Icape (ALICA) H2 2025 earnings summary

Executive summary

• Revenue reached €200.3M in 2025, up 12% year-over-year, with 3,800+ active customers and operations in 60 countries; organic growth was 5.1% ex-currency.

• Diversified customer base and resilient business model, with 39 subsidiaries, two factories in Europe and the USA, and a strategic focus on high-mix, low-volume (HMLV) markets.

• Net income group share was a loss of €0.4M, impacted by discontinued operations and restructuring.

• Continued robust development despite global crises, with ongoing organic and external growth.

• Decision to progressively discontinue IHM (France) and TRAX (South Africa) sites to rationalize production and cut losses.

Financial highlights

• Revenue grew 12% to €200.3M in 2025 compared to 2024; organic growth was 1.8% (+5.1% ex-currency), external growth 10%.

• Gross margin increased 9% to €58.6M, but margin rate declined to 29.3% from 30.0% due to higher raw material costs.

• EBITDA stable at €15.0M, with margin at 7.5%; EBITA down 4% to €10.9M; EBIT margin 4.4%.

• Net income group share per share was €(0.05), down from €0.46 in 2024.

• Backlog at year-end was USD 69.3M (+28.5% YoY), USD 71.6M at Feb 2026.

Outlook and guidance

• 2026 revenue growth projected at ≥11.5%, with organic growth of 6–8%.

• Targeting €30M in external growth for 2026, EBIT margin goal of 6%.

• Market context: ongoing cost, supply chain, and FX pressures; increasing demand for sustainability and diversification outside China.