Incap Reports 56% Revenue Growth in Q3 2026

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Incap reported strong revenue growth in the third quarter of 2026, with revenue increasing 56.0% to EUR 80.7 million, driven by the Lacon Group acquisition and rising demand from defence customers, while nine-month revenue grew 32.4% to EUR 210.9 million.

July–September 2026 highlights

• Revenue amounted to EUR 80.7 million (7–9/2025: EUR 51.8 million). Year-on-year increase was 56.0%, driven by the acquisition of Lacon Group and the increasing demand from the defence customers.
• Revenue increased also organically 18.0% and was impacted positively by both existing and new customer projects.
• Comparable EBITA amounted to EUR 8.6 million (EUR 5.8 million) or 10.7% of revenue (11.1%). Year-on-year increase was 50.3%.
• Operating profit (EBIT) amounted to EUR 7.9 million (EUR 6.7 million) or 9.7% of revenue (13.0%). Year-on-year increase was 17.1%.
• Net profit was EUR 6.9 million (EUR 4.3 million). Year-on-year increase was 61.8%, impacted positively by a reassessment of the acquisition related earn-out.
• Earnings per share were EUR 0.23 (EUR 0.14). Year-on-year increase was 61.9%.

January–September 2026 highlights

• Revenue amounted to EUR 210.9 million (1–9/2025: EUR 159.3 million). Year-on-year increase was 32.4%. Growth was driven by the acquisition of Lacon Group and the increasing demand from the defence customers.
• Revenue increased organically 4.6%, impacted positively by both existing and new customer projects and negatively by foreign exchange rates.
• Comparable EBITA amounted to EUR 20.3 million (EUR 18.1 million) or 9.6% of revenue (11.4%). Year-on-year increase was 12.4%.
• Operating profit (EBIT) remained on previous year’s level and amounted to EUR 18.4 million (EUR 18.4 million) or 8.7% of revenue (11.5%). Last year, EBIT was positively impacted by one-off insurance proceedings, personnel-related accrual reversal, and lower purchase price allocation amortisation.
• Net profit was EUR 13.6 million (EUR 8.9 million). Year-on-year increase was 52.8%, impacted positively by a reassessment of the acquisition related earn-out, decreased foreign exchange losses in financial expenses and a decrease of internal dividend related withholding tax.
• Earnings per share were EUR 0.46 (EUR 0.30). Year-on-year increase was 53.1%.

The consolidation of the Lacon Group following the acquisition on 20 February 2026 contributed to the more significant movements in the balances compared to 2025. Unless otherwise stated, the comparison figures refer to the corresponding period in 2025. This business review is unaudited.

Outlook for 2026

Incap estimates that its revenue in 2026 will be clearly higher than in 2025, amounting to EUR 270–290 million. Incap estimates its comparable EBITA will be higher than in 2025, amounting to EUR 26–29 million.

The estimates are given provided that unexpected events impacting Incap’s business environment do not occur.