Icape (ALICA) Investor presentation summary

Market growth and outlook

• Global PCB market reached $96Bn in 2026, up 12.5% in value and 5.9% in volume versus 2025, with a projected CAGR of 7.7% through 2030 and a 2030 market size of $123Bn.

• Electronics market hit $2.81T in 2025, forecast to reach $3.6T by 2030 at a 5.4% CAGR, with AI-driven server/data storage as the fastest-growing segment.

• Server/data storage electronics demand surged 31.7% YoY, military/aerospace up 7.8%, and industrial up 7.4% in 2026.

• Out-of-China PCB production growth forecast for 2026: Asia (ex-JP/CN) +13.4%, Americas +6.1%, Japan +11.7%, Europe +6.9%.

• AI infrastructure is the strongest structural growth driver, with AI server PCBs projected to reach $14.5Bn, about 15% of the market.

Cost and supply chain pressures

• Laminate prices rose 63.2% from January to July 2026; tin prices up 53% YoY; copper up 44% YoY; gold up 42% YoY.

• Laminate lead times increased 261% QoQ and 560% YoY, averaging 32.1 days in Q2 2026, with some advanced materials reaching 8-18 weeks.

• PCB material, commodity, and logistics costs all increased in Q2 and Q3 2026, while labor costs remained stable.

• Suppliers are limiting price validity and capacity commitments, increasing risks of shortages and allocation.

• Customers face higher product costs, margin erosion, longer sourcing and production lead times, and greater planning complexity.

Freight and logistics dynamics

• Global ocean freight rates (Freightos Baltic Index) rose 94% in Q2 2026, with spot rates ex-Asia ~20% above last year.

• Air cargo rates hit $3.75/kg in June 2026 (+47% YoY), with persistent congestion and capacity constraints, especially in the Middle East.

• Major Asian and European ports remain congested, supporting surcharges and limiting vessel availability.

• Oil prices stabilized near $70/bbl despite supply concerns, with export recovery and surplus risks from Iranian and Russian exports.