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Incap (ICP1V) investor relations material
Incap Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue was €55.3 million, up 5.9% sequentially but down 4.1% year-over-year; H1 revenue was €107.5 million, down 1.4% year-over-year, with a double-digit EBITDA margin maintained.
Adjusted EBIT for H1 2025 was €12.3 million (11.5% margin), down 6.3% year-over-year; net profit was €4.7 million, down 53.5% year-over-year.
Currency fluctuations, especially USD and INR, significantly impacted results and led to a revised outlook.
Investments continued in SMT production equipment and renewable energy across multiple countries, supporting sustainability goals.
Key accreditations were achieved in the defense sector, and sustainability initiatives advanced with a climate transition plan and CSRD-compliant reporting.
Financial highlights
Q2 2025 revenue: €55.3 million (down 4.1% year-over-year, up 5.9% sequentially); adjusted EBIT: €6.3 million (11.5% margin); net profit: €0.9 million (down 82.8% year-over-year).
H1 2025 revenue: €107.5 million (down 1.4% year-over-year); adjusted EBIT: €12.3 million (11.5% margin); net profit: €4.7 million (down 53.5% year-over-year).
Net interest-bearing debt at -€35 million, with cash and cash equivalents of €64.4 million.
Q2 EPS was impacted by a non-recurring €2.5 million withholding tax on an intragroup dividend from India.
Investments in H1 2025 totaled €3.4 million, mainly in production upgrades and renewable energy.
Outlook and guidance
2025 revenue guidance revised to €210–230 million and EBIT to €23–29 million, reflecting FX headwinds and project postponements.
Previous guidance anticipated higher figures; current outlook assumes no major changes in material availability or market conditions.
Management expects similar business levels in H2, with ongoing scenario analysis and ambition to reach the upper end of the guidance range.
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