#1SALCEF GROUP Company Presentation Discover Italy conference Banca Akros Frankfurt, 4 July 2023#2Agenda 01 | 04 1Q 2023 Results Salcef Group Overview 02 Business Units 03 Sector and Market highlights SALCEF GROUP 05| Sustainability at Salcef Useful documents & Contacts 2#3Salcef Group Overview#4Salcef Group in a nutshell SALCEF GROUP Global leader in the railway infrastructure Sound performance and solid financial structure Well positioned for sustainable growth FY 2021 FY 2022 Business Unit >>> 7 Revenues >> 440 € mln 565 € mln +28% YoY Operating Companies¹ 15 EBITDA >>> 97 € mln 114 € mln +17% YoY Foreign Branches1 >>>> 8 countries NFP >>> 115 € mln 262 € mln Net Cash Employees¹ >>>> >1,900 1.2 Backlog >>> € Bn 1.7 € Bn +42% YoY 1. Figures at 31 December 2022 2. Does not consider the fair value change on financial investments and the down payment on the Verona-Padua HS line contracts Investments in railway industry increase globally Unique business model to >>> maximize synergies and provide opportunities for diversification Best-in-class technologies and capabilities, continuously updated and innovated Financial flexibility to implement organic CAPEX Plan and catch external growth opportunities, with proven track record in M&A 4#5Group Structure HOLDING ⚫ Listed Euronext Milan Market, STAR segment ⚫ 64.77% controlled by Finhold S.r.l. - 35.23% Floating & Treasury shares SALCEF GROUP EURONEXT MILAN STAR COMMERCIAL BRANCHES OPERATING COMPANIES SALCEF GROUP SALCEF 100% SALCEF S.p.A. EUROFERROVIARIA FRANCESCO VENTURA SALCEF CHOUP 44 (RS-TITL GALEEF ROUP KOT 1 FEVRIE 100% EURO FERROVIARIA S.r.l. 100% FRANCESCO VENTURA 100% 55% Consorzio Stabile Contese 96% Consorzio Stabile Itaca S.c.a.r.l. COSTRUZIONI FERROVIARIE S.r.l. COGET IMPIANTI 100% COGET IMPIANTI S.r.l. SALCEF GROUP RECO srt Overail SALCEF SALDEF GROUP ALMAN 211E:KISB HALU HANY 4. SALCEF GROUP DEUTSCHLAND SALCEF LISA SALCEF GROUP SALCEF GROUP 100% RECO S.r.l. 100% SRT S.r.l. 100% OVERAIL S.r.l. 100% SALCEF DEUTSCHLAND GmbH 100% SALCEF USA Inc. 100% 100% 100% 100% Salcel Bau GmbH TCP 10. BAHNBAUNORD SCHWE SOTCAM NORD BAHNAICHERUNG NORD SALCEF GROUP SALCEF EGYPT CONSTRUCTION 99.48% SALCEF EGYPT CONSTRUCTION SALCEF DELTA SMACEP GROUP 100% Salcef Railroad Services Inc. 90% Delta Railroad Construction Inc. CROATIA NORWAY UAE ROMANIA SWITZERLAND AUSTRALIA EGYPT ROMANIA SAUDI ARABIA EGYPT LO 5 60% Salcef Nordic AS 100%#6Active in the railway sector for more than 70 years Establishment of Cosfer, operating in Italy in railway maintenance sector 1949 2022 SALCEF GROUP Growth phase through 3 strategic streams: 1. Capacity building Salciccia family acquires 2. the business and launches an important Sector consolidation in Italy 3. Business development in Eastern development plan Europe and Middle East First international acquisition (German company H&M Bau now Salcef Bau) 1975 • Acquisition of PSC Group's business unit operating in the railway sector (signaling, electrification, Telco, electrical substations and safety systems) • Acquisition of Francesco Ventura Costruzioni Ferroviarie (track maintenance and construction) 2021 1975-2017 2020 . Second acquisition in Germany (Bahnbau Nord) · Admission to the STAR Segment Debut on the Euronext Milan market Acquisition of Delta Railroad Construction in the US • • 2018 2019 Listing on the Euronext Growth Milan market Acquisition of Coget Impianti to enter in the electricity transmission business a#73 years afer the IPO: A different shape with the same goal... € MIn Revenues +93.6% +28.3% 440.1 340.3 291.6 564.6 EBITDA +71.1% +17.1% Adj. Net Income SALCEF GROUP 2022 vs. 2019 2022 vs. 2021 > 4 Acquisitions post-IPO, 2 in Italy, 1 in the US and 1 in Germany for total EV > € 130 mln > > € 120 mln invested in organic CAPEX > > € 66 mln distributed to shareholders Cash positive for € 26 mln at the end of 2022 Headcount DPS (€) 114.0 56.5 52.2 97.3 0.50 41.7 +93.5% +36.9% 78.9 66.6 32.6 0.46 1,929 0.42 0.40 1,409 1,258 997 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 ...continue growing with financial and operative discipline to deliver return to our shareholders 1. 2020 and 2021 adjusted to exclude the impact on financial expenses of the fair value gains and losses on the "warrant in compendio e integrativi" and the tax impact of the reversal of deferred tax assets on revaluations. 2022 adjusted to exclude the tax impact of the reversal of deferred tax assets on revaluations and to exclude the impact on financial expenses of the fair value change on financial investments 7#81 Strategic BU and 7 vertically integrated Operative BUS SALCEF GROUP FY 2022 Revenues Industrial presence 62.9% €355.0 Mn Track & Light Civil Works 15.5% € 87.3 Mn Energy, Signalling & Telecommunication 7.4% € 41.7 Mn Railway Materials 1. 100% intercompany O Railway Machines 2.2% € 12.6 Mn Heavy Civil Works 9.3% € 52.7 Mn RAILWAY INDUSTRY Rail Grinding & Diagnostics 2.7% € 15.2 Mn Engineering 8 0.0%1#9A unique business model to provide 360° solutions to the industry SALCEF GROUP 7 OPERATIVE BUSINESS UNITS Track & Light Civil Works Heavy Civil Works Railway Machines Engineering Energy, Signalling & Telecommunication IM Rail Grinding & Diagnostics Railway Materials Railway Infrastructures CATENARY SIGNALLING C BALLAST SUBSTATION H SALCEF GROUP RAILWAY MACHINES AD LIGHT CIVIL WORKS RAILWAY STATIONS AND BUILDINGS SLEEPERS/SLAB TRACK wwwwwwww BRIDGES, VIADUCTS AND TUNNELS TRACK Other activities ELECTRICITY TRANSMISSION ENGINEERING ACTIVITIES 9#10Overview of our strategic markets NETWORK ITALY ~ 24,500 km 2 GERMANY ~ 50,000 km CURRENT TENDER TYPE OF MAIN COMPETITIVE RAILWAY INVESTMENT PROCESS CONTRACTS CUSTOMERS SCENARIO PLANS Few competitors with domestic operations mainly focused on specific areas RFI RETE FERROVIARIA ITALIANA GRUPPO FERROVIE DELLO STATO ITALIANE (100% state-owned) Mainly long-term contracts with framework agreement approach Very fragmented, with few big players and a number of small/micro local companies DB (100% state-owned) Significant number of single-activity contracts of relatively small size SALCEF GROUP UNITED STATES 2 - 221,000 km Almost entirely owned and managed by Class I railroads¹ Very fragmented, with big players and smaller companies with state-wide focus AMTRAK* Class I railroads Local Transit Authorities (100% state-owned) Mainly significant number of single-activity contracts of relatively small size. Type may depend on the customer Public Tenders and private negotiations Public Tenders only ⚫FS Investment Plan 2022-2031 (€ 110 Bn to the railway infrastructure). New PCO forecasting +80% in maintenance spending (€ 5,1 Bn extraordinary in 2022-2024 and € 1 Bn ordinary per year) NRPP 2020-2026 (€ 28 Bn) See dedicated Public Tenders only DB Investment Plan 2020-2030 (€ 86 Bn) $ 1.2 Tn US Bipartisan Infrastructure Deal ($ 66 Bn for passenger rail and $ 39 Bn for public transit) 1. 7 freight operators with revenues higher than $500 mln slides 10#11Strategy highlights Strengthening of the competitive positioning 8 • • • Non-organic growth in the key strategic countries for the Group (Italy, Deutschland, US) Diversification of the business Widen Group presence mainly in the railway industry and also in adjacent sectors characterized by same technological background but different customer bases and markets Investments in new high technology products and on efficiency of current fleet Ordinary Business: maintenance of existing production capacity Business upgrade: new plants, machinery or equipment to increase production capacity SALCEF GROUP . • New business line: design and production of new products to open new strategic business lines ESG priorities Environmental: Invest in more efficient operations to reduce emissions, also using more energy from renewable sources Social: Assure best-in-class working conditions within and outside the organization, providing employees and collaborators with growth opportunities and implementing organizational and control systems to make operations safer Governance: Adopt industry-leading management systems and promote a sustainability culture among all the stakeholders 11#12Business Units#13Track & Light Civil Works MCB.01 TRACK LAYING TRAIN 99 83 1-SLCF 9411 001-4 T-RFI 290008-8 MCR 42 SALCEFRA#14Track & Light Civil Works ooo Extraordinary Maintenance Track Maintenance | Track Construction Track Renewal Ballast Cleaning Turnout Renewal Ballasted Track Ordinary Maintenance Slab Track Light Civil Works Track Tamping & Levelling Rail Welding Railway Infrastructure Minor Civil Works SALCEF GROUP 14#15Track & Light Civil Works Strenghts High barriers to entry Huge equipment investments (Salcef fleet substitution value over than € 400 mln) > Manpower specialization Clients' PQ and certifications Highly demanding working conditions. Served Markets OOO SALCEF GROUP FY 2022 operational update > 2022 Revenues at € 355.0 Mln, up 13.0% YoY mainly due to: • • Activities within the new 3-year framework agreements with RFI Light civil works and other maintenance and renewal contracts in Italy Consolidation of Bahnbau Group > 2023 activities will benefit from ramping up of US contracts on the back of the significant order backlog in the country, consolidation of Francesco Ventura Costruzioni Ferroviarie, and first activities on contracts in Romania expected towards year-end REVENUES DISTRIBUTION Nat: 92.6% Int'l: 7.4% Nat: 97.5% Int'l: 2.5% Nat: 100% Int'l: 100% 45.1% 27.9% 15.2% 11.9% EXTRAORDINARY MAINTENANCE ORDINARY MAINTENANCE NEW COSTRUCTION LIGHT CIVIL WORKS 15#16Energy, Signalling & Telecommunication ww UA#17Energy, Signalling & Telecommunication SALCEF GROUP Activities > Railway catenary, signalling, substations, telecommunication construction, ordinary & extraordinary maintenance (renewal activities) Construction and maintenance of infrastructure for high and medium voltage electricity transmission (aerial and underground) Strenghts High barriers to entry Clients' PQ and certifications ➤ Highly demanding working conditions Huge Italian and European investment plan (Terna 2023 Plan with € 21.0 Bn investments, + 17% vs. previous Plan) Served Markets FY 2022 operational update > 2022 Revenues at € 87.3 MIn, up 51.1% YoY mainly due to: . • • Activities within the new 3-year framework agreements with RFI Consolidation of the railway business unit acquired by PSC Group Growing contribution from Germany and from the new contracts acquired in 2021 Signalling activities increasing their weight in the business, now at approx. 9% of the total 2023 will benefit from the full contribution of the new business unit REVENUES BY BUSINESS SEGMENT 1,1% 9,4% 25,9% 63,6% Catenary Power Transmission (HV & MV) Signalling Substations 17#18Heavy Civil Works TILO#19Heavy Civil Works SALCEF GROUP Activities > Multidisciplinary railway construction projects (civil and technological works) > Doubling of existing railway line > Construction of railway stations and buildings Bridges, viaducts and tunnels > Environmental mitigation works Strenghts Vertical integration with other Salcef Group BUS Salcef Group competitiveness, and all the qualifications for general and specialized works FY 2022 operational update 2022 Revenues at € 52.7 Mln, up 144.2% YoY mainly due to the contribution from the Verona- Padua HS line contract > 2023 activities will be almost entirely focused on execution of the Verona-Padua contract and on activities in Germany Ardsate Served Markets 19#20Rail Grinding & Diagnostics 600 NSTRACTION srt STT TECHNOLOGY SALCEF GROUP sit RAILWAY TECHNOLOGY SALCEF GROUP#21Rail Grinding & Diagnostics SALCEF GROUP Activities >Rail and turnout grinding >Rail Diagnostics Sit RAILWAY TECHNOLOGY Strenghts > Vertical Integration with Track & Light Civil Works BU All-inclusive solutions High production capacity thanks to high performance engines and grinding motors > Extremely accurate measuring system to optimize solutions and maximize results > Environmental Sustainability with Stage V engines and dust extraction system Served Markets FY 2022 operational update 2022 Revenues at € 15.2 MIn > First international contracts in Germany and the US > New Vulcano Heavy delivered in March 2023 and already on the field 2023 will be focused on increasing activities in Italy and executing foreign contracts, also with business development purposes Fleet > Current Group's fleet for grinding activities is made of 5 Vulcano series rail grinders and a smaller grinder, all built internally by SRT Vulcano rail grinders, in their Heavy and Light versions, are designed with modular principles to assure high productivity. Thanks to their flexibility they can be adapted for operation on all the lines, from High Speed to metro, tramlines and narrow-gauge railways 80ml 21#22Railway Materials#23Railway Materials ...... SALCEF GROUP Activities > Manufacturing of prestressed concrete railway sleepers > Manufacturing of slab-track systems for unballasted tracks (metro, tramway and railway) > Manufacturing of concrete segments for tunnels (metro lines) Strenghts > Clients' PQ and certifications > Vertical Integration with Track & Light Civil Works BU > Extensive development possibilities for unballasted solutions > Development of new solution and patents Served Markets FY 2022 operational update 2022 Revenues at € 41.7 Mln, up 15.5% YoY with > 490,000 sleepers First production of >250 new FAST systems slabs, successfully installed by Track & Light Civil Works BU 2023 sleepers production expected broadly in line with 2022 while FAST production expected to ramp up. New multi-product production line to be completed in 2H 23#24Railway Machines FOLCF 4575 916-7 ABCD SM700 ** BRE 3RD 07.01.15 srt RAILWAY TECHNOLOGY 女: srt#25Railway Machines SALCEF GROUP Activities > Design of new railway equipment and construction technologies > Maintenance and revamping of railway equipment > Construction of new railway wagons and equipment > Renting of equipment and tool Strenghts > Clients' PQ and certifications > Vertical integration with Track & Light Civil Works, Energy, Signalling & Telecommunication and Rail Grinding & Diagnostics BUS Market with high margin and few competitors > Development of new solutions and patents Served Markets FY 2022 operational update > 2022 Revenues at € 12.6 MIn, up 21.1% YoY mainly due to the recovery of the activities in the US On top of the growing support to the Group, 2023 production will be focused on executing a contract for a foreign customer and additional activities in the US. Activities for the retrofit of the new building production plant bought in 2022 to continue during the year 25#26Engineering GRP System FX SALCEF#27Engineering SALCEF GROUP Activities > Pre-feasibility and feasibility studies > Preventive technical tests and market research into materials > Topographic surveys > Environmental impact studies ➤ Project management and engineering consulting services Strenghts > Clients' PQ and certifications > Vertical integration with Track & Light Civil Works and Energy, Signalling & Telecommunication Bus Development of new solutions and patents FY 2022 operational update 150 projects designed > 600 km of infrastructure designed Served Markets 27#28Sector & Market Highlights#29Railway infrastructure sector supported by global macrotrends SALCEF GROUP A High barriers to entry, mainly due to availability of operating fleet and highly-specialized workforce as well as specific qualifications required by customers Great visibility thanks to few multi-year contracts Counter-cyclical business, especially in its maintenance component Long-term investments in construction, upgrade and renewal of rail infrastructures structurally growing globally Italian expertise in the sector among the best in the world A Technologies and capabilities in common with adiacent sectors Sustainable mobility at the core of Governments' policies worldwide, with railways increasingly chosen for urban/ short-medium haul passenger transportation and for logistics EU Green Deal seeks a 90% reduction in GHG emissions in transportation by 2050 Italian Recovery and Resilience Plan with 28 € Bn to the railway sector by 2026 and 2022-2031 FS Industrial Plan with € 110 Bn to the railway infrastructure US "Bipartisan Infrastructure Deal" includes 66 $ Bn to improve and expand the nation's passenger and freight rail network and 39 $ Bn for the upgrade of public transit over a decade Germany investing 86 € Bn in the upgrade of its rail network 2021-2030 29#30World Rail Supply Market expectations until 2027 - by geography SALCEF GROUP > World rail supply market expected to grow at a 3.0% CAGR, reaching an average yearly spending of approx. € 211 Bn in the 2025- 2027 period (+19,3% vs 2019-2021) > Africa/Middle East and Eastern Europe are expected to have the strongest growth, while Asia Pacific and Eastern Europe are confirmed as the biggest contributor to the global market (32% and 30% respectively) CIS EASTERN EUROPE 6.1% (0.5%) NAFTA 3.1% WESTERN EUROPE 3.8% LATIN AMERICA 4.7% Source: World Rail Market Study 2022-2027 by UNIFE and Roland Berger AFRICA & MIDDLE EAST 7.1% ASIA PACIFIC 1.9% 30#31World Rail Supply Market expectations until 2027 - by sector 176.5 1 3.0% CAGR 210.6 1,1 22,2 Services 18,2 33,7 42,1 77,9 65,9 57,8 2019-2021 Rolling Stock 67,2 2025-2027 Services Infrastructure Rail Control Turnkey mgmt. Source: World Rail Market Study 2022-2027 by UNIFE and Roland Berger All the growth rates are CAGR SALCEF GROUP Infrastructure Services market (which accounts for 23% of the total services market and includes labour and parts for maintaining railway superstructure) is expected to grow by 1.9% reaching € 17.6 Bn per year in 2025-2027 Biggest growth in NAFTA countries at 2.9%, the only area where infrastructure services are expected to grow more than rolling stock services. Eastern Europe, Africa / Middle East/Western Europe follow with 2.0%, 1.7% and 1.6% CAGR respectively Infrastructure > Infrastructure market (which includes all components of ballastless / ballast track and electrification while excludes all the civil works) is expected to grow by 3.8% reaching € 42.1 Bn per year in 2025-2027 > Superstructure growth mainly driven by Very High Speed (7.2%), followed by Urban (3.4%) and Mainline/Freight (3.0%), which remains by far the biggest component (57% of the total) > Electrification (~56% of the track kilometres are not electrified, ~50% in Europe and ~28% in Italy) is the segment with the highest growth rates: 7.5% for Mainline/Freight, 4.6% for VHS and 3.4% for Urban Eastern Europe will grow by 8.7% (with Romania at 3.0%), Africa/Middle East by 4.1% (with remarkable 28.3% in Saudi Arabia) and Western Europe by 4.7%. 1.2% growth in Asia Pacific mainly Driven by Australia while 3.9% growth in NAFTA countries mainly driven by US (3.9%) Rail Control Rail control market (which includes rail control and signalling solutions, communication equipment, operational control systems and route control systems) is expected to grow by 3.4% reaching € 22.2 Bn per year in 2025-2027 Africa/Middle East and Eastern Europe are expected to have the highest growth (8.2% and 6.8% respectively). Western Europe is predicted to grow by 4.2%, amounting to 31% of the total market 31#32Focus on Italian National Recovery and Resilience Plan (1/3) Mission 3 Infrastructure for a sustainable mobility Component 1: Investments on railway network Component 2: Integrated Logistics SALCEF GROUP EU Recovery and Resilience Facility (RRF) Complementary Fund TOTAL € 31.5 Bn € 24.8 Bn € 3.2 Bn € 28 Bn € 0.6 Bn € 2.9 Bn € 3.5 Bn TOTAL 2020 2021 2022 2023 2024 2025 2026 2020-2021 overall expenditure at € 2.5 Bn, higher than the € 2.3 Bn budget 1.1 High-speed railway connections to the South for passengers and freight Napoli - Bari Palermo Catania - Messina 4,640 52 125 359 748 919 1,125 1,313 TARGET: 274 km of new HS lines 1,400 30 80 143 180 271 352 344 1,440 Salerno Reggio Calabria 1,800 20 22 25 22 100 199 283 439 372 20 116 369 365 334 596 1.2 High-speed lines 8,570 550 881 904 758 2,030 1,935 1,512 TARGET: 274 km of new HS lines Brescia Verona - Padova 3,670 152 341 440 76 900 1,096 665 Liguria - Alpi 3,970 398 532 454 636 886 559 505 Verona Brennero 930 0 8 10 10 46 244 280 342 Stations; 0,7 Bn Regional Lines; 0,9 Bn € Min 1.3 Cross-country connections 1,580 2 9 52 175 301 427 614 TARGET: 87 km of new lines Orte Falconara 510 0 1 27 61 92 125 204 750 Roma Pescara 620 0 2 16 57 125 186 234 ERTMS; 3,0 Bn Taranto Metaponto - Potenza - Battipaglia 450 2 6 9 57 84 116 176 600 1.4 ERTMS 2,970 0 50 299 425 563 705 928 TARGET: 3,400 km of lines equipped with ERTMS VHS; 13,2 Bn €24.8 Billion 450 1.5 Upgrading metropolitan railway junctions and key national rail networks 1.6 Upgrading regional railways 2,970 172 189 280 320 616 715 680 TARGET: 1,280 km of lines upgraded 936 41 116 30 158 254 152 185 TARGET: 680 km of lines enhanced 300 Upgrading; 7,0 Bn 1.7 Improvement, electrification and more resilience for Southern railways 2,400 0 53 187 217 506 700 737 TARGET: 573 km of lines enhanced 150 1.8 Enhancement of Southern Italian train stations 700 0 21 64 103 195 192 125 TARGET: 54 stations upgraded Source: www.italiadomani.it and http://documenti.camera.it/leg 18/dossier/pdf/DFP28a.pdf? 1636745460912 24,766 817 1,443 2,175 2,903 5,384 5,951 6,094 32#33Focus on Italian National Recovery and Resilience Plan (2/3) Mission 3 Infrastructure for a sustainable mobility Component 1: Investments on railway network Component 2: Integrated Logistics TOTAL 2020 2021 2022 2023 2024 2025 2026 Upgrading regional railways (which are 1,550 0 150 360 405 377 248 10 not owned/operated by RFI) Securing of regional railways Upgrade and renewal of rolling stock fleet 454 278 € Mln Enhancement of regional rail network with simultaneous upgrade and/or renewal of rolling stock fleet 140 750 Enhancement of regional railways 677 Renewal of rolling stock 200 0 60 50 40 40 30 20 0 600 Safe roads - Implementation of a 450 dynamic monitoring system for remotely controlling bridges, viaducts and 1,000 0 150 150 90 00 337 223 50 909 tunnels (A24-A25) 300 Safe roads - Implementation of a dynamic monitoring system for remotely controlling bridges, viaducts and 150 tunnels (ANAS) 450 0 25 50 100 100 100 75 3,200 0 385 610 635 844 591 135 SALCEF GROUP EU Recovery and Resilience Facility (RRF) Complementary Fund TOTAL € 31.5 Bn € 24.8 Bn € 3.2 Bn € 28 Bn € 0.6 Bn € 2.9 Bn € 3.5 Bn Already allocated through a decree of the Ministry of sustainable infrastructures and mobility, to 29 projects, with the overall amount allocated 81% to the South and 19% to the Centre-North With the only exceptions of the upgrade and renewal of the rolling stock fleet and some technological works in the signalling field, all the other projects are potentially in the scope of Group's core business Source: www.italiadomani.it and https://www.mit.gov.it/comunicazione/news/pnrr-assegnati-155-miliardi-di-euro-per-il-potenziamento-delle-ferrovie 33#34Focus on Italian National Recovery and Resilience Plan (3/3) Mission 2 Green revolution and ecological transition Component 2: Renewable Energy, hydrogen, power grids and sustainable mobility FOCUS ON AREA # 4 - DEVELOP MORE SUSTAINABLE LOCAL PUBLIC TRANSPORTATION € Min TOTAL 2020 2021 2022 2023 2024 2025 2026 750 4.1 Encouraging cycling 600 0 0 130 225 100 80 65 4.2 Rapid mass transportation 600 3,600 0 180 476 709 967 738 530 development 450 4.3 Installation of eletric charging infastructure 741 0 0 0 400 150 141 50 300 150 4.4 Renovation of bus fleets and green trains 3,639 0 0 440 594 931 979 695 8,580 0 180 1,045 1,928 2,148 1,939 1,340 SALCEF GROUP EU Recovery and Resilience Facility (RRF) Complementary Fund TOTAL € 59.5 Bn € 23.8 Bn € 1.4 Bn € 25.2 Bn SUBWAYS € 0.7 Bn for 11 km of new subways, rolling stock and technical/civil works TRAMWAYS € 2 Bn for 85 km of new tramways, rolling stock and technical/civil works TROLLEY WAYS and FUNICULARS € 0.9 Bn for 120 km of new trolley ways and 15 km of new funiculars Projects will be mainly focused on the metropolitan areas of the major Italian cities. Expenditures have been already agreed between the Ministry of sustainable infrastructures and mobility and the Local Authorities. Final Decree expected soon Additional € 4.7 Bn (of which € 4.3 Bn from 2022 Budget Law) allocated by the Ministry of Infrastructure and Sustainable Mobility to the development of Subways and Tramways in Rome, Milan, Genova, Naples and Turin Source: www.italiadomani.it and https://www.mit.gov.it/comunicazione/news/trasporto-pubblico-locale-intesa-con-regioni-e-enti-territoriali-sul-riparto-di 34#351Q 2023 Results#36Key messages Encouraging start to the year with 1Q carrying on the positive momentum of 2H 2022 Remarkable revenue growth at 49% (of which 30% organic), benefitting also from a favourable YoY comparison EBITDA at € 32.9 mln confirming profitability at above 20% as promised Backlog at € 1.75 Bn further growing with book-to-bill at 1.31x > Tendering activities particularly intense during 1Q especially in Italy Integration of Francesco Ventura Costruzioni Ferroviarie proceeding as per plan Guidance for 2023 confirmed and strongly supported by production and profitability trends as well as solidity of the backlog SALCEF GROUP MCRM SALCEF GROUP 36#37Revenues € Mln SALCEF GROUP Consolidated Revenues at € 160.4 MIn, up 49.0% YoY mainly due to: Organic growth at 29.6%, with positive performance across all the core business and Heavy Civil Works Contribution of Francesco Ventura Costruzioni Ferroviarie (€ 12.5 Mln) in Track & Light Civil Works and of business unit of the PSC Group (€ 8.4 mln) in Energy, Signalling & Telecom 57.1% Track & Light Civil Works (67.1% in 10 2022) 15.7% Energy, Sign. & Telecom (15.4% in 10 2022) 13.8% Heavy Civil Works (2.9% in 1Q 2022) 6.5% Rail Grinding & Diagnostics (1.8% in 1Q 2022) Railway Materials (9.1% in 1Q 2022) 2.3% Railway Machines (3.7% in 1Q 2022) 1Q 2023 1Q 2022 A (%) Track and Light Civil Works 91.6 72.2 26.9% Energy, Signalling & Telecom 25.2 16.6 51.4% Heavy Civil Works 22.1 3.1 618.2% Rail Grinding & Diagnostics 7.3 4.6% 1.9 285.1% Railway Materials 10.4 9.8 6.9% Railway Machines 3.7 4.0 (7.7%) Total 160.4 107.7 49.0% 37#38Revenues by Geography € Mln Domestic revenues materially growing 51.4% (28.8% organic) ➤ Strong performance in North America leading to a 34.3% organic growth outside Italy SALCEF GROUP 1Q 2023 1Q 2022 A (%) Italy 139.6 92.2 51.4% 87.0% Italy (85.6% in 1Q 2022) Europe [Excluding Italy] 6.9 7.4 (7.9%) 4.3% 7.4% North America 11.8 5.2 127.0% Europe (excl. Italy) (6.9% in 1Q 2022) North America (4.8% in 1Q 2022) 1.3% Middle East (0.7% in 1Q 2022) Middle East 2.1 0.7 190.3% 0% North Africa (1.9% in 1Q 2022) North Africa 0 2.1 n.m. Total 160.4 107.7 49.0% 38#39Economic and Financial KPI € Mln SALCEF GROUP EBITDA Margin in line with expectations confirming resilience. FVCF gave no contribution at EBITDA level as expected. First contribution to come later in the year (4Q) Positive impact form governmental measures in a substantially stable cost environment 1Q 2023 1Q 2022 A (%) Revenues 160.4 107.7 49.0% - EBITDA 32.9 21.8 51.1% EBITDA Margin 20.5% 20.2% D&A EBIT (10.5) (8.4) 24.7% 22.4 13.3 67.8% EBIT Margin 14.0% 12.4% Adjusted Net Financial Income (Expenses)* (2.9) 0.1 n.m. Adjusted EBT Adjusted Income Taxes** Adjusted Net Profit 19.5 13.4 45.8% > (5.7) (4.2) 35.6% - 13.8 9.2 50.5% * Fair value change of financial investments ** DTA reversal related to fair value change of financial investments and revaluations Net Profit Adjusted Net Financial Position1 1. 2. 1.7 (3.0) n.m. (1.2) (1.0) (38.0%) 14.3 5.2 174.0% > 35.2 26.02 35.2% Higher D&A on the back of higher Capex made both in 2022 and 10 2023 in line with the Group's Capex plan P&L adjustments related to: Change in fair value of financial investments - DTA reversal Tax rate at 29.2% aligned with Italy's nominal tax rate and expected to benefit, starting from 2Q, from "Industry 4.0" and other tax incentives Adjusted NFP at € 35.2 Min (Net Cash) factoring in the cash generation for the period, which more than offset the buyback plan and the CAPEX spending Does not consider the fair value change on financial investments and the down payment on the Verona-Padua HS line contracts Figure at 31 December 2022 39#40Adjusted NFP at 31 March 2023 € MIn (188.7) 241.5 236.8 (4.7) [FY 2022: 41.9] 48.1 SALCEF GROUP Features of financial debt: • • • Duration: approx. 36 months Average of replacement: rolling Structure: Corporate (12.9) Financial Debt Cash/Cash Eq. Pre-extraord. Items Buyback (1Q 2023) Cash/ Cash Equivalent 1Q 2023 Adj. NFP Ita GAAP Impact IFRS (16 and 9) [FY 2022: 26.0] 35.2 1Q 2023 Adj. NFP IFRS 40#41Backlog € Mln SALCEF GROUP > Backlog¹ further up at € 1.75 Bn, of which € 1,204 mln (68.8%) from Italian market and € 445 mln (31.2%) from foreign markets > Compared to FY2022, further increase of the international component > > Track & Light and Civil Works and Energy Signalling & Telecommunication confirmed as the core Business Units, with 89.6% of the total backlog Book-to-bill ratio at 1.31x €x1,000 Business Unit Amount % 1,751 1,701 Track & Light Civil Works 1,275,382 72.8% 26.2% 31.2% of which Foreign Energy, Signalling & Telecom 533,340 30.5% 293,935 16.8% 1,347 1,350 of which Foreign 1,515 0.1% 1,202 15.7% 20.0% Rail Grinding & Diagnostic 1,280 0.1% 12.3% of which Foreign 0 Railway Materials 45,045 2.6% Heavy Civil Works 122,876 7.0% 84.3% of which Foreign 7,623 0.4% 87.7% 80.0% 73.8% 68.8% Railway Machines 12,325 0.7% of which Foreign 3,844 0.2% Total 1,750,843 100.0% 1Q 2022 1H 2022 9M 2022 FY2022 1Q 2023 L- B/B 1.01 1.63 1.39 1.89 1.31 1. Does not include agreements between Group companies, to be considered intercompany Italy Foreign Italy Foreign 1,204,520 68.8% 546,322 31.2% 41#42Business priorities for 2023 € CAPEX plan to deliver new machines and develop new businesses Acceleration in the development of integrated business model in the US P5] Market scouting for additional M&A opportunities, in Italy and abroad Solutions for sustainable mobility Commercial activity to capture opportunities in Italy and abroad Integration of Francesco Ventura Costruzioni Ferroviarie 웅 → 42 SALCEF GROUP#432023 Outlook SALCEF GROUP Business volumes expected to growth by around 20% YoY (~ 10% organic), mainly driven by: · . Consolidation within Track & Light Civil Works BU of the recently acquired Francesco Ventura Costruzioni Ferroviarie as well as 4-month contribution of business unit acquired from PSC • Further growth of the core business in Italy, with execution of the track works and energy Framework Agreements with RFI and of traditional and urban maintenance and renewal contracts for other customers • Construction activities on the Verona-Padua High Speed line going at regime · Ramp up of the activities on the ERTMS contract in Italy • Boost of US activities on the back of the execution of new contracts signed in 2022 . First activities in Romania under the upgrade and modernization contracts signed in 2022 In the current scenario with inflationary pression remaining fairly high and with the need to focus on the integration. of Francesco Ventura Costruzioni Ferroviarie, EBITDA margin is expected to remain broadly in line with 1Q 2023, still supported by the effect on governmental measures > Capex expected at € 65 mln further up compared to 2022 to sustain organic growth. At the 1Q stage, Capex in line with plan at approx. € 17 mln 43#44Focus on Capex € MIn Total Ordinary Business 8.1 Business Upgrade 23.9 New Business Line 10.9 10.9 28.9 29.7 Capex 2022 Capex 2023 47.9 > 64.6 SALCEF GROUP 2023 Capex expected materially higher YoY reaching the peak at € 64.6 mln (+35%) Ordinary business flat confirming historical trend Business Upgrade mainly focused on new machines for Track & Light Civil Works and Rail Grinding & Diagnostics (€ 18 mln) Approx. € 10 mln for the development of new production plants for Railway Machines and Railway Materials Ordinary Business: investments to maintain of existing production capacity, the quality standards required by customers and the achievement of budget objectives Business upgrade: investments to upgrade existing production lines, with new plants, machinery or equipment, allowing for an increase in production capacity New business line: investments related to the design and production of new products in order to open new strategic business lines 44#45Sustainability at Salcef#46Bringing our heritage to a new dimension For 70 years we have been committed to creating a business model focused on continuously innovating sustainable mobility infrastructure After the listing, we started a new journey, in which we firmly believe and to which the entire organization, starting from the top management, is strongly committed SAUCEF GROUP MA MOR TRACK LAYING TRAIN 46 SALCEF GROUP SALCE#47Our sustainability journey proceeding 01 02 2 PLATINUM 2022 ecovadis Sustainability GOLD 2022 ecovadis Sustainability Rec SALCEF GROUP Integration of the SDGs in the business model Strengthening of the reporting system First Materiality Analysis First Group Sustainability Report 2020 2021 Group Sustainability Report First Report prepared under the "In accordance - core" option of the GRI standards thanks to improved disclosure on: - - Scope 3 GHG emission Risk/Opportunities related to climate change EU Taxonomy Gender pay-gap 04 MSCI ESG RATINGS A CCC B BB BBB A AA AAA 2022 Activities Impact Materiality according to GRI 2021 standard Disclosure on EU Taxonomy alignment New Group Policies on: - Diversity, Equity & Inclusion - Human Rights - Diversity of the BoD and the Board of Statutory Auditors Engagement with shareholders and investors New Sustainability Committee 03 First Group Integrated Report 47#48UN GLOBAL COMPACT SDG mapping • SALCEF GROUP 9 out of the 17 SDGs have been considered primary, based on their coherence with the business model and on the Group's ability to materially contribute to their achievement SDG 9, SDG 11 and SDG 13 are the most impacted being more linked with Group's core business and strategic goals ESG Company goals 3 GOOD HEALTH AND WELL-BEING 7 AFFORDABLE AND CLEAN ENERGY Develop technologies for integrated and sustainable mobility W 8 DECENT WORK AND ECONOMIC GROWTH 9 INDUSTRY, INNOVATION AND INFRASTRUCTURE M 10 REDUCED INEQUALITIES 11 SUSTAINABLE CITIES AND COMMUNITIES ✓ Invest in new services and products Assure quality of projects, products and machines 3 HEALTH AND WELL-BEING 7 TORDABLE AND CLEAN ENERGY 7AFFORDABLE AND GOOD HEALTH AND WELL-BEING CLEAN ENERGY Covered SDGs 9USTRY MONATION AND INFRASTRUCTURE MUSTRY HONATION MONTRASTRUCTURE SUSTAINABLE CITIES 11 SUSTAINABLE CITIES AND COMMUNITIES 12 RESPONSIBLE CONSUMPTION APRODUCTION со 12 RESPONSE CONSUMPTION AND PRODUCTION AFFORDABLE AND AFFORDABLE AND Pursue sustainability within all the business activities, investing in impacts reduction and new technologies AFFORDABLE AND Digitalize all the processes 12 RESPONSIBLE CONSUMPTION AND PRODUCTION QO 16 PEACE, JUSTICE AND STRONG INSTITUTIONS 13 CLIMATE ACTION Safeguard employees' health and psychophysical integrity Assess and mitigate risks related to business activities, also preventing occupational diseases and work-related injuries Promote a culture focused on quality, environment protection, safety as well as training, effective communication and stakeholder involvement Assure full compliance with applicable legal requirements and regulations/standards related to quality and HSE DECENT WORK AND ECONOMIC GROWTH M DECENT WORK AND OECONOMIC GROWTH DECENT WORK AND OECONOMIC GROWTH Σ DECENT WORK AND OECONOMIC GROWTH QMUSTRYVATION ANDRASTRUCTURE Strengthen company governance, with particular focus on sustainability governance 16 13 ACTION CLIMATE 13 CLINATE 13 ACTION 13 CUNATE 13 CLIMATE 48 10 10#49ESG Performance 2022 Electricity from renewable sources +42% vs. 2021 Energy Intensity vs. 2021 -27% Total Emission Intensity -18% SCEGR Revenues aligned with the EU 85% Taxonomy New Group policies on DEI and Human Rights ISO 30415 certification on Diverity and Inclusion SALCEF GROUP +37% Headcount vs. 2021 at 1,929 units 39% New hires younger than 30 (23% in 2021) Consolidated Injury Rate vs. -37% 2021 95% Procurement from local suppliers 49#50ESG Performance 2022 vs. 2018 Total Emission Intensity -22% Consolidated Injury Rate -74% Energy Intensity -18% New hires under 30 1501 Electricity from renewable sources From 0% to 22% Women +274% 1. Net of Resignations/dismissals SALCEF GROUP 50#51Focus on EU Taxonomy SALCEF GROUP Business Unit Sector Cod Description Revenues Capex Opex Aligned 58.73% 44.41% 69.57% Track & light civil works 6 Transport 6.14 Infrastructure for rail transport Eligible but not aligned 0.24% 0.18% 0.28% Not eligible 0.00% 0.00% 0.00% Aligned 12.59% 4.56% 8.62% Energy, signalling & Telecom 6 Transport 6.14 Infrastructure for rail transport Eligible but not aligned 0.05% 0.02% 0.03% Not eligible 4.97% 2.44% 8.44% Aligned 10.58% 3.37% 8.15% Heavy Civil Works 6 Transport 6.14 Infrastructure for rail transport Eligible but not aligned 0.04% 0.01% 0.03% Not eligible 0.00% 0.00% 0.00% Aligned 3.06% 13.00% 1.64% Rail Grinding & Diagnostics 6 Transport 6.14 Infrastructure for rail transport Eligible but not aligned 0.01% 0.05% 0.01% Not eligible 0,00% 0,00% 0.00% Aligned 0.00% 0.00% 0.00% Railway Materials 6 Transport 6.14 Infrastructure for rail transport Eligible but not aligned 0.00% 0.00% 0.00% Not eligible 8.42% 19.44% 0.75% Aligned 0.00% 0.00% 0.00% Railway Machines 3 Manufacturing 3.3 Manufacture of low carbon technologies for transport Eligible but not aligned 1.31% 12.51% 2.48% Not eligible 0.00% 0.00% 0.00% Aligned 84.96% 65.34% 87.98% Salcef Group Eligible but not aligned 1.65% 12.77% 2.83% Not eligible 13.39% 21.89% 9.19% 51#52Governance Board of Directors > The current BoD has been appointed by the AGM on 29 April 2022 for the period 2022-2024 BoD Committees Remuneration and Appointments 3 Independent Members Risks and Control 3 Independent Members Related Parties 3 Independent Members Sustainability 3 Independent Members Board of Directors 7 4 Independent Members 3 Women Board of Statutory Auditors 3 Members 52 52 SALCEF GROUP#53Governance Remuneration policy SALCEF GROUP > The Remuneration Policy 2022, approved by the AGM on 29 April 2022, confirmed ESG targets (HR and HSE) both for short-term and long- term incentive schemes and introduced the Long-term incentive schemes also for Executives with Strategic Responsibilities (ESR) Implementation conditions Amount Component Aims and characteristics Recipients: CEO, Executive Chairman Objectives: EBITDA (55%), Net profit (30%), Injury index (10%), Employees training (5%) Performance gate: Consolidated EBITDA 40% of the Fixed rem. at target Short-term variable remuneration (MBO) Long-term variable remuneration (LTI) The annual variable component aims to recognize and reward the achievement of results linked to annual economic- financial and non-financial objectives, constituting an important motivational lever The long-term variable component ensures alignment between the interests of management and the interests of shareholders over the medium to long term. Economic objectives are complemented by non-financial objectives intended to ensure the Group's viable success Type: 100% monetary Recipients: ESR + other executives Objectives: EBITDA + objectives linked to the specific organizational areas of competence (20% ESG) Performance gate: Consolidated EBITDA Type: Mixed with 75% monetary paid up-front and 25% in shares to be paid in two tranches of equal amount (Stock Grant Plan 2022-2025) with different vesting period Recipients: CEO, Executive Chairman Objectives: cumulative EBITDA 2021-23 (55%), Cumulative revenues 2021-23 (30%), Injury index over three-year period (10%), Employees training over three-year period (5%) Performance gate: Consolidated EBITDA Type: 100% monetary to be paid at the approval of FY 2023 Financial Statement Recipients: ESR Objectives: cumulative EBITDA 2022-23 (55%), cumulative revenues 2022-23 (30%), Injury index over two-year period (10%), Employees training over two-year period (5%) Performance gate: Consolidated EBITDA Type: 100% shares (2022-2023 Performance share plan) Payout scale: 0% 20% of the Fixed rem. at target till 70% of the target and then linear up to max 140% in case of overperformance Payout scale: 0% till 70% of the target and then linear up to max 140% in case of overperformance 60% of the Fixed rem. at target 20% of the Fixed rem. at target Closed plan with two-year vesting 60% granted up front 40% granted after 3 years 53#54Useful documents & Contacts#55Useful documents FY 2022 Results Presentation FY 2022 Video 1Q 2023 Results Presentation 2022 Integrated Report Report on Corporate Governance SALCEF GROUP Remuneration Report#56Disclaimer THIS PRESENTATION IS NOT AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO PURCHASE, OR SUBSCRIBE FOR, SECURITIES IMPORTANT: Please read the following before continuing. For the purposes of this disclaimer, this presentation (the "Presentation") comprises the attached slides and any materials distributed at, or in connection with, the Presentation. This Presentation and the information, statements and opinions contained herein have been prepared by Salcef Group S.p.A. (the "Company" or "Salcef") for use during meetings with investors and financial analysts and is solely for information purposes and may not be reproduced or redistributed to any other person. The following applies to the Presentation, the oral presentation and any question and answer session that follows the oral presentation. This Presentation may contain forward-looking statements about the Company, and/or the group headed by Salcef (the "Group"), based on current expectations and opinions developed by the Company, as well as based on current plans, estimates, projections and projects of the Group. Forward looking statements include (but are not limited to) statements identified generally by the use of terminology such as "may", "will", "should", "plan", "expect", "anticipate", "estimate", "believe", "intend", "project", "goal", "aim", "foresee", or "target" or the negative of these words or other variations on these words or comparable terminology. By their nature, forward- looking statements are based upon various assumptions, expectations, projections, provisional data, many of which are based, in turn, upon further assumptions, including, without limitation, examination of historical operating trends and other data available from third parties. Projections, estimates and targets presented herein are based on information available to Salcef as at the date of this Presentation. Because these forward-looking statements are subject to risks and uncertainties, actual future results or performance may differ materially from those expressed in or implied by these statements due to any number of different factors, many of which are beyond the ability of the Company and/or the Group to control or estimate. You are cautioned not to place undue reliance on the forward-looking statements or other information contained in this Presentation. The information contained herein has a merely informative and provisional nature and does not constitute investment, legal, accounting, regulatory, taxation or other advice. This Presentation speaks as of the date hereof and the information contained herein is provided as at the date of this Presentation and, except to the extent required by applicable law, Salcef nor any other person is under any obligation to update and keep current this Presentation, nor the information contained in this Presentation or any other written, electronic or oral information provided in connection with this Presentation. The information contained herein may be subject to updating, completion, revision and amendment and may change materially without notice. Any reference to past performance or trends or activities of Salcef or the Group shall not be taken as a representation or indication that such performance, trends or activities will continue in the future. The information contained in this Presentation does not purport to be comprehensive nor to include everything which might be material to your purposes and has not been independently verified by any third party. No representation, warranty or undertaking, express or implied, is made by the Company or any of its respective affiliates or any of its of their respective directors, officers, advisers, employees or agents or any other person as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained therein or any other statement made or purported to be made in connection with the Company and its consolidates subsidiaries, for any purpose whatsoever, including but not limited to any investment considerations. Neither the Company nor any of its respective affiliates, directors, officers, advisers, agents or employees, nor any other person shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of these materials or its contents or otherwise arising in connection with this Presentation. Neither this Presentation nor any part or copy of it may be taken or transmitted into the United States or distributed, directly or indirectly, in the United States. Any failure to comply with this restriction may constitute a violation of U.S. securities laws. The information contained in this Presentation is not for publication or distribution, directly or indirectly, in Australia, Canada or Japan. Neither this Presentation nor its delivery to any recipient will or is intended to constitute or contain or form part of any offer to sell or solicitation of any offer to purchase, or subscribe for, any securities or related financial instruments, nor shall it or any part of it form the basis of or be relied upon in connection with or act as any inducement or recommendation to enter into any contract or commitment or investment decision whatsoever. By attending the meeting where this Presentation is made, by reading the presentation slides or by accessing and/or accepting delivery of this Presentation, you agree to be bound by the foregoing limitations and restrictions. The Presentation cannot be reproduced in any form, further distributed or passed on, directly or indirectly, to any other person or published, in whole or in part, for any purpose. Any failure to comply with these restrictions may constitute a violation of applicable laws. SALCEF GROUP#57SALCEF GROUP Contacts Alessio Crosa Investor Relations & Sustainability Manager Tel: +39 06 416281 E-mail: [email protected] Bloomberg: SCF:IM Reuters: SCFG.MI Borsa Italiana: SCF