Incap Business Review January September 2026
Incap Corporation: Incap Group’s business review for January–September 2026 (unaudited)
Incap Corporation | Stock Exchange Release | October 29, 2026 at 09:00:00 EET
This release is a summary of Incap’s business review for January–September 2026. The complete report is attached to this release as a pdf file and available on the company’s website at https://investors.incapcorp.com/reports-and-presentations/.
July–September 2026 highlights
· Revenue amounted to EUR 80.7 million (7–9/2025: EUR 51.8 million). Year-on-year increase was 56.0%, driven by the acquisition of Lacon Group and the increasing demand from the defence customers.
· Revenue increased also organically 18.0% and was impacted positively by both existing and new customer projects.
· Comparable EBITA amounted to EUR 8.6 million (EUR 5.8 million) or 10.7% of revenue (11.1%). Year-on-year increase was 50.3%.
· Operating profit (EBIT) amounted to EUR 7.9 million (EUR 6.7 million) or 9.7% of revenue (13.0%). Year-on-year increase was 17.1%.
· Net profit was EUR 6.9 million (EUR 4.3 million). Year-on-year increase was 61.8%, impacted positively by a reassessment of the acquisition related earn-out.
· Earnings per share were EUR 0.23 (EUR 0.14). Year-on-year increase was 61.9%.
January–September 2026 highlights
· Revenue amounted to EUR 210.9 million (1–9/2025: EUR 159.3 million). Year-on-year increase was 32.4%. Growth was driven by the acquisition of Lacon Group and the increasing demand from the defence customers.
· Revenue increased organically 4.6%, impacted positively by both existing and new customer projects and negatively by foreign exchange rates.
· Comparable EBITA amounted to EUR 20.3 million (EUR 18.1 million) or 9.6% of revenue (11.4%). Year-on-year increase was 12.4%.
· Operating profit (EBIT) remained on previous year’s level and amounted to EUR 18.4 million (EUR 18.4 million) or 8.7% of revenue (11.5%). Last year, EBIT was positively impacted by one-off insurance proceedings, personnel-related accrual reversal, and lower purchase price allocation amortisation.
· Net profit was EUR 13.6 million (EUR 8.9 million). Year-on-year increase was 52.8%, impacted positively by a reassessment of the acquisition related earn-out, decreased foreign exchange losses in financial expenses and a decrease of internal dividend related withholding tax.
· Earnings per share were EUR 0.46 (EUR 0.30). Year-on-year increase was 53.1%.
The consolidation of the Lacon Group following the acquisition on 20 February 2026 contributed to the more significant movements in the balances compared to 2025. Unless otherwise stated, the comparison figures refer to the corresponding period in 2025. This business review is unaudited.
Key figures
| EUR million | 7–9/26 | 7–9/25 | Change | 4–6/26 | Change | 1–9/26 | 1–9/25 | Change | 1–12/25 |
| Revenue | 80.7 | 51.8 | 56.0% | 74.2 | 8.9% | 210.9 | 159.3 | 32.4% | 214.6 |
| Comparable EBITA* | 8.6 | 5.8 | 50.3% | 6.5 | 32.1% | 20.3 | 18.1 | 12.4% | 26.1 |
| Comparable EBITA, % of revenue | 10.7% | 11.1% | 8.8% | 9.6% | 11.4% | 12.1% | |||
| Operating profit (EBIT) | 7.9 | 6.7 | 17.1% | 5.8 | 36.4% | 18.4 | 18.4 | 0.0% | 25.3 |
| EBIT, % of revenue | 9.7% | 13.0% | 7.8% | 8.7% | 11.5% | 11.8% | |||
| Net profit | 6.9 | 4.3 | 61.8% | 2.9 | 139.4% | 13.6 | 8.9 | 52.8% | 14.0 |
| Equity ratio | 54.8% | 67.2% | 53.9% | 54.8% | 67.2% | 67.9% | |||
| Net gearing | 10.3% | -29.4% | 6.4% | 10.3% | -29.4% | -39.0% |
*Comparable EBITA is an alternative performance measure. Comparable EBITA excludes non-recurring items and purchase price allocation amortisation. Comparable EBITA provides comparable information between different financial years on EBITA.
Outlook for 2026
Incap estimates that its revenue in 2026 will be clearly higher than in 2025, amounting to EUR 270–290 million. Incap estimates its comparable EBITA will be higher than in 2025, amounting to EUR 26–29 million.
The estimates are given provided that unexpected events impacting Incap’s business environment do not occur.
Otto Pukk, President and CEO of Incap Corporation
I would like to thank our employees for their hard work and commitment during the quarter, as well as our customers, shareholders and other stakeholders for their continued trust and support.
The third quarter was a strong quarter for Incap, with revenue reaching an all-time high of EUR 80.7 million (EUR 51.8 million). Growth was driven by the acquisition of Lacon Group and the increasing demand of the defence customers. Revenue grew by 18% organically, driven by contributions from both existing and new customers, reflecting the strength of our sales teams and customer relationships.
Comparable EBITA reached EUR 8.6 million, increasing both year-on-year and quarter-on-quarter due to higher volumes. As a percentage of revenue, the comparable EBITA was 10.7% (11.1%). It is encouraging to see profitability at this level.
Earnings per share improved to EUR 0.23 (EUR 0.14). The development was supported by our strong financial performance during the quarter and a positive impact from certain financial items. Furthermore, the continued share buyback program contributed slightly to the increase in the earnings per share.
Market conditions continued to vary across regions and customer segments. We remain focused on expanding our sales pipeline and see good customer activity and opportunities across the group, particularly in areas such as industrial automation, data centre-related power applications, as well as defence.
The competitive environment in India remains intense, with continued pressure on pricing. Our largest customer is diversifying its supplier base, which we expect will put pressure on our volumes going forward. At the same time, new large customer accounts in India, particularly within data center applications, are being ramped up. This is expected to balance the impact.
Component and printed circuit board (PCB) availability remained challenging during the quarter. Thanks to the efforts of our teams and close cooperation with customers and suppliers, we were able to manage the situation and continue supporting our customers. At the same time, higher production volumes increased net working capital, which impacted cash flow from operating activities.
Looking ahead, our strong order intake has continued, supporting our expectations for a strong fourth quarter. We continue to focus on profitable organic growth, disciplined execution, and creating shareholder value.
We look forward to presenting our updated strategy at the Capital Markets Day on 17 November. The strategy builds on the strengths of our business, Incap’s increased scale and provides the framework for our continued growth and value creation.
Financial reporting in 2027
Incap will publish its financial reporting schedule for 2027 in December 2026.
Webcast
Incap will hold a webcast on Thursday, 29 October 2026 at 11:00 EET. The result will be presented by Incap Corporation’s President and CEO Otto Pukk and CFO Antti Pynnönen. Ralf Hasler, President Europe, will also provide an update on Incap Germany’s operations and developments in the German market.
The live webcast can be followed at https://events.teams.microsoft.com/event/90eb09d5-ae30-4e2a-b98a-ef13a0e4e567@abb82829-72d6-49fe-9638-f934f5da4760.
During the webcast, questions can be asked through the webcast Q&A function at the address mentioned above. The recording of the webcast will be available later that day on the company’s website at https://investors.incapcorp.com/reports-and-presentations/.
In Helsinki, 29 October 2026
INCAP CORPORATION
Board of Directors
Additional information:
Otto Pukk, President and CEO, tel. +372 508 0798
Antti Pynnönen, CFO, tel. +358 40 187 3494
Distribution:
Nasdaq Helsinki Ltd.
Principal media
www.incapcorp.com
Incap in brief
Incap Corporation is a trusted partner and global full-service provider in Electronics Manufacturing Services (EMS). Incap supports customers from large multinationals and mid-sized companies to small start-ups across their entire value chain, from design and engineering to manufacturing. Incap offers state-of-the-art technology supported by an entrepreneurial culture and highly skilled personnel. The company has operations in Finland, Estonia, India, Slovakia, the UK, USA, Germany, Romania and Hong Kong and employs over 3,000 people. Incap’s share has been listed on Nasdaq Helsinki since 1997.