Underlying figures were close to expectations, while a one-off could explain the deviation on an IFPM-level (more clarity needed)The company grew NAV 4.4% in 2025, with the Q4/25 NAV +0.4% vs. our expectationsCurrent discount vs. NAV is 47.5%No major forecast changes to expect on our endShare should trade in line with/slightly better than the market today
