I.CO.P. (ICOP) H2 2024 earnings summary

Executive summary

• Achieved record growth in 2024 with production value up 66.9% to €187.2M and net profit up 267% to €18.0M compared to 2023.

• EBITDA rose 177% to €40.7M, with margin improving to 21.8% from 13.1% year-over-year.

• Net financial position shifted to €12.2M cash from €20.9M debt, reflecting strong cash generation and IPO proceeds.

• Workforce expanded to 515, supporting increased operational scale and international growth.

• Proposed dividend of €0.07 per share, with payment scheduled for May 2025.

Financial highlights

• Production value: €187.2M (+66.9% YoY); EBITDA: €40.7M (+176.9% YoY); Net profit: €18.0M (+267% YoY).

• EBITDA margin reached 21.8%, up from 13.1% in 2023.

• Operating income soared to €27.2M (+789% YoY).

• Net equity doubled to €90.4M (+104% YoY).

• Order backlog at year-end: €960M, providing multi-year production coverage.

Outlook and guidance

• All major projects for 2025 were operational by end-2024, ensuring a strong start to the year.

• Commercial pipeline exceeds €1B, with growth focus in Italy, Germany, France, Scandinavia, and the US.

• 2025 expected to benefit from AGH acquisition and robust backlog.