Trevi Finanziaria Industriale S.p.a. · MIL:TFIN
Trevi Finanziaria Industriale — Mid & Small Cap Conference – London 2025
39 slides from Trevi Finanziaria Industriale's conference presentation, Apr 9, 2025
Slide 1: Mid & Small Cap Conference – London
Mid & Small Cap Conference – London April 9th, 2025
Slide 2: A leading team with recognised experience
A leading team with recognised experience Significant experience in managing Offshore and Onshore EPC contracts in many countries, not only in Oil&Gas business but Giuseppe Caselli also in other infrastructural projects such as High-Speed Trains, Group CEO (since Oct. 1st, 2019) Industrial RailRoad,
Slide 3: Agenda
Agenda I. Trevi Group Overview II. Leading Underground Engineering III. FY24 Group Results IV. Business Plan Update V. Closing Remarks Appendix I: 2H24 & FY24 Financial Statement Tables Appendix II: Sustainability
Slide 4: I. Trevi Group Overview
I. Trevi Group Overview
Slide 5: 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 6: Trevi Group stands out on the international stage for its executive and technological expertise
Trevi Group stands out on the international stage for its exceptional executive and technological expertise in foundation works Since many years, Trevi, worldwide leader in dam construction Trevi boasts a wide experience in the realisation of important and and rehabilitation, has been committed to e
Slide 7: Trevi Group – 67 years of iconic projects
Trevi Group – 67 years of iconic projects 7
Slide 8: II. Leading Underground Engineering
II. Leading Underground Engineering
Slide 9: Trevi Group FY24 Results – Key Highlights
Trevi Group FY24 Results – Key Highlights Our Business Divisions and geographic diversification delivering solid performance while beating targets Group revenues at €663.3 m (+11.5%) in FY24 confirmed strong commitment of Trevi’s Economic Management in driving growth and diversification across cou
Slide 10: Three consecutive years of quality growth and delivery in operating results
Three consecutive years of quality growth and delivery in operating results FY22 FY23 FY24 FY24/FY23 Guidance Guidance Guidance achievement achievement achievement Revenues €569.2 m €594.9 m €663.3 m +11.5% Rec. EBITDA €64.5 m €74.5 m €83.6 m +12.2% (EBITDA margin) (11.3%) (12.5%) (12.6%) Total Adju
Slide 11: Main projects/activities in 2024 and beginning of 2025
Main projects/activities in 2024 and beginning of 2025 The North-East Hail & Ghasha Florence High-Speed Link Tunnels Development - Rail Link (PNRR) Package 1 Jobsites Italy Jobsites Rogun dam New North Securing the Worldwide Hydroelectric Washington Garisenda Tower in Power Plant street bridge Bolog
Slide 12: Consistent performance in backlog and order intake
The consistent performance in backlog and order intake highlights Trevi’s strong ability to secure new orders and deliver results Quarterly order intake over the last two years (€m) Key Highlights 741.2 605.4 In FY24, Trevi Group secured orders & contracts for a total amount of €605.4 m (-18% vs 2
Slide 13: III. FY24 Group Results
III. FY24 Group Results
Slide 14: Revenue growth combined with higher margins and positive cash generation
Revenue growth combined with higher margins and positive cash generation underscore Trevi’s solid financial performance Revenues(*) (€m) Rec. EBITDA (€m) Net Profit (€m) Ordinary FCFO (***) (€m) +11.5% +12.2% +31.1% +€12.7 m Net Adjusted (**) 12.5% Margin 12.6% Profit Reported 663,3 549,9 25,9 83,6
Slide 15: FY24 revenues geographic mix by Divisions well diversified worldwide
FY24 revenues geographic mix by Divisions well diversified worldwide €663.3 m revenues EUROPE NORTH AMERICA Company % revenues Company % revenues 19% 11% 33% 23% FAR EAST Company % revenues 14% LATAM 17% Company % revenues MIDDLE EAST 5% AFRICA Company % revenues 10% Company % revenues 48% 3% 14% 3%
Slide 16: Trevi Division continues to deliver revenue and Rec. EBITDA growth
Trevi Division continues to deliver revenue and Rec. EBITDA growth, thanks to new projects in Italy and Middle East Revenues (€m) Rec. EBITDA (€m) Key Highlights FY24 revenues increased by €69.3 m (+14.8% YoY) mainly driven by new projects in Europe (Italy), and Middle +14.8% +5.3% East. Lower pro
Slide 17: Soilmec Division focused on efficiency and higher-margin projects
Soilmec Division focused on efficiency and higher-margin projects Revenues (€m) Rec. EBITDA (€m) Key Highlights FY24 revenues down by €7.1 m (-4.7% YoY) to €145 m, due to a lower contribution from business activities in -4.7% +3.4% North America Despite lower revenues, Rec. EBITDA 8.4% Margin 9.
Slide 18: Consistent top-line growth with a stable EBITDA margin
Consistent top-line growth with a stable EBITDA margin Trevi Group – Consolidated Income Statement (€m) Key Highlights Main figures FY23 FY24 Delta Provisions at €6.5 m in 2024, increased TOTAL REVENUE 594.9 663.3 68.4 by €7.4m vs 2023 figures, which had RECURRING EBITDA 74.5 83.6 9.1 included €7
Slide 19: Positive Free Cash Flow generation driven by solid Rec. EBITDA
Positive Free Cash Flow generation driven by solid Rec. EBITDA and efficient working capital management FY24 Recurring EBITDA to Ordinary FCFO (€m)(*) Key Highlights Operating Cash Flow €59.4m (71% of Rec. EBITDA) Free Cash Flow from Operations (FCFO) at €32.5 m increased by €12.7 m 83,600 YoY tha
Slide 20: Net Debt reduction driven by positive Free Cash Flow generation
Net Debt reduction driven by positive Free Cash Flow generation and financial discipline Net financial position evolution FY24 vs FY23 (€m) Key Highlights Net Debt reduced to €198.9 m in 2024, 32 234 reflecting positive Free Cash Flow generation of €32.5m 05 221 15 Interest expenses & dividends
Slide 21: Net debt decreased to c. €198.9 m with Net Debt/Rec. EBITDA at 2.38x
Net debt decreased to c. €198.9 m with a Net Debt/Rec. EBITDA at 2.38x at the end of 2024 Breakdown of net financial position FY24 vs FY23 Gross debt evolution (€m) as of 31-Dec-23 as of 31-Dec-24 7,300 10,100 311,800 Cash & Liquidity(*) €84.6 m €99.3 m 300,00 -5,600 Other current €13.4 m €13.6 m as
Slide 22: IV. Business Plan
TREWIIGroup IV. Business Plan
Slide 23: A leading Foundation Specialist with two Business Divisions
A leading Foundation Specialist with two Business Divisions With a well diversified presence worldwide, Trevi Group is shifting from a period of restructuring into a phase of growth and value creation Main pillars of Business Plan 2025-2028 Trevi Division: Soilmec Division: Improved increased Contin
Slide 24: Updated Group Business Plan 2025-2028 – Key financial figures
Updated Group Business Plan 2025-2028 – Key financial figures 2024A 2025E 2028E CAGR 2025-28 ~ 3% Revenues €663.6 m ~ €670-690 m > €730 m (in line with 2024-27 BP) Rec. EBITDA ~ 8% €83.6 m ~ €80-90 m > €100 m (EBITDA margin) (+2pp vs 2024-27 BP) Free Cash Flow from cumulated 2025-28 €32.5 m ~ €35-40
Slide 25: Updated Divisions Business Plan 2025-2028 – Key financial figures
Updated Divisions Business Plan 2025-2028 – Key financial figures 2024A 2025E 2028E CAGR 2025-28 Revenues €537.5m ~ €525-540 m > €560 m ~ 2% Rec. EBITDA €73.5m ~ €70-80 m > €80 m ~ 5% (EBITDA margin) 2024A 2025E 2028E CAGR 2025-28 Revenues €145.0m ~ €150-160 m > €170 m ~ 4% Rec. EBITDA €13.2m ~ €13-
Slide 26: Trevi Division: Geographical distribution – Main prospects for 2025
Trevi Division: Geographical distribution – Main prospects for 2025 Trevi Division Business Plan 2025-28 has been developed in accordance with the current outlook and end-of-year 2024 backlog & results Solid current projects portfolio with a well-balanced geographical mix of commercial opportunities
Slide 27: Trevi Division: Geographical distribution – Main prospects for 2026-28
Trevi Division: Geographical distribution – Main prospects for 2026-28 North America Europe Potomac River Tunnel #2 (USA) Opps. East Link & Metro Stockholm (SWE) Toronto Metro (CAN) AP1000 Nuclear Plant (POL) Dog River Reservoir Expansion (USA) Add. PNRR projects (ITA) Opps. in the Mex
Slide 28: Soilmec Division – Equipment & spare parts expected c.91% of 2025E revenues
Soilmec Division – Equipment & spare parts are expected to account for c.91% of 2025E revenues, in line with Soilmec’s trends Application description Soilmec revenues split by Application (% of 2025E revenues) Equipment: specialised machinery used in construction projects for installing deep foundat
Slide 29: V. Closing Remarks
V. Closing Remarks
Slide 30: Closing remarks
Closing remarks 2024 outstanding Positive Free Cash operating results Flow generation Three consecutive Business Plan years of full delivery Update 2025-28 in operating results 30
Slide 31: Appendix I
Appendix I
Slide 32: 2024 confirmed stronger economic performance in 2H
2024 confirmed stronger economic performance in 2H, after soft 1H results, affected by delays in starting project works Group(*) (€m) Trevi Division (€m) Soilmec Division (€m) +52.8% +60.8% +16.1% 400.9 331.4 77.9 262.3 14.2% 206.1 15.4% 67.1 10.3% 10.8% 56,8 51,2 9.5% 8.7% 26,9 6,8 22,3 6,4 1H24 2H
Slide 33: Trevi Group – Consolidated Income Statement
Trevi Group – Consolidated Income Statement Profit & Loss Trevi Group (€k) FY 2024 FY 2023 Deviation TOTAL REVENUE 663,263 594,899 68,364 Change in finished products and work in progress 4,728 (6,740) 11,469 Internal work capitalised 12,090 19,229 (7,139) PRODUCTION REVENUE 680,081 607,387 72,694 Co
Slide 34: Trevi Group – Consolidated Reclassified Balance Sheet
Trevi Group – Consolidated Reclassified Balance Sheet Balance Sheet Trevi Group (€k) 31/12/2024 31/12/2023 Deviation Property, plant and equipment 174,406 169,664 4,742 Intangible fixed assets and goodwill 16,226 17,256 (1,030) Financial assets - Investments 440 425 14 Non-current assets 191,072 187
Slide 35: Trevi Group – Consolidated Cash Flow Statement
Trevi Group – Consolidated Cash Flow Statement Free Cash Flow Trevi Group (€m) FY 2024 FY 2023 Deviation EBITDA recurring (including IFRS 16 effect) 83.6 74.5 9.1 IFRS 16 Effect (9.9) (9.6) (0.3) Taxes (payed) (8.7) (14.7) 6.0 Delta Net Working Capital 10.4 (8.4) 18.8 Trade receivable (8.5) 18.2 (26
Slide 36: Appendix II
Appendix II
Slide 37: Trevi Group Sustainable Development Goals aligned with ESG Strategy
Trevi Group ambitious Sustainable Development Goals aligned with ESG Strategy Pillars SDG Promoting the decarbonisation strategy against climate GHG reduction change Energy intensity slightly reduced by 0.01 GJ/h compared to 2022 Promoting the protection of health and safety of employees Accid
Slide 38: Trevi Group has continued its sustainable journey, achieving external certifications
Trevi Group has continued its sustainable journey, achieving external certifications and recognition as a sign of its ESG commitment Sustainability Disclosure External Recognition ESG Supply Chain Rating New Certification for Anti- Bribery Management System For the third times “The Approved the new
Slide 39: 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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