Informazione
Regolamentata n.
0262-67-2026Data/Ora Inizio Diffusione 6 Agosto 2026 07:30:07Euronext Milan
Societa' :TREVI FINANZIARIA INDUSTRIALE
Utenza - referente :TREVIN04 - Auciello Vincenzo
Tipologia :1.2
Data/Ora Ricezione :6 Agosto 2026 07:30:07 Data/Ora Inizio Diffusione :6 Agosto 2026 07:30:07 Oggetto :Trevi Group_Press Release_1H 2026
Results_20260806
Testo del comunicato
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1
THE BOARD OF DIRECTORS APPROVES THE GROUP'S INTERIM
MANAGEMENT REPORT AS OF JUNE 30, 2026
TREVI ENTERS A NEW PHASE OF DEVELOPMENT SUPPORTED BY
RECORD BACKLOG AND A STRENGTHENED FINANCIAL STRUCTURE
SUCCESSFULLY COMPLETED € 100 MILLION RIGHTS ISSUE; NET FINANCIAL
POSITION MORE THAN HALVED TO € 92.1 MILLION AND LEVERAGE RATIO
REDUCED TO 1.13X
STRONG COMMERCIAL ACCELERATION: € 424 MILLION OF NEW ORDERS
ACQUIRED IN THE FIRST HALF OF 2026 (+21% COMPARED TO THE FIRST HALF OF
2025)
BACKLOG AT € 928 MILLION, THE HIGHEST LEVEL UNDER THE CURRENT
PERIMETER , UP € 180 MILLION COMPARED TO YEAR -END 2025, PROVIDING
STRONG VISIBILITY ON FUTURE GROWTH
2026 GUIDANCE CONFIRMED
IN LINE WITH EXPECTATIONS, FIRST -HALF REVENUES AMOUNTED TO € 270.9
MILLION, COMPARED TO € 312.2 MILLION IN THE FIRST HALF OF 2025
REVENUE ACCELERATION ALREADY UNDERWAY IN THE SECOND QUARTER,
WITH REVENUES UP 30.3% COMPARED TO THE FIRST QUARTER, FOLLOWING THE
PROGRESSIVE START -UP OF THE ORDERS ACQUIRED
SOLID OPERATING PROFITABILITY: RECURRING EBITDA OF € 40.0 MILLION WITH
AN EBITDA MARGIN OF 14.8%, IMPROVING BY 60 BPS
NET PROFIT INCREASED TO € 7.2 MILLION
DEBT REFINANCING COMPLETED IN JULY AND GROUP'S TURNAROUND PROCESS
EFFECTIVELY CONCLUDED
2 Cesena, August 6, 2026 – Yesterday, August 5, 2026, the Board of Directors of Trevi – Finanziaria Industriale S.p.A. ("Trevifin" or the "Company"), chaired by Paolo Marchioni , reviewed and approved the Trevi Group's Interim Management Report as of June 30, 2026.
Key consolidated financial results (in thousands of euros ) 1st Half 2026 1st Half 2025 Change Change % Total Revenue 270,915 312,169 (41,254) (13.2%) Recurring EBITDA (*) 40,034 44,326 (4,291) (9.7%)
EBITDA 38,992 43,470 (4,477) (10.3%)
Operating Profit (EBIT) 24,533 27,537 (3,003) (10.9%) Net profit for the period 7,237 6,103 1,134 18.6% Group net profit 5,765 6,077 (312) (5.1%)
Order Backlog and Order Intake (in thousands of euros ) Order Backlog 30/06/2026 31/12/2025 Change Change % Order Backlog 928,131 748,116 180,015 24.1%
(in thousands of euros ) Order intake 1st Half 2026 1st Half 2025 Change Change % Order intake 424,241 349,918 74,323 21.2%
Net Financial Position of the Trevi Group (in thousands of euros ) Net financial position 30/06/2026 31/12/2025 Change Change % Total n et financial position (92,131) (187,406) 95,275 50.8% (*) See the table presenting the composition of the Net Financial Position at the end of this document
Group workforce
(figures in units ) Group workforce 30/06/2026 31/12/2025 Change Change % Number of employees 3,184 3,129 55 2%
Chief Executive Officer Giuseppe Caselli commented: "The first half of 2026 confirms the strength of the path undertaken by the Group and the validity of the strategic guidelines outlined in the 2026 -2029 Business Plan, supported by operating and financial results achieved in line with the growth objectives set out. The level of new orders awarded, the strengthening of the backlog, the solid operating profitability and the significant improvement in the Net Financial Position represent important achievements, enhancing visib ility on future activities and supporting the Group's growth trajectory.
As planned, the performance recorded during the first half reflects the start -up of the numerous projects awarded between the end of 2025 and the first months of 2026 and is consistent with the Group's expected growth profile, with a greater concentration of operational activity in the second part of the year. Initial signs of this trend were already visible in the second quarter, which recorded growth in both revenues and Recurring EBITDA compared to the first quarter.
Desp ite a still challenging international framework , the Group continued to operate with industrial discipline and commercial selectivity, securing projects consistent with its development strategy and characterised by a high level of technical content, appropriate expected profitability and geographical diversification.
3 The completion of the financi ng package and the repayment of indebtedness related to the restructuring agreement, both completed in early July, mark a significant milestone in Trevi's recent history, bringing to completion the recovery path undertaken in previous years. Today, the Group benefits from a stronger, more balanced and sustainable financial stru cture, enhancing operational flexibility and strengthening its ability to support the execution of the Business Plan and seize the growth opportunities available in its reference markets." *** Total revenues in the first half of 2026 amounted to approximately € 270.9 million , compared to € 312.2 million in the first half of 2025 .
Performance primarily reflects the timing of the start -up and execution of certain projects awarded between the end of 2025 and the first months of 2026 and is consistent with the growth profile outlined in the 2026 -2029 Business Plan, which envisages a gr eater concentration of operational activity in the second half of the year.
This trend has already shown signs of progressive acceleration in the second quarter, with revenues of € 153.3 million compared to € 117.6 million in the first quarter of 2026, representing an increase of 30.3%.
Recently awarded projects are expected to make an increasing contribution to performance in the second half of 2026 and throughout 2027.
Recurring EBITDA as of June 30, 2026, amounted to € 40.0 million, compared to € 44.3 million in the first half of 2025, with a margin on revenues of 14.8%, improving compared to 14.2% recorded in the first half of 2025, while reported EBITDA stood at € 39.0 million.
The improvement in profitability as a percentage of revenues confirms the Group's operational resilience.
EBIT in the first half of 2026 amounted to € 24.5 million.
Consolidated net profit amounted to € 7.2 million, compared to €6.1 million in the corresponding period of the previous year, of which € 5.8 million attributable to the Group.
The Group's Net Financial Position amounted to € 92.1 million as of June 30, 2026, a significant improvement compared to € 187.4 million as of December 31, 2025, with a leverage ratio of 1.1 3x. The reduction in net indebtedness by more than € 95 million reflects the strengthening of the Group's capital structure resulting from the rights issue and enhances the Group's ability to execute the 2026 -2029 Business Plan and pursue future growth initiatives.
Order Intake and Backlog During the first half of 2026, the Group secured new orders for approximately € 424.2 million, an increase compared to the corresponding period of the previous year. The semester book -to-bill ratio of 1.6x highlights a level of order intake exceeding period revenues, confirming the strength of the commercial backlog and enhancing visi bility on expected growth in the coming months.
The Trevi Division contributed approximately € 362.6 million of new orders, while the Soilmec Division secured approximately € 73.5 million of new orders.
As of June 30, 2026, the Group's backlog amounted to approximately € 928.1 million, an increase of approximately € 180 million compared to December 31, 2025, reaching the highest level ever under the current perimeter (following the exit from the Oil & Gas business).
The backlog reflects the strategy pursued by the Group in recent years, focused on the selection of projects characterized by high technical content, adequate expected profitability and a risk profile
4 consistent with the Group's industrial objectives.
Among the most significant contracts awarded during the first half of 2026 were:
• in the United States, the Manhattan Jail Project and the Washington Bridge Project;
• in the Middle East, the TAZIZ Salt Project, the Solaya Project development, the AMAN Resorts Hotel project in the United Arab Emirates and the Azura Beach project in Oman;
• in the Asia -Pacific region, the SEMME and South Commuter Railway CPS -07 projects in the Philippines, the PNG Near Shore Barrier project for Newmont at the Lihir Gold Mine in Papua New Guinea, characterized by significant operational and logistical complexi ty, and foundation and marine works in Indonesia for the development of port infrastructure;
• in Europe: in Italy, the CISA Taranto Desalination Plant project, foundation works within the Pedelombarda project, and the second phase of the stabilization works of the Garisenda Tower;
in Spain, ground improvement works for the extension of Madrid Metro Line 11 at Conde de
Casal Station;
• in Africa, several high -end residential projects, including Banana Island, Ikoyi and Lekki, as well as industrial facilities in Port Harcourt.
The geographical and sector diversification of new orders confirms the effectiveness of the Group's balancing strategy and further strengthens the quality, resilience and visibility of the backlog.
Market Environment
The global construction market continues to operate in a complex environment, influenced by evolving geopolitical dynamics, the performance of major economies, and volatility in financial markets and commodity prices.
In this context, the Group's established presence across numerous international markets, the geographical diversification of its activities and its positioning in specialist underground engineering segments continue to represent key drivers of operational resilience and commercial development.
Update on Operations in the Middle East As of the date of this press release, the Group's operations in its key reference markets, including those in the Middle East, continue regularly and in line with expectations. No significant impacts on project execution or on the commercial pipeline relat ed to the current geopolitical environment have been identified.
Sector Analysis
Trevi Division
The Trevi Division's operations in the first half of 2026 were balanced across geographical areas and project types, with a significant presence in markets characterised by the highest levels of infrastructure investment and industrial development.
The Division generated revenues of approximately €224.8 million, compared to € 260.5 million in the first half of 2025, mainly reflecting the different timing profile of the start -up and execution of certain projects awarded between the end of 2025 and the first months of 2026 and a greater concentration of operational activity expected in the second part of the year. Recurring EBITDA amounted to €36.1
5 million, compared to € 42.9 million in the corresponding period of the previous year, with a solid operating margin of approximately 16%.
During the semester, the Division secured new orders worth €362.6 million, contributing to a backlog of €887.8 million as of June 30, 2026, supporting the Division's activities in the second part of the year.
Orders awarded during the period confirm the Division's positioning in higher value -added specialist segments and reflect the Group's selective approach, focused on projects characterized by high technical content, adequate levels of expected profitability and a risk profile consistent with its industrial objectives.
Soilmec Division
In the first half of 2026, the Soilmec Division reported revenues of approximately € 56.2 million, compared to € 62.9 million in the corresponding period of 2025, with Recurring EBITDA of € 5.3 million, up from € 4.7 million in the first half of 2025. This improvement reflects the implementation of the strategic initiatives set out in the Business Plan. Key measures implemented by the Division include new product development, supply chain optimisation, enhanced com petitiveness and a stronger focus on segments with high growth potential.
During the period, the Division's Recurring EBITDA margin reached 9.4%, compared to 7.5% in the first half of 2025.
The integration and synergy between the industrial expertise of the Soilmec Division and the operational experience of the Trevi Division continue to represent a distinctive feature of the Group's business model, strengthening its competitive positioning i n the underground engineering sector.
Significant Events occurring after June 30, 2026 In early July 2026, the Group successfully completed all components of the financing package announced to the market on March 30, 2026, bringing to completion the turnaround process initiated in previous years.
In particular, following the full subscription of the approximately € 100 million rights issue, the new € 180 million medium -to-long-term bank financing, maturing in 2031 and entered into with a pool of leading financial institutions, was disbursed. At the same time, the Company fully repaid the indebtedness covered by the restructuring agreement dated November 30, 2022, as subsequently amended. The € 50 million minibond, maturing on December 31, 2026, remained outstanding, and its repayment is fully covered by the restricted funds held in the dedicated escrow account.
The financing package also included the strengthening of operational and guarantee facilities supporting the business, with commitments relating to short -term operating credit lines exceeding € 70 million and commitments relating to guarantee facilities for a total amount exceeding € 170 million.
The completion of the financing package enables the Group to pursue its strategic objectives from a position of greater strength, flexibility and competitiveness.
The full subscription of the rights issue and the support received from a pool of leading financial institutions confirm the confidence of shareholders and the financial system in the Group's development prospects.
Trevi now has a stronger, more balanced and sustainable financial structure, which enhances operational flexibility, supports the execution of projects in backlog and enables the Group to pursue growth
6 opportunities in its key international markets more effectively, in support of the implementation of the 2026 -2029 Business Plan.
Expected business evolution As of the date of approval of this Half -Year Financial Report, no events have occurred that would modify the strategies, industrial objectives or development prospects of the Trevi Group outlined in the 2026 -
2029 Business Plan.
Based on the information currently available, the Trevi Group confirms its guidance for fiscal year 2026,
which envisages:
• revenues between € 640 million and € 670 million;
• Recurring EBITDA between € 70 million and € 80 million;
• expected Net Financial Position between € 90 million and € 100 million.
Confirmation of the guidance is supported by the strength of the backlog, the acceleration already recorded in the second quarter and the expected contribution of recently awarded projects in the second half of the year. Business activities continue in line with the strategic guidelines approved by the Board of Directors and with the growth path supported by the completion of the recent Financing Package.
Finally, it should be noted that the Group’s forecasts could be affected by unforeseeable exogenous factors outside management’s control, which could alter the forecast results.
Voluntary Tender Offer launched by Webuild S.p.A.
The Board of Directors , which met yesterday, August 5, 2026 , also acknowledged and commenced the activities within its remit in relation to the voluntary tender offer for all the ordinary shares of Trevifin referred to in the notice published by Webuild S.p.A. on July 29, 2026, pursuant to Article 102 of the Italian Consolidated Financial Act (the “ Webuild Offer ”).
The Board of Directors specifies that the Webuild Offer was neither solicited in any way, nor previously discussed or agreed with the offeror.
As stated in the above -mentioned notice, should the relevant conditions be met, the Webuild Offer will qualify as a competing offer pursuant to Article 103, paragraph 4, letter d), of the Italian Consolidated Financial Act and Article 44 of the Issuers’ Regulation with respect to the voluntary total exchange offer launched by I.CO.P. S.p.A. Soci età Benefit for all the ordinary shares of the Issuer, which was announced to the market on June 28, 2026 (the “ ICOP Offer ”).
Trevifin will express its position on both the Webuild Offer and the ICOP Offer within the timeframe and in accordance with the procedures established by applicable law .
Trevifin is assisted by Mediobanca – Banca di Credito Finanziario S.p.A. and Vitale & Co. S.p.A. as financial advisor and by Legance – Avvocati Associati as legal advisor .
7 Presentation of 2026 Half -Year Results The 2026 Half -Year Results will be presented to the financial community during a Conference Call to be held today, August 6, 2026, at 10:30 a.m. (CEST).
The speakers will be Giuseppe Caselli, Chief Executive Officer of the Trevi Group, and Vincenzo Auciello, Chief Financial Officer of the Trevi Group.
To participate, please register using the following link:
• Conference Call Registration Alternatively, participants may join the conference call by telephone using one of the numbers below.
Participants are kindly requested to dial in at least 15 minutes prior to the scheduled start time to facilitate the registration process.
• +39 02 802 09 11 for Italy and the rest of the world;
• +44 121 281 8004 for the United Kingdom;
• +1 718 705 8796 (toll -free number: +1 855 265 6958) for the United States.
*** The Chief Financial Officer, Vincenzo Auciello, in his capacity as the manager responsible for preparing the company's financial reports, declares, under Article 154 -bis, paragraph 2, of the Consolidated Law on Finance, that the accounting information cont ained in this press release corresponds to the document results, books and accounting records. This press release contains forward -looking statements.
These statements are based on the Group's current estimates and projections regarding future events and are subject to inherent risks and uncertainties. Actual results may differ significantly from those contained in these statements due to various factors, including continued volatility and deterioration in the capital and financial markets, changes in macroeconomic conditions and economic growth, and oth er business conditions. Most of these factors are beyond the Group's control.
*** About the Trevi Group:
The Trevi Group is a global leader in 360 -degree subsurface engineering (special foundations, soil consolidation, and contaminated site remediation), as well as in the design and marketing of specialized technologies for the sector. Founded in Cesena in 1957, the Group comprises approximately 60 companies and, through its dealers and distributors, operates in 90 countries. Among the reasons for the Trevi Group ’s success are its international reach, integration, and the continuous exchange between its two divisions: Trevi, which carries out special foundation and soil consolidation works for major infrastructure projects (subways, dams, ports and docks, bridges, rail and highway lines, and industrial and civil buildings), and Soilmec, which designs, manufactures, and markets machinery, equipment, and services for subsurface engineering. This synergy represents a distinctive element of the Group's competitive positioning, fostering innovation, execution capabilities and the development of high value -added technical solutions.
The parent company, Trevi – Finanziaria Industriale S.p.A., has been listed on the Milan Stock Exchange since July 1999 and is part of the Euronext Milan segment under the ticker: TFIN.
For more information :
Investor Relations: Vincenzo Auciello - investorrelations@trevifin.com Press Office: Image Building - T. 02 890113900 - e-mail: trevi@imagebuilding.it
8 The consolidated and separate financial statements, which provide further information on the Group's financial position, assets, and results of operations, are attached.
ABRIDGED CONSOLIDATED HALF -YEAR FINANCIAL STATEMENTS AS AT
JUNE 30, 2026
Consolidated financial position (assets) (in thousands of euros )
ASSETS 30/06/2026 31/12/2025
Non -current assets Property, plant and equipment Land and buildings 28,236 26,773 Plant and machinery 103,574 97,643 Industrial and commercial equipment 18,891 19,850 Other assets 6,545 6,597 Assets under construction and payments on account 4,578 7,117 Total property, plant and equipment 161,824 157,980
Intangible assets
Development costs 10,017 10,629 Industrial patent rights and intellectual property rights 5 7 Concessions, licences and trademarks 2,649 3,830 Assets under construction and payments on account 2,861 1,397 Other intangible assets 16 16 Total intangible assets 15,548 15,879 Equity investments 466 467 Deferred tax assets 30,901
29,781
Non-current derivative financial instruments 0 0 Other non -current financial receivables 2,900
2,877
- Of which with related parties 0 0 Trade receivables and other non -current assets 0 0 Total non -current assets 211,639
206,984
Current assets
Inventories 109,241 101,578 Trade receivables and other current assets 281,019 259,204
- Of which with related parties 7,375 8,579 Current tax assets 8,305 11,632 Current financial assets 7,518 6,308
- Of which related parties 2,750 1,289 Cash and cash equivalents 175,026 93,182 Total current assets 581,109 471,904
TOTAL ASSETS 792,748 678,888
9 Consolidated financial position (net assets and liabilities) (in thousands of euros )
EQUITY 30/06/2026 31/12/2025
Share capital and reserves Share capital 125,552 122,952 Other reserves 112,611 13,591 Retained earnings 619 (8,061) Profit/(loss) for the period 5,765 8,073 Equity attributable to owners of the parent 244,547 136,555 Non-controlling interests – capital and reserves (1,978) (4,032) Non-controlling interests – profit (loss) for the period 1,473 560 Equity attributable to non -controlling interests (505) (3,472) Total equity 244,042 133,083
LIABILITIES
LIABILITIES
Non-current borrowings 2,819 10,008 Non-current borrowings from other lenders 6,775 7,689 Non-current derivative financial instruments 0 0 Deferred tax liabilities 7,457 7,851 Post -employment benefits 10,305 10,267 Non-current provisions 11,997 13,513 Other non -current liabilities 140 246 Total non -current liabilities 39,494
49,574
Current liabilities
Trade payables and other current liabilities 226,413 197,263
- Of which with related parties 11,266 9,520 Current tax liabilities 12,919 17,185 Current borrowings 132,870 128,017 Current borrowings from other lenders 132,212 141,181 Current derivative financial instruments 0 0 Current provisions 4,798 12,585 Total current liabilities 509,212 496,231
TOTAL LIABILITIES 548,705 545,805
TOTAL EQUITY AND LIABILITIES 792,748 678,888
10 Consolidated income statement (in thousands of euros )
1st Half 2026 1st Half 2025 Change
TOTAL REVENUE 270,915 312,169 (41,254)
Changes in inventories of finished goods and work in progress 2,775 1,391 1,384 Increases in fixed assets for internal work 5,814 6,411 (597)
VALUE OF PRODUCTION1 279,504 319,971 (40,467)
Consumption of raw materials and external services2 (175,408) (208,678) 33,271 Staff costs (64,062) (66,967) 2,905
RECURRING EBITDA3 40,034 44,326 (4,291)
Non-recurring extraordinary charges (1,042) (856) (186)
EBITDA4 38,992 43,470 (4,477)
Depreciation and amortisation (13,091) (14,736) 1,645 Provisions and write -downs (1,368) (1,197) (171)
OPERATING PROFIT (EBIT)5 24,533 27,537 (3,003)
Financial income / (expenses)6 (12,206) (14,021) 1,815 Foreign exchange gains / (losses) 1,185 1,059 126 Impairment losses on financial assets (17) (10) (7)
PROFIT BEFORE TAX 13,495 14,565 (1,070)
Net profit from assets held for sale 0 0 0 Income tax (6,258) (8,462) 2,204
NET PROFIT 7,237 6,103 1,134
Attributable to:
Shareholders of the Parent Company 5,765 6,077 (312) Minority interests 1,474 26 1,448
NET PROFIT 7,239 6,103 1,136
1 The value of production includes the following balance sheet items: revenues from sales and services, increases in fixed asse ts for internal work, other operating revenues and changes in inventories of finished products and work in progress.
2 The item “Consumption of raw materials and external services ” includes the following balance sheet items: raw materials and consumables, changes in inventories of raw materials, ancillary materials, consumables and goods, and other operating costs n ot including other operating expenses. This item is shown as a net of non -recurring charges.
3 Recurring EBITDA represents EBITDA, as defined in the note below, adjusted to exclude income and expenses considered non -recurring in the ordinary course of business.
4 EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) is an economic indicator not defined under IFRS, adopted by the Trevi Group starting from the consolidated financial statements as at December 31, 2005. EBITDA is a measure used by Trevi's Management to monitor and assess the Group's operating performance. EBITDA is defined by Trevi as profit/(loss) for the perio d before depreciation, amortisation and depreciation of right -of-use assets, provisions and impairment losses, financial income and expenses, foreign exchange gains and losses, and income taxes.
5 EBIT (Operating Profit) is an economic indicator not defined under IFRS, adopted by the Trevi Group starting from the consoli dated financial statements as at December 31, 2005. EBIT (Earnings Before Interest and Taxes) is defined by Trevi as profit/( loss) for the period before financial income and expenses, foreign exchange gains and losses, and income taxes.
6 The item “Financial income/(expenses)” represents the sum of the following income statement items: financial income and finan cial expenses.
11 Consolidated net financial position (in thousands of euros ) Description 30/06/2026 31/12/2025 Change A Cash and cash equivalents 175,026 93,182 81,844 B Cash equivalents 4,738 4,925 (187) C Other current financial assets 2,780 1,383 1,397 D Cash and cash equivalents (A+B+C) 182,544 99,490 83,054 E Current financial debt (including debt instruments, but excluding the current portion of non -
current financial debt) 37,169 47,841 (10,672) F Current portion of non -current financial debt 227,912 221,357 6,555 G Current financial debt (E+F) 265,081 269,198 (4,117) H Net current financial debt (G -D) 82,537 169,708 (87,171) I Non-current financial debt (excluding the current portion and debt instruments) 9,594 17,698 (8,104) J Debt instruments 0 0 0 K Trade payables and other non -current liabilities 0 0 0 L Non -current financial debt (I+J+K) 9,594 17,698 (8,104) M Total financial debt (H+L) (as per Consob Notice No. 5/21 of April 29, 2021) 92,131 187,406 (95,275)
Fine Comunicato n.0262-67-2026 Numero di Pagine: 13