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Incap (ICP1V) investor relations material
Incap Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 revenue reached a record EUR 80.7m, up 56.0% YoY, with 18.0% organic growth; comparable EBITA rose 50.3% to EUR 8.6m, a 10.7% margin.
9M revenue increased 32.4% to EUR 210.9m; comparable EBITA was EUR 20.3m, or 9.6% of revenue.
9M net profit rose 52.8% to EUR 13.6m and EPS increased 53.1% to EUR 0.46; Q3 defense demand supported growth.
Financial highlights
Q3 EBIT was EUR 7.9m, up 17.1% YoY; net profit was EUR 6.9m, up 61.8%, including a EUR 1.2m positive earn-out reassessment.
9M organic revenue growth was 4.6%; foreign exchange rates weighed on growth, while Lacon consolidation and customer projects contributed positively.
9M depreciation and amortisation increased to EUR 7.6m from EUR 4.5m, reflecting acquired fixed assets and purchase price allocation amortisation.
Outlook and guidance
FY 2026 revenue guidance remained EUR 270–290m and comparable EBITA EUR 26–29m, both expected to exceed 2025; estimates assume no unexpected business-environment events.
Strong order intake and customer demand supported expectations for a strong Q4; the outlook was unchanged.
Defense demand was expected to remain strong; unexpected PCB or other material delays could affect production and results.
- H1 2026 revenue up 21.1% and Q2 up 34.1%, with margin pressure but strong 2026 outlook.ICP1V
Q2 2026 - Q1 2026 revenue up 7.3% year-over-year, but profitability declined amid FX and supply challenges.ICP1V
Q1 2026 - 2025 saw lower revenue and profit, but strong balance sheet and growth via Lacon acquisition.ICP1V
Q4 2025 - Deal expands design services and market reach in Germany with a €50M price and growth focus.ICP1V
M&A Announcement - Q3 2025 saw lower revenue but strong margins and a positive outlook for Q4.ICP1V
Q3 2025 - Q2 2025 revenue grew sequentially, but guidance was cut amid FX and project delays.ICP1V
Q2 2025 - Q3 delivered strong growth, improved margins, and raised guidance amid market challenges.ICP1V
Q3 2024 - 2024 revenue is set to exceed 2023, with EBIT stable and strong growth excluding the largest customer.ICP1V
Q2 2024 - Q1 2025 revenue up 1.6% to EUR 52.2M, EBIT margin 11%, outlook positive despite uncertainty.ICP1V
Q1 2025
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