olivLaw · European equity research
Trevi - Finanziaria Industriale S.p.A. TFIN.MI
Italy · Euronext Milan · ISIN IT0005709909 · Vertical: Listed companies from Italy
Trevi is an Italian group specialised in special foundations and geotechnical construction, active in infrastructure, ports and energy projects across several continents through its Trevi division and the Soilmec equipment division. Its relevance now lies in the 2026-2029 industrial plan and the need to refinance debt falling due at the end of 2026, since its growth path depends on completing this financial manoeuvre. For 2025-2029 the plan envisages average annual revenue growth of 5.5%, while consolidated cash stood at 93,182 thousand euro at 31 December 2025.
At the close of 05 Nov 2026, Trevi - Finanziaria Industriale S.p.A. (TFIN.MI) stock was 5.15 EUR (−0.39% on the day), with beta 1.00, 52-week range 3.07–16.02 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 61.5
- strong (55–70)
- Bollinger (20, 2)
- 5.10 – 5.21
- in the lower half of the band · %B 0.44 · band width 2.0%
- SMA 50 / 200
- 4.95 / 6.86
- mixed trend
- MACD (12, 26, 9)
- 0.05 / 0.07
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −0.5% | −0.6% | +0.2 pp | — |
| 3 months | +10.6% | −4.2% | +14.8 pp | — |
| 6 months | −31.0% | +4.3% | −35.3 pp | — |
| Year to date | −59.4% | +7.5% | −67.0 pp | — |
| 1 year | −38.5% | +9.9% | −48.5 pp | −6.1% |
| 3 years | +1.4% | +49.8% | −48.5 pp | +7.7% |
| 5 years | −74.8% | +42.8% | −117.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 581.7 m | 650.2 m | 612.4 m |
| Revenue YoY | unavailable | +11.8% | −5.8% |
| Net income | 25.9 m | 5.5 m | 8.6 m |
| Net income YoY | unavailable | −78.8% | +56.7% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 4.5% | 0.8% | 1.4% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 93.2 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 133.1 m EUR
- Total assets
- 678.9 m EUR
- Debt / equity
- unavailable
- Current ratio
- 0.95x
- ROE
- 5.9%
- ROA
- 1.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 581.7 m | 650.2 m | 612.4 m | esef· 29 Apr 2026verified |
| Operating income | 41.6 m | 44.2 m | 47.8 m | esef· 29 Apr 2026verified |
| Interest expense | 46.1 m | 33.3 m | 29.2 m | esef· 29 Apr 2026verified |
| Pre-tax income | 36.4 m | 13.3 m | 20.0 m | esef· 29 Apr 2026verified |
| Income tax | 10.5 m | 7.8 m | 11.4 m | esef· 29 Apr 2026verified |
| Net income | 25.9 m | 5.5 m | 8.6 m | esef· 29 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 80.8 m | 95.0 m | 93.2 m | esef· 29 Apr 2026verified |
| Receivables | 271.9 m | 282.4 m | 259.2 m | esef· 29 Apr 2026verified |
| Inventories | 114.7 m | 122.8 m | 101.6 m | esef· 29 Apr 2026verified |
| Current assets | 495.9 m | 528.9 m | 471.9 m | esef· 29 Apr 2026verified |
| Property, plant & equipment, net | 169.7 m | 174.4 m | 158.0 m | esef· 29 Apr 2026verified |
| Total assets | 713.3 m | 750.4 m | 678.9 m | esef· 29 Apr 2026verified |
| Accounts payable | 203.0 m | 220.6 m | 197.3 m | esef· 29 Apr 2026verified |
| Current liabilities | 296.9 m | 316.9 m | 496.2 m | esef· 29 Apr 2026verified |
| Total liabilities | 566.4 m | 590.6 m | 545.8 m | esef· 29 Apr 2026verified |
| Equity | 146.9 m | 159.8 m | 133.1 m | esef· 29 Apr 2026verified |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
17% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 1.4% | 28 (vs peers) | 38% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.6x | 2 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 1.0x | 13 (on a fixed band) | 25% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet6/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial28/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TREVI - FINANZIARIA INDUSTRIALE S.P.A. (TFIN.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 612.4 m EUR in 2025; YoY growth -5.8%; net margin 1.4%; ROE 5.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: 1.4%
- Interest coverage: 1.6x
- Current ratio: 1.0x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Italy · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DLG.MIDe' Longhi S.p.a. | 6.8 bn | 21.5 | 15.4% | 8.4% | +8.7% | +24% / +60% |
| ACE.MIAcea S.p.a. | 4.6 bn | 9.6 | 18.2% | 16.6% | +0.2% | −4% / +73% |
| DIA.MIDiasorin S.p.a. | 4.3 bn | 28.3 | 9.2% | 13.0% | +0.8% | +31% / −7% |
| CRL.MICarel Industries S.p.a. | 2.9 bn | 39.5 | 16.1% | 11.7% | +8.7% | +3% / +10% |
| AMP.MIAmplifon S.p.a. | 2.7 bn | 29.9 | 8.5% | 3.8% | −0.6% | −9% / −58% |
| CMB.MICembre S.p.a. | 1.3 bn | 27.0 | 20.6% | 18.9% | +6.7% | +11% / +108% |
| COM.MIComer Industries S.p.a. | 1.3 bn | 18.6 | 12.8% | 7.1% | −23.0% | +8% / +64% |
| DNR.MIIndustrie De Nora S.p.a. | 1.1 bn | 13.4 | 8.6% | 9.4% | +1.4% | −22% / −62% |
| ARN.MIAlerion Clean Power S.p.a. In Forma Abbreviata Alerion S.p.a. | 969.2 m | 10.4 | 23.5% | 41.0% | +1.8% | −5% / −23% |
| AVIO.MIAvio S.p.a. | 883.6 m | 86.8 | 2.1% | 1.8% | +21.5% | +18% / +291% |
| CIR.MICir S.p.a. - Compagnie Industriali Riunite | 783.3 m | 6.0 | 17.1% | 7.3% | +1.6% | +4% / +72% |
| ASC.MIAscopiave S.p.a. | 646.3 m | 18.0 | 4.2% | 17.5% | +13.4% | −8% / +33% |
| AC5.MIAcinque S.p.a. | 412.6 m | 19.6 | 4.1% | 3.6% | +0.2% | −6% / +8% |
| BAN.MIBasic Net S.p.a. | 348.0 m | — | -4.9% | -3.5% | +0.4% | −30% / +5% |
| ADB.MIAeroporto Guglielmo Marconi Di Bologna S.p.a. | 324.7 m | 13.1 | 11.1% | 13.7% | +9.2% | −2% / +12% |
| CAI.MICairo Communication S.p.a. | 289.2 m | 6.4 | 8.1% | 4.4% | −1.3% | −22% / +28% |
| ECNL.MIAquafil S.p.a. | 129.6 m | — | -3.2% | -0.9% | −3.9% | −1% / −52% |
| BEC.MIB&C Speakers S.p.a. | 118.7 m | 11.7 | 18.5% | 10.2% | −1.3% | −26% / −32% |
| ABT.MIAbitare In S.p.a. | 76.0 m | 276.0 | 0.4% | 0.4% | +39.8% | −6% / −47% |
| ELC.MIElica S.p.a. | 64.3 m | — | -7.8% | -2.2% | +1.9% | −34% / −48% |
| DEX.MIDexelance S.p.a. | 50.7 m | 2.8 | 11.0% | 5.4% | +12.6% | −63% / −78% |
| CLE.MIClass Editori S.p.a. | 35.1 m | — | -29.2% | -3.8% | −0.7% | −9% / +106% |
| CLF.MICaleffi - S.p.a. | 11.6 m | 5.2 | 10.9% | 3.8% | −2.5% | −4% / −10% |
| AEF.MIAeffe S.p.a. | 10.1 m | 0.5 | 21.9% | 7.7% | −21.3% | −59% / −86% |
| BC.MIBrunello Cucinelli S.p.a. | 6.2 m | 0.0 | 26.5% | 75,526.1% | 0.0% | −5% / +15% |
1- and 3-year price returns: for TFIN.MI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Trevi is an Italian group specialised in special foundations and geotechnical construction, active in infrastructure, ports and energy projects across several continents through its Trevi division and the Soilmec equipment division. Its relevance now lies in the 2026-2029 industrial plan and the need to refinance debt falling due at the end of 2026, since its growth path depends on completing this financial manoeuvre. For 2025-2029 the plan envisages average annual revenue growth of 5.5%, while consolidated cash stood at 93,182 thousand euro at 31 December 2025 1.
SWOT
Strengths
- The group has a broad geographic footprint and experience in technically complex projects such as ports, metro systems and low-impact foundations, which supports its reputation as a global specialist 1.
- Low-impact foundation technologies, such as Discrepile, give an edge on projects that require protection of the environment and aquifers 1.
- The consolidated plan 2026-2029 was checked through an independent business review by a consulting firm, which supports the credibility of the growth assumptions 1.
Weaknesses
- Financial debt is concentrated in near-term maturities, and much of it depends on concluding a new financial manoeuvre with banks 1.
- The Soilmec division is still under restructuring, and indirect costs and operating efficiency need improvement 1.
- Part of the liquid funds is restricted by currency controls or collateral, which limits their use at consolidated level 1.
Opportunities
- Port and transport infrastructure projects in Argentina, Algeria and Italy could extend the long-term order book 1.
- Demand for sustainable construction and protection against hydrogeological risks could open new contracts in the United States and Europe 1.
- Debt reduction under the consolidated plan could improve financial flexibility if the repayment targets are met 1.
Threats
- If no refinancing agreement is reached, the group could face difficulties executing contracts and paying suppliers 1.
- Site delays caused by land acquisition, supply or local conditions may affect completion timelines and project profitability 1.
- Political and economic instability in some countries where the group operates could influence both project execution and collections 1.
Risks
- Refinancing of debt maturing in 2026high
A significant part of the debt falls due at the end of 2026, and failure to agree a refinancing could affect the group's financial structure 1.
- Limited liquidity due to restrictionsmedium
Part of the liquid funds is blocked by currency restrictions or cash collateral, reducing the resources immediately available 1.
- Delays on large projectsmedium
Projects such as The Line in Neom or the works in Nigeria have seen delays or stand-by, which could affect revenue and execution capacity 1.
- Restructuring of the Soilmec divisionmedium
The restructuring of the Soilmec division carries execution risks and the risk of missing operating efficiency targets 1.
- Long-term climate riskslow
Climate change could create impacts on operating conditions and management costs over longer periods, according to the group's assessment 1.
Investment thesis
What would need to be true (bull case)
- If the 2026-2029 plan is delivered, revenue growth and an improving EBITDA could significantly reduce net debt by the end of the period 1.
- A portfolio of strategic port and transport infrastructure projects could support long-term demand and geographic expansion 1.
- The technological edge in low-impact foundations could open access to contracts with high ESG standards 1.
What would break the thesis
- If no new financial manoeuvre is concluded by the end of 2026, debt falling due could put pressure on liquidity and operational continuity 1.
- Delays and stand-by on large projects could weigh on revenue and margins if they are not resumed on time 1.
- Currency restrictions and collateral limit available liquidity, which could reduce the group's financial flexibility 1.
What to watch
- Outcome of negotiations on the new financial manoeuvre with lending banks2026
- Resumption of works on the Yacyreta project in ArgentinaQ2 2026
- Delivery of EBITDA and capex targets in the consolidated plan 2026-20292027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The Trevi group operates through two divisions, Trevi, dedicated to special foundation works and complex civil construction, and Soilmec, which makes foundation equipment. In 2025 the Trevi division kept working on infrastructure in Italy, Europe, the Middle East, Africa, the Far East, North America and South America, with projects such as the Piazza Venezia station on Rome Metro C or the Oiltanking port quay in Argentina 1. The consolidated plan 2026-2029 foresees EBITDA of around 100 million euro at the end of the period and average annual capex of about 22 million euro 1.
The core activity remains the execution of foundation and civil construction contracts won on a project basis, so the order book and the execution schedule are the main drivers of revenue. In 2025 the group reported completed projects in Italy, Spain, the UAE, Oman, Kuwait, Nigeria, Algeria and the United States, while works such as The Line in Neom were on stand-by at year end 1. The Soilmec division is in a restructuring process, with lower indirect costs and a revised organisation 1.
Segments
Trevi division
The Trevi division covers special foundations, civil construction and large infrastructure, with projects in ports, metro, railways and residential or industrial complexes. Representative 2025 projects include the Oiltanking quay in Argentina, which generated most of the South American revenue, and the Algiers Metro extension, whose works on both sides began in June 2025 1.
Soilmec division
The Soilmec division makes foundation equipment and is in the middle of a consolidation process, in line with the restructuring and relaunch plan started at the end of 2021. Management revised the organisational structure and implemented measures to cut indirect costs and improve operating efficiency in 2025 1.
Market context
The market Trevi serves is tied to investment in transport infrastructure, ports, energy and buildings, both in Italy and internationally. The group's documents show demand coming from large public and private projects, with competition played out on technical capability and reliable long-term execution. Market risks include interest rate moves, which affect the cost of floating-rate financing after the restructuring agreement was amended 1.
Overall the group's activity is concentrated on long-duration projects, so revenue depends on new orders entering execution and on the pace at which existing contracts are completed. The growth outlook for 2025-2029 is 5.5% a year, and the plan assumes profitability in line with what was reported for 2025 1.
Trends
- Infrastructure and port projectstailwind
Investment in ports, railways and metro systems, such as the Argentine quay or the Algiers metro, supports the order book and widens the group's client base 1.
- Energy transition and ESG-linked projectstailwind
Works tied to biorefineries, hydrogen and flood protection, such as the Livorno and Ohio projects, reflect demand for construction with a lower environmental footprint 1.
- Delays and stoppages on some sitesheadwind
Projects such as The Line in Neom are on stand-by, and others in the Philippines and Nigeria have faced delays from land acquisition, supply or technical changes 1.
- Debt refinancingmixed
The major 2026 maturity and the need to negotiate a new financial manoeuvre with banks place significant pressure on the capital structure, but the plan depends on the outcome of these talks 1.
Competitive position
Trevi competes with other contractors specialised in special foundations and geotechnical works, in Europe and internationally. The available sources do not explicitly name competitors, so the list below reflects only companies referred to in the group's documents or directly tied to the sector. Competition is based on technology, site experience and the ability to finance large contracts 1.
For the Soilmec division, competition comes from producers of drilling and foundation equipment, and the advantage depends on technological innovation and production costs. The group's documents show the division is restructuring and that the equipment market is consolidating 1.
- European special foundation contractors
European geotechnical and special foundation companies competing for infrastructure and port projects, identified as the reference group for the sector.
- International infrastructure contractors
Global construction groups that take part in the large metro, railway and port projects in regions where Trevi is present.
- Foundation equipment manufacturers
Makers of drilling and foundation machinery that compete with the Soilmec division in specialised equipment markets.
- Local contractors in the Middle East and Africa
Regional firms competing for projects in the UAE, Saudi Arabia, Nigeria and Algeria, where the group is present.
News & filings
In the press
- Mai mulți români au fost prinși de carabinierii italieni în timp ce păcăleau turiști în centrul istoric al Romei / Jucau „alba-neagra” chiar lângă Colosseum și Fontana di TreviG4Media · 09 Sept 2026 · RO
- Alba-neagra la Colosseum și Fontana di Trevi. Mai mulți români au fost prinși de carabinieriMediafax · 09 Sept 2026 · RO
- 1,5 milioane de euro pe an. Unde ajung banii aruncați de turiști în celebra Fontana di Trevi din RomaMediafax · 04 Sept 2026 · RO
- 22 mai: 264 de ani de la inaugurarea Fontana di Trevi: secretele celei mai faimoase fântâniAdevărul · 21 May 2026 · RO
Annual reports (ESEF)
- Annual report 202529 Apr 2026
- Annual report 202429 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Trevi - Finanziaria Industriale S.p.A. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.