Slide 1: FY 2024 Results
GRUPPO FY 2024 RESULTS 27 March 2025
Slide 2: Today Speakers
TODAY SPEAKERS Oscar Marchetto Alessandro Zanchetta Daniel Bicciato Chairman and CEO Chief Corporate Officer Group CFO 2
Slide 3: Agenda
1. COMPANY OVERVIEW 2. FY 2024 FINANCIAL RESULTS 3. Q&A ANNEX
Slide 4: Somec Group is one of the world's leading experts in complex turnkey projects
SOMEC GROUP IS ONE OF THE WORLD’S LEADING EXPERTS IN THE CONSTRUCTION OF COMPLEX TURNKEY PROJECTS Somec Group encompasses an ecosystem of expert companies specialised in engineering, design and deployment of complex turnkey projects in both civil and naval engineering. Our companies excel through in
Slide 5: From local company to international group
FROM LOCAL COMPANY TO INTERNATIONAL GROUP 1978 1993 2005 Year of foundation Somec enters the The company adds another marine glazing business challenging business: the marine refitting 2013 2016-17 2018 Oscar Marchetto acquires With the acquisitions of Oxin Listing on the Italian stock the majority
Slide 6: International presence
INTERNATIONAL PRESENCE FLORIDA NAVALTECH FL tsi i TEXAS PIZZA GROUP USA FL NEW YORK GERMANY FL 3.0 PARTNERS USA SOMEC BRANCH BL Fi BLUESTEEL GROUP USA OXIN BRANCH Bi Ai MESTIERI USA TSI BRANCH CONNECTICUT SWITZERLAND wl FABBRICA BUDRI SWITZERLAND Bi CANADA FRANCE FL ATELIER SOMEC BRANCH BL DE FACADE
Slide 7: Leader in three key macro segments
With a legacy of corporate growth and development, SOMEC GROUP HAS EMERGED AS A LEADER IN THREE KEY MACRO SEGMENTS 7
Slide 8: The bright future of the cruise market
THE BRIGHT FUTURE OF THE CRUISE MARKET CRUISE AND LUXURY INTERIOR DESIGN SURGING GLOBALLY § The cruise industry is expected to exceed 37 million § Evolving luxury retail: investments in boutiques and passengers globally in 2025. Revenues projected to flagship stores with high aesthetic and technolog
Slide 9: 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 2021, Somec Group has been publishing its Sustainability Report - Consolidated N
Slide 10: FY 2024 Financial Results
1. COMPANY OVERVIEW 2. FY 2024 FINANCIAL RESULTS 3. Q&A ANNEX
Slide 11: 2024 Financial Highlights: Strong Full-Year Performance
2024 FINANCIAL HIGHLIGHTS: STRONG FULL-YEAR PERFORMANCE REVENUES GROWTH, EXCELLENT EBITDA IMPROVEMENT, AND STRENGTHENED FINANCIAL POSITION TOTAL REVENUES Adjusted EBITDA Adjusted NET RESULT 382.8 €m 30.1 €m 4.8 €m (371.0 €m FY 2023) +3.2% (18.2 €m FY 2023) +65.5% (-10.4 €m FY 2023) YoY YoY NET FINAN
Slide 12: Steady top line growth with revenues at €383 million
STEADY AND CONSISTENT TOP LINE GROWTH WITH REVENUES AT € 383 MILLION REVENUES UP 3.2%, DRIVEN BY THE STRONG PERFORMANCE OF THE HORIZONS DIVISION TOTAL REVENUES €m REVENUES BREAKDOWN BY DIVISION % on total 382.8 371.0 +3.2% YoY 25.8% 23.2% Horizons FY 2023 57.8% FY 2024 Talenta 16.4% Mestieri 15.4% 6
Slide 13: Excellent improvement of marginality, EBITDA adjusted up 65.5%
EXCELLENT IMPROVEMENT OF MARGINALITY, EBITDA ADJUSTED UP 65.5% POSITIVE RESULTS BOOSTED BY HIGH-PERFORMING CONTRACTS IN THE MARINE GLAZING EBITDA ADJ. AND EBITDA ADJ. MARGIN OF THE GROUP €m/% 30.1 EBITDA Adj. Margin 18.2 +65.5% YoY 7.9% • Adjusted EBITDA up to 30.1 €m (7.9% margin) driven mainly by
Slide 14: Order backlog as at 31 December 2024
ORDER BACKLOG AS 31 DECEMBER 2024 UNLOCKING OPPORTUNITIES IN HIGH-GROWTH MARKETS WITH STRONG MOMENTUM BACKLOG €m BACKLOG EVOLUTION nr. ships 744 + 350 33 new cruise ships scheduled for delivery over the coming years by major cruise operators, confirming a New orders in 2024 robust pipeline of future
Slide 15: Horizons
HORIZONS SOLID TOP-LINE GROWTH (+9.6%) WITH SIGNIFICANT IMPROVEMENT IN PROFITABILITY REVENUES OF THE DIVISION €m 235.3 214.6 +9.6% YoY • Revenues reached 235.3 €m, up 9.6% compared to FY 2023 (214.6 €m); • Growth was driven by the expansion of refitting and newbuilding activities in the naval segmen
Slide 16: Talenta
TALENTA RESILIENT PROFITABILITY DESPITE 3.2% REVENUE DECLINE REVENUES OF THE DIVISION €m 60.8 58.8 -3.2% YoY • Slight revenues contraction, down 3.2% to 58.8 €m compared to 60.8 €m in the previous year. FY 2023 FY 2024 EBITDA AND EBITDA MARGIN OF THE DIVISION €m/% 5.1 +41.3% EBITDA Margin • Improvem
Slide 17: Mestieri
MESTIERI REDUCED VOLUMES WEIGHING ON PROFITABILITY REVENUES OF THE DIVISION €m 95.7 - 7.3% 88.7 YoY • Reported revenues of 88.7 €m, down 7.3% from 95.7 €m in 2023; • The decrease is primarily attributable to a slowdown in activity at one Group company focused on naval interior projects. FY 2023 FY 2
Slide 18: Net result as at 31 December 2024
NET RESULT AS 31 DECEMBER 2024 FROM LOSS TO RESILIENCE: PROFITABILITY BACK ON TRACK CONSOLIDATED ADJ. NET RESULT €m 4.8 FY 2023 • FY 2023 FY 2024 Adjusted consolidated net profit amounted to 4.8 €m, confirming the Group’s ability to recover margins through a focus on high value- added segments and o
Slide 19: Excellent improvement of financial position
EXCELLENT IMPROVEMENT OF FINANCIAL POSITION ROBUST DELEVERAGING REFLECTS SOUND FINANCIAL AND OPERATING MANAGEMENT FINANCIAL POSITION EX- IFRS16 - net debt €m/% CASH FLOW €m 60.1 • Strong cash flow improvement driven by enhanced focus on operational management; • -39.9% YoY High EBITDA-to-cash conver
Slide 20: Q&A
1. COMPANY OVERVIEW 2. FY 2024 FINANCIAL RESULTS 3. Q&A ANNEX
Slide 21: Annex
1. COMPANY OVERVIEW 2. FY 2024 FINANCIAL RESULTS 3. Q&A ANNEX
Slide 22: FY 2024 Consolidated Income Statement
FY 2024 CONSOLIDATED INCOME STATEMENT RECLASSIFIED ‘000 Euro 31.12.2024 % 31.12.2023 % ∆ ∆% Revenues from contracts with customers 377,627 98.6% 367,658 99.1% 9,969 2.7% Other revenues and income 5,196 1.4% 3,386 0.9% 1,810 53.5% Revenues 382,823 100.0% 371,044 100.0% 11,779 3.2% Materials, services
Slide 23: FY 2024 Consolidated Balance Sheet
FY 2024 CONSOLIDATED BALANCE SHEET RECLASSIFIED 31.12.2023 ‘000 Euro 31.12.2024 restated Intangible assets 46,012 55,143 of which Goodwill 33,063 37,423 Tangible assets 18,012 19,109 Right-of-use assets 21,933 23,936 Investments in associates 289 339 Non-current financial assets 326 257 Other non-cu
Slide 24: FY 2024 Consolidated Net Financial Position
FY 2024 CONSOLIDATED NET FINANCIAL POSITION ‘000 Euro 31.12.2024 31.12.2023 A. Cash and cash equivalents 65 46 B. Bank deposits 47,413 46,916 C. Total liquidity (A+B) 47,478 46,962 D. Current financial assets 28,149 21,888 E. Current bank debt (43,302) (35,356) F. Current portion of long-term debt (
Slide 25: FY 2024 Consolidated Cash Flow Statement
FY 2024 CONSOLIDATED CASH FLOW STATEMENT RECLASSIFIED ‘000 Euro 31.12.2024 31.12.2023 Cash flows from operating activities 27,444 125 Cash flows from investing activities (5,254) (4,340) Free Cash Flow 22,190 (4,215) Cash flows from financing activities (22,703) (2,321) Effect of exchange rate chang
Slide 26: Project Cycle
PROJECT CYCLE 1 3 5 PRE-SALES SELECTING MATERIALS INSTALLATION The most complex phase, Somec Group works With more than 300 major which includes references, with different materials projects delivered, tested preliminary engineering depending on the sector. and approved, Somec Group with the analysi
Slide 27: Invest in people, invest in the future
INVEST IN PEOPLE, INVEST IN THE FUTURE "People are the greatest asset in a company. The continuous innovation at customer’s service and the constant enhancement of performances are the objectives reached by working in team.” Oscar Marchetto Attracting, retaining and valuing talent is pivotal in the
Slide 28: 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. 28
Slide 29: 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 30: Horizons: Engineered systems for naval architecture and building façades
HORIZONS ENGINEERED SYSTEMS FOR NAVAL ARCHITECTURE AND BUILDING FAÇADES Marine glazing One of the major players in North America and Europe when it comes to the design, procurement, production, installation and maintenance of ship and building construction systems, characterised by the highest quali
Slide 31: Enchanted Princess, Icon of the Seas, Norwegian Prima
ENCHANTED PRINCESS ICON OF THE SEAS Princess Cruises Royal Caribbean NORWEGIAN PRIMA Norwegian Cruise Line 31
Slide 32: Selected reference projects
ECOSTA P F L - SMERALDA BÂTIMENT ME 2050 M STREET LCosta a u s aCrociere nne - Switzerland Washington, DC TWA FLIGHT CENTER HOTEL TNORWEGIAN H E J A C X PRIMA Jamaica Queens, NY L Norwegian o n g I s l a nCruise d C i tLine y, NY 32
Slide 33: Talenta: Professional kitchen systems and products
TALENTA PROFESSIONAL KITCHEN SYSTEMS AND PRODUCTS Specialized integrated systems for professional kitchens Marine catering seamlessly blend aesthetics with high performance. equipment Turnkey projects tailored for the catering and hospitality industry adhere to the highest standards of certified eff
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Slide 36: Mestieri: Design and production of bespoke interiors
MESTIERI DESIGN AND PRODUCTION OF BESPOKE INTERIORS A selected group of high-end artisan brands, Marine interiors each an absolute excellence in its own sector. Under Mestieri direction and coordination, this integrated ecosystem applies its genius to the bespoke creation of fine interiors and iconi
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Slide 40: 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 41: Contacts
CONTACTS Investor Relations somec@twin.services investorrelations@somecgroup.com
Slide 42: Closing quote from Oscar Marchetto, Chairman & CEO
‘‘ (…) The truth is that the technical, industrial and craft expertise of our people, and the freedom with which everyone in the Group can be innovative, give us the energy to pursue our dream - to become the hub of Italian construction quality. ” OSCAR MARCHETTO CHAIRMAN & CEO somecgruppo.com