Incap (ICP1V) Q1 2025 earnings summary

Executive summary

• Revenue reached EUR 52.2 million in Q1 2025, up 1.6% year-over-year, with growth driven by India and US units, while European units saw a slow start.

• EBIT margin was 11% and adjusted EBIT was EUR 5.9 million (11.2% margin), down 5.2% year-over-year; net profit fell 23.5% to EUR 3.8 million.

• Management remains optimistic for a stronger second half of the year as market uncertainties are expected to settle.

• Continued investments in technology and facilities across the U.S., India, U.K., Slovakia, and Estonia, including solar panels in India, to enhance production and sustainability.

• Published first CSRD-compliant sustainability report, involving 50 employees in the process.

Financial highlights

• Revenue: EUR 52.2 million, up 1.6% year-over-year; sequentially down from EUR 59.3 million in Q4 2024.

• Adjusted EBIT: EUR 5.9 million (11.2% margin), down from EUR 6.2 million (12.1%) year-over-year.

• Net profit: EUR 3.8 million, down from EUR 4.9 million year-over-year.

• Inventory levels at end of March were nearly EUR 65 million.

• Cash and cash equivalents: EUR 61.4 million at period end.

Outlook and guidance

• Guidance remains unchanged, expecting higher revenue and EBIT for 2025 than 2024, with a cautious start due to market uncertainty and geopolitical factors.

• Gradual market improvement anticipated, with stronger performance expected in the second half of 2025.

• Order intake supports expectations for a stronger second quarter.