TREVI - Finanziaria Industriale (TFIN) Investor presentation summary

Leadership and management

• CEO and CFO have extensive international experience in EPC operations and financial management, driving turnaround and repositioning towards core business since 2019.

Rights issue and financing

• Launching a €100m fully underwritten rights issue at €2.00 per share, a 34.94% discount to TERP, with major commitments from CDPE and Polaris.

• Proceeds will repay part of gross debt and support the 2026-2029 business plan.

• New financing package extends debt maturity to 2031, targets net debt/EBITDA near zero by 2029, and includes €150m bonding lines and €40m short-term facilities.

Business performance and outlook

• FY25 revenue reached €624m with recurring EBITDA of €85.5m (13.7% margin), and net debt reduced to €187.4m.

• 1Q26 saw lower revenue and EBITDA due to timing of project execution, but backlog and order intake remain strong, covering 83% of expected FY26 revenue.

• Business plan targets >€750m revenue and ~€160m free cash flow from operations by 2029, with capex averaging €22m/year.