Incap (ICP1V) investor relations material

Executive summary

• Revenue for H1 2026 rose 21.1% year-over-year to EUR 130.2 million, mainly driven by the full consolidation of the Lacon acquisition.

• Integration of Lacon progressed, expanding engineering capabilities, service offering, and customer portfolio, with rebranding completed and stable operations maintained.

• Organic growth returned in Q2, with a 4.1% year-over-year increase and a 20% sequential rise from Q1.

• Management structure was reorganized geographically to support growth and integration.

• Focus remains on organic growth and disciplined capital allocation to support long-term shareholder value.

Financial highlights

• Q2 2026 revenue increased 34.1% year-over-year to EUR 74.2 million, with organic growth at 4.1%.

• Comparable EBITA for Q2 was EUR 6.5 million (8.8% margin), impacted by EUR 850,000 in one-off personnel costs.

• Net profit for H1 2026 was EUR 6.7 million, up 44.7% year-over-year.

• Inventory levels rose to nearly EUR 84 million, up from EUR 52 million at year-end, mainly due to the Lacon acquisition and project delays.

• Interest-bearing net debt stood at EUR 9.1 million; headcount exceeded 3,000.

Outlook and guidance

• Full-year 2026 revenue is estimated between EUR 270 million and EUR 290 million, with comparable EBITA expected between EUR 26 million and EUR 29 million, higher than 2025 but with slower margin growth due to market pressures.

• Guidance includes the impact of the Lacon acquisition and assumes no major unforeseen events.

• No changes to guidance since the recent update.