Trevi shares trade strongly following the results, with the share price exceeding the Webuild takeover bid price

(Il Sole 24 Ore Radiocor) - Shares purchased in Trevi Fin Ind with the share price rising above the value of the takeover bid launched by Webuild , which offers a cash consideration of 4.5 euros per share – well above Icop’s offer, which values the share at 4.163 euros.

The company closed the first half of the year with total revenue of approximately 270.9 million euros (-13.2 per cent); recurring EBITDA stood at 40 million (44.3 million in 2025), net profit rose by 18.6% to 7.2 million, and the group’s net financial position as at 30 June 2026 stood at 92.1 million, a significant improvement compared with 31 December 2025 (187.4 million). The group has also confirmed its guidance for 2026: revenue of between 640 million and 670 million euros; recurring EBITDA is expected to be between 70 and 80 million, and the net financial position is expected to be between 90 and 100 million.

From a geographical perspective, during the conference call, CEO Giuseppe Caselli stated that “we continue to see interesting opportunities in Indonesia and the Philippines, where new projects are currently under development that could lead to contracts during 2027”. Europe too “continues to make a very significant contribution to the order book. This demonstrates that the backlog is well distributed geographically, confirming the effectiveness of our commercial strategy”, he added. According to the senior executive, “Africa remains a market of particular interest, especially in Nigeria and Algeria”. In the latter, “we have recently completed a major metro project and are already working on developing further opportunities that could lead to new contracts”. The outlook is also positive for North America, the Middle East and “in the Asia-Pacific region, we have succeeded in securing one of the projects we had been pursuing for a long time”, specifically “a major contract in Papua New Guinea, considered one of the key projects in our commercial pipeline. “This is an extremely complex project, both from an operational perspective and in terms of logistics and execution.”

Analysts at Banca Akros point out that Trevi reported revenue in the first half of 2026 that was “below our estimate of €309.8 million, reflecting the expected pace of project progress. Adjusted EBITDA, they say, exceeded our forecast by 3.1 per cent, with a margin of 14.8 per cent compared with our estimate of 12.5 per cent. EBIT is also well above our forecast of €16.2 million, whilst net profit stood at €5.8 million, compared with the loss we had estimated. Net financial debt fell to €92.1 million, better than our forecast of €99.6 million.” The experts emphasise that ‘despite the decline in revenue, profitability proved to be higher than expected, supported by a more favourable order mix and a lower-than-expected impact from non-recurring and tax items. Business performance remained very solid, with new orders totalling €424 million (+21% y/y), a book-to-bill ratio of 1.6x and a record order book of €928 million (+24% compared with the end of 2025), which ensures high visibility on the expected acceleration in growth in the second half of the year”. Therefore, “first-half results were overall better than expected, despite lower-than-forecast revenue, thanks to higher-than-expected profitability, a record order book and the confirmation of guidance for 2026. We maintain our ‘Rating Suspended’ assessment, in light of the competing takeover bids currently underway.”

And it is precisely regarding the offer from Webuild that the board of directors, as explained in the financial statement, “has taken note of and initiated the actions falling within its remit in relation to Webuild’s voluntary public takeover bid for all of Trevifin’s ordinary shares. The Board, as stated in the financial statements, specifies that the Webuild offer was in no way solicited, nor was it discussed or agreed in advance with the offeror. The Webuild offer will therefore constitute a competing offer to the voluntary public exchange offer for all the issuer’s ordinary shares launched by I.CO.P. Trevifin will express its position on the Webuild offer and the I.CO.P. offer within the timeframes and in accordance with the procedures laid down by law.”