Webuild (WBD) Q2 2026 earnings summary

Executive summary

• Revenues for H1 2026 reached €6.7 billion, matching record levels, with over 60% generated outside Italy and EBITDA up 14% to €673 million, margin rising to 10.1%.

• Profitability improved on stable revenues, with EBIT up 15% to €464 million and margin at 7.0%.

• Net profit attributable to owners was €113 million, down from €132 million in H1 2025, mainly due to higher non-cash financial charges and net losses on equity investments.

• Order backlog stood at €53.7 billion, with over 90% in low-risk geographies, providing strong multi-year visibility and fully covering 2026 guidance.

• Announced a voluntary public tender offer for Trevi to enhance vertical integration, technical capabilities, and generate annual EBITDA synergies from 2027.

Financial highlights

• EBITDA reached €673 million, up 13.6% year-over-year, with margin at 10.1%; EBIT was €464 million, up 15%, margin at 7.0%.

• Net income stood at €113 million for the first half.

• Net cash position was €110 million, positive for the eighth consecutive semester.

• Gross debt at €3.3 billion, gross leverage at 2.67x, and liquidity of €2.36 billion.

• Issued a €500 million bond maturing 2032, extending debt maturity and attracting strong investor demand.

Outlook and guidance

• FY 2026 guidance: revenues above €13.6 billion, EBITDA above €1.2 billion, net cash above €300 million.

• Guidance reflects NEOM contract cancellations, fully absorbed by backlog diversification.

• Book-to-bill expected to remain above 1 for the full year; new 2026-2029 business plan to be presented in September.

• CapEx level in 2026 seen as a peak, with normalization expected in future years.

• Guidance excludes effects of the Trevi offer and assumes no major geopolitical or supply chain disruptions.