We reiterate our Hold recommendation with an unchanged TP of NOK 49/sh. YTD trading updates have been mixed; occupancy figures have shown a promising development as historical seasonality suggests that the company will reach its 2026 target (target: 75-80%, ARCe: 76%). In contrast, the ACR development is so far tracking below the company’s 2026 target (target: 10-15%, ARCe: 9%), seeing as the unweighted monthly y-o-y growth currently sits at 4%. In addition, we argue that rising jet fuel costs a ....
