Tesmec S.p.a. · MIL:TES
Tesmec — Non-Deal Roadshow (June 2026)
39 slides from Tesmec's roadshow presentation, Jun 16, 2026
Slide 1: Intermonte Reverse Roadshow
INTERMONTE REVERSE ROADSHOW Fidenza, June 16, 2026
Slide 2: Tesmec Overview
TESMEC OVERVIEW All rights reserved 2
Slide 3: Our Vision, Our Mission
OUR VISION OUR MISSION FOR THE FUTURE FOR THE PLANET COMMITTED TO ENERGY TRANSITION, SAFETY AND DIGITALIZATION Technology partner with INNOVATIVE, ADDED-VALUE INTEGRATED SOLUTIONS for the construction, maintenance and efficiency of INFRASTRUCTURES for the TRANSPORT AND DISTRIBUTION OF ENERGY, DATA
Slide 4: 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 5: 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 6: Trenchers & Surface Miners
TRENCHERS & SURFACE MINERS • OIL & GAS, WATER PIPELINES, RENEWABLES • BULK EXCAVATION, QUARRIES & SURFACES MINING • TELECOM NETWORKS, FTTH & LONG DISTANCE, POWER CABLE INSTALLATION ADVANCED WORKING METHODOLOGY: INTEGRATED SYSTEMS & TECHNOLOGICAL SOLUTIONS FOR A COMPLETE JOBSITE MANAGEMENT All rights
Slide 7: 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 8: 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 9: Italian DNA, Global Footprint
16 SALES SUBSIDIARIES 7 PRODUCTION PLANTS ITALY: Grassobbio, Sirone, Monopoli, Fidenza, Patrica ITALIAN USA: Alvarado; FRANCE: Durtal DNA, GLOBAL FOOTPRINT 75 YEARS OF EXPERIENCE 35+ PATENTS DEVELOPED 900+ EMPLOYEES WORLDWIDE TESMEC GROUP HEADQUARTERS BERGAMO, ITALY Founded in northern Italy in the
Slide 10: Industrial Footprint
INDUSTRIAL FOOTPRINT GRASSOBBIO, BG HEADQUARTERS MONOPOLI SIRONE, LC GRASSOBBIO 68.000 mq FIDENZA, PR 33.000 mq FIDENZA MONOPOLI E BITETTO, BA PATRICA, FR 2.180 mq ALVARADO, DURTAL, TEXAS FRANCIA STRINGING AUTOMATION TRENCHERS RAILWAY 10 All rights reserved All rights reserved
Slide 11: At a Glance
AT A GLANCE FY.2025 PERFORMANES SALES €M 257,6 REVENUE BREAKDOWN (FY25) BACKLOG BREAKDOWN (Q1.26) €M 239,5 in 2024 Trencher Energy Trencher Energy 73,1 €M EBITDA €M 40,5 37% 42% 239,9 €M 41,1 in 2024 €M EBITDA MARGIN 15,7% 17,2% in 2024 Rail 21% Rail 160,8 €M EBIT €M 19,5 €M 0,4 in 2024 MARKETS (FY2
Slide 12: Enabling Infrastructure Megatrends
ENABLING INFRASTRUCTURE MEGATRENDS STRINGING AUTOMATION TRENCHERS RAILWAY ENERGY TRANSITION • ELECTRIFICATION RISING POWER CONSTRUCTION SMART GRIDS & ELECTRIFIED DATA CENTERS DEMAND OF NEW LINES AND SUBSTATION RAILWAY READINESS • RENEWABLES EXPANSION & GRID SUBSTATIONS DIGITALIZATION NETWORKS COMPLE
Slide 13: Capturing Megatrends Through Cutting Edge Technologies
CAPTURING MEGATRENDS THROUGH CUTTING EDGE TECHNOLOGIES “‘TIPO 4” DIAGNOSTIC VEHICLES TRENCHER 1875XL EVO GAS PIPELINE WHY TESMEC IS POSITIONED TO WIN TECH-DRIVEN, HIGH-BARRIERS • LEADING POSITIONS IN HIGHLY SPECIALIZED GLOBAL NICHES • PROPRIETARY TECHNOLOGIES • EXECUTION IN LARGE-SCALE INFRASTRUCTUR
Slide 14: Tesmec Business Units
TESMEC BUSINESS UNITS All rights reserved 14
Slide 15: Trenchers & Surface Miners
TRENCHERS & SURFACE MINERS SURFACE PIPELINES BULK MINING & UTILITIES EXCAVATION Replacing use of Heavy civil projects explosives and (construction, traditional methods. foundations, road construction) Oil and gas pipelines, canals, water and sewage utilities networks and drainage work DETECTION & MA
Slide 16: Trenchers & Surface Miners Highlights
TRENCHERS & SURFACE MINERS HIGHLIGHTS MARKETS REVENUE AND EBITDA TREND (€M) 2023 2024 2025 ▪ MANUFACTURING FACILITIES IN ITALY, FRANCE AND USA ▪ SUBSIDIARIES IN AFRICA, MIDDLE-EAST AND OCEANIA 121,4 ▪ BROAD INTERNATIONAL REACH, WITH SELECTIVE APROACH ON HIGH-PRIORITY REGIONS 111,9 107,60 LANDSCAPE &
Slide 17: Railway
RAILWAY & SURFACE MINERS TRENCHERS CATENARY INSTALLATION DIAGNOSTIC OF INFRASTRUCTURE & MAINTENANCE SOLUTIONS FOR CONSTRUCTION AND REFURBISHMENT OF INTEGRATED SYSTEMS, VEHICLES, SOLUTIONS FOR THE DIAGNOSTIC OF RAIL RAILWAY LINE AND CERTIFIED VEHICLES FOR CATENARY AND CIVIL INFRASTRUCTURE MAINTENANCE
Slide 18: Railway Highlights
RAILWAY HIGHLIGHTS MARKETS REVENUE AND EBITDA TREND (€M) 2023 2024 2025 ▪ SOLID DOMESTIC ANCHOR ▪ SELECTIVE INTERNATIONAL EXPANSION 53,4 50,4 LANDSCAPE & VALUE 46,9 ▪ COMPETE ON CUSTOMIZATION, NOT SCALE (LARGE PLAYERS FOCUSED ON STANDARD SOLUTIONS) ▪ SELECTIVE EXPORT THROUGH TENDER-DRIVEN OPPORTUNIT
Slide 19: 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 20: Energy-Stringing Highlights
ENERGY-STRINGING HIGHLIGHTS MARKETS REVENUE AND EBITDA TREND (€M) 2023 2024 2025 ▪ EXPORT-ORIENTED ▪ HIGH-DEMAND CONCENTRATED IN KEY REGIONS: USA (ALSO VIA CONDUX 65,7 TESMEC JV), MIDDLE EAST, INDIA, AUSTRALIA LANDSCAPE & VALUE 50,8 41,7 ▪ LEADING IN A GLOBAL NICHE MARKET (CHINA EXCL.) ▪ LIMITED, CO
Slide 21: BU Energy: From Stringing to 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 22: Energy-Automation Value Proposition
ENERGY-AUTOMATION VALUE PROPOSITION • Allow security and stability SERVING THE ELECTRIFICATION VALUE CHAIN • Communicate and interconnect Tesmec Automation support the grid in all its chain, help in managing the flow to • Automate solutions to reduce action time Power Generation HV Substation Primar
Slide 23: Energy-Automation Highlights
ENERGY-AUTOMATION HIGHLIGHTS MARKETS REVENUE AND EBITDA TREND (€M) 2023 2024 2025 ▪ STRONG DOMESTIC ANCHOR WITH AN INCREASINGLY DIVERSIFIED DOMESTIC CUSTOMER PORTFOLIO ▪ SCALING INTERNATIONAL PRESENCE THROUGH TARGETED EXPANSION IN 30,9 FRANCE AND SELECT HIGH-GROWTH MARKETS 26,5 LANDSCAPE & VALUE 24,
Slide 24: From Infrastructure Trends to Strategic Outlook
FROM INFRASTRUCTURE TRENDS TO STRATEGIC OUTLOOK HOW TESMEC CREATES VALUE TECHNOLOGY, VALUE, MARKETS AND EFFICIENCY, BUSINESS EXECUTION VOLUMES SUPPORTING GROWTH MODEL • REVENUE VISIBILITY SUPPORTED BY INFRASTRUCTURAL CAPEX • EXPOSURE TO HIGH-GROWTH GEOGRAPHIES AND LARGE-SCALE PROJECTS INNOVATION FOR
Slide 25: Tesmec Financials
TESMEC FINANCIALS All rights reserved 25
Slide 26: Trend by Division, 2023-2025
TREND BY DIVISION, 2023-2025 (€M) REVENUE TREND AND MIX EBITDA TREND AND MIX (% ON TOTAL REVENUE) (EBITDA MARGIN) TOTAL 2025: TOTAL 2023: TOTAL 2024: 257,6 239,5 TOTAL 2024: 236,0 TOTAL 2025: 41,1 53,4 40,5 46,9 50,4 (20, 7%) TOTAL 2023: 9,5 10,2 (19,9%) (21,0%) 32,8 (18,9%) (19,0%) 8,6 67,7 96,6 (1
Slide 27: Backlog Trend
BACKLOG TREND 227,5 ENERGY 240€M, of which Energy- RAIL Stringing 55€M 161 €M 162,6 Duration <1 year Duration 4-5 years 121,9 116,6 Q1.2026: 473,8 €M 72,1 Energy- 66,2 Automation TRENCHERS 184€M 73€M Duration 4-5 years Duration <1 year 2024 2025 2024 2025 2024 2025 Energy Trencher Railway Long- term
Slide 28: Net Financial Position Trend, 2024-2026
NET FINANCIAL POSITION TREND, 2024-2026 (€M) TOTAL PFN: 183,6 TOTAL PFN: ▪ FINANCIAL DISICPLINE TO CONTROL 147,0 TOTAL PFN: TOTAL PFN: NWC 130,4 126,0 132,6 ▪ NWC DECREASING DESPITE VOLUME GROWTH 113,2 102,8 99,9 ▪ CAPEX ALIGNED WITH DEPRECIATION 51,0 33,8 27,6 26,1 ▪ INDUSTRIAL NET DEBT AT ~€30M Ju
Slide 29: Annex
AN N EX a we TESMEL Al rights reserved
Slide 30: Q1.2026 Profit & Loss Statement
Q1.2026 PROFIT&LOSS STATEMENT (€M) PROFIT & LOSS (€M) Q1.2025 Q1.2026 Δ Δ% ▪ REVENUES increasing by 7,4%, driven by the growth of the REVENUES 61,4 65,9 4,6 +7,4% Energy segment, while the Rail division does not yet fully reflect the contribution from recently awarded tenders. The EBITDA 9,5 10,1 0,
Slide 31: Q1.2026 Statement of Financial Position
Q1.2026 STATEMENT OF FINANCIAL POSITION (€M) Mar.31, Dec.31, Mar.31, Δ Mar.31, 2026 vs Δ Mar.31, 2026 vs €M 2025 2025 2026 Mar.31, 2025 Dec.31, 2025 NET WORKING CAPITAL 103,0 71,8 70,0 (33,0) (1,8) ▪ NET INVESTED CAPITAL decreasing by 2,3€M vs. Dec-2025, driven by: FIXED ASSETS 105,2 116,8 116,4 11,
Slide 32: Q1.2026 Net Financial Position Evolution
Q1.2026 NET FINANCIAL POSITION EVOLUTION (€M) 130,4 27,6 4,9 1,8 1,0 26,1 126,0 102,8 4,1 0,7 99,9 Dec. 31,2025 IFRS16 Net debt OCF NWC CAPEX FLEET EQUITY ADJ.* Net debt IFRS16 Mar. 31,2026 31/12/2025 EXCLUDING 31/03/2026 FLEET €M Mar. 31, 2025 Dec.31,2025 Mar. 31, 2026 INVENTORIES 94,2 87,7 95,7 WO
Slide 33: Trenchers: Q1.2026 Facts & Figures
TRENCHERS: Q1.2026 FACTS & FIGURES (€M) KEY FACTS 31,8 29,5 ▪ Trencher entering a gradual recovery phase, supported by broader market diversification, higher production volumes and new order intake, after the challenges 5,5 3,5 experienced in 2025 17,2% 11,8% ▪ Sustainable growth strategy is driven
Slide 34: Rail: Q1.2026 Facts & Figures
RAIL: Q1.2026 FACTS & FIGURES (€M) KEY FACTS Internationalization path 10,0 ▪ €71M award in Slovenia confirms the Group’s 9,6 expertise and track record in complex railway projects ▪ Bulgaria: advanced completion of the supply to NRIC, with strong customer satisfaction 0,9 0,7 ▪ Advancement in certi
Slide 35: Energy: Q1.2026 Facts & Figures
ENERGY: Q1.2026 FACTS & FIGURES (€M) KEY FACTS 26,4 STRINGING 20,0 ▪ Continued growth supported by a favorable investment 5,9 environment, with solid demand and visibility, with backlog 3,2 22,4% 15,8% increased to ca. 54€M vs. 31€M in Q1.2025 ▪ Supportive U.S. market confirmed by the solid performa
Slide 36: FY.2025 Summary P&L and BS
FY.2025* SUMMARY PL AND BS SUMMARY PROFIT & LOSS STATEMENT BALANCE SHEET €M 2025 2024 €M Dec.31, 2025 Dec.31, 2024 NET REVENUES 257,6 239,5 Inventory 87,7 96,1 Raw materials costs (-) (116,0) (109,0) Work in progress contracts 34,3 36,7 Cost for services (-) (52,4) (42,7) Accounts receivable 61,1 55
Slide 37: Q1.2026 Summary
Q1.2026 SUMMARY (€M) PROFIT & LOSS Q1.2026 Q1.2025 BALANCE SHEET (€ Mln) Mar.31,2026 Dec.31, 2025 NET REVENUES 65,9 61,4 Inventory 95,7 87,7 Work in progress contracts 11,9 34,3 Raw materials costs (-) (31,4) (28,6) Cost for services (-) (11,9) (11,0) Accounts receivable 80,0 61,1 Personnel Costs (-
Slide 38: 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 39: Slide 39