Incap (ICP1V) Q1 2026 earnings summary

Executive summary

• Revenue grew 7.3% year-over-year to EUR 56.0 million in Q1 2026, supported by the Lacon Group acquisition, despite FX headwinds and component shortages.

• Comparable EBITA declined 14.2% year-over-year to EUR 5.2 million, with margin at 9.2% versus 11.5% last year.

• Net profit increased slightly by 2.1% to EUR 3.9 million, with EPS stable at EUR 0.13.

• Order intake was strong, especially in the defence segment, and integration of Lacon is progressing well.

• Customer concentration risk reduced as the share of other customers increased post-acquisition.

Financial highlights

• Revenue: EUR 56.0 million (Q1 2025: EUR 52.2 million), up 7.3% year-over-year.

• Comparable EBITA: EUR 5.2 million (EUR 6.0 million), down 14.2% year-over-year.

• Operating profit (EBIT): EUR 4.8 million (EUR 5.7 million), down 16.7% year-over-year.

• Net profit: EUR 3.9 million (EUR 3.8 million), up 2.1% year-over-year.

• Cash flow from operating activities: EUR -12.3 million (EUR -5.0 million), impacted by working capital changes.

Outlook and guidance

• Revenue and comparable EBITA for 2026 expected to be clearly higher than 2025, including Lacon's impact, barring unexpected events.