I.co.p. S.p.a. · MIL:ICOP
I.co.p — Investor Presentation (July 2025)
29 slides from I.co.p's investor presentation, July 2025
Slide 1: Investor Presentation
JULY 2025 Investor Presentation STRICTLY PRIVATE AND CONFIDENTIAL
Slide 2: 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 3: 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 4: 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 5: 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 6: 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 7: Case Studies: Complex Projects is where ICOP has its Foundation
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 8: 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 9: 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 10: 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 11: 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 12: 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 13: Recently Announced Acquisition of Palingeo Allows ICOP to Strengthen its Competitive Position
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 14: 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 15: 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 16: 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: 1,200+ €200m+ Catania railways
Slide 17: Port of Trieste Gives the Company High Visibility and Exposure
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 ~€17m Port of Trieste is among th
Slide 18: 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 19: 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 20: 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 21: 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 22: 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 23: 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 Vittorio Petrucco Piero Petrucco Paolo Bassi Luca Grillo Microtunneling President CEO Trieste Project Foundations Director Director Francesco Lucian
Slide 24: Appendix
Appendix 24
Slide 25: 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 26: 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% • Strong track record of ’21A-24A revenue and EBITDA growth 61.5 67.5 28% 53.3 • Overall margin expansion, 32.5 with strong performance in 2023 and 2024 2021A 2022A 2023A 2024A • Demonst
Slide 27: 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 28: 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
Slide 29: icy?
icy?