The ICAPE Group (EPA: ALICA), a global distributor of printed circuit boards (PCBs) and custom-made electromechanical parts, reported strong growth in the first quarter of 2025 and revealed that it is currently in talks with 12 international companies—deals that could generate up to €105 million (848 million yuan) in additional annual revenue.

The group posted €51.1 million in Q1 revenue, marking a 13% year-over-year increase and an 8.1% rise from the previous quarter. PCB-related sales accounted for 82% of the total, while electromechanical components contributed the remaining 18%. ICAPE's order backlog also grew to €52.1 million, up 19% year-over-year, signaling continued business momentum since late 2024.

ICAPE CEO Yann Duigou highlighted strong demand from the U.S. and Asia and emphasized that recent growth reflects both organic performance and successful integration of acquired firms. "We're confident in our trajectory and remain on track to meet our 2026 growth and profitability goals," he stated.

A key milestone in Q1 was the acquisition of Kingfisher PCB, a UK-based distributor serving aerospace, telecom, automotive, and energy sectors. The deal builds on ICAPE's earlier integration of ALR Services and the launch of a local business unit in the UK, solidifying its presence in a strategic European market.

Looking ahead, ICAPE is accelerating its external growth strategy. Discussions are ongoing with 12 international acquisition targets, with a combined potential revenue contribution of €105 million. The company aims to add €120 million in revenue through M&A between 2023 and 2026, while maintaining an average annual organic growth rate of 10% and achieving an EBIT margin of 9.5% by 2026.

ICAPE's next financial update is scheduled for July 30, 2025, when it will report first-half results.

About ICAPE Group

Founded in 1999, ICAPE Group operates a global network of 39 subsidiaries and maintains a strong sourcing presence in China, the world's leading PCB manufacturing hub. The company serves as a one-stop-shop for global clients seeking PCB and electromechanical solutions. As of December 31, 2024, ICAPE reported consolidated revenue of €181.7 million.