Icape (ALICA) H1 2025 earnings summary

Executive summary

• Revenue grew by 13.1% year-over-year in H1 2025, reflecting a confirmed recovery in commercial momentum and a healthy order book.

• Profitability improved significantly, with EBITDA up 28.1%, EBITA up 42.9%, and EBIT up 44.3% compared to H1 2024, driven by operational efficiency, synergies, and recent acquisitions.

• Discussed strategic focus on external growth and offensive service expansion, highlighting ongoing M&A activities and a robust project pipeline.

• Net income Group share increased by 9.6% year-over-year, with net income per share up 8.3%.

• The order book at June 30, 2025, was €47.7 million, up 1.2% year-over-year and 14.2% in dollar terms, despite a slowdown in the German automotive sector.

Financial highlights

• H1 2025 revenue: €102.0 million (+13.1% year-over-year); organic growth at constant exchange rates: +4.1%.

• EBITDA: €7.2 million (+28.1%); EBITDA margin: 7.1% (+0.8 pts).

• EBITA: €5.0 million (+42.9%); EBIT: €4.0 million (+44.3%); EBIT margin: 3.9% (+0.8 pts).

• Net income Group share: €1.1 million (+9.6%); net income per share: €0.13 (+8.3%).

• Cash flow from operating activities: €7.8 million (vs. €3.3 million in H1 2024).

Outlook and guidance

• Confirms operational, strategic, and financial objectives for 2026, including 10% average annual organic growth (2023–2026), €120 million in additional revenue from external growth, and a 9.5% operating margin target.

• Ongoing acquisition strategy with 12 international targets under discussion, representing €79 million potential additional revenue.