{"id":34685,"date":"2026-04-07T08:56:11","date_gmt":"2026-04-07T06:56:11","guid":{"rendered":"https:\/\/integrae.it\/?p=34685"},"modified":"2026-04-07T08:56:12","modified_gmt":"2026-04-07T06:56:12","slug":"update-84","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-84\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>In 2025, Reway Group delivered another year of strong growth, with value of production reaching \u20ac 278.33 million, up 19.8% vs FY24A and above our \u20ac 259.00 million forecast. EBITDA came in at \u20ac 49.64 million (+16.4%), with a 18.2% margin, while EBIT reached \u20ac 38.66 million (+18.6%) and consolidated net income rose to \u20ac 21.59 million (+20.7%). NFP stood at \u20ac 68.18 million of net debt, broadly stable compared to year-end 2024, despite higher working capital absorption and the extraordinary cash-out related to the Gema earn-out. The order backlog reached \u20ac 1,024.00 million, supported by more than \u20ac 246.00 million of new contract awards in 2025, confirming the Group\u2019s strengthening positioning in infrastructure maintenance.<br><br>In light of the recently published 2025 annual results, we revise our estimates for the current year and the following forecast years. Specifically, we now forecast a FY26E production value of \u20ac 304.50 million and EBITDA of \u20ac 56.85 million, corresponding to a margin of 19.0%. For the following years, we expect the production value to increase to \u20ac 351.50 million in FY28E (CAGR FY25A\u2013FY28E: 8.2%), with EBITDA of \u20ac 69.00 million and a margin of 20.0%, up from \u20ac 49.64 million in FY25A. From a financial standpoint, we estimate for FY28E a NFP of \u20ac 16.51 million of debt. We valued Reway Group\u2019s equity using both the DCF methodology and the market multiples analysis based on a sample of comparable companies. The DCF method, which prudently includes a 1.5% specific risk premium in the WACC calculation, yields an equity value of \u20ac 557.0 million. Reway Group\u2019s equity value based on market multiples comes out at \u20ac 440.1 million. <strong>This results in an average equity value of approximately \u20ac 498.6 million. Our target price is \u20ac 12.85, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In 2025, Reway Group delivered another year of strong growth, with value of production reaching \u20ac 278.33 million, up 19.8% vs FY24A and above our \u20ac 259.00 million forecast. EBITDA came in at \u20ac<\/p>\n","protected":false},"author":5,"featured_media":15384,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[280],"class_list":["post-34685","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-reway-group-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - integrae.it \u2013 Financial Boutique<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/integrae.it\/en\/research\/update-84\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"In 2025, Reway Group delivered another year of strong growth, with value of production reaching \u20ac 278.33 million, up 19.8% vs FY24A and above our \u20ac 259.00 million forecast. EBITDA came in at \u20ac\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-84\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2026-04-07T06:56:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-07T06:56:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2023\/03\/Logo-sito-Reway.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1748\" \/>\n\t<meta property=\"og:image:height\" content=\"1240\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"amministratore integrae\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"UPDATE - integrae.it \u2013 Financial Boutique","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/integrae.it\/en\/research\/update-84\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"In 2025, Reway Group delivered another year of strong growth, with value of production reaching \u20ac 278.33 million, up 19.8% vs FY24A and above our \u20ac 259.00 million forecast. 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