2025 was a year marked by profound tensions. In the Middle East, ongoing conflicts reshaped regional balances, with consequences extending far beyond geographical borders: disrupted or lengthened air routes, volatile energy prices and supply chains under increasing pressure. The war in Ukraine entered its third year without a stable prospect of peace, becoming a structural reality with which Europe must contend on multiple fronts. In such a context, operating consistently across Italy, France, Norway, Greece, Argentina, Brazil, Canada, Australia, New Zealand and Vietnam required determination that went far beyond technical capability alone.

Yet it is precisely in times of greatest uncertainty that the deeper meaning of our work becomes clearer. Those who build infrastructure — those who excavate tunnels, opening underground corridors between cities and continents — demonstrate every day, through their actions, that they believe in the future. Every project we deliver represents a commitment to those who will come after us: to the communities that will use these assets and to the generations that will inherit their value.

For Ghella, sustainability is precisely this: a choice that looks to the long term. It is not a response to short-term pressures or an adaptation to market expectations, but rather a vision deeply rooted in the identity of this company and of the family behind it. We believe in economic sustainability because we know that only a financially sound business can afford to remain true to its values when faced with adversity. We also believe in social sustainability because we have never separated Ghella’s success from the well-being of our people and of the communities through which our projects pass. The same vision guides our commitment to limiting our environmental impact and contributing to a more sustainable model of development. This is why, even in a year in which many global players slowed or postponed their commitments to the ecological transition, Ghella stayed the course. We continued our journey towards reducing greenhouse gas emissions by 25% by 2030, advanced the procurement of energy from renewable sources and strengthened circular economy practices across our construction sites.

We look to the years ahead with the clarity of those who know the road and have no intention of abandoning it. The ambition that drives us is not one of size for its own sake, but rather one of responsible excellence: to be a trusted partner, a company that leaves a positive legacy in the places where it operates, and a business capable of combining technical rigour with a human-centred vision.

I would like to thank our people — on our projects and in our offices, in Italy and in every corner of the world where we operate — for the dedication and professionalism with which they do an extraordinary job every day, often in highly complex environments. I would also like to thank our partners and clients for the trust they continue to place in Ghella. And, with the same conviction as always, I reaffirm our commitment: to build well, to build responsibly and to build for future generations.

Enrico Ghella 
Chairman and Chief Executive Officer 

We have adopted a framework of principles, policies, management and oversight tools to ensure the responsible governance of our activities. Business conduct is a cornerstone of our ESG Strategy: we believe that only through consistency and integrity in our actions can lasting value be created, in line with the principles set out in the Code of Ethics.

"Seeing a project come to life from scratch and take shape through collective effort, overcoming challenges and unforeseen obstacles along the way, is the ultimate achievement that makes every effort worthwhile." Andrea Mariotti | Corporate Operations Norway

Our work plays a vital role in delivering major public infrastructure projects, driving progress and development in the countries where we operate. These contributions are closely aligned with the achievement of the 17 Sustainable Development Goals of the United Nations 2030 Agenda.

As well as helping to mitigate the effects of climate change our projects generate a wide range of positive economic, environmental and social benefits at a local level.

Railway infrastructure projects facilitate the shift of passengers and freight from road to rail on strategic national and international routes, reducing transport related emissions and fuel consumption while improving road safety. 

Metro systems and urban rail networks make public transport accessible to a broader population by extending connections to previously unserved areas. They also improve accessibility through reduced journey times and a more comfortable travel experience for commuters. Furthermore, they help alleviate congestion in densely populated cities. In doing so, they contribute to reducing direct and indirect emissions associated with private car use and to improving residents’ quality of life.

Water infrastructure improves wastewater management, helping to address climate-related challenges, prevent hydrogeological instability and reduce pollution caused by sewer overflows. It also supports improved drinking water supply in line with urban expansion. 

"Our legacy of leaving a better world for future generations inspires us to develop future leaders for our own projects and the wider industry" Sue Perry | Head of HR, New Zealand

A focus on people is a cornerstone of our ESG Strategy, reaffirming our commitment to occupational health and safety, employee wellbeing and professional development, fair and merit-based career management, and the promotion of diversity and inclusion.

Creating shared value in the communities where we operate is a core element of our sustainability strategy. Across our projects, this commitment takes shape through initiatives that actively engage people on the ground, fostering a culture of participation, solidarity and social responsibility.

"Real value lies in engaging with people. I believe in dialogue, sharing and listening: this is where I have seen the best ideas and the most innovative solutions emerge" Francesca Lavorgna | QHSE Manager Italy

As a construction contractor, our role is centred on delivering quality through technical excellence and innovation, while reducing the environmental and social impacts associated with the construction phase. This approach forms part of a broader vision aimed at creating value for the regions and local communities in which we operate.

"Reporting is entering a new phase: it is no longer just about measurement, but about the ability to guide strategies and actions. It is in this transition that change is built" Giovanna Bruni | Sustainability Manager

Environmental protection is a priority for us and, as such, lies at the heart of our ESG strategy, which includes both qualitative objectives and quantitative targets.