Reported revenue growth of 56% was strong due to Lacon acquisition. But organic growth was also strong and adj. EBITA above consensus (LSEG) for Q3. In addition, order intake indicates a strong Q4 2026. However, Incap's largest customer is diversifying its supplier base which will put pressure on the company's volumes going forward. Full year 2026 guidance is repeated. Orders from the defence sector are growing strongly but still relatively small part of net sales in a group level. CMD event is on 17 November. We argue Incap could set a long-term average revenue growth target of over 10% at its CMD.
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