MILAN, November 3, 2025 – International ratings agency S&P Global Ratings has upgraded its rating on Webuild to “BB+” from “BB”, with a stable outlook. It is the second upgrade made by the agency during the execution of the Group’s 2023-2025 business plan, confirming the soundness of its business model, its strategic vision and financial performance despite macroeconomic complexities. Webuild is preparing a new business plan with the rating at one level below investment grade.

S&P said the upgrade reflected Webuild’s strong order backlog, disciplined contract management, and a leading position in key markets, factors which have led to robust growth and a strengthening of the Group’s financial structure.

The agency highlighted Webuild’s leading market position in key markets that are low risk, representing approximately 90 percent of both order backlog and revenue, up from 59 percent in 2018. This increase is due to a strategy to focus on developed countries, with acquisitions and investments having increased the importance of Italy and Australia. The agency also said the business was supported by greater diversification and more advanced engineering capabilities compared with similarly rated peers.

Looking forward, S&P foresees Webuild continuing to register a solid operating performance in the coming years, supported by a construction order backlog worth €50 billion that guarantees strong visibility on revenues. It points to favorable contractual terms and an increased adoption of clauses that facilitate the pass-through of costs. It also refers to the positive impact being made by the Group’s cost-efficiency program. These factors, combined with the ongoing focus on working capital management, should ensure robust cash flow and greater profitability in coming years.

Given the approval process is still being finalised on the Strait of Messina bridge project, the ratings agency said it did not include the potential financial-economic impact of the project in its current estimates, preferring to qualify it as a possible upside. The agency said a project of this kind demonstrated Webuild’s advanced managerial and engineering capabilities to deliver large, complex infrastructure even in front of technical, geological and engineering challenges.