Incap Corporation’s President and CEO Otto Pukk
As anticipated, the year started a little slow, as the uncertainty in the markets during the first quarter impacted many industries. However, we remain optimistic about the future and expect our business to develop more strongly during the second half of the year.
Our revenue in the first quarter was EUR 52.2 million, which was slightly higher than in the corresponding period last year. Our EBIT was 11%. We are pleased with the outcome – we are following our plans, and expect good progress as the year unfolds, despite the uncertainty in the market in the beginning of the year. We foresee a gradual improvement in the market, with more progress expected towards the end of the second half of the year.
In the first quarter, we continued to invest to support our growth. We made investments to uphold our standards of competence and service excellence and in new technologies. In both the US and India, we invested in advanced SMT technology. Our UK team successfully installed a second new SMT line, which is now fully operational, and also implemented vertical storage systems to optimize the PCBA material. In Slovakia, we upgraded our PCBA washing technology, enhancing contamination removal, process automation, and sustainability. Additionally, our Estonian team invested in a quality control X-ray system.
In terms of our sustainability efforts, we published our first CSRD compliant report in April, which reflects our initiatives and results in 2024. We have been diligently working towards the sustainability targets established in 2024, monitoring our progress and the actions taken to achieve our goals. As part of these efforts, at the beginning of the year, we implemented solar panels on the roof of the newest factory at Incap India to reduce the company’s carbon footprint and improve energy efficiency.
Our outlook for the year remains unchanged. However, we acknowledge that the market uncertainty continues, and we are closely monitoring changes related to tariffs, taxes, and geopolitical challenges, in particular. With strategic flexibility and our worldwide geographical presence, we are well-prepared for varying circumstances. Our organization is designed to be flexible, efficient, and agile. Among other things, our strong position and three factories in India and the defense sector can create new opportunities for us.
We are confident in our long-term ability to deliver strong results and create value for our shareholders. Our financial position remains solid, and we will keep pursuing opportunities that align with our goals. With a strong long-term strategy, we remain committed to both organic growth and growth through mergers and acquisitions (M&A).
