(Alliance News) - Trevi shares plummeted 34% to EUR0.29, bringing its market capitalization to EUR132 million, following the release of its 2025 financial results and the surprise announcement of a capital increase of up to EUR100 million, which is viewed as highly dilutive.

Revenue declined to EUR624 million from EUR663 million, though profitability improved, with net profit reaching EUR8.6 million. Commercial momentum remained positive, with order intake at EUR734 million and a growing backlog of EUR748 million.

The financial restructuring plan includes the capital increase (with a pre-underwriting agreement from Mediobanca and a commitment from CDP Equity) and a debt refinancing package involving new loans and credit lines to support operations and new tenders.

Analysts noted that while margins and orders exceeded expectations, the 2026 guidance was weaker than anticipated, with revenue and Ebitda forecasts falling short of estimates.

The 2029 strategic plan targets revenue exceeding EUR750 million and Ebitda of approximately EUR100 million, with debt expected to decrease progressively, aided by the capital injection.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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