TREVI - Finanziaria Industriale (TFIN) H1 2025 earnings summary

Executive summary

• Revenue reached €312.2 million in H1 2025, up 19% year-over-year, driven by strong performance in Italy and the Middle East.

• Recurring EBITDA rose to €44.3 million, a 65% increase year-over-year, with a margin of 14.2% due to selective bidding and operational efficiency.

• Net profit improved to €6.1 million in H1 2025, up from a loss in H1 2024.

• Order intake reached €350 million, with backlog stable at €652 million, providing strong short/medium-term visibility.

• Net debt reduced to €190.4 million from December 2024, with leverage ratio at 1.9x, reflecting strong cash generation.

Financial highlights

• Revenue: €312.2 million in H1 2025 (+19% year-over-year); recurring EBITDA: €44.3 million (+65% year-over-year, margin 14.2%).

• Net profit: €6.1 million in H1 2025 vs. €0.6 million in H1 2024; free cash flow from operations: €32 million, up from €7.9 million in H1 2024.

• CapEx was €9.1 million in H1 2025, with full-year CapEx expected at €20–22 million.

• Financial expenses at €14 million, including €5.2 million IFRS9 negative effect; depreciation and amortization at €14.7 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 million and €650 million.

• Recurring EBITDA guidance maintained at €80–90 million (margin 13–14%).

• Net debt forecasted between €182 million and €194 million; leverage ratio expected between 2.0x and 2.4x.

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

• Second half expected to be in line with the first, with continued focus on value generation and selective project bidding.