Trevi in free fall at Piazza Affari after the release of the new industrial plan to 2029 and the publication of the 2025 accounts. The company also announced a move aimed at stabilising the financial situation through a new funding medium-long term of 170 million and a capital increase with an option for 100 million. In this context, Trevi stock, which initially failed to gain a price, it loses 32,96%, to 0,298 euros.
Trevi: Profits increase by 56%, revenues drop by 6%.
Trevi closed 2025 with a net profit of 8,633 million of euros (+56,7%) and revenues of 624,017 million (-5,9%), with those generated in Italy amounting to €117,803 million (corresponding to 19% of the total). Recurring EBITDA amounted to €85,5 million, up 2,2% compared to the previous year, while reported EBITDA stood at €81,8 million, in line with 2024 (€81,7 million). Improves net financial position, which as of December 31st amounts to 187,4 million, 11,5 million less than the 198,9 of the previous year.
From a commercial perspective, they were acquired orders for 734,289 million, up 21,3% and 2026 also seems to have started off on the right foot, considering that in the first two months orders for a further 157 million were received.
For the 2026 The company expects revenues between €640 and €670 million, recurring EBITDA between €70 and €80 million, and a net financial position between €90 and €100 million, post-financial maneuver.
The new industrial plan
The board of directors also approved the Industrial Plan 2026-2029 The plan foresees group revenue growth driven by both divisions, with an overall CAGR of around 5,5% for the period from 2025 to 2029; EBITDA at the end of the plan is expected to be around €100 million, supported by the progressive improvement in operating profitability; average annual capex is expected to be approximately €22 million, aimed at technological evolution and strengthening production capacity; and a significant reduction in net financial debt, with a target of close to zero at the end of the plan period.
Trevi: What the financial plan provides
The board finally gave the green light to a budget package which aims, among other things, to refinance the debt and reduce the group's level of indebtedness and to further strengthen its financial flexibility. The measure includes, among other things, a new medium-long term financing of 170 million and a capital increase with option of 100 millionIn this context, Trevi has given Mediobanca the task of acting as sole global coordinator and bookrunner of the operation which will be supported by a pre-underwriting agreement according to which Piazzetta Cuccia undertakes to subscribe for any new shares that remain unsubscribed for a maximum amount equal to the amount of the capital increase, net of the value of 21,3 million put on the table by Cdp Equity, which holds – precisely – 21,3% of the capital of the company specialized in underground engineering.
