# APEX 2025 - Double Digit EBITDA and Growth in 2024 with InCap CFO Antti Pynnönen

- Show: [EMS@C-LEVEL](https://hardwarepodcasts.com/podcast/ems-c-level)
- Published: 2025-03-21
- Length: 7m
- Page: https://hardwarepodcasts.com/podcast/ems-c-level/2025-03-21-apex-2025-double-digit-ebitda-and-growth-in-2024-with-incap-cfo-antti-pynnonen

## Summary

Antti Pynnönen, CFO of InCap Corporation, explains how the electronics manufacturing services provider achieved double-digit EBITDA and growth in 2024 despite a 14-15% industry downturn in Europe. He attributes this success to early inventory adjustments and a decentralized organizational structure that keeps overheads low and decision-making fast. Looking ahead, Pynnönen outlines InCap's M&A strategy and expansion plans in North America, Germany, and Southeast Asia, while navigating geopolitical uncertainties and tariff limbo. The company sees significant growth opportunities in defense, renewable energy, EV infrastructure, and data center power solutions driven by AI.

## Chapters

- [0:08](https://hardwarepodcasts.com/podcast/ems-c-level/2025-03-21-apex-2025-double-digit-ebitda-and-growth-in-2024-with-incap-cfo-antti-pynnonen#t=8) Introduction: InCap's 2024 Performance vs Industry Downturn
- [0:33](https://hardwarepodcasts.com/podcast/ems-c-level/2025-03-21-apex-2025-double-digit-ebitda-and-growth-in-2024-with-incap-cfo-antti-pynnonen#t=33) Operational Excellence: Early Inventory Adjustments and Lean Structure
- [2:19](https://hardwarepodcasts.com/podcast/ems-c-level/2025-03-21-apex-2025-double-digit-ebitda-and-growth-in-2024-with-incap-cfo-antti-pynnonen#t=139) Geopolitical Uncertainty and Tariff Limbo
- [4:17](https://hardwarepodcasts.com/podcast/ems-c-level/2025-03-21-apex-2025-double-digit-ebitda-and-growth-in-2024-with-incap-cfo-antti-pynnonen#t=257) M&A Strategy and Global Expansion Plans
- [5:13](https://hardwarepodcasts.com/podcast/ems-c-level/2025-03-21-apex-2025-double-digit-ebitda-and-growth-in-2024-with-incap-cfo-antti-pynnonen#t=313) Growth Sectors: Defense, Renewables, and AI Data Centers

## Topics

- [Scaling production](https://hardwarepodcasts.com/topic/scaling-production)
- [Policy, trade & tariffs](https://hardwarepodcasts.com/topic/policy-trade-and-tariffs)
- [Growth, exits & acquisitions](https://hardwarepodcasts.com/topic/growth-exits-and-acquisitions)
- [Energy & climate tech](https://hardwarepodcasts.com/topic/energy-and-climate-tech)
- [AI & machine learning](https://hardwarepodcasts.com/topic/ai-and-machine-learning)

## Most relevant to

companies scaling up

## Mentioned

- InCap Corporation (company)
- APEX 2025 (other)
- Koh Young (company)
- Creative Electron (company)
- Bloomberg (other)

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- [BONUS: How is the Manufacturing Industry Doing Halfway through 2025? Recorded at Hexagon LIVE 2025](https://hardwarepodcasts.com/podcast/manufacturing-happy-hour/2025-08-19-bonus-how-is-the-manufacturing-industry-doing-halfway-through-2025-recorded-at-h) (Manufacturing Happy Hour)
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- [PCB West 2025: Electronics Industry Insights with Mike Buetow](https://hardwarepodcasts.com/podcast/ontrack/2025-10-31-pcb-west-2025-electronics-industry-insights-with-mike-buetow) (OnTrack)

## Citing this page

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