Credit profile supported by Group’s solid business profile in line with an investment grade company

• Fitch confirms rating, outlook in light of strong revenue visibility for coming years, improved profitability and net debt in 2021

• Solid order book accompanied by robust commercial pipeline, especially in low-risk countries

• Well positioned to benefit from growing investments in sector in all markets of interest, in particular Italy where Group is leader

• Fitch sees Group playing central role in implementation of PNRR in Italy, with pipeline of projects to be tendered worth €24 billion by 2023

MILAN, June 30, 2022 –Fitch Ratings has reiterated its positive assessment of the Group, affirming its “BB” rating and “stable” outlook. The rating agency made the announcement in a press release issued today.

The affirmation of the rating and outlook reflects the revenue visibility for the coming years, a solid backlog that is expanding quickly, and a robust commercial pipeline. The ratings agency noted how the Group’s backlog of construction orders grew in 2021, up by approximately 10 percent to reach €37 billion. The flow of new orders for the Group in 2022 has remained strong so far, with excellent prospects, especially in the Italian market where Webuild will continue to play a central role in the development of projects under the National Plan for Recovery and Resilience (PNRR).

Fitch said Webuild has a solid business profile, which it deemed to be in line with an investment-grade E&C company. The Group is a leader in sectors such as water, civil buildings and transportation, with a diversified geographical presence. It viewed positively the Group’s exposure to low-risk countries including the United States and Australia, as well as its greater scale and increased share of the market in Italy following the completion of its acquisition of Astaldi.

The rating and outlook is also supported by an improvement in the Group’s profitability and financial profile as its net debt registered a good improvement in 2021. Fitch viewed positively the significant debt reduction at the end of 2021 and the net cash position of €467 million. It said it expected the Group’s financial structure to remain adequate in the 2022-2025 period.