Webuild SpA
XMUN:IPJ1

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Webuild SpA
XMUN:IPJ1
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Price: 2.178 EUR 0.93% Market Closed
Market Cap: €2.2B

Webuild SpA
Investor Relations

Webuild SpA is a large construction and civil engineering company. It builds major infrastructure such as roads, railways, bridges, tunnels, dams, airports, and water systems. It works as a contractor, taking on big projects for public agencies and private developers that need complex engineering and heavy construction work. The company makes money by winning contracts, then designing, managing, and building the project work it has promised. Its customers are mainly governments, transport authorities, utilities, and large industrial or property groups that need a contractor capable of handling difficult, long-duration projects. Webuild often works in joint ventures or with local partners when projects are especially large or technically challenging. What sets Webuild apart is its role in the infrastructure value chain: it is not selling a product off the shelf, but delivering one-off assets that are hard to replace and expensive to build. That makes its business depend on project selection, engineering execution, and the ability to manage risk on long contracts. It is a classic industrial contractor whose value comes from turning plans and permits into finished public works.

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Last Earnings Call
Fiscal Period
Q2 2026
Call Date
Jul 30, 2026
AI Summary
Q2 2026

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.

Key Financials
Revenue
EUR 6.7 billion
EBITDA
EUR 673 million
EBITDA margin
10.1%
EBIT
EUR 464 million
EBIT margin
7.0%
Net income
EUR 113 million
Net cash
EUR 110 million
Gross leverage
2.67x
Gross debt
EUR 3.3 billion
CapEx
around EUR 700 million
Order backlog
EUR 53.7 billion
Construction backlog
EUR 47 billion
Construction backlog including awards and best offers
approximately EUR 49 billion
New orders
EUR 7.7 billion
Book-to-bill
1.2x
Commercial pipeline
over EUR 108 billion
Tender offers submitted and awaiting announcement
EUR 19.6 billion
Tenders being submitted
EUR 14.2 billion
NEOM cancellation impact
around EUR 250 million in the first half
Trevi offer price
EUR 4.5 per share
Trevi equity value
approximately EUR 295 million
Trevi premium
29.8%
Trevi synergy target
approximately EUR 80 million to EUR 90 million of additional EBITDA per year
Trevi incremental EBITDA contribution
around EUR 150 million to EUR 170 million
Bond issue
EUR 500 million
Other Earnings Calls
2026

Management

Dr. Pietro Salini
CEO & Non-Independent Executive Director
No Bio Available
Mr. Massimo Ferrari
General Manager of Group Finance & Corporate
No Bio Available
Mr. Claudio Lautizi
General Manager of Global Operations
No Bio Available
Mr. Alessandro De Rosa
Director of Administration, Finance & Planning
No Bio Available
Mr. Fabrizio Rossini
Head of Investor Relations
No Bio Available
Mr. Gian Luca Grondona
Group HR & Organization Director
No Bio Available

Contacts

Address
MILANO
Milan
Milanofiori Strada 6, Palazzo L, Rozzano
Contacts
+390244422111.0
www.webuildgroup.com
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