Trevi Finanziaria Industriale S.p.a. · MIL:TFIN
Trevi Finanziaria Industriale — H1 2025 Earnings Presentation
28 slides from Trevi Finanziaria Industriale's earnings presentation, Aug 8, 2025
Slide 1: Conference call on 1H25 Results
Conference call on 1H25 Results August 8th, 2025
Slide 2: A leading team with recognised experience
A leading team with recognised experience Significant experience in managing Offshore and Onshore EPC contracts in many countries, not only in Oil&Gas business but Giuseppe Caselli also in other infrastructural projects such as High-Speed Trains, Group CEO (since Oct. 1st, 2019) Industrial RailRoad,
Slide 3: Agenda
Agenda I. Leading Underground Engineering II. 1H25 Group Results III. Closing Remarks Appendix I: 1H25 Financial Statement Tables Appendix II: Sustainability
Slide 4: Trevi Group 1H25 Results – Key Highlights
Trevi Group 1H25 Results – Key Highlights ▪ Group revenue at €312.2 m in 1H25, with a 19.0% growth H/H mainly driven by Italy (high-speed railways) and Middle East Economic ▪ Group Rec. EBITDA at €44.3 m in 1H25 (+64.9% H/H) with a 14.2% margin up by performance 400bps H/H, thanks to a more selectiv
Slide 5: Excellent operating results with a double-digit Revenue growth and strong margin improvement
Excellent operating results with a double-digit Revenue growth and strong margin improvement 1H23 1H24 1H25 Delta H/H Delta H/H Delta H/H Revenue €280.3 m +18.7% €262.3 m -6.4% €312.2 m +19.0% Rec. EBITDA €32.5 m +40.8% €26.9 m -17.2% €44.3 m +64.9% (EBITDA margin) (11.6%) (10.2%) (14.2%) Total Adju
Slide 6: Main projects/activities ongoing in 1H25
Main projects/activities ongoing in 1H25 The North-East Raz Hinzir Cargo High-Speed Rail Link Link Tunnels Quay Phase II – (PNRR) - Florence (Australia) (Malta) Jobsites Italy Containment girdling Jobsites Rogun dam of the Malagrotta Worldwide Hydroelectric SOTC project landfill - Rome Power Plant (
Slide 7: Well diversified order intake across geographies at €350 m
Well diversified order intake across geographies at €350 m Order Intake Main Projects in 1H25 North America Middle East Other 431 Projects Projects Projects 58 350 310 312 308 293 ▪ USA – Palisades ▪ Saudi Arabia – ▪ Philippines – 74 Tunnel / JV NEOM Main Piling South Commuter 71 68 Works / addition
Slide 8: Healthy level of Backlog secures sound visibility on short/medium term economic performance
Healthy level of Backlog secures sound visibility on short/medium term economic performance Backlog Evolution (€m) 30-Jun-25 Backlog by geography (%) Backlog excluding €59 m of a US project cancellation Around 90% of Soilmec's 789 backlog will be converted 4% into revenue in 2H25 10% 725 32 701 26 6
Slide 9: Agenda
Agenda I. Leading Underground Engineering II. 1H25 Group Results III. Closing Remarks Appendix I: 1H25 Financial Statement Tables Appendix II: Sustainability
Slide 10: High margin and excellent cash generation in 1H25
High margin and excellent cash generation in 1H25 Revenue(*) (€m) Rec. EBITDA (€m) Net Profit (€m) FCFO (***) (€m) +19.0% +64.9% +€5.5m +€24.1 m 10.2% Margin 14.2% Net Adjusted (**) Profit Reported 312.2 44.3 11.3 262.3 26.9 32.1 5.4 6.1 7.9 0.6 1H24 1H25 1H24 1H25 1H24 1H25 1H24 1H25 Group Net Prof
Slide 11: 1H25 Revenue reflects a well diversified geographic footprint
1H25 Revenue reflects a well diversified geographic footprint €312.2 m Revenue EUROPE NORTH AMERICA Company % revenue Company % revenue 23% 9% 37% 12% FAR EAST Company % revenue 9% LATAM 24% Company % revenue MIDDLE EAST 3% AFRICA Company % revenue 5% Company % revenue 52% 4% 19% 3% 11
Slide 12: Trevi Division continues to deliver Revenue and Rec. EBITDA growth
Trevi Division continues to deliver Revenue and Rec. EBITDA growth, mainly thanks to projects in Italy and Middle East Revenue (€m) Rec. EBITDA (€m) Key Highlights ▪ 1H25 Revenue increased at €260.5 m (+26.4% H/H) mainly driven by strong operating performance in Italy and +26.4% +92.2% Middle East,
Slide 13: Soilmec Division performance expected to improve in 2H25
Soilmec Division performance expected to improve in 2H25 Revenue (€m) Rec. EBITDA (€m) Key Highlights ▪ 1H25 revenue at €62.9 m (-6.4% H/H) driven by lower contribution from business activities in North America -6.4% -27.2% and UK, partially offset by Italy ▪ 1H25 Rec. EBITDA decreased at €4.7 9.6%
Slide 14: 1H25 Consolidated Income Statement
1H25 Consolidated Income Statement Trevi Group – Consolidated Income Statement (€m) Key Highlights Main figures 1H24 1H25 Delta ▪ Depreciation and Amortization at €14.7 TOTAL REVENUE 262.3 312.2 49.9 m slightly decreased H/H, driven by lower depreciation on leasing contract as per RECURRING EBITDA 2
Slide 15: Positive Free Cash Flow generation driven by solid Rec. EBITDA
Positive Free Cash Flow generation driven by solid Rec. EBITDA 1H25 Recurring EBITDA to Ordinary FCFO (€m)(*) Key Highlights Operating Cash Flow €41.2 m (approx. 93% of Rec. EBITDA) ▪ FCFO at €32.1 m increased by €24.1 m H/H thanks to higher Rec. EBITDA and well managed working capital 44.3 3.1 ▪ Po
Slide 16: Net Debt improvement driven by continued Free Cash Flow generation and financial discipline
Net Debt improvement driven by continued Free Cash Flow generation and financial discipline Net financial position evolution 1H25 vs FY24 (€m) Key Highlights ▪ Net Debt improved at €190.4 m (-€9.5 m vs end of Dec-24 and -€14.3 m vs end of Mar-25) supported by the positive cash 22.2 221.1 flow genera
Slide 17: Net Debt improved to approx. €190 m with a Net Debt/Rec. EBITDA at 1.9x
Net Debt improved to approx. €190 m with a Net Debt/Rec. EBITDA at 1.9x Breakdown of net financial position 1H25 vs FY24 Gross debt evolution (€m) as of 31-Dec-24 as of 30-Jun-25 Cash & Liquidity(*) €99.3 m €97.4 m of which €10.0 m to 5.2 2.4 be converted into 311.8 cash by FY25 300.7 Other current
Slide 18: Agenda
Agenda I. Leading Underground Engineering II. 1H25 Group Results III. Closing Remarks Appendix I: 1H25 Financial Statement Tables Appendix II: Sustainability
Slide 19: Operational efforts to drive FY25 EBITDA margin at approx. 13-14%
Operational efforts to drive FY25 EBITDA margin at approx. 13-14% FY25 Guidance Key Highlights ▪ 2H25 Revenue expected to progressively Revenue ~ €630-650 m increase vs 1H25, reaching €630-650 m, despite the negative effect of the project cancellation of a US client ▪ FY25 Rec. EBITDA margin expecte
Slide 20: Closing remarks
Closing remarks 1H25 positive Continued positive operating and net Free Cash Flow results generation Significant 2025 Rec. EBITDA deleveraging and Net Debt progression Guidance confirmed 20
Slide 21: Agenda
Agenda I. Leading Underground Engineering II. 1H25 Group Results III. Closing Remarks Appendix I: 1H25 Financial Statement Tables Appendix II: Sustainability
Slide 22: Trevi Group – Consolidated Income Statement
Trevi Group – Consolidated Income Statement Profit & Loss Trevi Group €m 1H 2025 1H 2024 Delta TOTAL REVENUE 312.169 262.323 49.846 Change in finished products and work in progress 1.391 10.996 (9.605) Internal work capitalised 6.411 8.075 (1.664) PRODUCTION REVENUE 319.971 281.394 38.577 Consumptio
Slide 23: Trevi Group – Consolidated Reclassified Balance Sheet
Trevi Group – Consolidated Reclassified Balance Sheet Balance Sheet Trevi Group €m 30/06/2025 31/12/2024 Delta Property, plant and equipment 157.667 174.406 (16.739) Intangible fixed assets and goodwill 15.700 16.226 (0.526) Financial assets – Investments 0.434 0.440 (0.006) Non-current assets 173.8
Slide 24: Trevi Group – Consolidated Cash Flow Statement
Trevi Group – Consolidated Cash Flow Statement Free Cash Flow €m 1H 2025 1H 2024 Delta EBITDA recurring (including IFRS 16 effect) 44.327 26.880 17.448 IFRS 16 Effect (4.337) (5.104) 0.767 Taxes (payed) (5.306) (2.690) (2.615) Delta Net Working Capital (6.615) 4.225 (10.840) Trade receivable 1.781 9
Slide 25: Agenda
Agenda I. Leading Underground Engineering II. 1H25 Group Results III. Closing Remarks Appendix I: 1H25 Financial Statement Tables Appendix II: Sustainability
Slide 26: Trevi Group ambitious Sustainable Development Goals aligned with ESG Strategy
Trevi Group ambitious Sustainable Development Goals aligned with ESG Strategy Pillars SDG ▪ Promoting the decarbonisation strategy against climate GHG reduction change ▪ GHG emissions to be reduced to 0.0047 tons of CO₂ per hour worked by 31 December 2025 ▪ Promoting the protection of health and saf
Slide 27: Trevi Group has continued its sustainable journey, achieving external certifications and recognition
Trevi Group has continued its sustainable journey, achieving external certifications and recognition as a sign of its ESG commitment Consolidated Sustainability External Recognition ESG Supply Chain Rating Statement New Certification for Anti- Bribery Management System For the first time “Europe’s T
Slide 28: Disclaimer
Disclaimer This document has been prepared by and is the sole responsibility of Trevi Finanziaria Industriale S.p.A. (the “Company”) for the sole purpose described herein. The information contained herein does not contain or constitute an offer of securities for sale, or solicitation of an offer to
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