I.CO.P. (ICOP) H2 2024 earnings summary

Executive summary

• Achieved record consolidated net profit of €18.0M, with €17.9M attributable to the group, up 267% year-over-year.

• Value of production rose 66.9% to €187.2M, driven by strong growth in microtunnelling and special foundations.

• EBITDA reached €40.7M (21.8% margin), and operating income soared to €27.2M (+789% YoY).

• Successful IPO on Euronext Growth Milan in July 2024 raised €30M, strengthening equity and supporting expansion.

• Acquisition of US-based AGH in early 2025 marks a strategic entry into the US geotechnical market.

Financial highlights

• Net profit: €18.0M (2023: €4.9M); EBITDA: €40.7M (2023: €14.7M); Operating income: €27.2M (2023: €3.1M).

• Equity increased to €90.4M (2023: €44.4M); net financial position improved to €-12.2M (net cash).

• Order backlog at March 2025: €960M; post-AGH acquisition, backlog approaches €1.1B.

• Investments in tangible assets totaled €20.2M, focused on equipment for microtunnelling and special foundations.

Outlook and guidance

• 2025 production fully covered by projects already started in 2024, ensuring operational visibility.

• Integration of AGH expected to push consolidated production above €400M and expand US presence.

• Pipeline of advanced commercial opportunities exceeds €1B, with focus on energy, ports, and international expansion.

• Management expects further growth in profitability and scale, leveraging synergies and innovation.