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Tesmec Investor Presentation 2022

Mar 11, 2022

4055_ip_2022-03-11_c13f3d72-8501-49d7-a05f-985f1be5f6ce.pdf

Investor Presentation

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Integrated Solutions Provider

2021 Results Presentation

  • 1.Key Market trends & Corporate strategy
  • 2.2021 Business highlights & Results
  • 3.Outlook
  • 4.ANNEX

Key Market trends & Corporate strategy

1.

PURPOSE

Consolidate the position as a solution provider in the reference markets driven by the trends of energy transition, digitalization, and sustainability.

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ENERGY AND DATA TRANSPORT

Strategic ESG growth path

Sustainability as key strategic driver

European Taxonomy Regulation 2020/852

ANNEX I – Climate mitigation

3.Manufacturing

  • 3.1 Manufacture of renewable energy technologies
  • 3.3 Manufacture of low carbon technologies for transport
  • 3.6 Manufacture of other low carbon technologies

2021 is the first year of application of the European Taxonomy. For this reason, the below findings are based on currently available information, which may be subject to future revisions also based on the evolution of the legislation.

Sustainability as key strategic driver

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Trencher – Key Facts 2021

•

•

BUSINESS KEY FACTS

Sustainability: new solutions and systems have been developedto make digging and laying more respectful Communities: Tesmec is committed to work with local communities

to improve the digitalisation and connectivity level

First TRT for GreenPose handed to OTE Engineering.The machine wasimmediately put to work with satisfyingresults

Gandino digitalization project brought Tesmec technology to the local community, showcasing the ultimate developments for mapping and fiber

New Marais MTR430 saw the light and immediately was put at work in France. It represents a step forward in Marais range development

Mining applications are in continuous improvement.A range of new materials like pozzolan are now being mined with Surface Miners

Energy Stringing – Key Facts 2021

•

BUSINESS KEY FACTS

  • •Key Markets: Australia & US
  • •Closing of important R&D projects
  • Good prospects for 2022

Push on AustralianMarkets related to big interconnectionsprojects. Importantorder acquisition at the end of the Q4

First signs of recovery on US market, good results on second half 2021

Closing of severalcustom projects for Italian and US markets (pullertensioner PT4800, puller PL1950)

Important order acquisition for 2022 with a significant backlog

Energy Automation – Key Facts 2021

•

•

•

BUSINESS KEY FACTS

Completion of strategic R&D projects Acceleration in the Substation Automation businessSignificant renewal and expansion of business network

Back to live exhibition (Enlit 2021 - Milan) to share our latest technologies and consolidate brand identity

Positive market results in Transmission and Distribution segments despite of critical supply chain

Business focus on cyber-security and sustainability (new Carbon Footprint products certified)

Strategic acceleration in the Substation Automation segment

Rail - Key Facts 2021

BUSINESS KEY FACTS

  • Tesmec grows on the international railway market: Czeck Republic and Israel
  • Strategic event to present innovative technologies
  • Added value technologies development: from Railway to Civil &
  • Underground diagnostic inspection

International Growth

Strategic importance for the Group in the catenary stringing field in Countries that give priority to quality and innovative technologies.

  • • Tesmec enters the railway business in Israel, a market with interesting growth opportunities.
  • • Consolidationof Tesmec position in the Czeck Rep.

Reality rooted in a territory rich in excellence & skills Highlight the strong link between the Group, the local community, universities and local institutions, supporting the railway sector: DIGITAL INNOVABILITY.

New vision inspection systems (drones, radar)

Tesmec R&D future projects through its innovative pole andR&D center:

• New vision inspection systems starting from railway to other infrastructure diagnostic applications.

2021 Business highlights & Results

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  • (1) Revenues: increase respect the 2020 although impacted by the supply chain and logisticcriticalities
  • (2) EBITDA: positive impact by the Energy andRailways business to compensate the negativeperformance of USA & AUS markets in TRSbusiness
  • (3) EBITDA: improve thanks to the recurringactivities with high margin and impacted by the utilities and raw materials cost increase, reversed on the price lists of products andservices, but not already reversed on themedium-long term contract with the publicadministration, for which the negotiations are still ongoing.
  • (4) Impactedby 4service's fleet depreciation
  • (5) The exchange differences are positive (USD &related currencies), compared to the closing of 2020.
  • (6) NFP: impacted by the NWC variation, increased in order to face the tensions in the supplying and shipment/freight activities and toface the continuing inflation.

2021 Closing – Business Breakdown(€ mln)

> Reboundcompared to 2020 lead by the Energy industry trend

> EBITDA: impacted by Energy Automation performance and the improvement of the Stringing segment after years of product range transition, although consider the increase in cost of material andutilities.

> The confirmed order backlog was Euro 98,9 million of which Euro 80,7 millionfrom the Energy Automation

> Back to the sales but slowdown of the USA market and delay in the deliveries to due the supply chain worldwide critical situation (freightcost, lead time& price variation of the raw materials). Growth recorded in the renewable energies & telecom sector, with an increase in the share of sustainable and recurring turnover.

> EBITDA impacted by the Australian performance and the gap in the sales of the USA market

> The confirmed order backlogwas Euro 75,4 million

> Less impacted by the lock down in the 2020. The revenues are related to the medium-long term contracts with an increase due to abetter products mix related to the diagnostic and energy transactionsystem

> EBITDA: increased respect the 2020 due to the better mix of products

15> The confirmed order backlog was Euro 109,9 million, delays in the award of new contracts.

BACKLOG

2021 Revenues: sales spread over different geographical area

Recurring: Rental, Projects, Spare Parts, Services (maintenance, revamping & refurbishing, consulting & training), long term backlog (Automation & Rail)

Non recurring: Sales of goods

Confirmed recurring & back to sales after the impact of the covid-19 in the 2020

11 March 2022

2021 EBITDA

€ mln

2021 Financial Results

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2021 Working Capital evolution

Increase of NWC due to the supplying and logistic tensions, to support the sales of the next year

€ 60,8 mln

€ 64,3 mln

2020

2021 Net Financial Position Evolution

1H IN LINE WITH QUARTELY DISTRIBUTION COMMENTED WITH FY 2019 AND 1Q 104,4 82,3 96,5 121,0 22,1 13,5 25,0 3,7 28,0 24,5 60,070,080,090,0100,0110,0120,0130,02020 IFRS 16 Net debt 2020NWC Capex Change of Cons.OFCF Net debt 2021IFRS 16 2021Net Financial Position

€ mln

2020

Impacted by the increase of NWC, mitigated by operating cash generation. Capex impacted by the implementation of the new ERP. Change of consolidation include the acquisition of 49% of Saudi Tesmec

2021

2021 Net Financial Position Evolution

NET FINANCIAL POSITION

NFP ante IFRS 16IFRS 16 4service NFP impact

From 1st January 2019, the new IFRS 16 has been introduced, the impact in term of NFP is around 24,5 M€, otherwise the NFP would have been around 96,5. Since April 2020 the NFP included the financial debt from theacquisition of 4service around 8,6 M€ (of which 8,1 M€ related to the IFRS 16) at 31 December 2021.

3.

Outlook

Outlook

WORLD RAILWAY market

25

KEY POINTS

  • Strategic positioning in CAGR 2.3% (2020-2025) key and growing sectors: telecommunication, smart grids, renewable energy, mining, railway
  • Expected positive outlook driven by "Green Deal" on key markets such as US, Western Europe & Australia

TELECOM marketCAGR 5% (2020-2025)

SMART GRID market

CAGR 11.8% (2020-2025)

RENEWABLE ENERGY marketCAGR 6.1% (2018-2025)

Source: IEA (International Energy Agency), WEO (World Economic Outlook), 2019Allied Market Research, World Rail Market Study 2020-202511 March 2022

Outlook

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Trencher – Outlook 2022: Business Guidelines

OUTLOOK 2022

Detection and mapping revolution

  • New models and solutions for fiber, cables and mining
  • Electrification of urban digging solutions

•

•

•

Drone, mobile warehouse, digitalplatforms for project management and radars are developinga new market for the group

New Multicut 400 isgoing to hit the market by H1 2022.European fiber and cable laying markets are the main target for this new solution

Direct Drive diggingsolution has undergonetests and is likely goingto represent a powerful alternative to enter soft and elastic soils mining

Electrification path isbeing undertook. A first prototype will be engineered to make urban worksemissionless

Energy Stringing – Outlook 2022: Business Guidelines

OUTLOOK 2022

  • •Important re-lining & cable laying projects
  • •R&D focus on new methodologies & green solutions
  • •Supply Chain impact

Focus on re-lining & transmission projects in Middle East with important ordersacquisition on Q1

Push on Germancorridors with special solutions dedicated to underground transmission lines

Development of a special light solutionfor reconductoringprojects, enlargementof the zero emissionsmachines range for distribution.

Supply Chain disruption with a critical impact on delivery & warehouse management (push on standard solutions)

Energy Automation – Outlook 2022: Business Guidelines

OUTLOOK 2022

Consolidation of existing market

  • Focus on market expansion with new business models
  • •New organization of service & after-sales activities

•

•

Completion of product portfolio and promotion of innovative solutionsto develop new market channels

Consolidation of existing market with accurate sales initiatives and partecipation to new and on-going tenders

Reinforcement of service activities to support business growth and generate new revenue streams

Growth strategy in the Substation Automation market to increase a business's market share

Rail - Outlook 2022: Business Guidelines

"

Digital and Sustainable company

Technologies for a safe, efficient and sustainable railway and civil infrastructure

Commitment to make the railway infrastructure world even greener

R&D projects focused on electric solutions according to sustainable mobility trends: Hybrid & Full Electric, Bimodal Vehicles.

"

Digital technologies for the diagnostic of infrastructures

Systems, vehicles, integrated solutions for railway and civil diagnostic inspection toimprove safety and ensuring reliable service.

Sustainable transmission power units

100% reduction of emissions for a greener complete value chain:

  • Installation
  • maintenance
  • diagnostic

From Rail to Civil & Underground diagnosticImplementation of Rail R&D

systems to underground applications: Mobile Workshop.

Integrated Artificial Intelligent centralized platform to predict maintenance needs and for optimal efficiency.

Although the conjunctural situation of global uncertainty, there aren't criticalities on the guidelines of the plan. The outlook 2022 will be shared together with the results of the first Quarter of 2022 looking the evolution of theactual situation.

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The impact of inflation & supply chain criticalities were not included in the business plan 2020-2023

4.

ANNEX

Summary 2021 Profit & Loss statement - Appendix A

11 March 2022

P
f
i
&
L
A
(
l
)
t
t
E
r
o
o
s
s
c
c
o
n
m
n
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2
1		 2
0
2
0		 D
l
2
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2
0
t
e
a
s
v		 D
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%
t
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a
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v
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n
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e
s		 9
3
1
4,		 0,
1
7
7		 2
3,
6		 3,
8
1
%
R
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l
(
)
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t
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a
e
r
a
s
c
o
s
s
w
-		 (
)
7
8,
6		 (
)
7
7,
4		 (
)
1,
1		 1,
5
%
C
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(
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c
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)
3
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7		 (
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3
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2		 (
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7,
6		 2
5,
1
%
P
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C
(
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s
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)
5
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0		 (
)
4
8,
5		 (
)
7,
5		 1
5,
4
%
O
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(
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t
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p
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r
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g
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s
c
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s
s
v
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+		 (
)
3,
3		 0,
2		 (
)
3,
5		 1
6
8
0,
6
%
-
N
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(
/-
)
t
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c
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n
g
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+		 - 0,
0		 0,
0		 n
a
P
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(
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n
g
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e
q
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4		 0,
5		 0,
9		 1
7
1,
1
%
C
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d
R
D
&
t
a
p
a
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e
p
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n
s
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s
z
x		 8,
1		 5,
8		 2,
3		 3
9,
4
%
T
l
i
t
t
t
o
a
o
p
e
r
a
n
g
c
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s
s		 (
6
6,
2
)
1		 (
9,
6
)
1
4		 (
6,
6
)
1		 1
1,
1
%
N
R
%
t
o
n
e
e
e
n
e
s
v
u		 (
)
8
5,
5
%		 (
)
8
8
%
E
B
I
T
D
A		 2
8,
1		 2
1,
1		 7,
1		 6
8,
1
%
N
R
%
t
o
n
e
e
e
n
e
s
v
u		 1
4,
5
%		 1
2
%
D
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i
i
i
(
)
t
t
t
e
p
r
e
c
a
o
n,
a
m
o
r
a
o
n
z
-		 (
)
2
2,
4		 (
)
2
1,
8		 (
)
0,
6		 2,
8
%
E
B
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T		 5,
7		 (
0,
8
)		 6,
5		 8
3
1,
0
%
-
%
N
R
t
o
n
e
e
v
e
n
u
e
s		 2,
9
%		 0
%
N
F
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l
I
/
E
(
/-
)
t
e
n
a
n
c
a
n
c
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m
e
p
e
n
s
e
s
x
+		 (
)
3,
0		 (
)
8,
2		 5,
2		 6
3,
5
%
-
T
(
)
a
x
e
s
-		 (
1,
5
)		 2,
2		 (
3,
7
)		 1
6
7,
6
%
-
M
i
i
i
t
n
o
r
e
s		 0,
0		 (
0
)		 0,
0
G
N
I
(
L
)
t
r
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p
e
n
c
o
m
e
o
s
s
u		 1,
2		 (
6,
8
)		 8,
0		 /
n
a
%
N
R
t
o
n
e
e
v
e
n
u
e
s		 0,
6
%		 4,
0
%
-

Summary 2021 Balance Sheet - Appendix B

B
l
S
h
(
l
)
€
t
a
a
n
c
e
e
e
m
n		 2
0
2
1		 2
0
2
0
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t
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v
e
n
o
r
y		 8
1,
3		 7
4,
4
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t
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n
p
r
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g
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e
s
s
c
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s		 1
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2
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,

Disclaimer

The manager responsible for the preparation of the corporate accounting documents, Marco Paredi, declares, pursuant to article 154-bis, paragraph 2, of Legislative Decree No. 58/1998 ("Consolidated Law on Finance") that the information contained in this press release corresponds to the document results, books and accounting records. Note that inthis press release, in addition to financial indicators required by IFRS, there are also some alternative performance indicators (e.g. EBITDA) in order to allow a better understanding of the economic and financial management. These indicators are calculated according to the usual market practice.

This press release contains some forward looking statements that reflect the current opinion of the Tesmec Group management on future events and financial and operational results of the Company and of its subsidiaries, as well as other aspects of the Group's activities and strategies. These forward looking statements are based on current expectations and assessments of the Tesmec Group regarding future events, as well as on the Group's intentions and beliefs. Considering that these forward looking statements are subject to risk and uncertainty, the actual future results may considerably differ from what is indicated in the above forward looking statements as these differences may arise from several factors, many of which lie beyond the Tesmec Group's ability to accurately check and estimate them. Amongst these - including but not limited to - there are potential changes in the regulatory framework, future developments in the market, price fluctuations and other risks. Therefore, the reader is asked to not fully rely on the content of the forecasts provided as the final results could significantly differ from those contained in these forecasts for the reasons indicated above. They have been included only with reference up to the date of the above-mentioned press release. The prospective data are, in fact, forecasts or strategic targets established within the corporate planning.

The Tesmec Group does not assume any obligation to publicly disclose updates or amendments of the forecasts included regarding events or future circumstances that occur after the date of the above-mentioned press release. The information contained in this press release is not meant to provide a thorough analysis and has not been independently verified by any third party. This press release does not constitute a recommendation for investment on the Company's financial instruments. Furthermore, this press release does not constitute an offer of sale or an invitation to purchase financial instruments issued by the Company or by its subsidiaries.

www.tesmec.com

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