Incap Corporation | Stock Exchange Release | February 26, 2026 at 09:30:00 EET
This release is a summary of Incap's financial statements release for January-December 2025. The complete report is attached to this release as a pdf file and available on the company's website at www.incapcorp.com.
October-December 2025 highlights
- Revenue for the fourth quarter 2025 amounted to EUR 55.3 million (10-12/2024: EUR 59.3 million). Year-on-year decrease was 6.7%. At comparable year-on-year exchange rates, the revenue was EUR 58.8 million and the decrease was 0.1%.
- Operating profit (EBIT) was EUR 6.9 million (EUR 8.6 million) or 12.5% of revenue (14.4%). Year-on-year decrease was 19.4%.
- Adjusted operating profit (EBIT) was EUR 8.0 million (EUR 8.9 million) or 14.4% of revenue (14.9%). Year-on-year decrease was 10.2%.
- Net profit for the period was EUR 5.1 million (EUR 7.8 million).
January-December 2025 highlights
- Revenue amounted to EUR 214.6 million (1-12/2024: EUR 230.1 million). Year-on-year decrease was 6.7%. At comparable year-on-year exchange rates, the revenue was EUR 221.2 million and the decrease was 3.9%.
- Operating profit (EBIT) was EUR 25.3 million (EUR 29.2 million) or 11.8% of revenue (12.7%). Year-on-year decrease was 13.3%.
- Adjusted operating profit (EBIT) was EUR 26.1 million (EUR 30.1 million) or 12.1% of revenue (13.1%). Year-on-year decrease was 13.5%.
- Net profit for the period was EUR 14.0 million (EUR 22.7 million).
- Earnings per share were EUR 0.47 (EUR 0.77).
- In December 2025, Incap signed an agreement to acquire Lacon Group, an Electronics Manufacturing Services and Original Design Manufacturer company with facilities in Germany and Romania. The acquisition was completed in February 2026, and Lacon Group's figures will be consolidated into Incap Group's reporting as of 20 February 2026.
- The Board of Directors of Incap Corporation proposes to the Annual General Meeting that no dividend be paid for the financial year 2025. Incap is focusing on organic and inorganic growth and the company has a clear plan for potential acquisitions.
Unless otherwise stated, the comparison figures refer to the corresponding period in 2024. This financial statements release is unaudited.
Key figures
| EUR million | 10-12 2025 | 10-12 2024 | Change | 7-9 2025 | Change | 1-12 2025 | 1-12 2024 | Change |
| Revenue | 55.3 | 59.3 | -6.7% | 51.8 | 6.8% | 214.6 | 230.1 | -6.7% |
| Non-recurring items | 0.9 | 0.2 | 493.0% | -1.1 | -183.3% | 0.2 | 0.4 | -44.0% |
| Operating profit (EBIT) | 6.9 | 8.6 | -19.4% | 6.7 | 2.7% | 25.3 | 29.2 | -13.3% |
| EBIT, % of revenue | 12.5% | 14.4% | 13.0% | 11.8% | 12.7% | |||
| Adjusted operating profit (EBIT)* | 8.0 | 8.9 | -10.2% | 5.8 | 38.2% | 26.1 | 30.1 | -13.5% |
| Adjusted EBIT*, % of revenue | 14.4% | 14.9% | 11.1% | 12.1% | 13.1% | |||
| Net profit for the period | 5.1 | 7.8 | -34.9% | 4.3 | 18.9% | 14.0 | 22.7 | -38.5% |
| Equity ratio | 67.9% | 63.8% | 67.2% | 67.9% | 63.8% | |||
| Net Gearing | -39.1% | -30.8% | -29.4% | -39.0% | -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 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
2025 was a year where Incap's business progressed largely in line with expectations, and I am pleased to say that we delivered on the estimates updated halfway through the year. The market environment continued to be shaped by uncertainty and geopolitical challenges, but we have become accustomed to operating in this "new normal". Despite these external shifts, we remained focused and moved forward with confidence. I would like to thank our entire team for their dedication and professionalism throughout the year - your work has enabled us to stay resilient and agile.
Our revenue for 2025 amounted to EUR 214.6 million, with the fourth quarter contributing EUR 55.3 million. On full year level, the exchange rates had a negative impact of EUR -6.6 million on our revenue. Our operating profit (EBIT) for the full year was EUR 25.3 million, or 11.8% of revenue, while in line with last year's level. These figures demonstrate the strength of our operational model and the consistent execution across our units.
A major milestone in 2025 was the acquisition of Lacon Group, which was completed in February 2026. This acquisition strengthens our position in the fast-growing defence sector and significantly expands our design and development offering. Together, we form a stronger, more competitive, and more capable group - empowered by our decentralized organizational model and global sourcing expertise. By uniting our engineering strengths, we can offer customers a broader range of services and deliver more comprehensive solutions that enhance our value proposition across the product lifecycle. We are excited to welcome Lacon's management and employees to Incap's team.
Throughout our global operations, we continued to invest in technology, capacity and the long-term competitiveness of our units. In India, we upgraded our SMT capabilities and invested in a new flying probe test system, while our teams in the US and UK also strengthened production with new SMT equipment. Slovakia reached an important digitalisation milestone with the rollout of a new ERP and MES platform and upgraded its PCBA washing technology, and in Estonia we improved our quality control capabilities with a new flying probe and X-ray inspection system. These investments ensure that our factories remain modern, efficient, and well-equipped to support future growth.
At the same time, we continued to advance our sustainability work. One of the year's most meaningful steps was taken in the United States, where we decided to invest in an on-site solar power plant, supported by federal clean-energy incentives, aiming for a full transition to renewable electricity at Incap US. In the UK, rooftop solar panels were installed, expected to supply nearly half of the unit's electricity, and in India the solar capacity at our newest factory was put into operation. We continued strengthening our Group-wide environmental and safety work through audits, new ISO certifications, and the completion of our annual review of Double Materiality Assessment. We also developed our Climate Transition Plan, outlining clear targets for reducing emissions across our operations and value chain. Even with less regulation, we remain committed to sustainable business principles and will continue treating sustainability as an essential factor in how we operate.
2025 was also Incap's 40th-anniversary jubilee year, devoted to strengthening future talent and community impact by backing youth skills and robotics initiatives, fostering career pathways, and partnering with cultural events, ensuring our growth remains responsible and rooted in the regions we serve.
As the Lacon acquisition was closed, our main focus is on integrating Lacon smoothly into Incap and building on the strengths and opportunities this combination creates. While the integration work is ongoing, our priority is to strengthen our joint capabilities before further acquisitions.
We expect the market environment to remain uncertain, but we remain optimistic about the future. With our strengthened engineering offering and new potential in high-growth sectors, we are well-positioned to continue executing our long-term strategy and generating value for our shareholders.
Financial reporting in 2026
In 2026, Incap will publish the following financial reports:
- Business review for January-March 30 April 2026
- Half-year report for January-June 30 July 2026
- Business review for January-September 29 October 2026
Webcast
Incap will hold a webcast on Thursday, 26 February 2026 at 11:00 EET. 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/101baaa5-110d-4a6d-8b7d-b6fbb5b996da@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, 26 February 2026
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 global full-service provider in Electronics Manufacturing Services (EMS). Incap supports customers from large multinationals and mid-sized companies to small start-ups across their entire value chain, from design and engineering to manufacturing. Incap offers state-of-the-art technology supported by an entrepreneurial culture and highly skilled personnel. The company has operations in Finland, Estonia, India, Slovakia, the UK, USA, Germany, Romania and Hong Kong and employs over 3,000 people. Incap's share has been listed on Nasdaq Helsinki since 1997.
