Incap (ICP1V) Q4 2025 earnings summary

Executive summary

• Business performance in 2025 aligned with mid-year estimates despite market uncertainty and geopolitical challenges, with strong operational execution and the successful integration of Lacon Group.

• 40th anniversary year marked by investments in operations, sustainability, and technology upgrades.

• Lacon Group acquisition, completed in February 2026, expanded presence in Germany and Romania, strengthened defense and medical sector capabilities, and enhanced design and development offerings.

• No dividend proposed for 2025 as focus remains on growth and acquisitions.

Financial highlights

• Full-year 2025 revenue was EUR 214.6 million, down 6.7% year-over-year; Q4 revenue was EUR 55.3 million, with EBIT for 2025 at EUR 25.3 million (11.8% margin), and adjusted EBIT at EUR 26.1 million (12.1% margin).

• Q4 EBIT was EUR 6.9 million (12.5% margin); adjusted Q4 EBIT was EUR 8.0 million (14.4% margin).

• Equity ratio improved to 67.9%; net gearing at year-end was -52.9 million EUR, indicating a strong net cash position.

• Cash and cash equivalents at year-end were EUR 80.8 million; cash flow from operating activities was EUR 27.0 million.

• Investments totaled EUR 8.7 million, mainly in technology upgrades and renewable energy projects.

Outlook and guidance

• Revenue and comparable EBITA for 2026 are expected to be clearly higher than in 2025, driven by the Lacon acquisition and organic growth, assuming stable market conditions.

• Defense and AI/data center sectors are expected to contribute to growth, with defense exposure to remain under 10% of group sales but set to increase.

• Positive development anticipated in India and across multiple sectors.