Edil San Felice (ESF) Investor presentation summary

Business overview and strategy

• Over 40 years of growth, specializing in maintenance for highways and airports, with a one-stop-shop model and a strict zero outsourcing policy to maximize efficiency and safety.

• Services include ordinary and extraordinary maintenance, road signs, joint substitution, and by-bridge platform rental, leveraging 315 specialized workers and 232 vehicles.

• Full control over project value chain, from tender participation to execution, with zero late deliveries or penalties.

• Recent corporate reorganization established two business units: Operations (BUOP) for maintenance and Engineering & Construction (BUIR) for new and modernization projects.

• Expansion supported by regional funding and a new industrial site in Nola to increase production capacity.

Market and sector highlights

• Italian infrastructure maintenance market is fragmented, with large players and regional specialists; over 6,000 km of toll motorways and 2,000 km of bridges/tunnels, many needing urgent maintenance.

• Market growth driven by increased safety awareness, EU funding, and the National Recovery and Resilience Plan allocating €23.74bn for infrastructure.

• Estimated annual maintenance market size is €840mn, with main clients including Autostrade per l'Italia and ANAS.

• Autostrade per l'Italia and ANAS together cover 60% of Italy’s highways, with significant ongoing and planned investments.

Financial performance and key results

• FY24 backlog reached €136.1mn (+67% vs. FY23), with €84.9mn hard backlog and €51.2mn soft backlog.

• FY24 value of production was €51.6mn (+12.7% vs. FY23), EBITDA €9.4mn (EBITDA margin 18.3%), and net income €6.5mn.

• Net cash position at €2.8mn, with shareholders’ equity at €36.9mn (+22% YoY).

• Dividend proposal of €0.07 per share, totaling €1.5mn, with the remainder of net profit allocated to reserves.