Incap: Customers are delaying their projects - Nordea

Net sales and clean EBIT were below market consensus (LSEG) in Q2. Incap already downgraded its full year outlook on 22 July 2025. Market hesitation has continued and some customers have postponed their projects due to uncertainties related to US tariffs. Negative FX effect also affected to Incap's Q2 numbers. The company expects the uncertainty in the global market to persist, particularly around tariffs, taxes, and geopolitical developments. Outlook in the short term is not strong but green technology investments will continue in the long term, regardless of weakening political support in the short term.

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