Trevi Finanziaria Industriale S.p.a. · MIL:TFIN
Trevi Finanziaria Industriale — Mid & Small Cap Conference – Milan 2025
27 slides from Trevi Finanziaria Industriale's conference presentation, Dec 2, 2025
Slide 1: Mid & Small Cap Conference – Milan
Mid & Small Cap Conference – Milan December 2nd, 2025
Slide 2: Agenda
Agenda I. Trevi Group Overview II. 3Q25 Update III. 1H25 Group Results
Slide 3: Trevi Group at a glance
Trevi Group at a glance Underground engineering Machine manufacturing Two Divisions DAMS & LEVEES MARINE WORKS BRIDGE INDUSTRIAL & CAUSEWAYS & CIVIL BUILDINGS PILING RIGS CFA RIGS CRANES MICRODRILLING SUBWAYS, SPECIAL ENVIRONMENTAL HYDROMILL & TUNNELLING ANCILLARIES HIGHWAYS PROJECTS SOLUTIONS GRABS
Slide 4: Trevi Group strategic business evolution
Trevi Group strategic business evolution Yesterday Today Tomorrow New shareholder base Continued focus on Family-owned reference markets Capital company strengthening Back to Core Business: Construction (Foundations Further strengthening Active in Oil & Gas & Machinery) Trevi-Soilmec integration (Dr
Slide 5: Investment Highlights
Investment Highlights 1 Leadership in a highly specialised niche market 2 Limited business risk profile in the construction industry 3 Construction industry with resilient outlook 4 Diversified geographic footprint 5 Integrated business model 5
Slide 6: Leadership in a highly specialised niche market
Leadership in a highly specialised niche market 1 Strong market positioning … … with a solid track-record in complex projects Revenues 2024 (€bn) of main competitors1 in deep foundation sector Worldwide Italy 3.4 Mosul Dam Costa Project – Mosul Concordia (Iraq) recovery project 2.3 2.2 World Trade R
Slide 7: Limited business risk profile in the construction industry | 1
Limited business risk profile in the construction industry | 1 2 I Lower claims and shorter duration II Better payment dynamics III Early stage Low number of claims with respect to Improved payment dynamics as a Compared to a general contractor with general contractors result of contracts’ structure
Slide 8: Limited business risk profile in the construction industry | 2
Limited business risk profile in the construction industry | 2 2 Lower average contract size and raw Limited exposure to residential IV Higher profitability V VI material inflation risk sector & limited competition on price Trevi’s high level of specialisation Being a specialized contractor Trevi’s
Slide 9: Construction industry with resilient outlook
Construction industry with resilient outlook 3 Construction output value is expected to constantly increase Global Construction Output Value by Region ($bn) from 2025 to 2029 in every region despite global uncertainty CAGR 2025-29 According to GlobalData, the global construction industry is 3.7% 17,
Slide 10: Diversified geographic footprint
Diversified geographic footprint 4 2024 Group revenues distribution: €663.3 m Critical win factors EUROPE Comp. % rev. Customer proximity NORTH AMERICA 19% Comp. % rev. 33% 11% Time to market 23% 2024 revenues: >80% in low-risk FAR EAST countries Comp. % rev. 14% Optimization of the commercial and 1
Slide 11: Integrated business model enhances accretive synergies between Divisions
Integrated business model enhances accretive synergies between Divisions 5 The strength of Trevi Group lies in having both engineering excellence and in-house equipment manufacturing: with Soilmec designing, customizing, and supporting our machines end-to-end, Trevi executes complex projects with gr
Slide 12: Case study: Trevi and Soilmec a story of business combination
Case study: Trevi and Soilmec a story of business combination 5 A unique business model that, thanks to the continuous exchange between technological (Soilmec) and process innovation (Trevi), strengthens its leadership in reference sectors, develops innovations and creates competitive advantage Aren
Slide 13: Agenda
Agenda I. Trevi Group Overview II. 3Q25 Update III. 1H25 Group Results
Slide 14: Well diversified order intake across geographies at €521 m in 9M25
Well diversified order intake across geographies at €521 m in 9M25 (+15% 9M/9M) Order Intake Main Projects in 2025 521 North America Middle East Other Projects Projects Projects 96 431 ▪ USA – Palisades ▪ Saudi Arabia – ▪ Philippines – 58 Tunnel / JV NEOM Main Piling South Commuter 350 310 312 Works
Slide 15: Healthy level of Backlog secures sound visibility
Healthy level of Backlog secures sound visibility on short/medium term economic performance Backlog Evolution (€m) Backlog excluding €59 m of a US project cancellation 789 725 32 701 34 26 652(*) 677 587 730 43 666 642 59 761 691 680 617 531 -5 -4 -5 -7 31.12.2022 31.12.2023 30.06.2024 31.12.2024 30
Slide 16: Main projects/activities ongoing in 2025
Main projects/activities ongoing in 2025 Extension of High-Speed Rail Raz Hinzir Cargo metro line 8 in Link (PNRR) - Quay Phase II – Barcelona Florence (Malta) (Spain) Jobsites Jobsites Italy Containment girdling of the Rogun dam Worldwide Hydroelectric SOTC project Malagrotta landfill - Rome Power
Slide 17: Net Debt at €194 m at the end of September 2025
Net Debt at €194 m at the end of September 2025 Breakdown of net financial position 9M25 vs 1H25 as of 30-Jun-25 as of 30-Sep-25 Cash & Liquidity(*) €97.4 m €99.5 m ~€3 m to be converted into cash by FY25 Other current €12.8 m €4.9 m assets Short-term debt €69.6 m €63.1 m Gross debt €300.7 m €298.7
Slide 18: Agenda
Agenda I. Trevi Group Overview II. 3Q25 Update III. 1H25 Group Results
Slide 19: Trevi Group 1H25 Results – Key Highlights
Trevi Group 1H25 Results – Key Highlights ▪ Group revenue at €312.2 m in 1H25, with a 19.0% growth H/H mainly driven by Italy (high-speed railways) and Middle East Economic ▪ Group Rec. EBITDA at €44.3 m in 1H25 (+64.9% H/H) with a 14.2% margin up by performance 400bps H/H, thanks to a more selectiv
Slide 20: Excellent operating results with a double-digit revenue growth and strong margin improvement
Excellent operating results with a double-digit revenue growth and strong margin improvement 1H23 1H24 1H25 Delta H/H Delta H/H Delta H/H Revenue €280.3 m +18.7% €262.3 m -6.4% €312.2 m +19.0% Rec. EBITDA €32.5 m +40.8% €26.9 m -17.2% €44.3 m +64.9% (EBITDA margin) (11.6%) (10.2%) (14.2%) Total Adju
Slide 21: High margin and excellent cash generation in 1H25
High margin and excellent cash generation in 1H25 Revenue(*) (€m) Rec. EBITDA (€m) Net Profit (€m) FCFO (***) (€m) +19.0% +64.9% +€5.5m +€24.1 m 10.2% Margin 14.2% Net Adjusted (**) Profit Reported 312.2 44.3 11.3 262.3 32.1 26.9 5.4 6.1 0.6 7.9 1H24 1H25 1H24 1H25 1H24 1H25 1H24 1H25 Group Net Prof
Slide 22: Trevi Division continues to deliver revenue and Rec. EBITDA growth
Trevi Division continues to deliver revenue and Rec. EBITDA growth, mainly thanks to projects in Italy and Middle East Revenue (€m) Rec. EBITDA (€m) Key Highlights ▪ 1H25 Revenue increased at €260.5 m (+26.4% H/H) mainly driven by strong operating performance in Italy and +26.4% +92.2% Middle East,
Slide 23: Soilmec Division performance expected to improve in 2H25
Soilmec Division performance expected to improve in 2H25 Revenue (€m) Rec. EBITDA (€m) Key Highlights ▪ 1H25 revenue at €62.9 m (-6.4% H/H) driven by lower contribution from business activities in North America -6.4% -27.2% and UK, partially offset by Italy ▪ 1H25 Rec. EBITDA decreased at €4.7 9.6%
Slide 24: Positive Free Cash Flow generation driven by solid Rec. EBITDA
Positive Free Cash Flow generation driven by solid Rec. EBITDA 1H25 Recurring EBITDA to Ordinary FCFO (€m)(*) Key Highlights Operating Cash Flow €41.2 m (approx. 93% of Rec. EBITDA) ▪ FCFO at €32.1 m increased by €24.1 m H/H thanks to higher Rec. EBITDA and well managed working capital 44.3 3.1 ▪ Po
Slide 25: Net Debt improved to approx. €190 m with a Net Debt/Rec. EBITDA at 1.9x
Net Debt improved to approx. €190 m with a Net Debt/Rec. EBITDA at 1.9x Breakdown of net financial position 1H25 vs FY24 Gross debt evolution (€m) as of 31-Dec-24 as of 30-Jun-25 of which €10.0 m to 5.2 2.4 Cash & Liquidity(*) €99.3 m €97.4 m 311.8 be converted into cash by FY25 300.7 -18.8 Other cu
Slide 26: Operational efforts to drive FY25 EBITDA margin at approx. 13-14%
Operational efforts to drive FY25 EBITDA margin at approx. 13-14% FY25 Guidance Revenue ~ €630-650 m Rec. EBITDA ~ €80-90 m (EBITDA margin) (~ 13-14%) Net Debt ~ €182-194 m Leverage Ratio ~ 2.0x-2.4x 26
Slide 27: 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
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