Incap’s Record Revenue Rises 56% to €80.7 Million in Third Quarter
Key Facts
Finnish company Incap posted record revenue of €80.7 million in the third quarter of 2026, up 56% from €51.8 million in the same period last year, according to its published business review. The company attributed the annual increase to the acquisition of Lacon Group and rising demand from defence-sector customers. Revenue grew organically by 18%, with contributions from projects for existing and new customers. The results show that expansion through acquisitions coincided with growth in existing operations, although at a slower rate than the overall increase in sales. Over the first nine months, organic revenue growth remained far slower than the pace in the third quarter.
Comparable earnings before interest, taxes, depreciation, amortisation and impairments were €8.6 million, compared with €5.8 million a year earlier, up 50.3%. But the margin on those earnings narrowed to 10.7% from 11.1%, meaning growth in revenue and earnings in absolute terms did not prevent a decline in the relative return on each euro of sales. Operating profit rose to €7.9 million from €6.7 million, an increase of 17.1%, while its margin fell to 9.7% from 13.0%. The two profitability measures diverged, with comparable earnings before impairments growing faster than operating profit. Net profit rose 61.8% to €6.9 million from €4.3 million, also benefiting from a revaluation of the acquisition-related liability.
In the nine months ended September, Incap’s revenue reached €210.9 million, compared with €159.3 million in the same period of 2025, an annual increase of 32.4%. Organic growth over the period was 4.6%, below the third-quarter pace of 18%. The divergence highlights an acceleration in existing operations in the final quarter of the period, alongside the annual impact of the acquisition and demand from defence customers. Over the extended period, total revenue rose by more than organic revenue, reflecting the deal’s contribution to overall sales. The figures were included in the company’s January–September business review.
In banking, Aktia’s comparable operating profit fell to €22.5 million in the third quarter of 2026 from €27.4 million a year earlier, a decline of 18%, despite the bank describing the performance of its core business as stable. Net interest income declined 6% to €31.9 million from €34 million, which the bank attributed mainly to a slight increase in funding costs. Life insurance income also fell 30% to €5.7 million from €8.2 million, due to weaker results from policies in run-off. By contrast, net fee income was broadly stable at €31.1 million versus €31.2 million; fund revenue supported the result, while changes in card activity weighed on it. Credit losses fell 59% to €1.5 million from €3.8 million.
Aktia’s comparable operating expenses increased 10% to €46.5 million from €42.3 million, as personnel, IT, purchased services and marketing costs rose. In the first nine months, comparable operating profit increased 3% to €84.8 million from €82.3 million, despite a 7% decline in net interest income and a 1% fall in total operating income. At the same time, assets under management reached a record €18.2 billion, driven by net sales of €124 million during the quarter. The chief executive said the operating environment remained marked by geopolitical uncertainty, rising inflation concerns and higher market rates. Higher interest rates could benefit the bank over the long term, the chief executive added, but group-level interest-rate hedges delay the effect on net interest income.
Incap kept its 2026 outlook unchanged, estimating revenue of between €270 million and €290 million and comparable earnings before interest, taxes, depreciation, amortisation and impairments of between €26 million and €29 million, provided no unforeseen events affect the business environment. The company said order intake remained strong, supporting its expectation of a strong fourth quarter. Aktia, for its part, forecast comparable operating profit in 2026 to be close to or slightly above the 2025 level of €106 million. The bank said the positive effect of higher market rates is expected to begin to appear next year. Incap scheduled a Capital Markets Day for November 17, 2026, when management plans to present its updated strategy, business and financial performance.