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Incap (ICP1V) investor relations material
Incap Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Business performance in 2025 aligned with mid-year estimates despite market uncertainty and geopolitical challenges, with strong operational execution and the successful integration of Lacon Group.
40th anniversary year marked by investments in operations, sustainability, and technology upgrades.
Lacon Group acquisition, completed in February 2026, expanded presence in Germany and Romania, strengthened defense and medical sector capabilities, and enhanced design and development offerings.
No dividend proposed for 2025 as focus remains on growth and acquisitions.
Financial highlights
Full-year 2025 revenue was EUR 214.6 million, down 6.7% year-over-year; Q4 revenue was EUR 55.3 million, with EBIT for 2025 at EUR 25.3 million (11.8% margin), and adjusted EBIT at EUR 26.1 million (12.1% margin).
Q4 EBIT was EUR 6.9 million (12.5% margin); adjusted Q4 EBIT was EUR 8.0 million (14.4% margin).
Equity ratio improved to 67.9%; net gearing at year-end was -52.9 million EUR, indicating a strong net cash position.
Cash and cash equivalents at year-end were EUR 80.8 million; cash flow from operating activities was EUR 27.0 million.
Investments totaled EUR 8.7 million, mainly in technology upgrades and renewable energy projects.
Outlook and guidance
Revenue and comparable EBITA for 2026 are expected to be clearly higher than in 2025, driven by the Lacon acquisition and organic growth, assuming stable market conditions.
Defense and AI/data center sectors are expected to contribute to growth, with defense exposure to remain under 10% of group sales but set to increase.
Positive development anticipated in India and across multiple sectors.
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