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Incap (ICP1V) investor relations material

Incap M&A Announcement summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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M&A Announcement summary4 Dec, 2025

Deal rationale and strategic fit

  • Acquisition targets growth in Germany, Europe's largest EMS market, and leverages a rebounding economy and expanding defense sector.

  • Expands into design and development (ODM) services, enhancing value across the product lifecycle for both existing and new customers.

  • Strengthens presence in defense, railway, and medical technology sectors, with a balanced customer base and established facilities in Germany and Romania.

  • Diversifies customer portfolio and reduces dependency on single large accounts.

  • Expands and complements the acquirer's geographical footprint and engineering capacity in the DACH region.

Financial terms and conditions

  • Purchase price is €50 million equity value, payable at closing, with a potential earnout of up to €5 million based on 2026 EBITDA performance.

  • Transaction financed through own funds and a €30 million bank loan.

  • Lacon Group's net debt as of 2024 was €7.1 million.

  • Lacon Group's unaudited pro forma revenue for Jan–Oct 2025 was €57.2 million, with adjusted EBITDA of €6.7 million (11.8% margin).

  • Additional liabilities include a local term loan and a factoring financing facility.

Synergies and expected cost savings

  • Synergies expected from cross-selling, improved capacity utilization, and procurement efficiencies.

  • Enhanced and broader service offering anticipated to benefit customers of both companies.

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Frequently asked questions

Incap Corporation provides electronics manufacturing services to the OEMs operating in the fields of energy efficiency and well-being technology. The company is jointly owned by the Finnish state and CapMan, a Nordic private equity fund manager. The company has operations in Europe, Asia and India. Incap Oyj was incorporated in 1985 and is headquartered in Helsinki, Finland.

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