Icape Holding · EURONEXT:ALICA
Icape — H1 2026 Earnings Presentation
37 slides from Icape's earnings presentation, Oct 1, 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 ye
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 +18% +3,800 Our Vision Employees, o/w 260 H1 organic growth Active customers, “ multilingual in Asia ex. forex 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
Slide 7: Icape is a Key Technological Intermediary in Printed Circuits and custom parts
Icape is A Key Technological Intermediary in the Printed Circuit and custom electronic parts Customers Supply Chain • A high-value-added service provider bridging the gap between clients worldwide and Logistics suppliers based primarily in China Quality • The advantages of an integrated group that c
Slide 8: Strong commercial momentum in the first half of 2026
Strong commercial momentum in the first half of 2026 Development on Buoyant partnership Record sales the Italian market in the Defense sector performance in H1 • On May 7, 2026, a partnership • Acquisition of TEKUBE SRL’s was signed with the Emirati PCB trading operations on April • H1 2026 revenue
Slide 9: Increased attractiveness of ICAPE stock in the first half of 2026
Increased attractiveness of ICAPE stock in the first half of 2026 Improved Improved stock liquidity capital attractiveness • On June 9, 2026, the Farringdon • On April 15, 2026, a share buyback European Opportunities fund mandate was signed for a acquired a stake in ICAPE maximum amount of €500,000
Slide 10: Governance and engagement at the forefront in the first half of 2026
Governance and engagement at the forefront in the first half of 2026 Structure and Governance ICAPE: efficiency a committed player • Rollout of the legal simplification and • In March 2026, ICAPE advanced and integration program in Asia and the UK to secured the EcoVadis Bronze medal, enhance struct
Slide 11: Continued growth in a market saturated by AI demands
Continued growth in a market saturated by AI demands 134.9 Raw material costs and Supply Chain strains Organic Revenue growth (yoy %) and FY order book in USDM 93.6 78.4 Freightos Baltic Index 69.3 +25% +94% Q2 2026 Backlog +22.6% 56.9 58.0 (USDM) 55.9 Laminates +14.7% +63.2% +10.6% Jul 2026 vs Jan
Slide 12: 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 13: 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 USDBn) +13,6% (7.7%) CAGR E-mobility Medical >162.3 (130) 85.8 Data Centers Connected objects IT Market adressable by ICAPE Energy 2030e Defence 2025 Source: Prismark report Q2 2026 (previous Q1 2026 data in parenthese
Slide 14: 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 15: 2. Financial results
Investor presentation 2. financial results
Slide 16: Income statement
Income statement (€ million) 30/06/2026 30/06/2025 Variation (%) A Revenue: €113.3 M A Revenue 113.3 100.7 +13% • A 13% increase compared to H1 2025, driven primarily by organic growth. This COGS (77.2) (66.3) +17% growth was fueled by a combination of increased volumes and significant Transportatio
Slide 17: P&L Analysis
P&L Analysis 113,3 % Margin Costs as a % of revenue 26.9% 6.8% 4.1% ( 77,2) 30,5 ( 5,6) ( 16,6) 7,8 ( 6,1) 4,7 ( 3,1) In €M COGS Gross margin External charges D&A Revenue Transportation & agents Payroll EBITDA EBIT H1 2026 68.1% 4.9% 14.7% 5,4% 2.7% FY 2025 66.2% 4.5% 15.4% 6.0% 3.1% 17
Slide 18: Balance sheet
Balance sheet (€ million) 30/06/2026 31/12/2025 ∆% A Non current assets : €75.1 M Item relatively stable (+3%) compared to 2025: Goodwill 34.7 34.5 +1% • Increase in intangible assets resulting from the TEKUBE acquisition, recorded Intangible assets 26.2 25.2 +4% as customer relationships at €1.8 M,
Slide 19: Cash flow statement
Cash flow statement (€ million) 30/06/2026 31/12/2025 30/06/2025 A Cash flow from operations: €5.2 M Net income 1.5 (1.5) 0.8 Elimination of D&A and provisions 3.3 8.6 3.2 • Operating activities generated cash flow of €5.2 M in H1 2026, compared with €8.1 Elimination of tax (0.3) (1.0) - M for the f
Slide 20: Cash flow evolution
Cash flow evolution 66% of EBITDA converted in cash vs 54% as of end-2025 €(0.9) M of cash 7,8 variation in H1 2026 ( 0,5) 4,5 ( 0,7) ( 0,4) ( 0,9) ( 0,2) 17,6 ( 3,9) ( 5,3) 0,3 16,7 ( 1,1) ( 0,4) In €M 20
Slide 21: 3. External growth strategy
investor presentation 3. External growth strategy
Slide 22: 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 22
Slide 23: 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 24: 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 25: A multi-geography M&A track record
A multi-geography M&A TRACK RECORD 5 acquisitions 2021 Revenue Investment rationale 2021 • Portfolio of 130 active customers €11.8 M • Synergies and geographic complementarity 2022 Revenue 5 acquisitions • Portfolio of 650 active customers in Europe 2022 • Strategic geographic positioning €35.7 M •
Slide 26: 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 M Africa Target #7 €5 M Americas Target #2 €17 M Europe Target #8 €4.7 M Americas Target #3 €16 M Europe Target #9 €2 M Europe Target #4 €15 M Europe Target #10 €2 M P
Slide 27: 4. Outlook and market environment
investor presentation 4. Outlook and market environment
Slide 28: Financial objectives and 2026 market environment
Financial objectives and 2026 market environment For the remainder of 2026 Upward revision of 2026 published revenue : at least +18% vs +12% formerly Organic growth External growth EBIT margin rate of 2026 revenue in 2026 in 2026 Still to achieve in 2026* : Around +18% €5 M 6% vs between 6% and 8% f
Slide 29: [email protected]
Investor presentation [email protected] 29
Slide 30: Appendices
investor presentation Appendices 30
Slide 31: ICAPE Holding share
ICAPE HOLDING share Key information Shareholding structure as of 30/06/2026 Listing on Euronext Growth® Paris Indutrial partners 8,7% Market capitalization: €70 M (as of 28 September 2026) Ballenghien Family Employees 49,1% Date of IPO : July 11, 2022 5,3% ISIN code/Ticker: FR001400A3Q3 / ALICA Flot
Slide 32: 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 33: Completion of the renovation of the schooner Magie Bleue
Completion of the renovation of the schooner *Magie Bleue*, ambassador for ICAPE’s ocean- focused CSR commitment Much more than a boat Magie Bleue is: An exceptional schooner steeped in history A maritime adventure driven by a commitment to solidarity Making the sea accessible to those who nee
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