I.CO.P. (ICOP) H1 2024 earnings summary

Executive summary

• Achieved record growth in H1 2024, with value of production up 58% year-over-year to €78.6 million and EBITDA up 144% to €17.2 million, with a margin of 21.8% (+55%).

• Net profit surged 415% to €7.3 million, and operating income rose 325% to €12.1 million compared to H1 2023.

• Successful IPO on Euronext Growth Milan in July 2024 raised €29.9 million, supporting international expansion and financial flexibility.

• Backlog remains robust at around €900 million, underpinning future growth.

Financial highlights

• Value of production: €78.6 million (+58% YoY).

• EBITDA: €17.2 million (+144% YoY), EBITDA margin 21.8% (+55%).

• Operating income: €12.1 million (+325% YoY).

• Net profit: €7.3 million (+415% YoY).

• Net equity: €49.96 million (+19% YoY).

• Net financial position improved to €40.5 million (-25% YoY).

Outlook and guidance

• Confirms 2024 targets for volumes and margins, with further strengthening expected in coming years.

• Annual production target of €200 million in the medium term reaffirmed, with expectations to reach this as early as 2024.

• Short-term focus on Italian market, with strategic expansion into Northern Europe and North America.

• Backlog expected to further strengthen through new tenders and public-private partnerships.