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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.
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Q4 2025 earnings summary26 Feb, 2026

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.

Lacon acquisition's strategic benefits
How do 2025 investments support future growth?
Rationale for no 2025 dividend
Lacon's ODM capabilities impact on Incap's offering
Key drivers for 2026 organic growth
Inventory management actions and future targets
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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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