TREVI - Finanziaria Industriale (TFIN) Investor Presentation summary

Company overview and business segments

• Operates in over 90 countries with €594.9m revenues and €74.5m recurring EBITDA, employing 3,189 people.

• Two main divisions: Trevi (underground engineering, foundation works) and Soilmec (machine manufacturing for piling, drilling, cranes, tunneling).

• Extensive project experience in dams, marine works, civil buildings, transportation, and environmental solutions, with over 1,100 projects worldwide.

• 98 active patents and a history of iconic projects, including the Tower of Pisa, World Trade Center, and NEOM in Saudi Arabia.

• Shareholder base includes CDP (21.3%), Polaris (15%), Praude (5.1%), and others (58.6%).

Financial performance and key metrics (1H24 & 3Q24)

• 1H24 revenues at €262.3m, down 6.4% YoY, with recurring EBITDA at €26.9m (10.2% margin); net profit at €0.6m.

• Backlog reached €788.9m (+9.6% vs Dec-23), covering 83% of 2024 expected revenues.

• Net debt at €207.7m (3.0x recurring EBITDA), broadly stable vs Dec-23.

• Order intake at €293.5m, with strong activity in Italy, USA, and UAE.

• 3Q24 net debt increased to €221.3m, with cash & liquidity at €74.0m.

Divisional performance and geographic mix

• Trevi Division revenues fell 12.2% YoY due to project delays in Saudi Arabia, USA, and Philippines, partially offset by growth in Italy and Dubai.

• Soilmec Division revenues rose 17.1% YoY, with EBITDA margin near 10% driven by higher sales volumes.

• 1H24 revenues diversified: Europe 32%, Middle East 29%, North America 15%, Far East 14%, Africa 6%, Latam 4%.

• Soilmec expects 95% of 2024 revenues from equipment and services, focusing on high-margin products and operational efficiency.