Edil San Felice (ESF) Investor presentation summary

2025 operational and financial highlights

• Workforce expanded to 315 employees and vehicle fleet to 223, reflecting operational growth and capacity increases.

• Value of production rose 12.7% to €51.6mn, with a backlog of €136.1mn (+67% YoY), indicating strong future revenue visibility.

• EBITDA reached €9.4mn (18.3% margin), down from €11.6mn due to higher personnel and service costs.

• Net income was €6.5mn, and net cash position improved to €2.8mn, supported by operating cash flow and regional contributions.

• Achieved EcoVadis Bronze sustainability rating (top 35%) and maintained 16 certifications.

Strategic initiatives and business model

• Maintains a "zero outsourcing" policy, ensuring full control over project execution and operational efficiency.

• Business reorganized into two units: Operations (maintenance) and Engineering & Construction (new builds, modernization).

• Expanded into new sectors, including railway and aerospace infrastructure, through significant contract wins.

• Secured over €5mn in regional funding for a new industrial site to boost production capacity.

• Issued a €4mn sustainability-linked bond to support investment and growth plans.

Market and sector outlook

• Italian infrastructure maintenance market is growing, driven by aging assets, safety concerns, and EU/PNRR funding.

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

• At least 30-40% of Italian bridges require urgent maintenance, highlighting ongoing demand.

• Market characterized by large construction firms and regional specialists, with increasing focus on sustainability and digitalization.