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

Strategic positioning and market trends

• 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.

• Well positioned to benefit from structural trends such as the energy transition, water savings, and increased infrastructure spending, especially in the U.S. market.

• Maintains a solid backlog of approximately €1.2bn, providing high revenue visibility and long-term partnerships with blue-chip clients.

• Demonstrates a lower risk profile compared to general contractors, with higher average EBIT margins (7–10%) due to specialized, early-stage project involvement.

Business model, operations, and innovation

• Core business centers on specialized works (94% of revenue), including microtunneling, advanced foundations, and maritime works, with minimal environmental impact.

• Unique engineering-driven approach in foundations and microtunneling, leveraging advanced technology and skilled teams for complex projects.

• Ongoing R&D investments in trenchless solutions, geopolymers, robotics for port maintenance, and hydrogen-powered equipment to expand capabilities and ESG impact.

• Notable projects include Grand Paris Express, Ariane 6 Launch Station, and major port developments in Trieste.

Growth through acquisitions and market expansion

• Recent acquisitions of AGH (U.S.) and Palingeo (Italy) have created a true cross-Atlantic platform, consolidating leadership in both markets.

• AGH provides access to the $36bn U.S. geotechnical services market, with a 19% revenue CAGR (2017–2024) and margins around 15%.

• Palingeo strengthens the Italian footprint, with a 22% EBITDA margin and a strong balance sheet, enabling greater participation in large consortium projects like Eteria.

• Enhanced operational capabilities and workforce through acquisitions, supporting execution of a growing backlog and new market opportunities.