ICOP (AO) | Buy | Clear strategy, confident tone

Research evidence excerpt

ICOP (AO) | Buy | Clear strategy, confident tone

Italian Investment Conference Feedback

Release date: 20 May 2026

Matteo Bonizzoni

Head of Italian Equity Research

Buy +39 02 80 62 83 43ICOP mbonizzoni@keplercheuvreux.com

Italy | Constr., Infra & Materials Beta Profile: MCap: EUR838.9M

Target Price: EUR28.50 Bloomberg: ICOP IM Reuters: ICOP.MI

Current Price: EUR26.40 Free float 16%

Up/downside: 8.0% Avg. daily volume (EURm) 0.4

YTD abs performance 50.4% Market data: 19 May 2026

52-week high/low (EUR) 27.30/9.90

Clear strategy, confident tone

Key points

Management showed a confident tone on intake and margins prospects, with a risk profile set to remain under control.

Key focus was mainly on opportunities in microtunneling (mainly water pipelines) and on the upcoming sizeable tender in

maritime jobs in Trieste.

Delivery since the IPO, both organically and on M&A (deals done, while jury is out on a positive integration), has been close to

impeccable. We are positive on the management’s ability to deliver on its strategy, keeping risks under control. We value the

stock at EUR28.5 per share, which implies a 15% premium to peers on the back of stronger growth, higher margins and ROCE.

Speakers

Piero Petrucco, CEO; Giacomo Petrucco, Head of IR; Paolo Copetti, CFO

Temperature

Investors were mainly focused on grasping the prospects in the different business segments: special foundation, microtunneling

and maritime jobs.

Company’s pitch

Management showed a confident tone on intake and margins prospects, with a risk profile which is set to remain under control.

What’s new?

Geographic footprint: the company elaborated on its geographical footprint, which is focused on Italy (c50% of the backlog),

Central/Northern Europe, and the US. The next country to be penetrated is Australia.