We are here outside Munich in one of Lacon's facilities, and we'll talk a little bit more about the acquisition that we announced here just some hours ago. I will try to share a PowerPoint presentation for you guys as well, so let's see if everything starts as it should.
Yes, can you see this? Excellent, so let's give it a little bit of time in it, so basically, we will talk a little bit, give an overview of the company that we announced today, the acquisition of, and also a little bit the key fundamentals in it, so let's see how this works. A little bit technical difficulties here, but Hannes, perhaps you can then share the presentation from your side.
Yes, excellent.
Very good. Then let's continue with the next slide. So yeah, an overview. So please continue. Jump a couple of slides ahead.
Yes.
Let's see if now it's working. And yes, thank you. And again, the slide, and then take the next one. Very good. So joining me today is Antti Pynnönen, of course, our CFO, but also Dr. Ralf Hasler, the CEO of Lacon Group. So you will have the opportunity to meet and then see all of us in action. But first of all, perhaps a little bit about the background. So you can take the next slide, Hannes. So Incap is acquiring Lacon Group. This is foremost in line with our previous growth strategy. We have been looking at the German market for a long time. Germany is Europe's biggest EMS market. Also, the German economy is prognosed to bounce back now from perhaps a little bit slower times. And also, we have a growing defense industry in Germany that is promising growth the coming years.
Germany has been on our radar for a while, and it is a good place to facilitate growth. Incap, as always, when we are looking at different acquisitions, then we have been looking at healthy business. Lacon is an excellent example of this and are well placed within defense, but also railway technology and medical technology sectors and have a good and very balanced customer base. And of course, all of this is a good fit for Incap. Perhaps something that you noticed in the release was the ODM concept that we were talking about. And perhaps Ralf will open up a little bit more on that. But in principle, Incap will have now more possibilities to offer also design and development services to its customers. So it's an exciting new opportunity in that sense that also helps us to broaden our service offering to our existing customers.
So, all in all, a good target that we have had on the radar for a while and that we managed to agree on valuation and move forward. Hannes, please take the next slide. Perhaps I give the word to Ralf, and he can present a little bit more Lacon for you guys, and you can get to know him as well a little bit better. Ralf, take it away.
Thanks, Otto. So yeah, hearty welcome to the Incap community. I'm proud and joyful to be part of a bigger family now. What I'm doing here, I'm doing it since 20 years. So I stepped in quite early. The company was founded 40 years ago. In the meantime, we have manufacturing facilities close to Munich, in Karlsfeld, close to Hamburg, in Glinde, and yeah, not really close, but in the nearby Stuttgart in Germany. And we have a large facility in Romania, which is focused on labor-intensive work like cable harnessing. And as Otto mentioned, we are, how to say, a bit more than just an EMS company. EMS basically means that we get the blueprints from the customers and doing then cables, PCBAs, box build, whatsoever.
ODM is a bit of a step further, and that's for customers who say, "I have the idea of a new product, and I tell you, Lacon, how it should look like." And then we do design and engineering work, do the prototyping, do the certification work, and help the customer that he really can realize a complete new electronic product with us, which we call then ODM business, original design manufacturer, which gives us much more interesting touch points in the market and more profitable business than the pure EMS business. We have a quite well-established broad customer base in interesting verticals, which Otto just mentioned, which is medical, which is industrial automation, which is railway, and since a few years, also quite expanding footprint in defense industry.
And we always have pursued a growth strategy, meaning when I acquired the company 20 years ago, it just did EUR 20 million sales. Now it has quadrupled more or less. And also in terms of profitability, we are more or less at the same range as Incap is.
Excellent. Thank you, Ralf. So if you look at, of course, Incap and the map of our footprint, then of course, with these new facilities, we have broadened it quite nicely. Here you see that now we are well placed in the DACH region as well. And this complements our geographical footprint very well. But let's get Antti also into work and into action and take the next slide and crack some numbers. So I'm quite sure everybody is interested, especially perhaps the differences, what is the difference between GAAP and IFRS that perhaps is a little bit confusing if you're not a pro like you, Antti, but take it away.
Absolutely. Thank you, Otto and Ralf. So here are the key financial development from the previous two years. If we start just cracking the key figures and understanding the size of the business in terms of the revenue, so we talk about slightly over EUR 80 million business here when it comes to the full year figures, 2023, and then EUR 77.6 million top line for the 2024. If we look at the next row, we have the EBITDA percentage-wise. We have 9.7%, 10.1%, 2024. Net result, EUR 2.6 million in 2023 and EUR 2.1 million in 2024. And I want to emphasize, like Otto already introduced, that these are the local statutory accounts. We talk about the GAAP reporting. So local German GAAP figures gives these kind of numbers.
We have made an asterisk here, a footnote that when the figures will be in the future converted into the IFRS as Incap as a listed company reports in the IFRS, so then we have to analyze all the key elements here in the balance sheet and in the profit and loss, and there are differences between the accounting standards. And then we wanted to point out that there is, for example, treatment of goodwill amortizations in the local GAAP is different than in the IFRS. And then actually when the figures will land in the future in Incap, so then there will be an impact in the report. So net result would be under the IFRS EUR 4.3 million when it comes to the 2024 result. And then if we looked at the 2023 figure, it would have been EUR 4.8 million.
Goodwill amortizations have been EUR 2.2 million in a year here. Then one other addition, what's relevant to note here, we also mentioned in our release the 2025 first 10 months actual figures. Based on the IFRS, we talk about revenue EUR 57.2 million and the adjusted EBITDA EUR 6.7 million, which is almost 12% of the revenue. Very solid figure as such. There is a difference of EUR 1.3 million if you look at the local GAAP reporting in EBITDA, and that is mainly driven by the difference in the treatment of leasing liabilities. We talk about IFRS 16, but just to give a heads up that these kind of pro forma figures are explained with the reporting standard differences.
Excellent. Thank you very much, Antti. So perhaps to repeat a little bit the strategic rationale. Of course, for Incap, any acquisition and where we gain a bigger customer base will be positive for us in terms of the former dependency we have had on single bigger accounts that, of course, gets diluted with every acquisition. But as I mentioned, high potential sectors like defense, but also railroad and medical, as Ralf mentioned, we get a footprint into the German market. German market is the biggest EMS market in Europe. Also, the German economy who have been down is expected to have a good upturn, and especially the defense sector that is being built up and revived in Germany very much in the coming years. Also, it strengthened our capabilities when it comes to design and development and different engineering services.
It's an interesting development for us to do that and broadening our offering in principle. We are going to be able to offer more to our existing customers and also for Lacon's existing customers with our global footprint and with the new services and capabilities and capacities that we add on. Of course, we are looking, as always, to harvest synergy effects from this with different cross-selling opportunities and also with capacity utilization and in procurement. Overall, I think this is an excellent opportunity for Incap, and I'm looking forward to work together with the Lacon team to develop the business and to move towards the future. Perhaps we can take the next slide, and then I'll give back to Antti with the numbers a little bit about how the deal looked like and so on. You're muted, Antti.
Yeah, I was muted. So absolutely. Yeah. So yeah, here are the key metrics what we reported. So some companies, of course, agree with the sellers on the enterprise value. I think it's very important to understand the difference of enterprise value and purchase price. And in our Incap's case, so Incap has agreed the purchase price value, it is the equity value. So then EUR 50 million EUR was agreed with the seller's side. And then obviously for the Incap, this number is something we pay in the closing. And then here in Germany, the structure is so that there is no authority filings, and usually it takes two to three months to get the filings through, and then it's time for the closing. And then on top of that, obviously there's liabilities, like there's a local term loan, there's a factoring financing facility here.
Obviously, there was mentioned there's a potential earnout payment as well in the form of in the number of maximum EUR 5 million. We even described a little bit the criteria for the earnout payment. If the company meets the criteria of EBITDA EUR 10.5 million in the German GAAP, I want to emphasize that one because as you remember, it was a bit different under the IFRS. The German GAAP EUR 10.5 million, and then this EUR 5 million is to be paid by the Incap to the sellers. It's a financial year 2026 full year figure that we are measuring here. This is the key fundamentals of the transaction.
Super. Thank you very much, Antti. And then to the last slide, the Q&A, we don't have currently here, but you're all welcome as always to reach out to us, send us questions to our communication@incapcorp.com email or reach out to me and Antti directly, and we are happy to answer those. And with that, I would like to thank everybody who had interest in this and listened to us today. It's always a pleasure to see so much interest in what we're doing in Incap. And of course, I want to welcome Lacon and all the team members here into Incap. I'm quite sure that the government filing and so will go through in that. So once you are officially on board, then we're happy to have you guys and looking forward to working with you in the future. So thank you very much, guys.
Yeah, yes, see you next time when we have our quarterly release.