Incap Corporation | Stock Exchange Release | July 25, 2025 at 09:00:00 EEST
This release is a summary of Incap's half-year report for January-June 2025. The complete report is attached to this release as a pdf file and available on the company's website at www.incapcorp.com.
April-June 2025 highlights
- Revenue for the second quarter of 2025 amounted to EUR 55.3 million (4-6/2024: EUR 57.6 million). Year-on-year decrease was 4.1%.
- Adjusted operating profit (EBIT) was EUR 6.3 million (EUR 7.0 million) or 11.5% of revenue (12.1%). Year-on-year decrease was 9.3%.
- Operating profit (EBIT) was EUR 6.0 million (EUR 6.8 million) or 10.8% of revenue (11.7%). Year-on-year decrease was 11.9%.
- Net profit for the period was EUR 0.9 million (EUR 5.1 million).
- Earnings per share were EUR 0.03 (EUR 0.17).
January-June 2025 highlights
- Revenue amounted to EUR 107.5 million (EUR 109.0 million). Year-on-year decrease was 1.4%.
- Adjusted operating profit (EBIT) was EUR 12.3 million (EUR 13.2 million) or 11.5% of revenue (12.1%). Year-on-year decrease was 6.3%.
- Operating profit (EBIT) was EUR 11.7 million (EUR 12.7 million) or 10.9% of revenue (11.7%). Year-on-year decrease was 8.4%.
- Net profit for the period was EUR 4.7 million (EUR 10.0 million).
- Earnings per share were EUR 0.16 (EUR 0.34).
Unless otherwise stated, the comparison figures refer to the corresponding period in 2024. This half-year report is unaudited.
Key figures
| EUR million | 4-6/25 | 4-6/24 | Change | 1-3/25 | Change | 1-6/25 | 1-6/24 | Change | 1-12/24 |
| Revenue | 55.3 | 57.6 | -4.1% | 52.2 | 5.9% | 107.5 | 109.0 | -1.4% | 230.1 |
| Non-recurring items | 0.2 | 0.1 | 190.2% | 0.1 | 59.8% | 0.4 | 0.2 | 156.4% | 0.4 |
| Operating profit (EBIT) | 6.0 | 6.8 | -11.9% | 5.7 | 4.1% | 11.7 | 12.7 | -8.4% | 29.2 |
| EBIT, % of revenue | 10.8% | 11.7% | 11.0% | 10.9% | 11.7% | 12.7% | |||
| Adjusted operating profit (EBIT)* | 6.3 | 7.0 | -9.3% | 5.9 | 7.9% | 12.3 | 13.2 | -6.3% | 30.1 |
| Adjusted EBIT*, % of revenue | 11.5% | 12.1% | 11.2% | 11.5% | 12.1% | 13.1% | |||
| Net profit for the period | 0.9 | 5.1 | -82.8% | 3.8 | -76.9% | 4.7 | 10.0 | -53.5% | 22.7 |
| Equity ratio | 66.2% | 63.0% | 65.9% | 66.2% | 63.0% | 63.8% | |||
| Net gearing | -27.2% | -5.9% | -23.1% | -27.2% | -5.9% | -30.8% |
*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 2025
Incap updated its outlook on 22 July 2025. Incap estimates that its revenue for 2025 will be EUR 210-230 million and operating profit (EBIT) will be EUR 23-29 million. The estimate is impacted by the weakened US dollar and Indian rupee exchange rates as well as uncertainties related to US tariffs and other actions and policies of the US administration, due to which some customers have postponed their projects.
The estimates are given provided that unexpected events impacting Incap's business environment do not occur, for example, in the availability of components.
Previously Incap estimated that its revenue and operating profit (EBIT) in 2025 would be higher than in 2024.
Otto Pukk, President and CEO of Incap Corporation
As anticipated, the year started on a cautious note, with some improvement in our second-quarter revenue and EBIT. However, we adjusted our outlook due to the weak US dollar and Indian rupee exchange rates. We had expected the market to gain clarity regarding the US tariffs and other policies of the new US administration by now, but this has not happened, and some customers are delaying their projects.
In the first half of the year, our revenue and EBIT were somewhat below last year's levels, impacted by the weaker US dollar and Indian rupee, as well as some delayed customer projects. However, in the second quarter, our revenue reached EUR 55.3 million, marking a 4% decrease from the previous year but a 6% increase from the first quarter of this year. Our EBIT stood at EUR 6 million in the second quarter, representing 10.8% of the revenue.
During the second quarter, we continued to focus on customer collaboration and operational excellence. We completed several audits to uphold our quality certifications. Additionally, Incap UK received JOSCAR Zero accreditation, further bolstering our credentials in the defence and aerospace sector. Throughout the first half of the year, we initiated new cross-factory projects aimed at sharing best practices and strengthening our operational capabilities.
We also made progress with our sustainability initiatives in the second quarter, developing our Climate Transition Plan with a roadmap and targets for reducing emissions in our operations and value chain. We are actively exploring opportunities to increase the share of renewable energy consumption and reduce CO2 emissions, whether through installing solar panels on our premises or collaborating with our existing energy providers for more sustainable solutions.
Looking ahead, we expect the uncertainty in the global market to persist, particularly around tariffs, taxes, and geopolitical developments. We are closely monitoring the situation and will respond agilely. I am confident in our ability to navigate these challenges with our efficient operating model and continued close cooperation with our customers to optimize manufacturing costs.
I want to extend my heartfelt thanks to all our employees whose dedication and teamwork continue to drive our progress and success as we work toward achieving our goals. We will continue to focus on delivering strong results and long-term value to our shareholders. Our financial position remains solid, and we will continue to pursue M&A opportunities that align with our strategic objectives. With a clear long-term vision, we remain committed to driving growth both organically and through carefully considered mergers and acquisitions.
Financial reporting in 2025
In 2025, Incap will publish the following financial reports:
- Business review for January-September 24 October 2025
Webcast
Incap will hold a webcast on Friday, 25 July 2025 at 11:00 EEST. The result will be presented by Incap Corporation's President and CEO Otto Pukk and CFO Antti Pynnönen.
The live webcast can be followed at https://events.teams.microsoft.com/event/35648cf7-4870-4db2-8c96-90c81811569d@abb82829-72d6-49fe-9638-f934f5da4760.
During the webcast, questions can be asked through the webcast Q&A function at the address mentioned above. The recording of the webcast will be available on the company's website at https://incapcorp.com/reports-and-presentations/ later that day.
In Helsinki, 25 July 2025
INCAP CORPORATION
Board of Directors
Additional information:
Otto Pukk, President and CEO, tel. +372 508 0798
Antti Pynnönen, CFO, tel. +358 40 187 3494
Distribution:
Nasdaq Helsinki Ltd.
Principal media
www.incapcorp.com
Incap in brief
Incap Corporation is a trusted partner and full service provider in Electronics Manufacturing Services. As a global EMS company Incap supports customers ranging from large multinationals and mid-sized companies to small start-ups in their complete manufacturing value chain. Incap offers state-of-the-art technology backed up by an entrepreneurial culture and highly qualified personnel. The company has operations in Finland, Estonia, India, Slovakia, the UK, USA, and Hong Kong and employs approximately 2,500 people. Incap's share has been listed on Nasdaq Helsinki Ltd stock exchange since 1997.
