Incap grows 18% organically, but its largest customer is diversifying its supplier base
EMS provider Incap’s third-quarter revenue reached a record EUR 80.7 million, up 56% YoY. The increase was driven by the acquisition of Lacon Group and growing demand from defence customers, and revenue also grew 18% organically.
Incap’s third-quarter revenue reached a record EUR 80.7 million, up 56% year on year. The increase was driven by the acquisition of Lacon Group and growing demand from defence customers, and revenue also grew 18% organically.
Comparable EBITA rose 50% to EUR 8.6 million, with a margin of 10.7%, compared with 11.1% a year earlier, according to Incap’s business review. Operating profit increased to EUR 7.9 million, from EUR 6.7 million.
Incap sees good opportunities, particularly in industrial automation, power applications for data centres and defence. In India, however, competition remains intense and pricing pressure is high, and the company also expects lower volumes from its largest customer.
“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,” writes CEO Otto Pukk in the report.
Component and PCB availability remained challenging during the quarter. According to Incap, it managed the situation through close cooperation with customers and suppliers. Higher production volumes also tied up more working capital, which weighed on cash flow.
Incap maintains its 2026 outlook of revenue between EUR 270 million and EUR 290 million and comparable EBITA between EUR 26 million and EUR 29 million. The company will present an updated strategy at a Capital Markets Day on 17 November.
