Incap reports 21% increase in half-yearly revenue

EMS provider Incap Corporation has reported revenue of EUR 74.2 million for the April–June 2026 quarter, compared to EUR 55.3 million in the corresponding period of 2025, a year-on-year increase of  34.1%, the Finland-based company said in a press release.

Revenue for this quarter increased organically by 4.1%. Revenue included the contribution from the acquisition, while component availability challenges had a slight negative impact.

Comparable EBITA amounted to EUR 6.5 million or 8.8% of revenue, up 3.4% from last year.

Operating profit (EBIT) in April–June 2026 amounted to EUR 5.8 million or 7.8% of revenue, a year-on-year decrease of 3.2%. Net profit was EUR 2.9 million, up 229.3% from 2025. Earnings per share were EUR 0.10, an increase of 233.3% from last year.

In the January–June 2026 period, Incap reported revenue of EUR 130.2 million, an increase of 21.1% from the same period in 2025.

Revenue decreased organically by 1.9% and was impacted by foreign exchange rates and component availability challenges, the company said.

Comparable EBITA in the January–June 2026 period amounted to EUR 11.7 million or 9.0% of revenue, a year-on-year decrease of 5.2%. EBIT amounted to EUR 10.5 million or 8.1% of revenue, down by 9.8%. Net profit was EUR 6.7 million, up by 44.7%. Earnings per share were EUR 0.23, a year-on-year increase of 43.8%.

The half-year report is unaudited.

Incap has updated its outlook and 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 comparable EBITA is estimated to grow less than previously estimated due to margin pressure in certain market segments and global material availability.

“I am happy to say that the completion of the Lacon acquisition in February was a milestone that shaped our team’s work and direction during the first half of 2026,” Otto Pukk, President and CEO of Incap Corporation, said. “Mainly thanks to the contribution from the acquisition, our revenue increased by 21.1% year-on-year to EUR 130.2 million. Profitability was affected by the changing business mix, certain postponed deliveries due to component availability challenges, foreign exchange rates, and increased personnel-related accruals.”

Pukk said that during the first half of the year, Incap continued the integration of the acquired business by completing the rebranding, maintaining stable business operations, and increasing collaboration across the organisation. The acquisition expanded the company’s engineering capabilities, service offering and customer portfolio, while broadening its exposure to high-potential sectors, he added.

“We continued our investments in operational development during the second quarter. Manufacturing capabilities were expanded in Slovakia through a new cleanroom environment supporting semiconductor-related applications,” Pukk said. “Incap Estonia invested in conformal coating technology. Production capabilities in India were strengthened through investments in testing and SMT technology.”