TREVI - Finanziaria Industriale (TFIN) H2 2024 earnings summary

Executive summary

• Revenues for 2024 reached €663.3 million, up 11.5% year-over-year, with recurring EBITDA at €83.6 million (+12.2%), reflecting the third consecutive year of growth and margin improvement.

• Order intake for 2024 was €605.4 million, with a year-end backlog of €700.9 million, supporting future revenue visibility.

• Net debt at year-end was €198.9 million, down €3.1 million from 2023, with free cash flow from operations at €32.5 million and leverage ratio improved to 2.38x.

• The company is transitioning from restructuring to a growth and value creation phase, focusing on selective project acquisition, operational efficiency, and sustainability.

• The updated business plan targets continued growth, margin expansion, and further deleveraging through 2028.

Financial highlights

• Adjusted net profit improved to €15.6 million in 2024, while reported net profit was €5.5 million, reflecting the absence of prior year’s capital increase benefit.

• Free cash flow from operations was €32.5 million, with capex at €26.9 million.

• Recurring EBITDA margin rose to 12.6% (from 12.5% in 2023); EBIT margin was 6.7%.

• Financial expenses in 2024 included a €10.1 million IFRS 9 reversal and higher provisions; income taxes were impacted by changes in Italian fiscal law.

• Net debt/recurring EBITDA improved to 2.38x (from 2.7x in 2023).

Outlook and guidance

• 2025 revenue guidance is €670–690 million, with recurring EBITDA expected between €80–90 million and net debt forecasted at €182–194 million.

• By 2028, revenue is targeted above €730 million, recurring EBITDA above €100 million, and net debt below €140 million (leverage ~1.4x).

• Cumulative free cash flow for 2025–2028 is expected to reach about €150 million.

• FY25 order intake expected to be 5–10% higher than FY24, with backlog conversion to drive about 55% of FY25 revenues.