Icop: Cerved Rating Agency confirms 3.1 rating

ICOP SpA Società Benefit , a subsoil engineering company and one of the main European operators in the special foundations and microtunnelling sector, announces that Cerved Rating Agency has confirmed the A3.1 public rating , recognizing the resilience and reliability of the Group's economic and financial structure also following the important acquisition of the US company Atlantic GeoConstruction Holdings Inc. (AGH), an American operator specialized in advanced geotechnical solutions and active in high-potential niches (logistics, data centers , coastal protection, public transport).

The affirmation of the A3.1 rating reflects (i) a growing and more diversified order book, with positive impacts already evident in the FY24 results; (ii) the strengthening of the business model thanks to the M&A transaction completed in 1Q25, financed both with post-IPO resources and with new debt; (iii) a significant backlog , from which the Agency estimates a further expansion of the Value of Production (VoP) and EBITDA from FY25, while maintaining leverage within sustainable levels despite the increased financial commitment.

The acquisition of AGH, a leading player in the North American market of advanced geotechnical solutions with over 250 employees and an EBITDA margin of 15.5%, was financed through a balanced mix of equity and debt guaranteed by SACE , for an Enterprise Value of approximately USD 126 million.

Despite the extraordinary M&A operation and the resulting growth investments , ICOP is expected to be able to maintain fully sustainable leverage ratios (PFN/EBITDA adj. ≤ 1.5x; PFN/PN ≤ 1.0x), confirming a prudent and efficient capital management.

The overall backlog – which exceeds 1.1 billion euros including AGH – highlights strong geographic and sector diversification, confirming the Group’s strategic positioning and supporting the prospects for further international expansion.

The full press release, which includes a description of the elements of ICOP's rating analysis, can be found on the ESMA website, on the Cerved Rating Agency website and on the ICOP institutional website, Investor Relations/Financial Statements & Rating Section.

“ The confirmation of the A3.1 rating by Cerved Rating Agency represents a further validation of our strategic vision and of ICOP's ability to grow sustainably even in contexts of structural transformation. The entry into the North American market strengthens our global presence, combining complementary skills and at the same time maintaining a rigorous economic-financial balance”, stated Piero Petrucco, CEO of ICOP.