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Icape (ALICA) investor relations material

Icape H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary26 Mar, 2026

Executive summary

  • Consolidated revenue rose 12% year-over-year to €200.3 million, with 5.1% organic growth excluding currency effects.

  • Net income group share was a loss of €0.4 million, impacted by the review and discontinuation of industrial assets.

  • Operating cash flow increased 11% to €8.1 million.

  • Decision to progressively discontinue IHM (France) and TRAX (South Africa) sites to rationalize production and cut losses.

  • Backlog at year-end was USD 69.3 million, up 28.5%.

Financial highlights

  • Gross margin increased 9% to €58.6 million, but gross margin rate declined to 29.3% from 30.0% due to higher raw material costs.

  • EBITDA was stable at €15 million; EBITA fell 4% to €10.9 million; EBIT dropped 11% to €8.8 million.

  • Net income group share per share was €(0.05), down from €0.46 in 2024.

  • Net financial debt decreased 12.3% to €28.8 million, with compliance to bank covenants.

  • Dividend of €0.09 per share proposed for 2025.

Outlook and guidance

  • 2026 organic revenue growth targeted at +6% to +8%, assuming no further currency depreciation.

  • External growth to generate €120 million in additional revenue by end-2026 (€90 million already achieved by end-2025).

  • 2026 EBIT margin rate expected around 6%.

  • Revenue growth in 2026 expected to at least match 2025’s 11.5%.

Rationalization impact of IHM and TRAX closures
Remaining M&A needed for 2026 revenue target
Factoring agreement effect on debt reduction
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Q1 2026 TU5 May, 2026
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