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Webuild closed the first half of 2023 with adjusted net profit attributable to the Group of 23 million euros, down from 64 million in the first half of 2022. Adjusted revenues amounted to 4,564 million euros, up 18% from 3,873 million one year ago. The increase in revenues is supported by the development of industrial activities in the domestic sphere, also thanks to investments in sustainable mobility as part of the national recovery and resilience plan (high-speed/high-capacity railways Milan-Genoa, Verona-Padua and Naples- Bari), and increased production of the orders in Australia (Snowy Hydro 2.0 and North East Link in Melbourne) and in the Middle East (Diriyah Square Super Basement in Saudi Arabia).
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Adjusted Ebitda stood at 289 million, up 15% compared to the first half of 2022 with a margin of 6.3%, while adjusted Ebit reached 139 million (+12%) with a margin of 3%. Since the beginning of 2023, the group has recorded new orders of 17.7 billion euros, exceeding the guidance of 10-10.5 billion for the full year 2023. A large part of the new orders continues to come from abroad. Webuild’s construction portfolio as at 30 June 2023 reached record levels, amounting to over 51 billion euros, and covers 100% of the target revenues by 2025.
Order portfolio over 60 billion
The total order backlog amounts to 60.7 billion euro, of which 51.4 billion relating to construction and 9.4 billion relating to concessions and operation & maintenance. The growth trend of backlog construction continues by approximately 17% compared to December 2022. The net financial position as at 30 June 2023 was positive by 438 million, a strong improvement compared to 30 June 2022 by over 835 million. In the light of the half-yearly accounts, the 2023 guidance was confirmed: Book to bill higher than 1.1 times, revenues between 9 and 9.5 billion euros, Ebitda between 720 and 760 million and maintenance of a positive net financial position (cash net).