TREVI - Finanziaria Industriale (TFIN) investor relations material

Executive summary

• Recurring EBITDA grew by 2.2% year-over-year to €85.5 million, reaching a record margin of 13.7%.

• Adjusted net profit rose 24.4% year-over-year, with reported net profit up 56.7%.

• Order intake increased 21.3% to €734 million, with backlog at €748 million at year-end and €837 million by end-February 2026, reflecting strong diversification.

• Approved a comprehensive financing package and 2026–2029 business plan targeting revenues above €750 million and recurring EBITDA of ~€100 million by 2029.

• Middle East operations advanced as planned, with Trevi Division maintaining leadership in complex projects.

Financial highlights

• 2025 revenues were €624–634 million, down 5.9% year-over-year, but recurring EBITDA increased to €85.5 million (13.7% margin).

• Adjusted net profit reached €19.4 million, up from €15.6 million in 2024.

• Free cash flow from operations was €51.3 million, up €18.7 million from FY24.

• Net debt improved to €187.4 million, with a leverage ratio of 2.19x.

• Operating profit (EBIT) rose 8.2% to €47.8 million.

Outlook and guidance

• 2026 revenue guidance is €640–670 million, with recurring EBITDA expected between €70–80 million.

• Net debt projected to fall to €90–100 million by end of 2026, with a path to near zero by 2029.

• Business plan targets 5.5% CAGR in revenue through 2029 and recurring EBITDA above €100 million.

• Both divisions expected to contribute positively, with a stronger second half anticipated.