3Q 2010 Results3Q 2010 Results

CommentComment ofof the the ChairmanChairman on the 3Q10on the 3Q10

“We wish to express our satisfaction with the results

achieved in the third quarter of the current financial year;

the results show an improvement compared to the previous

quarter both in terms of total revenues and in operating

profitability. The Company expects the growth to

2

profitability. The Company expects the growth to

continue in the final quarter of 2010 so that the

estimate of year-end total revenues of approximately

Euro 1 billion is reached. Net debt improved for the

fifth consecutive quarter. At 30 September, the order

portfolio had grown to approximately Euro 760

million from Euro 716 million at 30 June 2010.”

TREVI Group: Business TREVI Group: Business ModelModel

SERVICESDivision

MECHANICAL Division

Special foundation services Oil drilling services Oil drilling rigs Special foundation rigs

• Onshore Drilling

• Long term contracts

• Latin America emerging

Player

• Hydraulic Rotary Rigs

• Cranes

• Jet Grouting

• Tunnel Consolidation

• Casing Oscillators

• Extractors

• Drilling Tools

• etc.

• Automatic Rigs

(HH Series)

• Land rigs

• Derricks & Offshore

• Mobile Drilling Rigs

• Hydraulic Top Drives

• Triplex Mud Pumps

• Deep Foundations

• Geotechnical Works

• Marine Works

• Tunnel Consolidation

• Automated Car Parks

• Environment

3Projects for renewable energy

TREVI Group: Global TREVI Group: Global PresencePresence

U.S.A. Trevi Icos Corporation

GermanyItaly

(RCT S.r.l.)

Japan

China

Italy (Piacenza)(EDRA S.r.l.)

Canada

France

UK

Austria

India

U.S.A.

U.S.A.(WATSON INC.)

Italy (Cesena)Italy

(PSM S.r.l).

45 Operating Companies in 32 Countries – 53 Business Units

4SOILMEC Division

DRILLMEC Division

PETREVEN DivisionVenezuela

Mozambique

Nigeria

U.A.E. SwissboringI.D.T. Fzco

OmanSwissboring

Hong Kong

Japan

Singapore

U.S.A.

Argentina

Colombia

Canada

Qatar Swissboring

New Zealand

Peru

Venezuela

Argentina

AlgeriaPhilippines

Panama

Germany

TREVIDivision

Angola

Colombia(GALANTE S.A.)

Arabia Saudita

Australia

Libya

Brazil

Highlights 3Q10Highlights 3Q10

ORDER BOOK 759.4 million € END - SEPTEMBER

9 – Month NET PROFIT 34.8 million €

5

FOURTH Quarter EXPECTED to IMPROVE versus THIRD Quarter

EXPECTS FULL YEAR TOTAL REVENUES of about 1 Billion €

NET FINANCIAL DEBTS IMPROVED further DOWN to 396 million €

642,4

837,1

1.069,2

836,4

1.035,8

689,1

Total RevenuesTotal Revenues

Eur mln

2000 2001 2002 2003 2004 2005 2006 2007 2008 3Q09 2009 3Q10

304,0349,7 340,1

366,6 366,1

496,7

6

128

272

371

20836

47

23

34

Estremo Oriente ed altro

Medio Oriente e Asia

Africa

America Latina

U.S.A. e Canada

Europa (Italia esclusa)

Italia

Mln

Mln

Geographical Breakdown 3Q04 Geographical Breakdown 3Q04 –– 3Q103Q10

Far East and Other

Middle East and Asia

Africa

Latin America

U.S.A. and Canada

Europe (Excl. Italy)

Italy

469,0

589,5

779,9

836,4

689,1

3Q04 3Q05 3Q06 3Q07 3Q08 3Q09 3Q10

5578 76

100 95 102 11830

3460

101 116

44 25

32

41

73

6384

91127

27

33

40

69

76

94

105

40

65

73

92

91

11272

58

86

118

12

15

30

Euro

Mln

Euro

Mln

7

253,7

351,6

469,0

589,0

779,9

836,4

689,1

19,3% 20%

25%

30%

500,0

600,0

700,0

800,0

900,0

Ebitda Margin

Ricavi

Margini EBITDA%

Margini EBIT%

EbitdaEbitda & & EbitEbit MarginMargin

253,7

351,6

469,0

10,3%

11,1%

13,2%

14,5%

16,8%15,4%

4,2%5,1%

8,9%

11,1%

13,6%

13,1%

9,5%

0%

5%

10%

15%

0,0

100,0

200,0

300,0

400,0

500,0

3Q04 3Q05 3Q06 3Q07 3Q08 3Q09 3Q10

Ebitda Margin

8

Euro Mln

Eur mln 3Q10 g% QoQ 3Q09

Special Foundation Services (TREVI) 308,6 -19,3% 382,3Drilling Services (PETREVEN) 58,1 15,6% 50,3Interdivisional Adjustments and Eliminations (4,6) (4,7)

Sub-Total Foundations and Drilling Services 362,1 -15,4% 427,9

Machines for Special Foundations (SOILMEC) 134,0 0,6% 133,3

Revenues Before and After ConsolidationRevenues Before and After Consolidation

Machines for Special Foundations (SOILMEC) 134,0 0,6% 133,3Drilling Rigs (DRILLMEC) 210,8 -26,1% 285,2Interdivisional Adjustments and Eliminations (2,5) (1,4)

Sub-Total Mechanical Division 342,4 -17,9% 417,1

Parent Company 10,5 11,0Interdivisional Eliminations (25,9) (19,6)

TOTAL CONSOLIDATED REVENUES 689,1 -17,6% 836,4

9

441,8

BacklogBacklog

783,5 759,4

1.228,7

GEOGRAPHICAL AREA Eur mln 30/09/2010 %

Latin America 215,4 28,4%

Middle East and Asia 95,1 12,5%

U.S.A. and Canada 184,9 24,3%

Italy 170,8 22,5%

Europe (excl. Italy) 25,6 3,4%

Africa 47,3 6,2%

Far East 20,4 2,7%

TOTAL 759,4 100%

Increase of 6% compared to June 2010

290,6351,0 380,0

786,8

510,0 503,0

149,0

262,0301,0

273,5 256,4

10

Eur mln

Foundations Sector Drilling Sector

3Q05 3Q06 3Q07 3Q08 3Q09

439,6

681,0613,0

783,5 759,4

3Q10

8%

13%

21%

58%

101,0

20,6 12,6 25,49,2 2,0 8,4

Net Financial PositionNet Financial Position

FREE CASH FLOW

443,8395,7

11NFP 3Q10NFP FY09 EBIT + D&A

FREE CASH FLOW

+ 67,7 mln Eur

Eur

mln

INVESTMENTS INTERESTS EXCHANGE DIFFERENCES

OTHERTAXES ∆ WORKING CAPITAL

Net Financial Position and Net Financial Position and RatiosRatios

Eur mln

247,9

441,8

395,7

2,3x2,1x 2,1x

2,8x

2,5x

3,5x

4,5x

5,5x

250,0

300,0

350,0

400,0

450,0

500,0 TOT. NFP

TOT. NFP / EBITDA

TOT. NFP / EQUITY

EBITDA / Financial Expenses 12

3Q 06 3Q 07 3Q 08 3Q 09 3Q 10

Eur

3Q 05

11,5x11,7x10,8x8,4x8,6x6,5x

3Q 06 3Q 07 3Q 08 3Q 09 3Q 103Q 05

126,0

175,5

142,6

2,1x

1,1x

1,4x

2,1x

1,4x

1,5x

1,1x1,1x

1,5x

1,1x

-0,5x

0,5x

1,5x

2,5x

0,0

50,0

100,0

150,0

200,0

250,0

Equity and Net Financial PositionEquity and Net Financial Position

Eur mln

Short Term Debt

Long Term Debt

200

250

300

350

400395,7

349,6

19%

235,3

315,9

13EQUITY NET FIN. POSITION

0

50

100

150

200

2005 2006 2007 2008 2009 3Q10 3Q10

102,1

127,4

163,581%

284,3

359,4

427,9

362,127,6%

22%

27%

32%

290

340

390

440

490

Foundations and Drilling Services DivisionFoundations and Drilling Services Division

Eur mln

Italy19%

Middle East and Asia18%

Far East2%

257,3

284,3

9,1%10,6%

14,6%

17,4%

11,2%

14,5%15,4%

19,4%19,5%

7%

12%

17%

90

140

190

240

290

3Q06 3Q07 3Q08 3Q09 3Q10Margin %

Euro mln

14

Not Consolidated Data

FY07 FY08

Revenues Ebit% Ebitda%

U.S.A. and Canada20%

Latin America25%

Africa16%

323,3

444,3

417,1

342,421%

26%

280

330

380

430

480

Mechanical DivisionMechanical Division

Eur mln

Italy

16%

Europe (excl.

Italy)

7%

U.S.A. and

Far East

6%

Other

2%

219,0

8,1%

12,2%

13,7%

8,7% 8,4%10,8%

13,9%

15,1%

10,4% 11,0%

6%

11%

16%

80

130

180

230

280

3Q06 3Q07 3Q08 3Q09 3Q10Margin %

Euro mln

15

Not Consolidated Data

FY07 FY08

Revenues Ebit% Ebitda%

U.S.A. and

Canada

18%

Latin America

5%Africa

4%

Middle East

and Asia

42%