Have I interpreted this correctly, but wasn’t Incap actually a beneficiary back when energy prices rose due to Russia’s invasion of Ukraine? A comprehensive report states the following about Incap’s largest customer (currently 30%): “The company’s products include inverters, chargers, batteries, solar panels, charge controllers, and accessories, among others.” Doesn’t the profitability and benefit of these products to the customer increase as energy prices rise? This demand was also reflected in Incap’s revenue at the time, which ultimately led to Victron’s overstocking and Incap’s profit warning when energy prices fell.
Is this interpretation close to the truth?