Tesmec S.p.a. · MIL:TES
Tesmec — Euronext STAR Conference 2026
52 slides from Tesmec's conference presentation, Mar 23, 2026
Slide 1: Attending the 25th edition of the Euronext STAR Conference 2026
Attending the 25th edition of the Euronext STAR Conference 2026 24-26 March | Palazzo Mezzanotte, Milan
Slide 2: Agenda
AGENDA 1 TESMEC GROUP 2 BUSINESS OUTLOOK 3 2025 FINANCIALS 4 ANNEX All rights reserved 2
Slide 3: Tesmec at a glance
TESMEC AT A GLANCE All rights reserved 3
Slide 4: Our Vision, Our Mission
OUR VISION OUR MISSION FOR THE FUTURE FOR THE PLANET COMMITTED TO ENERGY TRANSITION, DIGITALIZATION AND ELECTRIFICATION Technology partner in markets driven by energy transition, digitalization and sustainability with INNOVATIVE, ADDED-VALUE INTEGRATED SOLUTIONS for the construction, maintenance and
Slide 5: Italian DNA, Global Footprint
16 SALES SUBSIDIARIES 7 PRODUCTION PLANTS ITALY: Grassobbio, Sirone, Monopoli, Fidenza, Patrica ITALIAN USA: Alvarado; FRANCE: Durtal DNA, GLOBAL FOOTPRINT 70+ YEARS OF EXPERIENCE 35+ PATENTS DEVELOPED 900+ EMPLOYEES WORLDWIDE TESMEC GROUP HEADQUARTERS BERGAMO, ITALY Founded in northern Italy in the
Slide 6: History of innovation, diversification & growth
HISTORY OF INNOVATION, DIVERSIFICATION & GROWTH All rights reserved 6
Slide 7: Technologies for Infrastructures
ENERGY HIGH-GROWTH, PROPRIETARY TECHNOLOGIES TRANSITION AND ADDED VALUE TECHNOLOGIES, INFRASTRUCTURE TECHNOLOGY- UNIQUE COMPETITIVE FOR DIGITALIZATION DRIVEN SECTORS POSITION DIGITALIZATION ENERGY, PREMIUM POSITIONING, INFRASTRUCTURES SUSTAINABILITY SAFETY TELECOMMUNICATIONS, TRANSPORTATION, AND COM
Slide 8: Long-term growth drivers and Tesmec differentiated solutions
LONG-TERM GROWTH DRIVERS AND TESMEC DIFFERENTIATED INNOVATION SOLUTIONS ENABLE STRONG VALUE CREATION IN COMPLEX INFRASTRUCTURE PROJECTS LEGACY DIGITALIZATION TESMEC INVESTS IN ADVANCED DIGITAL DIGITALIZATION, TECHNOLOGIES TO INNOVATE AND MAINTAIN INDUSTRY RELEVANCE SUSTAINABILITY TESMEC DEVELOPS SUS
Slide 9: Energy ready to unleash energy in all its shades
ENERGY-STRINGING ENERGY-AUTOMATION READY • Solutions for power lines • Telecommunications solutions for HV Grids TO UNLEASH construction & maintenance • Advanced methodologies for • Grid Management: protection and metering solutions ENERGY automating jobsite • Advanced sensors for fault passage • Ze
Slide 10: 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 11: Digital Innovation, AI as a game changer
DIGITAL MAPPING AUTONOMOUS VEHICLES • Digitalization of existing infrastructures • Smart fleet management • Live and synchronized working environment for • Automated jobsite DIGITAL professionals • High standard safety • Virtual reconstruction of under and above earth INNOVATION PREDICTIVE MAINTENAN
Slide 12: Sustainable Innovation, Renewables as a game changer
ELECTRIFICATION LOW CARBON FOOTPRINT • Full electric stringing machines • Clean and Fast solutions • Hybrid and electric railcars • Innovative methodologies to reduce the environmental impact • Path towards electrification for small size trenchers • New generation of engines SMART & STRONG GRID SUST
Slide 13: ESG Strategy
ENVIRONMENT SOCIAL GOVERNANCE INCREASE GREEN & INVEST IN PEOPLE & EFFECTIVE ESG DIGITAL SOLUTIONS ▪ Improving energy efficiency with increasing renewable energy sources LOCAL COMMUNITIES ▪ Strategies for Talent Acquisition and Employer AND SUSTAINABLE GOVERNANCE ▪ Promotion of a responsible corporat
Slide 14: Tesmec Business Units
TESMEC BUSINESS UNITS All rights reserved 14
Slide 15: 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 16: 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 17: Energy – Stringing: Main worldwide experiences
ENERGY – STRINGING MAIN WORLDWIDE EXPERIENCES Reconductoring Underground Cable Laying Stringing Machines 4.0 Fjord crossing USA UK BELGIUM NORWAY Continuous Linear Puller Romford 4.0 Machines Special machines for fjord crossing Type of line: transmission, 3 x 33 kV cable pulling and modular machines
Slide 18: Reconductoring operations, Digital Stringing Machine, Helicopter stringing
RECONDUCTORING OPERATIONS Digital Stringing Machine HELICOPTER STRINGING CHINA Extreme project in Zhejiang Province All rights reserved Tower height: 380 m 18 18 Four bundled conductors 500 kV
Slide 19: Trenchers & Surface Miners
TRENCHERS & SURFACE MINERS • TELECOM NETWORKS, FTTH & LONG DISTANCE, POWER CABLE INSTALLATION • OIL & GAS, WATER PIPELINES, RENEWABLES • BULK EXCAVATION, QUARRIES & SURFACES MINING ADVANCED WORKING METHODOLOGY: INTEGRATED SYSTEMS & TECHNOLOGICAL SOLUTIONS FOR A COMPLETE JOBSITE MANAGEMENT All rights
Slide 20: Trenchers & Surface Miners applications
TRENCHERS & SURFACE MINERS FIBER ENERGY PIPELINES OPTIC CABLES & UTILITIES Urban fiber optic networks Underground energy Oil and gas pipelines, (FTTx), suburban networks cables, especially in canals, water and sewage (city rings) and long- renewable energy utilities networks and distance networks DE
Slide 21: Trenchers & Surface Miners: Main worldwide experiences
TRENCHERS & SURFACE MINERS MAIN WORLDWIDE EXPERIENCES Fiber Optics Laying Gas Pipeline UK USA Georadar Explorer 2.0 & Sidecut 1150XHD Chainsaw Surface mining Gold Water Pipeline RUSSIA CHILE 1475 Rock Hawg 1675 Chainsaw Bauxite Mining Limestone quarry UZBEKISTAN WEST AFRICA (GUINEA, IVORY COAST) 147
Slide 22: Fiber Optics Laying and Tunneling project
Fiber Optics Laying UK Georadar Explorer 2.0 & Sidecut TUNNELING PROJECT All rights reserved AUSTRALIA 22 22 1475 Rock Hawg EVO
Slide 23: 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 24: Railway: catenary and diagnostics
RAILWAY & SURFACE MINERS TRENCHERS CATENARY INSTALLATION DIAGNOSTIC OF INFRASTRUCTURE & MAINTENANCE Solutions for construction and refurbishment of railway line and Integrated systems, vehicles, solutions for the diagnostic of rail and civil Certified vehicles for catenary maintenance infrastructure
Slide 25: Railway: Main worldwide experiences
RAILWAY MAIN WORLDWIDE EXPERIENCES Stringing & recovering RER Catenary renewal Safety of Railway Catenary maintenance wires FRANCE ITALY 9 vehicles (6 different models) Infrastructure 88 Multipurpose railway vehicles USA ITALY 16 Revamping maintenance units Engineered to allow a correct execution of
Slide 26: Railway: Main worldwide experience
ELECTRIFICATION OF NEW LINES HIGH SPEED CHINA RAILWAY: Main worldwide experience > 30 stringing units 1,318 km BEIJING-SHANGHAI CUSTOMIZED SOLUTIONS POLAND 4 Stringing units Tensioning system for railway wiring operations composed by working units mounted on ISO 20 size flat modules All rights reser
Slide 27: From Energy Stringing to Energy Automation
FROM ENERGY STRINGING... OH OH OH OH HV PS SS UG UG UG PRODUCTION TRANSMISSION DISTRIBUTION PROSUMER OH UG HV PS SS OVERHEAD UNDERGROUND SISTEMI DI PROTECTION, Solutions for the Complete range for AUTOMAZIONE DELLE MONITORING SOTTOSTAZIONI (SAS) AND CONTROL installation and cable laying and maintena
Slide 28: 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 29: Energy – Automation
ENERGY – AUTOMATION SUBSTATION PROTECTION & SERVICE AUTOMATION SYSTEMS MONITORING TELECOMMUNICATIONS Protection and control systems Integrated solution for protection, control Integrated solution of service for HV substations. and automation of modern and complex telecommunications for HV grids. ele
Slide 30: Energy – Automation: Main worldwide experiences
ENERGY – AUTOMATION MAIN WORLDWIDE EXPERIENCES Telecommunication Substation Automation solution System ALGERIA ITALY Remote management of HV Protection and control systems for HV substations and protection substations (SAS) based on IEC 61850 systems against unexpected grid faults Fault Passage Indi
Slide 31: Central Plant Controller and SAS
CENTRAL PLANT CONTROLLER for distributed generation plants from renewable sources SAS (SUBSTATION AUTOMATION SYSTEM) Control and automation system of electrical substations 31 All rights reserved
Slide 32: Business Outlook
BUSINESS OUTLOOK TESMEC
Slide 33: Key Consolidated Financials
KEY CONSOLIDATED FINANCIALS REVENUE BY BU (% ON TOTAL REVENUE) EBITDA BY BU (EBITDA MARGIN) NET FINANCIAL POSITION (€M) (€M) (€M) TOT. TOT. TOT. 257,6 TOT. 239,5 41,1 TOT. 236,0 40,5 53,4 153,5 46,9 50,4 (20, 7%) 147,0 (19,9%) (21,0%) TOT. 9,5 10,2 32,8 (18,9%) (19,0%) 130,4 8,6 67,7 96,6 (18,3%) 77
Slide 34: FY.2025 KPI: Backlog
FY.2025* KPI BACKLOG BACKLOG TREND • Long- term backlog in Automation and Rail 227,5 ENERGY 228€M, of which Energy- RAIL Stringing 42€M 162,6 117M Duration <1 year Duration 4-5 years 121,9 116,6 2025: 416,2 €M +18,7% vs. 2024 72,1 (350,7€M) 66,2 Energy- Automation TRENCHERS 186€M 72€M Duration 4-5 y
Slide 35: FY.2025 KPI: Markets and Recurring Business
FY.2025* KPI MARKETS RECURRING BUSINESS • Recurring: Rental, Projects, Spare Parts, Services (maintenance, revamping & refurbishing, consulting & training), LT backlog; Africa; 13% • Non-recurring: Sales of goods Europe; 17% Middle East; 14% 2025: 257,6€M Italy; 25% Non-recurring; Recurring; 2025: 5
Slide 36: Building a Sustainable, High-Value Business Model
TECHNOLOGY, MARKETS AND BUSINESS MODEL BUILDING A INNOVATION FOR STRATEGIC SELECTIVE MARKET ENHANCED BUSINESS INFRASTRUCTURES EXPANSION MODEL SUSTAINABLE, DIGITALIZATION, ENERGY PREMIUM MARKET FOCUS AND SERVICE AS A DRIVER OF HIGH-VALUE TRANSITION, SUSTAINABILITY AND SAFETY STRATEGIC SUBSIDIARY INTE
Slide 37: Group-wide Strategic Levers for Value Creation
GROUP-WIDE STRATEGIC LEVERS FOR VALUE CREATION ▪ INNOVATIVE PRODUCT PORTFOLIO SUPPORTED BY NEW RANGES, CUSTOM SOLUTIONS AND ▪ REVENUE CONCENTRATION AND RISING SHARE IN MAJOR MARKETS, SPECIALIZED KNOW-HOW SUPPORTED BY AN OPTIMIZED MARKET MIX ▪ GRID DIGITALIZATION THROUGH ADVANCED SOLUTIONS FOR MANAGE
Slide 38: 2021-2025 Equity Story and 2026 Outlook
2021-2025* EQUITY STORY and 2026 OUTLOOK ▪ THE GEOPOLITICAL CONTEXT AND ▪ TESMEC MAINTAINS A PRUDENT STANCE ▪ 2026 EXPECTATION: HIGHER VOLUMES, GLOBAL LOGISTICAL–TARIFF WITH STRICT MONITORING OF MARKET EBITDA AND EBITDA MARGIN VS. 2025, PRESSURES CONTINUE TO LIMIT CONDITIONS, COST TRENDS AND POTENTI
Slide 39: FY.2025 Results
FY.2025 RESULTS HIGHLIGHTS, FINANCIALS & METRICS 39
Slide 40: FY.2025 Highlights
FY.2025* HIGHLIGHTS WHAT WORKED WELL WHERE WE ARE ▪ +7,5% Revenue growth and rising contribution MAKING PROGRESS from high-value segments in both Revenue and EBITDA, driven by the structural expansion of the Energy business and positive performance WHAT COULD in Rail ▪ EBITDA slightly lower vs. 2024
Slide 41: FY.2025 Profit & Loss Statement
FY.2025* PROFIT&LOSS STATEMENT (€M) PROFIT & LOSS FY.2024 FY.2025 Δ Δ% ▪ REVENUES increasing by 7,5%, driven by structural growth REVENUES 239,5 257,6 18,1 +7,5% of high value-added segments: Energy sector acceleration and positive contribution of the Rail division vs. lower EBITDA 41,1 40,5 (0,6) (
Slide 42: FY.2025 Statement of Financial Position
FY.2025* STATEMENT OF FINANCIAL POSITION (€M) Jun.30, Dec. 31, Jun.30, Dec.31, Δ Dec. 31, 2025 vs 2024 2024 2025 2025 Dec.31,2024 Net Invested Capital decreasing by ~20€M compared to NET WORKING CAPITAL 112,5 99,8 93,3 71,8 (28,0) Dec.2024, also reflecting effects of Groupe Marais final deconsolidat
Slide 43: Trenchers: FY.2025 Facts & Figures
TRENCHERS: FY.2025* FACTS & FIGURES (€M) KEY FACTS 111,9 107,6 Finalization of the strategic JV for the Groupe Marais rental business finalized, aimed at generating commercial synergies, optimizing invested capital, and enhancing asset value The reference markets showed differentiated trends, driven
Slide 44: Rail: FY.2025 Facts & Figures
RAIL: FY.2025 FACTS & FIGURES (€M) KEY FACTS 53,4 Milestone deployments of Diagnostic technology 50,4 ▪ Delivery of «Tipo4» vehicles, representing the highest standard of diagnostic capability, a strategic asset for the country (as highlighted by the Customer) and a a strong showcase for other infra
Slide 45: Energy: FY.2025 Facts & Figures
ENERGY: FY.2025 FACTS & FIGURES (€M) KEY FACTS STRINGING 96,6 ▪ Solid order backlog supported by strong market momentum and 77,3 rising energy-infrastructure investments ▪ Balanced market focus, combining value-driven markets with price-driven ones ▪ Technology developments: application diversificat
Slide 46: FY.2025 EBITDA Trend by BU
FY.2025* EBITDA TREND BY BU (€M) 8,0 +0,6 (9,2) Volumes’ increase and favourable mix Volumes and Destocking vs 40,5 41,1 marginality lower volumes growth for and both unfavorable segments, mix with 41,1 Stringing significative acceleration FY.2024 Energy Railway Trencher FY.2025 * The consolidated f
Slide 47: FY.2025 Net Financial Position Evolution
FY.2025* NET FINANCIAL POSITION EVOLUTION (€M) 147,0 33,8 13,2 28,0 27,6 130,4 113,2 6,0 102,8 4,7 20,1 Dec. 31, 2024 IFRS16 Net debt OCF NWC CAPEX FLEET EQUITY ADJ.** Net debt IFRS16 Dec.31, 2025 31/12/2024 EXCLUDING 31/12/2025 FLEET €M Mar. 31, 2025 Jun.30, 2025 Sep.30,2025 Dec.31,2025 Dec. 31,202
Slide 48: Annex
ANNEX All rights reserved 48
Slide 49: 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 50: Investor contact and 2026 financial calendar
ir@tesmec.com Investors | Tesmec 2026 FINANCIAL CALENDAR ▪ 23 April 2026: Shareholders’ meeting to approve the Statutory Financial Statements as of 31st December 2025 ▪ 8 May 2026: Approval of the Company’s Quarterly Report as of 31st March 2026 ▪ 5 August 2026: Approval of the Company’s Half-Year R
Slide 51: 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 52: Tesmec
TESMEC