TREVI - Finanziaria Industriale (TFIN) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 rose 19% year-over-year to €312.2 million, driven by strong performance in Italy, the Middle East, and strategic project execution.

• Recurring EBITDA increased 65% to €44.3 million, with margin up to 14.2% due to selective bidding and operational efficiency.

• Net profit reached €6.1 million, a significant increase from €0.6 million in H1 2024.

• Net financial position improved to €190.4 million from €198.9 million at year-end 2024, supported by €32.1 million in operating cash flow.

• Order intake was €350 million, with a backlog of €652 million as of June 30, 2025, providing strong short/medium-term visibility.

Financial highlights

• Revenue: €312.2 million (+19% YoY); recurring EBITDA: €44.3 million (+65% YoY, margin 14.2%).

• EBIT rose to €27.5 million from €7.9 million in H1 2024.

• Net profit: €6.1 million (vs. €0.6 million in H1 2024); free cash flow from operations: €32.1 million.

• CapEx was €9.1 million in H1, with full-year CapEx expected at €20–22 million.

• Financial covenants met, with Net Debt/EBITDA at 1.88x and Net Debt/Equity at 1.45x.

Outlook and guidance

• Full-year 2025 revenue expected between €630–650 million; recurring EBITDA €80–90 million (margin 13–14%).

• Net financial position forecasted between €182–194 million; leverage ratio expected between 2.0x–2.4x.

• Management remains confident in meeting guidance, barring major external disruptions.