Icape: revenue up 36.4% in the third quarter, driven by prices
Icape's revenue reached €68.7 million in the third quarter of 2026, up 36.4% year on year. Growth accelerated for the third consecutive quarter, after +2.2% in the first quarter and +22.9% in the second.
The group attributes this increase mainly to the price effect and, to a lesser extent, to volumes, in a context of supply tensions linked to demand for artificial intelligence. The same mechanism is found in the order book, whose growth over the quarter is approximately 75% attributable to the price effect.
The order book reached $136.0 million at the end of September, then $152.9 million as of October 31, up 138% year on year. On this basis, Icape confirmed its 2026 annual targets, which were raised on September 30.
The price effect, the main driver of the quarter's acceleration
Excluding external growth, which contributed 0.7 points, organic growth came to 35.7% over the quarter. For the first time this year, the currency effect was favorable (euro-dollar parity at 1.15 versus 1.17 a year earlier): at constant exchange rates, organic growth therefore stands at 34.2%.
Quarter on quarter, sales rose 11.1% compared with the second quarter of 2026, and 9.5% organically at constant exchange rates. The 2025 comparisons have been restated to exclude the discontinued HMI and TRAX activities.
The role of prices is visible in the gap between segments. All printed circuit activities grew by more than 30%, while CIPEM, with no significant price effect according to the group, posted growth of 13.9%.
Chief Executive Officer Yann Duigou summarized the context: “The third quarter of 2026 marks a further acceleration of our growth, at +36.4% after +22.9% in the second quarter, in a market still driven by demand linked to AI and marked by tensions in the supply chain.”
Printed circuit boards in Asia, Southern Europe and the Americas drive the increase
The PCB Asia segment, which accounts for 29% of quarterly revenue, grew 45% and represents one third of the quarter's increase. Its growth was only 16.0% over the first nine months, meaning most of its acceleration occurred in the latest period.
Next came PCB Southern Europe (23% of sales, +36%), driven by ICAPE France and ICAPE Italia, followed by PCB Americas (+73%), led by ICAPE USA, which contributes 17% of the increase. CIPEM, the third-largest segment by size with 17% of sales, is growing more slowly.
On orders, PCB Central Europe (+126%) accounts for 31% of the order book increase over the quarter, ahead of PCB Southern Europe and PCB Asia. Printed circuit boards represent 83% of the order book, while that of CIPEM remained broadly stable.
According to the group, the growth in the order book is notably explained by OEM customers and by the increase in the average order size. Order lead times continued to lengthen.
2026 targets confirmed, external growth contribution revised downward
Over nine months, revenue reached €182.0 million, up 20.5%, and up 23.5% organically at constant exchange rates. Despite the reversal observed in the third quarter, the currency effect remains unfavorable on a cumulative basis (parity at 1.16 versus 1.12).
Icape confirmed consolidated annual growth of at least 18% (versus 12% initially), including approximately 18% organically, subject to no further deterioration in exchange rates.
External growth is now expected to contribute only about €5 million in revenue, compared with the €28 million previously targeted, as a transaction launched at the beginning of the year could not be completed in July.
The EBIT margin target of about 6% is maintained. In the half-year accounts published on October 1, this margin stood at 4.1% for the first half, including 6% in the second quarter. The group will present its new medium-term targets on November 24, 2026.
Management states: “We anticipate that these tensions will continue at least until the first quarter of 2027.” Group growth therefore rests primarily on prices, in a tight supply environment that management expects to persist in the coming months.
