TREVI - Finanziaria Industriale (TFIN) investor relations material

Executive summary

• Q1 2026 revenue was €117.6 million, down 23.1% year-over-year due to timing of project execution, with many new contracts in early phases and expected to contribute more in H2 2026.

• Recurring EBITDA fell 27.4% to €15.9 million, with an EBITDA margin of 13.6%, close to the prior year.

• Net profit attributable to the group was €21,000, a sharp decline from €4.3 million in Q1 2025, while net profit for the period was €0.7 million, significantly lower than €4.5 million in Q1 2025.

• Order backlog reached a record €870 million (+16.3% vs. Dec 2025), with €220 million in new orders (+58.1% year-over-year); total order intake for the first four months was €279 million.

• New contracts were secured in Middle East, Far East, Europe, and North America.

Financial highlights

• Total revenue: €117.6 million (Q1 2026), €152.9 million (Q1 2025), -23.1%.

• Recurring EBITDA: €15.9 million (Q1 2026), €21.9 million (Q1 2025), -27.4%.

• EBIT: €7.2 million (Q1 2026), €14.1 million (Q1 2025), -48.5%.

• Net financial position: negative €201.7 million, deteriorating by €14.3 million since Dec 2025.

• Cash and cash equivalents: €84.6 million at March 2026, down from €93.2 million at Dec 2025.

Outlook and guidance

• Guidance for 2026 is confirmed: recurring EBITDA expected between €70–80 million, with a target of €100 million by 2029.

• Revenue and profitability are expected to be more concentrated in the second half of 2026, consistent with prior years.

• Order backlog covers 74% of expected revenue for the remaining 9 months of 2026.

• Significant reduction in net financial indebtedness is targeted, aiming for no more than €10 million by plan end.