Incap Corporation | Stock Exchange Release | July 30, 2026 at 09:15:00 EEST
This release is a summary of Incap's half-year report for January-June 2026. 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 2026 highlights
- Revenue amounted to EUR 74.2 million (4-6/2025: EUR 55.3 million). Year-on-year increase was 34.1%.
- Revenue increased organically 4.1%. Revenue included the contribution from the acquisition, while component availability challenges had a slight negative impact.
- Comparable EBITA amounted to EUR 6.5 million (EUR 6.3 million) or 8.8% of revenue (11.5%). Year-on-year increase was 3.4%.
- Operating profit (EBIT) amounted to EUR 5.8 million (EUR 6.0 million) or 7.8% of revenue (10.8%). Year-on-year decrease was 3.2%.
- Net profit was EUR 2.9 million (EUR 0.9 million). Year-on-year increase was 229.3%.
- Earnings per share were EUR 0.10 (EUR 0.03). Year-on-year increase was 233.3%.
January-June 2026 highlights
- Revenue amounted to EUR 130.2 million (EUR 107.5 million). Year-on-year increase was 21.1%.
- Revenue decreased organically 1.9% and was impacted by foreign exchange rates and component availability challenges.
- Comparable EBITA amounted to EUR 11.7 million (EUR 12.3 million) or 9.0% of revenue (11.5%). Year-on-year decrease was 5.2%.
- Operating profit (EBIT) amounted to EUR 10.5 million (EUR 11.7 million) or 8.1% of revenue (10.9%). Year-on-year decrease was 9.8%.
- Net profit was EUR 6.7 million (EUR 4.7 million). Year-on-year increase was 44.7%.
- Earnings per share were EUR 0.23 (EUR 0.16). Year-on-year increase was 43.8%.
2026 figures include Lacon Group as of 20 February, whereas 2025 figures are presented excluding Lacon Group. Unless otherwise stated, the comparison figures refer to the corresponding period in 2025. This half-year report is unaudited.
Key figures
| EUR million | 4-6/26 | 4-6/25 | Change | 1-3/26 | Change | 1-6/26 | 1-6/25 | Change | 1-12/25 |
| Revenue | 74.2 | 55.3 | 34.1% | 56.0 | 32.4% | 130.2 | 107.5 | 21.1% | 214.6 |
| Comparable EBITA* | 6.5 | 6.3 | 3.4% | 5.2 | 27.0% | 11.7 | 12.3 | -5.2% | 26.1 |
| Comparable EBITA, % of revenue | 8.8% | 11.5% | 9.2% | 9.0% | 11.5% | 12.1% | |||
| Operating profit (EBIT) | 5.8 | 6.0 | -3.2% | 4.8 | 21.1% | 10.5 | 11.7 | -9.8% | 25.3 |
| EBIT, % of revenue | 7.8% | 10.8% | 8.5% | 8.1% | 10.9% | 11.8% | |||
| Net profit | 2.9 | 0.9 | 229.3% | 3.9 | -25.6% | 6.7 | 4.7 | 44.7% | 14.0 |
| Equity ratio | 53.9% | 66.2% | 54.7% | 53.9% | 66.2% | 67.9% | |||
| Net gearing | 6.4% | -27.2% | 6.2% | 6.4% | -27.2% | -39.0% |
*Comparable EBITA is an alternative performance measure. Comparable EBITA excludes non-recurring items and purchase price allocation amortisation. Comparable EBITA provides comparable information between different financial years on EBITA.
Outlook for 2026
Incap updated its outlook on 24 July 2026. Incap estimates that its revenue in 2026 will be clearly higher than in 2025, amounting to EUR 270-290 million. Incap estimates its comparable EBITA will be higher than in 2025, amounting to EUR 26-29 million. The comparable EBITA is estimated to grow less than previously estimated due to margin pressure in certain market segments and global material availability.
The estimates are given provided that unexpected events impacting Incap's business environment do not occur.
Previously Incap estimated that the company's revenue and comparable EBITA in 2026 would be clearly higher than in 2025.
Otto Pukk, President and CEO of Incap Corporation
I am happy to say that the completion of the Lacon acquisition in February was a milestone that shaped our team's work and direction during the first half of 2026. Mainly thanks to the contribution from the acquisition, our revenue increased by 21.1% year-on-year to EUR 130.2 million. Earnings per share increased by 43.8% to EUR 0.23. Comparable EBITA for the first half of the year amounted to EUR 11.7 million or 9.0% of the revenue. Profitability was affected by the changing business mix, certain postponed deliveries due to component availability challenges, foreign exchange rates, and increased personnel-related accruals.
The second quarter included the first full-quarter contribution from the acquired business. Revenue amounted to EUR 74.2 million, which was close to a record level, increasing significantly both year-on-year and compared to the first quarter. Compared to the previous quarter, organic growth was 20%. Comparable EBITA increased to EUR 6.5 million and improved from the first quarter. In the second quarter, earnings per share increased to EUR 0.10, up 233.3% from the comparison period.
During the first half of the year, we continued the integration of the acquired business by completing the rebranding, maintaining stable business operations, and increasing collaboration across the organisation. The acquisition expanded our engineering capabilities, service offering and customer portfolio, while broadening our exposure to high-potential sectors.
We continued our investments in operational development during the second quarter. Manufacturing capabilities were expanded in Slovakia through a new cleanroom environment supporting semiconductor-related applications. Incap Estonia invested in conformal coating technology. Production capabilities in India were strengthened through investments in testing and SMT technology.
I am pleased that we implemented a new geographically organised leadership structure, reflecting the increased scale of the group, and strengthening coordination and execution of our growth strategy across regions.
Demand remained at a good level in several market segments during the period, particularly in the defence sector. In addition, our German factory in Karlsfeld achieved ISO/IEC 27001:2022 information management system certification, supporting our position in high-reliability and regulated industries such as defence and aerospace.
We expect the second half of the year to be stronger, supported by solid order intake during the first half. In particular, production volumes in the defence sector are expected to increase during the remainder of the year. At the same time, the Indian market continues to see increased competition.
We remain focused on driving organic growth while maintaining a disciplined approach to strategic capital allocation and opportunities that support long-term shareholder value creation.
I want to thank all our employees for their dedication and professionalism during the first half of the year.
Financial reporting in 2026
In 2026, Incap will publish the following financial reports:
- Business review for January-September 29 October 2026
Webcast
Incap will hold a webcast on Thursday, 30 July 2026 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/8aa9d018-dd53-40ba-9c31-e503a279a6ee@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://investors.incapcorp.com/reports-and-presentations/ that day.
In Helsinki, 30 July 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.
