Incap (ICP1V) Q3 2026 earnings summary

Executive summary

• Q3 revenue reached a record EUR 80.7m, up 56.0% YoY, with 18.0% organic growth; comparable EBITA rose 50.3% to EUR 8.6m, a 10.7% margin.

• 9M revenue increased 32.4% to EUR 210.9m; comparable EBITA was EUR 20.3m, or 9.6% of revenue.

• 9M net profit rose 52.8% to EUR 13.6m and EPS increased 53.1% to EUR 0.46; Q3 defense demand supported growth.

Financial highlights

• Q3 EBIT was EUR 7.9m, up 17.1% YoY; net profit was EUR 6.9m, up 61.8%, including a EUR 1.2m positive earn-out reassessment.

• 9M organic revenue growth was 4.6%; foreign exchange rates weighed on growth, while Lacon consolidation and customer projects contributed positively.

• 9M depreciation and amortisation increased to EUR 7.6m from EUR 4.5m, reflecting acquired fixed assets and purchase price allocation amortisation.

Outlook and guidance

• FY 2026 revenue guidance remained EUR 270–290m and comparable EBITA EUR 26–29m, both expected to exceed 2025; estimates assume no unexpected business-environment events.

• Strong order intake and customer demand supported expectations for a strong Q4; the outlook was unchanged.

• Defense demand was expected to remain strong; unexpected PCB or other material delays could affect production and results.