{"id":37015,"date":"2026-10-20T09:23:26","date_gmt":"2026-10-20T07:23:26","guid":{"rendered":"https:\/\/integrae.it\/?p=37015"},"modified":"2026-10-20T09:23:28","modified_gmt":"2026-10-20T07:23:28","slug":"update-123","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-123\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>In 1H26A, Reway Group recorded a Value of Production of \u20ac 146.75 million, up 8.9% compared to \u20ac 134.75 million in 1H25A, while sales revenues increased by 26.0% to \u20ac 137.29 million, supported by the progressive execution of projects in the road, motorway and railway segments. EBITDA stood at \u20ac 26.41 million, substantially stable compared to \u20ac 26.24 million in the comparable period, with the EBITDA margin decreasing to 18.0% from 19.5%, mainly due to the higher incidence of service costs and subcontracted activities. EBIT remained stable at \u20ac 20.99 million, while Net Income reached \u20ac 11.04 million compared to \u20ac 12.37 million in 1H25A. From a balance sheet perspective, NFP improved to \u20ac 60.10 million of debt compared to \u20ac 68.18 million at year-end 2025, benefiting from positive operating cash generation.\u00a0<br><br>In light of the results published in the 1H26A interim financial report, we confirm our estimates for the current year and the following years.In particular, we estimate FY26E Value of Production at \u20ac 304.50 million and EBITDA at \u20ac 56.85 million, corresponding to a margin of 19.0%. For the following years, we expect Value of Production to increase to \u20ac 351.50 million in FY28E (25A-28E CAGR: 8.1%), with EBITDA reaching \u20ac 69.00 million, corresponding to a margin of 20.0%, compared to \u20ac 49.69 million in FY25A, corresponding to an EBITDA margin of 18.2%. From a balance sheet perspective, we estimate FY28E NFP at \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 401.9 million. Reway Group\u2019s equity value based on market multiples comes out at \u20ac 398.6 million. <strong>This results in an average equity value of approximately \u20ac 400.2 million. Our target price is \u20ac 10.31, with a HOLD rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In 1H26A, Reway Group recorded a Value of Production of \u20ac 146.75 million, up 8.9% compared to \u20ac 134.75 million in 1H25A, while sales revenues increased by 26.0% to \u20ac 137.29 million, supported by<\/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-37015","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-123\/\" \/>\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 1H26A, Reway Group recorded a Value of Production of \u20ac 146.75 million, up 8.9% compared to \u20ac 134.75 million in 1H25A, while sales revenues increased by 26.0% to \u20ac 137.29 million, supported by\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-123\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2026-10-20T07:23:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-10-20T07:23:28+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-123\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"In 1H26A, Reway Group recorded a Value of Production of \u20ac 146.75 million, up 8.9% compared to \u20ac 134.75 million in 1H25A, while sales revenues increased by 26.0% to \u20ac 137.29 million, supported by","og_url":"https:\/\/integrae.it\/en\/research\/update-123\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2026-10-20T07:23:26+00:00","article_modified_time":"2026-10-20T07:23:28+00:00","og_image":[{"width":1748,"height":1240,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2023\/03\/Logo-sito-Reway.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"amministratore integrae","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/integrae.it\/en\/#website","url":"https:\/\/integrae.it\/en\/","name":"integrae.it \u2013 Financial Boutique","description":"CORPORATE FINANCE EQUITY RESEARCH EQUITY SALES &amp; 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