1
H1.2026 RESULTS
Grassobbio, August 5th, 2026
H1.2026
RESULTS
2026 GUIDELINES
ANNEXGROUP FINANCIALS & KEY METRICS
GROUP
FINANCIALS
& KEY
METRICS
3
4H1.2026 HIGHLIGHTS
▪Revenue growth +12,2%vs.H1.2025 ,driven bystrong Energy business performance and signs ofrecovery intheTrencher division ▪EBITDA up14,7%vs.H1.2025 ,with EBITDA margin improving to16,8%,supported by higher volumes, favorable mix and positive contribution from theStringing JVinUS ▪Net Profit of4,5€Mcompared tothe-0,5€M
loss ofH1.2025
▪Net Financial Position decreasing at
120,3€Mimproving by26,2€Mvs.Jun-2025
and 10,2€Mvs.Dec-2025
▪Backlog increasing at498€M, upversus both Dec-2025 and Mar-2026 ,providing enhanced visibility onfuture Revenues▪Trenchers performance showing signs of recovery driven bygrowth ofmanufactured volumes and accompanied by improved visibility across strategic markets and increased
backlog
▪Acceleration expected inH2.2026 ,supported bybacklog visibility and expected favorable market dynamics across thebusinesses▪Railway performance, though inline with expectations asforH1.2026 ,inthefirst part ofthe year did not reflect yet the recently awarded tenders, with recovery expected
from H2.2026
W H A T
W O R K E D W E L L
W H E R E W E A R E
M A K I N G P R O G R E S S
W H A T C O U L D
H A V E W O R K E D B E T T E R
H1.2026 RESULTS
5H1.2026 PROFIT&LOSS STATEMENT
H1.2026 RESULTS▪REVENUES growing by12,2%,driven bystrong Energy performance and recovery inthe Trencher business, with increased manufactured volumes .Rail’s results, though in line with expectations forH1,donot yet fully reflect the contribution from recently awarded contracts (expected to generate growth inH2.2026 ),while backlog levels are enhancing visibility across theGroup's businesses ▪EBITDA increasing by14,7%,with marginality improving to 16,8%,supported byhigher volumes, favorable mix and positive contribution oftheStringing JVinUS ▪RESULT BEFORE TAX at6,9€Mvs0,1€MofH1.2025 ,also thanks to1,2€Mreversal of2025 forex loss ▪NET PROFIT of4,5€Mcompared toa0,5€Mloss inH1.2025 ▪NET FINANCIAL POSITION atdebt further improving at 120,3€M(including IFRS 16),decreasing by10,2€Mvs.Dec-
2025 and 63,3€Mvs.peak ofH1.2024(€M)
PROFIT & LOSS H1.2025 H1.2026 Δ Δ%
REVENUES 128,6 144,2 15,6 +12,2%
EBITDA 21,2 24,3 3,1 +14,7%
% on Revenues 16,5% 16,8%
EBIT 10,8 13,5 2,7 +25,1%
% on Revenues 8,4% 9,3%
NET FINANCIAL CHARGES (7,8) (7,8) (0,0)
NET FOREIGN EXCHANGES (2,8) 1,2 4,1
PRE-TAX RESULT 0,1 6,9 6,8
NET RESULT FROM DISCONTINUED
OPERATIONS(0,4) n.a.
TOTAL NET RESULT (0,5) 4,5 5,0
NFP Dec.31,2025 Jun.30,2026 Δ NFP ante IFRS 16 102,8 95,9 (6,9) NFP post IFRS 16 130,4 120,3 (10,2)
6▪NET INVESTED CAPITAL decreasing by 3,1€M vs. Dec -2025 , mainly driven by Net working capital decreased by 7,5€M, thanks to the Energy segment, historically operating with negative working capital, continued to contribute positively to the overall mix, while the Rail division benefited from positive cash flows from newly awarded tenders.
▪NET FINANCIAL POSITION composed of:
▪~64€Mbydebt toback NWC
▪~24€MbyIFRS 16liabilities
▪~32€MbyIndustrial Debt (backed byM/L
loans of71€M)H1.2026 STATEMENT OF FINANCIAL POSITION
H1.2026 RESULTS(€M)
Dec.31, 2025 Jun.30, 2026Δ Jun. 30, 2026 vs
Dec.31, 2025
NET WORKING CAPITAL 71,8 64,3 (7,5)
FIXED ASSETS 116,8 117,5 0,7
OTHER LONG -TERM ASSETS/LIABILITIES 15,5 19,3 3,7
NET INVESTED CAPITAL 204,2 201,0 (3,1)
NET FINANCIAL INDEBTNESS ANTE IFRS16 102,8 95,9 (6,9)
LEASE LIABILITY - IFRS 16/IAS 17 27,6 24,3 (3,3)
NET FINANCIAL POSITION 130,4 120,3 (10,2)
EQUITY 73,7 80,8 7,1
SOURCES OF FUNDING 204,2 201,0 (3,1)
7H1.2026 NET FINANCIAL POSITION EVOLUTION
H1.2026 RESULTS(€M)
*Equity Adjusments :
mainly reflecting the net variations of the tranlational adjustment reserve due to forex Dec. 31,2025 IFRS16 Net debt
31/12/2025OCF NWC CAPEX
EXCLUDING
FLEETFLEET EQUITY ADJ.* Net debt
30/06/2026IFRS16 Jun.30,2026130,4
120,327,6
7,5
8,2102,86,824,3 2,6
1,995,9
€M Jun.30, 2026 Dec.31,2025 Jun.30,2025
INVENTORIES 101,9 87,7 96,8
WORK IN PROGRESS CONTRACTS 30,6 34,3 44,3
TRADE RECEIVABLES 72,9 61,1 56,0
TRADE PAYABLES (106,6) (103,8) (93,8)
OTHER CURRENT ASSETS/(LIABILITIES) (34,6) (7,4) (10,0)
NET WORKING CAPITAL 64,3 71,8 93,3
8TRENCHERS: H1.2026 FACTS & FIGURES
KEY FACTS
▪REVENUES AT63,3€M, +5,2%vs.H1.2025 ,with positive performance supported bystrong pipeline projects and sustained demand inheavy civil/bulk excavation applications ▪EBITDA AT9,1€M, stable vs.H1.2025 butwith EBITDA margin improving compared both to Q1.2026 and YE.2025 ▪BACKLOG AT 81€M, increased compared over last quarters and reflecting improved
visibility
H1.2026 RESULTS(€M)
▪Recovery trajectory started inH1.2026 ,supported by higher production volumes and aprogressively strengthening backlog, providing improved visibility for
thecoming quarters
▪Selective focus onhigh -value end-markets supporting sustainable growth :pipeline applications, energy infrastructure including data centers, and mining ▪Strong market momentum intheUnited States, driving solid first-half volume performance and confirming the market’s strategic importance, supported byarobust
commercial pipeline60,2
9,1
15,1%63,3
9,1
14,3%
H1.2025 H1.2026REVENUE EBITDA
9RAIL: H1.2026 FACTS & FIGURES
▪REVENUES AT20,7€M, -17,3%vsH1.2025 ,adecrease reflecting theexpected transition phase between thecompletion ofoldjob-orders and theprogressive ramp -upofrecently awarded contracts .First -half performance was primarily affected byproject execution timing, while anacceleration ofactivities expected inthesecond half of2026 ,supporting agradual
recovery inrevenues
▪EBITDA AT1,5€M, -64,9%vsH1.2025 ,mainly affected bylower volumes and unfavorable sales mix.Aprogressive improvement inprofitability isexpected, supported bythe acceleration ofexecution activities inH2.2026 ▪BACKLOG AT179€M, providing solid medium -term visibility, supported byrecently awarded contracts, including the 71€M Slovenia project .The focus isnow onthe progressive conversion ofthebacklog into project execution and revenue generation
H1.2026 RESULTS(€M)
KEY FACTS
▪ Acceleration inexecution activities expected inH22026 , supported bytheprogressive ramp -upofrecently awarded contracts and theadvancement ofkeyprojects through their respective operational phases ▪ Continued progress ofthenew bimodal maintenance vehicle platform through the certification process, representing a strategic milestone toward theindustrialization ofthenext -
generation product range ▪ Progressive access tointernational markets through key certification achievements, including ETCS Level 2activities inthe Czech Republic and the certifications required for operation ontheFrench railway network ▪ Commercial positioning strengthened bythe71€MSlovenia contract, together with ongoing participation inEuropean and international tenders, supporting medium -term growth
opportunities
▪ Enhanced business visibility, driven bypositive order intake trends and continued participation inEuropean and international tender opportunities .25,0 4,2
16,9%20,7
1,5
7,2%
REVENUE EBITDA
H1.2025 H1.2026
10ENERGY: H1.2026 FACTS & FIGURES
▪REVENUES AT60,2€M, +38,8%vs.H1.2025 ,driven bystrong growth inStringing segment and progress ofthe Automation backlog .Stringing reached 42,8€M, while Energy -Automation
17,4€M
▪EBITDA AT13,7€M, +74,0%vs.H1.2025 ,primarily driven bythestrong performance ofthe Stringing segment, benefiting from afavorable business mix, operating leverage and efficiencies and thegrowing contribution from theUSJV.Automation also delivered improved profitability, supported byafavorable mixand increasing operating leverage ▪BACKLOG AT 239€M, with Energy Automation accounting for175€M through long -term contracts and Stringing at63€M, reflecting sustained demand across energy infrastructure markets and confirming thestrength ofTesmec competitive positioning
H1.2026 RESULTS(€M)KEY FACTS
STRINGING
▪Strong growth momentum and abacklog up~86%vs.Jun-
25,providing increasing visibility beyond thecurrent year ▪Condux Tesmec JVconfirmed asakeygrowth platform in the U.S.market, supporting margin expansion through significant activity levels, backlog growth and operating
leverage
▪Launch oftheUnderground product range expands the positioning across attractive long -term infrastructure
opportunities
AUTOMATION
▪Execution momentum across key projects reinforcing positioning, with anincreased contribution ofSystems vs
Products
▪H1.2026 performance supported by solid backlog conversion, with profitability improving through afavorable mix and operating leverage ▪Customer portfolio diversification continued through new commercial opportunities and market development initiatives, supporting amore balanced business mix and anexpanding commercial pipeline43,4 7,9
18,2%60,2
13,7
22,8%
REVENUE EBITDA
H1.2025 H1.2026
2026
GUIDELINES
11
194,3
28,1
121,0245,2
35,2
128,4236,0
32,8
153,5239,5
41,1
147,0257,6
40,5
130,4
2021 2022 2023 2024* 2025* NFP
122021 -2025* EQUITY STORY and 2026 OUTLOOK
(€M)
H1.2026 RESULTSProduction footprint in Italy and the U.S enhancing flexibility and supporting resilience in a complex macroeconomic and geopolitical environmentREVENUE EBITDA Solid, high -quality order backlog, enduring visibility on revenues Revenue mix toward higher -value mix Operational efficiency, scale effects and synergies Financial discipline, with optimized working -capital management *2024 -2025 revenues, EBITDA and NFP reflecting deconsolidation of Groupe Marais2026 OUTLOOK:
EXPECTED GROWTH OF KEY ECONOMIC INDICATORS VS. 2025 AND FURTHER REDUCTION OF NET FINANCIAL
INDEBTENESS VS. JUNE 30, 2026, THANKS TO AN ACCELERATION OF BUSINESS MOMENTUM IN H2.2026
ANNEX
13
14H1.2026 HIGHLIGHTS
H1.2026 RESULTS
Strong performance in the U.S., driven by significant achievements across pipeline, site preparation, and fiber optic projectsMCRC Multi -Capability Railway Car on the market to deliver enhanced efficiency and dual power -capability:
it marks a new milestone in our technological journey.New UG -LINE range launched for underground machines and toolsFidenza is evolving into Tesmec’s Energy Automation Hub, strengthening know -how, identity, and collaboration Tesmec @ Mid & Small Conference (London, 2026), organized by Virgilio IR and sponsored by Mediobanca to present the Group latest results and strategic outlookStrong momentum in LATAM.
With entry into a key mining tender and solid results in pipeline applicationAt Netzbau 2026, Tesmec showcased its latest stringing solutions, driven by
digitalization, connectivity,
robotization and electrification to make field operations safer, smarter and more efficient.Tesmec Group reinforces its technological positioning and awards two tenders for a total value of euro 71 million with Slovenian Railways for the supply of vehicles for railway network maintenanceTesmec hosts Prisma Tech customer club event with contributes from the University of Bergamo and MADE Competence Center -fostering a shared dialogue on the evolution of
manufacturing
Tesmec @ European Mid Cap Event (Paris 2026), organized by Intermonte – meeting with institutional investors through one -to-one meetings
21,2
21,224,3 24,224,35,8(2,7)
0,0 H1.2025 Energy Railway Trencher H1.2026
15H1.2026 EBITDA TREND BY BU
H1.2026 RESULTS(€M)
Business
recovery
largely offset
by the
unfavorable
French JV
impactLower
volumes
pending
execution of
recently
awarded
contracts and
less favorable
mixVolume growth
and margin
expansion
across both
segments , with
Stringing
significative
acceleration
16H1.2026 KPI
H1.2026 RESULTSMARKETS RECURRING BUSINESS BACKLOG
•Recurring: Rental, Projects, Spare Parts, Services (maintenance, revamping & refurbishing, consulting & training), LT backlog;
•Non-recurring: Sales of goods
Energy
238,5 €M
(of which
Automation
175,1€M
and
Stringing
63,4€M)
Trencher
80,9 €MRail
178,9 €M
498,3 €M•Long -term backlog in Automation and Rail
€M 30/06/2026 31/03/2026 31/12/2025
Energy 238,5 239,9 227,5 Trencher 80,9 73,1 72,1 Railway 178,9 160,8 116,6 Total 498,3 473,8 416,2Europe ;
16%
Italy; 21%
North & Central America ; 17%BRIC & Others ; 21%Middle East ; 14%Africa ; 11%
H1.2026
144,2 €M
Europe ;
18%
Italy; 23%
North & Central America ; 16%BRIC &
Others ;
15%Middle
East ; 12%Africa ; 16%
H1.2025
128,6€M Recurring ;
51,0%Non-
recurring ;
49,0%H1.2025
128,6€MRecurring ;
39,3%
Non-
recurring ;
60,7%H1.2026
144,2€M
17H1.2026 SUMMARY
H1.2026 RESULTS(€M)
PROFIT & LOSS (€ Mln) H1.2026 H1.2025
NET REVENUES 144,2 128,6
Raw materials costs ( -) (67,8) (58,3) Cost for services ( -) (29,1) (23,8) Personnel Costs ( -) (29,1) (27,3) Other operating revenues/costs (+/ -) (4,2) (3,4) Non recurring revenues/costs (+/ -) - -
Portion of gain/(losses) from equity investments evaluated using the equity method2,1 0,3 Capitalized R&D expenses 8,1 5,2 Total operating costs (119,9) (107,4) % on Net Revenues (83,2%) (83,5%)
EBITDA 24,3 21,2
% on Net Revenues 16,8% 16,5% Depreciation, amortization ( -) (10,8) (10,4)
EBIT 13,5 10,8
% on Net Revenues 9,3% 8,4% Net Financial Income/Expenses (+/ -) (6,6) (10,7) Taxes ( -) (2,4) (0,2) Net Income (Loss) from Continuing Operations 4,5 (0,1) Net Income (Loss) from Discontinued Operations n.a. (0,4)
NET INCOME (LOSS) 4,5 (0,5)
Minorities 0,2 (0,3)
GROUP NET INCOME (LOSS) 4,3 (0,2)
% on Net Revenues 3,0% (0,2%)BALANCE SHEET (€ Mln) Jun.30,2026 Dec.31, 2025 Inventory 101,9 87,7 Work in progress contracts 30,6 34,3 Accounts receivable 72,9 61,1 Accounts payable ( -) (106,6) (103,8) Op. working capital 98,8 79,2 Other current assets (liabilities) (34,6) 7,4 Net working capital 64,3 71,8 Tangible assets 36,4 37,4 Right of use - IFRS 16/IAS 17 17,9 19,8 Intangible assets 48,6 46,4 Financial assets 14,6 13,2 Fixed assets 117,5 116,8 Net long term assets (liabilities) 19,3 15,5
NET INVESTED CAPITAL 201,0 204,2
Cash & near cash items ( -) (36,8) (40,6) Short term financial assets ( -) (36,1) (22,4) Lease liability - IFRS 16/IAS 17 24,3 27,6 Short term borrowing 97,5 83,9 Medium -long term borrowing 71,4 81,8 Net financial position 120,3 130,4 Equity 80,8 73,7
FUNDS 201,0 204,2
18H1.2026 RESULTS CONFERENCE CALL
Wednesday 5th August, 2026
ir@tesmec .com
Diamond Pass Registration Investors | Tesmec
H1.2026 RESULTS
2.30 PM CET
2026 FINANCIAL CALENDAR
▪6 November 2026 Approval of the Company’s Quarterly Report as of 30thSeptember 2026
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TESMEC
20