Icape (ALICA) H1 2024 TU earnings summary

Executive summary

• Q2 2024 revenue reached €43.1 million, up 0.7% compared to Q2 2023, signaling improved sales momentum.

• H1 2024 revenue was €86.6 million, down 8.3% year-over-year but up 1.9% sequentially from H2 2023, reflecting early signs of recovery.

• Backlog remained high at €47.2 million as of June 30, 2024, compared to €50.9 million at year-end 2023.

• Management reaffirmed all growth and profitability targets, citing confidence in market recovery and strategic positioning.

Financial highlights

• Q2 2024 revenue increased 0.7% year-over-year and decreased 0.8% sequentially from Q1 2024.

• H1 2024 revenue declined 8.3% year-over-year but rose 1.9% from H2 2023.

• Like-for-like H1 2024 revenue fell 14.5% year-over-year, with external growth contributing a 6.2% increase.

Outlook and guidance

• Targets reaffirmed: 10% average annual organic growth (2023–2026), €120 million in additional revenue from acquisitions by end-2026.

• EBIT margin goal of 9.5% by 2026 and medium-term revenue target of €500 million.

• Management expects further recovery in H2 2024 as overstocking cycle ends and market dynamics improve.