Incap Oyj
Sector unknown·ICP1V · Nasdaq Helsinki·Fiscal year to 31/12/2025
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Europe
Geography
StrategyPositive impact: strengthens
“With the acquisition, Incap will establish a solid foundation for further expansion in Germany, Europe’s largest EMS market.”
Annual report 2025A · The company itself
Geography
“Geographical distribution of revenue Europe North America Asia Australia Africa 58% 30% 5% 5% 2% The acquisition of Lacon Group marked a significant milestone in 2025.”
Annual report 2025A · The company itself
Geography
“We will continue to focus on the European, North American, and Asia-Pacific markets where we will be agile and capitalize on cross-selling opportunities and broadening of the service offering.”
Annual report 2025A · The company itself
Geography
“Our factories are based in Estonia, India, Slovakia, the United Kingdom, and United States. After the acquisition of Lacon Group, completed in February 2026, our new factories are located in Germany and Romania. Our procurement operations are based in Hong Kong, and our headquarters are in Finland.”
Annual report 2025A · The company itself
Automotive
End markets
DriverPositive impact: strengthens
“In the longer term, the growth in electronics manufacturing services is driven by the growing use of electronics supported by megatrends within energy, technology, industrial, medical, defence and transportation sectors, including smart grids, renewable energy and offgrid applications, e-mobility, IoT, as well as AI among others.”
Annual report 2025A · The company itself
Market
“We support our customers ranging from large multinationals and midsized companies to small start-ups in their complete manufacturing value chain.”
Annual report 2025A · The company itself
Market
“The company manufactures for customers in aerospace, automotive, consumer electronics, data storage and media, defence, green energy, food and vending, industrial controls, automation, medical, oil, gas and mining, power, security, telecom, transport and infrastructure, gaming and other industries.”
Annual report 2025A · The company itself
Defence industry
End markets
StrategyPositive impact: strengthens
“This acquisition strengthens our position in the fast-growing defence sector and significantly expands our design and development offering.”
Annual report 2025A · The company itself
Market
“The acquisition accelerates Incap’s growth strategy by strengthening its position also in defense, railway technology, and medical technology sectors.”
Annual report 2025A · The company itself
Market
“The company manufactures for customers in aerospace, automotive, consumer electronics, data storage and media, defence, green energy, food and vending, industrial controls, automation, medical, oil, gas and mining, power, security, telecom, transport and infrastructure, gaming and other industries.”
Annual report 2025A · The company itself
Chains in: Defence budgets strengthens
Medical devices
Technology
Market
“The acquisition accelerates Incap’s growth strategy by strengthening its position also in defense, railway technology, and medical technology sectors.”
Annual report 2025A · The company itself
Market
“The company manufactures for customers in aerospace, automotive, consumer electronics, data storage and media, defence, green energy, food and vending, industrial controls, automation, medical, oil, gas and mining, power, security, telecom, transport and infrastructure, gaming and other industries.”
Annual report 2025A · The company itself
Chains in: Ageing population strengthens
ESG and sustainability reporting
Regulation
StrategyPositive impact: strengthens
“We develop our business in line with sustainable development to meet the increasing expectations of all our stakeholders.”
Annual report 2025A · The company itself
Industrial manufacturing
End markets
Market
“We support our customers ranging from large multinationals and midsized companies to small start-ups in their complete manufacturing value chain.”
Annual report 2025A · The company itself
M&A and consolidation
Macro
StrategyPositive impact: strengthens
“The EMS industry is highly fragmented and offers potential for consolidation.”
Annual report 2025A · The company itself
Solar power
Technology
StrategyPositive impact: strengthens
“One of the year’s most meaningful steps was taken in the United States, where we decided to invest in an on-site solar power plant, supported by federal clean-energy incentives, aiming for a full transition to renewable electricity at Incap US.”
Annual report 2025A · The company itself
Utilities
End markets
Market
“The company manufactures for customers in aerospace, automotive, consumer electronics, data storage and media, defence, green energy, food and vending, industrial controls, automation, medical, oil, gas and mining, power, security, telecom, transport and infrastructure, gaming and other industries.”
Annual report 2025A · The company itself
USD vs DKK/EUR
Macro
DriverNegative impact: weakens
“Changes in the euro–US dollar exchange rate had a negative impact on Incap’s business environment.”
Annual report 2025A · The company itself
Chains out: this mixed effect United States
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“The market environment continued to be shaped by uncertainty and geopolitical challenges, but we have become accustomed to operating in this “new normal”.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Geopolitical tensions and armed conflicts can affect global supply chains, markets, and economic stability.”
Annual report 2025A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Artificial intelligence
Technology
DriverPositive impact: strengthens
“In the longer term, the growth in electronics manufacturing services is driven by the growing use of electronics supported by megatrends within energy, technology, industrial, medical, defence and transportation sectors, including smart grids, renewable energy and offgrid applications, e-mobility, IoT, as well as AI among others.”
Annual report 2025A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
Business cycle and GDP growth
Macro
DriverNegative impact: weakens
“Demand for Incap’s services and the company’s financial position are affected by global economic trends and the fluctuation among customer industries.”
Annual report 2025A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Cyber attacks and IT security risk
Macro
DriverNegative impact: weakens
“Cyber-attacks and disruptions in information systems may result in interruptions of production, increasing IT costs and financial losses.”
Annual report 2025A · The company itself
Chains out: this strengthens Cybersecurity (products and services)
Electrification
Technology
DriverPositive impact: strengthens
“In the longer term, the growth in electronics manufacturing services is driven by the growing use of electronics supported by megatrends within energy, technology, industrial, medical, defence and transportation sectors, including smart grids, renewable energy and offgrid applications, e-mobility, IoT, as well as AI among others.”
Annual report 2025A · The company itself
Chains out: this strengthens Electricity, strengthens Power grid expansion, strengthens Copper
Global trade volumes
Macro
DriverNegative impact: weakens
“Supply chain disruptions or geopolitical issues may cause delays in deliveries or shortages of materials and components.”
Annual report 2025A · The company itself
Chains in: Tariffs and trade policy weakens, Geopolitical uncertainty weakens, Business cycle and GDP growth strengthens
Chains out: this strengthens Shipping and logistics
Inflation
Macro
DriverNegative impact: weakens
“The general inflation and cost of manufacturing continued to increase.”
Annual report 2025A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
United States
Geography
Geography
“Geographical distribution of revenue Europe North America Asia Australia Africa 58% 30% 5% 5% 2% The acquisition of Lacon Group marked a significant milestone in 2025.”
Annual report 2025A · The company itself
Geography
“We will continue to focus on the European, North American, and Asia-Pacific markets where we will be agile and capitalize on cross-selling opportunities and broadening of the service offering.”
Annual report 2025A · The company itself
Geography
“Our factories are based in Estonia, India, Slovakia, the United Kingdom, and United States. After the acquisition of Lacon Group, completed in February 2026, our new factories are located in Germany and Romania. Our procurement operations are based in Hong Kong, and our headquarters are in Finland.”
Annual report 2025A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Asia and emerging markets
Geography
Geography
“Our factories are based in Estonia, India, Slovakia, the United Kingdom, and United States. After the acquisition of Lacon Group, completed in February 2026, our new factories are located in Germany and Romania. Our procurement operations are based in Hong Kong, and our headquarters are in Finland.”
Annual report 2025A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 0.21 bn EUR |
| Revenue growth vs. the year before, same method | -6.7 % |
| EBITDA reported by the company | 0.03 bn EUR |
| Net debt debt incl. leasing minus cash | Net cash 0.05 bn EUR |
| Diluted EPS per share | 0.47 EUR |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✗ |
| Healthy balance sheet | ✓ |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (EUR), not converted to DKK. Quotes are shown as the company's own words in the report's original language.