DNB delivered a strong finish to 2025 with record strong net fee and commission income and a somewhat surprising beat on NII as well (partly due to one-offs). With high activity levels opex also came in higher, but the adjusted pre-tax profit was nonetheless ~2% above our estimate. On the back of the report we’ve lifted our FY26/27 EPS by 1%/2%, primarily driven by higher non-interest income. With a small beat also on distributions and a solid capital position we lift our total distributions est ....
