Announcement • Dec 05
Incap Oyj (HLSE:ICP1V) agreed to acquire Lacon Electronic GmbH for €50 million. Incap Oyj (HLSE:ICP1V) agreed to acquire Lacon Electronic GmbH for €50 million on December 3, 2025. The purchase price €50 million, payable to the sellers in cash at closing. The acquisition agreement includes a possible earn-out payment to be paid to the sellers in 2027, amounting to €5 million, at the maximum. The earn-out is based on Lacon Group’s financial performance in 2026 and the maximum amount would be reached with an EBITDA of €10.5 million The transaction will be financed with Incap’s own funds and a bank loan of approximately €30 million.
The closing of the agreement is subject to the applicable foreign direct investment control clearances in Germany and Romania and is expected to occur in the first quarter of 2026.
Sebastian Kamm, Florian Streiber, Sascha Dethof, Anita Malec, Marcus Kamp, Thorsten Ihler, Bahne Sievers, Inga Wömmel, Matthias Berger, André Suttorp of Fieldfisher (Germany) LLP acted as legal advisors to Incap Oyj. Announcement • Jul 25
Incap Corporation Provides Earnings Guidance for the Full Year 2025 Incap Corporation provided earnings guidance for the full year 2025. for the year, the company expects revenue of EUR 210 million to EUR 230 million and operating profit (EBIT) of EUR 23 million to EUR 29 million. Announcement • Feb 21
Incap Oyj to Report Fiscal Year 2024 Final Results on Apr 14, 2025 Incap Oyj announced that they will report fiscal year 2024 final results at 10:00 AM, USSR Zone1 on Apr 14, 2025 Announcement • May 11
Incap Oyj Announces Audit and Remuneration Committee Appointments The Board of Directors of Incap Oyj decided to establish two Committees, an Audit Committee and a Remuneration Committee. Kaisa Kokkonen was elected as the Chairman and Julianna Borsos and Antti Pynnönen as members of the Audit Committee. Ville Vuori was elected Chairman and Carl-Gustaf von Troil and Otto Pukk as members of the Remuneration Committee. Announcement • Feb 22
Incap Oyj Appoints David Spehar as Member of Management Team Incap Oyj announced David Spehar (born 1967, MBA, Industrial Engineering) has been appointed member of Incap Group’s Management Team as of 21 February 2024. Mr. Spehar joined Incap in July 2023 through the acquisition of Pennatronics Inc., an Electronics Manufacturing Services company in Pennsylvania, USA. He has 17 years of experience with Pennatronics as General Manager and VP of Operations at the company’s factory outside of Pittsburgh, Pennsylvania. On 7 July 2023, he was appointed Managing Director of Incap Electronics US Inc., and he will continue in that position. As of 21 February 2024, the members of Incap Corporation’s Management Team are President & CEO, Otto Pukk; Director of Operations, India and Sales APAC, Murthy Munipalli; Director of Operations, Estonia, Margus Jakobson; Director of Operations, Slovakia, Miroslav Michalik; Director of Operations, U.K., Jamie Maughan; Director of Operations, U.S., David Spehar and CFO Antti Pynnönen. Announcement • Jul 29
Incap Oyj Re-Affirms Earnings Guidance for the Year 2023 Incap Oyj re-affirmed earnings guidance for the year 2023. As communicated on 18 April 2023, the company estimates that its revenue and operating profit (EBIT) for 2023 will be lower than in 2022. Announcement • Jul 07
Incap Oyj (HLSE:ICP1V) acquired Pennatronics Corporation. Incap Oyj (HLSE:ICP1V) entered into an agreement to acquire Pennatronics Corporation for $26.3 million on July 1, 2023. The enterprise value of the acquired company is 18.6 million. In addition to this, approximately $1.6 million will be paid with Incap's shares to the owners of the acquired company. The acquisition agreement includes an additional payment in the form of a potential earn-out that will be paid in 2024 depending on Pennatronics' business performance during the financial year ending in March 2024. Its maximum amount is $3 million based on Pennatronics' EBITDA during the financial year ending in March 2024. Incap may at a later stage, subject to market conditions, explore the option of equity financing to optimize its capital structure. Pennatronics' revenue for the financial year that ended on 31 March 2023 was $30 million, and EBITDA was $2.9 million, or 10 percent of net sales.
The closing of the agreement will occur after the 4th of July festivities in the U.S. The closing is not subject to any approval by competition authorities or any other conditions precedent. Pennatronics' figures will be included in Incap Group's reporting as of July 2023. The transaction is estimated to have a positive impact on Incap Corporation's revenue in 2023. Additionally, the transaction is expected to have a slightly positive impact on operating profit (EBIT) due to one-time integration and transaction costs as well as the purchase price allocation amortization. The amount of integration costs incurring will be specified in more detail during the financial year 2023.
After the acquisition, the former owners of Pennatronics, Ralph B. Andy and Keith D. James, are committed to support Incap over the transition period.
Incap Oyj (HLSE:ICP1V) acquired Pennatronics Corporation on July 5, 2023. Pennatronics Inc. will be named as Incap Electronics US, Inc. and the company will start the brand change process. Board Change • May 17
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. Independent Director Kaisa Kokkonen was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • May 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. Independent Director Kaisa Kokkonen was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 27
Full year 2022 earnings released: EPS: €0.94 (vs €0.72 in FY 2021) Full year 2022 results: EPS: €0.94 (up from €0.72 in FY 2021). Revenue: €263.8m (up 55% from FY 2021). Net income: €27.6m (up 31% from FY 2021). Profit margin: 11% (down from 12% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Electronic industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has increased by 73% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 02
Incap Corporation Appoints Margus Jakobson as Member of Management Team Incap’s Margus Jakobson appointed member of Incap Group’s Management Team. Margus Jakobson (born 1979, Civ. Eng.), interim Managing Director of Incap Estonia, has been appointed member of Incap Group’s Management Team as well as Director of Operations Estonia and Managing Director of Incap Estonia as of 1 February 2023. Margus Jakobson joined Incap Estonia in 2016 and has previously been Member of Incap Estonia’s Management responsible for QHSE, process and strategy development. Before joining Incap Margus Jakobson held several managerial positions at electronics and technology companies such as ETAL Group, Nordic Houses and Pharmadule, among others. As of 1 February 2023, the members of Incap Group’s Management Team are Otto Pukk, President and CEO; Margus Jakobson, Director of Operations Estonia; Murthy Munipalli, Director of Operations India and Sales APAC; Jamie Maughan, Director of Operations UK; Miroslav Michalik, Director of Operations Slovakia and Antti Pynnönen, CFO. Reported Earnings • Feb 26
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: €3.60 (up from €2.02 in FY 2020). Revenue: €170.0m (up 58% from FY 2020). Net income: €21.1m (up 129% from FY 2020). Profit margin: 12% (up from 8.6% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 22%, compared to a 6.7% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 99% per year, which means it is tracking significantly ahead of earnings growth. 
