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The ICAPE Group, a global technology distributor of printed circuit boards (PCBs) and custom electronic parts, announces its revenue for the 2nd Quarter and 1st Half of 2026.
Yann DUIGOU, ICAPE Group CEO, stated:
“In the first half of 2026, ICAPE’s teams demonstrated remarkable commitment to our customers and suppliers amidst a challenging market environment characterized by raw material cost pressures and supply chain constraints—trends expected to persist in the medium term. Following an encouraging first quarter, the 22.9% growth recorded in the second quarter was driven by increased volumes and an accelerating price effect.
Faced with persistent raw material inflation, our strategy focuses on providing customers with concrete solutions to partially offset these cost increases and guarantee delivery, thereby avoiding any supply disruptions. This approach strengthens customer confidence, as evidenced by our order backlog reaching a new all-time high of $93.6 million as of June 30, 2026. This commercial momentum further enhances ICAPE’s appeal, enabling us to pursue acquisitions (TEKUBE), consolidate partnerships (EDGE Group), and attract high-caliber investors (Farringdon) who support our future prospects.
At the same time, we maintain strict cost discipline while accelerating the automation of tasks and processes through AI, allowing us to continuously improve our efficiency and profitability. These factors, combined with the recent upward revision of sector growth forecasts for the coming years, give us confidence in our ability to meet our 2026 targets.”
Q2 2026 Revenue Analysis
Revenue for the second quarter of 2026 stood at €61.8 million, representing growth of +22.9% on a reported basis and +19.9% compared to Q1 2026.
Organic growth was +22.6% versus Q2 2025, while the impact of the EUR/USD exchange rate—though still unfavorable—showed signs of easing over the period (EUR/USD at 1.16 in Q2 2026 vs. 1.13 in Q2 2025). At constant exchange rates, year-on-year organic growth was +25%.
On a sequential basis, Q2 2026 revenue rose by +19.9% compared to Q1 2026, with exchange rates now virtually identical between the year's first two quarters (EUR/USD at 1.17 in Q1 2026).
Growth in the second quarter was driven by a further increase in volumes and accelerating prices, against a backdrop of sector-wide supply chain and raw material cost tensions resulting from AI-related demand.
Over the period, the operating segments contributing the most are PCB in Southern Europe, in Asia and CIPEM; those showing the most growth are CIPEM and PCB in Asia.
Quarterly order backlog
The order backlog stands at €82.1 million at the end of June 2026—a record high—representing growth of +74.1% (and +76.2% on an organic, constant-currency basis) compared to the end of June 2025. This represents a +20.4% increase versus the first quarter of 2026, with a negligible currency impact between the two quarters, as previously noted.
As of the end of June 2026, the order backlog stands at USD 93.6 million—a currency representing more than three-quarters of invoiced orders—compared to USD 55.3 million at the end of June 2025 and USD 78.4 million at the end of March 2026, representing growth of +69.3% versus Q2 2025 and +19.4% versus Q1 2026, respectively.
The sharp rise in orders in the second quarter is driven by a further increase in volumes—following the rise seen in the first quarter—and by accelerating prices linked to the factors mentioned earlier. A slight lengthening of order processing times was also observed during the quarter.
The strong performance achieved in a challenging environment reflects the teams' unwavering commitment to working closely with customers and suppliers, as well as the reliability of the tools, processes, and supply chain. Together, these elements form a comprehensive, well-structured, and high-quality service offering that is difficult to replicate without the experience, expertise, and local presence of an integrated player like ICAPE.
Over the period, the operational sectors contributing the most are the PCB in Southern Europe, in Asia, then in America. In terms of growth, the strongest performers are PCB in America, in Asia, then in Southern Europe.
Revenue analysis for the first half of 2026
Revenue for the first half of 2026 amounted to €113.3 million, an increase of +12.5% on a reported basis, driven by a very strong second quarter that saw growth of +22.9%.
Organic growth stood at +12.3% versus H1 2025, and at +18% on an organic basis excluding currency effects, even though the currency impact remains unbalanced between the two periods under comparison (EUR/USD at 1.17 in H1 2026 vs. 1.09 in H1 2025).
Moreover, revenue for the first half of 2026 rose by +13.8% compared to the second half of 2025. Growth across the first half as a whole was driven by volumes—which strengthened further between the two quarters—and by accelerating prices, particularly in the second quarter, against a backdrop of pressure on raw material costs and the supply chain.
Over the period, the operating segments contributing the most are PCB in Southern Europe, in Asia and CIPEM; those showing the most growth are PCB in Southern Europe, and to a lesser extent, in America.
