WeBuild SpA (LTS:0BJP)

Q2 2026 Webuild SpA Earnings Call Transcript

Jul 30, 2026 / 07:00 AM GMT

Release Date Price: €2.14 (-0.88%)

Transcript

Key Points

Positve

WeBuild SpA (IMPJY) delivered a strong first half with revenues of EUR6.7 billion, in line with the record level of the prior year, despite the cancellation of two major NEOM contracts.
Profitability improved significantly, with EBITDA margin rising to 10.1% and EBIT margin to 7%, reflecting strict cost discipline and effective contractual solutions.
The company maintains a robust financial position with a positive net cash of EUR110 million for the eighth consecutive semester and a stable gross leverage of 2.67 times.
The order backlog remains robust at EUR47 billion for construction, fully covering 2026 revenue guidance, and the commercial pipeline is strong at over EUR108 billion.
The proposed acquisition of Trevi is expected to generate significant synergies of EUR80-90 million in additional EBITDA per year, with a clear path to being accretive to group margins.
The successful EUR500 million bond issuance in May was oversubscribed by five times, extending debt maturities and strengthening the financial profile with over 90% of debt at fixed rates.

Negative

The cancellation of two NEOM contracts in Saudi Arabia reduced the order backlog by approximately EUR3.8 billion, impacting volumes and requiring absorption through diversification.
Financial expenses increased by EUR93 million, including a one-off write-down of certain financial receivables and a deliberate trade-off of waiving interest to accelerate cash collections.
The company took proactive decisions to derisk its portfolio, resulting in around EUR100 million in losses on investments related to projects in North America and Australia.
Net cash decreased to EUR110 million from EUR363 million at year-end 2025, reflecting seasonal working capital absorption and around EUR210 million of CapEx in the first half.
The 2026 EBITDA guidance of over EUR1.2 billion appears conservative, implying a significant slowdown in second-half profitability compared to the strong first-half performance.
The Trevi acquisition will add around EUR500 million in initial financial debt, increasing leverage, although the company expects to manage this through synergies and cash generation.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

WBD.MI - Webuild SpA
Q2 2026 Webuild SpA Earnings Call
Jul 30, 2026 / 07:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning and welcome to the WeBuild first half 2026 results conference call. On today's call we will have Pietro Salini, Chief Executive Officer and Massimo Ferrari, General Manager, Corporate and Finance. Please note, this conference is being recorded and for the duration of the call your lines will be on listen-only.

However, you will have the opportunity to ask questions at the end of the call. This can be done by pressing pound key five on your telephone keypad to enter the queue.

I will now hand you over to your host, Pietro Salini, to begin today's conference. Please go ahead, sir.

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Unidentified_2 [2]
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