FONTENAY-AUX-ROSES, FRANCE – Icape reported consolidated 2025 revenue of $219.4 million, up 11.5% year over year, marking a return to growth after a 2.2% decline in 2024. Organic growth reached 1.8% for the year, or 5.1% excluding currency effects, as US dollar depreciation weighed on reported results.

Fourth-quarter revenue totaled $54 million, rising 5.4% year over year. Organic growth reached 7.4% in the quarter and 14.7% at constant currency, marking the second consecutive quarter of positive organic expansion.

Full-year 2024 revenue was $196.8 million. The company reported a backlog of approximately $69.3 million at the end of 2025, up 28.5% year over year in US dollar terms, signaling continued momentum into early 2026.

For 2026, the company expects organic revenue growth between 6% and 8%, assuming no further currency depreciation. Icape also reaffirmed its external growth target of approximately $130 million in additional revenue through acquisitions by the end of 2026, of which roughly $98 million has already been achieved.

CEO Yann Duigou said fourth-quarter performance confirmed a gradual recovery through the year, supported by improving backlog trends despite a challenging currency environment.

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