I.CO.P. (ICOP) Investor presentation summary

Strategic positioning and market opportunities

• Recognized as a cross-Atlantic leader in specialty construction, focusing on critical foundation and ground engineering services, with a strong presence in both Europe and the U.S. markets.

• Benefiting from structural trends such as energy transition, water savings, and increased infrastructure investment, especially in the U.S. where the addressable market exceeds $11bn.

• Recent acquisitions of AGH and Palingeo have strengthened market position, expanded capabilities, and enabled access to significant backlogs and new geographies.

• Solid backlog of approximately €1.4bn provides high revenue visibility, supported by long-term partnerships and consortium participation.

Business model and operations

• Specializes in microtunneling, foundations, and maritime works, with about 94% of business in specialized construction and the remainder in general infrastructure.

• Engineering-driven approach with advanced technological know-how, state-of-the-art asset base, and ability to manage complex projects in challenging environments.

• Lower risk profile compared to general contractors due to focused scope, direct execution, and flexibility, resulting in higher average EBIT margins (7-10%).

• Notable projects include Grand Paris Express, Ariane 6 Launch Station, and major port and pipeline works.

Financial performance and growth

• FY24 saw strong revenue (€187m) and EBITDA (€41m) growth, with EBITDA margin expanding to ~22% and a net cash position of €12m.

• 1H 2025 results show continued acceleration: €160.1m value of production (+104% YoY), €26.9m EBITDA (+57% YoY), and €10.8m net profit (+47% YoY).

• Backlog increased from €960m at YE24 to €1,409m in 1H25, ensuring future revenue streams.

• Pro-forma 1H 2025 revenue reached €221.3m, with a workforce of nearly 600 employees across ICOP, AGH, and Palingeo.