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

Strategic positioning and growth drivers

• 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.

• Benefiting from structural trends such as energy transition, water savings, and infrastructure modernization, especially in Italy and the U.S.

• Recent acquisitions (AGH in the U.S. and Palingeo in Italy) have expanded capabilities, market reach, and operational scale, supporting both organic and M&A-driven growth.

• Solid backlog of approximately €1.4bn, providing high revenue visibility and long-term partnerships with blue-chip clients.

• Strong ESG commitment, with innovation in underground engineering to minimize environmental impact.

Market opportunities and sector focus

• Core markets in North America and Europe offer high growth, profitability, and stability, with the U.S. market being 10x larger than Italy's.

• Italian infrastructure investments exceed €100bn for 2025-2029, focusing on network transformation, water, and energy infrastructure.

• U.S. infrastructure spending is driven by the Infrastructure Investment and Jobs Act, with over $120bn planned for energy and water infrastructure over the next five years.

• Specialized works, including microtunneling, foundations, and maritime projects, account for about 94% of business activity.

Financial performance and outlook

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

• EBITDA margin reached 17% in 1H 2025, with a record backlog of €1.4bn (+57% YoY).

• Pro-forma 2024 revenue was €359.4m, with an EBITDA of €70.2m and a margin of 22%.

• Healthy balance sheet with net cash position and leverage ratios improving over time.