I.co.p. S.p.a. · MIL:ICOP
I.co.p — I.CO.P. S.p.A. Società Benefit — Investor Presentation (January 2026)
51 slides from I.co.p's investor presentation, January 2026
Slide 1: Investor Presentation
JANUARY 2026 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 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: Developed Markets at the Core: Scale, Stability and Profitability
1 Developed Markets at the Core: Scale, Stability and Profitability North America High Europe High Middle East Mid Size Size Size Growth Growth Growth Profitability Profitability Profitability Proximity Proximity Proximity Ease of biz. Ease of biz. Ease of biz. Risk profile Risk profile Risk profile
Slide 6: ICOP core EU markets set to accelerate growth through 2030
1 ICOP core EU markets set to accelerate growth through 2030 compared to the previous five years CAGR 2020-2025 8.4% growth in 2020-25 Italy 6% Within EU construction market Decelerators United Kingdom the Nordics and Germany are 4% Portugal Poland set to outpace the regional Spain Belgium growth 2%
Slide 7: A complementary new Group built on four strategic pillars
1 A complementary new Group built on four strategic pillars Group The Group’s advanced-technology The Group’s maritime specialist, The Group’s flexible and The Group’s platform for US leader, operating across all business rooted in a long tradition of coastal cost-efficient operator, enabling expans
Slide 8: 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 9: 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 10: 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 11: Case Studies: Complex Projects are where ICOP has its Foundation
1 Case Studies: Complex Projects are 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
Slide 12: 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 13: Major infrastructure investments planned by key national players in Italy
2 Major infrastructure investments planned by key national players in Italy over the next five years Foundations 100+ B€ investments in 2025-2029 focused on 2.5+ B€ yearly investment in 2025 for upgrading & national infrastructure modernizing existing infrastructure A4 IV Corsia Gronda di Genova din
Slide 14: 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 15: Secular Industry Tailwinds and Massive White Space Penetration Potential
3 Secular Industry Tailwinds and Massive White Space Penetration Potential AGH operates in a $11bn market and is best positioned to super-charge market growth through additional share capture AGH’s Presence is Focused on Markets with Highest Construction Spend Forecasts Bubble Size Represents Total
Slide 16: Large-scale US investments to drive infrastructure modernization and growth
3 Large-scale US investments to drive infrastructure modernization and growth over the next 5 years Special Foundations Special Foundations & Microtunelling 68+ B$ investments in 2025-2029 focused on 50+ B$ investments in 2025-2029 focused on transit and commuter investments modernizing national ele
Slide 17: 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 18: 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 19: Recently Announced Acquisition of Palingeo Allows ICOP to Strengthen its 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 20: 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 21: 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 22: 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 23: Port of Trieste Gives the Company 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 24: 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 25: Four core pillars underpin ICOP's targeted R&D strategy
5 Four core pillars underpin ICOP's targeted R&D strategy which secure technological leadership and sustainable growth Automation & robotics Sustainable & advanced Digitalization focus Innovation in materials construction processes Increase productivity and safety Create high-performance, low- Use d
Slide 26: A strong track record and new R&D initiatives can strengthen EBITDA outlook
5 A strong track record and new R&D initiatives in pipeline can further strengthen ICOP’s EBITDA outlook Special Equipment Geopolymers Hydrogen M2023 Multipurpose Mixtures - Innovative Materials Hydrogen Project Trenchless Solutions New formulations based on geopolymers binders and natural/ ESG recy
Slide 27: 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 28: Pro-Forma ICOP Financials
6 Pro-Forma ICOP Financials 2024A Pro-Forma Revenue (€m) 2024A Pro-Forma EBITDA (€m) 52% 29% 19% 100% 58% 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 29: 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 30: 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 31: New Organizational Structure to Support the Transition to a Global Group
8 New Organizational Structure to Support the Transition to a Global Group GROUP CHIEF EXECUTIVE OFFICER GROUP CORPORATE GROUP CHIEF COMMERCIAL FINANCE & INVESTOR OFFICER RELATIONS GROUP CHIEF TECHNOLOGY GROUP CHIEF FINANCIAL OFFICER OFFICER GROUP CHIEF R&D OFFICER GROUP CHIEF OPERATING OFFICER GROU
Slide 32: Strategic direction at a glance
Strategic direction at a glance Special Foundations Microtunneling Maritime Works PPP & Infra Works Target selected Strengthen EU leadership Focus on priority Italian Prioritize US expansion high-margin infrastructure WHERE TO and accelerate US entry by ports and pursue growth across core foundation
Slide 33: 1H 2025 Results
1H 2025 Results 33
Slide 34: 1H 2025 Results – Strong Acceleration of Revenues and Margins
1H 2025 Results – Strong Acceleration of Revenues and Margins in Line with Targets €1,409m €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 thanks
Slide 35: 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 36: 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. 36
Slide 37: 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 38: 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 Germany France Italy America Maritime works PPP and Other Infra. Works Sources: Company Information. 38
Slide 39: 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 40: Appendix
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Slide 41: 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 42: 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 43: 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 44: 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 45: 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 46: 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 47: 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 48: Well-Established Business with Strong Track-Record of Sustainable Growth in 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 49: 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 50: Foundations – Unique Positioning as an Engineering-driven Player
Foundations – Unique Positioning as an Engineering-driven Player ICOP Asset Base Family Description Main Technology Complexity (excluding AGH and Palingeo) Bored Piles Technique used for deep foundation support in various Displacement Piles soil conditions, offering high 9 load capacity and minimal
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