Tesmec S.p.a. · MIL:TES
Tesmec — Le Eccellenze del Made in Italy Conference 2026
43 slides from Tesmec's conference presentation, Oct 1, 2026
Slide 1: Le Eccellenze del Made in Italy Conference
LE ECCELLENZE DEL MADE IN ITALY CONFERENCE Milan I October 1st, 2026
Slide 2: Agenda
AGENDA GROUP OVERVIEW ▪ GROUP OVERVIEW BUSINESS UNITS ▪ BUSINESS UNITS ▪ GROUP FINANCIALS ▪ 2026 OUTLOOK ▪ ANNEX All rights reserved 2
Slide 3: Tesmec Overview
TESMEC OVERVIEW All rights reserved 3
Slide 4: Our Vision, Our Mission
OUR VISION OUR MISSION FOR THE FUTURE FOR THE PLANET COMMITTED TO ENERGY TRANSITION, SAFETY AND DIGITALIZATION Technology partner with INNOVATIVE, ADDED-VALUE INTEGRATED SOLUTIONS for the construction, maintenance and efficiency of INFRASTRUCTURES for the TRANSPORT AND DISTRIBUTION OF ENERGY, DATA
Slide 5: Enabling Infrastructure Megatrends
ENABLING INFRASTRUCTURE MEGATRENDS STRINGING AUTOMATION TRENCHERS RAILWAY ENERGY TRANSITION • ELECTRIFICATION RISING POWER CONSTRUCTION SMART GRIDS & ELECTRIFIED DATA CENTERS DEMAND OF NEW LINES AND SUBSTATION RAILWAY READINESS • RENEWABLES EXPANSION & GRID SUBSTATIONS DIGITALIZATION NETWORKS COMPLE
Slide 6: Tesmec Group Technological Developments
TESMEC GROUP TECHNOLOGICAL DEVELOPMENTS STRINGING OF LAYING OF LAYING OVERHEAD CABLES SYSTEMS FOR ELECTRICAL ENERGY ELECTRIC CABLES UNDERGROUND CABLES FOR RAILWAY NETWORKS SUBSTATIONS THE COMMON THREAD OF OUR HISTORY ENERGY 1984 | TRENCHERS 2017 | AUTOMATION 2012 | RAILWAY • Systems and devices for
Slide 7: Capturing Megatrends Through Cutting Edge Technologies
CAPTURING MEGATRENDS THROUGH CUTTING EDGE TECHNOLOGIES “‘TIPO 4” DIAGNOSTIC VEHICLES TRENCHER 1875XL EVO GAS PIPELINE WHY TESMEC IS POSITIONED TO WIN TECH-DRIVEN, HIGH-BARRIERS • LEADING POSITIONS IN HIGHLY SPECIALIZED GLOBAL NICHES • PROPRIETARY TECHNOLOGIES • EXECUTION IN LARGE-SCALE INFRASTRUCTUR
Slide 8: From Infrastructure Trends to Strategic Outlook
FROM INFRASTRUCTURE TRENDS TO STRATEGIC OUTLOOK HOW TESMEC CREATES VALUE TECHNOLOGY, VALUE, MARKETS AND EFFICIENCY, BUSINESS EXECUTION VOLUMES SUPPORTING GROWTH MODEL • REVENUE VISIBILITY SUPPORTED BY INFRASTRUCTURAL CAPEX • EXPOSURE TO HIGH-GROWTH GEOGRAPHIES AND LARGE-SCALE PROJECTS INNOVATION FOR
Slide 9: Energy Stringing
ENERGY STRINGING • SOLUTIONS FOR CONSTRUCTION AND MAINTENANCE OF ELECTRICAL NETWORKS • ADVANCED METHODOLOGIES FOR AUTOMATED CONSTRUCTION SITES • ZERO EMISSION MACHINES DIGITAL & GREEN SOLUTIONS: NEW METHODOLOGIES FOR CONSTRUCTION AND MAINTENANCE OF ENERGY TRANSPORT AND DISTRIBUTION INFRASTRUCTURES A
Slide 10: Trenchers & Surface Miners
TRENCHERS & SURFACE MINERS • OIL & GAS, WATER PIPELINES, RENEWABLES • BULK EXCAVATION, QUARRIES & SURFACES MINING • TELECOM NETWORKS, FTTH & LONG DISTANCE, POWER CABLE INSTALLATION ADVANCED WORKING METHODOLOGY: INTEGRATED SYSTEMS & TECHNOLOGICAL SOLUTIONS FOR A COMPLETE JOBSITE MANAGEMENT All rights
Slide 11: Railway
RAILWAY • CATENARY INSTALLATION & MAINTENANCE • DIAGNOSTIC VEHICLES AND SYSTEMS • INTEGRATED PLATFORM FOR SAFE INFRASTRUCTURE GLOBAL CATENARY SPECIALIST FOR THE INSTALLATION AND MAINTENANCE OF RAILWAY LINES: SOLUTIONS WITH INTEGRATED SYSTEMS AND RAIL VEHICLES FOR A SAFE, EFFICIENT AND SUSTAINABLE RA
Slide 12: Energy Automation
ENERGY AUTOMATION • PROTECTION & MONITORING SOLUTIONS • REMOTE CONTROL SOLUTIONS • SERVICE TELECOMMUNICATIONS SOLUTIONS FOR HV GRIDS • SMART METERING SOLUTIONS GRID RELIABILITY, EFFICIENCY AND SECURITY: A FULL PORTFOLIO OF POWER GRID TECHNOLOGIES, TAILORED AND INTEGRATED SOLUTIONS TO FACE FAST-CHANG
Slide 13: Italian DNA, Global Footprint
16 SALES SUBSIDIARIES 7 PRODUCTION PLANTS ITALY: Grassobbio, Sirone, Monopoli, Fidenza, Patrica ITALIAN USA: Alvarado; FRANCE: Durtal DNA, GLOBAL FOOTPRINT 75 YEARS OF EXPERIENCE 35+ PATENTS DEVELOPED 900+ EMPLOYEES WORLDWIDE TESMEC GROUP HEADQUARTERS BERGAMO, ITALY Founded in northern Italy in the
Slide 14: Industrial Footprint
INDUSTRIAL FOOTPRINT GRASSOBBIO, BG HEADQUARTERS MONOPOLI SIRONE, LC GRASSOBBIO 68.000 mq FIDENZA, PR 33.000 mq FIDENZA MONOPOLI E BITETTO, BA PATRICA, FR 2.180 mq ALVARADO, DURTAL, TEXAS FRANCIA STRINGING AUTOMATION TRENCHERS RAILWAY 14 All rights reserved All rights reserved
Slide 15: At a Glance
AT A GLANCE FY.2025 PERFORMANCES SALES €M 257,6 REVENUE BREAKDOWN (FY25) BACKLOG BREAKDOWN (H1.26) €M 239,5 in 2024 Energy Trencher Energy Trencher EBITDA €M 40,5 37% 42% 238,5 80,9 €M €M €M 41,1 in 2024 EBITDA MARGIN 15,7% 17,2% in 2024 Rail 21% Rail 178,9 €M EBIT €M 19,5 €M 0,4 in 2024 MARKETS (FY
Slide 16: Business Units
TESMEC BUSINESS UNITS All rights reserved 16
Slide 17: Trenchers & Surface Miners
TRENCHERS & SURFACE MINERS SURFACE PIPELINES BULK MINING & UTILITIES EXCAVATION Replacing use of Heavy civil projects explosives and (construction, traditional methods. foundations, road construction) Oil and gas pipelines, canals, water and sewage utilities networks and drainage work DETECTION & MA
Slide 18: Trenchers & Surface Miners Highlights
TRENCHERS & SURFACE MINERS HIGHLIGHTS MARKETS REVENUE AND EBITDA TREND (€M) ▪ MANUFACTURING FACILITIES IN ITALY, FRANCE AND USA 2023 2024 2025 H1.2026 ▪ SUBSIDIARIES IN AFRICA, MIDDLE-EAST AND OCEANIA ▪ BROAD INTERNATIONAL REACH, WITH SELECTIVE APROACH ON HIGH-PRIORITY REGIONS 121,4 111,9 107,60 LAN
Slide 19: Railway & Surface Miners Trenchers
RAILWAY & SURFACE MINERS TRENCHERS CATENARY INSTALLATION DIAGNOSTIC OF INFRASTRUCTURE & MAINTENANCE SOLUTIONS FOR CONSTRUCTION AND REFURBISHMENT OF INTEGRATED SYSTEMS, VEHICLES, SOLUTIONS FOR THE DIAGNOSTIC OF RAIL RAILWAY LINE AND CERTIFIED VEHICLES FOR CATENARY AND CIVIL INFRASTRUCTURE MAINTENANCE
Slide 20: Railway Highlights
RAILWAY HIGHLIGHTS MARKETS REVENUE AND EBITDA TREND (€M) ▪ SOLID DOMESTIC ANCHOR 2023 2024 2025 H1.2026 ▪ SELECTIVE INTERNATIONAL EXPANSION 53,4 50,4 LANDSCAPE & VALUE 46,9 ▪ COMPETE ON CUSTOMIZATION, NOT SCALE (LARGE PLAYERS FOCUSED ON STANDARD SOLUTIONS) ▪ SELECTIVE EXPORT THROUGH TENDER-DRIVEN OP
Slide 21: Energy – Stringing
ENERGY – STRINGING TOWER NEW POWERLINE HELICOPTER POWERLINE ERECTION CONSTRUCTION STRINGING REFURBISHMENT The perfect match between For the installation of any type The solution for the “direct Line refurbishment & hydraulic winches and derricks. of conductor, including htls. stringing” by helicopte
Slide 22: Energy-Stringing Highlights
ENERGY-STRINGING HIGHLIGHTS MARKETS REVENUE AND EBITDA TREND (€M) 2023 2024 2025 H1.2026 ▪ EXPORT-ORIENTED ▪ HIGH-DEMAND CONCENTRATED IN KEY REGIONS: USA (ALSO VIA CONDUX 65,7 TESMEC JV), MIDDLE EAST, INDIA, AUSTRALIA LANDSCAPE & VALUE 50,8 All rights reserved 41,7 42,8 ▪ LEADING IN A GLOBAL NICHE M
Slide 23: From Energy Stringing to Energy Automation
FROM ENERGY STRINGING... BU ENERGY STRINGING OH DIVISION OH OH OH HV PS SS UG UG UG PRODUCTION TRANSMISSION DISTRIBUTION PROSUMER OH UG HV PS SS OVERHEAD UNDERGROUND SUBSTATION PROTECTION, Solutions for the Complete range for AUTOMATION MONITORING installation and cable laying and SYSTEMS (SAS) AND
Slide 24: Energy-Automation Value Proposition
ENERGY-AUTOMATION VALUE PROPOSITION • Allow security and stability SERVING THE ELECTRIFICATION VALUE CHAIN • Communicate and interconnect Tesmec Automation support the grid in all its chain, help in managing the flow to • Automate solutions to reduce action time Power Generation HV Substation Primar
Slide 25: Energy-Automation Highlights
ENERGY-AUTOMATION HIGHLIGHTS MARKETS REVENUE AND EBITDA TREND (€M) 2023 2024 2025 H1.2026 ▪ STRONG DOMESTIC ANCHOR WITH AN INCREASINGLY DIVERSIFIED DOMESTIC CUSTOMER PORTFOLIO ▪ SCALING INTERNATIONAL PRESENCE THROUGH TARGETED EXPANSION IN 30,9 FRANCE AND SELECT HIGH-GROWTH MARKETS 26,5 LANDSCAPE & V
Slide 26: Group Financials
GROUP FINANCIALS All rights reserved 26
Slide 27: Trend by Division, 2023-2025
TREND BY DIVISION, 2023-2025 (€M) REVENUE TREND AND MIX EBITDA TREND AND MIX (% ON TOTAL REVENUE) (EBITDA MARGIN) TOTAL 2025: TOTAL 2023: TOTAL 2024: 257,6 239,5 TOTAL 2024: 236,0 TOTAL 2025: 41,1 53,4 40,5 46,9 50,4 (20, 7%) TOTAL 2023: 9,5 10,2 (19,9%) (21,0%) 32,8 (18,9%) (19,0%) 8,6 67,7 96,6 (1
Slide 28: Backlog Trend
BACKLOG TREND 227,5 ENERGY 239€M, of which Energy- RAIL Stringing 65€M 179 €M Duration <1 year 162,6 Duration 3-4 years 121,9 116,6 H1.2026: 498,3 €M 72,1 Energy- 66,2 Automation 175€M TRENCHERS Duration 4-5 years 81€M 2025 2024 2025 2024 2024 2025 Duration <1 year Energy Trencher Railway Long- term
Slide 29: Net Financial Position Trend, 2024-2026
NET FINANCIAL POSITION TREND, 2024-2026 (€M) TOTAL PFN: 183,6 TOTAL PFN: ▪ FINANCIAL DISICPLINE TO CONTROL 147,0 TOTAL PFN: TOTAL PFN: NWC 130,4 120,3 132,6 ▪ NWC DECREASING DESPITE VOLUME GROWTH 113,2 102,8 95,9 ▪ CAPEX ALIGNED WITH DEPRECIATION 51,0 33,8 27,6 24,3 ▪ INDUSTRIAL NET DEBT AT ~€30M Ju
Slide 30: H1.2026 Results
H1.2026 RESULTS All rights reserved 30
Slide 31: H1.2026 Profit & Loss Statement
H1.2026 PROFIT&LOSS STATEMENT (€M) PROFIT & LOSS H1.2025 H1.2026 Δ Δ% REVENUES 128,6 144,2 15,6 +12,2% ▪ REVENUES growing by 12,2%, driven by strong Energy performance and recovery in the Trencher business, with EBITDA 21,2 24,3 3,1 +14,7% increased manufactured volumes. Rail’s results, though in %
Slide 32: H1.2026 Statement of Financial Position
H1.2026 STATEMENT OF FINANCIAL POSITION (€M) Δ Jun. 30, 2026 vs Dec.31, 2025 Jun.30, 2026 Dec.31, 2025 NET WORKING CAPITAL 71,8 64,3 (7,5) ▪ NET INVESTED CAPITAL decreasing by 3,1€M vs. Dec-2025, mainly driven by Net working FIXED ASSETS 116,8 117,5 0,7 capital decreased by 7,5€M, thanks to the Ener
Slide 33: H1.2026 Net Financial Position Evolution
H1.2026 NET FINANCIAL POSITION EVOLUTION (€M) 130,4 27,6 6,8 2,6 24,3 120,3 7,5 102,8 1,9 95,9 8,2 Dec. 31,2025 IFRS16 Net debt OCF NWC CAPEX FLEET EQUITY ADJ.* Net debt IFRS16 Jun.30,2026 31/12/2025 EXCLUDING 30/06/2026 FLEET €M Jun.30, 2026 Dec.31,2025 Jun.30,2025 INVENTORIES 101,9 87,7 96,8 WORK
Slide 34: Trenchers: H1.2026 Facts & Figures
TRENCHERS: H1.2026 FACTS & FIGURES (€M) KEY FACTS 60,2 63,3 ▪ Recovery trajectory started in H1.2026, supported by higher production volumes and a progressively strengthening backlog, providing improved visibility for 9,1 9,1 the coming quarters 15,1% 14,3% ▪ Selective focus on high-value end-market
Slide 35: Rail: H1.2026 Facts & Figures
RAIL: H1.2026 FACTS & FIGURES (€M) KEY FACTS 25,0 ▪ Acceleration in execution activities expected in H2 2026, 20,7 supported by the progressive ramp-up of recently awarded contracts and the advancement of key projects through their respective operational phases 4,2 ▪ Continued progress of the new bi
Slide 36: Energy: H1.2026 Facts & Figures
ENERGY: H1.2026 FACTS & FIGURES (€M) KEY FACTS 60,2 STRINGING ▪ Strong growth momentum and a backlog up ~86% vs. Jun- 43,4 25, providing increasing visibility beyond the current year ▪ Condux Tesmec JV confirmed as a key growth platform in the U.S. market, supporting margin expansion through 13,7 si
Slide 37: 2026 Guidelines
2026 GUIDELINES | TESMEC
Slide 38: 2021-2025 Equity Story and 2026 Outlook
2021-2025* EQUITY STORY and 2026 OUTLOOK 2026 OUTLOOK: EXPECTED GROWTH OF KEY ECONOMIC INDICATORS VS. 2025 AND FURTHER REDUCTION OF NET FINANCIAL INDEBTENESS VS. JUNE 30, 2026, THANKS TO AN ACCELERATION OF BUSINESS MOMENTUM IN H2.2026 REVENUE EBITDA NFP Solid, high-quality order backlog, enduring vi
Slide 39: Annex
ANNEX All rights reserved 39
Slide 40: FY.2025 Summary P&L and BS
FY.2025* SUMMARY PL AND BS SUMMARY PROFIT & LOSS STATEMENT BALANCE SHEET €M 2025 2024 €M Dec.31, 2025 Dec.31, 2024 NET REVENUES 257,6 239,5 Inventory 87,7 96,1 Raw materials costs (-) (116,0) (109,0) Work in progress contracts 34,3 36,7 Cost for services (-) (52,4) (42,7) Accounts receivable 61,1 55
Slide 41: H1.2026 Summary
H1.2026 SUMMARY (€M) PROFIT & LOSS (€ Mln) H1.2026 H1.2025 BALANCE SHEET (€ Mln) Jun.30,2026 Dec.31, 2025 NET REVENUES 144,2 128,6 Inventory 101,9 87,7 Raw materials costs (-) (67,8) (58,3) Work in progress contracts 30,6 34,3 Cost for services (-) (29,1) (23,8) Accounts receivable 72,9 61,1 Personn
Slide 42: Disclaimer
DISCLAIMER This presentation has been prepared by Tesmec S.p.A. (“Tesmec”, the “Company” or the “Group”). As used herein, “Presentation” means this document, any oral presentation, the question and answer session and any written or oral material discussed or distributed during the presentation. The
Slide 43: Tesmec
TESMEC
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