Incap (ICP1V) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue was EUR 55.3 million, up 5.9% sequentially but down 4.1% year-over-year; H1 2025 revenue reached EUR 107.5 million.

• EBIT for Q2 2025 was EUR 6 million, with an adjusted EBIT of EUR 11.5 million; H1 2025 adjusted EBIT was EUR 12.3 million (11.5% margin).

• Net profit for H1 2025 was EUR 4.7 million, down significantly year-over-year; EPS for H1 2025 was EUR 0.16.

• Currency fluctuations, especially weak USD and INR, and delayed customer projects negatively impacted results.

• Investments continued in SMT lines, X-ray equipment, PCB washing, solar power, and sustainability initiatives.

Financial highlights

• Q2 2025 EBIT margin was 10.8–11.5%; H1 2025 EBIT margin was 10.9–11.5%.

• Net interest-bearing debt at end of June 2025 was -EUR 34.9 million; cash and cash equivalents were EUR 64.4 million.

• Financial income and expenses increased due to FX fluctuations; Q2 net profit impacted by EUR 2.5 million withholding tax on intra-group dividend.

• Cash flow from operating activities in H1 2025 was EUR 2.2 million.

• Investments in H1 2025 totaled EUR 3.4 million, mainly in production upgrades and renewable energy.

Outlook and guidance

• 2025 revenue is now guided at EUR 210–230 million, with EBIT expected at EUR 23–29 million, revised downward due to FX and US policy uncertainties.

• Previous guidance anticipated higher revenue and EBIT than 2024.

• Similar business levels are expected for the second half, with no major changes in material availability anticipated.

• Guidance assumes no major unforeseen disruptions in the business environment.