HELSINKI – Incap Corporation reported 2025 revenue of $232 million, down 6.7% year-over-year from $248.7 million, as currency headwinds and a softer market environment weighed on results.

Fourth-quarter revenue was $59.7 million, down 6.7% from $64.0 million in the prior-year period. The company cited a negative foreign exchange impact of $7.1 million on full-year revenue.

In December, Incap signed an agreement to acquire Lacon Group, an EMS and original design manufacturer with facilities in Germany and Romania. The transaction closed in February 2026, and Lacon’s results will be consolidated as of February 20. The acquisition expands Incap’s position in the defense sector and strengthens its design and development capabilities.

Looking ahead, Incap estimates that 2026 revenue will be clearly higher than in 2025, including the impact of the Lacon acquisition, assuming no unexpected disruptions in the business environment.

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