Trevi launches 100 million capital increase with the full support of Cdp Equity

From Cdp Equity full support for Trevi Finanziaria Industriale. In fact, the board of directors approved the 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 a 21.3% stake. The news, however, was not enough to stem the selling on the Stock Exchange, where the Trevi share lost 34% yesterday, after the disclosure of the balance sheet data and the announcement of a financial manoeuvre that, in addition to the capital increase and a new medium-long term loan of 170 million, also envisages 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.

Fabio Barchiesi. (Imagoeconomica)

The Trevi Group closed 2025 with a net profit of Euro 8.633 million (+56.7%) against revenue down 5.9% to Euro 624.017 million, of which Euro 117.803 million was generated in Italia (corresponding to 19% of the total). The gross operating margin (Ebitda) stood at 81.81 million (+0.1%) . The net financial position as at 31 December was EUR 187.4 million, compared to EUR 198.9 million at the end of 2024. In 2025, orders amounting to EUR 734.289m (+21.3%) were acquired, and in the first two months of 2026, orders for a further EUR 157m were acquired. For 2026, the company expects revenues between EUR 640 million and EUR 670 million, recurring EBITDA between EUR 70 million and EUR 80 million, and a net financial position between EUR 90 million and EUR 100 million, post financial manoeuvre. The board of directors also approved the 2026-2029 business plan, which envisages average annual revenue growth 2025-2029 expected to be around 5.5%; EBITDA at the end of the plan expected to be around EUR 100 million; average annual Capex expected to be around EUR 22 million; and a significant reduction in net financial debt, with a target value close to zero at the end of the plan period.

The board approved a financial manoeuvre that aims, among other things, to refinance debt and reduce the group's debt level, and to further strengthen its financial flexibility. In addition, the board will submit to the extraordinary shareholders' meeting a proposal to regroup the company's ordinary shares, at a ratio of one new share for every 20 existing shares, to be carried out prior to the start of the capital increase and functional to the same. Trevi has appointed Mediobanca to act as sole global coordinator and bookrunner of the transaction. The latter has committed to enter into a guarantee agreement for the subscription of any new shares remaining unsubscribed at the end of the auction on the stock exchange of the unopted rights, for a maximum amount equal to the amount of the capital increase, net of the countervalue of the subscription commitment undertaken by CdP Equity.

The commitment of CDP Equity, under the leadership of Fabio Barchiesi, 'could, however, be even more important. If some of the shareholders were not to adhere to the request for a capital increase, CDP Equity itself," reads a note, "could exercise its option right on the unexercised rights, i.e. the shares not acquired. In this way it would increase its shareholding in Trevi from the current 21.3% but still remain below the 30% threshold that would entail the obligation of a takeover bid'.

Trevi is a world-leading player in special foundations and underground engineering. The sector is characterised by high barriers to entry due to highly specialised skills and the significant investments required. Over the past five years, Trevi has undertaken a successful restructuring path, with a focus on selecting more profitable projects and improving operational efficiency. For this reason, the company has the potential to become a platform for the aggregation of highly specialised companies in a construction sector like Italia's, which is highly fragmented and with ample room for consolidation operations through targeted acquisitions. A path that CDP Equity clearly intends to support.