Incap Group’s business review for January–March 2026 (unaudited)

This release is a summary of Incap’s business review for January–March 2026. The complete report is attached to this release as a pdf file and available on the company’s website at www.incapcorp.com.

 

January–March 2026 highlights

• Revenue for the first quarter 2026 amounted to EUR 56.0 million (1–3/2025: EUR 52.2 million). Year-on-year increase was 7.3%.
• The revenue was negatively impacted by the foreign exchange rates and component availability challenges. Organic growth was flat excluding the impact of the foreign exchange rates.
• The acquisition of Lacon Group was closed, and Lacon Group’s financial figures have been consolidated into Incap Group’s reporting as of 20 February 2026.
• Comparable EBITA amounted to EUR 5.2 million (EUR 6.0 million) or 9.2% of revenue (11.5%). Year-on-year decrease was 14.2%.
• Operating profit (EBIT) amounted to EUR 4.8 million (EUR 5.7 million) or 8.5% of revenue (11.0%). Year-on-year decrease was 16.7%.
• Net profit for the period was EUR 3.9 million (EUR 3.8 million).
• Earnings per share were EUR 0.13 (EUR 0.13).

2026 figures include Lacon Group as of 20 February, whereas 2025 figures are presented excluding Lacon Group. Unless otherwise stated, the comparison figures refer to the corresponding period in 2025. This business review is unaudited.

 

Key figures

EUR million	1–3/26	1–3/25	Change	10–12/25	Change	1–12/25
Revenue	56.0	52.2	7.3%	55.3	1.3%	214.6
Comparable EBITA*	5.2	6.0	-14.2%	8.0	-35.2%	26.1
Comparable EBITA, % of revenue	9.2%	11.5%		14.4%		12.1%
Operating profit (EBIT)	4.8	5.7	-16.7%	6.9	-31.0%	25.3
EBIT, % of revenue	8.5%	11.0%		12.5%		11.8%
Net profit for the period	3.9	3.8	2.1%	5.1	-24.3%	14.0
Equity ratio	54.7%	65.9%		67.9%		67.9%
Net gearing	6.2%	-23.1%		-39.1%		-39.0%

*Comparable EBITA is an alternative performance measure. Comparable EBITA excludes non-recurring items and purchase price allocation amortisation. Comparable EBITA provides comparable information between different financial years on EBITA.

 

Outlook for 2026

Incap estimates that the company’s revenue and comparable EBITA in 2026 will be clearly higher than in 2025.

The estimates include the impact of Lacon’s acquisition and are given provided that unexpected events impacting Incap’s business environment do not occur.

 

Otto Pukk, President and CEO of Incap Corporation

At the beginning of the year, our performance developed broadly in line with expectations and overall demand remained stable despite challenging market conditions. While the Lacon acquisition supported our revenue, due to some delayed component deliveries, certain orders were shifted into the second quarter. These component pushouts were mainly driven by increased demand in the AI and data centre segment, which has strained production capacity for components used in other segments and caused supply chain disturbances. In addition, foreign exchange rate movements impacted our result, and we are expecting to see increasing price pressure from component manufacturers going forward. Over time, we expect component availability to improve as manufacturers increase capacity, and we continue to work closely with our customers to identify alternative component solutions where needed.

Due to lower volumes and utilisation levels in Q1, our profitability was lower, but towards the end of the quarter, we saw volumes starting to recover, supporting a more positive development for the coming quarters.

The beginning of the year was also marked by the successful completion of the Lacon acquisition, and I am pleased to say that the integration is progressing well and according to plan, supported by strong collaboration and commitment across our teams.

Our order intake developed very positively during the quarter, laying an important foundation for the rest of the year. Order intake was particularly strong in the defence segment, where we achieved a record high number of orders in the first quarter. As a result of successful sales activities, we have received larger defence orders for our new units in Germany and Romania, further strengthening our order book and visibility. Following the acquisition, we can already see a positive shift in our customer portfolio. Dependency on the largest customer is increasingly behind us as the share of other customers grows, reducing overall customer concentration risk.

During the first quarter, we continued to prepare Incap for the next phase of growth. In addition to investments in machinery, we have started updating our strategy and organisation, to support the new larger Incap and taking our lean decentralized management model to the next stage. This includes internal development initiatives aimed at further modernising operations and tools, such as a data lake project, as well as refinements to the management structure to enable stronger focus on organic growth in mature markets and M&A driven growth and expansion in selected growth markets. Further details on these updates will be communicated later this year.

We finalised our Annual and Sustainability Report in the early part of the year and set our key sustainability targets for the year. Sustainability remains a core value and an integral part of how we run our business, supporting our operations, our customers and long term value creation.

None of this would be possible without our people. As always, I would like to sincerely thank all our employees for their dedication, flexibility and teamwork during a demanding start to the year and throughout the integration of Lacon.

Our key priority continues to be the successful integration of Lacon into Incap and the focused development of the strengths and opportunities created by the combined business targeting organic growth.

With enhanced engineering capabilities, a strengthened order book and increasing exposure to selected high growth segments, Incap is well positioned to continue executing its long term growth strategy and creating value for its shareholders.

 

Financial reporting in 2026

In 2026, Incap will publish the following financial reports:

• Half-year report for January–June 30 July 2026
• Business review for January–September 29 October 2026