Tesmec S p A : Interim Consolidated Financial Report at March 31, 2024

Investor Relator

Fjorela Puce

Tel: [phone] - Fax: [phone]

email: [e-mail]

Tesmec S.p.A.

Registered Office: Piazza Sant'Ambrogio, 16 - 20123 Milan Fully paid-up share capital as at 31 March 2024 Euro 15,702,162 Milan Register of Companies no. 314026

Tax and VAT code: 10227100152

Website: www.tesmec.com

Switchboard: +39.035.4232911

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TABLE OF CONTENTS

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COMPOSITION OF THE CORPORATE BODIES	7
GROUP STRUCTURE	9
INTERIM CONSOLIDATED REPORT ON OPERATIONS	11
1 The Tesmec Group	12
2	Reference context	12
3	Significant events during the period	15
4	Activities, reference market and operating performance for the first three months of 2024	15
5 Summary of income statement and balance sheet situation as at 31 March 2023	16
6	Management and types of financial risk	22
7	Atypical and/or unusual and non-recurring transactions with related parties	23
8 Group employees	23
9	Other information	23
CONSOLIDATED FINANCIAL STATEMENTS	25
Consolidated statement of financial position
as at 31 March 2024 and as at 31 December 2023	26
Consolidated income statement for the quarter ended 31 March 2024 and 2023	28
Consolidated statement of comprehensive income for the quarter ended
31 March 2024 and 2023	29
Statement of consolidated cash flows for the quarters ended 31 March 2024 and 2023	30
Statement of changes in consolidated shareholders' equity
for the quarters ended 31 March 2024 and 2023	31
Explanatory notes	32
Certification pursuant to Article 154-bis of Italian Legislative Decree no. 58/98	36

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COMPOSITION OF THE CORPORATE BODIES

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Board of Directors

(in office until the date of the Shareholders' Meeting convened to approve the financial statements as at 31 December 2024)

Chairman and Chief Executive Officer	Ambrogio Caccia Dominioni
Vice Chairman	Gianluca Bolelli
Directors	Caterina Caccia Dominioni
	Lucia Caccia Dominioni
	Paola Durante (*)
	Simone Andrea Crolla (*)
	Emanuela Teresa Basso Petrino (*)
	Guido Luigi Traversa (*)
	Antongiulio Marti
	Nicola Iorio
(*) Independent Directors

Board of Statutory Auditors

(in office until the date of the Shareholders' Meeting convened to approve the financial statements as at 31 December 2024)

Chairman	Simone Cavalli
Statutory auditors	Attilio Massimo Franco Marcozzi
	Laura Braga
Alternate auditors	Alice Galimberti
	Maurizio Parni

Members of the Control and Risk, Sustainability and Related Parties Transactions Committee

(in office until the date of the Shareholders' Meeting convened to approve the financial statements as at 31 December 2024)

Chairperson	Emanuela Teresa Basso Petrino
Members	Simone Andrea Crolla
	Guido Luigi Traversa

Members of the Remuneration and Appointments Committee

(in office until the date of the Shareholders' Meeting convened to approve the financial statements as at 31 December 2024)

Chairperson	Emanuela Teresa Basso Petrino
Members	Antongiulio Marti
	Simone Andrea Crolla
Lead Independent Director	Paola Durante
Director in charge of the internal	Ambrogio Caccia Dominioni
internal and risk management
Manager responsible for preparing the Company's	Ruggero Gambini
financial statements
Independent Auditors	Deloitte & Touche S.p.A.
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GROUP STRUCTURE

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1. The remaining 49% is held by Simest S.p.A. Since Tesmec has an obligation to buy back the portion held by Simest S.p.A., for accounting purposes the shareholding in Tesmec SA is consolidated on an 100% basis.
2. The remaining 49% is held by Simest S.p.A. Since Tesmec has an obligation to buy back the portion held by Simest S.p.A., for accounting purposes the shareholding in Tesmec Australia (Pty) Ltd. is consolidated on a 100% basis.
3. The remaining 51% is held by Fusion Middle East Services WLL. By virtue of de facto control for accounting purposes, the equity investment in Tesmec Peninsula WLL is consolidated at 99%.

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