Incap: Q1 numbers below consensus - FY guidance unchanged - Nordea

Net sales was 8% below consensus (LSEG) in Q1. Clean EBIT margin was also weaker than market consensus in Q1. The uncertainty in the markets impacted many industries in Q1. However, the market could clearly improve end of 2025 and the company still guides higher net sales and EBIT for 2025 y/y. We believe that market consensus for clean EBIT estimate in 2025 could be downgraded by EUR 2-3m (6-9%). Conclusion is that the full year EBIT guidance looks a bit challenging after a weak Q1.

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