Webuild's 2025 results were generally well-received by financial analysts, who highlighted the solidity of the growth recorded in recent years and the group's favorable positioning to improve profitability and cash generation in the next industrial cycle. Overall, the analysts' consensus indicates that Webuild enters the next industrial phase with solid fundamentals, a very high backlog, and a diversified international presence. In this context, the new industrial plan in June is expected to be the next catalyst to further highlight the group's value creation potential. According to Intermonte, which has a buy rating and a target price of 4.5 euros on the stock - the year's results exceeded expectations thanks to particularly robust revenue dynamics. Revenues of 13.6 billion euros, up 15% year-on-year, confirm the strong expansion trend of recent years. From 2022 to 2025, in fact, Webuild showed an average annual revenue growth rate of around 18%, supported by a high acquisition of new orders.
Analysts highlight how the size achieved by the group today represents a significant strength. The total backlog stands at approximately 59 billion euros, of which 50 billion are in the construction segment, ensuring coverage equivalent to about four years of revenues. This level of visibility, according to observers, provides a very solid basis for planning in the coming years. Equita (buy rating, target price 4.1 euros) also emphasizes the substantial achievement of Ebitda expectations in 2025. Management also highlighted that all operational activities are proceeding regularly.
Looking to 2026, the company has provided cautious guidance in light of uncertainties related to the geopolitical context: revenues are expected to be stable, while initiatives aimed at improving profitability and cash generation are expected to continue, maintaining a positive net cash position. Analysts believe that opportunities in the infrastructure sector remain significant despite the geopolitical context, with Webuild well-positioned to seize them thanks to its geographical presence. For the new industrial plan, scheduled for June, Intermonte expects a continued focus on improving margins and cash generation, reflecting the growing quality of the order portfolio, improved implicit project profitability, and greater selectivity in acquiring new contracts.
From a geographical perspective, prospects remain interesting in several key markets. Equita particularly highlights the strong commercial pipeline in Australia, set to represent one of the group's main growth areas. In the United States, moreover, the turnaround process is proceeding positively and is significantly improving the quality of the backlog in a rapidly expanding infrastructure market.
Analysts also emphasize the progress made in the balance sheet strengthening strategy. In recent years, Webuild has significantly reduced the risk profile of its activities, focusing on more stable geographical areas and increasing operational scale.
A further positive element for the group comes from the publication in the Official Gazette of the Commissioners' decree, which provides for a total allocation of 2.8 billion euros in favor of Rete Ferroviaria Italiana: 1.8 billion for 2026 and 1 billion for 2027. The resources are intended to reduce the company's debt exposure and replace funds already used by RFI for the payment of companies and suppliers involved in the construction of railway infrastructure and major mobility works. According to observers, the measure helps to strengthen the spending capacity of the infrastructure supply chain and represents a favorable signal for the main operators in the sector, including Webuild.
