Salcef S p A : Documento Finanziario

Results Presentation

15 March 2024

Speakers

Valeriano Salciccia	Fabio De Masi	Alessio Crosa
Chief Executive Officer	Chief Corporate &	Chief Communication &
	Financial Officer	Sustainability Officer

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Key messages

SETTING THE BAR HIGHER

The best year ever brings the Group to a different dimension, with full availability of all the operational, commercial and financial levers to unlock further growth

PERFORMANCE & VISIBILITY

Outstanding top line performance, with Revenues up 41% YoY of which 27% organic EBITDA reaching € 161 mln, with profitability solidly at above 20%

Backlog reaching all-time-highat € 2.2 Bn with € 1.1 Bn of new contract signed in the year (book-to-bill at 1.65x) and covering 2.8 years of equivalent production

ESG COMMITMENT AND DELIVERY

Group performance and disclosure improved as per ESG strategy

Commitment to market-oriented disclosure confirmed by first participation to the CDP questionnaire on climate change, with a satisfactory "B" score

Well positioned to comply with the Corporate Sustainability Reporting Directive, applicable from 2024 reporting

LOOKING AHEAD WITH CONFIDENCE

Capex for 2024 growing at € 70 mln to continue supporting product and process development and confirming Group's innovative DNA

2024 set to deliver additional revenue growth (approx. 20%)	3

Bigger than ever, targeting further growth

• Mln

2023 vs. 2020
2023 vs. 2022
Backlog
+268.0%	+30.4%

Revenues1

EBITDA1	Adj. Net Income1,2

2,218

1,701

1,200

+133.5%	+40.5%
			794.7
		565.6
	440.1
340.3
2020	2021	2022	2023

+103.5%	+39.6%
			160.5
		115.0
	97.3
78.9
2020	2021	2022	2023

+53.4%	+13.5%
DPS (€)		64.0
	52.2	56.3	0.55
41.7
		0.50
	0.46
0.42
2020	2021	2022	2023

603
2020	2021	2022	2023

Headcount

+61.9%	+5.6%
		1,929	2,037
1,258	1,409
2020	2021	2022	2023

1. 2022 and 2023 figures, where applicable, has been restated to retroactively reflect the effects resulting from the completion of the purchase price allocation related to the acquisitions of the railway business unit of PSC

Group and of Francesco Ventura Costruzioni Ferroviarie s.r.l., in accordance with the accounting principles in force	4
2. 2020 and 2021 adjusted to exclude the impact on financial expenses of the fair value gains and losses on the "warrant in compendio e integrativi" and the tax impact of the reversal of deferred tax assets on revaluations.

2022 and 2023 adjusted to exclude the tax impact of the reversal of deferred tax assets on revaluations, the impact on financial expenses of the fair value change on financial investments and non-recurring tax expenses

Revenues by Business Unit

• Mln

Consolidated Revenues at € 794.7 Mln, up 40.5% YoY mainly due to:

• Organic growth at 27.0%, mainly supported by Heavy Civil Works (142.1%) benefitting from the increasing volumes on the Verona-Padua HS line contract, Track & Light Civil Works (13.8%) and Energy, Signalling & Telecom (18.4%)
• Railway Machines up 72.5% benefitting from the consolidation of Colmar (€ 8.1 mln)
• Railway Materials continuing in its consistent organic growth trend (+15.4%) thanks to new products

	2023	2022		Δ (%)
Track and Light Civil Works	461.1	355.0	29.9%	58.0%	Track & Light Civil Works (62.8% in 2022)
Energy, Signalling & Telecom	115.8	88.3	31.2%	14.6%	Energy, Sign. & Telecom (15.6% in 2022)
Heavy Civil Works	127.6	52.7	142.1%	16.1%	Heavy Civil Works (9.3% in 2022)
Rail Grinding & Diagnostics	20.3	15.2	33.7%	2.6%	Rail Grinding & Diagnostics (2.7% in 2022)
Railway Materials	48.2	41.7	15.4%	6.1%	Railway Materials (7.4% in 2022)
Railway Machines	21.8	12.6	72.5%	2.7% Railway Machines (2.2% in 2022)
Total	794.7	565.6		40.5%
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Focus on Business Units (1/4)

Track & Light Civil Works

2023 Revenues at € 461.1 Mln, up 29.9% YoY mainly due to:

• Consolidation of the better-than-expected contribution from Francesco Ventura Costruzioni Ferroviarie (€ 64.7 mln)
• Higher activities within the 3-year framework agreements with RFI
• Higher productions for urban mobility customers in US and Italy

2024 will benefit from first activities on contracts in Romania and Egypt, the ramp-up of some domestic renewal contracts signed in 2023 and further growth of Francesco Ventura Costruzioni Ferroviarie led by new contracts from regional railways in Southern Italy

REVENUES DISTRIBUTION

Nat: 89.9%	Nat: 92.5%	Nat: 100%
Int'l: 10.1%	Int'l: 7.5%	Int'l: 100%

56.1%
	28.3%
		8.7%	7.0%
E X T R A O R DI N A R Y	O R D I N A R Y	N E W	L I G H T C I V I L
M A I N TE N A N C E	M A I N TE N A N C E	C O S T R UC T I O N	W O R K S

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Focus on Business Units (2/4)

Energy, Signalling & Telecommunication

2023 Revenues at € 115.8 Mln, up 31.2% YoY mainly due to:

• Higher catenary activities within the 3-year framework agreements with RFI
• Material growth of signalling activities (+257%) in execution of the ERTMS contracts

2024 will benefit from a material step-up on the ongoing activities on ERTMS and electrical substations, which together are expected to represent approx. 45% of the BU vs. current 27%

REVENUES BY BUSINESS SEGMENT

1.0%

18.1%

25.8%

55.1%

Catenary		Power Transmission (HV & MV)		Signalling		Substations	7

Focus on Business Units (3/4)

Heavy Civil Works

2023 Revenues at € 127.6 Mln, up 142.1% YoY mainly due to the peak of the contribution from the Verona-PaduaHS line contract and the first activities for the Piazza Pia contract

2024 will continue to be focused on the execution of the Verona- Padua and Piazza Pia contracts, together with growing activities in Germany on the back of a positive 2023 order inflow

Rail Grinding & Diagnostics

2023 Revenues at € 20.3 Mln up 33.7% YoY

2 new Vulcano rail grinders delivered in 2023 and already on the field

2024 will be focused on the consolidation of the activities and international business development

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Focus on Business Units (4/4)

Railway Materials

2023 Revenues at € 48.2 Mln, up 15.4% YoY mainly due to:

• > 400,000 sleepers produced
• Slab production going at regime with > 1,000 units produced

New Turnout Bearers production line activated and running

Growth expected to continue in 2024 supported by new products, mainly slabs, and execution of new contracts for specific supplies not included in the RFI framework agreements

Railway Machines

2023 Revenues at € 21.8 Mln, up 12.6% YoY mainly due to the consolidation of Colmar

2024 will be focused on the commercial and industrial integration of Colmar, on the development of the new Schieppe plant and on the continuous support to the Group production capacity

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Revenues by Geography

• Mln

Domestic revenues materially growing 52.0% (33.3% organic) and increasing its weight on the total (86% vs. 79% in 2022)

North America confirmed as the second market for the Group at +39.3% fully organic

	2023	2023		Δ (%)
					85.8% Italy (79.3% in 2022)
Italy	682.0	448.7	52.0%
Europe [Excluding Italy]	39.2	48.2	(18.8%)	4.9% Europe (excl. Italy) (8.5% in 2022)
North America	67.8	48.7	39.3%	8.5% North America (8.6% in 2022)
Middle East	4.6	14.4	(68.0%)	0.6% Middle East (2.5% in 2022)
North Africa	1.0	5.6	(80.7%)	0.1% North Africa (1.0% in 2022)
Total	794.7	565.6		40.5%

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