Trevi Finanziaria Industriale S.p.a. · MIL:TFIN
Trevi Finanziaria Industriale — Non-Deal Roadshow (April 2026)
31 slides from Trevi Finanziaria Industriale's roadshow presentation, Apr 20, 2026
Slide 1: Strengthening Foundations
Strengthening Foundations April 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. Trevi Group Overview II. FY25 Group Results III. Business Plan 2026-2029 IV. Financing Package V. Closing remarks Appendix
Slide 5: Trevi Group at a glance
Trevi Group at a glance Underground engineering Machine manufacturing Two Divisions DAMS & LEVEES MARINE WORKS BRIDGE INDUSTRIAL & CAUSEWAYS & CIVIL BUILDINGS PILING RIGS CFA RIGS CRANES MICRODRILLING SUBWAYS, SPECIAL ENVIRONMENTAL HYDROMILL & TUNNELLING ANCILLARIES HIGHWAYS PROJECTS SOLUTIONS GRABS
Slide 6: 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 7: Investment Highlights
Investment Highlights 1 Leadership in a highly specialized niche market Business profile with lower claims, better payment dynamics 2 and higher profitability vs general contractors 3 Positive reference market outlook 4 Diversified geographic footprint 5 Integrated business model 7
Slide 8: 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 9: Business profile with lower claims, better payment dynamics and higher profitability vs general contractors
Business profile with lower claims, better payment dynamics and higher profitability 2 vs general contractors | 1 I Lower claims and shorter duration II Better payment dynamics III Early stage Low number of claims with respect to Improved payment dynamics as a Compared to a general contractor(**) wi
Slide 10: Business profile with lower claims, better payment dynamics and higher profitability vs general contractors
Business profile with lower claims, better payment dynamics and higher profitability 2 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 level of speci
Slide 11: 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 12: 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 13: 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 14: Agenda
Agenda I. Trevi Group Overview II. FY25 Group Results III. Business Plan 2026-2029 IV. Financing Package V. Closing remarks Appendix
Slide 15: 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 16: Diversified Order Intake of €734m in FY25 and solid Backlog
Diversified Order Intake of €734m in FY25 and solid Backlog ensure strong short to medium-term visibility Order Intake Evolution (€m) Order Backlog Evolution (€m) Book to Backlog excluding €59 m of a US project cancellation Bill: 1.2 748(*) 734 720 701 26 29 FY25 Order Backlog – Geographic split 34
Slide 17: Main projects/activities ongoing
Main projects/activities ongoing Extension of Extension of Puerto Rosales metro line 5 metro line 8 “Muelle Sitio 3” in Madrid in Barcelona (Argentina) (Spain) (Spain) Jobsites Rogun dam Worldwide Hydroelectric Palisades Tunnel project High-Speed Rail Link (PNRR) Power Plant (Manhattan) (Florence) (
Slide 18: Agenda
Agenda I. Trevi Group Overview II. FY25 Group Results III. Business Plan 2026-2029 IV. Financing Package V. Closing remarks Appendix
Slide 19: 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 20: Key consolidated figures
Key consolidated figures Revenue (€m)(*) Rec. EBITDA (€m) Capex (€m) Cumulative CAGR: +5.5%(**) CAGR: +5% Capex >750 624 ~100 86 ~90 21 2025A 2029E 2025A 2029E 2025A 2026E-2029E Business Plan 2026-2029: a clear ambition to deliver resilient and sustainable growth to best position Trevi Group in its
Slide 21: 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 22: 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% Pile Drilling Micropiles Pile Drilling Micropiles Revenue growth driven by Rec. EBITDA growth driven
Slide 23: Guidance 2026: main drivers
Guidance 2026: main drivers ▪ Revenue growth supported by solid backlog already secured in 2025 ▪ Both Trevi and Soilmec Divisions expected to contribute positively to Group growth Group €640-670 m ▪ Business development profile with softer first half and recovery in second half Revenue ▪ Performanc
Slide 24: Agenda
Agenda I. Trevi Group Overview II. FY25 Group Results III. Business Plan 2026-2029 IV. Financing Package V. Closing remarks Appendix
Slide 25: 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 26: Financing structure overview
Financing structure overview ▪ Comfort letters received from a pool of primary financial institutions (the “Pool”), including Refinancing Head of Terms with key refinancing conditions €170 m ▪ Debt structure: pre-amortized period followed by a progressive amortizing schedule until 2031 ▪ All details
Slide 27: Agenda
Agenda I. Trevi Group Overview II. FY25 Group Results III. Business Plan 2026-2029 IV. Financing Package V. Closing remarks Appendix
Slide 28: 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 Early 2026 ▪ Positive commercial momentum in the first months of 2026 with an all-time high Order Inta
Slide 29: Appendix
Agenda I. Trevi Group Overview II. FY25 Group Results III. Business Plan 2026-2029 IV. Financing Package V. Closing remarks Appendix
Slide 30: 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 30
Slide 31: Free Cash Flow from Operations
Free Cash Flow from Operations Free Cash Flow €m FY 2025 FY 2024 FY 2023 Recurring EBITDA (including IFRS 16 effect) 85.5 83.6 74.5 IFRS 16 Effect (7.7) (9.9) (9.6) Taxes (payed) (10.4) (8.7) (14.7) Delta Net Working Capital 0.8 10.4 (8.4) Trade receivable 0.9 (8.5) 18.2 Trade payables (16.5) 40.3 (
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