Icape (ALICA) H2 2024 earnings summary

Executive summary

• Revenue reached €181.7 million for 2024, with a backlog of €51.9 million as of December 31, 2024, indicating a gradual recovery in activity.

• Profitability improved across all key indicators despite a -2.1% revenue decline year-over-year.

• Continued focus on post-integration synergies, strict cost control, and expansion into high-potential markets like Japan and the UK.

• Board proposes a €0.13 per share dividend, representing 28% of net income.

Financial highlights

• Revenue decreased by 2.1% year-over-year to €181.7 million.

• EBITDA rose 4.4% to €14.0 million, with margin up 0.5 pts to 7.7%.

• EBITA increased 8.1% to €9.7 million, margin up 0.5 pts to 5.3%.

• Net income grew 15.5% to €3.6 million, margin up 0.3 pts to 2.0%.

• Gross cash position at year-end was €26.4 million, down from €32.7 million in 2023.

Outlook and guidance

• Reaffirmed all growth and profitability targets for 2025 and 2026.

• Targets include 10% average annual organic growth (2023–2026), €120 million in additional revenue from external growth, and an EBIT margin of ~9.5% by 2026.

• Actively pursuing 12 international acquisition targets with potential for €105 million in additional revenue.