Icape Group grows revenue and profitability in H1 2025
French PCB supplier Icape Group has reported revenue of EUR 102 million for the first half of 2025, an increase of 13.1% compared with the same period last year.
Profitability also improved as EBITDA rose 28.1% YoY to EUR 7.2 million, while operating profit EBIT increased 44.3% to EUR 4.0 million.
The order book stood at EUR 47.7 million at the end of June, up 1.2% compared with a year earlier, and EUR 51.1 million by the end of August. Growth was supported by demand in industrial, home automation, and consumer electronics segments, offsetting weaker activity in the German automotive market.
During the period, Icape completed the acquisition of UK-based Kingfisher PCB, following the purchase of ALR Services at the end of 2024. Both companies have been integrated into a newly established UK business unit. Icape said it is currently in discussions with 12 additional international targets, representing potential revenues of around EUR 79 million.
Operating cash flow reached EUR 7.8 million, more than double the EUR 3.3 million reported in the first half of 2024, helped by improved inventory management.
Icape confirmed its 2026 objectives of 10% average annual organic growth between 2023 and 2026, EUR 120 million in additional revenue from acquisitions, and an operating margin of around 9.5%.