Egm X-rayed: Icop with Palingeo will see production value at 220 million

Palingeo, da parte sua, nel primo semestre 2025 ha conseguito un valore della produzione in aumento del 13,8% a 39,4 milioni, mentre l’ebitda è salito del 13,4% a 7,9 milioni. L’ebit però, a seguito di un balzo da 0,5 a 2,1 milioni per gli accantonamenti per rischi su crediti allo scopo di adeguare il relativo fondo al volume di crediti in essere, è diminuito del 29,9% a 3,5 milioni e l’utile netto del 31,2% a 2,3 milioni. Al 30/6/2025 la società evidenziava un indebitamento finanziario netto di 6,7 milioni con un rapporto Debt/Equity molto basso (0,15 volte). Il che costituisce ovviamente un ulteriore pregio agli occhi di Icop (senza tener conto del fatto che l’ebitda margin risultava pari al 19,9%, più alto rispetto al 16,8% di Icop).

For two construction companies such as Icop and Palingeo, of course, the backlog is crucial: as at 30 June 2025, Icop's backlog amounted to EUR 1,409.4 million and Palingeo's to EUR 144 million. In 2025, Icop was awarded the contract for the construction of three microtunnels in Germany for a value of EUR 14.4 million, as well as a 33% share of the works awarded to the Eteria Consortium for the widening of the A4 motorway between Portogruaro and San Donà di Piave, for a pro-rata value of EUR 120 million, as well as special foundations for EUR 17 million and infrastructure works for EUR 70 million; there is the possibility of optional works, for which Icop's share would be EUR 33 million for special foundations and EUR 133 million for infrastructure works. The start of the works is estimated by the end of 2026.

Icop (together with Palingeo) will also be among the operators entrusted with the westward extension of the Milan underground M1 line, which envisages the construction of approximately 3.3 km of underground track with the three new stations of Parri-Valsesia, Baggio and Olmi and six ancillary structures along the route. Including optional works such as the expansion of the depot at Baggio and the possible extension of the line northwards towards Monza, the share of the works to be carried out by Icop and Palingeo could exceed EUR 100 million. It must be said, however, that the end of the works (not yet started) is scheduled for 2031.

No date has yet been set for the start of work on the construction of the new Terminal Ravano in the port of La Spezia (Icop's share is EUR 79.3 million plus a second lot of complementary works for the preparation of the yards), as at the end of August the Liguria Regional Administrative Tribunal (TAR) confirmed the awarding of the work to the consortium comprising Icop, Vianini Lavori and Agnese Costruzioni, but the ruling was subsequently challenged by the rival consortium before the Council of State, with a ruling expected on 27 November.

However, this is not so uncommon in the construction company sector, especially with regard to large-scale works, the awarding of which is often disputed and the execution characterised by bureaucratic and other delays. Palingeo, also due to its smaller size, has a backlog characterised by shorter average timeframes, including, among others, the regeneration works for the former railway yard of Porta Romana in Milan (EUR 5.3m with completion scheduled at the beginning of 2026) and three contracts for motorway and railway infrastructure totalling EUR 14m, of which EUR 7m relates to 2025 and EUR 7m to 2026.

After the conclusion of the takeover bid on Palingeo, will Icop stop here in its growth strategy by external lines? Certainly not, although a pause is possible; the company will probably turn mainly to foreign target companies in order to increase the share of international revenues and reduce the execution risk of the various orders. For now, what is certain is the construction of the new Icop headquarters in Basiliano (Udine) through the redevelopment of the former Lesa barracks (without adding volume), which will also include a canteen with organic food, a sensory garden, social and food areas, a sports field and a kindergarten for employees, as well as being equipped with photovoltaic and solar thermal systems and water recycling for irrigation.

Yes, because Icop is a benefit company, a characteristic that is no longer uncommon even among construction companies (as is Edil San Felice). For the time being, it does not draw up a sustainability report (only the Impact Report), but given the size of the group, such a report would be desirable. Precisely, the size. Icop makes no secret of the fact that it is interested in uplisting with the potential move to the Star segment of Euronext Milan, but as always, the greatest obstacle is represented by the costs that are unfortunately leading many companies to leave Euronext Growth Milan. So much so that the reform of the Consolidated Finance Act even provides for the possibility of 'downlisting', i.e. moving from Euronext Milan to Euronext Growth Milan to reduce the costs of bureaucratic obligations and communication.

Icop has a very low free float (less than 16% of the share capital) and the regional finance company Friulia is also present in the shareholding structure with a small share (less than 3%). It could therefore easily expand the panel of investors by further opening up the capital, possibly through acquisitions via share exchanges. The market has approved the group's growth strategy, and the share price has more than doubled in a year.