Incap receives an order exceeding 11 MEUR from the defense sector
Summary
- Incap has secured an order exceeding 11 MEUR from KNDS for cable harnesses and electromechanical assemblies for Leopard tanks, highlighting its strategic success in the defense sector.
- The order will be fulfilled over three years, contributing just under 4 MEUR annually, which is over one percent of Incap's estimated revenue of 286 MEUR for this year.
- The order is strategically significant due to the defense industry's rapid growth in Europe, but its moderate size does not necessitate immediate changes to revenue estimates.
- The company expects future orders to expand to other vehicles, potentially deepening customer relationships.
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Translation: Original published in Finnish on 07/09/2026 at 07:15 am EEST
Incap announced on Wednesday that it had received an order worth over 11 MEUR from the European defense systems manufacturer KNDS for cable harnesses and electromechanical assemblies for Leopard tanks. We consider the order a strategically good achievement for the company, but due to its size, it does not cause immediate changes to our estimates.
The order comes from the strategically important defense sector
We believe the order is a good strategic success for the company and demonstrates the viability of the logic behind the Lacon acquisition carried out earlier this year, as well as Incap's ability to serve customers with very strict quality requirements. According to the company, the products will be assembled at Incap's various facilities, and deliveries will be spread over three years. We consider the order strategically important, as the defense industry is currently one of Europe's fastest-growing industries. The company anticipates orders to expand to cover other vehicles as well, which will enable a significant deepening of the customer relationship in the future.
The size class of the order is quite moderate
An order of over 11 MEUR spread over three years means an annual revenue contribution of just under 4 MEUR. The annual value of the order is thus just over one percent of Incap's estimated revenue of 286 MEUR for this year, meaning its scale is quite small by Incap's standards. Therefore, the order alone does not change the big picture or cause immediate pressure for estimate revisions.
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Incap operates in the industrial sector. The company supplies equipment and services for industrial players, where the range includes PCB assembly, system integration, box building integration, design validation, and inspection methods. The largest operations are found in the Nordic, Baltic and Asian regions. The company was originally established in 1985 and is headquartered in Helsinki.
Read more on company pageKey Estimate Figures03.05.
| 2025 | 26e | 27e | |
|---|---|---|---|
| Revenue | 214.6 | 286.2 | 339.3 |
| growth-% | -6.7 % | 33.4 % | 18.5 % |
| EBIT (adj.) | 26.1 | 31.9 | 37.7 |
| EBIT-% (adj.) | 12.2 % | 11.1 % | 11.1 % |
| EPS (adj.) | 0.49 | 0.78 | 0.91 |
| Dividend | 0.00 | 0.00 | 0.00 |
| Dividend % | |||
| P/E (adj.) | 19.8 | 11.2 | 9.5 |
| EV/EBITDA | 7.5 | 6.2 | 5.0 |
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