Webuild he launched atakeover bid volunteer to detect the wholeness of the ordinary shares of Trevi Industrial FinanceThe operation, approved by the board of directors of the group led by Peter Salini, points to 100% control of the company listed on Euronext Milan and specialized in underground engineering, and overtakes the public exchange offer on Trevi announced by Friulian Icop last June 28, 2026.
Webuild has put on the table €4,50 per share, to be paid in full in cash, valuing Trevi at around 295 million euros and recognising a +29,8% premium compared to the price of the Trevi share at the close of business on June 26, 2026 (equal to 3,467 euros), the last trading day before the start of the operations on the issuer.
"For us, this is a significant investment in our expertise. We're bringing Trevi, a leader in excellence, into a global group, guaranteeing it scale, financial solidity, and access to a €54 billion order book, while preserving its expertise, people, and identity," Salini commented. The company plans to file its offer document. after the summerand, start the period of joining in autumn e to complete the operation before the end of the year.
Trevi Fin Ind runs at Piazza Affari with a +8,26%, while Webuild Webuild shares rose more than 3% to €2,19. Shares had surged above €4,3 following the announcement of the Messina Strait Bridge project in Sicily about a year ago, only to plummet to current levels after economic and political setbacks emerged.
Webuild: First step toward its Industrial Plan, due in September. Benefits for both companies.
Today's operation represents the first concrete step towards the creation of the new Industrial Plan 2026-29 which will be announced at end of September, says the company. “Through the'acquisition of Trevi we would bring into the Group strategic skills high added value, increasing control over project execution and strengthening competitiveness in tenders that present high geotechnical complexities" he said Pietro Salini adding that “the operation will allow Webuild to internalize high-value-added processing phases, currently outsourced, while strengthening its competitive positioning." And again, he added, "from a financial standpoint, the offer launched on Trevi is already fully funded. The operation" also "creates value for all Trevi stakeholders."
Also for Trevi Benefits are expected: "The transaction will guarantee direct access to Webuild's order book and commercial pipeline, which will be added to its own," said Salini. Furthermore, "Trevi will maintain its identity, with its headquarters in Italy. It will continue to serve both Webuild's projects and third-party clients, leveraging its technical and managerial excellence, in Italy and abroad," Salini continued, emphasizing that "joining the Webuild Group will allow Trevi to enhance the Group's global positioning in large infrastructure projects, seizing further growth opportunities in the international infrastructure market."
Icop's previous offer was based on a share exchange. Webuild's offer is entirely in cash.
Icop she was the first to come forward promoting a public exchange offer based on the share exchange: had launched a takeover bid on all the ordinary shares for a consideration equal to 0,133 newly issued ordinary Icop shares for each Trevi share tendered. The operation Webuild change the scenario by proposing an alternative entirely in cash. The cash takeover bid gives Trevi a 14,4% higher valuation compared to that implied by Icop's offer, calculated on the stock market prices of Icop shares before the announcement.
Webuild's stated objective is the consolidation of the geotechnical sector, with synergies expected to be around 90 million euros, thus making the operation accretive on theEbitda for 150-170 million, including synergies.
From an operational point of view, the operation aims to consolidate the'integration between the two realities, allowing Webuild to strengthen Trevi's specialization in special foundations and in underground engineering, These sectors are crucial for the construction of major projects. With Trevi's entry, the group aims specifically to secure greater control over the quality, timing, and execution of its entire order backlog, which currently stands at nearly €54 billion, by presenting itself in international tenders with a more competitive, end-to-end integrated offering, the company says.
Revenues remained stable in the first half of the year. Total order backlog reached €53,7 billion.
At the same time as announcing the takeover bid for Trevi, Webuild also announced the financial results of the 1nd semester, finished with revenues for 6,65 billion euros, essentially stable compared to the 6,64 billion recorded in the same period of the previous year. gross operating margin rose to 673 million euros, up 13,6% compared to 592 million in the first half of 2025 with an improvement in margins from 8,9% to 10,1%. Operating income reached 464 million euros, up 15% compared to 404 million in the same period of 2025, while theNet income adjusted net income attributable to owners of the parent company amounted to 113,1 million euros, down compared to 131,87 million in the first half of 2025.
In the first half of 2026, the order book total is equal to 53,7 billion euros, of which 46,6 billion relating to construction and 7,2 billion relating to concessions and operation & maintenance. The total new orders acquired Since the beginning of the year, including variation orders, it has amounted to €7,7 billion, of which over 95% was acquired in key geographies with a low risk profile. This includes €0,8 billion races in which Webuild emerged as the highest bidder. The short-term commercial pipeline amounts to €108,3 billion and includes tenders submitted and pending for €19,6 billion and tenders in preparation for €14,2 billion.
At the end of June 2026 the net financial position Webuild was positive (net cash) for 110 million euros, compared to 363 million at the end of 2025, with a relationship between gross debt and EBITDA equal to 2,67 times, in line with that of the end of 2025. Webuild reported that the change compared to December 31, 2025 reflects the typical dynamics of the cycle relating to the certification of works and payments by public administrations, more concentrated in the second half of the year.
Massimo Ferrari Webuild's general manager, corporate and finance, responding to an analyst's question during the first half-year financial statement presentation call. predicts, if the operation with Trevi goes well, that "the cost of debt remain substantially on line with the current one. Following the acquisition, we expect to be able to increasingly access the capital markets, benefiting from the Group's greater financial flexibility” and added “we believe that the integration will offer further opportunities for reduce and optimize the financial profile overall Group”.
For 2026, guidance with revenues exceeding 13,6 billion and gross operating margin of over 1,2 billion
In light of the results achieved and the visibility guaranteed by the order portfolio, Webuild's management has defined a strategic plan for the 2026 financial year guidance which provides revenues exceeding 13,6 billion euros, a gross operating margin of over 1,2 billion euros with further improving margins and a positive net financial position exceeding 300 million euros at the end of the year. Webuild clarified that the 2026 guidance is formulated on a standalone basis and does not include the effects of the offer on Trevi Group. Intermonte calls the accounts "solid" and "the 2026 outlook is better than consensus expectations."
