Edil San Felice (ESF) Investor presentation summary

Business model and operations

• Specializes in maintenance and modernization of highways, bridges, viaducts, and airports, offering both ordinary and extraordinary services with a zero outsourcing policy for full value chain control.

• Maintains a strong track record with no claims or delays, leveraging a workforce of over 310 employees and a fleet of 202 vehicles.

• Established two business units: Operations (BUOP) for maintenance and Engineering & Construction (BUIR) for new infrastructure and modernization projects.

• Main clients include Autostrade per l'Italia, Gruppo FS Italiane, and Aeroporti di Roma, with a high concentration in the Campania region but expanding geographically.

Market trends and positioning

• Operates in a fragmented Italian infrastructure maintenance market, with significant opportunities driven by aging infrastructure and increased safety awareness.

• Market size estimated at €840mn/year for highway maintenance, with major players like Autostrade per l'Italia and ANAS accounting for 60% of the market.

• Positioned as the second-largest specialist in ordinary maintenance by revenues, with a diversified service offering and strong certifications.

Financial performance and growth

• Achieved 1H2024 revenues of €24.6mn (+14.6% YoY), EBITDA of €5.7mn (+5.3% YoY), and net income of €4.3mn (+3.3% YoY).

• Backlog reached €114.8mn as of June 2024 (+42.6% vs. FY2023), with 78% in extraordinary maintenance.

• Net cash position improved to €6.5mn, and the company remains cash positive despite increased personnel and service costs.

• Stock price rose over 60% since IPO in September 2023, outperforming the FTSE Italia Growth Index.