Icape (ALICA) investor relations material

Executive summary

• H1 revenue was €113.342M (+12.5% reported; +12.3% organic; +18% organic excluding FX); Q2 growth accelerated to 22.9%.

• Order backlog reached a record $134.9M on September 25, up 133% year over year and 44% since June.

• Net income was €1.508M versus €0.799M; a separate Group-share measure was €1.6M versus €1.1M, while recurring net income reached €3M.

• FY 2026 revenue growth guidance rose to at least 18% from 12%; the EBIT margin target remained around 6%.

Financial highlights

• EBITDA was €7.760M versus €7.802M; EBIT was €4.688M versus €4.951M, with higher amortization of acquisition-related intangible assets.

• Gross margin was €30.5M (26.9% of revenue, down from 30.0%); net margin rose to 1.3% from 0.8%.

• Operating cash flow was €5.2M; cash consumption was €0.9M versus €2.9M in H1 2025.

• Net financial debt was €27.6M, down from €28.8M at December 31, 2025; cash was €18.3M.

Outlook and guidance

• FY 2026 consolidated revenue growth target rose to at least 18% from 12%; organic growth is expected at ~18%, assuming no further FX deterioration.

• External growth is expected to add €5M of revenue by year-end after a transaction pursued since the start of the year did not complete.

• FY 2026 EBIT margin target remains around 6%, supported by cost reductions, acquisition synergies, site closures, sales performance and phased IT deployment.

• New medium-term operational, strategic and financial targets are due November 24, 2026.