand Ethiopian Renaissance Dam in Ethiopia, the expansion of the Panama Canal, the Long Beach International Gateway bridge in California (USA), the Second Bosphorus Bridge (Turkey), the Sydney Metro Northwest skytrain viaduct and bridge (Australia), the Kingdom Centre skyscraper in Riyadh (Saudi Arabia), and metro lines in cities such as Copenhagen, Paris, Rome, Milan, Naples, Doha, Thessaloniki, and Riyadh. Ongoing projects include the New Genoa Breakwater, the Brenner Base Tunnel, the Pedemontana Lombarda Highway, Metro di Roma's Line C, the Genoa-Milan and Naples-Bari high-speed/high-capacity railways, the Palermo-Catania-Messina high-capacity railway, the Snowy 2.0 hydropower scheme in Australia and the Dams System in Trojena in the Kingdom of Saudi Arabia. As of December 31, 2024, the Group registered total revenues for €12 billion. As of June 30, 2025, its total order backlog stands at approximately €59 billion, with over 90% of its construction backlog related to projects linked to the United Nations Sustainable Development Goals (SDGs). Listed on the Borsa Italiana stock exchange in Milan (WBD; WBD.MI; WBD:IM), it is member of the MIB ESG index of Italian companies with best ESG practices. Headquartered in Italy, it is subject to the management and coordination of Salini Costruttori S.p.A.

More information at https://www.webuildgroup.com

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