I.CO.P. (ICOP) H1 2025 earnings summary

Executive summary

• Achieved record growth in H1 2025, with production value up 104% year-over-year to €160.1M, EBITDA up 57% to €26.9M, and net profit up 47% to €10.8M.

• Strategic acquisitions of AGH (US) and Palingeo (Italy) accelerated international expansion and sector specialization.

• Backlog exceeded €1.4B, ensuring multi-year revenue visibility and supporting selective, value-driven growth.

• Workforce more than doubled to over 1,100, reflecting integration of new businesses and ongoing investment in talent.

Financial highlights

• Revenue grew 106% year-over-year to €155.8M; EBITDA margin at 16.8% (down from 21.8% in H1 2024) due to business mix.

• Operating income rose 48% to €17.8M; net income increased 47% to €10.8M.

• Equity increased 86% to €92.8M; net financial position (NFP) rose to €133M, mainly due to AGH acquisition.

• Capital invested more than doubled to €225.8M; NFP/Equity ratio at 1.43.

Outlook and guidance

• Expectation to surpass €500M in annual revenues following recent acquisitions.

• Backlog set to grow further, with focus on high-margin, multi-year projects in energy transition and infrastructure.

• Continued leadership in Italy’s public works and expansion in US and Northern Europe; RoboGO to drive recurring, high-margin revenues in port maintenance.

• Financial strategy aims to maintain low leverage despite investment intensity.