TREVI - Finanziaria Industriale (TFIN) Investor Presentation summary

Executive leadership and company overview

• CEO Giuseppe Caselli and CFO Massimo Sala bring extensive experience in EPC contracts, infrastructure, and financial management across multiple sectors and geographies.

• Operates in 90 countries with 3,189 employees and two main divisions: Trevi (underground engineering) and Soilmec (machinery manufacturing).

• Recognized for technological expertise in foundation works, with over 170 dam projects, 700 marine works, and 200+ industrial/civil projects globally.

• Holds 98 active patents and reported €594.9m in revenues and €74.5m recurring EBITDA.

• Shareholder base includes CDP (21.3%), Polaris (19.9%), Praude (5.1%), and a significant portion held by institutional and retail investors.

1H24 financial and operational performance

• 1H24 revenues at €262.3m, down 6.4% YoY, mainly due to project delays in Saudi Arabia, USA, and Philippines; recurring EBITDA at €26.9m (10.2% margin).

• Net profit reached €0.6m, with net operating profit at €4.1m; net debt stable at €207.7m.

• Backlog hit a multi-year high of €788.9m, covering 83% of 2024 expected revenues; order intake at €293.5m, with strong 2Q24 momentum.

• Soilmec Division revenues grew 17.1% YoY, while Trevi Division revenues fell 12.2% due to regional slowdowns.

• Positive ordinary free cash flow from operations at €7.9m, with capex of €17.5m and improved working capital management.

Business plan and strategic outlook

• 2024 guidance: revenues €639–665m, recurring EBITDA €76–82m, net debt €210–225m; long-term plan targets €716m revenues and €96m EBITDA by 2027.

• Focus on increasing Trevi Division volumes and margins, Soilmec profitability, and continuous deleveraging.

• Backlog and commercial pipeline expected to support 5% CAGR in revenues through 2027.

• Trevi Division leverages major projects in Saudi Arabia (NEOM), North America, Europe, and Asia Pacific, with a diversified project pipeline.

• Soilmec strategy centers on high-margin products, service expansion, make-to-order production, and supply chain optimization.