Volumes were down and utilisation ratios weaker than year ago in Q3, like the company had anticipated. Market hesitation has continued and some customers have postponed their projects. We forecast that product prices were also down in Q3 y/y. End demand has not been growing in the EMS industry, by excluding Defence&Aerospace sector. About 20% of Incap's net sales is affected with higher tariffs between India and the US we believe. Negative FX effect also affected to Incap's Q3 numbers. Overall, the company's net sales and clean EBIT were below market consensus (LSEG) in Q3. The production mix was not very favourable for its EBIT margin in Q3. However, sales pipeline looks promising for Q4 2025. We believe net sales and EBIT in Q4 2025 could be above Q3 but still under prior year of Q4 2024.
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