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Introduction & Market Context
Webuild SpA (BIT:WBD) presented its First Half 2025 results on July 25, showcasing record financial performance with double-digit growth across key metrics. The Italian construction giant continues to strengthen its position as a global infrastructure leader, with significant presence in low-risk markets and a strong focus on sustainable development projects.
The company’s shares closed at €3.926 before the presentation, having declined 1.94% in the trading session. Despite this daily movement, Webuild remains near its 52-week high of €3.99, reflecting investor confidence in the company’s growth trajectory.
Executive Summary
Webuild reported exceptional financial results for the first half of 2025, with revenues reaching €6.7 billion, representing a 22% increase compared to the same period in 2024. The company’s profitability metrics showed even stronger improvement, with EBITDA growing 38% to €564 million and EBIT surging 65% to €375 million.
The robust performance was accompanied by an improved financial position, with a positive net cash balance of €275 million and reduced gross leverage of 2.6x, down from 3.0x at the end of 2024. Management confirmed its full-year 2025 guidance, projecting revenues exceeding €12.5 billion and EBITDA above €1.1 billion.
As shown in the following chart highlighting key financial metrics and guidance:
Quarterly Performance Highlights
Webuild’s first half results demonstrated consistent growth across all major financial indicators. Revenue increased to €6.7 billion, up from €5.5 billion in 1H 2024, while EBITDA reached €564 million compared to €407 million in the prior year period. Notably, the EBITDA margin expanded to 8.4%, up from 7.5% in 1H 2024, indicating improved operational efficiency.
The company’s EBIT showed even more dramatic improvement, increasing 65% year-over-year to €375 million, with the EBIT margin expanding to 5.6% from 4.1% in the previous year. This substantial margin expansion reflects Webuild’s successful implementation of cost efficiency initiatives and selective bidding strategy.
The following chart illustrates the company’s consistent growth trajectory across key performance metrics:
Net income also showed significant improvement, increasing to €132 million despite a €90 million negative impact from exchange rate fluctuations. The company’s adjusted net income calculation reflects the underlying strength of its core operations.
Detailed Financial Analysis
Webuild has maintained a positive net cash position for six consecutive semesters, a testament to its improved financial discipline. The company reported a net cash position of €275 million in 1H 2025, though this figure was impacted by €454 million in capital expenditures, €144 million in foreign exchange effects on cash, and advance payments on new orders that are expected to be received in the second half of the year.
The company’s gross leverage ratio has been drastically reduced from 5.5x in 1H 2022 to 2.6x in 1H 2025, reflecting a strengthened balance sheet and improved financial health.
The following chart demonstrates Webuild’s improving financial discipline over time:
Webuild has also successfully extended its average debt maturity to 3.7 years, with an average cost of debt of 5.1%. The company maintains strong liquidity with €900 million in undrawn revolving credit facilities and €2.1 billion in cash. Credit rating agencies have recognized these improvements, with Fitch upgrading Webuild to BB+ (stable) and S&P Global to BB (positive) in 2025.
Strategic Initiatives
Webuild’s strategic focus centers on its robust order backlog, which provides significant visibility for future growth. The company reported a total backlog of €58.7 billion, including €49.9 billion in construction projects and €8.8 billion in concessions and operations & maintenance contracts. This backlog provides approximately four years of revenue visibility.
The company’s geographic diversification strategy emphasizes low-risk markets, with 90% of the backlog located in Italy (48%), Australia (16%), Middle East (12%), Europe (9%), and North America (5%). Additionally, over 90% of projects contribute to Sustainable Development Goals, with 71% in sustainable mobility, 12% in clean hydro energy, and 8% in clean water projects.
The following map illustrates Webuild’s global backlog distribution:
In the first half of 2025, Webuild secured €6.5 billion in new orders, achieving more than 50% of its full-year target. These new contracts maintain the company’s focus on low-risk countries, with 95% of new orders coming from Italy, the Middle East, North America, and Australia. Major new projects include the Women and Babies Hospital, Rome Metro Line C, Interstate 85, and the Diriyah cultural & commercial center.
The following chart details the company’s newly acquired orders by region:
Webuild’s commercial pipeline remains robust, with €26.2 billion in tenders to be presented and €11.4 billion in tenders awaiting outcomes. The company’s total commercial activity amounts to €85 billion, with over 90% in low-risk markets.
Forward-Looking Statements
Webuild confirmed its 2025 guidance, projecting revenues exceeding €12.5 billion, EBITDA above €1.1 billion, a net cash position greater than €700 million, and a book-to-bill ratio above 1.0x. The company’s performance in the first half of 2025 puts it on track to achieve these targets.
Management highlighted several initiatives to strengthen margins and mitigate risks, including a structured and selective bidding approach, revised contract management models, cost efficiency plans targeting €180 million in cumulative savings for 2023-2025, and improved working capital management.
The company also emphasized its commitment to sustainability and ESG principles, reporting a 10% reduction in greenhouse gas emission intensity and a 6% improvement in safety metrics. Webuild has invested €430 million in innovative and clean technologies.
The following chart outlines Webuild’s ESG commitments and achievements:
Looking beyond 2025, Webuild identified several growth opportunities, including the Messina Bridge project, large-scale infrastructure maintenance, water and desalination projects, NATO defense spending initiatives, Ukraine reconstruction efforts, and Germany’s infrastructure fund. The company’s positioning as a global leader in the water sector and its strong presence in key markets position it well to capitalize on these opportunities.
Webuild’s consistent financial performance, strengthened balance sheet, and robust project pipeline provide a solid foundation for sustainable growth in the coming years, as the company continues to execute its strategic initiatives and capitalize on global infrastructure investment trends.
Full presentation:
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