Incap (ICP1V) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue was EUR 51.8 million, down 16.2% year-over-year due to tariffs, project delays, and currency fluctuations, but profitability remained strong with a 13.0% EBIT margin.

• Operational resilience and efficiency maintained double-digit EBIT despite lower utilization and sales.

• Investments continued in healthcare, production capabilities, and sustainability, including major solar power projects in the UK and US.

• Sustainability and ESG efforts advanced, with new ISO certifications and unified management systems across units.

• Signs of improvement are seen for Q4, with a promising pipeline and expected business recovery.

Financial highlights

• Q3 2025 revenue: EUR 51.8 million (Q3 2024: EUR 61.8 million, -16.2%); EBIT: EUR 6.7 million (13.0% margin); adjusted EBIT: EUR 5.8 million (11.1% margin).

• Net profit for Q3 2025: EUR 4.3 million, down 14.0% year-over-year; EPS was EUR 0.14.

• Equity ratio at 67.2% as of September 2025; net gearing at -29.4%.

• Cash and cash equivalents at end of September were EUR 67.2 million, up from EUR 42.2 million a year earlier.

• Q3 EBIT benefited from EUR 1.5 million in net insurance proceeds related to US factory roof repairs.

Outlook and guidance

• Full-year 2025 revenue guidance is EUR 210–230 million, with EBIT expected between EUR 23–29 million, assuming no major disruptions.

• Q4 is expected to show positive development, supported by confirmed orders and internal forecasting.