Icape (ALICA) Q3 2025 TU earnings summary

Executive summary

• Revenue for Q3 2025 rose 14.8% year-over-year to €50.8M, with organic growth at constant currency of 6.8%.

• Revenue for the first nine months of 2025 reached €152.8M, up 13.7% year-over-year.

• Backlog at the end of Q3 2025 increased 32.7% in USD and 26.5% in EUR year-over-year, reaching €49.4M, and further to €56M by end of October.

• Three consecutive quarters of double-digit revenue growth confirm a strong recovery and sales momentum.

Financial highlights

• Q3 2025 revenue: €50.8M (+14.8% reported, +2.0% organic, +6.8% organic at constant currency).

• 9M 2025 revenue: €152.8M (+13.7% reported, +0.3% organic, +2.3% organic at constant currency).

• Sequential Q3 2025 vs Q2 2025: revenue nearly stable (-0.3% reported, +0.5% organic, +2.5% organic at constant currency).

• Backlog in Q3 2025: USD 58M (+32.7% YoY), EUR 49.4M (+26.5% YoY).

Outlook and guidance

• Objectives reaffirmed for 2026: average annual organic growth rate of 10% (2023–2026), €120M additional revenue from external growth by end-2026, EBIT margin target of 9.5%.

• Ongoing discussions with 12 international acquisition targets for potential €79M additional revenue.