Milan, July 5, 2021 – Webuild (MTA:WBD) announces that Fitch Ratings has affirmed the Group’s rating at “BB” and improved the Outlook to “Stable” from “Negative”.

The affirmation of the rating reflects improvements in the financial profile driven by the reduction in net debt position despite the pandemic, supported by higher-than expected working capital inflows, expected significant free cash flow generation in 2021-2022 and solid growth prospects for the medium term supported by rapidly growing order book and working capital performance.

Fitch stated: “Webuild's credit profile remains supported by its solid business profile, characterised by strong market position and healthy order backlog, which we consider to be in line with an investment-grade rating. The business profile is mainly underpinned by leading market positions in niche markets and sound geographical diversification”.

The Stable outlook mainly reflects increasing order backlog and strong pipeline of opportunities driven by improved construction market backdrop leading to expected improving profitability and leverage profile. Fitch views Webuild’s increasing exposure to developed markets, especially the United States, Europe and Australia, as positive for its credit profile.

It also sees Astaldi’s integration, the potential synergies that it implies, and Webuild's knowledge of the company due to the projects it shares with it, mitigating any execution risks related to the acquisition.