Incap grows 18% organically, but its largest customer is diversifying its supplier base

What happened

EMS provider Incap's third-quarter revenue reached a record EUR 80.7 million, up 56% year on year, with revenue also growing 18% organically; the increase was driven by the acquisition of Lacon Group and growing demand from defence customers. Comparable EBITA rose 50% to EUR 8.6 million, with a margin of 10.7% compared with 11.1% a year earlier, and operating profit increased to EUR 7.9 million from EUR 6.7 million. Incap's largest customer is diversifying its supplier base, which the company expects will put pressure on its volumes going forward, while new large customer accounts in India, particularly within data center applications, are being ramped up and are expected to balance the impact. Competition in India remains intense with high pricing pressure. Component and PCB availability remained challenging during the quarter, which the company managed through close cooperation with customers and suppliers; higher production volumes also tied up more working capital, weighing on cash flow. Incap maintains its 2026 outlook of revenue between EUR 270 million and EUR 290 million and comparable EBITA between EUR 26 million and EUR 29 million, and will present an updated strategy at a Capital Markets Day on 17 November.

Impact and signal

Affected components and suppliers

Source and time

Source: Evertiq · 10/29/2026 · View original source