Foreword - Public Report 2025

Strengthened by the ongoing digital transformation in every market we serve.

Corporate / Foreword

Building long-term value through people, innovation, and disciplined growth

ICT’s growth strategy is geared towards being a leading European technology solutions provider in defined markets

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Furthermore, the GPTW statement showed that 81% of our employees would recommend ICT Group as employer of choice. This is well above average in the Dutch market. The outcome of the assessment has been stable for many years, reflecting a culture of collaboration, growth and belonging.

Buy and Build

ICT pursues growth opportunities both organically and through acquisitions for the purpose of expanding its current distinctive niche position. Acquisitions play an integral part in increasing scale and enhancing knowledge in specific areas. One of the main criteria in ICT’s acquisition strategy is that there has to be a cultural fit and mutual respect for knowledge, skills and working methods.

In February 2024 ICT Group acquired TriOpSys B.V. (TriOpSys) strengthening our Public Mobility & Safety and cybersecurity activities. TriOpSys, based in Utrecht, combines expertise with long-term customer relationships. They are specialists in business-critical IT for organizations where security and continuity are paramount. The customer base of TriOpSys is in line with the core business of ICT Group. TriOpSys has contributed positively to revenue growth and results from the very beginning.

Strong foundation

In conclusion, the year 2024 brought challenges on a geopolitical and economical level, but was once again a testament of ICT Group’s resilience, adaptability, and unwavering commitment to excellence. We continue our “mindset for growth” strategy on the basis that has guaranteed our success and the quality of our services for over 45 years: the combination of technical expertise with in-depth domain knowledge. We remain fully focused on executing our buy-and-build strategy combining healthy organic growth with selective acquisition opportunities. With a strong foundation and clear strategic direction in place, we are confident in our ability to achieve sustainable growth in the coming years.

Karim Henkens,

CEO, ICT Group

ICT Group operates in a time of rapid technological change and growing complexity. We see this not only as a challenge, but above all as an opportunity. As a leading European provider of industrial technology solutions, we support our clients in addressing critical operational and strategic priorities. With around 2,400 professionals and nearly 50 years of experience, ICT Group has built a strong foundation of industry knowledge and technological expertise. We serve a broad range of markets, including automotive, high-tech, industry & vital infrastructure, logistics, and public mobility & safety. With operations in the Netherlands, Bulgaria, Germany, Sweden, and Portugal, we are well positioned to support customers across Europe and grow alongside them. This foundation is reflected in our strategic roadmap, which is built on four pillars: commercial excellence, European delivery, employer of choice, and a disciplined M&A strategy.

Opportunities and headwinds

The year 2025 brought both opportunities and challenges for ICT Group. Although parts of our strategic markets faced some headwinds, strong growth in our nearshoring countries, Portugal and Bulgaria, once again confirmed the strength of our European Delivery strategy. During 2025 we faced headwinds in part of our operations. In HighTech and Public Mobility we have seen growth. Through prudent initiatives and decisive actions, we successfully navigated these challenges, delivering adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of € 33.3 million (2024: € 33.5 million). Net cash flow from operating activities increased by € 1.0 million compared to 2024, reaching € 23.6 million. In 2025, ICT Group’s revenue amounted to € 260.5 million (2024: € 253.6 million).

Employer of choice
I firmly believe that our employees are the foundation of ICT Group’s success. Their dedication, expertise, and entrepreneurial spirit make our company strong. By continuing to invest in professional development and innovation, we strengthen our ability to attract, develop, and retain highly skilled talent, while creating lasting value for our customers, partners, and other stakeholders. In 2025, we launched the Future Management Program to recognise leadership potential, support professional growth, and prepare the next generation of leaders. This initiative reflects the culture we are proud of and the values that have enabled us to maintain our Great Place to Work certification every year since 2022.

Buy and Build

ICT Group’s growth strategy focuses on being a leading European provider of technology solutions in selected markets. We pursue growth opportunities both organically and through acquisitions to further strengthen our distinctive niche position. During the year, we took important steps to strengthen our portfolio and enhance our capacity for long-term value creation. The acquisitions of Modality Software Solutions B.V., DWG Automation B.V., and M4 Solutions Holding AB broadened our capabilities in Logistics, Industry & Infra, and the Swedish market. These transactions contributed to revenue growth while extending our market reach and deepening our sector expertise. At the same time, in line with our strategic priorities, we divested a majority stake in ICT Healthcare Technology Solutions B.V. With a clear strategic direction, a stronger platform, and confidence in the talent and commitment of our employees, we believe we are well positioned to create enduring value for all our stakeholders.

Innovation

Technology continues to evolve at an extraordinary pace, creating new opportunities for innovation, progress, and long-term value. In particular, the rapid development of artificial intelligence is reshaping how we work and how we think about the future. We see this as a significant opportunity for ICT Group and the markets we serve, provided we embrace these developments with care and responsibility. Through ICT Group’s AI Center of Innovation, we focus on identifying market needs and developing scalable, proven IT and OT solutions that help our customers move forward. We were proud to receive the ASML Indirect Procurement Award in the Agility category for our scalable AI diagnostics platform. This recognition reflects both the strength of our innovation capabilities and the value of the trusted partnership we have built with ASML over many years. It inspires us to keep raising the bar for what we can achieve together.

Outlook

In conclusion, 2025 once again demonstrated ICT Group’s resilience and adaptability. Looking ahead, we remain confident in our strategic direction and in the strength of our people, partnerships, and capabilities. We remain fully focused on executing our buy-and-build strategy by combining healthy organic growth with selective acquisition opportunities. While macro-economic conditions remain challenging, we continue to invest in talent and welcome new professionals in the countries where we operate. We believe the long-term outlook remains attractive, supported by the ongoing digital transformation of every market we serve. With the commitment of our people and the trust of our customers and partners, we look to the future with confidence and ambition.

Karim Henkens,

CEO, ICT Group

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