Webuild results at June 30, 2026

• REVENUES: €6.7 BILLION, AT 2025 RECORD LEVELS; OVER 60% GENERATED OUTSIDE ITALY
• EBITDA: €673 MILLION (+13.6% VS. FIRST HALF 2025) 
• EBIT: €464 MILLION (+15.0% VS. FIRST HALF 2025)
• EBITDA AND EBIT MARGINS IMPROVING TO 10.1% (8.9% IN FIRST HALF 2025) AND 7.0% (6.1% IN FIRST HALF 2025), RESPECTIVELY
• NET CASH POSITION: €110 MILLION, POSITIVE FOR EIGHTH CONSECUTIVE SEMESTER
• FINANCIAL LEVERAGE AT 2.67X[1]
• ORDER BACKLOG AT €53.7 BILLION, PROVIDING STRONG VISIBILITY FOR THE COMING YEARS
• €7.7 BILLION IN NEW ORDERS SINCE START OF YEAR
• OVER €19.6 BILLION IN TENDERS SUBMITTED AND AWAITING AN OUTCOME

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Pietro Salini, Chief Executive Officer: "The first half of the year closed with results that confirm the resilience of our industrial model. We maintained revenues at 2025 record levels and significantly improved margins thanks to the breadth and diversification of our order backlog, our business mix, and rigorous cost discipline. We continued to invest in our strategic initiatives, which continue to strengthen the Group's competitive positioning. Technological innovation is a key driver that we are increasingly integrating into our production processes and that will be a transformative factor. We continue to invest in the skills of our people, an increasingly decisive asset. The environment is favourable: demand for infrastructure is supported by multi-year public programmes, precisely in the markets where we are strongest. In this context, the public tender offer for Trevi represents a significant investment in capabilities: through vertical integration, we are bringing critical, high value-added specialist expertise into the Group, enhancing our competitiveness. This is how we envisage growth in the coming years: more selective, more integrated, and increasingly focused on cash generation.”

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MILAN, July 29, 2026 – The Board of Directors of Webuild (Euronext Milan: WBD) approved the consolidated half-year financial report at June 30, 2026 and examined the “Adjusted Consolidated Data2” for a better comparison on a homogenous basis.

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Revenues for the first half of 2026 reached €6,650 million, in line with the corresponding period of the previous fiscal year (€6,643 million).

Production volumes remained at the record levels reached in 2025 despite a macroeconomic and geopolitical environment characterised by persistent uncertainties, confirming the resilience of the Group’s business model and its ability to execute projects.

Production in the first half of 2026 was driven by major projects in Italy (including the Milan-Genoa, Verona-Padua, Salerno-Reggio Calabria, and Naples-Bari high-speed/high-capacity railways, as well as the Palermo-Catania-Messina railway) and Australia (Snowy Hydro 2.0, SSTOM Sydney Metro, the North East Link in Melbourne, and the New Women & Babies Hospital in Perth).

Also for the first half of 2026, more than 90% of revenues came from low-risk markets, further confirming the Group’s de-risking strategy and the strengthening of its leadership in core countries.

EBITDA stood at €673 million, up €81 million (+13.6%) compared to the first half of 2025, with the EBITDA margin improving significantly to 10.1% (8.9% in the first half of 2025). Adjusted EBIT2 reached €464 million (EBIT margin2 of 7.0%), representing a strong increase of €60 million (+15.0%) compared to the first half of 2025.

The results achieved in the first half of 2026 mark a very positive start to the year for the Group, with solid operating performance that confirms the effectiveness of the contractual and operational solutions adopted to mitigate risks and optimise costs, as well as the quality of the order backlog.

Net financing costs amounted to approximately €148 million (€165 million in the first half of 2025) and include:

• Financial expenses of €229 million (€136 million in the first half of 2025), partially offset by financial income of €49 million (€61 million in the first half of 2025);
• a positive net exchange rate result of €32 million (negative €90 million in the first half of 2025).

Financial expenses increased by €93 million, related to: (i) the waiver of interest owed by customers as part of agreements aimed at resolving certain outstanding disputes and accelerating the collection of receivables; and (ii) the write-down of certain financial receivables. Financial income decreased by €11 million, primarily as a result of the reduction in interest-bearing deposits with financial institutions, which were used to finance planned investments and support industrial operations in the first half of 2026.

Currency management benefitted from the performance of the U.S. dollar, the Australian dollar, and the Colombian peso against the euro.

Net losses on equity investments totalled €102 million (a loss of €29 million in the first half of 2025), which include the economic impact related to certain initiatives in North America and Australia that will not present any further significant risk profiles for the Group.

Adjusted profit before tax2 stood at €213 million, essentially stable compared to the first half of 2025 (€209 million).

Adjusted income taxes2 amounted to €87 million (€88 million in the first half of 2025).

Adjusted profit from continuing operations2 was €127 million (€121 million in the first half of 2025).

The profit from discontinued operations amounted to €1 million (a loss of €9 million in the first half of 2025) and relates to the former Astaldi overseas divisions that do not align with the Group’s commercial and industrial planning strategies.

Net result attributable to non-controlling interests shows a profit of €15 million, compared to a loss of €20 million recorded in the first half of 2025.

The above dynamics resulted in an adjusted profit attributable to the owners of the parent2 of €113 million (€132 million in the first half of 2025).

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CONSOLIDATED BALANCE SHEET DATA AS OF JUNE 30, 2026

As of June 30, 2026, Webuild reported a positive net financial position of €110 million (€363 million as of December 31, 2025). The change compared with December 31, 2025 reflects the typical cycle of work certification and payment by public administrations, which are more heavily concentrated in the second half of the year.

Gross debt amounted to €3,327 million (€3,068 million as of December 31, 2025), with a gross debt-to-EBITDA1 ratio of 2.67x, in line with the level as of December 31, 2025 (2.64x).

In this regard, in May, the Parent Company successfully completed a liability management transaction, which involved the issuance of a €500 million senior bond maturing in 2032 with a 4.5% coupon. It also repurchased, via a tender offer, approximately half of the bonds maturing in 2027, for a total amount of approximately €121 million. In addition, the Sustainability-Linked Bond was redeemed early for approximately €76 million.

The new bond issue allows Webuild to accelerate the process of optimising the maturities of its corporate debt, significantly extending its average maturity and bringing over 90% of the maturities to September 2028 or later.

The Group reports total cash and cash equivalents of €2,364 million.

 

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ORDER BACKLOG AND NEW ORDERS

In the first half of 2026, the total order backlog stood at €53.7 billion, of which €46.6 billion related to construction and €7.2 billion to concessions, and operation and maintenance. The construction backlog remains among the highest compared to the Group’s main European peers in the construction segment.

Over 95% of the Group’s construction backlog relates to projects aligned with the United Nations’ Sustainable Development Goals (SDGs). Geographically, the order backlog is primarily distributed across Italy, Europe, the United States, Australia, and Saudi Arabia—mainly in segments related to sustainable mobility such as high-speed rail, railways, and roads—with projects in these regions accounting for approximately 90% of the construction backlog.

The following is a breakdown of the construction backlog by geography and business area:

Total new orders acquired in 2026, including variation orders, amounted to €7.7 billion, of which over 95% was acquired in key geographies with a low risk profile. This includes €0.8 billion in tenders in which Webuild is the best bidder. A geographic breakdown of new orders is as follows:

 

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COMMERCIAL PIPELINE

Webuild’s short-term commercial pipeline amounts to €108.3 billion. It includes tenders submitted and awaiting an outcome for €19.6 billion, as well as tenders to be presented for €14.2 billion.

The Group closely monitors opportunities in strategic markets such as Europe, Australia, North America, and the Middle East, where it enjoys a strong competitive position.

The international environment offers significant growth opportunities for the infrastructure sector. In Europe, infrastructure renewal programmes, the modernisation of rail networks, and NATO policies are driving sustained demand for strategic investment. In Italy, the market remains solid, thanks to national and European transportation programmes and growing investments in healthcare facilities. In North America, investments are supported by extensive public investment plans and public-private partnerships aimed at renewing transport networks and modernising water infrastructure. Australia offers significant opportunities in the energy transition and the transport sector, including roads, ports, and airports. In Saudi Arabia, the development of an integrated urban system featuring state-of-the-art roads, railways, and subways is accompanied by investments in connectivity infrastructure—including airports—and social infrastructure such as stadiums.

In addition to its core markets, Webuild closely monitors other geographic areas where it can leverage the local experience and technical expertise acquired in recent years to achieve an appropriate balance between risk and return.

Below is the breakdown by category and geographic area of the short-term commercial pipeline:

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OUTLOOK (GUIDANCE 2026)

In light of the first-half results, the size and quality of the order backlog, and the visibility that the backlog provides, Webuild has set the following economic and financial targets for fiscal year 2026:

• Revenues exceeding €13.6 billion (€13.6 billion in 2025)
• EBITDA exceeding €1.2 billion (€1.16 billion in 2025), with margins continuing to expand
• Positive net financial position (net cash) exceeding €300 million at year-end (€363 million in 2025).

 

The guidance already fully reflects the effects of the cancellation of the Neom projects in Saudi Arabia, which have been fully absorbed by the size and diversification of the backlog. The guidance also assumes no substantial change in the geopolitical scenario, no extreme movements in raw material prices, and no significant supply chain disruptions. 

The Group is working on finalising the 2026–2029 Business Plan, which will be presented to the financial community at the end of September. Consistent with the pillars of the Plan, today Webuild resolved to launch a voluntary public tender offer for all outstanding ordinary shares of Trevi. The transaction is fully aligned with the Group’s strategy to enhance competitiveness through the acquisition of critical, high value-added capabilities. The terms and conditions of the offer are described in the press release issued today pursuant to Article 102 of the Italian Consolidated Law on Financial Intermediation (in Italian: TUF - Testo unico delle disposizioni in materia di intermediazione finanziaria). The industrial rationale and expected synergies of the transaction are described in a separate press release also issued today. The 2026 guidance is prepared on a standalone basis and does not include the effects of the offer. 

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Massimo Ferrari, as manager in charge of preparing the corporate accounting documents, declares, pursuant to paragraph 2 of art. 154-bis of the TUF, that the accounting information contained in this press release corresponds to the state of the documentary evidence, books and accounting records.

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The Group will present its results for the first half of 2026 to the financial community on July 30, 2026 during a conference call at 9:00 a.m. CET.

For information, please refer to the contact details at the end of this press release.

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Disclaimer 

This press release contains forward-looking statements. These statements are based on the Group's current expectations and projections regarding future events and, by their nature, are subject to an inherent component of risk and uncertainty. They are statements that relate to events and depend on circumstances which may or may not happen or occur in the future and, as such, undue reliance should not be placed on them. Actual results may differ even significantly from those announced due to a variety of factors, including: volatility and deterioration of capital and financial markets, changes in commodity prices, changes in macroeconomic conditions and economic growth and other changes in business conditions, of an atmospheric nature, due to floods, earthquakes or other natural disasters, changes in legislation and the institutional context (both in Italy and abroad), difficulties in production, including constraints in the use of plants and supplies and many other risks and uncertainties, the majority of which are beyond the control of the Group.

 

[1]Gross Debt as of 30 June 2026 / EBITDA for the last twelve months (LTM) ended 30 June 2026 (period from 30 June 2025 to 30 June 2026)

[2] The data reported are adjusted figures; for details, please refer to the table attached to the press release