Trevi launches a 100 million capital increase

Cdp Equity runs to the aid of Trevi Finanziaria Industriale. In fact, the board of directors has approved participation in the company's capital increase and will vote in favour at the extraordinary shareholders' meeting on the recapitalisation of a total of EUR 100 million, and will subscribe its own share of EUR 21.3 million, corresponding to the stake held to date by Cdp Equity in the company (21.3%). "With this transaction, Cdp Equity confirms its willingness to support the company in strengthening its role as a global leader in the underground engineering sector and in the creation of special foundations for the construction and infrastructure sector," the note reads. The news, however, has not stemmed the sales on the stock market, where Trevi's shares closed the session yesterday with a 34% thud, after the release of the balance sheet data and the announcement of a financial manoeuvre that in addition to the capital increase also includes financing lines for a total amount indicatively between 150 and 200 million, functional to the performance of operational activities and participation in tenders for the acquisition of new contracts.

The Trevi Group closed 2025 with a net profit of Euro 8.633 million (+56.7%) against revenues down 5.9% to Euro 624.017 million, of which Euro 117.803 million were generated in Italia (corresponding to 19% of the total). The gross operating margin (Ebitda) stood at 81.81 million (+0.1%), recurring Ebitda at 85.51 million (+2.2%) and Ebit at 47.83 million (+8.2%). Net profit stood at EUR 8.6 million. The group's net financial position as at 31 December was EUR 187.4m, compared to EUR 198.9m as at 31 December 2024.

In 2025, orders of EUR 734.289m (+21.3%) were taken and, in the first two months of 2026, orders of a further EUR 157m were taken. For 2026, the company expects revenues of between EUR 640 million and EUR 670 million, recurring EBITDA of between EUR 70 million and EUR 80 million, and a net financial position of between EUR 90 million and EUR 100 million, post financial manoeuvre.

"The results for the 2025 financial year confirm and reinforce what has already emerged in recent years: the strategic choices undertaken by the group are producing concrete results consistent with the relaunch path launched in recent years," said CEO Giuseppe Caselli, emphasising that "for the fourth consecutive year, the Trevi Group has achieved the economic-financial targets set out in the current Industrial Plan, confirming the solidity of the path undertaken and the group's ability to execute the set strategies with discipline."

The board of directors also approved the 2026-2029 business plan, which envisages growth in group revenues driven by both divisions, with overall average annual growth 2025-2029 expected to be around 5.5%; EBITDA at the end of the plan expected to be around EUR 100 million, supported by the progressive improvement in operating profitability; average annual Capex expected to be around EUR 22 million, aimed at technological evolution and the strengthening of production capacity; and a significant reduction in net financial debt, with a target value close to zero at the end of the plan period.