Trevi Finanziaria Industriale S.p.a. · MIL:TFIN
Trevi Finanziaria Industriale — FY2024 Earnings Presentation
35 slides from Trevi Finanziaria Industriale's earnings presentation, Mar 28, 2025
Slide 1: Conference call on FY24 Results & Business Plan Update
Conference call on FY24 Results & Business Plan Update th March 28 , 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. Leading Underground Engineering II. FY24 Group Results III. Business Plan Update IV. Closing Remarks Appendix I: 2H24 & FY24 Financial Statement Tables Appendix II: Sustainability
Slide 4: I. Leading Underground Engineering
I. Leading Underground Engineering
Slide 5: 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 6: 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 7: 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 8: 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 9: II. FY24 Group Results
II. FY24 Group Results
Slide 10: 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 11: 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 12: 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 13: 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 14: 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 15: 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 83.6 YoY thank
Slide 16: 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, 32.3 234.3 reflecting positive Free Cash Flow generation of €32.5m 4.6 221.1 14.8 ▪ Interest expenses & d
Slide 17: 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 7.3 10.1 311.8 Cash & Liquidity(*) €84.6 m €99.3 m 300.0 -5.6 Other current €13.4 m €13.6 m assets Gros
Slide 18: III. Business Plan Update
TREWI|Group Ill. Business Plan
Slide 19: 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 20: 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 21: 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 22: 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 23: Trevi Division – Main prospects for 2026-28
Trevi Division – Geographical distribution of – 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
Slide 24: Soilmec Division – Equipment & spare parts revenue split
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 25: IV. Closing Remarks
IV. Closing Remarks
Slide 26: 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 26
Slide 27: Appendix I
Appendix I
Slide 28: 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 9.5% 8.7% 51.2 26.9 6.8 22.3 6.4 1H24 2H
Slide 29: 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 30: 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 31: 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 32: Appendix II
Appendix II
Slide 33: 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 34: Sustainable journey: external certifications and recognition
Trevi Group has continued its sustainable journey, achieving external certifications and recognition as a sign of its ESG commitment External Recognition External Recognition ESG Supply Chain Rating New Certification for Anti- Bribery Management System Approved the new For the third times “The Trevi
Slide 35: 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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