November 2026
Largest Construction & Engineering Public Companies in Italy
Benchmark revenue and EBITDA valuation multiples for public comps like
Saipem, Maire, WeBuild, Rosetti Marino and ICOP.
 | Saipem SpA specializes in engineering and construction of projects for the energy and infrastructure sectors, offshore and onshore. The company operates through Asset-Based Services, Offshore Drilling, and Energy Carriers segments. Key revenue is generated from Asset-Based Services, which includes the Offshore Engineering & Construction and Offshore Wind activities. The Energy Carriers segment includes the Onshore Engineering & Construction, Sustainable Infrastructures, and Robotics & Industrialized Solutions activities. Its revenue by geographical segment includes Italy, Rest of Europe, CSI, Rest of Asia, etc. | $5 | +77% | $9.3B | $10B | 0.6x | 5.7x | ||
| Maire SpA is an Italy-based company that offers sustainable technological solutions for fertilizers, hydrogen, CO2 capture, fuels, chemicals, and polymers. The company has two business segments: Sustainable Technology Solutions (STS); and Integrated E&C Solutions (IE&CS). The IE&CS business unit, that derives maximum revenue, offers Engineering, Procurement and Construction (EPC) and, to a lesser extent, Operations and Maintenance (O&M) services. | $15 | +3% | $4.9B | $4.7B | 0.6x | 8.5x | ||
| Webuild is an Italian industrial group that builds large and complex infrastructure, including railways, metros, bridges, roads, ports, dams, hydropower plants, water treatment and desalination plants and airports. It took its present name in 2020 and grew out of the merger of Salini into Impregilo in 2014, with a history that the group dates to 1906. The company is listed on Euronext Milan and is directed by Salini Costruttori, with CDP Equity as another large shareholder. It reported 2025 revenues of 13,569 million euros and EBITDA of 1,164 million euros, with an order backlog above 58 billion euros and more than 65 percent of revenues earned outside Italy. About 95,000 people work on its projects. Through the Progetto Italia consolidation plan it acquired Astaldi, Cossi Costruzioni and Seli Overseas, and it also owns Lane in the United States and Clough in Australia. In July 2026 it launched a voluntary cash tender offer for all of Trevi Finanziaria Industriale. | $2 | -37% | $2.4B | $3.7B | 0.3x | 3.2x | ||
| Rosetti Marino is an Italian engineering, procurement and construction group based in Ravenna, founded in 1925 by Marino Rosetti. It builds topsides, living quarters, jackets, power generation, compression and utility modules for oil and gas, and has widened into renewable energy, carbon capture, offshore wind, green hydrogen and biofuel. The parent company is listed on Euronext Growth Milan and the group has about 1,200 employees. In 2025 it reported EBITDA of EUR 66.0 million, up 23 percent, a margin of 9.62 percent. In September 2026 it won an engineering, procurement and construction contract from Ineos for a platform in Denmark worth between EUR 250 million and EUR 300 million, to be completed in 2028. Oscar Guerra is chief executive. | $267 | -20% | $1B | $1B | 1.2x | 16.3x | ||
| ICOP is an Italian underground engineering company based in Basiliano, in the province of Udine, founded in 1920 by the Petrucco family. It works in special foundations, microtunnelling and marine works for critical infrastructure such as metro lines in Paris and Copenhagen, gas pipelines and aqueducts. It was the first benefit corporation in its sector and employed more than 480 people in Europe in early 2025. Its shares trade on Borsa Italiana, first on Euronext Growth Milan. In 2025 it entered the United States by buying Atlantic GeoConstruction Holdings for an enterprise value of USD 126 million, and it took control of the listed Italian geotechnical company Palingeo in September 2025. ICOP then launched a takeover bid that led to the delisting of Palingeo in January 2026. | $28 | +37% | $879M | $1.1B | 2.3x | 13.2x | ||
| Next Geosolutions Europe SpA carries out geophysical and geotechnical analysis at sea. It is an international provider of marine geoscience and offshore construction support services, operating mainly in the energy sector, with a focus on renewable energy and sustainability in all its forms. It performs marine geophysical and geotechnical surveying activities, as well as construction support activities, installation, inspection, maintenance, repair and decommissioning of offshore infrastructures (through a wide range of subsea services) both in the domestic and international market, for companies operating in the subsea power cable (Interconnector), offshore renewable energy (offshore wind farms) and Oil & Gas sectors. Geographically, it operates in Italy, Europe and Africa. | $18 | +24% | $856M | $959M | 3.1x | 12.4x | ||
| Reway Group is an Italian infrastructure group specialised in the rehabilitation of roads and motorways. It was built around the subsidiaries MGA, SOTECO and TLS, which bring about 30 years of experience in road maintenance. The group listed on Euronext Growth Milan and expanded into railway maintenance through the 2023 acquisition of Se.Gi. and into infrastructure design through the 2024 acquisition of Vega Engineering. In July 2026 Rinova BidCo, a vehicle of Renaissance Partners, bought 83.38 percent of the shares from the Luccini holding and other holders at EUR 10.31 per share and launched a mandatory tender offer for the rest aimed at delisting. The company states a backlog of roughly EUR 955 million. | $12 | -6% | $449M | $506M | 2.1x | 10.7x | ||
| Trevi Finanziaria Industriale is the listed holding company of the Trevi Group, an Italian engineering group based in Cesena that carries out special foundations, soil consolidation and underground works. It was set up in Cesena in 1957 by Davide Trevisani and has been listed on the Milan stock exchange since 1999. The group executes geotechnical contracts worldwide and builds the drilling and foundation machinery used on them through its Soilmec business. In 2025 it reported revenue of EUR 624 million, recurring EBITDA of EUR 85.5 million and net debt of EUR 187.4 million. CDP Equity, with about 21.3 percent, is its reference shareholder, and a EUR 100 million rights issue was completed in June 2026. It sold its oil and gas division to the Indian MEIL group in 2020 to refocus on foundations. | $6 | +8% | $376M | $478M | 0.7x | 7.1x | ||
| Somec SpA engaged in the engineering, design, and implementation of complex turnkey projects in the civil and naval sectors operating through three divisions Horizons: engineered systems of naval architecture and civil facades; Talenta: professional kitchen systems and products; and Professions: design and creation of customized interiors. | $27 | +56% | $193M | $240M | 0.6x | 7.4x | ||
| Mare Engineering Group SpA is an engineering consultancy company that has an objective to deliver engineering services to large companies. | $6 | +25% | $136M | $201M | 3.1x | (46.4x) | ||
| Edil San Felice is an Italian infrastructure maintenance and construction company based in Nola, near Naples, and organised as a benefit company. Founded in 1979, it builds and maintains roads and motorways, installs road safety barriers and signage, and carries out industrial and civil building works, environmental remediation and cleaning services. Autostrade per l'Italia is among its main customers. The shares were admitted to Euronext Growth Milan in September 2023, when the placement raised EUR 10.75 million before the over-allotment option. Lorenzo Di Palma is chief executive. For 2025 the group reported EBITDA of EUR 11.1 million, up 20%, and a backlog of EUR 251 million for 2026. Its first acquisition after the listing was the restoration company Sogem in October 2023. | -- | -- | $100M | $88M | 1.5x | 7.4x | ||
| PLC is an Italian group based in Acerra, near Naples, that builds and maintains electrical infrastructure for renewable power plants. It was founded in 1996 by Francesco Esposito as PLC System, an electrical installation firm in Casandrino, and has been listed on the Italian stock exchange for several years. Its work covers high and medium voltage electrical substations and connections, engineering, procurement and construction, and ordinary and extraordinary maintenance for photovoltaic, wind and battery storage plants. The group also develops plants of its own under build, operate and transfer arrangements. In 2025 it reported revenues of EUR 86.18 million, EBITDA of EUR 14.95 million and a net financial position that was positive by EUR 25.54 million. Since August 2026 Lizard Renewables controls 73.53 percent of the share capital through Pendant Power, which has launched a mandatory tender offer aiming at delisting. | $3 | +45% | $89M | $60M | 0.6x | 3.7x | ||
| Espe is an Italian renewable energy group headquartered in Grantorto, in the province of Padua, and listed on Euronext Growth Milan. It has operated in the energy sector since 1974 through industrial electrical systems and automation, and since 2003 has worked as an engineering, procurement and construction contractor for photovoltaic plants and ground-mounted solar parks. It also acts as a system integrator and owns the ESPE-branded technology for mini wind turbines and biomass cogenerators, and in 2025 it launched a line of prefabricated power stations. Its customers are industrial groups, small and medium companies and Italian and international investors. It has expanded through acquisitions including Permatech, Soland and Secur Impianti, and reported an order backlog of about EUR 124 million in June 2026 and first-half 2026 EBITDA of EUR 7.8 million. | $5 | +50% | $65M | $81M | 0.8x | 5.2x | ||
| Franchetti is an Italian engineering and software group based in Arzignano, in the province of Vicenza, that develops software and engineering design for the predictive maintenance and safety of infrastructure such as bridges, viaducts, dams and tunnels. It is listed on Euronext Growth Milan under the ticker FCH and is led by chief executive Paolo Franchetti. Growth has come partly through acquisitions: Matildi+Partners, a Bologna structural design firm bought in November 2024, a majority of the Austrian company Strucinspect in January 2025, and 55 percent of the Brazilian ECR Group in March 2026. For 2025 the company reported stand-alone production value of EUR 12.5 million and EBITDA of EUR 3.5 million. The group serves infrastructure owners and public bodies in Europe and Latin America. | $7 | +27% | $62M | $71M | 8.7x | 19.8x | ||
| Ubaldi Costruzioni is an Italian construction company based in Maltignano, in the province of Ascoli Piceno, listed on Euronext Growth Milan. It builds public and private works across central Italy, including roads, aqueducts, urbanisation works, civil and industrial buildings, hydraulic and maritime works, structural works and wastewater treatment plants. The company is run by the Ubaldi family, with Massimo Ubaldi as chief executive and investor relations contact, and its website dates the business to 1946. Public sector clients account for most of its work. For 2025 it reported a value of production of EUR 44.6 million, revenues of EUR 42.6 million, EBITDA of EUR 8.6 million at a margin of 19.2 percent, net profit of EUR 5.1 million and net cash of EUR 8.3 million. At 30 June 2026 its order backlog stood at about EUR 207.8 million. | $6 | +19% | $57M | $49M | 1.0x | 5.1x | ||
| DBA Group is an independent Italian holding company that provides consulting, architecture, engineering and project management services, together with ICT solutions for the life cycle management of mission-critical networked works and infrastructure. It was founded in 1991 by the De Bettin brothers and is headquartered in Villorba, near Treviso. The Fondo Italiano d'Investimento took a stake in its capital in 2011, and the company has been listed on Euronext Growth Milan, previously the AIM segment of Borsa Italiana, since 2017. The group reports revenues of EUR 129.8 million, about 1,000 professionals, more than 400 customers and operations in nine countries. Its growth strategy mixes organic expansion with acquisitions in engineering, such as General Planning in 2022 and Proyectos IFG in Spain in 2025, and it targets data center, energy and infrastructure markets. | $5 | -4% | $51M | $57M | ||||
| ETS is an Italian engineering and technical services group with its legal seat in Bergamo and an operating office in Villa d'Almè. It provides integrated engineering and design, construction supervision, project management, BIM, cyber security, energy management, hydrogen, nuclear, fire prevention, MEP design, structural and seismic assessment and acoustics. It serves data centers, defense, energy, sports facilities, industry, infrastructure, ports and airports, healthcare and schools. The company cites more than 120 professionals and more than 30 years of experience. It listed on Euronext Growth Milan on 26 September 2025 at 5 euros per share and reported first-half 2026 revenue of 7.4 million euros, up 15.5 percent. In 2026 it bought 51 percent of the Swiss firm Baq through its subsidiary ETS NH and 51 percent of the Italian structural design firm ST. | $8 | -- | $37M | $30M | ||||
| Esi is an Italian company listed on Euronext Growth Milan that works as an engineering, procurement and construction contractor and energy system integrator in renewable energy. It builds photovoltaic plants, wind farms, off-grid, mini-grid and hybrid systems, and integrates battery energy storage systems so that different units work together. It reported 2025 revenue of EUR 18.42 million and an order backlog of EUR 24 million at the end of 2025. Since the beginning of 2026 it has also operated as an independent power producer. In May 2026 it signed a binding agreement to be merged into Innovatec, which already held 32.45% of its capital, with completion of the merger expected by the end of the second half of 2026. | $2 | +4% | $13M | $19M | ||||
| Ediliziacrobatica is an Italian company that carries out exterior renovation and maintenance work on buildings using the double safety rope technique, founded in 1994 by the Genoese skipper Riccardo Iovino. It is listed on Euronext Growth Milan under the ticker EDAC and on Euronext Growth Paris under the ticker ALEAC. By March 2023 the group had more than 2,100 employees, about 400 of them in the United Arab Emirates, and more than 120 operating sites in Italy, the United Arab Emirates, France, Spain and the Principality of Monaco. It has grown by acquiring rope-access and building maintenance companies, among them Enigma Capital Investments in Dubai in 2023 and Verticaline in north-east Italy in 2025. Anna Marras is chief executive and a shareholder of the company. The group serves private owners, condominiums and businesses. | $1 | -77% | $11M | $69M | ||||
| Renovalo is a Rome-based general contractor specialised in urban regeneration, building renovation and energy efficiency upgrades. It also offers design and diagnosis services and works on public contracts. The company was formerly known as Imprendiroma and has been listed on Euronext Growth Milan since July 2022. The group has about 250 professionals and eight controlled companies, among them General Impianti, Stiltermica, Powerin, H501 City Hub, Next Factory, Arimondi Real Estate and Krome in the United Kingdom. Its 2024 revenue was EUR 33.6 million with EBITDA of EUR 2.0 million, down sharply from the Superbonus peak. Its 2026 to 2029 plan repositions it as a national general contractor. | $1 | -49% | $7M | $3M | ||||
| Median | $6 | +14% | $118M | $144M | 0.8x | 6.4x |
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