Record Demand Supports Webuild’s Successful Liability Management and 2032 Bond Placement

Record Demand Supports Webuild’s Successful Liability Management and 2032 Bond Placement

(IN BRIEF) Webuild has completed a €500 million bond issuance due in 2032 alongside the repurchase of nearly half of its outstanding 2027 notes as part of a liability management transaction designed to strengthen its debt profile. The operation attracted record investor demand of more than €2.5 billion, allowing the company to increase the size of the issuance and improve pricing conditions. Webuild said the transaction extends the maturity of its debt structure, with more than 90 percent of maturities now pushed beyond September 2028. The financing operation also marks the company’s first bond issuance since completing its 2023–2025 Business Plan and following its recent credit rating upgrade to double BB+ by Standard & Poor’s.

(PRESS RELEASE) MILAN, 8-May-2026 — /EuropaWire/ — Webuild Group has successfully completed a major liability management transaction that included a new €500 million bond issuance due in 2032 and the partial repurchase of existing notes maturing in 2027, reinforcing investor confidence in the group’s financial position and long-term outlook.

The Italian infrastructure and engineering group said the operation confirms its continued ability to access international capital markets under favourable conditions despite ongoing geopolitical uncertainty and macroeconomic volatility. The transaction also represents Webuild’s first bond issuance following the completion of its 2023–2025 Business Plan, which the company said exceeded its original targets.

As part of the operation, Webuild completed the placement of new senior notes maturing in May 2032 for a total amount of €500 million. At the same time, the group finalized a tender offer on bonds due in 2027, repurchasing approximately €121 million in outstanding notes, equivalent to nearly half of the existing nominal amount.

Investor demand for the new bond significantly exceeded expectations. According to the company, orders surpassed €2.5 billion, more than five times the size of the original offer, representing the highest level of investor demand recorded in the group’s history. Strong interest from institutional investors enabled Webuild to increase the transaction size from the initially planned €400 million to €500 million while simultaneously tightening pricing by 50 basis points compared with initial guidance.

The final yield on the new notes was set at 4.50 percent, allowing the company to effectively eliminate any new issue premium. Webuild noted that approximately 75 percent of the investor base was international, with the strongest participation coming from investors in the United Kingdom, France, and Germany.

The transaction also reflects the company’s strengthened credit profile following the recent upgrade by Standard & Poor’s to a double BB+ rating with a stable outlook in November 2025. Webuild stated that the refinancing initiative supports proactive management of its corporate debt profile by extending the average maturity of outstanding obligations and pushing more than 90 percent of debt maturities to September 2028 and beyond.

In addition, the company said it continues to maintain a largely fixed-rate debt structure, with more than 95 percent of debt at fixed rates and an average borrowing cost of approximately 5.1 percent, broadly unchanged following the refinancing operation.

A syndicate of major international financial institutions participated in the transaction. BNP Paribas, BofA Securities Europe, Deutsche Bank, Goldman Sachs International, HSBC Continental Europe, Intesa Sanpaolo, J.P. Morgan, Natixis, and UniCredit acted as Joint Lead Managers, while BBVA, BPER Banca, Citigroup, and Crédit Agricole Corporate and Investment Bank served as Co-Managers.

Webuild also linked the successful financing operation to broader recognition of the group’s operational and engineering capabilities. The company recently appeared in TIME magazine’s TIME100 Most Influential Companies 2026 ranking, which highlighted Webuild’s role in delivering large-scale and technically complex infrastructure projects worldwide.

Webuild is a global leader in the construction of large, complex infrastructure, with a focus on sustainable mobility, hydropower, water treatment and supply, and green buildings. It has long been recognised as the world’s top contractor in the water infrastructure sector. Active in approximately 50 countries, the Group employs some 95,000 people directly and indirectly of over 125 nationalities. With 120 years of history and over 3,700 completed projects, Webuild boasts a track record that includes 13,686 kilometres of railways, 895 kilometres of metros, 82,708 kilometres of roads and highways, 1,023 kilometres of bridges and viaducts, 3,466 kilometres of tunnels, and 320 dams and hydropower plants. Among its most iconic delivered projects are the Grand Ethiopian Renaissance Dam, the expansion of the Panama Canal, the Long Beach International Gateway in the United States, the Second Bosphorus Bridge in Turkey, the Riachuelo environmental restoration system in Argentina, and new metro lines in cities such as Copenhagen, Paris, Rome, Milan, Naples, Doha, Thessaloniki, and Riyadh. Among those under construction are strategic public works in Italy, such as the New Genoa Breakwater, the Brenner Base Tunnel, the Pedemontana Lombarda Highway, Rome Metro’s Line C, sections of high-speed and/or high-capacity railways between Genoa and Milan, Verona and Padua, Naples and Bari, and Palermo, Catania and Messina. Abroad, there is the Snowy 2.0 hydropower scheme in Australia and key sections of the Grand Paris Express in France. As of December 31, 2025, the Group reported total revenues of €13.6 billion and a total order backlog of €58.4 billion, with over 95% of the construction backlog aligned with the United Nations Sustainable Development Goals. Webuild is headquartered in Italy and subject to the direction and coordination of Salini Costruttori S.p.A. Listed on the Milan Stock Exchange (WBD; WBD.MI; WBD:IM), its stock is included in the MIB ESG index of Italy’s leading blue-chip companies for ESG practices.

More information at www.webuildgroup.com

Media contact:

Francesca Romana Chiarano
Webuild – Senior Manager – Media Relations
Tel. +39 02 444 22147
email: f.chiarano@webuildgroup.com

SOURCE: Webuild S.p.A.