ICOP (ICOP) investor relations material

Executive summary

• Achieved net profit of €20.1 million for H1 2026, up 115% year-over-year, with €20.07 million attributable to shareholders.

• H1 2026 results confirm strong growth trajectory, with all key financial targets met or exceeded.

• Revenues reached €286.5 million, a 78–78.9% increase year-over-year, driven by expansion in Italy, Europe, and the US.

• Expansion driven by both organic growth and integration of AGH and Palingeo, with notable progress in Europe and the U.S.

• Listed on Euronext Milan from September 2026, enhancing capital access and visibility.

Financial highlights

• Adjusted EBITDA: €51.6 million (18.0% margin), up €22 million year-over-year.

• Adjusted net profit: €22.2 million (7.7% margin), up €8.9 million year-over-year.

• Net financial debt: €183.7 million, up €32.7 million from December 2025, reflecting business seasonality and investments.

• Net equity at €163.7 million, up from €145.3 million at year-end 2025.

• Dividend payout: €4.46 million.

Outlook and guidance

• 2026 guidance confirmed: revenues €610–640 million, EBITDA €105–115 million (17–18% margin), capex €30–35 million.

• Order backlog at €1.5 billion, providing multi-year revenue visibility and covering 100% of 2026 revenue.

• 2029 targets: revenues €900–950 million, EBITDA €170–190 million, margin expansion to 19–20%.

• Backlog covers 40–45% of 2027 and 24–28% of 2028 revenues.

• Strategic focus on energy, water, urban mobility, and data center infrastructure in Europe and North America.