TREVI Finanziaria Industriale S p A : THE BOARD OF DIRECTORS OF TREVI-FINANZIARIA INDUSTRIALE SPA APPROVES THE INTERIM MANAGEMENT REPORT AS AT 30 JUNE 2021 - SEPTEMBER 29, 2021

TREVI - FINANZIARIA INDUSTRIALE S.p.A.: The Board of Directors approves the interim management report up to 30th June 2021

• Orders acquired increased by 34% to 319.5 million Euros (237.8 in June 2020)
• The order book increased by 35% to 428.8 million Euros (317.4 up to 31 December 2020)
• Revenues of 216.5 million Euros (238.4 million Euros in June 2020) down 9%
• Revenues of 20 million Euros (34.3 million Euros in June 2020) down 42%
• Operating profit of -4.5 million Euros (7.2 million Euros in June 2020)
• Group net profit of -29.2 million Euros (251.5 million Euros in June 2020)
• Total Net Financial Position equal to € 263.0 million (€ 269.0 million Euros in June 2020)

Cesena, 29 September 2021 - The Board of Directors of Trevi - Finanziaria Industriale S.p.A. (hereinafter also "Trevifin" or the "Company"), chaired by Luca d'Agnese, reviewed and approved the interim management report of the Trevi Group relating to the first half of 2021.

Main consolidated economic results

(values in thousands of Euro)	30/06/2021	30/06/2020	Change	Change %
Total Revenues	216.453	238.383	21.930	-9%
Recurring EBITDA	19.999	34.320	(14.321)	-42%
EBITDA	18.678	32.256	(13.578)	-42%
Operating Profit (EBIT)	(4.455)	7.183	(11.638)	N/A
Net income from functioning assets	(28.531)	258.352	(286.883)	N/A
Net result from discontinued operations	0	(10.601)	10.601	N/A
Net result for the year	(28.531)	247.751	(276.282)	N/A
Net Group result	(29.249)	251.470	(280.719)	N/A

Work and orders portfolio

(values in thousands of Euro)	30/06/2021	31/12/2020	Change	Change %
Works portfolio	428.759	317.458	111.301	35%
(values in thousands of Euro)	1st half of 2021	1st half of 2020	Change	Change %
Orders portfolio	319.506	237.887	81.619	34%

Net financial position of the Trevi Group

(values in thousands of Euro)	30/06/2021	31/12/2020	Change	Change %
Total net financial position	(263.018)	(269.447)	6.429	2%
Group Workforce
	30/06/2021	31/12/2020	Change	Change %
Number of staff	3.279	3.704	(425)	-11%

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Operating performance for the semester

Total revenues amounted to 216.5 million Euros up to 30th June 2021, compared to 238.4 as of 30th June 2020. This is down by approximately 22 million Euros. It should be noted that these values refer exclusively to the subsurface engineering activities of the Trevi and Soilmec Division, the Group's core business.

The recurring EBITDA and EBITDA indicators on 30th June 2021 are 20 and 18.7 million Euro respectively. The difference between them, equal to 1.3 million, is linked to extraordinary and/or non-recurring income and expenses. Compared to the previous period the aforementioned and expected reduction in recurring EBITDA is approximately € 14.3 million Euro.

EBIT on 30th June 2021 was negative at 4.5 million Euros (7.2 million Euros positive in the first half of 2020) due to amortization, depreciation and write-downs.

The net result attributable to the Group on 30th June 2021 was negative for 29.3 million Euros (251.5 million Euros positive in the first half of 2020). It should be noted that the net result for the first half of 2020 was positively influenced by the effects of implementing the re-capitalization and debt restructuring operation completed on 29th May 2020, which had generated an overall positive net effect of approximately 280.3 million Euro, influencing the Group's financial income and expenses.

During the first half of 2021, the Group continued its operations and efforts to cope with the impact of the Covid-19 pandemic, which starting from the first quarter of 2020 spread in Italy and globally (see the following paragraph "Covid -19 "); the Group has also intensified its commercial activity to acquire orders and increase the order portfolio, restoring it to a level that guarantees the continuation of the Group's economic and financial recovery phase. This includes managing negotiations with the banks (the "Financing Banks"), made necessary in the event of non-compliance with the financial parameters envisaged as 31st December 2020 of the restructuring agreement pursuant to article 182 bis of the Bankruptcy Law signed on 5th August 2019 (hereinafter also the "Restructuring Agreement").

The commercial activity allowed the acquisition of orders for € 319.5 million Euro in the first six months of 2021, + 34% compared to the same period in 2020. The Trevi Division specifically acquired orders for

1. million Euro (+ 19% compared to 2020), while the Soilmec Division acquired orders for 80.9 million Euro (+ 208% compared to the same period in the previous year). The order book on 30th June 2021 was equal to 429 million Euros (of which 373 million Euros for the Trevi Division and 56 million Euros for the Soilmec Division). The Group's portfolio was equal to 317 million Euros on 31st December 2020 and equal to

1. million Euros on 31st December 2019.

With regard to the negotiations with the Lending Banks, it is should be noted that on 31st January 2021, the Company made a market communication stating that on the basis of the preliminary information available on said date in relation to the financial operating performance in 2020 - affected also from the negative effects of the Covid-19 pandemic on the world economy that impacted the Group's business - it was possible to predict that, upon approval of the Trevi Group's consolidated financial statements, that there would be a failure to comply with one of the financial parameters established in the Restructuring Agreement, specifically the ratio

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between consolidated net financial debt and recurring EBITDA. Subsequently, on 24th February 2021, Trevifin informed the market about negotiations starting with the Lending Banks aimed at identifying necessary amendments to the existing agreements to deal with the foreseeable failure to comply with one of the financial parameters established in the Restructuring Agreement upon approval of the consolidated financial statements for 2020. The Company also informed the market that based on the preliminary information available at that date, relating to the operating performance in the 2020 financial year, and the further analyses then underway on the Company's prospects in the current context market, strongly conditioned by the global effects caused by the spread of the Covid-19 pandemic, with a general slowdown in meeting the objectives identified in the 2018-2022 business plan, and which were thus seen not to be fully achievable in the time frame considered. In consideration of this, during negotiations initiated with the Lending Banks, the Company put forward the hypothesis of granting the usual waivers and changes to the financial parameters originally set in the Restructuring Agreement, as well as in the hypothesis of rescheduling some of the deadlines envisaged in the current year regarding certain exposures. Furthermore, on 23rd April 2021 the Board of Directors approved the updated 2021-2024 business plan in order to take into account the slowdown recorded in the financial year ended 31st December 2020 and the prospects of the Trevi Group in the current market context, strongly conditioned by the effects caused globally by the spread of the Covid-19 pandemic (the "Updated Consolidated Plan"). In this context, the business plan was updated both in terms of its quantitative objectives and its time projection, which has been extended to the year 2024, in compliance with the original strategic guidelines and confirming, in any case, the achievement of the recovery objectives, albeit over a longer timeframe than initially forecast.

Important activities were also carried out to improve the quality of the Group's information systems in the first half of the year and important objectives were met: on 28th June, the SAP information system went live for the companies Trevi Finanziaria Industriale SpA and Trevi SpA. The new Microsoft Dynamics CRM (Customer Relationship Management) system was also launched in June 2021 to support the commercial activity of the entire Trevi Division, aligning it with the Soilmec Division, which was already using it. Please note that startup of the SAP system follows the installation of the Tagetik consolidation and reporting system, which took place in July 2020, and startup of the centralized treasury system (first SAP module) integrated with Home Banking, which took place in November 2020. The cash flows of over 30 Group companies are currently managed on the centralized treasury system.

On the 30th June 2021, the Net Assets of the Trevi Finanziaria Industriale SpA company was equal to

116.4 million Euros (128.5 million Euros on 31st December 2020), while at 30 June 2021 the Group's equity was equal to 102.1 million Euros (123.4 million Euros on 31st December 2020), while the Consolidated Shareholders' Equity amounted to 98.6 million Euros (120.0 million Euros on 31st December 2020).

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The market context

In the first half of 2021, the ongoing Covid-19 pandemic on a global level continued to negatively affect the global macroeconomic scenario, even if some signs of recovery can be seen.

While there are extraordinary measures in place limiting the free flow of goods and people and the closure of factories and production activities, as well as quarantine obligations, the progress of the vaccination campaign in the Eurozone has nevertheless represented an important step forward in the resolution process of the current health crisis, even if the new variants still leave some doubts concerning the future.

Unlike in 2020, the price of petroleum products has seen a gradual increase since January in anticipation of a global increase in demand. As an immediate consequence there were increases in the production sectors of the main raw materials, driven by a sharp increase in global demand in the wake of the first signs of recovery. For example, the significant increase in the price of iron is worth highlighting as on a global level it has negatively influenced the construction sector.

To cope with the economic crisis, numerous governments of the affected countries and various supranational entities have adopted extraordinary measures since the end of 2020 to support household incomes, business liquidity and guarantee access to credit. As a result of these measures and thanks to the progress of vaccination campaigns, there have been widespread shoots of recovery at a global level and they are already giving the first results. Unfortunately, there is a very uneven situation in the various markets, which is fundamentally linked to the ability or otherwise of individual governments to implement a valid and timely vaccination policy (in Europe and the USA important steps have been taken, while in South America, East Asia and Africa there have been delays).

Again with a view to countering the economic crisis, many governments, especially those in the richest economies (Europe and North America primarily) have planned massive infrastructure investments to drive recovery for the economies brought to their knees by the pandemic, as these kind of interventions have a direct return in terms of the GDP and create employment, both directly and as a consequence via the production chain.

The orders and portfolio

Orders acquired by the Trevi Group in the first half of 2021 amounted to approximately 320 million Euros, compared to approximately 238 million in the same period of the previous year, of which approximately

242 million relating to the Trevi Division (203 million Euros in the corresponding 2020 period) and 81 million in the Soilmec Division (35 million in the corresponding 2020 period), gross of intra-divisional orders.

The Trevi Group's order book on 30th June 2021 amounted to 429 million Euros (400 million Euros on 30th June 2020). As regards the breakdown by Division, 373 million Euros refer to the Trevi Division

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(357 million Euros on 30th June 2020), while 56 million refer to the Soilmec Division (43 million on 30th June 2020), also including the portfolio towards the Trevi Division.

Management performance

Total revenues of the Trevi Group on 30th June 2021 amounted to 216.5 million Euros, down by approximately 22 million Euros on 30th June 2020 (238.4 million Euros). On an international level, the market is showing signs of recovery, thanks to the extensive vaccination campaign, which reduced the spread of the Covid-19 pandemic, although especially during the first quarter the governments of many countries where the pandemic had a greater impact have continued to adopt restrictive measures in regards to the flow of people and goods, with quarantine obligations and the slowdowns or closure of various production activities.

In addition to the growth opportunities envisaged in the construction sector, the economic recovery is mainly due to the scheduling of important infrastructural interventions that many governments have implemented to give impetus and a boost to the economies of individual countries.

As far as the Group is concerned, despite the difficulties of the international scenario and although some important orders have been completed, starting from the second quarter of 2021 there has been an increase in the volumes produced, the resumption of orders and consequent growth of the order backlog.

Some key factors specific to the Group, contributed to the recovery: the great adaptability to extreme and difficult situations, the excellence of our engineering know-how, the strong focus on customer satisfaction and the recognition of the Trevi Group as a reliable technological partner.

Below are some considerations on the performance of the Trevi Division by geographical area. In Europe, revenue volumes were down compared to the first half of 2020, due to the completing the works relating to the large F4 construction site in Frankfurt, while the new Alte Akademie construction site in Monaco started slowly due to problems in the works timeline. In France, all the construction sites of the Paris Metro were completed, while in the 1st half of 2020 the Anse du Portier construction site in Monte Carlo, completed in July 2020, made a very positive contribution. Positive contributions to volumes also thanks to Norway, and the Drammen project, where very positive production performances were achieved and recognition ofstand-byrates was obtained, covering part of the construction costs incurred during lockdown. In East Asia,volumes grew strongly in the Philippines compared to the first half of 2020, partly due to the negative effects of Covid in 2020 and partly due to the positive performance of some of the main projects: NSCR CP-01 (Mainline, TP & Depot), JG Summit Expansion Phase 1, MRT 7 Guideway & Stations, NLEX-SLEX Connector Road Section. Positive contributions also came from Hong Kong, where important contractual changes were formalized for the expansion project of the International Airport and the Tung Chun New Town Extension project. In Australia, on the other hand, the Forrest Field Airport Link project with Salini (ground freezing activity) has ended. In the Middle East there was a contraction in volumes compared to the first half of 2020, particularly in Dubai, due to the very aggressive competition and fewer orders than expected, while in Oman the delay in starting the Sugar Oman Project and the general negative trend of the construction sector. The trend in Saudi

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