TREVI - Finanziaria Industriale (TFIN) investor relations material

Executive summary

• Achieved record order intake of €424 million in H1 2026, with a book-to-bill ratio of 1.6 and backlog of €928 million, the highest since the oil & gas division sale, supporting strong revenue visibility.

• Recurring EBITDA margin improved to 14.8% in H1 2026, among the highest in the peer group, with net debt reduced to €92.1 million and leverage ratio down to 1.13.

• Rights issue of €100 million fully subscribed and €180 million long-term refinancing completed, strengthening the balance sheet and supporting future growth.

• Net profit increased to €7.2 million, with revenue acceleration seen in Q2 2026.

• Guidance for 2026 confirmed: revenue €640–670 million, EBITDA €70–80 million, net debt €90–100 million.

Financial highlights

• H1 2026 revenue: €270.9 million, down 13.2% year-over-year due to project phasing, but Q2 revenues rose 30.3% sequentially from Q1.

• Recurring EBITDA: €40.0 million (14.8% margin), up from 14.2% in H1 2025.

• Adjusted net profit: €12.7 million, up 12.2% year-over-year.

• Reported net profit: €7.2 million, up 18% year-over-year.

• Free cash flow from operations: €5.1 million in H1 2026.

Outlook and guidance

• 2026 guidance confirmed: revenue €640–670 million, recurring EBITDA €70–80 million, net debt €90–100 million.

• Revenue acceleration expected in H2 2026, supported by backlog and new project awards.

• Management expects stronger cash conversion in H2 as work in progress converts to invoicing.

• Both divisions expected to contribute to revenue progression in line with plan.

• Forecasts may be affected by exogenous factors.