Webuild (WBD) Q3 2026 earnings summary

Executive summary

• New orders reached €11.1bn; tenders awaiting outcome total €24.9bn and the short-term commercial pipeline stands at €99.3bn. 2026 guidance was confirmed.

• Strategic deliveries included the first section of the Naples–Bari high-speed railway, the main section of Halkali–Kapikule in Turkey, and water projects in Seattle and Kansas City.

• Workforce exceeded 83,000, including 22,000 in Italy; approximately 2,000 direct hires were made in Italy in the first nine months.

Financial highlights

• New orders since the start of 2026 total €11.1bn, including variation orders; €3.0bn relates to tenders where the best-bidder position was achieved.

• Approximately 75% of new orders were secured in key geographies with a low-risk profile; the remainder mainly involves strategic infrastructure programmes supported by institutions and investors.

Outlook and guidance

• FY2026 guidance confirmed: revenue exceeding €13.6bn, EBITDA exceeding €1.2bn with margins continuing to expand, and year-end net cash exceeding €300m.

• Guidance reflects the termination of the NEOM projects, assumed absorbed by backlog diversification; it assumes no substantial geopolitical change, extreme raw-material price movements or significant supply-chain disruption.

• Guidance is standalone and excludes all effects of the Trevi tender offer, including shares already purchased.