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ICAPE Group, a global technology distributor of printed circuit boards (PCB) and custom electromechanical parts, announced its revenue for the first quarter of 2026.
Key Highlights
- Q1 2026 revenue of €51.5 million, up 2.2% compared to Q1 2025 (up +20% compared to Q1 2024), and up 4.6% compared to Q4 2025
- Organic growth at constant exchange rates of 10.6% compared to Q1 2025
- Performance primarily driven by volume in a context of sharply rising production costs
- Backlog of USD 78.4 million in Q1 2026, up 39.2% compared to Q1 2025 and 14% compared to Q4 2025
- Confirmation of all of the Group’s 2026 targets
CEO Statement
Yann DUIGOU, CEO of ICAPE Group, stated:
“In a still challenging environment—sharp rise in production costs, pressure on the supply chain, and an unstable international context—we are off to a good start this year. In the first quarter of 2026, growth is on track, driven by volume, without acquisitions, and despite a demanding comparison base (+17.8% in Q1 2025).
Our backlog reached a record level at the end of April, at $82.6 million. This is a strong signal: our customers trust us and are committed to our long-term partnerships. This confidence is also reflected in our customer recommendation index, which is showing significant growth: +10 points in 2025.
In parallel, we are continuing our development with targeted initiatives, such as the acquisition of TEKUBE's trading business, which opens up new opportunities for us in Southern Europe, and more to come during 2026.
Our course is clear: to remain agile, disciplined, and focused on profitability.
At the same time, we are accelerating the transformation projects underway within the Group, with a clear objective: to further automate our tasks and processes using artificial intelligence. The deployment of our new automated quotation tool is a concrete example of this. It allows us to offer faster quotations and simplify our processes.
In this context, we confidently confirm our objectives for 2026.”
Revenue Performance
Revenue of €51.5 million in Q1 2026: +2.2% YoY and +10.6% organic growth (excluding currency effects)
Sales Analysis
First-quarter 2026 revenue reached €51.5 million, representing a 2.2% increase as reported, following a 17.8% rise in Q1 2025 driven by acquisitions, bringing total growth over two years to +20%.
Organic growth was 2.1% compared to Q1 2025, primarily due to the significant decline in the dollar between the two fiscal years (EUR/USD at 1.17 in Q1 2026 vs. 1.05 in Q1 2025). At constant exchange rates, organic growth was 10.6%, exceeding the 2026 annual target range of 6% to 8%.
Revenue for Q1 2026 was up 4.6% compared to Q4 2025, with exchange rates more aligned between periods (EUR/USD at 1.13 in Q4 2025). Growth was primarily driven by volume.
The order book stood at €68.2 million at the end of March 2026, representing growth of 30.9% and 41.8% at constant exchange rates compared to March 2025, and 16.5% compared to Q4 2025.
In USD, the order book reached $78.4 million, reflecting growth of 39.2% YoY and 14% sequentially.
Growth continues to be driven primarily by volume, reflecting sustained demand, with a slight increase in order conversion times.
Top contributing sectors: PCB Asia, PCB Southern Europe, CIPEM
Fastest growth: CIPEM Europe, PCB Asia, Americas
The order backlog reached a record high of $82.6 million at the end of April 2026.
Strategy and Outlook
Following a first quarter in line with expectations, ICAPE anticipates that 2026 will continue to be impacted by rising raw material and logistics costs amid an unstable international environment.
The Group is adapting its operations to evolving market conditions and announced on March 26, 2026, the gradual closure of its TRAX and IHM plants.
The continued depreciation of the U.S. dollar remains a factor affecting revenue.
2026 Targets Confirmed
ICAPE confirms all 2026 annual targets approved by the Board on February 11, 2026:
Revenue Growth
- Organic growth between +6% and +8% (assuming no further currency depreciation)
- Approximately €120 million additional revenue from external growth by end of 2026
- Total annual growth at least equal to 2025 (+12%)
Profitability
EBIT margin of approximately 6%
