Tesmec — Investor Presentation 2026

Mar 11, 2026

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emorkeh but storage common opinion

TESITEC

FY.2025 RESULTS

Grassobbio, March 11th, 2026

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TESMEC

FY.2025

RESULTS

• TESMEC GROUP AT A GLANCE
• HIGHLIGHTS, GROUP FINANCIALS & KEY METRICS
• 2026 BUSINESS GUIDELINES
• ANNEX

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TESMEC

AT A GLANCE

TESMEC

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OUR VISION

FOR THE FUTURE

OUR MISSION

FOR THE PLANET

COMMITTED TO ENERGY TRANSITION, DIGITALIZATION AND ELECTRIFICATION

Technology partner in markets driven by energy transition, digitalization and sustainability with INNOVATIVE, ADDED-VALUE INTEGRATED SOLUTIONS for the construction, maintenance and efficiency of INFRASTRUCTURES for the TRANSPORT AND DISTRIBUTION OF ENERGY, DATA AND MATERIAL

TESMEC

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emarket: sdr storage TECHNOLOGY CENTRES

TECHNOLOGIES FOR INFRASTRUCTURES

| ENERGY
TRANSITION AND
INFRASTRUCTURE
DIGITALIZATION | HIGH-GROWTH,
ADDED VALUE
TECHNOLOGY-
DRIVEN SECTORS | PROPRIETARY
TECHNOLOGIES,
UNIQUE COMPETITIVE
POSITION |
| --- | --- | --- |
| DIGITALIZATION
SUSTAINABILITY
SAFETY | ENERGY,
TELECOMMUNICATIONS,
TRANSPORTATION, AND
NATURAL RESOURCES | PREMIUM POSITIONING,
COMPETITIVE EDGE,
HIGH QUALITY,
CERTIFIED SOLUTIONS |

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INNOVATION LEGACY

DIGITALIZATION, SUSTAINABILITY, SAFETY

LONG-TERM GROWTH DRIVERS AND TESMEC DIFFERENTIATED SOLUTIONS ENABLE STRONG VALUE CREATION IN COMPLEX INFRASTRUCTURE PROJECTS

DIGITALIZATION

TESMEC INVESTS IN ADVANCED DIGITAL TECHNOLOGIES TO INNOVATE AND MAINTAIN INDUSTRY RELEVANCE

• Combine Operational Data in the cloud and apply Advanced Analytics
• Diagnostic and Digitalization for the Predictive Maintenance
• Robotization, Connectivity and Servitization
• Cyber Security and Blockchain

SUSTAINABILITY

TESMEC DEVELOPS SUSTAINABLE, HIGH-RESILIENCE SOLUTIONS THAT ENHANCE THE RELIABILITY OF CRITICAL INFRASTRUCTURES

• Path towards electrification: Hybrid and Electric machines
• Global Decarbonization drive
• Technologies for alternative traction and trenching systems to reduce emissions
• Renewables have the fastest growth in the electricity sector
• Underground networks to reduce environmental impact

SAFETY

SAFETY IS VITAL FOR PROTECTING CRITICAL INFRASTRUCTURES LIKE POWER GRIDS AND RAILWAYS FROM RISKS AND FAILURES

• Increasing regulation & investments in diagnostic systems to prevent accidents
• Alternative to explosives, subject to increasing regulations and restrictions

TESMEC

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READY TO UNLEASH ENERGY

ENERGY-STRINGING

• Solutions for power lines construction & maintenance
• Advanced methodologies for automating jobsite
• Zero emissions machines

ENERGY-AUTOMATION

• Telecommunications solutions for HV Grids
• Grid Management: protection and metering solutions
• Advanced sensors for fault passage indication, protection and monitoring

TRENCHERS & SURFACE MINERS

• Telecom networks, FTTH & long distance, power cable installation
• Oil & Gas, Water pipelines
• Bulk excavation, Quarries & Surfaces mining

RAILWAY

• Catenary lines construction and maintenance
• Diagnostic vehicles and systems
• Integrated platform for safe infrastructure

TESMEC

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FY.2025 RESULTS

HIGHLIGHTS, FINANCIALS & KEY METRICS

TESMEC

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FY.2025* HIGHLIGHTS

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WHAT WORKED WELL

• +7,5% Revenue growth and rising contribution from high-value segments in both Revenue and EBITDA, driven by the structural expansion of the Energy business and positive performance in Rail
• Net profit of 2,1€M vs. 4,8€M loss in 2024, with a positive contribution from the strategic agreement on the French market
• Approx. 17€M reduction in Net Financial Position vs. Dec. 2024, combined with enhanced financial flexibility following the 55€M Club-Deal financing closed in Sep.2025
• Significant increase in order backlog and improved visibility across all business units, including those with short-cycle orders—strengthening confidence in 2026 outlook

WHERE WE ARE MAKING PROGRESS

• EBITDA slightly lower vs. 2024, with strong improvements in the Energy business and positive progress in Rail, offset by underperformance in the Trencher division
• Ongoing efficiency initiatives continued to deliver results, driving a reduction in operating costs as a percentage of revenues
• Operations: continued focus on optimizing production workloads and improving sales mix

WHAT COULD HAVE WORKED BETTER

• Trenchers: lower volumes and reduced margins, affected by contingent factors including low production in the first part of the year, resulting in lower-margin destocking activities (reducing invested capital but generating low-margin output) and unfavorable mix in certain markets
• Forex variations negative for -3,4€M, largely unrealized

TESMEC

FY 2025 RESULTS

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FY.2025 HIGHLIGHTS

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GENNAIO

HIGH SPEED LINE- Egypt
Commissioning of a Vehicle Set for the Electrification of the High-Speed Rail 'HSR Green Line'

Strong upward trend in the pipeline sector throughout the Americas, including both the USA and LATAM

New EVO range launched for wiches and machines models

Workshop session focused on recent European blackouts and how Tesmec technologies can strengthen grid security and resilience

Insights of CEO Carlo Caccia Dominioni during the first Italy Corporate Day by EuroLand Corporate, creating value for stakeholders in global infrastructures and energy transition.

Tesmec Synergy Days Grassobbio

EMPOWERING WOMEN IN TECH. Tesmec vision for inclusive innovation shared by CEO Caterina Caccia Dominioni at EXPO Ferroviaria

Continued validation of the mining sector's strategic role in West Africa, with emphasis on Guinea and Ivory Coast

We welcomed our long-standing partners for a constructive exchange on ongoing projects and to showcase the capabilities of our TEO CTRL ROOM remote monitoring and maintenance service

Diagnostic vehicle TIPO 4 in the RFI fleet, marking a milestone in the deployment of next-generation diagnostic solutions

TESMEC

FY.2025 RESULTS

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FY.2025* PROFIT&LOSS STATEMENT

(€M)

PROFIT & LOSS	FY.2024	FY.2025	Δ	Δ%
REVENUES	239,5	257,6	18,1	+7,5%
EBITDA	41,1	40,5	(0,6)	(1,5%)
% on Revenues	17,2%	15,7%
EBIT	20,4	19,5	(0,9)	(4,5%)
% on Revenues	8,5%	7,6%
NET FINANCIAL CHARGES	(16,9)	(16,3)	0,6	(3,5%)
RESULT BEFORE FOREX AND BEFORE TAXES	3,5	3,2	(0,3)	(9,4%)
NET FOREIGN EXCHANGES	0,3	(3,4)	(3,7)
TAX	(3,6)	(2,2)	1,4
NET RESULT FROM DISCONTINUED OPERATIONS	(5,1)	4,5	9,6
TOTAL NET RESULT	(4,8)	2,1	6,9
NFP	Dec.31, 2024	Dec. 31, 2025	Δ
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NFP ante IFRS 16	113,2	102,8	(10,4)
NFP post IFRS 16 (5)	147,0	130,4	(16,5)

• The consolidated figures as of December 31, 2025 have been prepared in accordance with IFRS 5. In application of the standard, the Income Statement reports separately the results of the discontinued operations related to Groupe Marais, following Tesmec's loss of control over the company.

• REVENUES increasing by 7,5%, driven by structural growth of high value-added segments: Energy sector acceleration and positive contribution of the Rail division vs. lower volumes of Trenchers

• EBITDA and RESULT BEFORE FOREX AND TAXES slightly lower vs. 2024, as a combined effect of structurally higher/growing margins from Energy and positive performance of Rail, offset by Trencher segment influenced by destocking actions (leading to NWC optimization though yielding lower margins) and unfavorable performance with a Q4.2025 in certain markets
• NET PROFIT 2,1€M, improving by 6,9€M vs. 2024, as a combined effect of negative Forex variation (largely unrealized) and positive contribution strategic agreement finalization on the French market
• NET FINANCIAL POSITION (incl. IFRS16) at 130,4€M improving by -16,5€M vs.2024

TESMEC

FY.2025 RESULTS

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FY.2025* STATEMENT OF FINANCIAL POSITION

(€M)

	Jun.30, 2024	Dec.31, 2024	Jun.30, 2025	Dec.31, 2025	Δ Dec. 31, 2025 vs Dec.31,2024
NET WORKING CAPITAL	112,5	99,8	93,3	71,8	(28,0)
FIXED ASSETS	126,5	106,9	102,5	116,8	10,0
OTHER LONG-TERM ASSETS/LIABILITIES	22,4	21,9	21,6	15,5	(6,4)
CAPITAL EMPLOYED HELD FOR DISPOSAL	n.a.	(4,1)	3,1	-	4,1
NET INVESTED CAPITAL	261,4	224,6	220,5	204,2	(20,4)
NET FINANCIAL INDEBTNESS ANTE IFRS16	132,6	113,2	115,8	102,8	(10,4)
LEASE LIABILITY - IFRS 16/IAS 17	51,0	33,8	30,7	27,6	(6,1)
NET FINANCIAL POSITION	183,6	147,0	146,4	130,4	(16,5)
EQUITY	77,8	77,6	74,1	73,7	(3,9)
SOURCES OF FUNDING	261,4	224,6	220,5	204,2	(20,4)

• The consolidated figures as of December 31, 2025 have been prepared in accordance with IFRS 5. In application of the standard, the Income Statement reports separately the results of the discontinued operations related to Groupe Marais, following Tesmec's loss of control over the company.

Net Invested Capital decreasing by ~20€M compared to Dec.2024, also reflecting effects of Groupe Marais final deconsolidation:

• Optimization of NWC, thanks to reduction of inventories and higher A/P for a delayed purchase-cycle for Trenchers (for materials / capex / refurbishment of fleet shifted ahead in 2025 vs 2024, after a Q1.2025 with low manufactured volumes and focused on destocking) and for Stringing (historically gearing a negative NWC)
• Higher fixed assets mainly due to the recognition of Groupe Marais participation and the CAPEX fort tangibles and fleet replenishment (finalized in Q4.2025)

Net Financial position decreasing by 16,5€M vs. to Dec-2024, confirming positive discontinuity compared to the peak of Jun.2024 (when NFP was 183,6€M)

TESMEC

FY.2025 RESULTS

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FY.2025* NET FINANCIAL POSITION EVOLUTION

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(€M)

€M	Mar. 31, 2025	Jun.30, 2025	Sep.30,2025	Dec.31,2025	Dec. 31,2024
INVENTORIES	94,2	96,8	95,7	87,7	96,1
WORK IN PROGRESS CONTRACTS	40,6	44,3	38,7	34,3	36,7
TRADE RECEIVABLES	61,2	56,0	56,2	61,1	55,4
TRADE PAYABLES	(86,3)	(93,8)	(98,4)	(103,8)	(79,9)
OTHER CURRENT ASSETS/(LIABILITIES)	(6,8)	(10,0)	(10,1)	(7,4)	(8,6)
NET WORKING CAPITAL	103,0	93,3	82,2	71,8	99,8

*The consolidated figures as of December 31, 2025 have been prepared in accordance with IFRS 5. In application of the standard, the Income Statement reports separately the results of the discontinued operations related to Groupe Marais, following Tesmec's loss of control over the company.
** Equity Adjustments: mainly reflecting the net variations of the translational adjustment reserve due to forex

TESMEC

FY.2025 RESULTS

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TRENCHERS: FY.2025* FACTS & FIGURES

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(€M)

• REVENUES AT 107,6€M, -3,8% with positive performances in US and Africa, partially compensating a negative contribution in Oceania and Saudi Arabia
• EBITDA AT 11,0€M, -45,8% affected by contingent factors, including low production volumes in the early part of the year resulting in lower-margin destocking, as well as a less favourable market mix in certain geographies
• BACKLOG AT 72€M

KEY FACTS

Finalization of the strategic JV for the Groupe Marais rental business finalized, aimed at generating commercial synergies, optimizing invested capital, and enhancing asset value

The reference markets showed differentiated trends, driven by a combination of external factors, sector-specific dynamics and varying levels of demand across geographies:

• The U.S. market delivered a positive performance, remaining the largest market for the segment. Results fluctuated over the year due to external uncertainties, yet full-year performance was in line with expectations and showed growth compared to the previous year still not reflecting full market potential
• Favorable signals also continued in the mining segment, with the Group further progressing in North Africa, supported by a reinforced presence in Libya and Algeria
• Oceania and Saudi Arabia recorded a slowdown, with Australia Q4.2025 performance impacting negatively and Saudi slowdown mainly due to the redefinition of priorities within major infrastructure giga-projects resulting delays in the start of investments

TESMEC

FY 2025 RESULTS

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RAIL: FY.2025 FACTS & FIGURES

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KENTHUE

(€M)

• REVENUES AT 53,4€M, +6,0% thanks to the progress made on the awarded contracts
• EBITDA AT 10,2€M, +6,5%, through positive contribution resulting from the strategic shift, with a focus on higher value-added contracts in diagnostic systems and diversification into export
• BACKLOG AT 117€M, with a solid commercial pipeline for 2026

KEY FACTS

Milestone deployments of Diagnostic technology

• Delivery of «Tipo4» vehicles, representing the highest standard of diagnostic capability, a strategic asset for the country (as highlighted by the Customer) and a strong showcase for other infrastructure managers
• Delivery of diagnostic devices to Swiss Railways for high speed traffic
• Diagnostic upgrade on maintenance vehicles of Bulgaria National Railway Infrastructure Company

Market Positioning

• Further strengthening in Italy, consolidating the relationship with the leading customer
• Successful export diversification initiatives:
• Bulgaria and Switzerland (as mentioned above)
• France: supply of two multifunctional vehicles and establishment of a global partnership with Alstom
• Slovenia: a strong start to 2026 marked by the award in Mar-2026 of a major 71€M supply contract with Slovenian Railway

TESMEC

FY 2025 RESULTS

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ENERGY: FY.2025 FACTS & FIGURES

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CENTRAL

(€M)

• REVENUES AT 96,6€M, +25,0%, with Stringing delivering strong growth supported by expanding demand, and Automation positive contribution through implementation of its backlog
• EBITDA AT 19,4€M, +70,5% driven by both segments, with Stringing being the main contributor supported by operational efficiencies and cost-saving actions across the value chain, and Automation improving thanks to operating leverage and cost efficiency
• BACKLOG AT 228€M, of which Automation 186€M, and also sustained by the growth of the Stringing business, which offers greater visibility despite its typically short-duration nature

KEY FACTS

STRINGING

• Solid order backlog supported by strong market momentum and rising energy-infrastructure investments
• Balanced market focus, combining value-driven markets with price-driven ones
• Technology developments: application diversification and advancements in robotization and connectivity, combined with acceleration of new business models (servitization and service offerings)
• Production-load optimization to manage scale-up challenges and improve efficiency across internal processes

AUTOMATION

• Diversification initiatives leading growth perspectives:
• Expansion from product-based to system-based offering strengthening the value proposition and technological positioning
• Domestic customer base expansion, reducing concentration risk and international markets, with the framework contract in France with Enedis marking a strategic step in reinforcing credibility abroad European DSOs.
• First digital substation system successfully commissioned, confirming technological maturity and opening the way for replication across other markets.
• Backlog growth and strong pipeline, supported by increasing demand linked to grid digitalization and energy-transition investments.

TESMEC

FY.2025 RESULTS

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FY.2025* EBITDA TREND BY BU

(€M)

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• The consolidated figures as of December 31, 2025 have been prepared in accordance with IFRS 5. In application of the standard, the Income Statement reports separately the results of the discontinued operations related to Groupe Marais, following Tesmec's loss of control over the company.

TESMEC

FY.2025 RESULTS

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FY.2025* KPI

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BACKLOG

• Long-term backlog in Automation and Rail

€M	31/12/2024	31/12/2025
Energy	162,6	227,5
Trencher	66,2	72,1
Railway	121,9	116,6
Total	350,7	416,2

MARKETS

Africa; 13%
Middle East; 14%
BRIC & Others; 15%

Europe; 17%
Italy; 25%
North & Central America; 16%

Africa; 11%
Middle East; 16%
BRIC & Others; 15%

Europe; 23%
Italy; 23%
North & Central America; 12%

RECURRING BUSINESS

• Recurring: Rental, Projects, Spare Parts, Services (maintenance, revamping & refurbishing, consulting & training), LT backlog;
• Non-recurring: Sales of goods

• The consolidated figures as of December 31, 2025 have been prepared in accordance with IFRS 5. In application of the standard, the Income Statement reports separately the results of the discontinued operations related to Groupe Marais, following Tesmec's loss of control over the company.

TESMEC

FY 2025 RESULTS

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The Emory
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2026

GUIDELINES

TESMEC

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BUILDING A SUSTAINABLE, HIGH-VALUE GROWTH PATH

TECHNOLOGY, MARKETS AND BUSINESS MODEL

INNOVATION FOR STRATEGIC INFRASTRUCTURES

DIGITALIZATION, ENERGY TRANSITION, SUSTAINABILITY AND SAFETY

SELECTIVE MARKET EXPANSION

PREMIUM MARKET FOCUS AND STRATEGIC SUBSIDIARY INTEGRATION

ENHANCED BUSINESS MODEL

SERVICE AS A DRIVER OF ADDED VALUE

REVENUE QUALITY, EFFICIENCY, EXECUTION

GROWTH IN HIGH VALUE-ADDED PRODUCTION

QUALITY OF REVENUES: PROFITABILITY & CASH FLOW GENERATION

EFFICIENCY & FINANCIAL DISCIPLINE

OPERATING LEVERAGE, STRATEGIC CAPEX AND LOWER NET FINANCIAL POSITION

EXECUTION

ACCOUNTABILITY, MONITORING AND RISK MITIGATION

TESMEC

RISERVATO E CONFIDENZIALE

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2021-2025* EQUITY STORY and 2026 OUTLOOK

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• THE GEOPOLITICAL CONTEXT AND GLOBAL LOGISTICAL-TARIFF PRESSURES CONTINUE TO LIMIT VISIBILITY
• TESMEC MAINTAINS A PRUDENT STANCE WITH STRICT MONITORING OF MARKET CONDITIONS, COST TRENDS AND POTENTIAL RISKS THAT MAY AFFECT THE OUTLOOK
• 2026 EXPECTATION: HIGHER VOLUMES, EBITDA AND EBITDA MARGIN VS. 2025, AND REDUCTION OF NET FINANCIAL POSITION VS. DEC.2025

*2024-2025 revenues, EBITDA and NFP reflecting deconsolidation of Groupe Marais

TESMEC

FY 2025 RESULTS

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GROUP-WIDE STRATEGIC STRATEGIC LEVERS FOR VALUE CREATION

• INNOVATIVE PRODUCT PORTFOLIO SUPPORTED BY NEW RANGES, CUSTOM SOLUTIONS AND SPECIALIZED KNOW-HOW
• GRID DIGITALIZATION THROUGH ADVANCED SOLUTIONS FOR MANAGEMENT AND SAFETY OF NETWORKS AND INTEGRATION OF RENEWABLE ENERGY
• ADVANCED MEASUREMENT AND VISION SYSTEMS INTEGRATED INTO WORK VEHICLES, ENABLING SAFETY AND OPERATIONAL CONTROL

• DIGITALIZATION & DATA AI-DRIVEN TO ENHANCE FLEET MONITORING, PREDICTIVE MAINTENANCE AND ADVANCED SAFETY SYSTEMS, IMPROVING OVERALL EQUIPMENT AND JOBSITE EFFICIENCY.

• REVENUE CONCENTRATION AND RISING SHARE IN MAJOR MARKETS, SUPPORTED BY AN OPTIMIZED MARKET MIX

• CONSOLIDATION OF THE PRESENCE IN FRANCE AND SELECTIVE EXPANSION INTO NEW HIGH-POTENTIAL MARKETS
• STRENGTHENING POSITION IN EUROPE AND ONGOING INTERNATIONALIZATION WITH GROWING SHARE OF FOREIGN REVENUES
• FOCUS ON HIGH-POTENTIAL MARKETS WITH SOLID AND RESILIENT DEMAND FUNDAMENTALS (USA, EUROPE, MIDDLE EAST & AFRICA)

ADVANCED TECHNOLOGIES

• GO-TO-MARKET FOR NEW TECHNOLOGIES, ENABLING PREMIUM RECOGNITION ON HIGH-VALUE SOLUTIONS, COMBINED WITH SERVICE-ABILITY OPTIMIZATION
• STRENGTHENING THE SYSTEMS BUSINESS LINE, CAPTURING VALUE FROM PLATFORMS DEVELOPMENTS ACROSS GRID AUTOMATION AND PROTECTION SYSTEMS
• DEVELOPMENT OF HIGH-VALUE DIAGNOSTIC VEHICLES AND SYSTEMS, SUPPORTED BY THE DIAGNOSTIC CLOUD PLATFORM FOR ADVANCED DATA MANAGEMENT
• CROSS-REGIONAL PIPELINE EXPANSION, COUPLED WITH THE STRENGTHENING OF THE MINING PRODUCT OFFERING TO BOOST MARKET PENETRATION

HIGH-VALUE MARKET FOCUS

• SMART APPLICATIONS AND DIGITAL SOLUTIONS ENABLING SERVITIZATION, CONNECTIVITY AND ROBOTIZATION
• SCALING THE AUTOMATION SYSTEMS TO DIVERSIFY REVENUE STREAMS AND EXPAND ADDRESSABLE MARKETS
• INTELLIGENT DATA MANAGEMENT & DIAGNOSTIC CLOUD PLATFORM TO ENHANCE ASSET PERFORMANCE, DATA VISIBILITY AND PREDICTIVE DIAGNOSTICS
• ENHANCEMENT OF THE SERVICE THROUGH SELECTIVE PROJECT APPROACHES, RENTAL-TO-SALE MODELS, AND ADVANCED DIGITAL SERVICE OFFERINGS

TESMEC

FY.2025 RESULTS

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The Emory
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FY.2025

ANNEX

TESMEC

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FY.2025* SUMMARY PROFIT & LOSS STATEMENT

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PROFIT & LOSS (£ Mln)	2025	2024
NET REVENUES	257,6	239,5
Raw materials costs (-)	(116,0)	(109,0)
Cost for services (-)	(52,4)	(42,7)
Personnel Costs (-)	(54,5)	(53,0)
Other operating revenues/costs (+/-)	(7,0)	(4,7)
Non recurring revenues/costs (+/-)	-	-
Portion of gain/(losses) from equity investments evaluated using the equity method	0,5	0,4
Capitalized R&D expenses	12,3	10,6
Total operating costs	(217,1)	(198,4)
% on Net Revenues	(84,3%)	(82,8%)
EBITDA	40,5	41,1
% on Net Revenues	15,7%	17,2%
Depreciation, amortization (-)	21,0	20,7
EBIT	19,5	20,4
% on Net Revenues	7,6%	8,5%
Net Financial Income/Expenses (+/-)	(19,7)	(16,6)
Taxes (-)	(2,2)	(3,6)
Net Income (Loss) from Continuing Operations	(2,4)	0,2
Net Income (Loss) from Discontinued Operations	4,5	(5,1)
GROUP NET INCOME (LOSS)	2,1	(4,8)
Minorities	0,4	0,4
GROUP NET INCOME (LOSS)	1,7	(5,2)
% on Net Revenues	0,7%	(2,2%)

• The consolidated figures as of December 31, 2025 have been prepared in accordance with IFRS 5. In application of the standard, the Income Statement reports separately the results of the discontinued operations related to Groupe Marais, following Tesmec's loss of control over the company.

TESMEC

FY 2025 RESULTS

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FY.2025* BALANCE SHEET

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BALANCE SHEET (€ Mln)	Dec.31, 2025	Dec.31, 2024
Inventory	87,7	96,1
Work in progress contracts	34,3	36,7
Accounts receivable	61,1	55,4
Accounts payable (-)	(103,8)	(79,9)
Op. working capital	79,2	108,4
Other current assets (liabilities)	(7,4)	(8,6)
Net working capital	71,8	99,8
Tangible assets	37,4	34,2
Right of use - IFRS 16/IAS 17	19,8	23,4
Intangible assets	46,4	42,2
Financial assets	13,2	7,1
Fixed assets	116,8	106,9
Net long term assets (liabilities)	15,5	21,9
Capital employed held for disposal	-	(4,1)
NET INVESTED CAPITAL	204,2	224,6
Cash & near cash items (-)	(40,6)	(29,6)
Short term financial assets (-)	(22,4)	(35,7)
Lease liability - IFRS 16/IAS 17	27,6	33,8
Short term borrowing	83,9	98,1
Medium-long term borrowing	81,8	80,3
Net financial position	130,4	147,0
Equity	73,7	77,6
FUNDS	204,2	224,6

• The consolidated figures as of December 31, 2025 have been prepared in accordance with IFRS 5. In application of the standard, the Income Statement reports separately the results of the discontinued operations related to Groupe Marais, following Tesmec's loss of control over the company.

TESMEC

FY 2025 RESULTS

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FY.2025 RESULTS CONFERENCE CALL

Wednesday 11th March, 2026

2.30 PM CET

Diamond Pass Registration

ir@tesmec.com

Investors | Tesmec

2026 FINANCIAL CALENDAR

• 11 March 2026 Approval of the statutory draft and consolidated financial statements as of 31st December 2025
• 23 April 2026 Shareholders' meeting to approve the Statutory Financial Statements as of 31st December 2025
• 8 May 2026 Approval of the Company's Quarterly Report as of 31st March 2026
• 5 August 2026 Approval of the Company's Half-Year Report as of 30th June 2026
• 6 November 2026 Approval of the Company's Quarterly Report as of 30th September 2026

TESMEC

FY.2025 RESULTS

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DISCLAIMER

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U.S.

This presentation has been prepared by Tesmec S.p.A. ("Tesmec", the "Company" or the "Group"). As used herein, "Presentation" means this document, any oral presentation, the question and answer session and any written or oral material discussed or distributed during the presentation. The Presentation comprises written material/slides which provide information on the Company and its subsidiaries. The information contained in this Presentation has not been verified, approved or endorsed by or independently verified by any independent third party. Save where otherwise indicated, the Company is the source of the content of this Presentation. Care has been taken to ensure that the facts stated in this Presentation are accurate and that the opinions expressed are fair and reasonable. However, no representation or warranty, express or implied, is made or given by or on behalf of the Company, or the management or employees or advisors of the Company, or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this document or any other material discussed at the Presentation. None of the Company nor any other person accepts any liability whatsoever for any loss howsoever arising from any use of this Presentation or its contents or otherwise arising in connection therewith.

This Presentation is not intended for potential investors and do not constitute, or form part of, any offer or invitation to underwrite, subscribe for or otherwise acquire or dispose of, or any solicitation of any offer to underwrite, subscribe for or otherwise acquire or dispose of, any debt or other securities of the Company ("Securities") and is not intended to provide the basis for any credit or any other third party evaluation of Securities nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment whatsoever. If any such offer or invitation is made, it will be done so pursuant to separate and distinct documentation in the form of a prospectus, or a translation of the prospectus into English language (a "Prospectus") and any decision to purchase or subscribe for any Securities pursuant to such offer or invitation should be made solely on the basis of such Prospectus and not this Presentation.

This Presentation may contain projections and forward looking statements which are based on current expectations and projections about future events, based on numerous assumptions regarding the Company's and the Company's subsidiaries' present and future business strategies and the environment in which the Company will operate in the future. Any such forward looking statements involve known and unknown risks, uncertainties and other factors which are in some cases beyond the Company's control and which may cause the Company and the Company's subsidiaries actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Further, any forward-looking statements will be based upon assumptions of future events which may not prove to be accurate. Any such forward-looking statements in this Presentation will speak only as at the date of this Presentation and no one undertakes any obligation to update or revise any such forward-looking statements, whether in the light of new information, future events or otherwise. Given the aforementioned risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements as a prediction of actual results or otherwise. The information and opinions contained in this Presentation are provided as at the date of this presentation and are subject to change without notice.

This Presentation is not an offer of Securities for sale in the United States or any other jurisdiction. Neither this Presentation nor any part or copy of it may be taken or transmitted into the United States or distributed, directly or indirectly, in the United States as that term is defined in the U.S. Securities Act of 1933, as amended (the "Securities Act"). Neither this Presentation nor any part or copy of it may be taken or transmitted into Australia, Canada or Japan, or distributed directly or indirectly in Canada or distributed or redistributed in Japan or to any resident thereof. Any failure to comply with this restriction may constitute a violation of U.S., Australian, Canadian or Japanese securities laws. The distribution of this Presentation in other jurisdictions may be restricted by law and persons into whose possession this Presentation comes should inform themselves about, and observe, any such restrictions. The Company's Securities have not been and will not be registered under the Securities Act and may not be offered or sold in the United States except pursuant to an exemption from, or transaction not subject to, the registration requirements of the Securities Act.

By attending or receiving this Presentation you agree to be bound by the foregoing limitations and represent that you are a person who is permitted to receive information of the kind contained in this Presentation. Furthermore, by attending or receiving this Presentation you represent being aware of all requirements and limitations provided by applicable securities laws and regulations regarding the distribution and dissemination of information or investment recommendations and you undertake not to breach any of such provisions. None of the Company, or any of their respective affiliates, members, directors, officers, employees or advisors nor any other person accepts any liability whatsoever for any loss howsoever arising from any use of this Presentation or its contents or otherwise arising in connection therewith.

TESMEC

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Teleborsa: distribution and commercial use strictly prohibited

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TESMEC

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