A word from the CEO

2024 was a successful year for Incap, with our performance aligning well with our plans. We have effectively navigated through the challenges of the previous years and have now reached a new normal with our largest customer’s destocking exercise finalised. While many of our peers faced similar challenges in 2024 as we did in 2023, we had already overcome them and continued to grow our EBIT quarter-to-quarter, as anticipated. I want to extend my gratitude to our team for their dedication and hard work, which led to these great results.

Our revenue in 2024 was EUR 230.1 million, with the fourth quarter contributing EUR 59.3 million. Our 2024 results were driven by new customer acquisitions, increased sales to existing ones, and cross-selling opportunities from our acquisitions. The successful integration and strong performance of Incap US, along with Incap India’s newest factory ramping up its production capacity, were significant contributors to the increase in revenue. We continuously improved our efficiency and invested in the latest technology, such as advanced SMT machinery in Slovakia and UK. We maintained good customer dialogue by for example organising events in Slovakia and Estonia, and our teams participated in various cooperation events, trade shows, and training sessions.

Our fourth quarter EBIT was EUR 8.6 million, representing 14.4% of revenue, and our full-year 2024 EBIT was EUR 29.2 million, or 12.7% of revenue. We achieved approximately 40% higher revenue and 132% higher profitability compared to the same period in previous year mainly thanks to the higher production volumes in Incap India. These figures highlight our successful operational model and agility. Furthermore, we have been focusing on our global cooperation and driving synergies between different units at Incap, to benefit our customers and enhance client engagement.

Throughout 2024, we continued to advance our commitment to sustainable business practices. We have prepared for CSRD reporting and are ready to comply with the new standards. In parallel, we updated our Sustainability Programme and set targets for 2025. Significant investments were made to support our goals, including the installation of solar panels at Incap India and improvements in energy efficiency across all units.

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Otto Pukk,
President and CEO of Incap Corporation

Otto Pukk Incap
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Sustainability at Incap

As a globally operating electronics manufacturing services company and a growing organisation, sustainable operations are a must in achieving our goals. Acting in a responsible and trustful way is an integral part of our mission, strategy and operations. We are committed to actively promoting sustainable development to ensure that we will continue to be the trusted partner in our industry and to meet the increasing expectations of all our stakeholders also in the future. Our most important stakeholders are our personnel, customers, suppliers, our current owners and potential investors as well as local communities.
Sustainability Policy

OUR CORPORATE RESPONSIBILITY FOCUS

We support sustainable development and strive to increase the positive impact of our operations – our handprint – and reduce our negative footprint through systematic development work focused on the most material themes. Those economic, social and environmental themes are defined through a materiality analysis involving key stakeholders – employees, customers and investors. Based on the selected themes we have defined our sustainability targets and indicators for monitoring them. The development of sustainability will be promoted as defined in our sustainability programme.
Incap’s sustainability programme
ENVIRONMENTAL RESPONSIBILITY
KEY THEMES

→ Transition to sustainable energy
→ Reduction of energy intensity
→ Reduction of GHG emissions from own operations
→ Reduction of GHG in the value chain / related to transportation

→ Recycling of waste and hazardous waste

TOPICS

→ ESRS E1 Climate change

→ ESRS E5 Resource use and circular economy

TARGETS

→ Share of renewable energy in total energy consumption 33-37% (Scope 1,2)
→ Development and implementation of Climate Transition Plan
→ 0 environmental non-compliance cases

→ Recycling rate over 83%
→ Recycling rate of hazardous waste over 74%

UN SDGs

SOCIAL RESPONSIBILITY
KEY THEMES

→ Working conditions
→ Health and safety
→ Equal treatment and diversity

→ Workers’ rights and treatment in the value chain

TOPICS

→ ESRS S1 Own workforce

→ ESRS S2 Workers in the value chain

TARGETS

→ 100% new employees receive the training on Code of Conduct
→ Employee satisfaction over 7/10 / eNPS at least +10
→ Employee turnover less than 10%
→ 0 major injuries
→ 100% of workers covered by ISO 45001
→ 0 average lost-days rate
→ Equal pay for equal work
→ Training hours per employee at least 5 per year (own + non-employees)​
→ 0 discrimination cases

→ 0 severe human rights violation cases

UN SDGs

GOVERNANCE
KEY THEMES

→ Decentralized structure
→ Legal compliance
→ Protection of whistle-blowers

TOPICS

→ ESRS G1 Business conduct

→ Incap’s Business Strategy

TARGETS

→ NPS at least +73
→ Revenue growth
→ Profitability
→ Net working capital
→ Earnings per share
→ Control over operating expenses, personnel expenses, taxes
→ Supporting the local communities related to our business units
→ 0 breaches of Code of Conduct (incl. zero incidents of anti-competitive behaviour and zero incidents of corruption)

UN SDGs

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OUR CORPORATE RESPONSIBILITY FOCUS

Environmental responsibility

Incap contributes to sustainable development by improving the efficiency of its production and by considering all environmental impacts of its operations and striving to minimise them. The most important thing we can influence is the efficient use of resources and materials. The most significant environmental impacts of our activities are carbon dioxide emissions from energy consumption and waste from production. Incap does not use water in its production. Water consumption is mainly caused by the use of sanitary facilities and cleaning.
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Incap Estonia

Social responsibility

Social responsibility is at the heart of Incap’s corporate culture and strategy. Our employees are our most important asset, and by investing in them, we ensure our competitiveness now and in the future. We invest in skills development, cooperation and well-being and expect fair and ethical behaviour towards all. We believe that providing equal opportunities is a prerequisite for success now and in the future. We also want to actively promote sustainable development in our local communities.
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Incap UK

Economic responsibility

Incap’s economic responsibility is based on solid growth ambitions and good financial performance. Our aim is to be a sustainable growing business partner for our customers and suppliers. With a sustainable financial performance, we aim to provide our personnel stable job opportunities and create value for our investors. As a growing and profitable business, we are in a good position to meet the expectations of all our shareholders. As such, economic responsibility forms the basis for us to consider the environmental and social responsibility aspects of our operations.
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