I.CO.P. (ICOP) H2 2025 earnings summary

Executive summary

• Achieved strong revenue and margin growth in 2025, with consolidated revenues up 135% year-over-year to €428.3m and adjusted EBITDA up 108% to €84.6m, driven by project execution, organic expansion, and the consolidation of AGH and Palingeo.

• Net profit increased 92% YoY to €36.6m, supported by a record backlog exceeding €1.46bn (+52% YoY), providing 2.9x revenue coverage and multi-year visibility.

• Strategic acquisitions in the US (AGH) and Italy (Palingeo) expanded geographic reach and operational capabilities, with execution discipline and selectivity.

• Continued focus on ESG, innovation, and R&D, including robotics for port maintenance and sustainable materials, earning European recognition for ESG performance.

Financial highlights

• 2025 consolidated value of production/revenues reached €428.3m, up 135% YoY; aggregate revenues €505.2m.

• EBITDA rose to €84.6m (+108% YoY), with a 20.3% margin; aggregate adjusted EBITDA €93.2m, margin 18.5%.

• Net profit increased 92% YoY to €36.6m; book value of equity grew 45.1% YoY to €131.4m.

• Adjusted net financial indebtedness at €129.6m, reflecting acquisition investments; equity-to-assets ratio improved.

• Proposed dividend: €0.14 per share, with payment scheduled for April 15, 2026.

Outlook and guidance

• High revenue visibility supported by a €1.5bn backlog and long-term partnerships, with multi-year visibility and diversified portfolio.

• US market expansion expected to drive long-term sustainable growth, leveraging AGH's platform and full-year contribution from AGH and Palingeo expected in 2026.

• Continued investment in R&D and digitalization to support technological leadership and strategic priorities in energy transition, water networks, and urban/port mobility.