Incap (ICP1V) investor relations material

Executive summary

• Q1 2026 began slowly due to material supply delays and market hesitancy, but March saw improvement and record-high order intake, especially in the defence sector in Germany and Romania.

• Revenue grew 7.3% year-over-year to EUR 56.0 million, supported by the Lacon acquisition, despite FX headwinds and component shortages.

• Comparable EBITDA/EBITA declined to EUR 5.2 million (margin 9.2% vs. 11.5% last year), with net profit at EUR 3.9 million.

• Integration of the Lacon acquisition is progressing well, strengthening the company's foundation and reducing customer concentration risk.

• The company remains confident in achieving its 2026 guidance, with volumes recovering and a positive outlook.

Financial highlights

• Revenue: EUR 56.0 million (Q1 2025: EUR 52.2 million), up 7.3% year-over-year.

• Comparable EBITDA/EBITA: EUR 5.2 million (EUR 6.0 million), margin 9.2% (11.5% last year).

• Operating profit (EBIT): EUR 4.8 million (EUR 5.7 million), down 16.7% year-over-year.

• Net profit: EUR 3.9 million (Q1 2025: EUR 3.8 million), up 2.1% year-over-year.

• Interest-bearing net debt increased to EUR 8.6 million, mainly due to the Lacon acquisition.

Outlook and guidance

• Revenue and comparable EBITDA/EBITA for 2026 are expected to be clearly higher than in 2025, including the impact of the Lacon acquisition.

• Q2 has started positively, with order intake and business trends supporting the full-year outlook.

• Guidance assumes no unexpected events affecting the business environment.