I.co.p. S.p.a. · MIL:ICOP
I.co.p — Investor Presentation (April 2025)
62 slides from I.co.p's investor presentation, Apr 2, 2025
Slide 1: ICOP 2024 Results, Strategic Outlook and US Acquisition Overview
ICOP 2024 Results, Strategic Outlook and US Acquisition Overview # April 2nd 2025
Slide 2: Today’s Agenda
Today’s Agenda 1 ICOP 2024 Results & Group Strategy 2 Acquisition of Atlantic Geoconstruction Holdings 3 Q&A 2
Slide 3: ICOP 2024 Results & Group Strategy
ICOP 2024 Results & Group Strategy
Slide 4: Today’s Speakers: Introducing Our U.S. Executive Team
Today’s Speakers: Introducing Our U.S. Executive Team Piero Petrucco Guido Pellegrino Group CEO Chairman of AGH Paolo Copetti Pete Sacripanti Group CFO CFO of AGH Giacomo Petrucco Larry Moore Group Head of Investor CEO of GeoGroup Relations 4
Slide 5: ICOP at a Glance – Leading Underground Engineering Specialist
ICOP at a Glance – We Are a Leading Underground Engineering Specialist Headquarters Branches & Subsidiaries Construction sites >100Y of History 22% Rev. Abroad led by the Petrucco (avg. FY20-24) family 47% in FY20 €960m A3.1 Backlog(1) Credit Rating(2) Basiliano Italy +67% 22% margin of VoP in FY24
Slide 6: What We Do: Specialised Works Are the Key Business Focus
What We Do: Specialised Works Are the Key Business Focus Revenue by Service Line Maritime Microtunneling Works 3% Technologies 47% Public Private Partnership 1% Other Foundations Infrastructure 38% Work 11% Specialised Work (88%) General Work (12%) Microtunneling Other Infrastructure Public Private
Slide 7: Backlog Gives Visibility to Our Future Results
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 Backlog Evolution (€m) Largest Backlog Projects: 960 Catania railways node reinforcemen
Slide 8: 2024 Results – Strong Acceleration of Revenues and Margins
2024 Results – Strong Acceleration of Revenues and Margins in Line with Targets €960m €41m €18m Backlog EBITDA Net Profit Vs €850m at YE23 +178% YOY +267% YOY €187m 22% -€12m Value of Production EBITDA Margin Net Financial Position +67% YoY Vs 13% in FY23 Vs €21m at YE23 FY24 figures highlighted str
Slide 9: ICOP’s Strong Financial Track-Record
ICOP’s Strong Financial Track-Record Revenue (€m) CAGRs Key Points Rev. Growth YoY% 15% 22% 67% • Strong track record of ’21A-24A revenue and EBITDA growth 187 33% 112 • Overall margin expansion, 80 92 with particularly strong performance in 2024 2021A 2022A 2023A 2024A • Healthy balance sheet with
Slide 10: ICOP Key Financial Track Record Snapshot
ICOP Key Financial Track Record Snapshot Value of Production (€m) Net Profit (€m) 18,0 187,2 92,0 112,2 4,1 80,0 4,9 3,2 2021 2022 2023 2024 2021 2022 2023 2024 Book Value of Equity (€m) Leverage Ratio (x)(1) 90,4 3,1x 2,6x 40,7 1,4x 44,4 37,5 (0,3x) 12,5 2015 2021 2022 2023 2024 2021 2022 2023 2024
Slide 11: ICOP Successfully Achieving Its IPO Strategic Objectives
ICOP Successfully Achieving Its IPO Strategic Objectives Well Ahead of Schedule R&D Projects Enter Electricity Grid Market Acquisition in the US Trieste Expansion Ongoing Oct-24 / Ongoing Mar-25 Dec-24 ICOP is involved in New microtunneling Successfully acquired €30m contract awarded various project
Slide 12: We Have Developed a Clear Strategy to Fuel the Next Wave of Growth
We Have Developed a Clear Strategy to Fuel the Next Wave of Growth Special Foundations Microtunneling Maritime works Concessions • Consolidate leadership • Strengthen leadership in • Establish ICOP as a key • Continue to bid and execute positioning in Italy Italy, continuing to serve player by impro
Slide 13: Benefitting From Structural Trends Related to Energy Transition and Water Savings
Benefitting From Structural Trends Related to Energy Transition and Water Savings New Gas and Hydrogen Routes Water Saving Renewables Intallations RUSSIA-UKRAINE CONFLICT WATER LOSSES IN ITALY ARE PRODUCTION FROM RENEWABLE FORCED TO FIND NEW GAS ROUTES HUGE SOURCES IS SOARING 41,4% 42,0% 42,2% 37,4%
Slide 14: PLT Concession: Strong Growth Prospects and Visibility
PLT Concession: Strong Growth Prospects and Visibility with ICOP Playing a Key Role Trieste logistic platform (PLT) development is among most relevant port expansion projects in Europe. The acquisition from HHLA, completed in 2020 has ensured financial support and industrial vision to the project in
Slide 15: PLT And Molo VIII Development Project
PLT Concession PLT And Molo VIII Development Project PLT Existing terminal ~€130m INVESTMENT PHASE 1: Allow to host larger range ships with capacity up to 550k TEU. and development of stronger RoRo system ~€260m INVESTMENT PHASES 2-4: • High technological storage system. • Able to host largest cargo
Slide 16: New Robot Addressing Port Maintenance
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 existing decks 2
Slide 17: ICOP Acquires Atlantic GeoConstruction Holdings (AGH)
ICOP Acquires Atlantic GeoConstruction Holdings (“AGH”), a Leading U.S. Geotechnical Engineering Group with $114m in Revenue ▪ Deep Expertise in Design-Build Soil Improvement, Deep Foundations, and Retaining Structure A Unique Opportunity ▪ Enables ICOP to Enter the Large and High-growth U.S. Market
Slide 18: Financing & Resulting Cap Structure
Financing & Resulting Cap Structure ▪ The acquisition has been financed through a combination of ICOP’s own resources and debt financing provided by a pool of banks (Intesa Sanpaolo, Banco BPM, BNL BNP Paribas and CDP) with SACE as guarantor Financing ▪ The financing amounted to ~70% of the purchase
Slide 19: Acquisition of Atlantic GeoConstruction Holdings
Acquisition of Atlantic GeoConstruction Holdings
Slide 20: Introducing Our U.S. Executive Team
Acquisition Highlights AGH Overview Combined View Introducing Our U.S. Executive Team Guido Pellegrino Chairman of AGH ▪ 18 Years of Tenure And 30+ Years of Industry Experience in Deep Foundations and Microtunneling ▪ Key Responsibility: Senior Leadership, HR, Strategy, Key Accounts & Special Projec
Slide 21: Well-Established Business with Strong Track-Record of Sustainable Growth
Acquisition Highlights AGH Overview Combined View 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
Slide 22: AGH Is a Leading Provider of Design-Build Geotechnical Construction Services
Acquisition Highlights AGH Overview Combined View AGH Is a Leading Provider of Design-Build Geotechnical Construction Services Geotechnical Construction Services for Ground Improvement, An Integrated Platform Earth Retention and Deep Foundations Integrated Back Office And Support Functions including
Slide 23: AGH Is an Integrated Provider of Critical Geotechnical Engineering Services
Acquisition Highlights AGH Overview Combined View 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 Current Geographic Footprint across the U.S, wit
Slide 24: Extensive Solutions Portfolio
Acquisition Highlights AGH Overview Combined View Extensive Solutions Portfolio AGH has a robust solutions portfolio of differentiated capabilities that service a large and diverse array of use cases AGH Robust Suite of Capabilities… …and Support Functions Ground Structures & Deep Engineering & Impr
Slide 25: Customer-Centric Project Delivery Model Across Three Key Market Segments
Acquisition Highlights AGH Overview Combined View Customer-Centric Project Delivery Model Focused Across Three Key Market Segments Comprehensive Solution Offering Across Three Key Market Segments AGH Differentiators Ground Improvement Deep Foundations Structures & Earth Retention 1 Rammed Aggregate
Slide 26: The Right Platform to Penetrate the Enormous Market Potential in the U.S.
Acquisition Highlights AGH Overview Combined View 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 t
Slide 27: Secular Industry Tailwinds and Massive White Space Penetration Potential
Acquisition Highlights AGH Overview Combined View 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 Constructi
Slide 28: AGH Has a Robustly Organised Sales Coverage Team
Acquisition Highlights AGH Overview Combined View AGH Has a Robustly Organised Sales Coverage Team Structured Sales Team Outreach Throughout AGH Geographies Focus on local, in-region presence to deliver high touch, technical relationships Coverage 1 Coverage 2 Sales team is in constant dialogue with
Slide 29: Focus Into Most Attractive Sub-Sectors
Acquisition Highlights AGH Overview Combined View Focus Into Most Attractive Sub-Sectors Further, AGH has identified and targets high-growth penetration opportunities within sub-sectors of its core market Defined Initiatives to Penetrate High-Growth Sub-Sector Waterways Data Center ✓ Large market be
Slide 30: ICOP Has Created a True Cross-Atlantic Specialised Construction Leader
Acquisition Highlights AGH Overview Combined View Through the AGH Acquisition, ICOP Has Created a True Cross-Atlantic Specialised Construction Leader AGH Headquarters Branches & Subsidiaries Construction Sites Purcellville Virginia Basiliano Italy Miramar Florida Others 7% ~€297m ~€57m ~765 America
Slide 31: A Well Diversified Group With Combined Revenue of ~€297m & EBITDA of ~€57m
Acquisition Highlights AGH Overview Combined View A Well Diversified Group With Combined Revenue of ~€297m & EBITDA of ~€57m AGH ICOP Combined Other PPP Projects PPP Projects Deep Maritime Infrastructure Work 1% 1% Foundation 2% 11% Foundation, 39% ~5% Other Maritime Works Infrastructure Includes: F
Slide 32: Unlocking Synergies and Growth Potential for AGH and ICOP
Acquisition Highlights AGH Overview Combined View Unlocking Synergies and Growth Potential for AGH and ICOP Synergies Implementation of the Microtunneling and Trenchless Significant Cost Synergies from Using European Technologies Division in the U.S. Technologies in the U.S. Integration of Geo and A
Slide 33: ICOP Is Uniquely Positioned to Benefit from Structural Tailwinds
Acquisition Highlights AGH Overview Combined View Today, ICOP Is Uniquely Positioned to Benefit from Structural Tailwinds Across Its Key European and North American Markets 1 Cross-Atlantic Leader in Specialty Construction Offering Critical Foundation and Ground Engineering Services Benefitting from
Slide 34: Appendix
Appendix
Slide 35: Appendix I – ICOP
Appendix I – ICOP
Slide 36: ICOP Positioning in the Construction Value Chain
ICOP Positioning in the Construction Value Chain: Specialised Underground Engineering Operator Construction Value Chain Construction and Finishing / Underground Construction Commissioning / Concessions Engineering Monitoring End-Markets Served Rail & Water Tunnel Bridges Road Commercial Maritime Dam
Slide 37: Case Studies: Complex Projects Is Where ICOP Has Its Foundation
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 Pio
Slide 38: We Have Over 100 Years of History and a Robust Growth Track Record
We Have Over 100 Years of History and a Robust Growth Track Record 1920 1965 1977-80 1991 2009 1920Alvise In 1914, engineer Paolo Petrucco developed1965 his ICOP sees the entry into the ICOP introduced micro 1991 In 2009, a structured Petrucco signed his first business into ICOP S.p.A in company the
Slide 39: ICOP Operates Through Different Delivery Models
ICOP Operates Through Different Delivery Models Micro Special Maritime Infra Conces- tunneling foundation works works sions • Acts as sub-contractor, engaged by a General Contractor, for Microtunneling, Foundations and Maritime works General • Acts as General Contractor (exclusively for Sub-contract
Slide 40: Eteria Consortium
Eteria • Founded in June 2021 by Caltagirone and Gavio Group to contribute to the Italian infrastructural revival, as Construction entity balancing WeBuild's Consortium "Progetto Italia“ • In September 2021, the Consortium approved the inclusion of ICOP to enhance vertical industrial capabilities •
Slide 41: Microtunneling: an Innovative and Environmentally Friendly Solution
Microtunneling (47% of Total Revenues): an Innovative and Environmentally Friendly Solution for Tunneling Challenges The ever-increasing problems connected to pipelines installation in urban areas supported the development of new tunneling technologies called “no-dig” or trenchless. ICOP, specialise
Slide 42: Port of Trieste Gives the Company High Visibility and Exposure
Port of Trieste Gives the Company High Visibility and Exposure to a Fast Growing Infrastructure Port of Trieste Is Among Most Strategic Gateways to Central- ICOP Is Perfectly Placed to Benefit From Trieste Eastern Europe Port Growth: ✓ Sole foundation and Microtunneling specialist active in the area
Slide 43: Trieste Port – Future Development Projects in Which ICOP Is Involved
Trieste Port – Future Development Projects in Wich ICOP Is Involved ICOP is involved in the strengthening / development and electrification of the whole port in Trieste Dock construction – expansion MOLO VI: of existing dock ~€17m PORT OF TRIESTE MOLO VII: Restoration of existing dock ~€92m MISP pro
Slide 44: We Have a Long Track Record in R&D Backed by a Strong Project Pipeline
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 appl
Slide 45: Digitalisation Aims at Streamlining ICOP Operations
Digitalisation Aims at Streamlining ICOP Operations and Improving Critical Processes Computational design to Project Mgmt. Cloud Based Intranet further AR and VR Introduction optimise modelling Platform developments Use of advanced algorithms and Custom development of a new Introduction of Trimble X
Slide 46: ICOP Is a Benefit Corporation with ESG at the Core of Its Strategy
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 Addition
Slide 47: ICOP New Headquarter Project Is a Pillar of ICOP ESG growth
ICOP New Headquarter Project… …Is a Pillar of ICOP ESG growth Project layout New headquarter from urban re-generation of former Key objectives military barracks, through a transformation project driven by ESG criteria "0" net land consumption Water resilience and closed cycle Energy community Circul
Slide 48: ICOP: Leading Specialist In Underground Engineering
ICOP: Leading Specialist In Underground Engineering 1 Global underground engineering specialist with >100 years history Energy transition and infrastructures development are key growth 2 drivers €960m backlog and >€1bn pipeline gives ample visibility to future 3 results Acquisition in us and new mic
Slide 49: Expanding Into the US Is ICOP’s Top Priority
Expanding Into the US Is ICOP’s Top Priority, Making AGH a Key Part of the Group’s Next Phase of Growth Minority Positions 10% 11.17% Maritime Operations European Operating Entities(1) International Subsidiaries US Operations – AGH 95% Austria France Germany ICOP Denmark ICOP Sweden ISP Construction
Slide 50: Appendix II – Atlantic GeoConstruction Holdings
Appendix II – Atlantic GeoConstruction Holdings
Slide 51: Highly Experienced Leadership Team
Highly Experienced Leadership Team Guido Pellegrino – President 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 Finance
Slide 52: Disciplined Bid Process and Customer Engagement
Disciplined Bid Process and Customer Engagement Identifies the Right Jobs Early On Superior Track-Record of bid conversion Overview of Bid Process Sourcing Phase Preliminary Design Phase Design Submission Highly Qualified Won Jobs Leverage intimate customer relationships Define scope of geotechn
Slide 53: Serving Loyal Customers in Large and Growing Markets
Serving Loyal Customers in Large and Growing Markets Highly diverse and growing base of customers across expansive end markets, with built in flexibility and capability to pursue a wide range of end uses End % of Sample Sample Customer Feedback Application End Users(1) End Uses Customers COMMERCIAL
Slide 54: Expand the AGH Solutions Offering Into Adjacent Regions
Expand the AGH Solutions Offering Into Adjacent Regions Significant white space to expand the AGH footprint in Southeast and other attractive, high growth adjacent regions Significant Whitespace In Adjacent Regions AGH Geographical Expansion Strategy… Legend ✓ Expand influence with clients and early
Slide 55: Best-in-Class Health & Safety Culture and Records
Best-in-Class Health & Safety Culture and Records Zero incidents is our goal and zero is achievable “See Something, Say Something” Culture “See Something, Say Something” Culture Training 2024 Gold Investing in each team member's growth 0 >8 yrs. Safety Award With below industry average Associated
Slide 56: Compelling, Multi-Pronged Growth Strategy
Compelling, Multi-Pronged Growth Strategy AGH has successfully executed a robust growth strategy - building a regional geotechnical leader - and is uniquely poised for continued organic growth and execution of synergies Key Growth Initiatives 1 ✓ Large growing >$11bn market Market Growth ✓ >5% under
Slide 57: Secular Industry Tailwinds and Massive White Space
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 Large & Growing Market Strong Growth Across Key End Markets (Addressable Market - $bn) 6% CAGR $14 12% CAGR $1
Slide 58: Expand Solutions and Capabilities Offering
Expand Solutions and Capabilities Offering AGH has an integrative approach to identify and roll-out new solutions and technologies across its market Silent Piler, Micropiles & Successful Roll-Out of Technologies with Further Benefits from Robust Pipeline Auger Cast Piles Revenue Relevant Revenue in
Slide 59: Compelling, Multi-Pronged Growth Strategy
Compelling, Multi-Pronged Growth Strategy AGH Has Successfully Executed a Robust Growth Strategy - Building a Regional Geotechnical Leader - and Is Uniquely Poised for Continued Organic Growth And Execution Of Synergies Buy & Build Strategy Expand Solutions / • Actionable opportunity Capabilities to
Slide 60: Unlocking Synergies and Growth Potential (Qualitative Synergies)
Unlocking Synergies and Growth Potential (Qualitative Synergies) As of today, the synergies resulting from the acquisition offer significant strategic and operational potential, which is not yet fully reflected in the combined business plan. These synergies mainly concern the strengthening of the in
Slide 61: Unlocking Synergies and Growth Potential (Quantitative Synergies)
Unlocking Synergies and Growth Potential (Quantitative Synergies) As of today, the synergies resulting from the acquisition offer significant strategic and operational potential, which is not yet fully reflected in the combined business plan. These synergies mainly concern the strengthening of the i
Slide 62: icy?
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