ABP Nocivelli
1H 2025-2026 Financial Results
31st March, 2026
Agenda
Company Overview
Financial Results
Outlook Annex
Company overview
Company at a Glance
Italian Energy Service Company (ESCo) focused on public infrastructure
Integrated capabilities across design, construction
and long-term services
Strong positioning in healthcare infrastructure
Founded in 1963
Listed on Euronext Growth Milan
Integrated Business Model
Services
Energy efficiency and facility management
Construction
Technological systems
Focus
Hospitals and public buildings
Lifecycle Approach
Integrated lifecycle approach from design to long-term operations
Public-Private Partnerships
Generate long-term revenue visibility
Typical concession duration
25-30 years
Construction combined with
ESCo services
Public tenders
Provide recurring operational contracts
Long-Term Revenue Model
€ 1.9 bn
Total Backlog to 2035
€1.5bn
Contracted Backlog
€400m
Novara Hospital PPP Project
Average contract duration
~25-30 years
Strong long-term revenue visibility
Underpinned by contracted backlog and long-duration PPP concessions
Backlog and Revenue Visibility
Main Strategic Projects - Italy
Torino - Parco della Salute
Healthcare infrastructure leadership
Novara - Cittfi della Salute
Growing footprint in national infrastructure
Malpensa Infrastructure
Strategic infrastructure and PPP projects
Growth Strategy
01
Ramp-up of Turin and Novara hospital PPP projects
02
Expansion into state-invested infrastructure
03
Growing relationships with Terna, Enel, RFI and ANAS
04
Energy transition driving demand for efficiency services
05
Potential upside from Consip tenders expected in 2026
Sustainability as a PriorityEnvironmental Protection
Reduction in energy consumption (-8%) and GHG emissions (Scope 1 and 2 -9%)
Photovoltaic system avoided 12 tCO2e62
Planning extension of photovoltaic system and
replacement of company fleet with electric vehicles
Governance & Ethics
Board of Directors and Board of Statutory Auditors
with gender parity (5 women, 5 men)
Predominantly Italian suppliers (100%), with 70% from Lombardy
Adopted Organisational, Management and Control
Model (MOG 231)
Implemented Code of Ethics and Whistleblowing
system
Certification
Social Responsibility
Provided 2,542 hours of employee training
Supports local area through numerous initiatives and donations
Structural demand
Healthcare infrastructure
modernization
€1.9 bn backlog
Supporting long-term visibility
Recurring revenues
From long-term service
contracts
Strong balance sheet
With net cash
Growth supported
By infrastructure investment cycle
Why ABP Nocivelli
Strong positioning in hospital infrastructure PPP projects
Long-standing
relationships with public administrations
Expertise in
technological and energy plant engineering
Healthcare
modernization as structural growth driver
Investment Highlights / Closing remarks
Financial Results
1H 2025-2026
Key Financial Highlights
€45.6mn
Value of Production
€10.8mn
EBITDA
~25%
EBITDA Margin
€9.6mn
EBIT
€7.3mn
Net Result
€70.8mn
Net Cash
Sustained Growth, Stronger BusinessTop-line Growth fuels Performance
REVENUES
42.8 €mnRevenues
41.3 42.8
+3.7%
H1 2024-2025 H1 2025-2026
Revenues
41.3
42.8
+3.7% YoY
H1 2024-2025
H1 2025-2026
VALUE OF PRODUCTION LIKE FOR LIKE
VALUE OF PRODUCTION
45.6 €mn+12.6% YoY
+8.2% YoY
Consistently High MarginsMargins above 23% with double-digit growth
EBITDA
10.8 €mnEBIT 9.6 €mn
23.4%
EBITDA
25.3%
10.8
EBIT
20.1% 20.9%
9.8
+10.1% YoY
9.6
8.5
+13.4% YoY
H1 2024-2025 H1 2025-2026
H1 2021-2022 H1 2022-2023
Delivering Growth and Profitability Year after YearNocivelli achieved a positive net result over the years, reflecting strong financial performance and resilience in a dynamic market environment
NET INCOME
7.3 €mnNet income
15.8% 15.9%
7.3
6.6
NET PROFIT
CAGR 10%
+9,9% YoY
H1 2024-2025 H1 2025-2026 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 H1 2026
Robust Cash flowThe company's Net Financial Position (cash positive) stands at more than €70.8 million, showing a significant
improvement from previous periods
70.8 €mnNET FINANCIAL POSITION (CASH)
NFP
H1 2024-2025 FY 2024-2025 HY 2025-2026
-53.0
-62.4
As a solid, debt-free business, Nocivelli has the financial strength to capitalize on new opportunities and execute recently awarded contracts.
-70.8
- Outlook
Outlook
1. Main tender procedures
Focus on healthcare & hospital redevelopment (regulatory-driven demand: seismic & fire safety).
2. PNRR-funded contracts
Execution ongoing; completion expected within next 2 fiscal years.
3. Strategic suppliers to public entities
Terna S.p.A.: €25m ceiling; €10m contracts under execution; new awards expected by June
2026.
Enel, RFI, Leonardo: €1m contracts; works started H2 2025.
4.Order backlog: ~€1.9bn (FY2025), ensuring revenue visibility, cash flow
stability
5.Risk management
Limited geopolitical exposure; energy cost pass-through mechanisms mitigate margin pressure.
Safe Harbour
This presentation may contain for
ard looking objectives and statements about Nocivelli ABP ("Nocivelli ABP" or "the Company") financial situation, operating results,business activities and expansion strategy.
These objectives and statements are based on assumptions that are dependent upon significant risk and uncertainty factors that may prove to be inexact. The information is valid only at the time of
riting and Nocivelli ABP does not assume any obligation to update or revise the objectives on the basis of ne information or future or other events, subject to applicable regulations.This document may not be reproduced or distributed, in
hole or in part, by any person other than the Company; by vie ing and/or accepting a copy of this document, you agree to be bound by the foregoing limitations.Additional information on the factors that could have an impact on Nocivelli ABP financial results is contained in the documents filed by the Group and available on the
Group's
ebsite at .abpnocivelli.comQuestions and Answers
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