Icape Holding · EURONEXT:ALICA
Icape — FY2025 Earnings Presentation
37 slides from Icape's earnings presentation, Mar 26, 2026
Slide 1: A worldwide technological expert in printed circuit boards and custom electronic parts
A worldwide technological expert in printed cirCUIT BoardS and Investor presentation custom electronic parts 2026
Slide 2: Disclaimer
disclaimer This presentation (the “Presentation”) has been prepared by Icape Holding (the "Company") solely for use in investor presentations. This presentation is provided to you personally solely for your information and to be used solely for the purposes of the presentation of the Company. By rec
Slide 3: Speakers
speakers YANN SHORA ARNAUD DUIGOU ROKNI LE COGUIC CHIEF EXECUTIVE OFFICER CHIEF STRATEGY AND M&A OFFICER CHIEF FINANCIAL OFFICER +30 years in the PCB & +15 years in the PCB +10 years of experience in auditing Electronics 17 years with ICAPE (Deloitte, Publicis, KPMG, ...) 3 years with ICAPE 10 years
Slide 4: Summary
Summary 1. 2. 3. 4. Highlights and Financial External Outlook and Market results growth 2026 market strategy environment 4
Slide 5: 1. Highlights and market
Investor presentation 1. Highlights and market
Slide 6: Driven by our Vision, Defined by our Mission
DRiven by our Vision, Defined by our Mission 679 200.3 M€* +3,800 Our Vision Employees, o/w 260 2025 Revenue Active customers, “ multilingual in Asia o/w 70%>5 years To be the world’s leading expert in PCBs and custom electronic parts, setting the standard for excellence and innovation in 39 88 60 ’
Slide 7: A Key Technological Intermediary in the PCB and custom parts supply chain
A Key Technological Intermediary in the Printed Circuit and custom electronic parts Supply Chain Customers Logistics Quality Sourcing Technical Suppliers support 7 A key strategic positioning between customers and suppliers
Slide 8: Choosing an operator like ICAPE, committed to quality
Choosing an operator like ICAPE, committed to quality, To avoid serious downstream consequences 2017 2018 2025 Airbag errors Exploding phones Fuel injector issues Estimated cost: $25bn+ Estimated cost: $5bn+ Estimated cost: $1.5bn+ Sources: Reuters 8
Slide 9: 2025: a year on all fronts for ICAPE
2025 : a year on all fronts for ICAPE Entering the Buoyant Corporate British market commercial year readability improvement New UK BU +266 new Share buybacks: gathering ALR Services and customers 2.4% of the capital Kingfisher PCB +300 EMS OEM clients Diversified industries: 2 new EVP Acceleration o
Slide 10: 2025: a year on all fronts for ICAPE
2025 : a year on all fronts for ICAPE At the forefront of ICAPE instigator of innovation sector decarbonization First Soluboard® order with Jiva Success of the first Green Tech Days Materials: and publication of the first report on -60% carbon footprint sustainability in electronics Development of t
Slide 11: Sharp recovery in sales and orders in 2025
sharp recovery in sales and orders in 2025, despite persistent macroeconomic tensions Revenue organic growth Macroeconomic tensions 69.3 USD $ -6.6% Jan 2024 vs Jan 2026 +14.7% Gold +87% 58.0 Jan 2024 vs Jan 2026 Backlog 56.9 Copper (USDM) +7.4% 55.9 +6.8% +38.5% Jan 2024 vs Jan 2026 +3.7% Laminate
Slide 12: Constant acceleration of development since the creation of ICAPE
Constant acceleration of development since the creation of ICAPE Development of the International Focus on organic growth model in Asia Development & M&A 220M€ - IPO 179.5M€ 200.3M€ - 5 acquisitions 6 acquisitions 2024 2021 112M€ 2022 2025 5 New subsidiaries - New BU UK 2023 22M€ 58M€ - Decision to
Slide 13: Diversification of sourcing and transport modes from global logistics platforms
Diversification of sourcing and transport modes from global logistics platforms Etats-Unis Suède Systematic Air order Allemagne optimization Diversity of Sea logistics platforms Sea/air France Real-time tracking Hong Kong Mexique Precise Ground Italie inventory management Transport Express Brésil su
Slide 14: A precision strategy in a market that remains very buoyant
A precision strategy in a market that remains very buoyant Size of the market (in $Bn) +7.7% CAGR E-mobility Medical >130 85 Data Centers Connected objects IT Market adressable by ICAPE Energy 2030e Defence 2025 Source: Prismark report March 2026 Industry Telecoms ICAPE's growing specialization in H
Slide 15: Diversification of revenue sources
DIVERSIFICATION of revenue sources By geography By market segment By business Custom €106 M Industry Multimedias electronic Europe 15% 26% parts €78 M 53% Asia and Rest Automotive 21% Lighting of the world 39% 5% 11% Consumer Metering €200.3M 9% 10% Rail 79% Medical 3% 10% PCBs 8% Energy Aerospace 9
Slide 16: 2. Financial results
Investor presentation 2. financial results
Slide 17: Foreword to the 2025 accounts
foreword to the 2025 accounts Application by the Group of IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations At its meeting on December 17, 2025, the Group's Board of Directors requested that Management conduct an analysis of the performance of the Group's industrial activities. F
Slide 18: Income statement
Income statement Data in €K ICAPE GROUP A Growth of +12% in annual revenue Dec-25 Dec-24 % • External growth +10% and organic growth +1.8% (+5.1% excluding currency effects) A Revenue 200 277 179 244 +12% • Backlog of USD 69.3 million, up 28.5% at the end of December 2025 and Costs of goods sold (13
Slide 19: Balance sheet
Balance sheet Data in €K ICAPE GROUP A Non-current assets Dec-25 Dec-24 The decrease compared to 2024 is explained by: • Goodwill allocation: NTW Hong Kong (customer relationship analysis) Goodwill 34 501 35 195 A • Decrease in tangible fixed assets: primarily due to the asset depreciation Intangibl
Slide 20: Cash flow statement
Cash flow statement ICAPE GROUP Data in €k Dec-25 Dec-24 A Cash flow from operating activities • Excluding non-cash effects related in particular to industrial site closures, Net income (1 537) 3 609 operating activities generated cash flow of €8.1 million compared to €7.3 Less depreciation and amor
Slide 21: Analysis of cash flow variation
Analysis of cash flow variation 54% of EBITDA is converted into cash vs. 48% in 2024 (restated) 15 15 -1,3 -1.3 -0,5 -0.5 -1,3 -1.3 In €M -1,9 -1.9 -2 -2 1.1 1,1 -5 -5 (8.8) million euros 26.4 26,4 -1 -1 change in cash flow in 2025 -7,3 -7.3 -2,4 -2.4 -1 17.5 17,5 -1 -1,3 -1.3 Conversion of sales pe
Slide 22: 3. External growth strategy
investor presentation 3. External growth strategy
Slide 23: Very attractive value creation potential
VERY ATTRACTIVE VALUE CREATION POTENTIAL Continued organic growth Acceleration in external growth Profitability Improvement Organizational optimization A structured Group able to absorb future growth without any additional costs 23
Slide 24: A process of selective external growth
A process of selective external growth Primary targeted Strategic reinforcement objectives: A well-sized and Structuring of the company criteria: experienced M&A team integration strategy • Revenue: Strengthen commercial teams to accelerate market penetration. Shora ROKNI Stéphanie Yin <€20m Enhance
Slide 25: Targeted synergies with acquisitions
Targeted SYNERGIES with acquisitions • Lower purchasing costs, thanks to ICAPE Group’s strong Purchasing purchasing power synergies 1 to 2 • Improved payments conditions, thanks to ICAPE Group’s months process Gross margin better conditions improvement • Increase in global purchasing power + Costs •
Slide 26: A multi-geography M&A track record
A multi-geography M&A TRACK RECORD 5 acquisitions Investment rationale 2021 revenue 2021 €11.8m • Portfolio of 130 active customers • Synergies and geographic complementarity 5 acquisitions 2022 revenue 2022 €35.7m • Portfolio of 650 active customers in Europe • Strategic geographic positioning • Lo
Slide 27: Pipeline of potential M&A targets under advanced discussion
Pipeline of potential m&a targets under advanced DISCUSSION Geography Target Revenue Geography Target Revenue Americas Target #1 €17.0m Africa Target #7 €5.0m Americas Target #2 €16.0m Europe Target #8 €4.7m Europe Target #3 €15.0m Europe Target #9 €2.0m Pacific Target #4 €10.0m Europe Target #10 €2
Slide 28: 4. Outlook and market environment
investor presentation 4. Outlook and market environment
Slide 29: Financial objectives and 2026 market environment
Financial objectives and 2026 market environment Revenue growth projected for 2026: ≥11.5% Organic revenue External growth EBIT margin rate growth rate 2026 in 2026 in 2026 Still to achieve in 2026 : +6% to +8% €30 M* 6% - Positive order trends •- Cost reductions €120M between 2022 and •- Acquisitio
Slide 30: [email protected]
Investor presentation [email protected] 30
Slide 31: Appendices
investor presentation Appendices 31
Slide 32: ICAPE Holding share
ICAPE HOLDING share Key information Shareholding structure as of 31/12/2025 Listing on Euronext Growth® Paris Market capitalization: €34.1m (as of 20 March 2026) Ballenghien family 51% Employees Date of IPO : July 11, 2022 7% ISIN code/Ticker: FR001400A3Q3 / ALICA Free floatFlottant Institutional 36
Slide 33: CSR is embedded in everything we do
CSR is embedded in everything we do 67% Of women in executive Management position -13.2% of ICAPE total CO₂ emissions from 2023 to 2024 -20k metric ton of CO2 -21% by 2030 -90% by 2050 Anonymisation and Cyber Assurance 100% CSR audited Promoting a responsible and sustainable value chain of our partn
Slide 34: Printed circuit boards – complex and core technologies
PRINTED CIRCUIT BOARDS – COMPLEX AND CORE TECHNOLOGIES High-density connection - HDI Black panel/Heavy copper Rigid-flex Multilayer Aluminum (IMS) Microwave/RF Semi-flex Double-sided PTH Flex Single-sided & double-sided STH Their main functions are electrical, mechanical and to connect with their en
Slide 35: Tailor-made technical parts
“tailor-MADE” TECHNICAL PARTS Cables & connectors Displays Adapters Plastic & silicone Transformers & coils Metal Keypad Remote control units Batteries Sub-assemblies “Tailor-made" technical parts are a significant growth driver for the Group 35
Slide 36: The ICAPE Group, a key technological intermediary in the PCB supply chain
THE ICAPE GROUP, A KEY TECHNological INTERMEDIARY IN THE PCB SUPPLY CHAIN Technical Sourcing Quality Logistics • Technical expertise and • Supplier qualification • Audits • Supply chain optimization • Purchasing power • Inspectors • Storage • Strategic support • Laboratories • Insurance • Technical
Slide 37: End of presentation
investor presentation End of presentation 37