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Introduction & Market Context
Webuild SpA (BIT:WBD) presented its First Half 2025 Results on July 25, showcasing strong financial performance and strategic positioning in the global infrastructure sector. The Italian construction giant has maintained its growth trajectory amid favorable market conditions in key regions including Italy, Australia, and North America.
The company’s stock closed at €3.488 on October 14, 2025, with a modest 0.17% increase, trading well above its 52-week low of €2.388 but below its high of €4.306. With a market capitalization of $44.79 billion, Webuild continues to strengthen its position as a leader in complex civil infrastructure projects.
Financial Performance Highlights
Webuild reported impressive financial results for the first half of 2025, with revenues reaching €6.7 billion, a 22% increase compared to the same period in 2024. This growth was accompanied by significant margin expansion, with EBITDA rising 38% to €564 million and EBITDA margin improving to 8.4% from 7.5% in the previous year.
As shown in the following chart detailing the company’s growth trajectory:
The company’s EBIT showed even stronger improvement, growing 65% year-over-year to €375 million, with EBIT margin expanding to 5.6% from 4.1%. Adjusted net income increased by 61% to €132 million, reflecting the company’s operational efficiency and strategic focus.
Webuild has maintained a net cash position for the sixth consecutive semester, ending the period at €275 million (€419 million at constant exchange rate). The company’s financial discipline is evident in its reduced gross leverage, which improved to 2.6x from 3.0x at the end of 2024.
The following chart illustrates Webuild’s improving financial position over recent years:
CEO Pietro Salini emphasized the company’s strategic discipline during the earnings call, stating, "We are delivering sustainable growth based on strategic discipline, long-term project visibility, and a resilient, diversified business model."
Strategic Positioning and Order Backlog
Webuild’s total backlog stands at an impressive €58.7 billion, comprising €49.9 billion in construction projects and €8.8 billion in concessions and operations & maintenance contracts. Notably, 90% of the backlog is located in low-risk markets, and over 90% contributes to Sustainable Development Goals (SDGs).
The company’s backlog composition and sustainability focus are illustrated in this breakdown:
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 orders are predominantly (>95%) in low-risk countries, with significant contributions from Italy (€2.9 billion), the Middle East (€1.5 billion), North America (€0.8 billion), and Australia (€0.8 billion).
The geographic distribution of new orders is shown in the following visualization:
Webuild’s commercial pipeline remains robust, with €85 billion in potential projects, including €26.2 billion in tenders to be presented and €11.4 billion in tenders awaiting outcome. The company is strategically positioned to capitalize on major infrastructure opportunities, including the Messina Bridge project in Italy, NATO defense infrastructure, and Ukraine reconstruction efforts.
Revenue Diversification and Workforce
The company has successfully diversified its revenue streams across geographies and sectors, with over 90% of revenues generated from low-risk countries. The geographic distribution shows a balanced portfolio with Italy (35%), Australia (24%), North America (13%), and the Middle East (9%) as key markets.
By activity, Webuild’s revenue is primarily derived from Sustainable Mobility (63%), followed by Clean Hydro Energy (16%), Clean Water (8%), and Green Buildings & Other (13%).
The company’s revenue distribution is illustrated in this comprehensive breakdown:
Supporting Webuild’s growth is a committed workforce of 95,000 employees representing over 125 nationalities. The company has a focus on young talent, with more than 35% of employees under 35 years old, and invested in over 450,000 training hours in the first half of 2025.
The following chart provides an overview of Webuild’s workforce demographics:
Outlook and Guidance
Webuild has confirmed its 2025 guidance, targeting revenues exceeding €12.5 billion, EBITDA of over €1.1 billion, a net cash position above €700 million, and a book-to-bill ratio greater than 1.0x. These targets represent significant improvements over the original 2023-2025 Business Plan projections.
The company’s progress against its targets is summarized in this performance table:
Webuild’s strategic focus on margin improvement includes a structured and selective bidding approach, with approximately 90% of awards won with the best technical offer between 2022-2025. The company has also implemented cost efficiency initiatives, generating cumulative savings of €180 million between 2023-2025.
Looking ahead, Webuild is well-positioned to capitalize on global infrastructure trends driven by climate transition, energy transition, water scarcity, population growth, and digital transformation. The company’s involvement in the potential Messina Bridge project, valued at €11.5 billion, represents a significant growth opportunity.
Conclusion
Webuild’s first half 2025 results demonstrate the company’s ability to deliver strong financial performance while maintaining strategic discipline and a focus on sustainable infrastructure projects. With a robust order backlog, improving margins, and a strengthened financial position, Webuild is well-positioned for continued growth in the global infrastructure market.
Despite currency fluctuations and potential project execution risks, the company’s diversified business model and presence in low-risk markets provide resilience against economic uncertainties. As infrastructure investment continues to grow globally, Webuild’s expertise in complex civil infrastructure positions it to benefit from major projects in sustainable mobility, clean energy, and water infrastructure.
Full presentation:
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