Icape (ALICA) Q2 2025 TU earnings summary

Executive summary

• Revenue for H1 2025 reached €102 million, up 13.1% year-over-year, with Q2 2025 revenue at €50.9 million, up 13.3% compared to Q2 2024, driven by acquisitions and demand in Asia and the US.

• Organic growth in H1 2025 was 4.1% in constant currency versus H2 2024, despite unfavorable foreign exchange effects.

• Backlog stood at €47.7 million as of June 30, 2025, reflecting strong sector performance and partially offsetting a slowdown in Germany.

• Recent acquisitions in the UK (Kingfisher PCB and ALR Services) have expanded the business and led to the launch of a new UK Business Unit.

• 2026 targets for revenue and profitability reaffirmed, supported by operational synergies and ongoing acquisition strategy.

Financial highlights

• Q2 2025 revenue: €50.9 million, up 13.3% year-over-year; H1 2025 revenue: €102 million, up 13.1% year-over-year.

• Sequentially, H1 2025 revenue grew 11.5% from H2 2024; organic growth in H1 2025 was 4.1% in constant currency.

• Backlog as of June 30, 2025: €47.7 million, up 5.5% in USD from December 31, 2024.

• Foreign exchange effects impacted reported results, with 75% of invoices in USD.

Outlook and guidance

• 2026 targets reaffirmed: average annual organic growth rate of 10% (2023–2026), €120 million in additional revenue from external growth, and EBIT margin of around 9.5%.

• Acquisition pipeline includes 11 international targets, representing potential additional revenue of €105 million.