I.co.p. S.p.a. · MIL:ICOP
I.co.p — I.CO.P. S.p.A. Società Benefit — Investor Presentation (October 2025)
43 slides from I.co.p's investor presentation, October 2025
Slide 1: Investor Presentation
OCTOBER 2025 Investor Presentation STRICTLY PRIVATE AND CONFIDENTIAL
Slide 2: Important Notice – Strictly Confidential
IMPORTANT NOTICE – STRICTLY CONFIDENTIAL This document has been prepared by I.CO.P. S.p.A. Società Benefit (“Company”) for use during meetings with investors and financial analysts and is solely for information purposes. The information set out here in has not been verified by an independent audit c
Slide 3: ICOP – A Unique Asset in the Specialised Construction Space
ICOP – A Unique Asset in the Specialised Construction Space 1 Cross-Atlantic Leader in Specialty Construction Offering Critical Foundation and Ground Engineering Services 2 Benefitting from Structural Trends Related to Energy Transition and Water Savings 3 Right Platform to Tap the Enormous Potentia
Slide 4: Through AGH and Palingeo Acquisitions, ICOP Created a Cross-Atlantic Specialised Construction Leader
1 Through AGH and Palingeo Acquisitions, ICOP has Created a True Cross- Atlantic Specialised Construction Leader while Consolidating Italian Presence AGH Palingeo ICOP Headquarters ICOP Branches & Subsidiaries ICOP Construction Sites Carpenedolo Italy Purcellville Virginia Miramar Basiliano Florida
Slide 5: A Better Risk Profile Compared to General Contractors
1 A Better Risk Profile Compared to General Contractors General Contractors Specialists Role ▪ Oversee and coordinate the entire construction project, ▪ Focus on specific areas of expertise, contributing to different directly executing part of the works & managing subcontractors parts of the project
Slide 6: What We Do: Specialised Works Are the Key Business Focus
1 What We Do: Specialised Works Are the Key Business Focus Specialised Work (~94%)(1) General Work (~6%)(1) Microtunneling Other Infrastructure Public Private Foundations Maritime Works Technologies Work Partnership Works Tunneling solutions (0.5 - Advanced underground Specialty construction Constru
Slide 7: ICOP Areas of Business - Foundations & Microtunneling
1 ICOP Areas of Business - Foundations & Microtunneling Foundations: Unique Positioning as Engineering-Driven Player Diaphragm Walls Drilling rig ✓ No dependence from single Contractor ✓ Presence in most advanced countries with limited risk Mixing plant Drilling rig Pressure pump ✓ Ability to manage
Slide 8: Case Studies: Complex Projects
1 Case Studies: Complex Projects is where ICOP has its Foundation Foundations Ariane 6 Launch Station – Grand Paris Express Darse Nord Parking Na-br Railway French Guiana (Fr) Paris (Fr) Monaco (Mo) Grottaminarda (It) Microtunneling Technologies Maritime Works Rigassifier Isola Farnese Gasduct Plt P
Slide 9: Benefitting from Structural Trends Related to Energy Transition and Water Savings
2 Benefitting from Structural Trends Related to Energy Transition and Water Savings New Energy Routes Water Saving Renewables Installations RUSSIA-UKRAINE CONFLICT FORCED TO WATER STRESS IN EUROPE IS EXPECTED TO EU TARGETS FOR PRODUCTION FROM RES FIND NEW GAS ROUTES BECOME A REAL ISSUE WITHIN 2030…
Slide 10: The Right Platform to Penetrate the Enormous Market Potential in the U.S.
3 The Right Platform to Penetrate the Enormous Market Potential in the U.S., Benefitting from Secular Growth Tailwinds Large & Growing Market Fundamental Market Trends Quality of Available Land Shifting Building Characteristics $36bn Increased demand to improve soil conditions Need for specialised f
Slide 11: Secular Industry Tailwinds and Massive White Space Penetration Potential
3 Secular Industry Tailwinds and Massive White Space Penetration Potential AGH operates in a $11bn market and is best positioned to super-charge market growth through additional share capture AGH’s Presence is Focused on Markets with Highest Construction Spend Forecasts Bubble Size Represents Total
Slide 12: AGH Acquisition Allowed ICOP to Access the Large and High-Growth US market
4 AGH Acquisition Allowed ICOP to Access the Large and High-Growth US market Deep Expertise in Design-Build Soil Improvement, Deep Foundations, and Retaining Structure Enables ICOP to Enter the Large and High-growth U.S. Market for the First Time Full Suite of Best-in-Class Offerings for Critical Ne
Slide 13: AGH is an Integrated Provider of Critical Geotechnical Engineering Services
4 AGH is an Integrated Provider of Critical Geotechnical Engineering Services to a Large and Diverse Customer Base Business Overview ▪ AGH is a recognised leader in design-build geotechnical construction across the Current Geographic Footprint U.S, with deep expertise in soil improvement, deep found
Slide 14: Recently Announced Acquisition of Palingeo Strengthens Competitive Position in Italy
4 Recently Announced Acquisition of Palingeo Allows ICOP to Strengthen its Competitive Position in Italy Deeply Entrenched Italian Player with National Coverage Enhancing ICOP Ability to Tackle a Larger Number of Projects Further Addressable Eteria Backlog (~€2.4bn) to Sustain Future Growth Strong W
Slide 15: Palingeo is an Integrated Provider of Specialized Foundation Services
4 Palingeo is an Integrated Provider of Specialized Foundation Services to Italy’s Leading Industrial and Public Sector Clients Business Overview ▪ Established in 1999, Palingeo is a leading Italian company in the field Italian Footprint of special foundations, with over 25 years of experience servi
Slide 16: Palingeo Unlocks Significant Opportunity Within Eteria Backlog
5 Palingeo Unlocks Significant Opportunity Within Eteria Backlog Eteria Consortium Overview • Founded in June 2021 by Caltagirone and Gavio Group to contribute to the Italian infrastructural revival, as Construction entity balancing WeBuild's "Progetto Italia“ • In September 2021, the Consortium app
Slide 17: Backlog Gives Visibility to Our Future Results
5 Backlog Gives Visibility to Our Future Results 2024 has been a record year in terms of backlog evolution across all business also thanks to ETERIA, consortium awarding and development projects for port of Trieste ICOP Backlog Evolution (€m) Largest Backlog Projects: 1,409 Catania railways node rei
Slide 18: Port of Trieste Gives High Visibility and Exposure to a Fast Growing Infrastructure
5 Port of Trieste Gives the Company High Visibility and Exposure to a Fast Growing Infrastructure Contractor and Tender Port of Trieste Is Among Most Strategic PORT OF TRIESTE Gateways to Central-Eastern Europe Dock construction – MOLO VI: expansion of existing dock Port of Trieste is among the most
Slide 19: New Robot Addressing Port Maintenance
5 New Robot Addressing Port Maintenance New Robot Addressing Port Maintenance… …Boosting ICOP Capabilities.. …In an Attractive Market • Developing a remotely controlled robot to perform Low draft allowing for extremely short upperworks, deep maintenance of the submerged foundations of 25cm the ponto
Slide 20: We Have a Long Track Record in R&D Backed by a Strong Project Pipeline
5 We Have a Long Track Record in R&D Backed by a Strong Project Pipeline Special Equipment Geopolymers Hydrogen M2023 Multipurpose Mixtures - Innovative Materials Hydrogen Project Trenchless Solutions New formulations based on geopolymers binders and natural/ ESG recycled aggregates for different ap
Slide 21: ICOP’s Strong Financial Track-Record
6 ICOP’s Strong Financial Track-Record Revenue (€m) CAGRs Key Points Rev. Growth YoY% 15% 22% 67% • FY24 figures highlighted ’21A-24A strong Revenue and EBITDA 187 33% figures thanks to an 112 acceleration in the execution 80 92 of projects awarded in 2024 with a particular focus on Microtunneling 2
Slide 22: Pro-Forma ICOP Financials
6 Pro-Forma ICOP Financials 2024A Pro-Forma Revenue (€m) 2024A Pro-Forma EBITDA (€m) 52% 29% 19% 100% 68% 21% 21% 100% 67,5 359,4 14,9 70,2 104,7 14,6 187,2 40,7 ICOP AGH Palingeo Pro-Forma ICOP AGH Palingeo Pro-Forma 2024A Pro-Forma EBIT (€m) 2024A Pro-Forma Workforce (# of Employees) 63% 11% 26% 1
Slide 23: ICOP is a Benefit Corporation with ESG at the Core of its Strategy
7 ICOP is a Benefit Corporation with ESG at the Core of its Strategy Environmental Social Governance Inter- Innovation and sustainable Company Corporate governance, ethics national Link with the local community technologies Welfare and transparency Cooperation Trenchless technologies Industry Additi
Slide 24: ICOP Management team
8 ICOP Management team Strategic Oversight Core Management Driving ICOP Through the Next Growth Stage Board Of Directors Advisory Board Antonio Guerini Paolo Bassi Luca Grillo Microtunneling Trieste Project Foundations Director Director Vittorio Petrucco President Giovanni Nicola De Biaggio Andrea R
Slide 25: 1H 2025 Results
1H 2025 Results 25
Slide 26: 1H 2025 Results – Strong Acceleration of Revenues and Margins
1H 2025 Results – Strong Acceleration of Revenues and Margins in Line with Targets €1,409.4m €26.9m €10.8m Backlog EBITDA Net Profit +57% YOY +57% YOY +47% YOY €160.1m 17% €92.8m Value of Production Book Value of Equity EBITDA Margin +104% YOY +86% YOY 1H25 figures highlighted strong VoP figure than
Slide 27: Key balance sheet items
Key balance sheet items Value of Production (€m) Value Added (€m) 160 50,9 78,6 49,7 27,5 38,2 15,5 16,7 1H 2022 1H 2023 1H 2024 1H 2025 1H 2022 1H 2023 1H 2024 1H 2025 Operating Income (€m) Net Profit (€m) 17,8 10,4 12,1 7,3 2,2 2,8 1,3 1,7 1H 2022 1H 2023 1H 2024 1H 2025 1H 2022 1H 2023 1H 2024 1H
Slide 28: Key balance sheet items
Key balance sheet items EBITDA Margin (%) 22% 16% 17% 14% 1H 2022 1H 2023 1H 2024 1H 2025 EBITDA(€m) 26,9 17,2 6,1 7,0 1H 2022 1H 2023 1H 2024 1H 2025 Sources: Company Information. 28
Slide 29: Key balance sheet items
Key balance sheet items Net Debt / Equity 1H 2023 1H 2024 1H 2025 Net Debt 54.269.750 40.487.661 132.975.075 Book Value of Equity 41.985.051 49.960.161 92.848.637 Nebt Debt/Book Value of Equity 1,29 0,81 1,43 Net Debt Equity 133,0 1,43% 1,29% 92,8 0,81% 54,3 49,9 42,0 40,5 1H 2023 1H 2024 1H 2025 1H
Slide 30: Breakdown of Production by Geographical Area and Sector
Breakdown of Production by Geographical Area and Sector 6,0% 8,7% 16,3% 8,2% 14,2% 40,1% 37,0% 69,5% Microtunnel Foundations Maritime works Germany France Italy America PPP and Other Infra. Works Sources: Company Information. 30
Slide 31: Pro-Forma ICOP Financials
Pro-Forma ICOP Financials 1H 2025 Pro-Forma Revenue (€m) 1H 2025 Pro-Forma EBITDA (€m) 61% 21% 18% 100% 63% 15% 21% 100% 39,4 221,3 46,8 135,1 7,9 36,9 5,6 23,4 ICOP AGH Palingeo Pro-Forma ICOP AGH Palingeo Pro-Forma 1H 2025 Pro-Forma Net Debt 1H 2025 Pro-Forma Workforce (# of Employees) 74% 21% 5%
Slide 32: Appendix
Appendix 32
Slide 33: Consolidated Financials
Consolidated Financials 1H 2024 1H 2025 % Ricavi delle vendite (Rv) Revenues from sales 75.674.706 155.809.138 106% Altri ricavi (Ra) Other revenues 2.196.196 3.388.211 54% Produzione interna(Pi) Internal production 728.197 875.936 20% A. VALORE DELLA PRODUZIONE (VP) A. VALUE OF PRODUCTION 78.599.09
Slide 34: Consolidated Financials
Consolidated Financials 1H 2023 % 1H 2024 % 1H 2025 % Ricavi delle vendite (Rv) Revenues from sales 47.544.543 95,6% 75.674.706 96,3% 155.809.138 97.3% Altri ricavi (Ra) Other revenues 2.101.665 4,2% 2.196.196 2,8% 3.388.211 2.1% Produzione interna (Pi) Internal production 84.232 0,2% 728.197 0,9% 8
Slide 35: Consolidated Financials
Consolidated Financials 1H 2023 % 1H 2024 % 1H 2025 % ATTIVO FISSO (AF) FIXED ASSETS 45.979.985 26,70% 54.904.797 23,51% 153.269.452 32,52% Intangible fixed assets Immobilizzazioni immateriali (I imm) 652.840 0,38% 723.671 0,31% 57.227.831 12,14% Tangible fixed assets Immobilizzazioni materiali (I m
Slide 36: Consolidated Financials
Consolidated Financials 1H 2023 % 1H 2024 % 1H 2025 % IMPIEGHI USES CAPITALE INVESTITO OPERATIVO(CIO) Operating invested capital (OIC) 145.827.600 169.285.492 413.983.551 -Passività operative(PO) - Operating liabilities (OL) 64.334.984 117.249.580 208.863.015 CAPITALE INVESTITO OPERATIVO Net operati
Slide 37: Consolidated Financials
Consolidated Financials A. Flussi finanziari derivanti dalla gestione reddituale (metodo indiretto) A. Cash flows from operating activities (indirect method) 1H 2024 1H 2025 Utile (perdita) dell'esercizio Net income (loss) for the period 7.343.062 10.769.857 Imposte sul reddito Income taxes 3.313.26
Slide 38: Consolidated Financials
Consolidated Financials B. Flussi finanziari derivanti dall’attività d’investimento B. Cash flows from investing activities 1H 2024 1H 2025 (Investimenti) in immobilizzazioni immateriali (Investments) in intangible assets -307.176 -72.565 Cessioni in immobilizzazioni immateriali Proceeds from dispos
Slide 39: Palingeo Positive Momentum of Growth and Profitability
Palingeo Positive Momentum of Growth and Profitability Revenue (€m) CAGRs Key Points Rev. Growth YoY% 64% 15% 10% n.m. • Strong track record of ’21A-24A revenue and EBITDA growth 61,5 67,5 28% 53,3 39,4 • Overall margin expansion, 32,5 with strong performance in 2023 and 2024 2021A 2022A 2023A 2024A
Slide 40: Well-Established Business with Strong Track-Record of Sustainable Growth and Expansion Across the U.S.
Well-Established Business with Strong Track-Record of Sustainable Growth And Expansion Across the U.S. Key Historical Events 1995 1995-2017 2018 2018 2021 2022-2024 GeoGroup GeoGroup became early adopter Acquisition moving from Guido Pellegrino joins ASAP acquisition to Integration of ASAP founded o
Slide 41: AGH has a Highly Experienced Leadership Team
AGH has a Highly Experienced Leadership Team Guido Pellegrino – CEO Brand Leaders Central Services Tracy Moravek Larry Moore, PE Rafael Garcia, PE Pete Sacripanti CFO HRO E. O’Malley B. Lay | S. Staton | S. Roe M. Klucina SVP of Engineering VP of Operations VP of Sales S. Salzmann V. Serrano VP Fina
Slide 42: Foundations – Unique Positioning as an Engineering-driven Player
Foundations – Unique Positioning as an Engineering-driven Player Family Description Main Technology Complexity Asset Base Bored Piles Technique used for deep foundation support in various Displacement Piles soil conditions, offering high 9 load capacity and minimal Driven Piles Rotary Rigs Piles dis
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