Webuild (WBD) Q4 2025 earnings summary

Executive summary

• Outperformed the 2023–2025 plan with double-digit revenue growth, operational excellence across five continents, and a structurally stronger group despite inflation, interest rate hikes, and geopolitical volatility.

• Delivered over 45 major infrastructure projects globally, including landmark hydropower and metro projects, maintaining leading positions in key markets and sectors.

• Workforce expanded to 95,000, with 3 million training hours and significant investments in talent and safety, achieving industry-best injury rates.

• Recognized as a global leader in water, Italian construction, and a top international player in Australia.

Financial highlights

• Revenues reached €13.6 billion in 2025, up 15% vs. 2024 and 68% vs. 2022 at constant FX, exceeding guidance.

• EBITDA rose to €1,164 million (8.6% margin), more than double 2022 levels; EBIT at €705 million (5.2% margin).

• Net income was €280 million, up 13% vs. 2024, with total shareholder return above 160% over the plan period.

• Net cash position at €363 million reported, €772 million normalized; gross leverage reduced from 4.5x (2022) to 2.6x (2025).

• Order intake exceeded plan by €13 billion, with backlog at €58.4 billion, including €50.9 billion in construction.

Outlook and guidance

• 2026 revenues expected to remain at record 2025 levels, supported by a strong backlog covering 100% of projected revenues.

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

• Commercial pipeline stands at €91 billion, with €19 billion in tenders submitted and €9 billion under preparation.

• Prudent approach to guidance due to geopolitical and macroeconomic uncertainties.

• Investor Day planned in June 2026 to present the new three-year business plan.