ICAPE Group Raises 2026 Revenue Growth Target

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ICAPE Group, a global technology distributor of printed circuit boards (PCBs) and custom-made electronic parts, announces its results for the financial year ended June 30, 2026, as approved by the Board of Directors on September 30, 2026.

Compared to the figures reported for the first half of 2025, 2025 revenue has been restated to reflect the impact of the decision to discontinue the HMI and TRAX businesses.

Yann Duigou, CEO of ICAPE Group, stated: "During the first half of the year, we upheld our commitment to providing customers with concrete solutions to partially offset price hikes and ensure uninterrupted deliveries. This strategy had a temporary impact on our EBIT margin, primarily in the first quarter, though the margin rebounded to 6% in the second quarter thanks to our efforts to control fixed costs. It has also enabled us to firmly establish our position as an essential supplier, evidenced by a record order backlog of USD 93.6 million as of June 30, 2026, and USD 134.9 million as of September 25, 2026, with higher-sized orders on average.

Following a first half marked by significant strategic developments and commercial successes, we remain more committed than ever to controlling fixed costs and are pressing ahead with automation initiatives to boost efficiency and profitability. Based on recent performance, we are confident enough to raise our annual revenue growth target, now set at a minimum of 18%, up from the previous 12%, and to confirm our 6% EBIT margin target for 2026.

We look forward to presenting our medium-term strategic plan to the market on November 24, outlining ICAPE’s new operational, strategic and financial objectives for the coming years."

Analysis of Consolidated Results for the First Half of 2026

Revenue for the first half of 2026 totalled €113.3 million, a reported increase of 12.5%, driven by a very strong second quarter that saw 22.9% growth. Organic growth stood at 12.3% compared to H1 2025, and at 18% excluding currency effects, noting the currency imbalance between the two periods (EUR/USD at 1.17 in H1 2026 vs. 1.09 in H1 2025).

H1 2026 revenue also rose by 13.8% compared to H2 2025. Growth across the first half was driven by volumes, which strengthened further between the two quarters, and by accelerating prices, particularly in Q2, against a backdrop of pressure on raw material costs and on the supply chain.

During the period, the largest contributors among operating sectors were PCB in Southern Europe, in Asia, and CIPEM. The sectors showing the most growth were PCB in Southern Europe and, to a lesser extent, in the Americas.

The order backlog stood at USD 93.6 million at the end of June 2026, driven by contributions from the PCB sectors in Southern Europe, Asia, and the Americas, and by growth momentum in PCB in the Americas, Asia, and Southern Europe. It reached $134.9 million as of September 25, 2026, representing an increase of 133% versus September 30, 2025, the highest level in the company's history.

Amid a surge in orders driven by AI-related demand, which is saturating the sector and putting pressure on prices, the gross margin rate has been affected by, on the one hand, an increase in average order sizes and, on the other, a mechanical lag in passing price increases on to customers in this inflationary context.

EBITDA stood at €7.8 million as of June 30, 2026, virtually unchanged from June 30, 2025, thanks to effective control over personnel expenses and other operating costs. Rising volumes are enabling a gradual improvement in fixed-cost absorption. Personnel costs represented 14.7% of revenue in H1 2026, compared with 15.4% in H1 2025, while other external charges accounted for 5.4%, versus 6% in H1 2025. The EBITDA margin stood at 6.8%, down from 7.7% in H1 2025, although performance in Q2 2026 was stronger than in Q2 2025.

EBIT stood at €4.7 million, compared to €5.0 million at the end of June 2025, after accounting for the increase in amortization charges on acquisition-related intangible assets. These charges stem from the amortization of customer relationships over periods ranging from 8 to 20 years, based on an analysis of the churn rate. The EBIT margin was 4.1% for the first half of 2026 as a whole, versus 4.9% in the first half of 2025, including 6% in the second quarter of 2026, aligning with the expected trajectory in an inflationary environment to meet the 6% year-end target.

The financial result remained virtually stable over the period, with the cost of financial debt kept under control.

Net income (Group share) rose sharply to €1.7 million as of June 30, 2026, compared to €1.1 million as of June 30, 2025, driven by the gradual phasing out of losses from operations being shut down.

Adjusted for non-recurring items for the period, which include the remaining losses from discontinued operations, recurring net income (Group share) stood at €3 million for the first half of 2026.