Trevi Finanziaria Industriale S.p.a. · MIL:TFIN
Trevi Finanziaria Industriale — H1 2026 Earnings Presentation
29 slides from Trevi Finanziaria Industriale's earnings presentation, Aug 6, 2026
Slide 1: Conference call on 1H26 Results
Conference call on 1H26 Results August 6th, 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 Extensive international experience in managing complex Offshore and Onshore Giuseppe Caselli EPC contracts across several countries, not only in the Oil & Gas sector but also in major infrastructure projects, including high-speed rail, industrial railways, l
Slide 4: Agenda
Agenda I. Executive summary II. New Financing Package Completed III. 1H26 Results IV. Guidance 2026 V. Closing remarks Appendix I: 1H26 Financial Statement Tables Appendix II: Sustainability
Slide 5: Stronger balance sheet, record backlog and accelerating growth trajectory
Stronger balance sheet, record backlog and accelerating growth trajectory Record commercial momentum 1H26 key figures ▪ €424 m order intake in 1H26 with 1.6x Book-to-Bill ratio ▪ €928 m backlog, the highest level recorded by the Group(*) €424 m €928 m ▪ Diversified awards across key geographies and
Slide 6: Agenda
Agenda I. Executive summary II. New Financing Package Completed III. 1H26 Results IV. Guidance 2026 V. Closing remarks Appendix I: 1H26 Financial Statement Tables Appendix II: Sustainability
Slide 7: New Financing Structure overview
New Financing Structure overview 100% Debt refinancing FINANCIAL TRANSFORMATION COMPLETED. of Rights Issue TREVI ENTERS A NEW PHASE OF GROWTH successfully completed Fully subscribed by the market WITH A STRENGTHENED CAPITAL STRUCTURE ▪ Rights Issue successfully completed (100%) Rights Issue ▪ No tak
Slide 8: Financial transformation completed – Net Debt reduced at €95 m
Financial transformation completed – Net Debt reduced at €95 m 30-Jun-26 (€m) 31-Dec-25 30-Jun-26 Pro-Forma(*) Strengthened financial position Cash & Liquidity 98.1 179.8 106.2(*) Impact of the completed financing package Other current assets €1.4 2.8 €2.8 €95 m Net Debt at 30-Jun-26 Pro-Forma Short
Slide 9: Agenda
Agenda I. Executive summary II. New Financing Package Completed III. 1H26 Results IV. Guidance 2026 V. Closing remarks Appendix I: 1H26 Financial Statement Tables Appendix II: Sustainability
Slide 10: 1H26 results reflect expected projects phasing effect
1H26 results reflect expected projects phasing effect 1H24 1H25 1H26 P&L PERFORMANCE Δ H/H Δ H/H Δ H/H Revenue €262.3 m -6.4% €312.2 m +19.0% €270.9 m -13.2% Rec. EBITDA €26.9 m €44.3 m €40.0 m -17.2% +64.9% -9.6% (Rec. EBITDA margin) (10.2%) (14.2%) (14.8%) Adj. Net Profit €5.4 m(*) +25.6% €11.3 m(
Slide 11: Strong commercial momentum driven by diversified project awards
Strong commercial momentum driven by diversified project awards €424 m(*) +21% 1.6x €363 m €74 m 1H26 Group order intake Growth vs 1H25 Book-to-Bill Trevi Division Soilmec Division well above 1H25 €424 m vs €350 m outpacing revenue contributor to 1H26 Intake continued contribution Order intake trend
Slide 12: Record backlog at €928 m supports strong revenue visibility and future growth
Record backlog at €928 m supports strong revenue visibility and future growth €928 m(*) +24% +€180 m c. 90% 34% Backlog at 30-Jun-26 Growth vs FY25 Increase vs FY25 Backlog coverage of Europe exposure Record level €928 m vs €748 m Strong focus on new projects FY26 revenue Largest region in the mix B
Slide 13: Revenue growth trajectory underway, with increasing profitability
Revenue growth trajectory underway, with increasing profitability 1H26 snapshot Revenue acceleration in 2026 Profitability remained strong Revenue in line with expectations, margins 2Q26 confirms an improving revenue trajectory, as Rec. EBITDA resilient in 1H26 expansion delivered backlog starts con
Slide 14: Trevi Group 1H26 Revenue – Continued focus on keeping a well diversified geographical footprint
Trevi Group 1H26 Revenue – Continued focus on keeping a well diversified geographical footprint EUROPE NORTH AMERICA Division % revenue Division % revenue 30.2% 12.9% 27.5% 18.4% FAR EAST Division % revenue 9.0% 28.7% LATAM Division % revenue MIDDLE EAST AFRICA 6.9% Division % revenue Division % rev
Slide 15: Trevi Division – Revenue phasing with a record backlog at the end of June
Trevi Division – Revenue phasing with a record backlog at the end of June €363 m €888 m -13.7% -15.9% 16.0% Order intake Order backlog 1H26 Revenue vs 1H25 1H26 Rec. EBITDA vs 1H25 Rec. EBITDA margin +€74 m vs 1H25 +€165 m vs FY25 Different projects phasing Expected timing effect Resilient profitabi
Slide 16: Soilmec Division – Strong margin growth and solid 2H26 Revenue outlook
Soilmec Division – Strong margin growth and solid 2H26 Revenue outlook €74 m €47 m -10.7% +13.1% 9.4% Order intake Order backlog 1H26 Revenue vs 1H25 1H26 Rec. EBITDA vs 1H25 Rec. EBITDA margin stable vs 1H 2025 +€4 m vs 1H25 Delivery timing effect €5.3 m vs €4.7 m +190 bps vs 1H25 Revenue 2026 (€m)
Slide 17: 1H26 Consolidated Income Statement
1H26 Consolidated Income Statement (€m) 1H25 1H26 Delta Total Revenue 312.2 270.9 (41.3) Key highlights Recurring EBITDA 44.3 40.0 (4.3) improving operating and net profitability % on revenue 14.2% 14.8% 0.6% Non-recurring expenses - revenue (0.9) (1.0) (0.1) Rec. EBITDA margin EBITDA 43.5 39.0 (4.5
Slide 18: Positive FCFO despite temporary working capital absorption
Positive FCFO despite temporary working capital absorption €5.1 m c. €15 m €40.0 m 2H26 FCFO in 1H26 2Q26 implied FCFO(*) Recurring EBITDA Expected improvement Positive despite WC absorption Recovery vs negative 1Q26 Solid operating result WIP conversion into billing FCFO progression in 1H26 (€m) 1H
Slide 19: Agenda
Agenda I. Executive summary II. New Financing Package Completed III. 1H26 Results IV. Guidance 2026 V. Closing remarks Appendix I: 1H26 Financial Statement Tables Appendix II: Sustainability
Slide 20: 2026 Guidance confirmed as commercial momentum translates into operational performance
2026 Guidance confirmed as commercial momentum translates into operational performance ▪ Revenue acceleration expected in 2H26 supported by solid backlog and c.90% FY26 revenue coverage already secured Group Revenue ▪ Recently awarded projects expected to contribute more meaningfully during 2H26 €64
Slide 21: Agenda
Agenda I. Executive summary II. New Financing Package Completed III. 1H26 Results IV. Guidance 2026 V. Closing remarks Appendix I: 1H26 Financial Statement Tables Appendix II: Sustainability
Slide 22: Closing Remarks
Closing Remarks Financing Package Financing Package 1H26 Results 100% €180 m 14.8% completed successfully funded +60 bps vs 1H25 Long-term Rec. EBITDA Rights Issue refinancing Margin 1H26 Results 1H26 Results Outlook €928 m €270.9 m Confirmed Record level In line with project phasing Revenue, Rec. E
Slide 23: Agenda
Agenda I. Executive summary II. New Financing Package Completed III. 1H26 Results IV. Guidance 2026 V. Closing remarks Appendix I: 1H26 Financial Statement Tables Appendix II: Sustainability
Slide 24: Trevi Group – Consolidated Income Statement
Trevi Group – Consolidated Income Statement Profit & Loss Trevi Group €m 1H 2026 1H 2025 Delta TOTAL REVENUE 270.9 312.2 (41.3) Change in finished products and work in progress 2.8 1.4 1.4 Internal work capitalised 5.8 6.4 (0.6) PRODUCTION REVENUE 279.5 320.0 (40.5) Consumption of raw materials and
Slide 25: Trevi Group – Consolidated Reclassified Balance Sheet
Trevi Group – Consolidated Reclassified Balance Sheet Balance Sheet Trevi Group €m 30/06/2026 30/06/2025 Delta Property, plant and equipment 161.8 158.0 3.8 Intangible fixed assets and goodwill 15.5 15.9 (0.3) Financial assets – Investments 0.5 0.5 (0.0) Non-current assets 177.8 174.3 3.5 Inventorie
Slide 26: Trevi Group – Consolidated Cash Flow Statement
Trevi Group – Consolidated Cash Flow Statement Free Cash Flow €m 1H 2026 1H 2025 Delta Recurring EBITDA (including IFRS 16 effect) 40.0 44.3 (4.3) IFRS 16 Effect (3.6) (4.3) 0.7 Taxes (payed) (6.6) (5.3) (1.3) Delta Net Working Capital (1.6) (6.6) 5.0 Trade receivable (7.4) 1.8 (9.2) Trade payables
Slide 27: Agenda
Agenda I. Executive summary II. New Financing Package Completed III. 1H26 Results IV. Guidance 2026 V. Closing remarks Appendix I: 1H26 Financial Statement Tables Appendix II: Sustainability
Slide 28: Trevi Group Sustainability recognition
Trevi Group Sustainability recognition Trevi S.p.A. retained its EcoVadis Silver Medal for the fourth consecutive year, For the fourth consecutive year, Trevi Trevi Finanziaria Industriale was while Trevi Group earned a Bronze In 2025, Trevi Group was listed for the Group received the Sustainability
Slide 29: Trevi Group sustainable target achieved
Trevi Group sustainable target achieved GHG reduction ▪ Promoting the decarbonisation strategy against climate change ▪ GHG emissions reduced to 0.0044 tons of CO₂ per hours worked by 31 December 2025 Accident reduction ▪ Promoting the protection of health and safety of employees and third parties ▪
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