Webuild (WBD) Q4 2024 earnings summary

Executive summary

• Revenues reached €12 billion in 2024, up 20% year-over-year, exceeding 2025 targets and prior guidance.

• EBITDA hit a record €967 million, up 18% from 2023, with margin at 8.1%.

• Net cash position stood at €1,445 million, maintaining positive status since 2021 and well above guidance.

• Order backlog at year-end was €63 billion, providing five years of revenue visibility and surpassing plan targets.

• Proposed dividend increase to €0.081 per share (+14% year-over-year).

Financial highlights

• EBIT reached €577 million (4.8% margin), up 21% year-over-year.

• Net profit rose to €247 million, supporting a 14% dividend increase.

• Investments in plant, machinery, and technical equipment totaled €970 million in 2024.

• Gross debt was €2.8 billion, with gross leverage reduced to 2.9x, down from 3.2x in 2023.

• Liquidity exceeded €4 billion, supported by successful bond issuances and refinancing.

Outlook and guidance

• 2025 guidance revised upward: revenues expected to exceed €12.5 billion, EBITDA projected above €1.1 billion, and net cash position targeted above €700 million.

• Book-to-bill ratio for 2025 targeted above one, with €13 billion in new orders.

• Additional growth expected from mega projects not yet included in guidance.

• Focus on profit margin, cash generation, and cost efficiency.

• Strategic focus on selective growth, cash generation, and risk reduction.