Sizzle Acquisition Corp. Ii · NASDAQ:SZZL
Sizzle Acquisition Corp. Ii — SPAC Merger (October 2026)
48 slides from Sizzle Acquisition Corp. Ii's SPAC merger presentation, Oct 13, 2026
Slide 1: Trasteel Holding S.A. Investor Presentation
Trasteel Holding S.A. People Behind Steel Steel & Metals Trading • Industrial Assets • Energy Investor Presentation | October 2026
Slide 2: Disclaimer (1/4)
Disclaimer ( 1/4 ) This Presentation (together with oral statements made in connection herewith, the “Presentation”) is for informational purposes only to assist interested parties in making their own evaluation with respect to a proposed business combination (the “Business Combination”) among Sizzl
Slide 3: Disclaimer (2/4)
Disclaimer ( 2/4 ) Sizzle II, the Company and Pubco and their respective directors and executive officers may be deemed participants in the solicitation of proxies from Sizzle II’s shareholders with respect to the potential Business Combination . A list of the names of Sizzle II’s directors and exec
Slide 4: Disclaimer (3/4)
Disclaimer ( 3/4 ) Trademarks . This Presentation may contain trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners . Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this Pr
Slide 5: Disclaimer (4/4)
Disclaimer ( 4/4 ) This Presentation also includes the Company’s historical consolidated financial information for the fiscal years ending December 31 , 2019 - 2022 which were prepared in accordance with accounting principles generally accepted in Switzerland (Fachempfehlungen zur Rechnungslegung /
Slide 6: Who We Are
Who We Are We are today a global steel trading and industrial group backed by centuries of combined experience in the steel industry. We Buy, Global sourcing across mills and raw - material suppliers. Disciplined execution across geographies and products. Move, End - to - end logistics by sea, rail
Slide 7: History & Evolution of Trasteel
History & Evolution of Trasteel We are today a global steel trading and industrial group backed by centuries of combined experience in the steel industry. 2009 2015 2020 2021/2023 2024/2025 2026 Foundation Trasteel Established and managed by former Duferco (now DITH, World’s leading Steel Trader) ex
Slide 8: Key People (1/2)
Key People ( 1/2 ) Giuseppe Mannina Augusto Cosulich Gianfranco Imperato Federico Guiducci • Co - founder of Trasteel Group with over 40 years of experience in the global steel and metals industry • Began his career at Finsider, later joining Duferco and serving as CEO at Evraz, leading global opera
Slide 9: Key People (2/2)
Key People ( 2/2 ) Edoardo Dodero • Joined Trasteel Group in 2026 as Head of Investor Relations • Previously served as CEO and Managing Director of Corriere del Ticino Group (2018 - 2026) • Former Chief Investment Officer at Trasteel International (2009 - 2011) and Business Development Executive at
Slide 10: Trasteel in the Steel Value Chain
Trasteel in the Steel Value Chain RAW MATERIALS & PREPARATION CONTINUOUS CASTING STEEL PRODUCTION Sinter Plant Coke Ovens BASIC OXYGEN FURNACE (BOF) Tundish Blast Furnace Scrap Metal ELECTRIC ARC FURNACE (EAF) CAST IRON PRODUCTION STEEL PRODUCTION Iron Ore TRASTEEL TRADING Limestone Coke BOF TRASTEE
Slide 11: Creation of Value through a Dual Business Model
Creation of Value through a Dual Business Model MISSION 1 (Trading Division) To generate TRADING MARGINS to cover overheads and generate minimum ROE . People +170 2025 Total Revenues 1.0 bn/$ 2025* MISSION 2 (Industrial Division) To generate significant CAPITAL GAINS by investing in low cycle and di
Slide 12: Financials – Income Statement (2019-2027E)
Financials – Income Statement (2019 - 2027 E) Total Revenues (USD/M) 2,800 - 3,100 Gross Profit (USD/M) 350 CAGR 6Y 31.7% 2,115 - 2,500 1,954 CAGR 6Y 47.1% 1,453 1,417 1,495 923 374 465 1,192 200 157 170 138 123 66 31 17 105.9 2019 2023 2027 2020 2021 2022 Revenues (2026 = H1 official) 2024 2025 202
Slide 13: Financials – Balance Sheet (2019-2025)
Financials – Balance Sheet (2019 - 2025) Current Assets (USD/M) 974 730 767 677 404 211 236 2019 2020 2021 2022 2023 2024 2025 Increase driven by higher trading volumes and the expansion of the group’s industrial perimeter through acquisitions Non - Current Assets (USD/M) 41 74 73 13 5 7 186 202 188
Slide 14: Debt Profile
Debt Profile Debt is a core structural component of Trasteel’s integrated trading platform. 2025 No debt at Trasteel Holding S.A. level, all facilities are at subsidiary level: 1. Stand - alone Facilities (OTS, Profilmec Group, Tamac): ring - fenced, no parent guarantee, structurally segregated from
Slide 15: Self-Liquidating Debt: Financing That Repays Itself
Self - Liquidating Debt: Financing That Repays Itself Trading lines fund pre - sold, hedged and insured cargoes. Each deal's cash flow repays its own financing. HOW TO READ IT 1 Transactional, not Structural Trade - finance debt is matched by pre - sold inventory and receivables: read it alongside l
Slide 16: Risk Management Policies
Risk Management Policies Trasteel’s trading model operates as a pure service provider, targeting no speculative positions and a fully hedged financial exposure at all times. Financial & Liquidity Market, Geopolitics & Price No speculative back - to - back trading Strong equity base and diversified f
Slide 17: Use of Proceeds
Use of Proceeds Trasteel invests opportunistically in strategic trading teams and industrial assets to become World’s leading steel trading and investment house. TRADING OPPORTUNITIES 2026 - 2028 Amount 250 - 300 M/$* Priorities 1 Working capital 2 Trading development Steel desk Consumables desk Non
Slide 18: Use of Proceeds: from Target to Execution
Use of Proceeds: from Target to Execution Target 1 Trasteel Magona Italy World Revenue 500 - 700 m $ EBITDA 25 - 36 m $ Target 2 Revenue 9 - 10 bn $ Southern Europe EBITDA > 200 m $ Target 3 Revenue 600 m $ EBITDA 140 m $ Reroller and coater of HR/PRO Coils into Galvanized / Pre - painted coils (a
Slide 19: Trasteel Magona: Integrated in the Group Value Chain
Trasteel Magona: Integrated in the Group Value Chain Historic Piombino flat steel plant, operated by Trasteel since October 1, 2026. Trasteel Magona at a Glance REVENUE EBITDA 500 - 700 M$ 25 - 36 M$ at full run - rate* at full run - rate* EXPECTED VALUATION EV PAID >300 M$ 62 M€ expected in 2027* i
Slide 20: Illustrative Pro Forma EBITDA Bridge
Illustrative Pro Forma EBITDA Bridge VALUES IN USD/M GROUP PERIMETER: EXISTING ASSETS AND EXECUTED ACQUISITION ILLUSTRATIVE ACQUISITION SCENARIOS ⁽ ¹ ⁾ +$140.0 +$200.0 +$13.9 +$18.8 $80 - 85,0 +$26.9 +$19.1 $68.0 $50.0 $126.0 $158.8 $358.8 $498.8 FY25 EBITDA FY26E EBITDA Target 1 Portfolio Companies
Slide 21: Investment Highlights
Investment Highlights Risk - Neutral Trading Model Back - to - back physical trades with 1:1 hedging via futures and swaps; as spread managers, the Group is largely insulated from steel price cycles. Structural need of International Trading Given the discontinue “scaling” of production, creating unb
Slide 22: Officine Tecnosider S.r.l.
Officine Tecnosider S.r.l. Via Jacopo Linussio 1 San Giorgio di Nogaro (UD), Italy
Slide 23: Steel – A Large and Highly Fragmented Market
Steel – A Large and Highly Fragmented Market Steel is far more fragmented than other major commodities, creating structural opportunities for traders. RANKING COMMODITIES By Market Value in USD, 2024 1 Oil Largest commodity market by value 3.0 TN 2 Steel Fragmented market → strong role for traders 3
Slide 24: Global Steel Market – Overview
Global Steel Market – Overview Steel Use 209 KG World Average Per Capita (kg), 2025 Consumption Finished products, 2025 1,718 M metric tons ≈ 1.5 Tn $ Exports 457 M metric tons X 5 * ≈26% of the production, 2025 Steel Use per Capita (in KG, 2025) Mature industrial economies consume up to 4x the worl
Slide 25: Officine Tecnosider S.r.l.
Officine Tecnosider S.r.l. Via Jacopo Linussio 1 San Giorgio di Nogaro (UD), Italy
Slide 26: Trasteel in a Nutshell
Trasteel in a Nutshell 26 Trasteel is a global steel and metals trading and industrial platform headquartered in Lugano, active in over 60 countries. Trading Activity Trading and Industrial Activity People Volumes Entities Customers Sanctioned Trucks Containers Countries Suppliers Trains 2025 2025 2
Slide 27: Trading & Industrial – Divisions Overview
Trading & Industrial – Divisions Overview General Trading Steel + raw materials Consumables Electrodes, refractories, alloys Non - Ferrous Up/Mid/Downstream Companies involved General Trading Trasteel International SA CMP S.r.l. Physical Trading Paper / Derivatives Trading Products Segment (Lugano &
Slide 28: Geopolitical Risk turned into Opportunity
Geopolitical Risk turned into Opportunity The Iran conflict and potential disruption of the Strait of Hormuz may increase freight costs and transit times. For Trasteel, this volatile environment represents an opportunity rather than a threat. Routes affected by conflict (<10% 1 ) Other major trade r
Slide 29: Simplified Shareholding Structure
Simplified Shareholding Structure Fantex Capital Inc. Giuseppe Mannina 50% Fratelli Cosulich S.p.A. Augusto Cosulich 36.95% Netfund SA Gianfranco Imperato (CEO) 13.05% Trasteel Group* Holding & Operating Platform 100% Trasteel International 100% Lugano, CH 67.2% Profilmec Group Italy / Serbia 100% T
Slide 30: Trasteel's Dual Growth Strategy
Trasteel’s Dual Growth Strategy Trading Mission 1: Growth of trading volumes through acquisition of trading teams Industry Mission 2: Creation of value through opportunistic portfolio management (Impero Rule) Performance (2009 2025)* Banks 3 >20 Trading Desks 3 6 People (Traders, Network & BO)
Slide 31: Util Industries S.p.A.
Util Industries S.p.A. Via Papa Giovanni XXIII, 10 Villanova d’Asti (AT), Italy
Slide 32: Strategic Summary
Strategic Summary Trasteel invests opportunistically in strategic industrial and trading assets to become World’s leading steel trading and investment house. Historical Growth Path (2019 - 2025*) Target 3 - 5Y EBITDA 1 > 250M/$** Why stock exchange Our Benchmark 2023 1999 World Leading Steel Trader
Slide 33: Sizzle Acquisition Corp. II – Key People
Sizzle Acquisition Corp. II – Key People Steve Salis • Owner of Salis Holdings, a diversified holding company based in Washington, D.C. with interests in restaurants, hospitality, real estate, venture and mining. • Over 20 years of experience founding, acquiring, and developing companies across vari
Slide 34: Transaction Overview
Transaction Overview Transaction Highlights Illustrative Sources & Uses ($M) • Sizzle Acquisition Corp. II intends to complete a business combination with Trasteel Holding SA, a diversified industrial and trading platform with operations across more than 60 countries • The business combination impli
Slide 35: People Behind Steel – trasteel.com
[pp TRRA a — —| People Behind Steel el trasteel.com
Slide 36: Glossary
Glossary Term UE27 Definition Refers to the aggregate steel market of the 27 Member States of the European Union, treated as a single economic and regulatory area for steel production, consumption, trade and policy analysis. OEM (Original Equipment Manufacturer) or End User ‘Company that designs and
Slide 37: Risk Factors (1/3)
Risk Factors ( 1/3 ) All references to “we,” “us” or “our” refer to Trasteel Holding S . A . (“Company”) prior to the consummation of a potential transaction with a special purpose acquisition company (“SPAC”) . The risks described below are a non - exhaustive list of the key risks related to Compan
Slide 38: Risk Factors (2/3)
Risk Factors ( 2/3 ) Our business and results of operations may be materially adversely affected by serious disruptions or catastrophic events, including public health issues, trade disputes, sanctions, weather, and geopolitical instability, including the ongoing conflict involving Israel and Hamas
Slide 39: Risk Factors (3/3)
Risk Factors ( 3/3 ) Risks Related to a Potential Transaction Each of Trasteel and Sizzle Acquisition Corp. II would incur significant transaction costs in connection with the de - SPAC transaction. The consummation of the de - SPAC transaction would be subject to a number of conditions, and if thos
Slide 40: Appendix
Appendix TT TRAST
Slide 41: Financials – Unaudited Income Statement (2023-2025)
Financials – Unaudited Income Statement (2023 - 2025) 2025 2024 2023 In Units/USD 1,948,269,155 1.488.918.735 1.409.569.796 Net sales 5,235,583 5.636.746 7.214.095 Other operating income (Trasteel) 1,953,504,738 1.494.555.481 1.416.783.891 Total revenues (1,907,921,864) (1.445.001.751) (1.286.860.70
Slide 42: Financials – Unaudited Balance Sheet (2023-2025)
Financials – Unaudited Balance Sheet (2023 - 2025) 2025 2024 2023 In Units/USD Assets 149,620,867 155.495.883 193.660.404 Cash and cash equivalents 334,483,254 261.845.462 222.652.659 Trade account receivable 30,933,319 25.291.430 63.320.804 Other current receivables 422,907,675 298.838.557 225.053.
Slide 43: Trading – Main Desks of Physical Trading
Trading – 3 main desks of Physical Trading General Trading Consumables Non - Ferrous Steel Flat products and semi - products Long products and semi - products Tubular products Stainless steel products Raw Materials for Steel Production Iron ore (fines and lumps) PCI coal and metallurgical coke Pig i
Slide 44: Trading – The Development of Paper / Derivatives Trading
Trading – The development of Paper / Derivatives Trading OTC TRADING WITH THIRD - PARTIES TRASTEEL HEDGING ARBITRAGE PRODUCTS SEGMENT (Lugano & Hong - Kong Offices) Energy Power, Gas Non - Ferrous Aluminum, Zinc, Tin, Copper, Lead Steel EHR, HC Metallics Scrap, Rebars, Iron Ore Coal Steam Coal, Coki
Slide 45: Industrial Business Overview
Industrial Business Overview 2025 Net sales $938 M Companies 13 Countries 6 Processed / year >945 K/Mt Industrial Activities Revenue ($/M) CAGR 21 - 25: >23% 45 Revenue by Commodity 56 % Tubes 30 % Heavy plates 9 % Strips & sheets 4 % Rebars 1 % Engineering 2025 ENGINEERING REBARS COILS PLATES PIPES
Slide 46: Industrial Portfolio – Steel Processing (1/2), FY2025
Industrial Portfolio – Steel Processing ( 1/2 ), FY2025 Profilmec Group S.p.A. 1 $537M HF welded tubes Italy, Serbia Core business Manufacturing of precision high - frequency (HF) welded steel tubes and profile sections. Raw Materials P&O Coils • CR Coils • Aluminized & Galvanized Coils >400,000 t/y
Slide 47: Industrial Portfolio – Steel Processing (2/2), FY2025
Industrial Portfolio – Steel Processing ( 2/2 ), FY2025 Trasteel Polska & Romania Trasteel 100% $25M Polonia, Romania Rebars Core business Cutting, bending and assembly to spec; rebar cages for reinforced concrete, civil works and tunnels. Raw Materials Bars >20,000 t/year Group Synergies and Market
Slide 48: Opportunity by AI application
Opportunity by AI application Technology is reshaping industries Pressure rises where value is digitizable Structural Resilience of Trasteel: Steel Trading & Transformation Steel remains a core circular - economy material, as it can be recycled indefinitely and efficiently reused across multiple ind
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