PRESS RELEASE
FY2024 RESULTS
THE BOARD OF DIRECTORS APPROVES THE DRAFT BALANCE SHEET AS OF 31
DECEMBER 2024 CONFIRMING, FOR THE THIRD CONSECUTIVE YEAR, THE
GROUP'S GROWTH AND MARGIN IMPROVEMENT
REVENUE UP 11.5% to €663.3 MILLION (€594.9 MILLION IN 2023)
RECURRING EBIDTA GROWING 12.2% TO €83.6 MILLION (€74.5 MILLION IN 2023)
NET PROFIT 2024 EQUAL TO €5.5 MILLION (€25.9 MILLION IN 2023 INCLUDING THE POSITIVE
EFFECTS OF THE FINANCIAL OPERATION RELATED TO THE CAPITAL INCREASE)
ORDERS FOR €605.4 MILLION ACQUIRED IN 2024, WITH BACKLOG OF €700.9 MILLION AT YEAR-
END, IN LINE WITH THAT RECORDED AT THE END OF 2023
NET DEBT DECREASED BY €3.1 MILLION TO €198.8 MILLION (€201.9 MILLION AT END-
DECEMBER 2023)
UPDATE OF THE CONSOLIDATED BUSINESS PLAN WITH EXTENSION TO 2028
CONSOLIDATED SUSTAINABILITY REPORTING AS DEFINED BY THE CSRD DIRECTIVE AND
INTEGRATED IN THE FINANCIAL STATEMENTS REPORT
RESOLVED THAT THE ORDINARY AND EXTRAORDINARY SHAREHOLDERS' MEETING BE
CONVENED ON 13 MAY 2025, ON FIRST CALL, AND ON 14 MAY 2025, ON SECOND CALL
***
Cesena, 28 March 2025 - The Board of Directors of Trevi - Finanziaria Industriale S.p.A. ("Trevifin" or the "Company"), chaired by Paolo Besozzi, in the morning of Thursday 27 March, examined and approved the draft individual and consolidated financial statements for the year ending 31 December 2024.
Main consolidated results of operations | (in thousands of Euro) | |||
12M 2024 | 12M 2023 | Variation | Variation % | |
Total Revenues | 663,263 | 594,899 | 68,364 | 11.5% |
Recurring EBITDA | 83,635 | 74,519 | 9,115 | 12.2% |
EBITDA | 81,748 | 72,301 | 9,446 | 13.1% |
Operating Profit (EBIT) | 44,213 | 41,569 | 2,643 | 6.4% |
Net profit for the year | 5,508 | 25,933 | (20,426) | n.s. |
Group net profit | 1,527 | 19,107 | (17,580) | n.s. |
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CEO Giuseppe Caselli has made the following comments: "As stated at the presentation of the results for the first half of 2024, the effect of delays in the start-upof some projects, for reasons beyond our control, has been largely rebalanced in this second half of the year, where we have performed absolutely in line with the targets set in the business plan, if not above them.
For the third year running, the Trevi Group has thus achieved the economic-financial objectives set out in the Industrial Plan, a result that, more than any other consideration, testifies to the effectiveness of the work carried out to date by all the women and men of our organisation so as to consolidate and give continuity to the economic-financial relaunch of the Group.
Starting from the basics, we worked by adopting a selective approach to tendered projects, focusing on generating value over volume, along with improving operational performance. In addition, we have optimised the organisational structure, fostered the digital transition, and promoted a corporate culture that operates by objectives in a sustainable manner. A culture that has a strong focus on financial results and the efficiency and quality of our operations. All while increasing awareness of operating safely and in an environmentally friendly manner. While positive, we are fully aware that this step represents only a new starting point.
Total revenues by sector | (in thousands of Euro) | |||||
12M 2024 | % | 12M 2023 | % | Variations | % | |
Special foundation work | 537,522 | 78.8% | 468,245 | 75.5% | 69,277 | 15% |
Production of special machinery for | 144,999 | 21.2% | 152,061 | 24.5% | (7,062) | -5% |
foundations | ||||||
Interdepartmental eliminations and | (19,183) | (25,754) | 6,571 | |||
adjustments | ||||||
Group leader | 18,950 | 16,537 | 2,413 | 15% | ||
Interdepartmental eliminations and | (19,025) | (16,190) | (2,835) | |||
eliminations with parent company | ||||||
TREVI GROUP | 663,263 | 100% | 594,899 | 100% | 68,364 | 11% |
The breakdown of revenues from sales and services and other revenues by Geographical area is as follows:
12M 2024 | % | 12M 2023 | % | |
Italy | 115,633 | 17% | 67,561 | 11% |
Europe (excluding Italy) | 29,003 | 4% | 25,046 | 4% |
U.S.A. and Canada | 89,961 | 14% | 130,298 | 22% |
Latin America | 40,704 | 6% | 34,866 | 6% |
Africa | 21,002 | 3% | 52,710 | 9% |
Middle East and Asia | 270,314 | 41% | 173,010 | 29% |
Far East and Rest of the World | 96,646 | 15% | 111,408 | 19% |
Total Revenues | 663,263 | 100% | 594,899 | 100% |
Work portfolio and Orders acquired | (in thousands of Euros) | ||||
31/12/2024 | 31/12/2023 | Variation | Variation % | ||
Work portfolio | 700,948 | 719,806 | (18,858) | -2.6% | |
12M 2024 | 12M 2023 | Variation | Variation % | ||
Orders acquired | 605,381 | 741,227 | (135,846) | -18.3% | |
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Net financial position of the Trevi Group | (in thousands of Euro) | |||
31/12/2024 | 31/12/2023 | Variation | Variation % | |
Total net financial position | (198,894) | (201,992) | 3,098 | 2% |
Group workforce | ||||
31/12/2024 | 31/12/2023 | Variation | Variation % | |
Number of employees | 3,057 | 3,189 | (132) | -4.1% |
Key consolidated financial results
Total revenue in the financial year 2024 amounted to €663.3 million, compared to €594.9 million as at 31 December 2023, an increase of €68.4 million (+11.5%).
Recurring EBITDA in 2024 amounted to €83.6 million, up +12.2% year-on-year, while reported EBITDA amounted to €81.7 million (+13.1% year-on-year).
Recurring EBITDA is net of non-recurring costs totalling €1.9 million, of which €0.8 million were personnel costs and €1.1 million service costs.
EBIT as at 31 December 2024 amounted to €44.2 million (+€2.6 million compared to 2023).
Profit for the year amounted to €5.5 million compared to €25.9 million profit in 2023, while Group profit as at 31 December 2024 amounted to €1.5 million (€19.1 million in 2023, including the benefits of the financial restructuring and capital increase).
The Group's Net Financial Position amounted to €198.9 million as at 31 December 2024, a slight improvement over the €202.0 million recorded as at 31 December 2023.
Orders taken in the financial year 2024 amounted to €605.4 million. The work portfolio as at 31 December 2024 amounted to €700.9 million.
Among the most significant jobs acquired by the Trevi Division in 2024, we highlight further orders for the Neom-The Line mega-project in Saudi Arabia, the securing of the Malagrotta Landfill in Rome, the Montesyndial Container Terminal in Venice, and the S.O.C.T. project in Ohio, USA.
A number of construction sites, whose contracts had already been acquired by the Trevi Division at the beginning of the year, suffered delays in their start-up during the first half of the year: this was the case for the Neom - The Line construction site in Saudi Arabia, the Mid Barataria Sediment Diversion (MBSD) project in New Orleans, and the Bua project for the construction of a port terminal in Nigeria. Some construction sites in the Philippines suffered major stoppages due to procedural difficulties and the lack of delivery of work areas by contractors.
However, the good performance of other orders of the Trevi Division and the start of contracts that were initially delayed made it possible to recover and improve the overall results for the year, particularly in the last quarter.
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Significant events after year end on 31 December 2024
During the first two months of the year 2025, the Group acquired orders worth about €110 million, of which about €94 million related to the Trevi Division and about €22 million related to the Soilmec Division (about €6 million of intra-group orders).
The work portfolio as at 28 February 2025 amounted to €723 million.
Major projects acquired between the end of 2024 and early 2025 include:
- Work Order number 6 on the Neom - The Line project in Saudi Arabia;
- the Aïn Naâdja-Baraki metro line, an extension of the Algiers metro in Algeria;
- consolidation work on the M6 tunnel in Sydney, Australia;
- the foundations for the Volpe Building C3 in Boston, US; and
- the consolidation works for the Garisenda Tower in Bologna, Italy.
On 27 March 2025, the first Consolidated Sustainability Reporting of the Trevi Group according to the new Corporate Sustainability Reporting Directive (CSRD) was approved and integrated into the 2024 Annual Report.
For the third year running, the Trevi Group is among "The Most Climate-ConsciousCompanies in 2024", the survey conducted among over 600 companies by Corriere della Sera and Statista. The survey was published in the monthly Pianeta2030 of Corriere della Sera and on www.corriere.it.
As last year, Trevi - Finanziaria Industriale S.p.A. is one of the "Sustainability Leaders in 2024" companies. The survey, which is based on the assessment of the environmental, social and governance (ESG) performance of leading Italian companies, was officially presented on 16 May 2024 and was conducted by the newspaper Il Sole 24 Ore in cooperation with Statista, a German company specialising in statistical analysis.
Moreover, in early 2025, Trevi S.p.A. obtained the Certification of its Management System for the Prevention of Corruption according to ISO 37001, demonstrating its concrete commitment to prevent corruption.
Business Plan Update
The Trevi Group updated the business plan presented in December 2023, extending it by one year to 2028, confirming the gradual improvement of its performance.
With reference to the financial year 2025, the Company expects:
- Revenues between €670-690 million;
- Recurring EBITDA between €80-90 million;
- Net financial debt between €182 and €194 million.
With reference to the entire 2025-2028 Plan period, it expects:
- Revenues exceeding €730 million in 2028;
- EBITDA exceeding €100 million in 2028; and
- Net financial debt below €140 million in 2028 with a leverage ratio (recurring net debt/EBITDA) of about 1.4x.
Summoning of the Ordinary and Extraordinary Shareholders Meeting
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Those entitled to attend and exercise voting rights are called to the Ordinary Shareholders' Meeting exclusively through the Appointed Representative, at the Company's head office on 13 May 2025 at 11:00 a.m., in first call, and, if necessary, on 14 May 2025, same place and time, in second call, to discuss and resolve on the following agenda:
Ordinary session
- Financial Statements as at 31 December 2024 accompanied by the Report of the Board of Directors on Operations, the Report of the Board of Statutory Auditors and the Report of the Auditing Firm. Presentation of the Consolidated Financial Statements as at 31 December 2024 and the 2024 Consolidated Sustainability Reporting. Proposed allocation of the year's result. Related and consequential resolutions.
- Report on remuneration policy and considerations paid:
- Approval of the first section of the report pursuant to Article 123-ter, paragraphs 3-bis and 3-ter of Legislative Decree 24 February 1998 no. 58;
- resolutions pertaining to the second section of the report pursuant to Article 123-ter, paragraph 6 of Legislative Decree 24 February 1998 no. 58.
- Appointment of the Board of Directors for the years 2025-2027:
- determination of the term of office of the Board of Directors;
- appointment of the members of the Board of Directors;
- establishment of the remuneration of the members of the Board of Directors.
- Appointment of the Board of Statutory Auditors for the years 2025 - 2027:
- appointment of three Standing Auditors and two Alternate Auditors;
- appointment of the Chairman of the Board of Statutory Auditors;
- establishment of the remuneration of the members of the Board of Statutory Auditors.
- Other matters.
Extraordinary session
- Amendment of articles 14, 15, 17, 18 and 29 of the Articles of Association. Related and consequent resolutions.
- Other matters
2024 Results Presentation Conference Call
The 2024 results will be presented to the financial community during a conference call to be held on Friday 28 March 2025at 10:30 (CET).
The speakers will be Giuseppe Caselli, C.E.O. of the Trevi Group and Vincenzo Auciello, C.F.O. of the Trevi Group.
If you wish to participate, please call one of the following numbers, starting 15 minutes before the start of the conference call to facilitate the registration process:
- +39 02 802 09 11 for Italy and the rest of the world;
- +44 1 212818004 for the UK;
- +1 718 7058796 (toll-free 1 855 2656958) for the United States.
Alternatively, you can connect from anywhere in the world, via PC or smartphone, via this link
(headphonesarerecommendedforoptimalaudio): https://hditalia.choruscall.com/?$Y2FsbHR5cGU9MiZpbmZvPWNvbXBhbnk=
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It will also be possible to follow the event in live streaming mode (audio + presentation slides), via PC or smartphone, through this link (headphones recommended for optimal audio): https://87399.choruscall.eu/links/trevigroup250328.html
***
Pursuant to Article 154-bis, paragraph 2 of the Consolidated Law on Finance, Vincenzo Auciello, in his capacity as manager in charge of preparing corporate accounting documents, declares that the accounting information contained in this press release corresponds to the documentary data, books and accounting records.
This press release contains forward-looking statements. These statements are based on the Group's current estimates and projections of future events and, by their nature, are subject to an inherent risk and uncertainty component. Actual results could differ materially from those contained in these statements due to a variety of factors, including continued volatility and further deterioration in capital and financial markets, changes in macroeconomic conditions and economic growth and other changes in business conditions, as well as other factors, most of which are beyond the Group's control.
The Trevi Group uses certain alternative performance indicators in order to allow for a better assessment of its economic performance and financial situation. Consistent with ESMA Guidelines/2015/1415, the meaning and content of the indicators used in this release are explained on page 13.
***
About the Trevi Group:
The Trevi Group is a world leader in all-round subsoil engineering and in the design and marketing of specialised technologies for the sector. Founded in Cesena in 1957, the Group has about 65 companies and, with dealers and distributors, is present in 90 countries. Among the reasons for the Trevi Group's recognised global leadership are internationalisation, integration and the continuous interchange between the two divisions: Trevi, which carries out special foundation and soil consolidation works for large infrastructure projects (subways, dams, ports and docks, bridges, railway and motorway lines, industrial and civil buildings, and environmental interventions); and Soilmec, which designs, manufactures and markets machinery, plants and services for underground engineering.
The parent company Trevi-Finanziaria Industriale S.p.A. has been listed on the Milan Stock Exchange since July 1999 in the Euronext Milan segment.
For further information:
Investor Relations: Vincenzo Auciello -investorrelations@trevifin.com
Group Communications & Sustainability Dept.: Franco Cicognani - fcicognani@trevifin.com
Press Office: Aures - Strategie e politiche di comunicazione
Federico Unnia - T. +39 3357032646 - federico.unnia@auresconculting.it
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Attached are the statements of the consolidated and annual financial statements, from the examination of which further elements may be drawn to assess the financial, equity and economic standing of the Company and the entire Group. The draft financial statements are being examined, to the extent of their competence, by the Board of Statutory Auditors and the Auditing Firm.
CONSOLIDATED FINANCIAL STATEMENTS AS AT 31 DECEMBER 2024 TREVI GROUP
Consolidated Statement of Financial Position (Assets)
(in thousands of Euros)
ASSETS | 31/12/2024 | 31/12/2023 |
Non-current Assets | ||
Property, Plant and Equipment | ||
Land and buildings | 29,850 | 35,156 |
Plant and machinery | 108,159 | 104,301 |
Industrial and Commercial Equipment | 22,806 | 20,735 |
Other Assets | 6,391 | 5,002 |
Assets under construction and advances | 7,199 | 4,470 |
Total property, plant and equipment | 174,405 | 169,664 |
Intangible fixed assets and goodwill | ||
Development Costs | 8,469 | 9,710 |
Industrial Patent Rights and Use of Intellectual Works | 23 | 44 |
Concessions, licences and trade marks | 5,486 | 7,186 |
Start-up | 0 | 0 |
Assets under construction and advances | 2,229 | 297 |
Other intangible fixed assets | 18 | 20 |
Total intangible assets and goodwill | 16,225 | 17,257 |
Shareholdings | 440 | 425 |
- Investments in associates and joint ventures accounted for using the equity method | 0 | 0 |
- Other shareholdings | 440 | 425 |
Deferred Tax Assets | 26,099 | 27,884 |
Non-current derivative financial instruments | 0 | 0 |
Other non-current financial receivables | 4,329 | 2,224 |
- Of which with related parties | 0 | 0 |
Trade receivables and other non-current assets | 0 | 0 |
Total Non-current Assets | 221,498 | 217,454 |
Assets held for sale | 0 | 0 |
Current Assets | ||
Inventories | 122,822 | 114,660 |
Trade receivables and other current assets | 282,449 | 271,921 |
- Of which with related parties | 7,385 | 3,326 |
Current Tax Assets | 10,742 | 11,241 |
Current derivative financial instruments | 0 | 0 |
Current financial assets | 17,911 | 17,201 |
- Of which related parties | 849 | 2,312 |
Cash and cash equivalents | 95,018 | 80,838 |
Total current assets | 528,942 | 495,861 |
TOTAL ASSETS | 750,440 | 713,315 |
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CONSOLIDATED FINANCIAL STATEMENTS AS AT 31 DECEMBER 2024 TREVI GROUP
Consolidated Statement of Financial Position (Equity and Liabilities)
(in thousands of Euros)
EQUITY | 31/12/2024 | 31/12/2023 |
Share capital and reserves | ||
Share Capital | 122,942 | 122,942 |
Other reserves | 43,818 | 32,227 |
Result brought forward | (6,376) | (25,714) |
Result for the period | 1,527 | 19,107 |
Group Equity | 161,911 | 148,562 |
Capital and minority reserves | (6,065) | (8,483) |
Minority profit for the period | 3,981 | 6,825 |
Minority Shareholders' Equity | (2,084) | (1,658) |
Total equity | 159,827 | 146,904 |
LIABILITIES | ||
Non-current liabilities | ||
Non-current loans | 102,040 | 80,468 |
Non-current payables to other lenders | 133,612 | 141,470 |
Non-current derivative financial instruments | 0 | 0 |
Deferred tax liabilities | 9,609 | 18,004 |
Post-employment benefits | 11,384 | 10,735 |
Non-current funds | 16,403 | 17,470 |
Other non-current liabilities | 704 | 1,383 |
Total non-current liabilities | 273,752 | 269,530 |
Current liabilities | ||
Trade payables and other current liabilities | 220,555 | 203,011 |
- Of which with related parties | 7,184 | 3,690 |
Current tax liabilities | 14,256 | 11,654 |
Current loans | 59,251 | 52,278 |
Current payables to other lenders | 16,920 | 25,815 |
Current derivative financial instruments | 0 | 0 |
Current funds | 5,879 | 4,123 |
Total current liabilities | 316,861 | 296,881 |
TOTAL LIABILITIES | 590,613 | 566,411 |
TOTAL EQUITY AND LIABILITIES | 750,440 | 713,315 |
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TREVI GROUP
Consolidated Profit and Loss Account
(in thousands of Euros)
2024 | 2023 | Variation | |
TOTAL REVENUES | 663,263 | 594,899 | 68,364 |
Changes in inventories of finished goods and work in progress | 4,728 | (6,740) | 11,468 |
Increases in fixed assets for internal work | 12,090 | 19,229 | (7,139) |
PRODUCTION VALUE1 | 680,081 | 607,388 | 72,693 |
Consumption of raw materials and external services2 | (467,545) | (403,287) | (64,259) |
VALUE ADDED3 | 212,536 | 204,101 | 8,434 |
Personnel costs | (128,901) | (129,582) | 681 |
RECURRING EBITDA4 | 83,635 | 74,519 | 9,115 |
Non-recurring extraordinary expenses | (1,887) | (2,218) | 331 |
EBITDA5 | 81,748 | 72,301 | 9,446 |
Depreciation | (31,000) | (31,590) | 590 |
Provisions and write-downs | (6,535) | 858 | (7,393) |
OPERATING RESULT (EBIT)6 | 44,213 | 41,569 | 2,643 |
Financial income/(expenses)7 | (30,597) | (454) | (30,143) |
Exchange gains / (losses) | (919) | (4,163) | 3,244 |
Value adjustments on financial assets | 561 | (564) | 1,125 |
PROFIT BEFORE TAXES | 13,258 | 36,388 | (23,131) |
Net result from assets held for sale | 0 | 0 | 0 |
Income Taxes | (7,750) | (10,455) | 2,705 |
NET PROFIT | 5,508 | 25,933 | (20,426) |
Attributable to: | |||
Shareholders of the Parent Company | 1,527 | 19,107 | (17,580) |
Minority interests | 3,981 | 6,826 | (2,845) |
NET PROFIT | 5,508 | 25,933 | (20,425) |
The Income Statement presented above is a reclassified summary of the Consolidated Income Statement.
- Value of production comprises the following balance sheet items: revenues from sales and services, increases in fixed assets due to internal work, other operating revenues and changes in inventories of finished goods and work in progress.
- The item "Consumption of raw materials and external services" includes the following balance sheet items: raw materials and consumables, change in inventories of raw materials, consumables and goods, and other operating costs not including miscellaneous operating expenses. This item is shown net of non-recurring expenses.
- Value added is the sum of the value of production, consumption of raw materials and external services and miscellaneous operating expenses.
- Recurring EBITDA represents normalised EBITDA by eliminating extraordinary and/or non-recurring operating income and expenses from the EBITDA calculation.
- EBITDA (Gross Operating Margin) is an economic indicator not defined in IFRS, adopted by the Trevi Group from the consolidated financial statements as of 31 December 2005. EBITDA is a measure used by Trevi's management to monitor and evaluate the Group's operating performance. Management believes that EBITDA is an important parameter for measuring the Group's performance, as it is not affected by volatility caused by the effects of the different criteria for determining taxable income, the amount and characteristics of capital employed as well as the related amortisation policies. As of today (subject to a subsequent in-depth analysis related to the evolution of the definitions of alternative measures of corporate performance), EBITDA (Earnings before interests, taxes, depreciation and amortisation) is defined by Trevi as Profit/Loss for the year before depreciation and amortisation of tangible and intangible fixed assets, provisions and write-downs, financial income and expenses and income taxes.
- EBIT (Operating Profit) is an economic indicator not defined in IFRS, adopted by the Trevi Group with the consolidated financial statements as of 31 December 2005. EBIT is a measure used by Trevi's management to monitor and evaluate the Group's operating performance. Management believes that EBIT is an important parameter for measuring the Group's performance, as it is not affected by volatility caused by the effects of the different criteria for determining taxable income, the amount and characteristics of capital employed as well as the related amortisation policies. EBIT (Earnings before interests and taxes) is defined by Trevi as Profit/Loss for the year before financial income and expenses and income taxes.
- Financial income/(expenses) is the sum of the following balance sheet items: financial income and (financial expenses)
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TREVI GROUP
Consolidated Net Financial Position
(in thousands of Euros)
31/12/2024 | 31/12/2023 | Variations | |
Current payables to banks | (59,251) | (52,278) | (6,973) |
Current payables to other lenders | (16,920) | (25,815) | 8,895 |
Current derivative financial instruments | 0 | 0 | 0 |
Current financial assets | 17,911 | 17,201 | 710 |
Current cash and cash equivalents | 95,018 | 80,838 | 14,180 |
Current total | 36,758 | 19,946 | 16,812 |
Non-current payables to banks | (102,040) | (80,468) | (21,572) |
Non-current payables to other lenders | (133,612) | (141,470) | 7,858 |
Non-current derivative financial instruments | 0 | 0 | 0 |
Trade and other non-current payables | 0 | 0 | 0 |
Total non-current | (235,652) | (221,938) | (13,714) |
Net financial debt (defined as per Consob Notice No. 5/21 of 29 April 2021) | (198,894) | (201,992) | 3,098 |
Non-current financial assets | 0 | 0 | 0 |
Total net financial position | (198,894) | (201,992) | 3,098 |
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