MILAN, May 30, 2025 – Fitch Ratings has upgraded its rating for Webuild to “BB+” from “BB” and given it a Stable Outlook, putting the Group only one step from becoming investment grade.

The rating upgrade rewards the path on which Webuild embarked in recent years with vision and coherence to grow and create value. According to Fitch, the rating action is driven by the Group’s solid business profile, underpinned by leading market positions across multiple sectors, a robust order backlog of €53.4 billion at the end of 2024 that ensures strong revenue visibility, and solid geographical diversification. This ensures that Webuild is in a good position to benefit from rising public infrastructure investments in key markets such as Central and Northern Europe, Australia, the United States, and the Middle East.

The upgrade also reflects Webuild’s improved financial structure thanks to better contract structures that support margins through cost pass-through mechanisms, a high share of revenue from lower-risk economies, and reduced working capital volatility.

Fitch highlights that Webuild’s strategy focuses on large, complex, value-added infrastructure projects with high engineering content. The infrastructure market is proving itself to being an engine of economic growth and promoter of global sustainability amid a strong increase in demand for investment in infrastructure that facilitates low carbon emissions for transport, energy security, and the management of critical resources, such as water. In this dynamic context, Webuild has known how to seize opportunities, creating a solid track record. Today, the Group registers 90 percent of its backlog in construction orders as being connected to projects designed to achieve sustainable development goals set by the United Nations.  

Analyst highlights that the Group maintains a strong domestic market position across its different businesses, coupled with healthy revenue visibility and good contract risk management - attributes typically associated with investment-grade engineering and construction companies.

Looking ahead, Fitch expects a further strengthening of Webuild's financial structure, an improvement in margins between 2026 and 2028, supported by cost-efficiency initiatives and a portfolio of high-margin contracts secured over the past 12 to 15 months — particularly in Italy, where Webuild is the largest engineering and construction company — and by the company’s expanding footprint in Australia, thanks to its acquisition of Clough.

Read the declaration by Pietro Salini
Satisfaction for Fitch rating upgrade to “BB+”. Reward for Group’s solid industrial model, strategic vision to help countries develop

Read the declaration by Massimo Ferrari
Fitch rating upgrade to “BB+” puts Group one step from investment grade