ICAPE Group: Revenue Up 12.5% in First Half and Record Order Book
ICAPE Group published its first-half results on October 1, 2026, marked by revenue growth of 12.5% and an order book reaching record levels.
At the same time, EBIT margin stands at 4.1% for the entire half-year, down compared to the previous fiscal year, but the company is raising its annual revenue growth target and maintaining its margin target.
Revenue of €113.3 Million Driven by Second Quarter at +22.9%
First-half 2026 revenue stands at €113.3 million, up 12.5% compared to the first half of 2025 (figures restated for the cessation of HMI and TRAX activities). Organic growth reaches 12.3%, and 18% excluding currency effects, in a context where the euro strengthened against the dollar (EUR/USD at 1.17 in the first half of 2026 versus 1.09 a year earlier).
The momentum was driven by a second quarter growing 22.9%, supported by volumes and an acceleration in prices in an environment of tensions in raw material costs and the supply chain. The main contributors were printed circuit activities in Southern Europe, Asia, and CIPEM.
The order book reached $134.9 million as of September 25, 2026, compared to $93.6 million at the end of June 2026, representing an increase of 44% over the period and 133% compared to September 30, 2025, a level described by the company as the highest in its history.
EBIT Margin at 4.1% for the Half-Year, 6% in the Second Quarter
EBITDA stands at €7.8 million as of June 30, 2026, virtually stable compared to €7.8 million in the first half of 2025, thanks to control of personnel expenses (14.7% of revenue versus 15.4% a year earlier) and other external charges (5.4% versus 6%). EBITDA margin stands at 6.8%, compared to 7.7% in the first half of 2025.
EBIT reaches €4.7 million, compared to €5.0 million at the end of June 2025, after accounting for the increase in depreciation related to acquisition intangible assets. EBIT margin stands at 4.1% for the entire half-year (versus 4.9% in the first half of 2025), including 6% in the second quarter 2026 alone.
Group net income stands at €1.6 million, compared to €1.1 million in the first half of 2025, supported by the gradual reduction of losses from activities being discontinued. Current group net income reaches €3 million. Net financial debt amounts to €27.6 million as of June 30, 2026, compared to €28.8 million as of December 31, 2025, in compliance with the bank covenant.
2026 Growth Target Raised to at Least 18%
The board of directors meeting on September 30, 2026 decided to raise the consolidated revenue growth target for 2026, now set at at least 18%, against 12% initially. The targeted organic growth is raised to approximately 18% (versus a previous range of 6% to 8%), in the absence of further currency deterioration.
This revision incorporates a contribution of approximately €5 million in additional revenue through external growth by the end of 2026, compared to €28 million previously targeted, following the failure to complete a transaction in July. The EBIT margin target is maintained at approximately 6% for 2026.
ICAPE Group will present its new medium-term operational, strategic, and financial objectives at its Capital Markets Day scheduled for November 24, 2026. Third-quarter 2026 revenue will be published on November 3, 2026.
