Slide 1: Northern Midcap Event | Virtual Roadshow
NORTHERN MIDCAP EVENT | VIRTUAL ROADSHOW 19 May 2026 1
Slide 2: Agenda
AGENDA 1 TESMEC GROUP 2 BUSINESS OUTLOOK 3 Q1.2026 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: Innovation and Legacy: Long-Term Growth Drivers
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: Technological Developments: The Common Thread of Our History
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
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: From Energy Stringing to Energy Automation
FROM ENERGY STRINGING... BU ENERGY STRINGING OH DIVISION OH OH OH HV PS SS UG UG UG PRODUCTION TRANSMISSION DISTRIBUTION PROSUMER OH UG HV PS SS OVERHEAD UNDERGROUND SUBSTATION PROTECTION, Solutions for the Complete range for AUTOMATION MONITORING installation and cable laying and SYSTEMS (SAS) AND
Slide 20: 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 21: Serving the Electrification Value Chain
SERVING THE ELECTRIFICATION VALUE CHAIN • Allow security and stability Tesmec Automation support the grid in all its chain, help in managing the flow to • Communicate and interconnect • Automate solutions to reduce action time Power Generation HV Substation Primary substation Secondary substation Pr
Slide 22: Energy – Automation
ENERGY – AUTOMATION SUBSTATION SERVICE AUTOMATION SYSTEMS PROTECTION & MONITORING TELECOMMUNICATIONS Protection and control systems for HV Integrated solution for protection, substations. control and automation of modern Integrated solution of service and complex electric systems.. telecommunication
Slide 23: 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 24: Protection and Monitoring Solutions
PROTECTION AND MONITORING SOLUTIONS for primary and secondary substations All rights reserved Telecommunication solution 24 24
Slide 25: 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 26: Trenchers & Surface Miners
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 27: 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 28: Fiber Optics Laying, Tunneling Project
Fiber Optics Laying UK Georadar Explorer 2.0 & Sidecut TUNNELING PROJECT All rights reserved AUSTRALIA 28 28 1475 Rock Hawg EVO
Slide 29: 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 30: 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 31: 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 32: 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 33: Business Outlook
BUSINESS OUTLOOK TESMEC
Slide 34: 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 40,5 153,5 53,4 147,0 46,9 50,4 (20, 7%) (19,9%) (21,0%) TOT. 9,5 10,2 32,8 (18,9%) (19,0%) 130,4 126,0 8,6 67,7 96,6 (18,
Slide 35: 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 36: 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% 2025: Recurring; Non-recurring; 2
Slide 37: 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 38: 2021-2025 Equity Story and 2026 Outlook
2021-2025* EQUITY STORY and 2026 OUTLOOK ▪ THE GEOPOLITICAL CONTEXT, TOGETHER WITH INFLATIONARY ▪ 2026 EXPECTATION: GROWTH IN THE MAIN ECONOMIC PRESSURES, LOGISTICAL AND TARIFF DYNAMICS, CONTINUE TO INDICATORS VS. FY.2025 AND FURTHER REDUCTION IN NET LIMIT VISIBILITY. TESMEC MAINTAINS A PRUDENT STAN
Slide 39: Q1.2026 Highlights, Financials & Key Metrics
Q1.2026 HIGHLIGHTS, FINANCIALS & KEY METRICS
Slide 40: Q1.2026 Highlights
Q1.2026 HIGHLIGHTS WHAT WORKED WELL WHERE WE ARE ▪ Revenues up 7,4% vs. Q1.2025, driven by Energy, with Stringing accelerating both in MAKING PROGRESS volumes and margins WHAT COULD ▪ EBITDA +6,4% vs. Q1.2025 with an EBITDA HAVE WORKED BETTER ▪ Profit before taxes 1,9€M against -0,7€M margin at 15,3
Slide 41: Q1.2026 Profit & Loss Statement
Q1.2026 PROFIT&LOSS STATEMENT (€M) PROFIT & LOSS (€M) Q1.2025 Q1.2026 Δ Δ% ▪ REVENUES increasing by 7,4%, driven by the growth of the REVENUES 61,4 65,9 4,6 +7,4% Energy segment, while the Rail division does not yet fully reflect the contribution from recently awarded tenders. The EBITDA 9,5 10,1 0,
Slide 42: Q1.2026 Statement of Financial Position
Q1.2026 STATEMENT OF FINANCIAL POSITION (€M) Mar.31, Dec.31, Mar.31, Δ Mar.31, 2026 vs Δ Mar.31, 2026 vs €M 2025 2025 2026 Mar.31, 2025 Dec.31, 2025 NET WORKING CAPITAL 103,0 71,8 70,0 (33,0) (1,8) ▪ NET INVESTED CAPITAL decreasing by 2,3€M vs. Dec-2025, driven by: FIXED ASSETS 105,2 116,8 116,4 11,
Slide 43: Q1.2026 Net Financial Position Evolution
Q1.2026 NET FINANCIAL POSITION EVOLUTION (€M) 130,4 27,6 4,9 1,8 1,0 26,1 126,0 102,8 4,1 0,7 99,9 Dec. 31,2025 IFRS16 Net debt OCF NWC CAPEX FLEET EQUITY ADJ.* Net debt IFRS16 Mar. 31,2026 31/12/2025 EXCLUDING 31/03/2026 FLEET €M Mar. 31, 2025 Dec.31,2025 Mar. 31, 2026 INVENTORIES 94,2 87,7 95,7 WO
Slide 44: Trenchers: Q1.2026 Facts & Figures
TRENCHERS: Q1.2026 FACTS & FIGURES (€M) KEY FACTS 31,8 29,5 ▪ Trencher entering a gradual recovery phase, supported by broader market diversification, higher production volumes and new order intake, after the challenges 5,5 3,5 experienced in 2025 17,2% 11,8% ▪ Sustainable growth strategy is driven
Slide 45: Rail: Q1.2026 Facts & Figures
RAIL: Q1.2026 FACTS & FIGURES (€M) KEY FACTS Internationalization path 10,0 ▪ €71M award in Slovenia confirms the Group’s 9,6 expertise and track record in complex railway projects ▪ Bulgaria: advanced completion of the supply to NRIC, with strong customer satisfaction 0,9 0,7 ▪ Advancement in certi
Slide 46: Energy: Q1.2026 Facts & Figures
ENERGY: Q1.2026 FACTS & FIGURES (€M) KEY FACTS 26,4 STRINGING 20,0 ▪ Continued growth supported by a favorable investment 5,9 environment, with solid demand and visibility, with backlog 3,2 22,4% 15,8% increased to ca. 54€M vs. 31€M in Q1.2025 ▪ Supportive U.S. market confirmed by the solid performa
Slide 47: Q1.2026 EBITDA Trend by BU
Q1.2026 EBITDA TREND BY BU (€M) 2,7 (0,2) (2,0) Mix not reflecting contribution of Volumes and Lower 10,1 9,5 newly awarded volumes and marginality contracts unfavorable growth for both 12,1 mix vs. segments, with Q1.2025 Stringing 9,5 10,1 significative acceleration Q1.2025 Energy Railway Trencher
Slide 48: Q1.2026 KPI
Q1.2026 KPI BACKLOG MARKETS RECURRING BUSINESS • Long- term backlog in Automation and Rail • Recurring: Rental, Projects, Spare Parts, Services (maintenance, revamping & refurbishing, consulting & training), LT backlog; • Non-recurring: Sales of goods Africa; 10% Europe; 19% Middle Rail East; 10% En
Slide 49: Annex
ANNEX All rights reserved 49
Slide 50: 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 51: Q1.2026 Summary
Q1.2026 SUMMARY (€M) PROFIT & LOSS Q1.2026 Q1.2025 BALANCE SHEET (€ Mln) Mar.31,2026 Dec.31, 2025 NET REVENUES 65,9 61,4 Inventory 95,7 87,7 Work in progress contracts 11,9 34,3 Raw materials costs (-) (31,4) (28,6) Cost for services (-) (11,9) (11,0) Accounts receivable 80,0 61,1 Personnel Costs (-
Slide 52: 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 53: Tesmec
TESMEC All rights reserved 53