TREVI - Finanziaria Industriale (TFIN) H1 2024 earnings summary

Executive summary

• 1H24 results were resilient despite project delays, with performance in line with expectations due to a diversified business model and strong market exposure.

• Backlog reached €788.9m, the highest since 2016, covering 83% of 2024 expected revenues and supporting economic targets.

• Net profit remained positive at €0.6m, sharply lower than €27.6m in 1H23 due to non-recurring items in the prior year.

• Soilmec Division achieved a successful turnaround with higher revenues and margin recovery.

• Sustainable development and ESG initiatives advanced, with new certifications and external recognition.

Financial highlights

• Group revenues at €262.3m, down 6.4% year-over-year; up 4.8% excluding NEOM project.

• Recurring EBITDA at €26.9m (10.2% margin), down 17.3% year-over-year; EBIT dropped 61.2% to €7.9m.

• Net profit at €0.6m, sharply lower than prior year due to non-recurring items.

• Net debt at €207.7m, broadly stable versus December 2023.

• Order backlog reached €788.9m at June 2024, up 9.6% from December 2023 and 35% year-over-year.

Outlook and guidance

• 2024 guidance: revenues €639–665m, recurring EBITDA €76–82m, net debt €210–225m.

• 2H24 performance expected to improve as delayed projects ramp up and new orders are secured.

• Forecasts subject to exogenous risks and market volatility.