Webuild (WBD) H1 2024 earnings summary

Executive summary

• Achieved record order backlog of €65 billion, with €7.5 billion in new orders in H1 2024, providing strong revenue visibility through 2025 and covering over 65% of 2024 targets.

• Revenues grew 20% year-over-year to €5.5 billion, with EBITDA up 41% to €407 million and EBIT up 63% to €226 million.

• Net income tripled to €82 million compared to H1 2023, supported by financial income and lower bank charges.

• Maintained a net cash position of €1.44 billion for the fourth consecutive semester.

• Continued focus on innovation, safety, sustainability, and de-risking, with a strong global presence and robust ESG ratings.

Financial highlights

• Adjusted revenues: €5,462 million (+20% year-over-year), driven by projects in Italy and Australia.

• EBITDA: €407 million (+41% year-over-year), margin 7.5%; EBIT: €226 million (+63%), margin 4.1%.

• Net income: €82 million, more than tripled year-over-year.

• Net cash position: €1.44 billion, a €1 billion improvement from June 2023.

• Gross leverage reduced to 2.8x as of June 2024; gross debt at €2.6–2.8 billion.

Outlook and guidance

• 2024 guidance confirmed: revenues above €11 billion, EBITDA over €900 million, book-to-bill ratio above 1.0, and net cash above €400 million.

• Backlog covers 100% of 2023–2025 revenue and EBITDA targets, providing strong visibility.

• Gross debt reduction target of €200–250 million by 2025.

• Stable dividend distribution of €160–170 million for 2023–2025.

• Market pipeline remains robust, with €94.5 billion in short-term commercial opportunities.