Edil San Felice S.p.a. · MIL:ESF
Edil San Felice — Edil San Felice S.p.A. S.B. — FY2025 Earnings Presentation
37 slides from Edil San Felice's earnings presentation, Mar 26, 2026
Slide 1: Investor Presentation FY 2025 Results
INVESTOR PRESENTATION FY 2025 Results 26 Mar, 2026 1
Slide 2: Disclaimer
DISCLAIMER “This document (the “Document”) has been prepared by Edil San Felice S.p.A. S.B. (“Edil San Felice”) The Document is confidential in nature and is for the internal use of the recipient (hereinafter the “Recipient”) who, upon receiving it, agrees not to distribute, make known or quote the
Slide 3: People Speaking Today
PEOPLE SPEAKING TODAY LORENZO DI PALMA VINCENZO DI PIETRO MARIKA SGRITTO CEO & FOUNDER CFO IR +20 years of experience at +25 years of experience in Graduate in Business Economics Edil San Felice accounting finance and control for Master’s degree in Finance companies in the construction and 3rd gener
Slide 4: ESF Overview
1. ESF OVERVIEW 4
Slide 5: Edil San Felice S.p.A. S.B. FY 2025
INVESTOR PRESENTATION · FY 2025 Edil San Felice S.p.A. S.B. ESF · Euronext Growth Milan · CCIAA Napoli · C.F. 03509521211 Integrated operator in the maintenance and development of highway and airport infrastructure. 40+ years of history, 353 employees, presence in 16 Italian regions. VALUE OF PRODUC
Slide 6: Financial Highlights
PERFORMANCE FY 2025 Financial Highlights Solid growth across all key economic indicators for the year. Value of Production EBITDA EBIT Net Income €54,1M €11,1M €9,5M €7,4M ▲ +4,8% ▲ +17,5% ▲ +17,6% ▲ +12,9% P&L (€ MN) MARGINS FY24 VS. FY25 Net Revenues €52,5M +33,7% Raw materials -€10,2M (18,9%) 25%
Slide 7: Profit & Loss: EBITDA Bridge FY2025
Profit&Loss EBITDA Bridge FY2025 From the Value of Production to the EBITDA: composition and percentage incidence of operating costs 60 Thousands 54 50 (10) 40 30 (12) (5) 11 20 10 (15) (1) 0 VOP RAW MATERIALS SERVICES THIRD-PARTY PERSONNEL EBITDA ASSETS €54,1M 18,9%* 22,7%* 8,5%* 28,3%* 20,5% -€10,
Slide 8: Revenues and margin evolution
TREND Revenues and margin evolution Structural revenue growth and progressive recovery of margins after the extraordinary investments of 2024 CAGR 23→25 REVENUE FY23 REVENUE FY24 REVENUE FY25 +8,9% €45,8M €51,6M €54,1M Revenue Baseline +12,7% vs FY23 +4,8% vs FY24 Value of Production (€ MN) EBITDA M
Slide 9: Backlog record: €251 million
ORDER BOOK Backlog record: €251 milions +84% vs. €136.1 million at end-2024 — Revenue visibility of ~4.6x FY25 annual revenues BACKLOG FY25 ORDERS ACQUIRED 2025 COVERAGE RATIO BACKLOG 1 H 2025 €251M >€100M 4,6x €214,7M +84% vs FY24 Historical record Revenue FY25 Already record as of 30/06 BACKLOG GR
Slide 10: Financial strength
FINANCIAL POSITION AND ASSETS Financial strenght Cash-positive PFN of €6.7M — net equity +16.4% to €42.9M — constantly strengthening capital structure SHAREHOLDER’S EQUITY PFN (CASH+) LIQUIDITY NET INVESTED CAPITAL €42,9M -€6,7M €14,1M €36,2M +16,4% vs FY24 +€3,9M vs FY24 Cash + Other financial asse
Slide 11: ESF Business Model
2. ESF ESF BUSINESS OVERVIEWMODEL 11
Slide 12: Full control over the awarding and execution process
BUSINESS MODEL Full control over the awarding and execution process PARTICIPATION We have a Tender&Order’s team with a high degree of specialization and a long experience AWARDING ESF has signed new executive contracts for a total value of Eu100,3mn as of 31 Dec 2025. Average of 4 months between ten
Slide 13: Business lines
BUSINESS MODEL Business lines Two Business Units and six business lines for one-stop-shop coverage of the Italian infrastructure market BU Operations (BUOP) BU Engineering and Construction (BUIR) Ordinary and extraordinary maintenance <€1M. Management of road, airport, civil, and industrial Extraord
Slide 14: Business lines
BUSINESS MODEL Business lines Two Business Units and six business lines for one-stop-shop coverage of the Italian infrastructure market ROAD SERVICES ENVIRONMENTAL SERVICES SIGNAGE BARRIERS Routine maintenance Waste collection and transportation Vertical and horizontal road Refurbishment and
Slide 15: What we do
BUSINESS MODEL What we do Edil San Felice provides a complete offer of infrastructure services of Ordinary and Extraordinary Maintenance works primarily for highways (like supply and installation of safety barriers and road signs) but also for other infrastructures (e.g. Airports). While the ordinar
Slide 16: Our offices and construction sites
Our offices Our construction sites YARD ITALIA Puglia +1 Abruzzo +6 Sardegna +7 Campania +80 Toscana +9 Emilia Romagna +5 Valle D’Aosta +7 Friuli Venezia Giulia +4 Lazio +14 ESTERO Liguria +14 Guyana Francese +1 Lombardia +2 Piemonte +2 HQ ITALIA Nola +1 +1 +150 Bologna Cagliari +1 16
Slide 17: Milestones: a growing reality for more than ten years
Milestones 2024 A growing reality for more than ten years… New site in Bologna 2021 First works in Emilia-Romagna and Puglia 353 2017 Transformation of the company 315 into a joint stock company 239 268 2011-12 185 First projects outside 223 144 Campania 163 144 VEHICLES / WORKERS 150 €/mn 39 144 11
Slide 18: Competitive positioning
Competitive positioning Companies Services Environmental Cleaning Civil Industrial Signage Roads Distinguishing features of ESF AVR REWAY GROUP Execution of works without subcontracting EDIL MOTER INTERGEOS High know-how with optimised industrial processes GIOVETTI SISTAM GSA Selection of projects w
Slide 19: Shareholder structure and governance
CORPORATE GOVERNANCE Shareholder structure and governance Traditional model with 7-member board of directors (2 independent) — listed on EGM · Ticker ESF · Capital €1,924,901 BOARD OF DIRECTORS (APPOINTED APR 2025 — IN OFFICE UNTIL APPROVAL OF BUDGET (FY2027) PRESIDENT CEO Francesco Di Ciommo Lorenz
Slide 20: ESF Sector & Market Highlights
3. ESF SECTOR & MARKET HIGHLIGHTS 20
Slide 21: A strongly expanding market
MARKET A strongly expanding market Record public infrastructure investment – a long-term structural driver for the ESF ASPI INDUSTRIAL PLAN 5Y (PEF) ASPI INVESTMENTS 2025 ANAS T E N D E R S 2025 INDUSTRIAL PLAN FS 2025–2029 €29,8Bn >€2,5Bn ~€2,1Bn >€100Bn Approved Increasing vs. 2024 €220M maintena
Slide 22: ESF Key Facts
4. ESF ESF OVERVIEW KEY FACTS 22
Slide 23: Growth of operational resources
OPERATIONAL CAPACITY Growth of operational resources HERO employees, resources and technology as levers of competitiveness and executive quality 353 268 HERO Employees Vehicles 1° humanoid on Dec 2025 +48 units vs FY24 the roads yard +38 unity vs. FY24 (+22%) Shown in dic. 2025 (+12%) Specialized wo
Slide 24: Management KPIs 2025
OPERATIONAL CAPACITY Management KPIs 2025 HERO employees, resources and technology as levers of competitiveness and executive quality OPERATIONS PURCHASING OFFICE TENDERS AND CONTRACTS OFFICE 90 2.445 € 131Mn Yard managed Orders managed Tenders awarded in 2025 92,2% € 25Mn 118 Yard On time Orders va
Slide 25: Timeline corporate events
Key facts 2025 Timeline corporate events Key operational, financial, and strategic milestones for fiscal year 2025 GEN 25 JUL 25 First participation B Impact Assessment — score 72.4 points as a Benefit Corporation. ASPI: €9M barrier regeneration order + €8M ordinary maintenance. 2025 orders exceed F
Slide 26: ESF Strategy
5. ESF ESF OVERVIEW STRATEGY 26
Slide 27: Diversification
CLIENTS ANALYSIS Diversification Diversification of customer base underway — growing weight of new rail and aerospace segments MIX 2025 O R D E R S PER CLIENT (ESTIMATED) CLIENTS Autostrade per l'Italia (ASPI) Core · Stradale ANAS S.p.A. Core · Stradale Aeroporti di Roma / GESAC Aeroportuale Amplia
Slide 28: Strategy and Industrial plan 2026+
BUSINESS PLAN 2025 Strategy and Indutrial plan 2026+ Sustainable growth driven by record backlogs, sector diversification and technological innovation STRATEGIC PILLARS 2026–2028 Consolidation of core road business 2026 CORPORATE EVENTS CALENDAR €251 million backlog ensures operational visibility. G
Slide 29: ESF Sustainability
6. ESF ESF OVERVIEW SUSTAINABILITY 29
Slide 30: 16 ISO Certifications + 14 SOA Categories
CERTIFICATIONS 16 ISO Certifications + 14 SOA Categories Unique enabling assets for access to the most complex and high-value public tenders OG3 · Cl. VIII OS12-A · Cl. VIII OG11 · Cl. IV-BIS OG2 · Cl. VII Roads, highways, bridges, Road safety barriers — highest Restoration and maintenance of Comple
Slide 31: Structural ESG commitment
SUSTAINABILITY Structural ESG commitment Benefit Corporation · B Impact Assessment 72.4 points · EcoVadis Top 61% in the construction sector · 12 SDGs covered EVNIRONMENT (E) SOCIAL (S) GOVERNANCE (G) Vehicles EURO6 100% Employees 353 (+12%) B Impact Score 72,4 pt Photovoltaic HQ 100 kWh Hours of sa
Slide 32: Main risks and investment thesis
CONCLUSIONS Main risks and investment thesis A solid company with an attractive risk/return profile in the Italian infrastructure sector MAIN RISK TO MONITOR INVESTMENT THESIS Customer Concentration Record backlog of €251 million (+84%) ASPI and ANAS represent the majority of the portfolio. Diversif
Slide 33: Appendix
APPENDIX ay Favor 2
Slide 34: ESF Financial Statement
7. ESF FINANCIAL STATEMENT 34
Slide 35: Balance Sheet
BALANCE SHEET As of December 31st Balance Sheet 2025 2024 Change % (Data in thousands of Euros) Intangible assets 700 932 -24.8% Tangible fixed assets 14,401 13.008 10.7% Financial fixed assets 389 395 -1.7% Net fixed assets 15,490 14,335 8.1% Inventories 17,143 16,479 4.0% Trade credits 27,422 14,2
Slide 36: Profit & Loss
PROFIT & LOSS As of December 31st Profit and Loss Statement 2025 % (i) 2024 % (i) Change % (Data in thousands of Euros) Sales revenue 52,455 97.0% 39,226 76.0% 33.7% Changes to work in progress on order (441) -0.8% 11,216 21.7% -103.9% Increases in fixed assets for internal works - 0.0% - 0.0% n/a O
Slide 37: Question & Answer
QUESTION & ANSWER CONTACTS Via On.le Davide Barba S.C. 80035 - Nola (NA) +39 081 213 86 info@edilsanfelice.it ir@edilsanfelice.it 37
Edil San Felice S.p.A. S.B. — FY2025 Earnings Presentation on 6ix