Webuild (WBD) Q1 2026 earnings summary

Executive summary

• Secured €3 billion in new orders year-to-date, all from low-risk markets, supporting a de-risking strategy.

• Commercial pipeline stands at €99 billion, with €16 billion in tenders awaiting outcome and €17 billion in preparation.

• Operational progress includes early delivery of major US highway project and completion of key infrastructure in Italy and Lesotho.

• Recognized by TIME as one of the world's most influential companies for delivering complex infrastructure.

Financial highlights

• Completed a €500 million senior bond issue maturing in 2032 with a 4.5% coupon; demand exceeded offer by over five times.

• Repurchased about half of the 2027 bonds via a tender offer, optimizing debt maturity profile.

• Revenues for 2025 were €13.6 billion, with a total order backlog of €58.4 billion as of December 31, 2025.

Outlook and guidance

• 2026 revenues expected to match 2025 record levels, supported by a robust backlog.

• Focus remains on margin improvement, operating cash flow generation, and maintaining a positive net financial position.

• Limited exposure to Middle East risks, with only 5% of backlog in Saudi Arabia and operations continuing safely.