Incap Corporation | Stock Exchange Release | April 26, 2023 at 09:00:00 EEST

This release is a summary of Incap’s business review for January–March 2023. The complete report is attached to this release as a pdf file and available on the company’s website at

January–March 2023 highlights

  • Revenue increased 36.2% and amounted to EUR 72.7 million (1–3/2022: EUR 53.3 million).
  • Adjusted operating profit (EBIT) increased 64.4%, amounting to EUR 11.5 million (EUR 7.0 million) or 15.8 % of revenue (13.1%).
  • Operating profit (EBIT) increased 67.3%, amounting to EUR 11.3 million (EUR 6.8 million) or 15.5% of revenue (12.7%).
  • Net profit for the period was EUR 8.4 million (EUR 5.5 million).
  • Earnings per share were EUR 0.29 (EUR 0.19)

Unless otherwise stated, the comparison figures refer to the corresponding period in 2022. This business review is unaudited.

Key figures

EUR million 1–3/23 1–3/22 Change 1–12/22
Revenue 72.7 53.3 36.2% 263.8
Non-recurring items 0.1 0.1 -22.8% 0.6
Operating profit (EBIT) 11.3 6.8 67.3% 38.9
EBIT, % of revenue 15.5% 12.7% 14.8%
Adjusted operating profit (EBIT)* 11.5 7.0 64.4% 40.0
Adjusted EBIT*, % of revenue 15.8% 13.1% 15.1%
Net profit for the period 8.4 5.5 53.4% 27.6

*Adjusted operating profit (EBIT) is an alternative performance measure. Adjusted EBIT excludes non-recurring items and purchase price allocation amortisation. Adjusted EBIT provides comparable information between different financial years on operating profit.

Outlook for 2023

Incap estimates that its revenue and operating profit (EBIT) for 2023 will be lower than in 2022.

The estimates are given provided that unexpected events impacting Incap’s business environment do not occur, for example, in the availability of components.

Otto Pukk, President and CEO of Incap Corporation:

“We started 2023 with a strong quarter both in terms of revenue and profitability, which I want to thank our excellent team for. Revenue in the first quarter amounted to EUR 72.7 million, which was 36% more than in the first quarter of 2022. The strong growth was driven by the demand for electronics and supported with earlier investments in additional capacity in our factories.

Our profitability remained on a good level with EBIT of 15.5 per cent of revenue due to our efficient and cost-effective operational model, a favourable product mix and solid revenue level.

The construction of our third factory in India is now finalised and the production ramp-up has started. The new modern factory adds approximately 8,500 square metres to the premises, and it was constructed in line with sustainable building principles, paying special attention to efficient use of energy and water.

We have also continued to invest in our other factories. In Estonia, we opened a new production line in Kuressaare, increasing the factory’s overall SMT production capacity by more than 50%. In Slovakia, where our customer volumes have grown and our product portfolio has become wider, we increased the factory’s production area by 1,200 square metres through turning a current warehouse space in the factory into a production area and building a new warehouse.

As component availability and lead times have improved, our customers don´t need to place orders so much in advance as visibility is returning to more normal levels.

Earlier in April, our largest customer informed us that they had built up too high inventory levels, as growth is slower than they initially projected. They have decided to reduce their inventory levels and are therefore postponing some orders from 2023 to 2024. We are now working closely with them by adjusting our production volumes to help them reduce their inventory levels, which will naturally impact our revenue in 2023.

In the long term, EMS business outlook remains positive. We remain committed to actively invest in our operations and develop them. In line with our growth strategy and supported with our solid financial position, we continue to focus on pursuing M&A.

Our estimate is that our revenue and operating profit in 2023 will be lower than in 2022. We are nevertheless convinced that our decentralised operational model and our committed team will help to maintain the good level of profitability also in the future.”

Financial reporting in 2023

In 2023, Incap will publish the following financial reports:

  • Half-year report for January–June 28 July 2023
  • Business review for January–September 25 October 2023


Incap will hold a webcast on Wednesday 26 April 2023 at 1:00 p.m. Finnish time. The result will be presented by Otto Pukk, CEO, and Antti Pynnönen, CFO, Incap Corporation. 

The live webcast can be followed at During the webcast, the public can ask questions in the chat room at the address mentioned above. The recording of the broadcast will be available on the company's website at later that day.

The event is targeted for analysts, portfolio managers and the media. Welcome!

In Helsinki, 26 April 2023

Board of Directors