This release is a summary of Incap’s business review for January–March 2025. The complete report is attached to this release as a pdf file and available on the company’s website at www.incapcorp.com.

January–March 2025 highlights

• Revenue for the first quarter 2025 amounted to EUR 52.2 million (1–3/2024: EUR 51.4 million). Year-on-year the revenue increased 1.6%.
• Adjusted operating profit (EBIT) amounted to EUR 5.9 million (EUR 6.2 million) or 11.2% of revenue (12.1%).
• Operating profit (EBIT) amounted to EUR 5.7 million (EUR 6.0 million) or 11.0% of revenue (11.7%).
• Net profit for the period was EUR 3.8 million (EUR 4.9 million).
• Earnings per share were EUR 0.13 (EUR 0.17).

Unless otherwise stated, the comparison figures refer to the corresponding period in 2024. This business review is unaudited.

Key figures

*Adjusted operating profit (EBIT) is an alternative performance measure. Adjusted EBIT excludes non-recurring items and purchase price allocation amortisation. Adjusted EBIT provides comparable information between different financial years on operating profit.

Outlook for 2025

Incap estimates that the company’s revenue and operating profit (EBIT) in 2025 will be higher than in 2024.

The company expects a somewhat cautious start for the year 2025, as the market is anticipating the impact of the changes related to tariffs, taxes and geopolitical challenges, mostly linked to the new US administration.

The estimates are given provided that unexpected events impacting Incap’s business environment do not occur, for example, in the availability of components.

Otto Pukk, President and CEO of Incap Corporation

As anticipated, the year started a little slow, as the uncertainty in the markets during the first quarter impacted many industries. However, we remain optimistic about the future and expect our business to develop more strongly during the second half of the year.

Our revenue in the first quarter was EUR 52.2 million, which was slightly higher than in the corresponding period last year. Our EBIT was 11%. We are pleased with the outcome – we are following our plans, and expect good progress as the year unfolds, despite the uncertainty in the market in the beginning of the year. We foresee a gradual improvement in the market, with more progress expected towards the end of the second half of the year.

In the first quarter, we continued to invest to support our growth. We made investments to uphold our standards of competence and service excellence and in new technologies. In both the US and India, we invested in advanced SMT technology. Our UK team successfully installed a second new SMT line, which is now fully operational, and also implemented vertical storage systems to optimize the PCBA material. In Slovakia, we upgraded our PCBA washing technology, enhancing contamination removal, process automation, and sustainability. Additionally, our Estonian team invested in a quality control X-ray system.

In terms of our sustainability efforts, we published our first CSRD compliant report in April, which reflects our initiatives and results in 2024. We have been diligently working towards the sustainability targets established in 2024, monitoring our progress and the actions taken to achieve our goals. As part of these efforts, at the beginning of the year, we implemented solar panels on the roof of the newest factory at Incap India to reduce the company’s carbon footprint and improve energy efficiency.

Our outlook for the year remains unchanged. However, we acknowledge that the market uncertainty continues, and we are closely monitoring changes related to tariffs, taxes, and geopolitical challenges, in particular. With strategic flexibility and our worldwide geographical presence, we are well-prepared for varying circumstances. Our organization is designed to be flexible, efficient, and agile. Among other things, our strong position and three factories in India and the defense sector can create new opportunities for us.

We are confident in our long-term ability to deliver strong results and create value for our shareholders. Our financial position remains solid, and we will keep pursuing opportunities that align with our goals. With a strong long-term strategy, we remain committed to both organic growth and growth through mergers and acquisitions (M&A).

Financial reporting in 2025

In 2025, Incap will publish the following financial reports:

• Half-year report for January–June 25 July 2025
• Business review for January–September 24 October 2025

Webcast

Incap will hold a webcast on Friday, 25 April 2025 at 11:00 a.m. Finnish time. The result will be presented by Otto Pukk, President and CEO, and Antti Pynnönen, CFO, Incap Corporation.

The live webcast can be followed at https://events.teams.microsoft.com/event/1436dd31-16fa-4664-b8e7-2fffe9229885@abb82829-72d6-49fe-9638-f934f5da4760. During the webcast, the public can ask questions in the chat room at the address mentioned above. The recording of the broadcast will be available on the company's website at https://incapcorp.com/reports-and-presentations/ later that day.

In Helsinki, 25 April 2025

INCAP CORPORATION
Board of Directors

For additional information, please contact:
Otto Pukk, President and CEO, tel. +372 508 0798

Distribution:
Nasdaq Helsinki Ltd.
Principal media
www.incapcorp.com