Somec S.p.A. · MIL:SOM
Somec — H1 2026 Earnings Presentation
49 slides from Somec's earnings presentation, November 2026
Slide 1: The Hub of Italian Construction Quality
THE HUB OF ITALIAN CONSTRUCTION QUALITY Group Financial Presentation November 2026
Slide 2: Index
INDEX 01 02 03 04 GROUP MARKET FINANCIAL ANNEX OVERVIEW FOCUS HIGHLIGHTS 2
Slide 3: Group Overview
01 GROUP OVERVIEW
Slide 4: Somec Group, world leading expert in complex turnkey projects
SOMEC GROUP, WORLD LEADING EXPERT IN THE CONSTRUCTION OF COMPLEX TURNKEY PROJECTS IN BOTH CIVIL AND NAVAL ENGINEERING An integrated ecosystem of excellence specialising in the engineering, design and deployment of complex projects with high added value. Somec Group’s presence spans 12 countries and
Slide 5: Our History
OUR HISTORY From one business to three divisions, built on almost 50 years of expertise M I L E S T O N E S Year of New Management IPO Moving The Group today Foundation Oscar Marchetto Italian Stock Exchange to Euronext Milan 3 divisions acquires the majority (ex. AIM) (ex. MTA) 28 entities stake of
Slide 6: 3 Divisions of the Group
3 DIVISIONS OF THE GROUP * ** * A brand of GICO / ** A brand of Pizza Group 6
Slide 7: Our Group
OUR GROUP Horizons Talenta Mestieri PE Permanent Establishment 7
Slide 8: Our Footprint
OUR FOOTPRINT Horizons Talenta Mestieri 8
Slide 9: Shareholding
SHAREHOLDING S H AR E H O L D E R S # O F S H AR E S % S H AR E C AP I T AL VENEZIA S.P.A. 4,997,175 68.62% OSCAR MARCHETTO* 55,259 0.76% GIAN CARLO CORAZZA** 10,000 0.14% ALESSANDRO ZANCHETTA*** 8,000 0.11% TREASURY SHARES 968 0.01% FREE FLOAT 2,210,473 30.36% TOTAL 7,281,875 100.00% * of which 9,3
Slide 10: Market Focus: Cruise Industry and Land-Based Sectors
02 MARKET FOCUS CRUISE INDUSTRY AND LAND-BASED SECTORS
Slide 11: Cruise Industry: A Strong, Long-Term Growth Trajectory
CRUISE INDUSTRY: A STRONG, LONG-TERM GROWTH TRAJECTORY 42 MILLION 41.2 42.1 PASSENGERS EXPECTED 38.3 40.3 GLOBALLY IN 2029 37.2 34.6 31.1 29.7 28.5 26.7 25.2 21.6 20.4 18.4 17.5 16.3 16.9 14.8 13 13.4 11.3 12 12.6 10.6 9.6 8.7 7.6 7.6 6.1 6.6 5.1 5.5 5.8 4.1 4.3 4.7 4.8 4.8 4.8 3 3.2 3.7 1.9 2.3 2.6
Slide 12: Cruise Industry: Key Growth Drivers
CRUISE INDUSTRY: KEY GROWTH DRIVERS +80$bln INVESTMENT ~90 INTENT TO CRUISE AGAIN % 325 CLIA OCEAN-GOING SHIPS 2026 2039 ORDERBOOK HORIZON Expected investment in new cruise ships CLIA reports nearly 90% of cruisers Representing ~690,000 lower Industry newbuilding programmes over the next decade. int
Slide 13: Cruise Industry: A Lifecycle Opportunity
CRUISE INDUSTRY: A LIFECYCLE OPPORTUNITY Somec is uniquely positioned to cover the entire ship lifecycle YEAR 0 EVERY 4-5 YEARS ANY TIME YEAR 25-30 CONSTRUCTION MANDATORY MAINTENANCE REFITTING END OF LIFE Newbuilding: design, engineering Class-required dry-dock surveys At the shipowner's discretion:
Slide 14: Marine contracts: Somec, Oxin, TSI
SOMEC > 208 million euro contracts for marine glazing systems OXIN 53 million euro contract for onboard kitchens TSI 81 million euro contract for bespoke interiors 14
Slide 15: Land-Based Sectors: Where We Operate
LAND-BASED SECTORS: WHERE WE OPERATE BOUTIQUE & RETAIL HOSPITALITY RESIDENTIAL MUSEUMS CORPORATE & PUBLIC Glazed storefronts and luxury Glazed envelopes, professional Glazed envelopes and bespoke Glazed envelopes and Glazed envelopes and interiors interiors for flagships and kitchens and interiors f
Slide 16: Land-Based Sectors: A Lifecycle Opportunity
LAND-BASED SECTORS: A LIFECYCLE OPPORTUNITY Complex, tailor-made projects play to Somec’s strengths DEVELOPMENT OPENING OPERATIONS REPOSITIONING & & CONSTRUCTION & FIT-OUT & UPGRADES REFURBISHMENT Envelope design, engineering and installation Professional kitchens and luxury retail Service, upgrades
Slide 17: Fabbrica LLC: 350 Park Avenue NY
FABBRICA LLC 83,600 sqm of curtain walling 350 Park Avenue NY Designed by Foster+Partners 17
Slide 18: Financial Highlights
03 FINANCIAL HIGHLIGHTS
Slide 19: H1 2026 Results Highlights
H1 2026 RESULTS HIGHLIGHTS I N D I C AT O R H1 2025 RESULT H1 2026 RESULT YoY V S T AR G E T (-3.3 %) TOTAL REVENUES 192.7 €M 186.3 €M -1.4 % Constant forex EBITDA 15.8 €M 17.5 €M +11 % EBITDA MARGIN 8.2 % 9.4 % +120 BPS NET RESULT 2.0 €M 6.1 €M EXCELLENT RESULT NET FINANCIAL POSITION (ex. IFRS16-DE
Slide 20: H1 2026 - Total Revenues
H1 2026 - TOTAL REVENUES TOTAL REVENUES TOTAL REVENUES BREAKDOWN BY GEOGRAPHY €M % ON TOTAL -3.3% YOY ROW ROW AT CONSTANT FOREX 3.8 5.0% 6.1% -1.4% CONSTANT FOREX NORTH NORTH AMERICA AMERICA 43.5% 35.3% 192.7 186.3 EUROPE EUROPE 51.5% 58.6% H1 2025 H1 2026 H1 2025 H1 2026 Consolidated revenues amoun
Slide 21: H1 2026 - Revenues by Division
H1 2026 - REVENUES BY DIVISION HORIZONS REVENUES TALENTA REVENUES MESTIERI REVENUES €M €M €M -3.7% +41.3% -25.7% YoY YoY YoY 117.0 40.3 50.8 112.7 28.5 37.8 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 Performance mainly reflected EUR/USD exchange rate movements Strong growth was supported by the
Slide 22: H1 2026 - EBITDA
H1 2026 - EBITDA The highest half-year EBITDA in the Group’s history EBITDA EBITDA BRIDGE €M / % €M +10.8% 3.0 17.5 YoY 15.8 -0.1 -1.2 EBITDA EBITDA 17.5 MARGIN MARGIN 15.8 9.4% 8.2% H1 2025 H1 2026 EBITDA H1 2025 Delta Horizons Delta Talenta Delta Mestieri EBITDA H1 2026 EBITDA reached an all-time
Slide 23: H1 2026 - EBITDA by Division
H1 2026 - EBITDA BY DIVISION Excellent performance of Talenta HORIZONS EBITDA TALENTA EBITDA MESTIERI EBITDA €M / % €M / % €M / % -60 BPS +580 BPS +250 BPS YoY YoY YoY EBITDA MARGIN 4.6 11.3% EBITDA EBITDA EBITDA MARGIN MARGIN 4.0 EBITDA MARGIN MARGIN EBITDA 3.9 10.2 9.1 MARGIN 7.8% 10.3% 8.7% 1.6 8
Slide 24: H1 2026 - Net Result
H1 2026 - NET RESULT Group’s net profit exceeds 6 million euros, up three-fold BRIDGE EBITDA - NET RESULT NET RESULT €M €M 17.5 6.1 11.2 -6.3 9.5 -1.8 6.1 -3.3 2.0 EBITDA DEPR EBIT NET EBT TAX NET H1 2024 H1 2025 H1 2026 AND AMORT FINANCIAL RESULT EXPENSES -1.2 24
Slide 25: H1 2026 - Net Financial Position
H1 2026 - NET FINANCIAL POSITION NET FINANCIAL POSITION CASH FLOW €M €M NFP NFP ex. IFRS16-DEBT 47.7 1.8 -1.1% -9.2% -1.6 -0.3 YoY YoY -4.6 38.3 -3.5 -0.2 -1.0 36.5 36.1 13.8 12.5 FY 2025 H1 2026 FY 2025 H1 2026 CASH AS AT NET CASH FLOW CAPEX P&C AND LOAN LEASE DIVIDEND OTHER CASH AS AT 31.12.2025 F
Slide 26: H1 2026 - Net Financial Position
H1 2026 - NET FINANCIAL POSITION Debt reduction path still on track FINANCIAL POSITION BREAKDOWN LEVERAGE REDUCTION PATH €M €M / % -58.6 -36.5 -36.1 -80.3 -61.8 13.6 28.1 27.7 32.3 -55% VS H1 24.2 2024 47.2 47.5 47.7 38.3 31.5 H1 2024 FY 2024 H1 2025 FY 2025 H1 2026 -81.2 -77.7 -71.8 -101.0 -96.2 -1
Slide 27: Order Backlog as of 30 June 2026
ORDER BACKLOG AS OF 30 JUNE 2026 Record of orders collected TOTAL BACKLOG TOTAL BACKLOG BREAKDOWN BY SCHEDULED YEAR AND DIVISION €M / % €M MORE THAN 1.3 €BLN 211 +24% 22.1% YoY 164 17.2% 157 16.4% 117 12.2% 99 90 10.4% 9.3% 956 53 771 5.6% 28 3.0% 13 17 7 1.4% 1.7% 0.7% FY 2025 H1 2026 AS OF TODAY 2
Slide 28: More than 0.7 € bln orders announced in 2026
MORE THAN 0.7 € BLN ORDERS ANNOUNCED IN 2026 ORDER VALUE €M NOT DISCLOSED 119 100 56 60 53 54 41 38 28 19 14 January February February May May June June June September September October October Horizons Talenta Mestieri 28
Slide 29: Annex
04 ANNEX
Slide 30: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT H1 2026 / Reclassified €/000 30.06.2026 % 30.06.2025 % ∆ ∆% Revenues from contracts with customers 184,809 99.2% 191,661 99.4% (6,852) -3.6% Other operating income 1,514 0.8% 1,063 0.6% 451 42.4% Total revenues 186,323 100.0% 192,724 100.0% (6,401) -3.3% Purchases, serv
Slide 31: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET H1 2026 / Reclassified €/000 30.06.2026 31.12.2025 Intangible assets 38,989 39,831 of which Goodwill 31,409 31,229 Tangible assets 17,610 18,081 Right-of-use assets 30,270 29,461 Investments in associates 365 321 Non-current financial assets 398 335 Other non-current asset
Slide 32: Consolidated Net Financial Position
CONSOLIDATED NET FINANCIAL POSITION H1 2026 €/000 30.06.2026 31.12.2025 A. Cash 64 46 B. Bank deposits 38,221 47,672 C. Total liquidity (A+B) 38,286 47,718 D. Current financial receivables 32,253 27,728 E. Current bank debt (27,905) (30,922) F. Current portion of bank loans and credit facilities (8,
Slide 33: Consolidated Cash Flow Statement
CONSOLIDATED CASH FLOW STATEMENT H1 2026 / Reclassified €/000 30.06.2026 30.06.2025 Cash flows from operating activities 1,762 9,107 Cash flows from investing activities (1,810) (3,571) Free Cash Flow (48) 5,536 Cash flows from financing activities (9,737) (19,490) Effect of exchange rate changes on
Slide 34: Horizons: Engineered Systems of Naval Architecture and Building Façades
HORIZONS ENGINEERED SYSTEMS OF NAVAL ARCHITECTURE AND BUILDING FAÇADES Marine glazing newbuilding Horizons companies are recognised as major players in North America and Europe when it comes to the design, engineering, production, installation and maintenance of complex and innovative construction s
Slide 35: Marine glazing reference ships
ST AR OF T HE SEAS SUN PRINCESS ILMA Royal Caribbean Princess Cruises The Ritz-Carlton Collection NORWEGIAN LUNA Norwegian Cruise Line 35
Slide 36: Architectural envelope reference projects
RAGON INST IT UT E HOT EL SHERAT ON Cambridge, Massachusetts Annaba, Algeria T HE JACX Long Island City, NY 36 SVEN Long Island City, NY - USA
Slide 37: Talenta: Professional Kitchen Systems and Products
TALENTA PROFESSIONAL KITCHEN SYSTEMS AND PRODUCTS Marine catering equipment At Talenta, we produce bespoke integrated systems for professional kitchens in the naval and civil sectors, seamlessly blend aesthetics with high performance. Turnkey projects tailored for the catering and hospitality indust
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Slide 41: Mestieri: Design and Production of Bespoke Interiors
MESTIERI DESIGN AND PRODUCTION OF BESPOKE INTERIORS Marine complex projects management Mestieri is a group of Italian excellences dedicated to the bespoke creation of high-end interiors and architectural elements, for land-based and marine applications. It combines engineering and project management
Slide 42: Marine interiors reference ships
SEVEN SEAS SPLENDOR Regent Seven Seas Cruises NORWEGIAN PRIMA Norwegian Cruise Line 42 SUN PRINCESS NORWEGIAN VIVA Princess Cruises Norwegian Cruise Line
Slide 43: Land-based interiors reference projects
MUSÉE DE LA MARINE PRINT EMPS Paris - France New York- USA T IFFANY St ut t g art - Ger many 43 DUO MILAN HOT EL Milan - Italy
Slide 44: Sheikh Zayed Grand Mosque Center, Abu Dhabi
SHEIKH ZAYED GRAND MOSQUE CENT ER Abu Dhabi - UAE 44
Slide 45: People Empowerment
PEOPLE EMPOWERMENT TEAM GROWTH HEADCOUNT BY DEPARTMENT Somec Group organization boasts an experienced and skilled team that grows day by day through an on going program of training and development. 45
Slide 46: Building a Better Future Every Day
BUILDING A BETTER FUTURE EVERY DAY Somec Group embraces responsibility. In a time where technology enables high-performance and sustainable solutions, we ensure full accountability for our environmental footprint. Since 2020, Somec Group has been publishing its Sustainability Report. Starting from t
Slide 47: Developing, Preserving and Passing on the Italian Know-How
DEVELOPING, PRESERVING AND PASSING ON THE ITALIAN KNOW-HOW Somec Group was set up and developed as a local business based on the skilled hands of expert craftsmen. As it has expanded, it has always recognised the priceless value of Italian expertise, which is precise when it comes down to fine detai
Slide 48: Disclaimer and Notes
DISCLAIMER AND NOTES This document has been prepared by SOMEC S.p.A. (the ‘Company’) solely for the purposes of this presentation. This document may not be reproduced or distributed in whole or in part by any other person with any way than the Company. The Company takes no responsibility for the use
Slide 49: Investor Relations
INVESTOR RELATIONS investorrelations@somecgroup.com