Webuild S.p.A.

Webuild reported first-half revenue of EUR 6.7 billion, flat versus the record first half of last year. EBITDA was EUR 673 million, up 14% year over year, with EBITDA margin at 10.1% (+120 bps), and EBIT was EUR 464 million, up 15%, with EBIT margin at 7% (+90 bps). Net income was EUR 113 million. Management said the cancellation of the 2 NEOM contracts reduced the first half by about EUR 250 million and more than EUR 550 million for the full year, but the backlog absorbed the impact in full. The group ended the period with net cash of EUR 110 million, gross debt of EUR 3.3 billion, and gross leverage of 2.67x. CapEx was about EUR 210 million in the first half and is expected to be around EUR 700 million for the full year. Backlog stood at EUR 53.7 billion total, including EUR 47 billion in construction and EUR 7 billion in concessions/O&M, while new orders were EUR 7.7 billion and book-to-bill was 1.2x. For 2026, Webuild guided to revenue above EUR 13.6 billion, EBITDA above EUR 1.2 billion, and net cash above EUR 300 million. Management said the Trevi offer is excluded from 2026 guidance.

Pietro Salini framed the quarter as evidence that Webuild’s scale, diversification, and discipline can absorb major shocks without changing the company’s trajectory. He emphasized that the business is moving from scale-building to value creation through deeper vertical integration, technological innovation, and profitable growth, with the new 2026-2029 plan due at the end of September. His tone was confident and strategic, and he used the Trevi bid as the first concrete step in that direction, describing it as a way to internalize specialized capabilities and improve execution and competitiveness.

Massimo Ferrari focused on the quality of the numbers and the balance sheet. He highlighted EBITDA of EUR 673 million (+14%), EBIT of EUR 464 million (+15%), positive net cash of EUR 110 million, and gross leverage of 2.67x, noting that the EUR 500 million bond in May was oversubscribed more than 5x and that more than 90% of debt maturities now begin from Q4 2028 onward. He also broke out one-offs below EBIT, saying net profit was affected by around EUR 190 million of non-monetary items, including about EUR 90 million in financial expenses and about EUR 100 million in losses on investments, while confirming full-year CapEx of around EUR 700 million and debt cost at 5.1%.

Analysts pressed management on the durability of the >10% EBITDA margin, the outlook for order intake, the Trevi synergy mix and funding, the Saudi Arabia outlook after the NEOM cancellations, CapEx intensity, and the U.S./Lane business. Management said the strong first-half margin reflected a favorable job mix but also reiterated that full-year profitability should improve versus 2025, with greater selectivity, tighter execution, and cost optimization supporting sustainability. On Trevi, they said synergies are prudently estimated at EUR 80 million to EUR 90 million of additional EBITDA annually, with about EUR 60 million tied to current backlog/pipeline and the rest from procurement, fleet, logistics, and shared services; they also said funding would come from debt/capital markets, not equity. On order intake, they said the pipeline is strong and book-to-bill above 1x is achievable, while Saudi Arabia remains an important market and the U.S. outlook, including Lane and Canada, is favorable.