Edil San Felice (ESF) Investor presentation summary

Key highlights and business overview

• Workforce grew to 315 employees and vehicle fleet to 223, reflecting operational expansion and increased project capacity.

• Value of production rose 12.7% to €51.6mn, with a backlog of €136.1mn (+67% YoY), driven by major contract wins in railways and infrastructure.

• EBITDA decreased to €9.4mn (margin 18.3%) due to higher personnel and service costs, while net income remained positive at €6.5mn.

• Net cash position at €2.8mn, supported by strong operating cash flow and regional contributions for new industrial investments.

• Dividend of €0.07 per share proposed, with €1.5mn allocated for distribution.

Business model and operations

• Specializes in maintenance and modernization of highways, bridges, airports, and civil infrastructure, with a zero outsourcing policy for quality and safety.

• Six business lines cover ordinary/extraordinary maintenance, civil works, services, installations, and punctual works.

• Full control over project lifecycle, from tender participation to execution, with no late deliveries or penalties reported.

• Major clients include Autostrade per l’Italia, ANAS, Gruppo FS, and Aeroporti di Roma.

Market and sector trends

• Italian infrastructure maintenance market estimated at €840mn/year, with significant needs due to aging assets and increased focus on safety and sustainability.

• National Recovery and Resilience Plan allocates €23.7bn for infrastructure, supporting sector growth.

• Main market players are large construction groups and regional specialists; ESF stands out for its subcontract-free approach and high specialization.