Q2 2026 Incap Oyj Earnings Call Transcript
Key Points
- Revenue grew 34% in Q2 2026, driven by the Lacon acquisition and a return to organic growth of 4.1%.
- Organic growth improved significantly quarter-over-quarter, with a 20% increase from Q1 to Q2.
- Strong order intake, particularly in the defense sector, with an all-time high for major defense customers.
- Integration of Lacon is progressing well, with collaboration and cross-selling efforts expected to boost financials in the second half.
- Continued investments in operations, including cleanroom facilities in Slovakia, SMT and testing in India, and conformal coating in Estonia, to enhance service capabilities.
- Comparable EBITDA margin declined to 8.8% in Q2, impacted by a EUR 850,000 one-off personnel-related cost and a change in business mix.
- Material availability challenges and delivery postponements persisted in Q2, affecting profitability and increasing inventory levels to EUR 84 million.
- Increased competition in India's EMS market is putting pressure on margins and requires strategic maneuvering.
- Foreign exchange impacts, mainly from the U.S. dollar, negatively affected first-half results.
- High M&A valuations make it difficult to pursue value-creating acquisitions, limiting inorganic growth opportunities.
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Good morning, everyone, and welcome to this webcast covering Incap's second quarter and half year 2026 results. My name is Pauliina Tennilä, and I will be hosting this webcast today. The speakers are Incap's President and CEO, Otto Pukk, and CFO, Antti Pynnönen. Otto and Antti will walk you through the results, after which we will go through your questions. You can post your questions at any time using the Q&A function. A recording of this webcast will be available on Incap's website later today. With that, I'll hand it over now to Otto Pukk.
Thank you very much, Pauliina. Hello and thank you for all who are tuned in and listening to this webcast and have interest in Incap. We might have a little bit technical difficulty today. I'm in India and hopefully all the presentations will work, but otherwise, we will share the presentation, and as Pauliina said, also the webcast in a whole so you can go back and have a look at it. The first half of the year is over,
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