The Trevi Group (through the listed parent company Trevi Finanziaria Industriale) returns to the spotlight of the markets after the 2025 results, the new industrial plan and especially a new financial maneuver that includes a capital increase of 100 million. A sequence of announcements that, although accompanied by improving numbers, triggered a collapse of the stock on the Milan Stock Exchange.
WHAT THE TREVI GROUP DOES
Founded in Cesena in 1957, Trevi is today a global operator with a presence in about 90 countries, over 65 companies and 3,129 employees at the end of 2025. The group operates through two divisions: on one side the Trevi division, specialized in special foundations and ground consolidations for large infrastructure works; on the other Soilmec, focused on the production of machinery for underground engineering. Among the best-known projects is also participation in the works of Rome’s Metro C, also mentioned in the most recent contracts.
CASELLI AND THE MANAGEMENT OF THE RELAUNCH
The group is led by Giuseppe Caselli (in the photo), chairman and CEO, a central figure in the restructuring and relaunch phase. His profile is that of a manager with long experience in the energy industry and turnaround operations. Caselli, moreover, worked for a long time at Saipem, where he held top roles. A path that led him to manage complex projects and global organizations, skills then transferred to Trevi in the most delicate phase of its recent history.
His arrival came indeed after the financial crisis and change of control, with the entry of Cdp and Polaris. Since then, the line followed has been one of greater industrial discipline.
Not by chance Caselli himself, commenting on the results, emphasizes that “the strategic choices undertaken by the Group are producing concrete results consistent with the relaunch path started in recent years” and that even in 2025 a “selective approach in the acquisition of contracts was maintained, favoring projects with adequate profitability levels and characterized by high technical content.”
A strategy that, in numbers, translates into the fourth consecutive year of profitability improvement.
WHO REALLY CONTROLS TREVI: THE SHAREHOLDERS
The ownership structure reflects the transition from a family business to a company with a strong institutional imprint. The largest shareholder is CDP Equity with 21.276% of the capital, followed by the US fund Polaris Capital Management with 9.9906% and Praude Asset Management with 5.104%.
It is a stable shareholding but oriented towards finance and value creation in the medium term. Not by chance, CDP has already formalized its commitment to participate in the capital increase of 100 million by subscribing about 21.3 million, i.e. its own quota, to maintain its unchanged participation.
THE ACCOUNTS: MORE PROFITS, LESS REVENUES
On the economic front, the numbers tell a complex story. In 2025 revenues stood at 624 million euros, down 5.9% compared to 663.3 million in 2024, while net profit rose to 8.6 million (+56.7%).
The improvement is driven by profitability: recurring EBITDA grows to 85.5 million (+2.2%), with a margin of 13.7%, while EBIT rises to 47.8 million (+8.2%). Essentially, Trevi works less in terms of volumes but better in terms of margins, thanks to greater selectivity in contracts.
The net financial position also shows signs of improvement, falling to 187.4 million from 198.9 million the previous year, but remains at high levels.
On the commercial front, instead, the data are positive: orders acquired in 2025 reach 734.3 million (+21.3%) and the order backlog rises to 748.1 million. 2026 opens with a further 157 million in new orders in the first two months, a sign of still favorable momentum.
As Caselli further highlights, the group can count on “a solid order intake and a robust backlog,” elements that “confirm the quality of the competitive positioning and the market’s confidence in the Group’s specialist skills.”
THE 2026-2029 PLAN AND THE NEW MANEUVER
The 2026-2029 industrial plan aims for gradual but steady growth. The group forecasts revenue growth at an average annual rate of 5.5% and EBITDA at the end of the plan around 100 million. Average annual investments are estimated at about 22 million, while the most important goal remains the reduction of debt to near zero levels.
To support this path, the board of directors approved a complex financial maneuver. The core of the operation is a new medium-long term loan of 170 million, accompanied by operational credit lines and a rights issue up to 100 million.
The declared objective is twofold: on one hand to refinance existing debt, including about 200 million related to the 2022 restructuring agreement and a 50 million bond; on the other to strengthen financial flexibility to support the plan and seize growth opportunities.
In this context, the CEO himself defines the maneuver “an important strategic step for strengthening the group’s financial structure,” emphasizing that it will “further increase financial flexibility” and support the new development phase.
WHY THE CAPITAL INCREASE IS REALLY NEEDED
The reasons for the capital increase closely recall what was already seen in 2022, when a maneuver of about 51 million was necessary to secure the group’s financial structure.
Today the context has improved but is not completely resolved. Trevi has returned to profit, improved margins and strengthened the order portfolio, but remains burdened by significant debt and financial needs linked to international development.
The capital increase is therefore needed to reduce financial leverage, improve the risk profile and make the industrial plan more credible. In a capital-intensive sector with global contracts, asset solidity is an essential requirement also to participate in tenders.
THE DÉJÀ VU ON THE STOCK MARKET: STOCK DOWN OVER 30%
The market reaction was immediate and violent. In today’s session, after the publication of the accounts and the plan, Trevi’s stock initially failed to price, remaining suspended at the start due to excessive decline.
Once trading resumed, the drop was marked: losses exceeded 30%, reaching over -33%, with even sharper peaks in the early phases of the session.
The dynamic mirrors what was already seen in 2022. Capital increases are often read as dilutive operations for existing shareholders, especially when the subscription price is expected at a discount compared to market prices.
Added to this is an implicit signal: despite operational progress, the group still needs fresh capital to definitively stabilize its financial structure. An element that the market tends to penalize, at least in the short term.
Trevi accelerates on the industrial plan, but the decisive game remains that of financial solidity.
