Egm under the X-ray: Ubaldi Costruzioni saw revenues leap by 54.2 per cent

All this considered, at this point the 'problem' for Ubaldi Costruzioni is to confirm the brilliant track record (albeit very short, considering that the listing is recent). For the whole of 2025, the company has provided guidance that forecasts a production value between EUR 45 and 47 million and an ebitda between EUR 8.3 and 9.3 million (ebitda margin between 17.5% and 20.7%). The company periodically communicates data on the backlog, which as at 30/9/2025 amounted to EUR 182.4 million, divided into 56 active orders, with a timeframe of execution within four years (74.1% public orders, 22.3% publicly financed private initiatives and 3.6% private projects), mostly related to projects in Central Italy, of which 34.6% in civil construction, 30.7% in infrastructure, 26.2% for road works, 7.3% for hydraulic works and 0.9% for maritime works.

The commercial pipeline at the same date amounted to EUR 145.7 million and includes opportunities under evaluation, at the bidding stage or awaiting awarding (in particular, EUR 116.7 million refers to tenders for which Ubaldi Costruzioni has already submitted a bid and is awaiting the outcome).

In fact, there has already been one outcome - a very important one - and that is the awarding of the Anas tender for the upgrading of the S.S. 4 Salaria road, in a Temporary Business Grouping with the colossus Toto Costruzioni; Ubaldi Costruzioni's share is 15% for a countervalue of approximately EUR 46.1 million. This would bring the overall backlog to EUR 228.5 million, while the commercial pipeline would increase to EUR 99.6 million, of which EUR 70.6 million refers to tenders for which the company has already submitted a bid and is awaiting the outcome.

The project for the S.s. Salaria includes the construction of approximately 5 km of new infrastructure in the Trisungo - Acquasanta section (also in the Marche region), including two 4 km natural tunnels, two viaducts including one over the Tronto river, and the renovation of the Acquasanta junction. The awarding of the tender formalises the start of the contractualisation phase, which precedes the actual start of operations. You know how these things go: in the construction sector, unfortunately, especially when it comes to public tenders, bureaucracy rules the roost, and the actual completion (and collection) times are never so certain. But it is indisputable that for Ubaldi Costruzioni this is quite an achievement.

At the IPO, the company announced that the funds raised will be used to acquire new equipment (to internalise part of the activities that have been subcontracted until now - for example, the steel work for the south curve of the Ascoli stadium will be carried out by Loma Steel Srl -), but also to increase the amount of Soa (Società Organismo di Attestazione) certifications that the company already has, which are necessary to participate in public tenders and last for five years.

Ubaldi Costruzioni currently has 13 Soa certifications and can participate in tenders for civil construction and road works with no limit on the amount (hence the significant award for the S.S. Salaria), while it can only participate in tenders for river works, aqueducts, gas and oil pipelines and maritime works up to 10 million, while for technological plants, special structural equipment and other structural works the limit is 5 million and for purification plants and demolition works it drops to 1.5 million (and only 0.3 million for road barriers).

Consequently, obtaining higher amounts for Soa certifications would enable the company to participate in larger and more important tenders and free itself from the predominantly regional dimension. It is also planned to acquire quarries (to further reduce the incidence of raw material costs) as well as strategic companies operating in the niche markets of maritime and river works.

It cannot be denied, of course, that a part of the orders acquired is linked to projects related to the Pnrr (as well as those related to the post-earthquake renovations of 2016) and, as for all companies in the sector, after the conclusion of these programmes, it will be necessary to become more active in order to continue the growth trend. Ubaldi Costruzioni has a free float that is not high, but not even very low by Euronext Growth Milan standards (20.8% of the share capital) and in January 2026 a maximum of 420,420 'bonus shares' will be assigned to those who have held the shares subscribed at the IPO for 12 months without interruption.

Under the ESG profile, unlike Edil San Felice and Icop, Ubaldi Costruzioni does not qualify as a benefit company; however, it has adopted a number of initiatives aimed at reducing its environmental footprint (reduction of CO2 emissions, waste and refuse, use of eco-friendly construction techniques and sustainable plants), has Model 231 certification, and has obtained the maximum score of 3 stars in the Legality Rating. It also participated in the Marlic (Marche Applied Research Laboratory for Innovative Composites) project for sustainable materials innovation, co-funded by the European Regional Development Fund, and in the BIM (Building Information Modeling) project aimed at developing new building materials.

Ubaldi Costruzioni's economic and stock market performance to date has been considerably more brilliant than that of Ascoli Calcio (currently playing in Serie C). Who knows if the completion of the Curva Sud of the stadium will also reflect on the team some of the results achieved by Ubaldi Costruzioni.