Webuild (WBD) Q4 2025 earnings summary

Executive summary

• Outperformed the 2023–2025 plan with record revenues, operational excellence, and a structurally stronger group, despite inflation, interest rate hikes, and geopolitical volatility.

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

• Workforce expanded to 95,000, with significant investments in talent, 14,000 hires/upskills annually, and 3 million training hours delivered; achieved industry-best safety rates.

• Total shareholder return exceeded 160% over three years.

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

Financial highlights

• Revenues grew at a 19% CAGR, reaching €13.6bn in 2025 (+15% vs. 2024), exceeding plan targets.

• EBITDA doubled to €1,164m (8.6% margin), and EBIT reached €705m (5.2% margin).

• Net income (adjusted) was €280m in 2025, up 13% vs. 2024.

• Net cash (normalized) stood at €772m, despite €2.5bn CapEx; reported net cash at year-end was €363m.

• Gross leverage reduced from 4.5x (2022) to 2.6x (2025), significantly below peers.

Outlook and guidance

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

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

• CapEx for 2026 expected around €900m; working capital and advances to contribute positively.

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

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