Incap (ICP1V) Q3 2025 earnings summary

Executive summary

• Q3 revenue was EUR 51.8 million, down 16.2% year-over-year, mainly due to tariffs, customer project delays, and currency fluctuations.

• Profitability remained strong with Q3 EBIT at EUR 6.7 million (13% margin), and adjusted EBIT at EUR 5.8 million (11.1% margin), despite lower volumes and utilization.

• Net profit for Q3 was EUR 4.3 million, a 14.0% decrease year-over-year; EPS was EUR 0.14.

• Investments continued in healthcare, production capabilities, and sustainability, including major solar power projects in the UK and US.

• Sustainability and ESG efforts advanced, with new ISO certifications and unified management systems across units.

Financial highlights

• Q3 EBIT benefited from EUR 1.5 million in net insurance proceeds related to US factory roof repairs.

• No material credit losses or inventory write-offs recorded in Q3 or the nine-month period.

• Equity ratio improved to 67.2% (from 63.2%); net gearing improved to -29.4% (from -8.4%).

• Cash and cash equivalents at end of September were EUR 67.2 million, up from EUR 42.2 million a year earlier.

• Quick ratio was 2.5 and current ratio was 4.0, both improved year-over-year.

Outlook and guidance

• Full-year revenue guidance remains EUR 210–230 million, with operating profit expected between EUR 23–29 million, assuming no major disruptions.

• Q4 is expected to show positive development, supported by confirmed orders and internal forecasting.