ICAPE: Consolidated Annual Revenue 2025

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The ICAPE Group, a global technology distributor of printed circuit boards (PCBs) and custom electromechanical components, today announces its annual consolidated revenue for 2025.

Yann DUIGOU, Chief Executive Officer of ICAPE Group, states : “The performance in the 4th quarter of 2025 confirms the gradual recovery observed throughout the past year. As a result, the year as a whole shows double-digit growth, following a decline in 2024. The backlog stood at nearly USD 70 million at the end of December 2025, suggesting a promising continuation of the good trends into early 2026.

Annual organic growth has resumed for the first time since the company’s IPO. This growth supported revenue in the last quarter of 2025, despite the absence of any acquisitions during the period and in a particularly unfavourable dollar environment, as the dollar represents approximately 75% of the Group’s billing and has reached its lowest level against the euro since 2021.

It is in this context that we have decided to launch a thorough strategic review of our industrial business portfolio and readjust our three-year objectives to adapt to market developments.

Based on this new foundation, we are confident in our ability to continue developing new markets and sectors, and to generate profitable growth, driven by the gradual rollout of our new disruptive IT platform and the implementation of Group-wide cost reduction plans.”

As of December 31, 2025, the Group's revenue amounted to €202.7 million, representing an increase of +11.5%, marking growth resumption after a -2.2% decline in reported annual revenue for 2024. The Group has thus achieved four consecutive quarters of reported growth and two quarters of organic growth, enabling it to return to positive annual organic growth for the first time since 2022, at +1.8%. Excluding the impact of currency, particularly the sharp depreciation of the dollar against the euro, which intensified throughout the year, organic growth was +5.1% for the year.

For the full fiscal year, the largest contributing operating sectors were Asia (particularly Northeast) and Southern Europe (especially Italy). Southern Europe is the next largest contributor in terms of growth.

In terms of business segments, the largest contributors in 2025 are industrial customers and multimedia activities. The share of industrial customers has more than doubled since 2022, and the Aerospace & Defense market has begun to grow, while the Automotive and Consumer markets have continued to decline.
Revenue for the last quarter of 2025 amounted to €49.9 million, representing growth of +5.4% in reported data, with a confirmed return to organic growth of +7.4%, following +2% growth in Q3 2025, marking the second consecutive quarter of organic growth recovery. Reported growth was notably impacted by a high base of acquisitions planned in Q4 2024.

Q4 2025 recorded double-digit organic growth, excluding currency effects, for the first time, at +14.7%, compared to +6.8% in Q3 2025 and +3.7% in Q2 2025. This marks the third consecutive quarter of organic growth at constant currency.

Sequentially, Q4 2025 saw a decrease of -1.8% compared to Q3 2025, primarily due to a billing timing difference, and almost stable on an organic basis and at constant currency.

The trends observed in Q4 2025 across operating sectors and business segments are in line with those seen for the full year.

The backlog stood at €59.0 million at the end of December 2025. It recorded growth of +28.5% in US dollars in the fourth quarter of 2025, and +17.1% sequentially, compared to the third quarter of 2025. In euros, growth was +13.7% in Q4 2025, following +26.5% in Q3 (on a significantly weakened 2024 basis), +1.2% in Q2, and +6.1% in Q1 2025. The Asia, America, and Northern Europe operating sectors drove growth during the quarter. At the end of January 2026, the order backlog stood at €59.1 million and USD$70.4 million.

Continuation of the strategy and review of the Group's objectives

ICAPE anticipates a 2026 environment with a continued rise in commodities and logistics costs, in which demand for increasingly complex products, particularly for AI and data centres, is expected to grow significantly and generate additional pressure on the supply chain. Beyond these trends, we expect to see an acceleration of diversification outside of China and a global demand for greater sustainability, which will become a key purchasing criterion. Recognizing that only companies with sufficiently agile and robust business models will be able to respond quickly to these major changes, ICAPE intends to continue adapting its operations to the new realities of a market that remains very promising. To this end, the Group has initiated a review of its industrial portfolio.

In this market environment, the continued depreciation of the dollar, at its lowest level against the euro3 since 2021 as of the date of this press release, is having a sustained negative impact on the Group's revenue and, in particular, on its organic growth, which includes the currency effect in the target communicated by the Group at the time of its IPO. The decision has therefore been made this year to revise this three-year target, initially set in 2022 for the end of 2026.

Furthermore, taking into account the current review of industrial activities, an estimated 2025 EBIT of approximately € 8.5 million (unaudited figures) was presented to the Board of Directors, implying a 2025 EBIT margin of around 4%. Taking into account the environment and the factors described above, the initial target set in 2022, expected to be 9.5% by the end of 2026, is revised to around 6%; this new forecast will include the effects of cost reduction plans, synergies related to acquisitions, and those expected from the strategic review and the gradual implementation of a new, innovative, and disruptive IT tool.

Thus, the Board of Directors, meeting on February 11, 2026, was able to validate all the following annual objectives for 2026:

2026 annual consolidated revenue growth:

• Annual organic revenue growth rate of between +6% and +8% in 2026, without any further currency depreciation (compared to the previous average annual growth of 10% between 2023 and 2026), linked to the continued improvement of the backlog and in a context of a particularly encouraging business recovery.
• Unchanged external growth target: generation of approximately €120 million in additional revenue through external growth by the end of 2026 (including €90 million achieved at the end of December 2025).
• Annual consolidated revenue growth at least equivalent to that achieved in 2025 (+11.5% in 2025).

2026 EBIT margin rate:

• Continued profitable growth around the new 2026 EBIT margin target, revised to around 6% compared to 9.5%