Flexible Thinking: Designing Flex Circuits for Dynamic Reliability
Global PCB Connections: Rigid-flex and Flexible PCBs—The Backbone of Modern Electronics
Happy’s Tech Talk #29: Bend-to-Install Semi-flex FR-4
The ICAPE Group, a global technology distributor of printed circuit boards (PCBs) and custom electromechanical parts, announces its results for the fiscal year ending December 31, 2025, as approved by the Board of Directors on March 25, 2026.
Highlights:
- Strong revenue growth: +12%
- Net income group share impacted by the review of industrial assets
- Operating cash flow: +11%
- In 2025, ICAPE's consolidated revenue grew by 12% to €200.3 million1, of which 5.1% organic growth excluding currency effects
- Backlog of USD 69.3 million, up 28.5% at the end of 2025
- Stable EBITDA; EBIT at €8.8 million, slightly higher than the estimate communicated on February 12, 2026
- Net income group share was a loss of €0.4 million; it was impacted by the review of industrial assets
- Operating cash flow of €8.1 million, up 11%
- Net financial debt of €28.8 million, down 12.3%; compliance with bank covenants
- Decision to progressively discontinue the IHM and TRAX sites to rationalize production units in Europe and in North America hence cutting high loss drivers
- Confirmation of the new 2026 objectives:
2026 Consolidated Annual Revenue Growth:
- Organic revenue growth between +6% and +8%, without further currency depreciation3
- Generation of approximately €120 million in additional revenue through external growth by the end of 2026 (€90 million already generated by the end of 2025)
- Consolidated annual revenue growth at least equivalent to that achieved in 2025 (+11.5% in 2025)
- 2026 EBIT margin rate of around 6%
Yann Duigou, CEO of the ICAPE Group, states:
“It was in an already disrupted macroeconomic environment that the Group made the decision, as early as February 12, to revise downwards, without delay, some of its objectives initially set in 2022 for 2026, and to launch a review of its industrial assets. The Board, meeting on March 25, 2026, was able to approve the list of industrial facilities to be discontinued, which consists of IHM in France and TRAX in South Africa. This decision, which will be progressively rolled out, enables to streamline the number of production units within the Group, hence staying as close as possible to our customers. It was made after every effort had been made to turn around the affected sites and will be implemented with the utmost respect for all stakeholders.
This should contribute, in addition to cost reduction plans, remaining synergies, and the gradual implementation of the new disruptive IT tool, to achieving the EBIT margin rate, now expected to be around 6% by the end of 2026.
The continued strength of our order book remains encouraging for achieving our other 2026 objectives. Currently, we are particularly focused on continuing to serve our customers to the best of our capacity, in increasingly challenging macroeconomic and geopolitical conditions.
We will then be able to communicate new operational, strategic, and financial objectives to the market for 2027 and subsequent years in the second half of 2026.”
