Icop exits the race for Trevi: ‘Revenue growth to 1 billion’

What are the strategic priorities of Icop’s 2026–2029 business plan? 

The plan aims to achieve a turnover of around one billion euros between 2029 and 2030, with a profit margin of 19–20 per cent, starting from the pro-forma figure of 503 million in 2025, and is based on a scenario that excludes the public offer (OPS) and does not assume entry into new geographical markets. The plan is underpinned by an order book of 1.5 billion to be delivered over the next three years and already covers more than three-quarters of 2027. There are four key areas of focus: specialised foundations, where the priority is the United States; microtunnelling, where we are consolidating our European leadership and bringing our technology to America; maritime works, focusing on the ports of Northern Italia; and major infrastructure projects, as part of our involvement in the Eteria consortium. Investments in technology and robotics will be crucial, as will a cost structure that remains among the most efficient in the sector.

What role will Italia play in Icop’s development plans with regard to its international expansion?

In our business plan, Italia remains central, as a significant proportion of the contracts we have already secured are based here. Looking ahead, however, we are preparing to return to the international market on a significant scale. This is nothing new for us: in the past, up to 70 per cent of our turnover came from outside Italy, mainly from France and Northern European countries. With the United States as the primary driver and Germany and Northern Europe as the second, our international share will gradually grow once again.

After Trevi, will Icop be looking to make further acquisitions? 

Icop’s model has always been to combine organic growth with acquisitions. The aim is to make this approach a structural part of our strategy, by integrating healthy and sound specialist companies that can share certain complementary services, such as access to capital markets and investment in research and development, whilst focusing on the regions with the highest added value, namely Europe, the United States and, looking ahead, Australia. The group generates cash, and it remains strategic for us to maintain low financial leverage so that we can act swiftly in our acquisitions.

Can the capital increase approved by the general meeting be used for future acquisitions?

No. The authorisation was intended for the bid for Trevi and, with that, it is no longer required. As things stand, the group does not need capital; it generates cash and has a low level of leverage. Ever since the IPO, we have stated – and demonstrated – that we pay close attention to return on capital: capital transactions will only take place if they serve to finance growth-enhancing acquisitions. In such cases, we are prepared to accept dilution, as we did with the IPO to finance the acquisition of Agh and with Palingeo.

In September, Icop moved from Euronext Growth to the main market of the Milan Stock Exchange: what does this move mean for Icop? 

This was a move that had already been planned since the IPO; the aim is, above all, to further diversify the shareholder base, with a particular focus on increasing the number of international investors. We know that this is a process and will require time and dedication to make ourselves known to new stakeholders, but we are determined to carry it out with the professionalism that sets us apart.