Webuild (WBD) H1 2024 earnings summary

Executive summary

• Achieved record backlog of €65 billion, with €7.5 billion in new orders in H1 2024 and a commercial pipeline exceeding €94 billion, covering revenue and EBITDA targets through 2025.

• Revenues grew 20% year-over-year to €5.5 billion, with 65% generated outside Italy, and EBITDA rose 41% to €407 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 execution of Progetto Italia strategy.

Financial highlights

• Revenues: €5.5 billion in H1 2024, up 20% year-over-year, driven by projects in Italy and Australia.

• EBITDA: €407 million (7.5% margin), up 41% year-over-year.

• EBIT: €226 million (4.1% margin), up 63% year-over-year.

• Net income: €82 million, more than three times H1 2023.

• Net cash position: €1.44 billion, with gross leverage at 2.8x.

Outlook and guidance

• 2024 guidance confirmed: revenues expected to exceed €11 billion, EBITDA above €900 million, net cash over €400 million, and book-to-bill ratio above 1.

• 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.