Icape reports 12% revenue growth in 2025, net result impacted by asset review
French PCB distributor Icape Group has reported consolidated revenue of EUR 200.3 million for the full year 2025, marking a 12% increase YoY. Organic growth, excluding currency effects, reached 5.1%, as exchange rate fluctuations – particularly a weaker US dollar – continued to weigh on performance.
The company posted stable EBITDA at EUR 15 million, while EBIT came in at EUR 8.8 million, slightly above earlier guidance. However, net income attributable to the group turned negative at EUR 0.4 million, compared to a profit of EUR 3.7 million in 2024. The decline was largely driven by restructuring costs and the review of industrial assets, including impairments and losses related to operations earmarked for discontinuation.
Icape's order backlog increased significantly, reaching USD 69.3 million at the end of 2025, up 28.5%. Growth was primarily supported by activity in Asia, the Americas, and Northern Europe, as well as continued strength in industrial and multimedia segments. The aerospace and defence segment showed early signs of growth, while automotive and consumer markets declined.
As part of a broader strategic review, Icape has decided to progressively discontinue two production sites: IHM in France and TRAX in South Africa. The move aims to streamline industrial operations and eliminate underperforming assets. The discontinued activities contributed a EUR 4 million loss in 2025, including EUR 2 million in asset impairments.
IHM specialises in the production of customised membrane keyboards and is based in Seynod, France. TRAX specialises in the production of PCBs and is located in Cape Town, South Africa.
Looking ahead, Icape has reaffirmed its 2026 targets. The company expects organic revenue growth of 6–8%, assuming stable currency conditions, alongside total annual growth at least in line with 2025 levels. It also aims to generate approximately EUR 120 million in additional revenue through acquisitions by the end of 2026, with EUR 90 million already achieved.
Icape noted that rising raw material and logistics costs, increasing demand for complex PCB solutions linked to AI and data centres, and ongoing geopolitical uncertainty are expected to continue shaping market conditions. The company also highlighted supply chain diversification and sustainability requirements as key industry trends moving forward.
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