Webuild SpA

XMUN:IPJ1

Resilient performance: Webuild said first-half revenue held at EUR 6.7 billion, matching last year’s record level, even after the cancellation of two NEOM contracts in Saudi Arabia.

Margins improved: EBITDA reached EUR 673 million and EBIT EUR 464 million, with EBITDA margin at 10.1% and EBIT margin at 7.0%, both up meaningfully year over year.

Backlog strength: The company ended the period with a EUR 53.7 billion order backlog, and management said 2026 revenue is fully covered and the business remains well insulated from project cancellations.

Guidance reaffirmed: Full-year 2026 guidance calls for revenue above EUR 13.6 billion, EBITDA above EUR 1.2 billion, and net cash above EUR 300 million; management said the outlook is unchanged despite the Saudi setback.

Trevi move: Webuild announced a voluntary all-cash tender offer for Trevi, framing it as a strategic step to bring specialized foundation and underground engineering capabilities in-house.

Funding and leverage: Management said the Trevi deal would be financed with debt and later capital markets funding, while the group’s gross leverage stayed broadly unchanged at 2.67x and net cash remained positive at EUR 110 million.