Webuild (WBD) Q1 2025 earnings summary

Executive summary

• Secured €5 billion in new orders year-to-date, with €220 million formally awarded and the remainder in finalization, mainly in low-risk markets such as Italy, Australia, Saudi Arabia, and North America.

• Maintains a robust commercial pipeline of €162 billion, including €34 billion in tenders awaiting outcome, supporting full visibility for 2025 and the upcoming business plan.

• Progressed on key projects: completed excavation on Verona-Bivio Vicenza (Italy), laid track on Naples-Cancello, finished construction on Florida's I-275, and advanced the North East Link in Melbourne.

• Reinforced sustainability leadership with an "A-" CDP Climate Change rating and "B" in Water Security, highlighting responsible water management and reduced freshwater withdrawals.

Financial highlights

• 2025 guidance confirmed: revenues expected to exceed €12.5 billion and EBITDA above €1.1 billion.

• Book-to-bill ratio projected to remain above 1.0 times, indicating strong order intake relative to revenue.

• Net cash position anticipated to surpass €700 million, reflecting focus on cash generation.

Outlook and guidance

• Financial guidance for 2025 reaffirmed, supported by a high-quality order backlog and strong commercial pipeline.

• Focus remains on selective bidding, profitability, and cash generation, leveraging opportunities in core markets.