Tesmec S.p.a. · MIL:TES
Tesmec — Intermonte European MidCap Conference Virtual Edition 2025
53 slides from Tesmec's conference presentation, Nov 18, 2025
Slide 1: Intermonte European MidCap Conference
INTERMONTE | EUROPEAN MIDCAP CONFERENCE Virtual Edition I November 18th, 2025 1
Slide 2: Agenda
INTERMONTE EUROPEAN MIDCAP CONFERENCE 1 TESMEC GROUP VIRTUAL EDITION 2 BUSINESS OUTLOOK 3 9M.2025 FINANCIALS 4 ANNEX All rights reserved 2
Slide 3: Tesmec at a Glance
TESMEC AT A GLANCE All rights reserved 3
Slide 4: Our Vision, Our Mission
OUR VISION OUR MISSION FOR THE FUTURE FOR THE PLANET COMMITTED TO ENERGY TRANSITION, DIGITALIZATION AND ELECTRIFICATION Technology partner in markets driven by energy transition, digitalization and sustainability with INNOVATIVE, ADDED-VALUE INTEGRATED SOLUTIONS for the construction, maintenance and
Slide 5: Italian DNA, Global Footprint
16 SALES SUBSIDIARIES 7 PRODUCTION PLANTS ITALY: Grassobbio, Sirone, Monopoli, Fidenza, Patrica ITALIAN USA: Alvarado; FRANCE: Durtal DNA, GLOBAL FOOTPRINT 70+ YEARS OF EXPERIENCE 35+ PATENTS DEVELOPED 900+ EMPLOYEES WORLDWIDE TESMEC GROUP HEADQUARTERS BERGAMO, ITALY Founded in northern Italy in the
Slide 6: History of Innovation, Diversification & Growth
HISTORY OF INNOVATION, DIVERSIFICATION & GROWTH All rights reserved 6
Slide 7: Energy Ready to Unleash Energy in All Its Shades
ENERGY-STRINGING ENERGY-AUTOMATION READY • Solutions for power lines • Telecommunications solutions for HV Grids TO UNLEASH construction & maintenance • Advanced methodologies for • Grid Management: protection and metering solutions ENERGY automating jobsite • Advanced sensors for fault passage • Ze
Slide 8: Tesmec Group Technological Developments
TESMEC GROUP TECHNOLOGICAL DEVELOPMENTS STRINGING OF LAYING OF LAYING OVERHEAD CABLES SYSTEMS FOR ELECTRICAL ENERGY ELECTRIC CABLES UNDERGROUND CABLES FOR RAILWAY NETWORKS SUBSTATIONS THE COMMON THREAD OF OUR HISTORY ENERGY 1984 | TRENCHERS 2017 | AUTOMATION 2012 | RAILWAY • Systems and devices for
Slide 9: Innovation, Diversification & Growth Drivers
TESMEC ADDED-VALUE SOLUTIONS AND MONITORING STRATEGIC SYSTEMS OFFER A HIGH-LEVEL PERFORMANCE IN COMPLEX PROJECTS DRIVERS INNOVATION, • Growing long-term trends in cross-cutting development drivers: DIVERSIFICATION energy transition, sustainability and digitalization • Selective approach on key growt
Slide 10: Market Drivers Transform to Grow
TESMEC ADDED-VALUE SOLUTIONS AND MONITORING SYSTEMS OFFER A HIGH-LEVEL PERFORMANCE IN COMPLEX PROJECTS MARKET IOT, BIG DATA AND ARTIFICIAL INTELLIGENCE DRIVERS • Combine Operational Data in the cloud and apply Advanced Analytics • Diagnostic and Digitalization for the Predictive Maintenance • Roboti
Slide 11: Digital Innovation: AI as a Game Changer
DIGITAL MAPPING AUTONOMOUS VEHICLES • Digitalization of existing infrastructures • Smart fleet management • Live and synchronized working environment for • Automated jobsite DIGITAL professionals • High standard safety • Virtual reconstruction of under and above earth INNOVATION PREDICTIVE MAINTENAN
Slide 12: Sustainable Innovation: Renewables as a Game Changer
ELECTRIFICATION LOW CARBON FOOTPRINT • Full electric stringing machines • Clean and Fast solutions • Hybrid and electric railcars • Innovative methodologies to reduce the environmental impact • Path towards electrification for small size trenchers • New generation of engines SMART & STRONG GRID SUST
Slide 13: ESG Strategy
ENVIRONMENT SOCIAL GOVERNANCE INCREASE GREEN & INVEST IN PEOPLE & EFFECTIVE ESG DIGITAL SOLUTIONS ▪ Improving energy efficiency with increasing renewable energy sources LOCAL COMMUNITIES ▪ Strategies for Talent Acquisition and Employer AND SUSTAINABLE GOVERNANCE ▪ Promotion of a responsible corporat
Slide 14: Business Units
TESMEC BUSINESS UNITS All rights reserved 14
Slide 15: Energy Stringing
ENERGY STRINGING • SOLUTIONS FOR CONSTRUCTION AND MAINTENANCE OF ELECTRICAL NETWORKS • ADVANCED METHODOLOGIES FOR AUTOMATED CONSTRUCTION SITES • ZERO EMISSION MACHINES DIGITAL & GREEN SOLUTIONS: NEW METHODOLOGIES FOR CONSTRUCTION AND MAINTENANCE OF ENERGY TRANSPORT AND DISTRIBUTION INFRASTRUCTURES A
Slide 16: Energy – Stringing
ENERGY – STRINGING TOWER NEW POWERLINE HELICOPTER POWERLINE ERECTION CONSTRUCTION STRINGING REFURBISHMENT The perfect match between For the installation of any type The solution for the “direct Line refurbishment & hydraulic winches and derricks. of conductor, including htls. stringing” by helicopte
Slide 17: Energy – Stringing: Main Worldwide Experiences
ENERGY – STRINGING MAIN WORLDWIDE EXPERIENCES Reconductoring Underground Cable Laying Stringing Machines 4.0 Fjord crossing USA UK BELGIUM NORWAY Continuous Linear Puller Romford 4.0 Machines Special machines for fjord crossing Type of line: transmission, 3 x 33 kV cable pulling and modular machines
Slide 18: Reconductoring Operations, Digital Stringing Machine
RECONDUCTORING OPERATIONS Digital Stringing Machine HELICOPTER STRINGING CHINA Extreme project in Zhejiang Province All rights reserved Tower height: 380 m 18 18 Four bundled conductors 500 kV
Slide 19: From Energy Stringing to Energy Automation
FROM ENERGY STRINGING... BU ENERGY STRINGING OH DIVISION OH OH OH HV PS SS UG UG UG PRODUCTION TRANSMISSION DISTRIBUTION PROSUMER OH UG HV PS SS OVERHEAD UNDERGROUND SUBSTATION PROTECTION, Solutions for the Complete range for AUTOMATION MONITORING installation and cable laying and SYSTEMS (SAS) AND
Slide 20: Energy Automation
ENERGY AUTOMATION • PROTECTION & MONITORING SOLUTIONS • REMOTE CONTROL SOLUTIONS • SERVICE TELECOMMUNICATIONS SOLUTIONS FOR HV GRIDS • SMART METERING SOLUTIONS GRID RELIABILITY, EFFICIENCY AND SECURITY: A FULL PORTFOLIO OF POWER GRID TECHNOLOGIES, TAILORED AND INTEGRATED SOLUTIONS TO FACE FAST-CHANG
Slide 21: Energy – Automation
ENERGY – AUTOMATION SUBSTATION SERVICE AUTOMATION SYSTEMS PROTECTION & MONITORING TELECOMMUNICATIONS Protection and control systems for HV Integrated solution for protection, substations. control and automation of modern Integrated solution of service and complex electric systems.. telecommunication
Slide 22: Energy – Automation: Main Worldwide Experiences
ENERGY – AUTOMATION MAIN WORLDWIDE EXPERIENCES Telecommunication Substation Automation solution System ALGERIA ITALY Remote management of HV Protection and control systems for HV substations and protection substations (SAS) based on IEC 61850 systems against unexpected grid faults Fault Passage Indi
Slide 23: Protection and Monitoring Solutions
PROTECTION AND MONITORING SOLUTIONS for primary and secondary substations All rights reserved Telecommunication solution 23 23
Slide 24: Trenchers & Surface Miners
TRENCHERS & SURFACE MINERS • TELECOM NETWORKS, FTTH & LONG DISTANCE, POWER CABLE INSTALLATION • OIL & GAS, WATER PIPELINES, RENEWABLES • BULK EXCAVATION, QUARRIES & SURFACES MINING ADVANCED WORKING METHODOLOGY: INTEGRATED SYSTEMS & TECHNOLOGICAL SOLUTIONS FOR A COMPLETE JOBSITE MANAGEMENT All rights
Slide 25: Trenchers & Surface Miners
TRENCHERS & SURFACE MINERS FIBER ENERGY PIPELINES OPTIC CABLES & UTILITIES Urban fiber optic networks Underground energy Oil and gas pipelines, (FTTx), suburban networks cables, especially in canals, water and sewage (city rings) and long- renewable energy utilities networks and distance networks DE
Slide 26: Trenchers & Surface Miners: Main Worldwide Experiences
TRENCHERS & SURFACE MINERS MAIN WORLDWIDE EXPERIENCES Fiber Optics Laying Gas Pipeline UK USA Georadar Explorer 2.0 & Sidecut 1150XHD Chainsaw Surface mining Gold Water Pipeline RUSSIA CHILE 1475 Rock Hawg 1675 Chainsaw Bauxite Mining Limestone quarry UZBEKISTAN WEST AFRICA (GUINEA, IVORY COAST) 147
Slide 27: Fiber Optics Laying, Tunneling Project
Fiber Optics Laying UK Georadar Explorer 2.0 & Sidecut TUNNELING PROJECT All rights reserved AUSTRALIA 27 27 1475 Rock Hawg EVO
Slide 28: Railway
RAILWAY • CATENARY INSTALLATION & MAINTENANCE • DIAGNOSTIC VEHICLES AND SYSTEMS • INTEGRATED PLATFORM FOR SAFE INFRASTRUCTURE GLOBAL CATENARY SPECIALIST FOR THE INSTALLATION AND MAINTENANCE OF RAILWAY LINES: SOLUTIONS WITH INTEGRATED SYSTEMS AND RAIL VEHICLES FOR A SAFE, EFFICIENT AND SUSTAINABLE RA
Slide 29: Railway: Catenary and Diagnostics
RAILWAY & SURFACE MINERS TRENCHERS CATENARY INSTALLATION DIAGNOSTIC OF INFRASTRUCTURE & MAINTENANCE Solutions for construction and refurbishment of railway line and Integrated systems, vehicles, solutions for the diagnostic of rail and civil Certified vehicles for catenary maintenance infrastructure
Slide 30: Railway: Main Worldwide Experiences
RAILWAY MAIN WORLDWIDE EXPERIENCES Stringing & recovering RER Catenary renewal Safety of Railway Catenary maintenance wires FRANCE ITALY 9 vehicles (6 different models) Infrastructure 88 Multipurpose railway vehicles USA ITALY 16 Revamping maintenance units Engineered to allow a correct execution of
Slide 31: Railway: Main Worldwide Experience
ELECTRIFICATION OF NEW LINES HIGH SPEED CHINA RAILWAY: Main worldwide experience > 30 stringing units 1,318 km BEIJING-SHANGHAI CUSTOMIZED SOLUTIONS POLAND 4 Stringing units Tensioning system for railway wiring operations composed by working units mounted on ISO 20 size flat modules All rights reser
Slide 32: 2025 Business Outlook
2025 BUSINESS OUTLOOK All rights reserved 32
Slide 33: Infrastructures: High-Growth, Proprietary Technologies
ENERGY HIGH-GROWTH, PROPRIETARY TRANSITION AND ADDED VALUE TECHNOLOGIES, INFRASTRUCTURE TECHNOLOGY- UNIQUE COMPETITIVE DIGITALIZATION DRIVEN SECTORS POSITION TECHNOLOGIES FOR DIGITALIZATION ENERGY, PREMIUM POSITIONING, SUSTAINABILITY TELECOMMUNICATIONS, COMPETITIVE EDGE, SAFETY TRANSPORTATION, AND H
Slide 34: Key Consolidated Financials
KEY CONSOLIDATED FINANCIALS REVENUE BY BU (% ON TOTAL REVENUE) EBITDA BY BU (EBITDA MARGIN) NET FINANCIAL POSITION (€M) (€M) (€M) TOT. TOT. TOT. 176,0 236,0 239,5 41,1 46,9 50,4 147,0 (19,9%) (21,0%) TOT. 9,5 32,8 (18,9%) 136,0 8,6 67,7 77,3 (18,3%) 11,3 (28,7%) (32,2%) (14,7%) 10,0 (14,7%) 121,4 11
Slide 35: 9M.2025 KPI
9M.2025* KPI BACKLOG MARKETS RECURRING BUSINESS • Long- term backlog in Automation and Rail • Recurring: Rental, Projects, Spare Parts, Services (maintenance, revamping & refurbishing, consulting & training), LT backlog; • Non-recurring: Sales of goods Europe; Africa; 15% Rail 16% 96€M Energy Middle
Slide 36: 2025 Outlook
2025* OUTLOOK (€M) LEVERAGING PROPRIETARY TECHNOLOGIES AND A 17,2% 41,1 STRONG, COMPETITIVE VALUE PROPOSITION TO SEIZE 153,5 OPPORTUNITIES IN HIGH-GROWTH, HIGH-VALUE 14,5% 147 245,2 236 239,5 35,2 13,9% MARKETS 153,5 ▪ Strong positioning in energy transition and infrastructure 32,8 128,4 194,3 14,5%
Slide 37: Business Guidelines - Trenchers
BUSINESS GUIDELINES - TRENCHERS STRENGTHENING THE POSITION IN THE OIL & Strenghening the GAS INDUSTRY position in the Targeting important upcoming pipeline projects Oil&Gas industry in the USA market, leveraging the strengthened position in the Oil&Gas industry due to new positive market conditions
Slide 38: Business Guidelines - Rail
BUSINESS GUIDELINES - RAIL TESMEC FRANCE: Strategic platform for the growth of French activities in the railway Growth of French sector: development of a specialized center to support the Railway activities business, in France and cross the Francophone market aimed at meeting local needs for railway
Slide 39: Business Guidelines - Energy
BUSINESS GUIDELINES - ENERGY STRINGING AUTOMATION Continue leading the growth and extend the Growth at a fast pace while improving market share, we will implement strategic diversification, exploiting our current portfolio initiatives and innovative solutions. Profitability Digitalization and addres
Slide 40: 9M.2025 Results
9M.2025 RESULTS HIGHLIGHTS, FINANCIALS & KEY METRICS 40
Slide 41: 9M.2025 Key Consolidated Financials
9M.2025* KEY CONSOLIDATED FINANCIALS REVENUE BY BU (% ON TOTAL REVENUE) EBITDA BY BU (EBITDA MARGIN) NET FINANCIAL POSITION (€M) (€M) (€M) 176,0 TOT. TOT. 192,2 179,7 37,2 34,3 (19,4%) TOT. 136,0 (19,1%) TOT. 31,4 29,3 7,3 5,6 (19,5%) 58,2 69,9 (16,4%) (32,4%) (36,4%) 8,8 (15,2%) 13,3 (19,1%) 87,1 8
Slide 42: 9M.2025 Profit & Loss Statement
9M.2025* PROFIT&LOSS STATEMENT PROFIT & LOSS 9M.2025 9M.2024 Δ Δ% (€M) ACTUAL PRO-FORMA ▪ REVENUES growing by 7%, driven by high growth, higher- value added segments: Energy sector acceleration and REVENUES 192,2 179,7 12,6 +7,0% positive contribution of the Rail division EBITDA 31,4 29,3 2,0 +6,9%
Slide 43: 9M.2025 Statement of Financial Position
9M.2025* STATEMENT OF FINANCIAL POSITION SEP.30, DEC. 31, SEP.30, Δ SEP.30, 2025 VS Δ SEP.30, 2025 VS €M 2024 2024 2025 DEC.31,2024 SEP.30, 2024 KEY VARIATIONS VS. DEC. 31, 2024: NET WORKING CAPITAL 102,2 99,8 82,2 (17,6) (20,0) ▪ 17,6€M decrease in NWC FIXED ASSETS 125,0 106,9 102,5 (4,3) (22,5) ▪
Slide 44: Trenchers: 9M.2025 Facts & Figures
TRENCHERS: 9M.2025* FACTS & FIGURES (€M) KEY FACTS 100 87,1 85,1 ▪ USA: performance in line with budget and ongoing 80 monitoring of tariff developments ▪ South America: significant deals closed with major 60 customers in Argentina and business development expansion 40 14,9 ▪ North Africa: important
Slide 45: Rail: 9M.2025 Facts & Figures
RAIL: 9M.2025 FACTS & FIGURES (€M) KEY FACTS 60 50 37,2 ▪ Milestone for the diagnostic of the Italian railway network 40 34,3 with the first "Type 4“, manufactured by Tesmec: strategic 30 value for the country, making maintenance smarter and more preventative means greater safety, punctuality and 20
Slide 46: Energy: 9M.2025 Facts & Figures
ENERGY: 9M.2025 FACTS & FIGURES (€M) KEY FACTS 80 69,9 70 Stringing 58,2 ▪ Strong progress on strategic opportunities in UK and 60 Saudi Arabia, with solid visibility on US market trends 50 ▪ Promising prospects in Australia, including potential for railway skid solutions 40 ▪ Continued focus on pro
Slide 47: 9M.2025 EBITDA Trend by BU
9M.2025* EBITDA TREND BY BU (€M) 50 40 +4,5 (4,1) +1,6 30 Volumes 31,4 29,3 growth, Revenues' supply chain Lower 20 growth, efficiency, volumes, favourable operating unfavorable mix and mix, higher 31,4 leverage 25,2 26,9 value-added destocking 10 contracts effect 0 Pro-forma 9M.2024 Trencher Railwa
Slide 48: 9M.2025 Net Financial Position Evolution
9M.2025* NET FINANCIAL POSITION EVOLUTION (€M) 200 150 147,0 33,8 17,6 30,0 136,0 3,4 100 113,2 2,7 106,0 11,2 50 0 Dec. 31, 2024 IFRS16 Net debt NWC OFCF CAPEX EQUITY ADJ.** Net debt IFRS16 Sep. 30, 2025 31/12/2024 30/09/2025 €M Sep. 30,2024 Dec. 31,2024 Jun. 30,2025 Sep. 30,2025 Inventories 102,7
Slide 49: Annex
ANNEX All rights reserved 49
Slide 50: Annex: 9M.2025 Summary Profit & Loss Statement
ANNEX: 9M.2025* SUMMARY PROFIT & LOSS STATEMENT PROFIT & LOSS (€ Mln) 9M.2025 9M.2024 PRO-FORMA NET REVENUES 192,2 179,7 Raw materials costs (-) (87,1) (84,7) Cost for services (-) (37,9) (30,7) Personnel Costs (-) (40,5) (39,6) Other operating revenues/costs (+/-) (4,0) (3,8) Non recurring revenues
Slide 51: Annex: 9M.2025 Balance Sheet
ANNEX: 9M.2025* BALANCE SHEET BALANCE SHEET (€ Mln) Sep.30, 2025 Dec.31, 2024 Inventory 95,7 96,1 Work in progress contracts 38,7 36,7 Accounts receivable 56,2 55,4 Accounts payable (-) (98,4) (79,9) Op. working capital 92,3 108,4 Other current assets (liabilities) (10,1) (8,6) Net working capital 8
Slide 52: Disclaimer
DISCLAIMER This presentation has been prepared by Tesmec S.p.A. (“Tesmec”, the “Company” or the “Group”). As used herein, “Presentation” means this document, any oral presentation, the question and answer session and any written or oral material discussed or distributed during the presentation. The
Slide 53: Tesmec
TESMEC
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