Webuild (WBD) Q3 2024 earnings summary

Executive summary

• Orders acquired year-to-date reached €8.3 billion, with more than 90% from international markets including Australia, US, Saudi Arabia, and Europe.

• Workforce expanded by 10,000 new hires in the first nine months, now exceeding 91,000 employees from over 120 countries.

• Major projects completed or underway include Milan's M4 metro, Naples Metro Line 6, and the Suburban Rail Loop in Melbourne.

• Recognized as a global leader in the water sector and entered new agreements in energy storage and sustainable mobility.

Financial highlights

• 2024 guidance confirmed: revenues expected to exceed €11 billion, EBITDA above €900 million, and net cash position over €400 million.

• Book-to-bill ratio forecasted at more than 1.0x for 2024.

• Issued two bonds totaling €1 billion, maturing in 2029 and 2030, to reschedule debt maturities and strengthen financial position.

Outlook and guidance

• Short-term commercial pipeline stands at €120 billion, with €22 billion in tenders awaiting outcome.

• Focus remains on cash generation and maintaining a strong net cash position.

• Fitch and S&P upgraded outlook from "Stable" to "Positive" due to strong order backlog and financial soundness.