Icape (ALICA) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached €102.0m, up 13.1% year-over-year, confirming strong commercial momentum and successful integration of recent acquisitions, notably ALR Services and Kingfisher PCB in the UK.

• EBITDA increased by 28.1% to €7.2m, with EBIT up 44.3% to €4.0m, reflecting effective cost control, operational efficiency, and synergy realization.

• Net income Group share was €1.1m, up 9.6% year-over-year, though net income margin declined due to higher financial and tax expenses.

• Order backlog at June 2025 stood at €47.7m, up 1.2% year-over-year and 14.2% in dollar terms, indicating sustained demand.

• Share buyback program launched, acquiring 1.9% of capital for €1.05m at €6.84/share, now holding 2.4% of shares.

Financial highlights

• Revenue reached €102.0m in H1 2025 (+13.1% year-over-year); organic growth at constant currency was 4.1%.

• EBITDA margin improved to 7.1% (+0.8pt), EBIT margin to 3.9% (+0.8pt), and EBITA margin to 4.9% (+1pt) compared to H1 2024.

• Operating cash flow rose to €7.8m from €3.3m in H1 2024, mainly due to improved working capital requirements.

• Net financial debt stable at €39.4m; cash position at period end was €23.8m.

• Accounts receivable increased 12% to €49.5m, while inventories decreased 18% to €9.5m, supporting positive working capital management.

Outlook and guidance

• 2026 targets reaffirmed: 10% average annual organic growth (2023–2026), €120m additional revenue from acquisitions, and ~9.5% operating margin.

• Pipeline includes 12 advanced M&A targets with potential €79m additional revenue.

• Dividend payout ratio targeted at approximately 30%.