Although it closed 2025 with results exceeding both the previous year and expectations, today the stock of Webuild – an engineering and construction group led by Pietro Salini (pictured) and partly owned by Cassa depositi e prestiti – lost 9 percent on the Milan stock exchange, settling at 2.7 euros. What disappointed the market most were the economic forecasts for the current year: the company believes that 2026 revenues will be “in line” with those of 2025, therefore stable. However, investors expected something more.
WHO ARE THE LARGEST SHAREHOLDERS OF WEBUILD
The largest shareholders of Webuild are Salini Spa with 38.5 percent of the capital, Cdp Equity with 16.4 percent, and Intesa Sanpaolo with 4.6 percent.
THE 2025 RESULTS
In 2025 – the final year of the 2023-2025 industrial plan, titled The Future Is Now – Webuild recorded revenues of 13.6 billion euros, 15 percent higher than in 2024 and exceeding the guidance, which was set at 12.5 billion. Over 65 percent of revenues were generated abroad.
EBITDA also grew, with an 18 percent year-on-year increase, reaching 1.1 billion. Net profit amounted to 280 million, 13 percent more than in 2024.
ORDERS
The backlog of orders is worth 58.4 billion, while new orders amount to 13.2 billion, with nearly half abroad.
Since the beginning of 2026, Webuild has acquired orders worth 1.8 billion, including a contract worth 531 million for Lot 1 of the state road 106 Jonica in Calabria. Tenders awaiting award are worth about 19 billion.
FINANCIAL STRUCTURE AND INVESTMENTS
In the statement released today, the company explained that it has “significantly strengthened its financial structure” between 2023 and 2025, “reducing gross leverage to 2.6x (from 4.5x in 2022) and maintaining a solid positive net cash position.”
During the period considered, investments amounted to 2.5 billion euros, “to support future cash generation.”
2026 FORECASTS DISAPPOINT THE MARKET
Despite the The Future Is Now industrial plan producing results “well beyond targets,” and 2025 revenues being “record,” the outlook for 2026 was not considered equally exciting by analysts and investors.
Expected revenues for the current year will in fact be “in line with the record levels of 2025, supported by the significant backlog.” In 2026, moreover, Webuild said it intends to focus “on improving margins and strengthening operating cash generation.”
The group clarified that “any significant developments in the geopolitical context, the introduction of new trade barriers, or an increase in financial market and interest rate volatility could influence the macroeconomic scenario and the performance” of its activities.
NEW THREE-YEAR PLAN IN JUNE
The new three-year plan will be presented in June.
MARKET REACTION
As reported by Radiocor, what disappointed the markets “was the profit and debt which were below expectations while revenues performed well, beating expectations. Another disappointing element was the guidance for 2026,” in line with 2025 results regarding revenues: “growth in line with 2025, experts note, was somewhat disappointing as the market expected a greater increase,” the agency adds.
Significant were also the words of CEO Pietro Salini, who stated that “we are not giving precise targets for 2026 not because we see risks, but because, given the uncertain situation, I believe it is not professional.”
