I.CO.P. (ICOP) investor relations material

Executive summary

• Achieved record growth in H1 2026 with revenues of €287 million (+78% YoY) and EBITDA of €52 million (+78% YoY), with margins expanding above 18%.

• Backlog reached €1.5 billion, providing multi-year revenue visibility and supporting continued growth.

• Consolidated position as Italy's largest underground engineering operator, with strong performance across all business areas and geographies.

• Strategic focus on energy, water infrastructure, and data centers in Europe and the US, leveraging advanced technologies.

Financial highlights

• Total revenues for H1 2026: €287 million, up 78% YoY from €161 million.

• EBITDA for H1 2026: €52 million, up 78% YoY from €29 million; EBITDA margin above 18%.

• Net financial debt at €171 million, consistent with seasonal cash flow trends.

• Backlog at €1.5 billion, about 3x 2025 revenues, composed solely of signed contracts.

Outlook and guidance

• 2026 guidance confirmed: revenues of €610–640 million and EBITDA of €105–115 million (margin 17–18%).

• Investments planned between €30–35 million for 2026.

• 2029 plan targets revenues of €900–950 million and EBITDA of €170–190 million, with margin expansion to 19–20%.

• Book-to-bill ratio expected above 1x and cash conversion around 70% over the plan period.