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

Company overview and strategic positioning

• Leading underground engineering specialist with over 100 years of history and operations in more than 25 countries, employing around 765 people and maintaining a €1.1bn backlog as of FY24.

• Specializes in microtunneling (47% of revenue), foundations (38%), and other infrastructure works, with a strong focus on innovation and ESG principles.

• Completed IPO in 2024 and acquired Atlantic GeoConstruction Holdings (AGH) in 2025, expanding into the U.S. market.

• Holds a robust governance structure with experienced leadership and a clear succession plan.

Financial performance and growth

• Achieved €187m value of production in 2024 (+67% YoY), €41m EBITDA (+178% YoY), and €18m net profit (+267% YoY), with a 22% EBITDA margin.

• Backlog increased to €960m in 2024, providing strong visibility for future results.

• Maintains a healthy balance sheet, with leverage ratio improving to net cash position in 2024.

• Combined group revenue post-AGH acquisition reached ~€297m with ~€57m EBITDA in 2024.

Business model and operations

• Operates through multiple delivery models: sub-contractor, general contractor, and concessionaire via SPVs.

• Key member of the Eteria Consortium, holding a 10% share and participating in large-scale infrastructure projects.

• Strong presence in the Port of Trieste, with over €200m backlog and significant future project pipeline.

• Invests in R&D, digitalization, and robotics to enhance operational efficiency and sustainability.