Incap (ICP1V) Q1 2025 earnings summary

Executive summary

• Revenue reached EUR 52.2 million in Q1 2025, up 1.6% year-over-year, with growth driven by India and US units, while European units saw a slow start.

• EBIT for the quarter was EUR 5.7 million, representing an 11% margin, with adjusted EBIT at EUR 5.9 million (11.2% margin), both down year-over-year.

• Management remains optimistic for a stronger second half of 2025 as market uncertainties are expected to settle.

• Continued investments in technology, facilities, and sustainability initiatives, including SMT upgrades and solar panels in India.

• Published first CSRD-compliant sustainability report, involving 50 employees in the process.

Financial highlights

• Revenue grew 1.6% year-over-year to EUR 52.2 million, but was down sequentially from EUR 59.3 million in Q4 2024.

• EBIT was EUR 5.7 million, with adjusted EBIT at EUR 5.9 million, both down from the previous year.

• Net profit for the period was EUR 3.8 million, a 23.5% decrease year-over-year.

• Inventory levels at end of March were nearly EUR 65 million.

• Cash and cash equivalents stood at EUR 61.4 million at period end.

Outlook and guidance

• Guidance remains unchanged, expecting higher revenue and EBIT for 2025 compared to 2024.

• The year is anticipated to start cautiously due to market uncertainties from tariffs, taxes, and geopolitical factors, especially related to the new US administration.

• Gradual market improvement is expected, with stronger performance anticipated in the second half of the year.

• Order intake supports expectations for a stronger second quarter.