Icape (ALICA) Trading Update summary

2024 financial performance

• Achieved full-year revenue of €181.6 million, a 2.2% decrease from 2023, amid challenging market conditions.

• PCB distribution accounted for over 80% of revenue; custom electromechanical parts made up about 18%.

• Backlog at year-end 2024 stood at €51.9 million.

• External growth contributed €14.8 million (8.2% of revenue) through several acquisitions.

• Like-for-like revenue declined 10.2%, offset by 8% growth from acquisitions.

Strategic initiatives and acquisitions

• Continued selective acquisitions in 2024, including PCS Srl, Studio E2, NTW, François Frères, and ALR Services.

• Acquired Kingfisher PCB in early 2025, strengthening UK market presence; expected £1.5 million sales in 2025.

• Post-integration synergies deployed as per roadmap.

• Reintegration of DIVSYS into consolidated accounts after halting its sale.

Guidance and outlook

• Reaffirmed targets: 10% average annual organic growth (2023–2026), €120 million additional revenue from acquisitions, and 9.5% EBIT margin by 2026.

• Strategy focuses on leveraging operational levers and external growth for future profitability.