Trevi Finanziaria Industriale S.p.a. · MIL:TFIN
Trevi Finanziaria Industriale — IPO Roadshow (June 2026)
36 slides from Trevi Finanziaria Industriale's IPO roadshow presentation, Jun 5, 2026
Slide 1: Foundations for Financial Strength
Foundations for Financial Strength Deal Roadshow Presentation 5 and 8 June 2026
Slide 2: 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 p
Slide 3: A leading team with recognized experience
A leading team with recognized experience CEO of Trevi Group since 2019, successfully leading the Company through a turnaround and repositioning towards its core business Extensive experience in managing large-scale international EPC operations, Giuseppe Caselli gained as Chief Operating Officer at
Slide 4: Agenda
Agenda I. Rights Issue details II. Trevi Group Overview III. 1Q26 Update IV. Business Plan 2026-2029 V. Financing Package VI. Closing remarks Appendix
Slide 5: Rights Issue Terms
Rights Issue Terms Issuer ▪ Trevi – Finanziaria Industriale S.p.A. ("Trevi Fin" or "Company") ▪ c. €100 m capital increase via fully underwritten Rights Issue ▪ n. 49,964,352 newly issued ordinary shares Offer size and structure ▪ 16 new shares every 5 existing shares ▪ €2.00 subscription price ▪ 34
Slide 6: Agenda
Agenda I. Rights Issue details II. Trevi Group Overview III. 1Q26 Update IV. Business Plan 2026-2029 V. Financing Package VI. Closing remarks Appendix
Slide 7: Trevi Group at a glance
Trevi Group at a glance Underground engineering Machine manufacturing Two Divisions DAMS & LEVEES MARINE WORKS BRIDGES INDUSTRIAL & CAUSEWAYS & CIVIL BUILDINGS PILING RIGS CFA RIGS CRANES MICRODRILLING GROUND & SPECIAL ENVIRONMENTAL HYDROMILL & TUNNELLING ANCILLARIES UNDERGROUND PROJECTS SOLUTIONS G
Slide 8: Trevi Group strategic business evolution
Trevi Group strategic business evolution 2026 onwards 2020-2025 Until 2019 Strong focus on reference markets, strengthening New shareholder base Trevi-Soilmec integration Back to Core Business: Consolidating best-in-class Family-owned company Construction (Foundations & margins Active in Oil & Gas (
Slide 9: FY25 results consistent with guidance. Excellent operating performance
FY25 results consistent with guidance. Excellent operating performance Achievements over FY23 FY24 FY25 Guidance 2025 Delta FY/FY Delta FY/FY Delta FY/FY Revenue €594.9 m +4.5% €663.3 m +11.5% €624.0 m -5.9% Rec. EBITDA €74.5 m +15.6% €83.6 m +12.2% €85.5 m +2.2% (Rec. EBITDA margin) (12.5%) (12.6%)
Slide 10: Investment Highlights
Investment Highlights 1 Leadership in a highly specialized niche market Business profile with limited claims exposure, better payment 2 dynamics and higher profitability vs general contractors 3 Positive reference market outlook 4 Diversified geographic footprint 5 Integrated business model 10
Slide 11: Leadership in a highly specialized niche market
Leadership in a highly specialized niche market 1 Strong market positioning … … with a solid track-record in complex projects Revenues 2025 (€bn) of main competitors1 in deep foundation sector 3.6 Mosul Dam NEOM Project – Mosul The Line project (Iraq) (Saudi Arabia) 2.3 2.1 Costa World Trade Concord
Slide 12: Limited claims exposure, better payment dynamics and higher profitability vs general contractors (1)
Business profile with limited claims exposure, better payment dynamics and higher 2 profitability vs general contractors | 1 Limited claims exposure I II Better payment dynamics III Early stage and shorter duration Limited claims exposure with respect Improved payment dynamics as a Compared to a gen
Slide 13: Limited claims exposure, better payment dynamics and higher profitability vs general contractors (2)
Business profile with limited claims exposure, better payment dynamics and higher 2 profitability vs general contractors | 2 Lower average contract size and raw Limited exposure to residential IV Higher profitability V VI material inflation risk sector & limited competition on price Trevi’s high lev
Slide 14: Positive reference market outlook
Positive reference market outlook 3 Global Deep Foundations market expected growth Drilling Equipment Manufacturing market expected growth (International market research providers) (International market research providers) Market Reports Business World 6.8% CAGR 26-35 Research Insight 7.0% CAGR 26-3
Slide 15: FY25 Revenue reflects a well diversified geographic footprint
FY25 Revenue reflects a well diversified geographic footprint 4 FY25 Revenue(*) EUROPE NORTH AMERICA Division % revenue Division % revenue 22.1% 13.7% 35.8% 19.6% FAR EAST Division % revenue 9.0% LATAM 20.6% Division % revenue MIDDLE EAST 4.0% AFRICA Division % revenue Division % revenue 6.6% 46.6%
Slide 16: Integrated business model enhances accretive synergies between Divisions
Integrated business model enhances accretive synergies between Divisions 5 The strength of Trevi Group lies in having both engineering excellence and in-house equipment manufacturing: with Soilmec designing, customizing, and supporting our machines end-to-end, Trevi executes complex projects with gr
Slide 17: Agenda
Agenda I. Rights Issue details II. Trevi Group Overview III. 1Q26 Update IV. Business Plan 2026-2029 V. Financing Package VI. Closing remarks Appendix
Slide 18: 1Q26 - Key consolidated figures
1Q26 - Key consolidated figures Revenue (€m) Rec. EBITDA (€m) Net Financial Position (€m) -23.1% -27.4% +14.4 m(*) Margin 14.4% 13.6% 152.9 187.4 201.7 117.6 21.9 15.9 1Q25 1Q26 1Q25 1Q26 FY25 1Q26 1Q26 results affected by different timing profile vs 1Q25: numerous contracts acquired between end of
Slide 19: Diversified Order Intake of €220 m in 1Q26 and all-time high Backlog
Diversified Order Intake of €220 m in 1Q26 and all-time high Backlog ensure strong short to medium-term visibility Order Intake Evolution (€m) Order Backlog Evolution (€m) Backlog excluding €59 m of a US project cancellation 869.8 431 384 748(**) 58 Book to 720 701 29 350 34 26 310 59 Bill: 1.9 312
Slide 20: Main ongoing and recently Awarded Projects / Activities
Main ongoing and recently Awarded Projects / Activities Extension Palisades Tunnel Puerto Rosales of metro line 5 (Manhattan) “Muelle Sitio 3” in Madrid (Argentina) (Spain) Extension Manhattan Jail of metro line 8 Jobsites (New York) Golden Triangle in Barcelona Worldwide (Saudi Arabia) (Spain) Prit
Slide 21: Agenda
Agenda I. Rights Issue details II. Trevi Group Overview III. 1Q26 Update IV. Business Plan 2026-2029 V. Financing Package VI. Closing remarks Appendix
Slide 22: A leading Foundation Specialist with two Business Divisions
A leading Foundation Specialist with two Business Divisions Group’s Business Plan aims to build on the strong performance achieved over the past three years further consolidating its market position Rationalization of non- Strategic focus on high- core branches and Prioritization of medium- Tight mo
Slide 23: Key consolidated figures
Key consolidated figures Revenue (€m)(*) Rec. EBITDA (€m) Capex (€m) CAGR: +5.5%(**) CAGR: +5% Average Capex: €22 m per year >750 624 ~100 86 21 2025A 2029E 2025A 2029E 2025A(***) 2025A(***) 2026E-2029E Business Plan 2026-2029: a clear ambition to deliver resilient and sustainable growth to best pos
Slide 24: Trevi Division – Key figures
Trevi Division – Key figures Revenue (€m) Rec. EBITDA (€m) Revenue breakdown by geography CAGR: +5% CAGR: +2% 2025A 2029E 4% 2% 5% 8% 22% 21% 26% >600 506 47% 79 >80 14% 25% 2025A 2029E 2025A 2029E 9% 17% Revenue growth mainly Rec. EBITDA growing over Europe North America Europe North America driven
Slide 25: Soilmec Division – Key figures
Soilmec Division – Key figures Revenue (€m) Rec. EBITDA (€m) Revenue breakdown by product CAGR: +5% CAGR: +14% 2025A 2029E 6% 19% 11% 6% >165 54% 16% 57% 142 >20 16% 13 10% 2025A 2029E 2025A 2029E 5% Piling Rigs Micropiles Piling Rigs Micropiles Revenue growth driven by Rec. EBITDA growth driven Spa
Slide 26: Guidance 2026: main drivers
Guidance 2026: main drivers ▪ Revenue growth supported by solid backlog already secured in FY25 and 1Q26 Group €640-670 m ▪ Both Trevi and Soilmec Divisions expected to contribute positively to Group growth Revenue ▪ Business development profile with softer first half and recovery in second half ▪ T
Slide 27: Agenda
Agenda I. Rights Issue details II. Trevi Group Overview III. 1Q26 Update IV. Business Plan 2026-2029 V. Financing Package VI. Closing remarks Appendix
Slide 28: Key objectives
Key objectives Refinancing of New Group’s debt maturity profile extended to 2031, fully exiting 2022 expiring Debt restructuring framework Strengthen Rights Issue of €100 m enhancing financial flexibility with a healthier capital capital structure structure Accelerate BP Financing Package to acceler
Slide 29: Financing structure overview
Financing structure overview ▪ Financing agreement signed with a pool of primary financial institutions, subject to standard Refinancing market conditions precedent, including the completion of Rights Issue €180 m ▪ Debt structure: pre-amortized period followed by a progressive amortizing schedule u
Slide 30: Agenda
Agenda I. Rights Issue details II. Trevi Group Overview III. 1Q26 Update IV. Business Plan 2026-2029 V. Financing Package VI. Closing remarks Appendix
Slide 31: Closing remarks
Closing remarks FY25 Results ▪ Solid 2025 results, supported by disciplined bidding activity and continued cost efficiency ▪ Well diversified Backlog with a strong Order Intake during the full year 1Q26 Results ▪ 1Q26 performance consistent with FY Guidance: revenues expected to show a progressive i
Slide 32: Agenda
Agenda I. Rights Issue details II. Trevi Group Overview III. 1Q26 Update IV. Business Plan 2026-2029 V. Financing Package VI. Closing remarks Appendix
Slide 33: Adjusted Net Profit
Adjusted Net Profit €m 2025 2024 2023 Net Profit 8.6 5.5 25.9 IFRS 9 impact on debt related to 2022 restructuring agreement 10.7 10.1 (13.3) Gain on debt swap – 2023 capital increase (3.8) Restructuring costs 3.1 Adj. Net Profit 19.4 15.6 11.9 33
Slide 34: Trevi Group – Consolidated Income Statement
Trevi Group – Consolidated Income Statement Profit & Loss Trevi Group €m Q1 2026 Q1 2025 Delta TOTAL REVENUE 117.6 152.9 (35.4) Change in finished products and work in progress 8.7 1.3 7.3 Internal work capitalised 2.8 2.1 0.8 PRODUCTION REVENUE 129.1 156.3 (27.3) Consumption of raw materials and ex
Slide 35: Trevi Group – Consolidated Reclassified Balance Sheet
Trevi Group – Consolidated Reclassified Balance Sheet Balance Sheet Trevi Group €m 31/03/2026 31/12/2025 Delta Property, plant and equipment 160.1 158.0 2.1 Intangible fixed assets and goodwill 15.6 15.9 (0.3) Financial assets – Investments 0.5 0.5 0.0 Non-current assets 176.1 174.3 1.8 Inventories
Slide 36: Trevi Group – Consolidated Cash Flow Statement
Trevi Group – Consolidated Cash Flow Statement Free Cash Flow €m Q1 2026 Q1 2025 Delta Recurring EBITDA (including IFRS 16 effect) 15.9 21.9 (6.0) IFRS 16 Effect (1.8) (2.8) 1.0 Taxes (payed) (0.2) (1.3) 1.1 Delta Net Working Capital (16.5) (15.2) (1.3) Trade receivable (1.1) 1.7 (2.8) Trade payable
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