Jamie Maughan, Director of Operations, UK and a member of Incap Group’s Management Team, has resigned to take up a new position at another company. He will continue in his current role throughout his notice period and is expected to leave Incap no later than the third quarter of 2026. Maughan has served as Managing Director of Incap Electronics UK Ltd. and as a member of the Management Team since 2020.

”I would like to take this opportunity to warmly thank Jamie for his strong contribution to the Management Team and to the development of the Incap UK team and operations. Jamie is a dedicated and highly competent professional, and I wish him every success in the future,” says Otto Pukk, President and CEO of Incap Corporation.

The recruitment process for Maughan’s successor will begin immediately.

Following Incap Corporation’s acquisition of Lacon Group in February 2026, the former Lacon companies in Germany and Romania have now officially adopted the Incap name.

The sites continue to operate with their existing teams and capabilities as part of Incap’s global manufacturing network.

The legal company names have been updated as follows:

Karlsfeld, Germany
Incap Electronics Germany GmbH
(previously Lacon Electronic GmbH)

Boxberg, Germany
Incap Electronics Germany GmbH
(previously Lacon Electronic GmbH)

Glinde, Germany
Incap Montronic GmbH
(previously Lacon Montronic GmbH)

Galați, Romania
Incap Electronics Romania SRL
(previously Lacon Electronic SRL)

We will contact customers, suppliers and other partners directly to inform them about the updated company names and any related administrative changes.

Incap Electronics US has successfully obtained ISO 14001 and ISO 45001 certifications, confirming that the factory’s environmental and occupational health and safety management systems meet international standards. The certifications reinforce structured risk management, regulatory compliance, and well-controlled production environments across its electronics manufacturing operations, while supporting Incap’s sustainability targets.

According to David Spehar, Managing Director of Incap Electronics US, the certifications strengthen day-to-day operational discipline and process control at the site, and support both employee safety and environmental responsibility. “For us, this means clearer processes, safer working conditions, and more structured environmental controls across our operations. It supports our employees in their daily work and gives customers added confidence that we manage our responsibilities in a consistent and transparent way.”

The certification project was led by Alex Ball, Senior Quality Engineer at Incap US, and included a comprehensive gap analysis followed by the development and integration of the required documentation and procedures into the site’s management systems. The work covered environmental and occupational health and safety controls, internal audits, and staff guidance. Certifications were granted following the successful completion of Stage 1 and Stage 2 audits and the implementation of corrective actions. The certifications were issued by DEKRA Certification, Inc.

Across Incap Corporation, maintaining certified management systems is a standard requirement for all units and a well-established practice in the EMS industry. ISO 9001, ISO 14001, and ISO 45001 constitute the three baseline standards applied across Incap’s units, providing the foundation for certified management systems that ensure consistent quality, environmental, and occupational health and safety performance. Incap also plans to further expand its certification framework by making ISO 27001 for information security a future group-level requirement.

Incap 4Q 2025 webcast on 26 February 2026 at 11:00 EET.

Q: Incap has a good situation with regards to its balance sheet, so why are you taking a loan to pay for the Lacon acquisition?

A: We are now focusing very much on the integration of Lacon, but still, our growth is a story we are expecting to continue. Once we have successfully integrated Lacon, we expect to continue with the M&A track, and for that, we need firepower. This should be seen in the longer term and in a bigger picture.

We see this also from the perspective of risk management, and we want to be able to act on opportunities as they arise. For example, we have to be ready for immediate actions if our clients’ business would keep developing to a positive direction and our production volumes would rapidly go up. We must then be able to finance networking capital increases quickly. We saw in 2022, when India increased volumes with 100 million, that in these types of cases, the cash is needed immediately. It is preferable to remain flexible. If there are opportunities for inorganic growth through major acquisitions, again, time is money. The companies that can react fast and have solid financials in place are a credible buyer to the seller and other counterparties. In addition, there’s going to be loan amortisations coming up. We prefer to have some buffers rather than keeping it too lean.

Q: Are you able to give some colour on the organic growth part of the guidance, and what is the foreign exchange rate impact in this clearly higher guidance?

A: With the announcement of the acquisition, we shared Lacon’s numbers showing their past performance, but we haven’t shared that detail in our outlook. We don’t speculate with the exchange rates. It is reflected in the latest development, and steering we gave is based on the current exchange rates.

Q: How does your order book look for the coming three to six months?

A: We are not reporting our order book separately, but we’re expecting growth both through the Lacon acquisition and generally. Our forecast is based on our actual order book and also on the firm forecasts of our customers.

Q: You have said that your defence exposure will be growing with the acquisition of Lacon. How much of your net sales will come from the defence sector?

A: Even with the acquisition of Lacon, our defence exposure is still not very big. We are not dominated by defence, and we think it’s very important to keep the business balanced. There is a big race currently on defence sector, but it’s also important to think about the times after that. We expect our defence share to increase during this year and next year, as many of our major defence customers are expecting to grow with different programs. The percentage is not that big currently, but it is expected to grow. We are still under 10% on the group level, even if we include some expected defence customer growth for this year and Incap unit-level development programs.

Q: Could you elaborate on the expected revenue for 2026, and if there’s anything to comment on the different markets and their impact on your demand?

A: We are not reporting by sector, but we have mentioned defence before and current growth around data centres. There is some growth in other sectors as well but that is more on a company level. In general, we are quite positive with our expectations for this year, and we expect growth organically and inorganically. Overall, we think we will have positive development in many sectors.

Q: You mentioned that there have been some personnel reductions in Slovakia. What was the reason behind those reductions?

A: We discussed that also at the beginning of the year and mentioned that there were postponements of some customer projects. We are always balancing and trying to fit our capacity according to what is the demand for the moment. A part of being an EMS company is to increase and decrease capacity when needed, and in Slovakia, we took down the capacity to match the demand. We do that in all units, and it can be increases or decreases.

Q: Could you give an overview of the growth in India?

A: India is developing very nicely. Inderes made some videos when they were visiting us in India, and we gave some examples of the projects that we have ongoing there with positive development. We have new big customer accounts in India that we are developing and ramping up, as well as balancing out our largest customer that has its manufacturing in India as well. I wouldn’t say that our third factory is full yet, but there is a lot of activity.

Incap Corporation announced on 20 February 2026 having closed the acquisition of Lacon Group, and Lacon Group is now a fully owned subsidiary of Incap Corporation. Lacon Group is an Electronics Manufacturing Services (EMS) and Original Design Manufacturer (ODM) company with facilities in Germany and Romania. Following the acquisition, Incap Corporation has appointed Dr. Ralf Hasler as the Director of Operations, Germany and Romania, and member of Incap Group’s Management Team as of 25 February 2026. In addition to his Management Team role, Ralf Hasler also holds position of the Managing Director of Incap Electronics Germany (Lacon Electronic GmbH).

“We are pleased to appoint Ralf Hasler as the member of Incap Group’s Management Team. Ralf brings over 20 years of experience as CEO and owner of Lacon Group, along with extensive expertise in various leadership and business development positions, providing a strong foundation to lead our German and Romanian operations as an independent unit within Incap Group,” said Otto Pukk, President and CEO of Incap Corporation.

As of 25 February 2026, the members of Incap Corporation’s Management Team are President and CEO, Otto Pukk; CFO, Antti Pynnönen; Director of Operations, India and Sales APAC, Murthy Munipalli; Director of Operations, Estonia, Margus Jakobson; Director of Operations, Slovakia, Miroslav Michalik; Director of Operations, UK, Jamie Maughan; Director of Operations, US, David Spehar; and Director of Operations, Germany and Romania, Ralf Hasler.

On 4 December 2025, Incap Corporation announced it had signed an agreement to acquire 100% ownership of Lacon Group, a well-established EMS company with facilities in Germany and Romania.

The acquisition was completed on 19 February 2026 after the approval of applicable regulatory clearances in Germany and Romania. Lacon Group is now a fully owned subsidiary of Incap Corporation, and its financial figures will be consolidated into Incap Group’s reporting as of 20 February 2026.

The acquisition supports Incap’s growth strategy by strengthening its position in the defence, railway technology and medical technology sectors, where Lacon Group has established long-standing customer relationships. It also provides a foundation for further expansion in Germany, Europe’s largest EMS market. In addition, the acquisition broadens Incap’s capabilities in design, engineering and original design manufacturing (ODM), enabling stronger support for customers across the entire product lifecycle, from product development and to high-reliability manufacturing.

Read more here: https://incapcorp.com/incap-germany-and-romania/

Let us introduce you to Marcela Barnášová, Production Team Leader at Incap Slovakia. Marcela stepped into her current role a few months ago, after previously working in warehouse operator positions within the company.

Her career move reflects the opportunities she has found at Incap to learn new things and take on different responsibilities. For her, moving into a team leader role also meant leaving her comfort zone and accepting new challenges.

Before joining Incap, Marcela worked as a self-employed professional in administration, including roles as an accountant and administrative worker. Although she does not have a technical education, she enjoys learning new things. When she came across a vacancy for a warehouse operator at Incap, she decided to apply, drawing on her earlier experience in a similar production environment.

As a Production Team Leader, Marcela’s main responsibility is to ensure that her team meets production goals. This involves coordination, organisation, and regular communication with team members to keep everyday work running smoothly.

What Marcela likes most about her work is seeing the real results. Each day is a little different, often requiring flexibility, improvisation, and finding practical solutions.

Outside of work, Marcela enjoys cycling, swimming, and spending time outdoors with her family. She has a strong interest in literature and continuous learning and is also a fan of musicals. She describes herself as flexible and open to new challenges and values working with people, as no two days are ever quite the same.

We’re glad to have Marcela on our team and appreciate the commitment she brings to Incap Slovakia.

Three apprentices at Incap UK have recently completed their apprenticeship, marking an important milestone in their professional journey.

Lucas Jones, James Gibbs and William Briggs (pictured from left to right) successfully finished the Engineering Technician (Product & Development Technician) – Level 3 apprenticeship programme at Incap UK. During the apprenticeship, they developed practical engineering skills and gained hands-on experience in a real production and development environment.

Following the completion of the programme, all three have continued their careers at Incap UK and have taken on new roles as Engineering Technicians / Senior Operators.

The apprenticeship programme at Incap UK supports the development of future engineering specialists by combining structured learning with everyday work experience.