I.CO.P. (ICOP) H2 2023 earnings summary

Executive summary

• Consolidated net profit reached €5.05 million, up 18% year-over-year, with a strong increase in revenues and a record order backlog exceeding €900 million at year-end.

• Revenue grew by 21.9% to €116.9 million, driven by robust performance in microtunneling, foundations, and international projects.

• The group maintained a solid financial structure, with equity more than double the net financial position and a confirmed investment-grade rating.

• Strategic focus on innovation, sustainability, and international expansion, with significant investments in technology and ESG initiatives.

Financial highlights

• Revenues: €116.9 million (+21.9% year-over-year).

• EBITDA: €14.66 million (down 16% from €17.45 million in 2022).

• Operating income (EBIT): €3.06 million (down 60% year-over-year).

• Net profit: €5.05 million (up 18% year-over-year).

• Net equity: €44.35 million (up from €40.67 million in 2022).

• Net financial position: €20.98 million (improved from €45.59 million in 2022).

• Cash and cash equivalents: €42.87 million (up from €22.65 million in 2022).

Outlook and guidance

• Backlog at record levels, exceeding €900 million, supporting expectations of doubling production in 2024 and surpassing €200 million in revenues.

• Strategic focus on further international expansion, especially in Northern Europe and North America.

• Limited capex needs in the near term due to recent investments; further efficiency gains expected.

• ESG and sustainability targets remain central, with ongoing investments in innovation and digitalization.