Icape (ALICA) Q4 2025 TU earnings summary

Executive summary

• 2025 revenue rose 11.5% to €202.7 million, reversing a 2.2% decline in 2024 and marking a return to positive organic growth since 2022.

• Q4 2025 saw organic growth of 7.4% (14.7% excluding currency effects), with a backlog up 28.5% year-over-year to USD 69.3 million.

• Strategic review of industrial activities underway, with revised financial objectives for 2026.

Financial highlights

• Organic growth for 2025 was 1.8%, or 5.1% excluding currency effects, with the dollar's depreciation significantly impacting results.

• EBIT for 2025 estimated at €8.5 million, implying a margin of around 4%.

• H1 2025 saw revenue up 13.1%, EBITDA up 28.1%, EBIT up 44.3%, and net income up 9.6%.

Outlook and guidance

• 2026 organic revenue growth targeted at 6–8%, assuming no further currency depreciation.

• External growth target unchanged: €120 million in additional revenue by end-2026, with €90 million already achieved.

• 2026 EBIT margin target revised down to around 6% from the previous 9.5%.