Webuild beats estimates in 2023, revenues to 10 billion

The Webuild Group closes 2023 with all-time high results that significantly exceed the guidance for the year. Revenues stand at EUR 10 billion, up 22% from EUR 8.16 billion in the previous year. Net profit doubled to 236 million, up from 118 million in 2022. EBITDA grew by 43% to 819 million. The Board of Directors proposes to the shareholders' meeting, convened for 24 April, a dividend of EUR 0.071 per ordinary share, up 25% compared to 2022, and EUR 0.824 per savings share.

Webuild's net financial position as at 31 December 2023 was positive by EUR 1.4 billion, recording the group's best result ever. Gross debt fell to EUR 2.6 billion. Last year, Webuild further consolidated the 'development path started in 2012, marking results at an all-time high, made possible thanks to a clear and consistent strategy, supported by the mega structural trends at global level that are giving a strong impetus to investments in infrastructure,' explains a group note.

Webuild is 'confident about the group's future prospects' on the basis of the results for the financial year 2023 and anticipates 2024 as the end of the 2025 plan. For 2024, a continuation of the growth trend is expected with revenues in excess of EUR 11 billion and EBITDA in excess of EUR 900 million.

Last year, the total order backlog amounted to EUR 63.7 billion, of which EUR 54.9 billion related to construction and EUR 8.9 billion to concessions and maintenance. Geographically, the order backlog is mainly distributed among Italy, Central and Northern European countries, the United States, the Middle East and Australia, mainly in segments related to sustainable mobility such as high-speed railways and the road sector. Total new orders acquired in 2023 amount to approximately EUR 22.4 billion, of which more than 95% were acquired in key geographies with a low risk profile. From the beginning of 2024, new orders, including projects for which Webuild was the highest bidder, amount to approximately EUR 4.9bn.

Webuild made over 12,000 new hires in 2023 and 'successfully managed the challenge of staff shortages', a note explains. The group's projects worldwide employ a total of 87,000 people, of which 16,900 in Italy. 2023 marks a year of significant progress on the ESG front, far exceeding the targets the group had set itself in the 2021-2023 plan. In particular, the emissions intensity rate has been reduced by 67%. In addition, in terms of health and safety, the rate of accidents with loss of working days showed further improvement, having reached the target set in the previous year (-41% compared to the target of 40% by 2022).