Reway S p A : Presentazione - ottobre 2023

Investor Presentation

October 2023

Flight to Quality

The status of Strategic infrastructures mirror the near future.

Reway is the pillar that allows them to be preserved and made efficient, guaranteeing the safety and speed of people and goods, placing quality at the center of its value proposition

Paolo Luccini -

Chairman and CEO, Reway Group

2 Investor Presentation

Today's Speakers

Paolo Luccini - Chairman and CEO, Reway Group

He graduated in Economics and Commerce in 1993 at the University of Parma and soon after started working at an accounting firm where he remained for 2 years. In 1994 he founded MGA where he took on the role of Sole Director (until 2021) and Technical Director. In 2014 he founded TLS. In December 2021, he established Reway Group, where he holds the position of Chief Executive Officer and Chairman of the Board of Directors

Federico Della Gatta - CFO, Reway Group

He obtained a Bachelor's Degree in Management in 2017 at the Luigi Bocconi Commercial University and, after an internship at a consulting company, he obtained a Master in Global Commerce at the University of Virginia and a Master in Global Strategic Management at ESADE Business School in 2018. Immediately afterwards he began a 3-year work experience at Johnson & Johnson. In November 2021, he joined the AFC of the Reway Group

Investor Presentation

3

We Are Mission Critical

ReWay Group is the Italian reference company for motorway infrastructure rehabilitation

Thanks to the 30 years of experience, ReWay Group combines operational and organizational expertise to deliver optimal and safe structures that have been strictly supervised. In fact, Reway is one of the only sector operators able to cover all stages of the process end-to-end. Furthermore, the certifications gained over the years guarantee the group an important competitive barrier.

The Italian motorway network extends for c. 7.000 km and represents only a part of the entire critical infrastructure system (also made up of the railway, port and data sectors).

The investment plans allocate budgets for ordinary maintenance and investments in transferable assets, in modernization, and extraordinary maintenance. The Group estimates that the total market over the next 5 years can reach a value of about € 8 billion.

All companies within the Group have a strong focus on research, in particular in the field of innovative materials, with the aim of achieving ever higher objectives of efficiency and sustainability. Research activities can be carried out both internally or in partnership with the Group's customers and suppliers.

Reway intends to perfect its strategic path mainly through external growth lines. In particular, the three streams on which growth prospects are reviewed are: (i) Vertical integration, (ii) Expansion into new markets (iii) Technological innovation

4 Investor Presentation

Financial Snapshot | 1H 2023

Total Revenues | ~ € 55 m , - 3 % YoY EBITDA | ~ € 10,6m , + 0% YoY

Net Income | ~ € 5,8m , -14% YoY

Business Update | June 2023

People| ~ 420

Backlog| + € 500m

Backlog Visibility | ~ 5 Years

Stock Update | Today1

Stock Price| € 3,8

From the IPO| +23%

1 Data as of 3 October 2023

Corporate Structure

Paolo Luccini			Alex Luccini		Maryna Syvtsova
71%		25%			4%

Elocyn Ltd	Luccini S.r.l.		Patrizia
	Casillo
	10,99%	64,93%			7,33%

Reway Group S.p.A.

Market

16,75%

Board of Directors

Paolo Luccini	Francesco Dell'Elmo
Chair	Vice Chair
Alex Luccini	Maryna Syvtsova
Director	Director
Galliano di Marco	Federico Della Gatta
Director	Director
Giuseppe Vegas
Independent Director

Board of Statutory Auditors

MGA S.r.l.		Soteco S.r.l.		TLS S.r.l.		Se.Gi. S.p.A.1
100%		100%		100%		70%

Stefano Lunardi	Mauro Zavani
President	Auditor
Barbara Alemanni	Sergio Vento
Auditor	Alternate Auditor
Stefano Montanari
Alternate Auditor
Auditing Firm*

*Until the approval of the financial statements as of 31/12/2023

1Agreement signed for the acquisition of a 70% interest in Se.Gi. S.p.A., closing expected to take place by mid november, 2023. Acquisition of 100% is regulated through put and call options following the approval of Se.Gi financial results for FY2025

Investor Presentation

5

What We Do

ReWay Group is the Italian reference company for motorway infrastructure rehabilitation

Thanks to the 30 years of experience gained by its subsidiaries MGA, SOTECO and TLS, ReWay Group combines operational and organizational expertise to deliver optimal and safe structures that have been strictly supervised during every step of the process, ensuring a high level of efficiency of services throughout all possible working conditions and seasons.

Restoring Bridges

&Viaducts

Restoring

Tunnels

Viaduct Seismic

Adaptation

Installation of safety barriers and sound- absorbing devices

• Demolition of deteriorated concrete by hydro-demolition
• Restoration of iron reinforcements
• Application of new mortar
• Application of protective paints

	Demolition of deteriorated coating		Lifting the spans with hydraulic		Excavation of the embankment
	by milling or hydro-demolition		jacks		Sheet piling installation
	Application of support armour		Replacement of supports with	
			Installation of the barrier
			anti-seismic systems	

• Application of new mortar or cement coating
• Waterproofing and lighting

6 IInvestort r Presentationr t ti

Our main assets and How We Do It

Certification

One of the main assets of Reway Group is represented by its certifications. In particular, SOAs are certifications required by companies working through public procurement. Such certifications represent a strong entry barrier for new players approaching the market, as their attainment at the highest level requires a long period of time (15 to 20 years).

Customer Proximity

Reway Group has its operational headquarter in Lunigiana, an area at the border between Liguria and Tuscany. Such positioning is particularly strategic for the Group's industry as it represents a meeting point of the Tyrrhenian motorway directives, the Ligurian coast, and the mountain passes that lead to the Po Valley, where the concentration of viaducts and tunnels are particularly high.

Investor Presentation

Investor Presentation

7

Our Core | Innovation

All companies within the Group have a strong focus on research, in particular in the field of innovative materials, with the aim of achieving ever higher objectives of efficiency and sustainability.

Research activities can be carried out both internally or in partnership with the Group's customers and suppliers, fostering innovation over the entire value chain.

Project's Brief Overview:

Lighting panels developed by Soteco and MGA. Compared to traditional solutions, they allow considerable energy savings (-40%)thanks to the high degree of reflection and insignificant maintenance costs.

Together with the supplier ATP, MGA and Soteco are experimenting and starting to

commercialize fiberglass products. Compared to steel and aluminum, this solution offers environmental and functional advantages (radar-transparent, shatterproof).

MGA is the only industrial partner of Tecne (ASPI Group) in a project to test new production techniques and materials. Tests on a completely new tunnel reinforcement technique in Italy were carried out at the MGA headquarters. In October 2022, the first installations took place.

8 Investor Presentation

Market Insights | Italian Motorway & Railway Network

The Italian Motorway Network

The Italian Railway Network

The Italian motorway network extends for 6,825.9km and is divided between a section given in concession to a total of 22 companies with 25 concession relationships (5,886.6km), and a section managed by Anas (939.3km). The motorway concessionaires market sees a concentration of the network in the first two operators: Autostrade for Italy controls 2,857.5km and the ASTM Group aggregates 1,259km. The remaining operators, instead, control relatively short motorway network's sections.

Overall, considering the annual expenditures estimated by ASPI1 on eligible investments within the Group's scope (~€454m) and the estimated future annual expenditure on ordinary motorway maintenance2 (~€690m) as well as Anas' estimated annual maintenance3 (~€600m), Reway's annual market size of interest amounts to a total of ~€1,744 million.

Focus on: The Italian Procurement and Concession System

Over the years, the procurement system adopted for concessions has seen important changes, progressively shifting from the criterion of "maximum reduction" for tenders' allocation to new mechanisms taking into account a balance of both technical prerequites (worth 70%) and economic offers (30%). Since 2018, the Framework Agreement has entered into force, implying an overall allocation of funds for each project by the contracting authority, followed by specific contracts linked to the project's execution.

Italy has a significant infrastructure investment gap given by the difference between the current level of investments and the investments that are actually needed to have an infrastructure network performing at a proper level.

Compared to other European countries, Italy is among those with the largest gap in investments in the infrastructure sector. The estimates of the Global Infrastructure Outlook of the G20* show a gap of over 373 billion US dollars from 2021 to 2040 (239 billion for railways, 39 billion for the energy sector, 37 billion for ports, 14 billion for airports and 1 billion for roads).

National Recovery and Resilience Programme (NRRP) allocates a total of €62 billion in infrastructure spending with a focus on railways (fast, but also regional) and sustainable transport.

One of the main goals is to double the share of rail freight traffic from 2019 levels and reach the target by 2031. Italy's share of rail in goods transport is low compared to the European average of 19%-20%.

The national Ministry of Infrastructure and Transport estimates that the "modal shift towards rail" represents an essential action to promote the ecological transition of the country, as it would imply an annual reduction of 2.3 million tons of CO2 emissions.

Sources: Ministero dei Trasporti Italiano (MIT), General Directorate for Supervision of Motorway Concessionaires, 2019; Global Infrastracture Outlook website: Italy, https://outlook.gihub.org/countries/Italy

1Estimate calculated on ASPI 2020-2038 Economic and Financial Plan
2Management estimate. Intermediate scenario based on the average five-year period 2014-	Investor Presentation	9
2018 MIT and PEF ASPI data source. Minimum scenario 1,103 Million year (maintenance +60%
increase between five-year average and 2019)

3Anas source,https://www.stradeanas.it/it/lazienda/dati-finanziari on 21/09/2022

Key Financials | Sound performance over the half year

Profit & Loss	30/06/2022	30/06/20231	YoY Var.
(Data in Euro)
Revenues from Sales	56.020	53.759
Change in inventories	(268)
Other Revenues	432	965
Total Revenues	56.184	54.724	-2,6%
Raw Materials costs	(14.768)	(12.893)
Service costs	(16.161)	(13.768)
Third Parties service costs	(4.688)	(6.194)
Staff costs	(9.646)	(10.953)
Other operating expenses	(293)	(281)
EBITDA	10.628	10.635	0,1%
EBITDA %	18,9%	19,4%
Depreciation and write-downs	(912)	(1.781)
EBIT	9.716	8.854	-8,9%
Financial Income (Expenses)	(59)	(144)
EBT	9.657	8.710	-9,8%
Taxes	(2.889)	(2.885)
Net Income	6.768	5.825	-13,9%

Balance Sheet	31/12/2022	30/06/20231
(Data in Euro)
Intangible Assets	1.032	14.524
Tangible Assets	5.636	8.010
Financial Assets	1.350	1.534
Fixed Assets	8.018	24.068
Inventories	657	1.148
Trade Receivables	52.853	59.886
Trade Payables	(23.625)	(18.103)
Commercial Working Capital	29.885	42.931
Other Assets	1.090	2.396
Other Liabilities	(8.222)	(8.853)
Tax Credits and Debts	(849)	(1.327)
Accruals and Deferrals	(686)	(29)
Net Working Capital	21.218	35.118
Provisions	(97)	(77)
Severance Pay	(1.478)	(1.662)
Net Invested Capital	27.660	57.446
Financial Debt (ST)	8.826	5.937
Financial Debt (MLT)	6.700	5.719
Total Debt	15.526	11.656
Cash and Cash Equivalents	(11.662)	(16.421)
Net Financial Position	3.864	(4.765)
Group Equity	16.048	62.211
Consolidated Shareholders Equity	23.795	62.211
Total Financing Sources	27.660	57.446

10 Investor Presentation

1 Consolidated Data