Profitability (adj. EBIT margin) was better than market consensus (LSEG) expected in Q4. Good margin indicates favourable production mix for Q4. Net sales declined in Q4 as well as in 2025 on y/y basis. The most recent headwinds in H2 2025 were related to US tariffs imposed on India. However, acquisition of Lacon could bring revenue growth above 30% in 2026 we believe. Incap guides clearly higher net sales in 2026 but the company could specify its full year guidance later on this year. Overall, in our view, it makes sense for Incap to acquire new customers in order to broaden its customer portfolio and smooth out operational volatility. Dividend proposal is zero (consensus EUR 0).
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