Incap (ICP1V) Q4 2025 earnings summary

Executive summary

• Business performance in 2025 aligned with mid-year estimates despite market uncertainty and geopolitical challenges, with strong operational execution and the 40th anniversary marked by investments in facilities and sustainability.

• Revenue for 2025 was EUR 214.6 million, down 6.7% year-over-year; Q4 revenue was EUR 55.3 million, down 6.7% from Q4 2024.

• EBIT for 2025 was EUR 25.3 million (11.8% margin), a 13.3% decrease year-over-year; Q4 EBIT was EUR 6.9 million (12.5% margin), with adjusted Q4 EBIT at EUR 8.0 million (14.4% margin).

• Acquisition of Lacon Group completed in February 2026, expanding presence in Germany and Romania, strengthening defense and medical sector positions, and enhancing design/ODM capabilities.

• No dividend proposed for 2025 as focus remains on growth and acquisitions.

Financial highlights

• Full-year 2025 revenue was EUR 214.6 million, down 6.7% year-over-year; EBIT was EUR 25.3 million (11.8% margin); adjusted EBIT was EUR 26.1 million (12.1% margin).

• Q4 2025 revenue was EUR 55.3 million; EBIT reached EUR 6.9 million (12.5% margin); adjusted EBIT was EUR 8.0 million (14.4% margin).

• Equity ratio at year-end was 67.9%; net gearing was -52.9 million EUR, indicating a strong net cash position.

• Cash and cash equivalents at year-end were EUR 80.8 million; cash flow from operating activities was EUR 27.0 million.

• Investments totaled EUR 8.7 million, mainly in technology upgrades and renewable energy projects.

Outlook and guidance

• Revenue and comparable EBITA for 2026 are expected to be clearly higher than in 2025, driven by organic growth and the Lacon acquisition.

• Guidance assumes no unexpected adverse events in the business environment.

• Defense and AI/data center sectors anticipated to contribute to growth, with positive development expected across multiple sectors.

• Defense sector exposure remains under 10% of group sales but is expected to grow.