Icape (ALICA) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 was €86.6M, down 8.4% year-over-year, with sequential improvement of 1.9% from the previous semester, reflecting early signs of recovery after a weak Q1.

• EBIT for H1 2024 was €2.9M, down from €4.7M in H1 2023; net income was €1.0M, down 46% from €1.9M a year earlier.

• Operational efficiency measures and M&A synergies are being deployed to restore profitability.

• The group executed several acquisitions, including NTW (Japan/SE Asia), François Frères (France), P.C.S. Srl, and Studio E2 (Italy), expanding its strategic network and internalizing key partners.

• All growth and profitability targets are confirmed despite the challenging environment.

Financial highlights

• Revenue declined 8.4% year-over-year to €86.6M in H1 2024.

• EBIT dropped to €2.9M from €4.7M; net income fell to €1.0M from €1.9M.

• EBITDA for H1 2024 was €5.5M, down 22% from €7.1M in H1 2023; EBITDA margin dropped 1.1 pts to 6.4%.

• Cash position at June 30, 2024 was €28.2M, with net financial debt of €28.1M.

• Backlog remained high at €47.2M, down from €50.9M at year-end 2023.

Outlook and guidance

• Management confirms all commercial and financial targets, including a 10% average annual organic growth rate from 2023–2026.

• Expects €120M in additional revenue from acquisitions between 2023 and 2026, targeting €500M in medium-term revenue.

• EBIT margin goal of 9.5% by 2026.

• Management expects to benefit from market recovery and recent acquisitions.