Reway S p A : 1Q 2024 Results Presentation - maggio 2024

Investor Presentation

May 2024

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 and railway infrastructure rehabilitation

Thanks to the 80 cumulated 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, while the railway network extends for 7.540 km.

The investment plans allocate budgets for ordinary maintenance and investments in transferable assets, in modernization, and extraordinary maintenance.

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 | FY 2023 Proforma1 Total Revenues | ~ €185 m

EBITDA | ~ € 38,7m

Net Income | ~ € 20,3m

Business Update | FY 2023

People| > 500

Backlog| + € 818 m

Backlog Visibility | ~ 5 Years

Stock Update | Today2

Stock Price| € 5,00

From the IPO| +61%

1 Data from 31/12/2023 Proforma

2 Data as of April 2 023

Corporate Structure

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

Raffaella
Casillo
	100%
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.		Gema SpA
100%		100%			100%			100%

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

Investor Presentation

5

Gema Acquisition

Extraordinary Performance post M&A1

• 67% sales
  +98% EBITDA

+74% Net Income

1 Data from proforma as of 31 december 2023 vs consolidated as of 31 december 2022

1 st Tranche - November 21, 2023

• 70% of the company shares
• Enterprise Value 90M (cash out for 70% = 63M)
• Cash out financed through 47M Bank Debt and IPO capital raise
• Price Adjustment equivalent to the Net Working Capital of the company (48m) that will be paid overtime and is related to specific credit collections NB this condition has been re-negotiatedin the 2nd tranche

2 nd Tranche - April 22, 2024

• 30% of the company shares
• 0,8M Positive (debt) NFP as of Nov. 21 2023 to be discounted from the cash out
• Enterprise Value 90M (cash out for 30% = 26,2M)
• Cash out to be financed through Bank Debt (yet to be acquired)
• Price Adjustment equivalent to the 50%of Net Working Capital of the company (48M) that will be paid overtime and is related to specific credit

Investor Presentation

6

What We Do

ReWay Group is the Italian reference company for motorway and railway infrastructure rehabilitation

Thanks to experience gained by its subsidiaries MGA, SOTECO, TLS and Gema, 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 and sound- absorbing barriers

Train Stations maintenance

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

• Demolition of deteriorated coating by milling or hydro- demolition
• Application of support armour
• Application of new mortar or cement coating
• Waterproofing and lighting

• Lifting the spans with hydraulic jacks
• Replacement of supports with anti-seismicsystems

• Excavation of the embankment
• Sheet piling installation
• Installation of the barrier

• Ordinary maintenance of the most important train stations of Italy

7 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 and LOCs. The firsts are certifications required by companies working through public procurement. The latter are certifications required specifically by RFI - the main client of Gema. 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 headquarters in Lunigiana and Rome. This allows to benefit from customer proximity as Lunigiana is in the heart of the geographical area of Italy with the highest concentration of tunnels and viaducts. Gema's headquarter in Rome, on the other hand, allows to cover the infrastructures of the Italian Capital both in the railway and motorway.

Investor Presentation

Investor Presentation

8

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.

9 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	10
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