Webuild (WBD) H2 2023 earnings summary

Executive summary

• FY2023 guidance exceeded; adjusted revenue was €9.994bn and EBITDA €819m, with the roadmap revenue target brought forward to 2024.

• Record order intake of €22.4bn and backlog of €63.7bn provide more than six years of revenue visibility and cover 100% of 2023–25 plan revenue and EBITDA targets.

• Strategic priorities include selective bidding, contract management, cost efficiency, working-capital discipline and growth in core markets.

Financial highlights

• Adjusted revenue increased 22% to €9.994bn from €8.163bn; adjusted EBITDA rose 43% to €819m from €572m.

• Adjusted EBIT grew 48% to €475m from €321m, with a 4.8% margin versus 3.9%; adjusted EBITDA margin was 8.2% versus 7.0%.

• Adjusted net profit attributable to owners doubled to €236m from €118m; reported profit attributable to owners was €124m versus €9.9m.

• Adjusted profit before tax reached €393m, up 56%; adjusted net financial costs were €92m versus €73m, reflecting higher variable-rate debt costs and lower interest income on delayed Ethiopian customer payments.

Outlook and guidance

• FY2024 guidance: revenue above €11bn, EBITDA above €900m, book-to-bill above 1.0x and net cash above €400m.

• The 2025 roadmap revenue target was brought forward to 2024; 2025 targets include EBITDA of €990m–€1.05bn and a net cash position.

• Average 2023–25 book-to-bill target is above 1.1x; backlog and results support reaching 2025 targets early, subject to project timing and subsidiary reorganization.

• New orders, including preferred-bidder projects, totaled ~€4.9bn since the start of 2024.