We reiterate our Buy recommendation with a TP of NOK 120. We have revised our estimates higher following the Q3 report. With a solid outlook and high expected utilization in Infrastructure, we expect this momentum to continue into 2026. With an order backlog of ~NOK 9bn, supported by strong Infrastructure activity and recently secured Aquaculture Solutions contracts with relatively short duration, near-term estimates appear well underpinned, reflecting solid growth in both revenue and earnings. ....
