ICOP (ICOP) Investor presentation summary

Financial performance and growth

• Achieved record backlog of €960m in 2024, up from €850m in 2023, with strong project execution and awards, especially in microtunneling.

• Value of production reached €187m (+67% YoY), EBITDA rose to €41m (+178% YoY), and net profit increased to €18m (+267% YoY).

• EBITDA margin improved to 22% from 13% in 2023, reflecting a favorable revenue mix and operational efficiency.

• Maintains a healthy balance sheet, moving from net debt to a net cash position by year-end 2024.

• Demonstrated consistent revenue and EBITDA growth, with a 33% revenue CAGR and 59% EBITDA CAGR from 2021 to 2024.

Strategic initiatives and market positioning

• Completed acquisition of Atlantic GeoConstruction Holdings (AGH), a leading U.S. geotechnical engineering group with $114m revenue and ~15% EBITDA margin.

• Entered the U.S. market, expanding international presence and diversifying revenue streams.

• Focused on consolidating leadership in special foundations and microtunneling in Europe, while expanding into high-growth U.S. markets.

• Involved in major infrastructure projects, including the Trieste port expansion and renewable energy grid contracts.

• Developed innovative R&D projects, including new microtunneling machines and robotic solutions for port maintenance.

Acquisition of AGH: rationale and integration

• AGH brings deep expertise in design-build soil improvement, deep foundations, and earth retention, with a strong track record of double-digit growth.

• Acquisition financed through a mix of internal resources and debt, with 70% of the purchase price funded by a bank pool.

• AGH operates across the U.S. East Coast, serving diverse end markets such as commercial, industrial, data centers, and transportation.

• Integration expected to unlock synergies, including cross-selling, technology transfer, and cost efficiencies.

• Combined group revenue for 2024 is ~€297m with EBITDA of ~€57m, and a well-diversified service and geographic mix.