BREAKING NEWS 06.06.2024

In the press release dated June 4th, 2024, Reway Group SpA – an Italian leader in the restoration of road and highway infrastructure, and since 2023, in the maintenance of the railway network – announced that its subsidiary Gema SpA, one of the main operators in the maintenance of infrastructure and civil works in the railway sector, has been awarded three new railway contracts. The total value of the contracts, awarded to Gema by Rete Ferroviaria Italiana (RFI), amounts to approximately € 48.40 million. Specifically, the first contract involves extraordinary civil and technological maintenance of several RFI railway buildings located in Lazio and Sardinia. Gema, as the leader of a temporary association of companies (ATI) with a 28.0% share, will manage works for a relevant amount of over € 29.00 million. The works will begin between the last quarter of 2024 and the early months of 2025, will last approximately 4 years, and will involve around 20 specialized workers and project coordinators. Additionally, Gema will act as the lead company, with a 46.0% share, in a temporary association of companies (ATI) for the design and execution of extraordinary maintenance works on some RFI civil structures in Rome. These works, worth approximately € 14.70 million for Gema, will begin in September 2024 and will be completed in about 18 months. Reway Group’s subsidiary will also participate, with a 16.6% share and an amount of € 4.70 million, in a temporary consortium of companies that has been awarded the contract for the doubling of the Valle Aurelia – Vigna Clara line. This project represents the first functional phase (Lot 1A) of the overall “Chiusura Anello ferroviario di Roma” project, aimed at enhancing passenger commercial services and creating a route for freight traffic around Rome, thereby improving accessibility to the railway system. Thanks to the acquisition of these important new contracts, the total value of contracts awarded to Gema under Reway Group’s management rises to € 132.40 million, bringing the Group’s overall order backlog to approximately € 983.00 million, before accounting for the amount billed in the second quarter of 2024. The new works add to the contracts obtained by Gema in the early months of 2024, which mainly include four new framework agreements in the railway sector and smaller contracts for the maintenance of railway structures, totaling € 84.00 million. The acquisition of these contracts by Gema fits positively into the strategy of consolidating its presence in the railway sector, significantly contributing to the achievement of the Group’s industrial plan objectives. Therefore, we confirm our recommendation: the target price is €8.30, with a BUY rating and MEDIUM risk.

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