I.CO.P. (ICOP) Strategy update presentation summary

Strategic positioning and growth

• Established as a leading underground engineering specialist with over 100 years of history and a strong presence in Europe and North America.

• Recent acquisitions of AGH in the US and Palingeo in Italy have created a cross-Atlantic construction leader, consolidating market share and operational capabilities.

• Backlog reached €1.2bn in 2024, providing strong visibility for future results and supporting further expansion.

• IPO completed in 2024, supporting the next growth stage and enabling strategic investments.

• Focus on energy transition, infrastructure development, and water management as key growth drivers.

Financial performance and outlook

• FY24 Value of Production reached €187m (+67% YoY), EBITDA €41m (+178% YoY), and net profit €18m (+267% YoY), with a 22% EBITDA margin.

• Net financial position improved to -€12m, reflecting a healthy balance sheet and capacity for further leverage.

• Combined pro-forma 2024 revenue for the group (ICOP, AGH, Palingeo) is ~€360m, with ~€70m EBITDA and over 1,500 employees.

• Palingeo contributed €67.5m in 2024 revenue and maintained EBITDA margins above 20%.

• Stock performance has significantly outperformed the market since IPO, driven by strong results and M&A strategy.

Business model and operations

• Specializes in microtunneling (47% of FY24 revenue), foundations (34%), and maritime works, with a focus on complex, high-margin projects.

• Operates through multiple delivery models: subcontractor, general contractor (via Eteria consortium), and concessionaire through SPVs.

• Eteria consortium participation provides access to a €2.4bn backlog and major national infrastructure projects.

• Strong R&D pipeline, including robotics for port maintenance and innovative materials, supports technological leadership.

• Digitalization initiatives streamline operations and enhance project management and collaboration.