Icop: business plan targets revenue of 900–950 million in 2029 and EBITDA of 170–190 million
Focus on US expansion and M&A. Takeover bid for Trevi is the first step
(Il Sole 24 Ore Radiocor) - Icop, which operates in the fields of underground engineering and specialised works, forecasts revenues of between €610 million and €640 million for 2026 (up from €503 million pro forma in 2025). By 2029, the figure is expected to be between 900 and 950 million, with a CAGR of between 15 and 17 per cent. The company announced this in its 2026–2029 business plan. Looking at the other forecasts, EBITDA in 2029 is expected to be between 170 and 190 million (CAGR +16–20 per cent), up from approximately 93 million in pro forma adjusted EBITDA in 2025 and the range of 105 to 115 million expected for 2026. The margin is forecast to rise from 18.5 per cent in 2025 to 19–20 per cent by the end of the plan, a figure “which reflects sound operational discipline”. The order book, meanwhile, is projected to stand at around 1.5 billion, i.e. 2.9 times 2025 revenue, and “ensures solid multi-year visibility”. Finally, capital expenditure is expected to rise from €30–35 million in 2026 to €40–45 million in 2029, of which €15–20 million will be cumulative expenditure on research and development over the period 2026–2029. The drivers of organic growth, explains Icop, are expansion in the US in the field of special foundations, the strengthening of its European leadership and entry into the US microtunnelling market, and the development of maritime works in ports in Italia and the US. The company is also focusing on selective M&A to accelerate growth in high-potential regions, in addition to its organic growth plan. In this regard, the press release states that the takeover bid for Trevi is a “first concrete step in implementing the inorganic growth strategy”. On the ESG front, Icop aims to reduce Scope 1 and 2 greenhouse gas emissions by 50 per cent by 2029 (compared with 2019), to electrify construction sites, and to extend the ESG-linked incentive scheme to all employees by 2029.
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