Stenhus delivered a quarter largely in line with expectations, with the proposed dividend broadly matching forecasts and underlying earnings slightly ahead once adjusting for non-recurring effects. The fact that share buybacks have exceeded our expectations in the last months support NAV generation in 2026-2028. We make only limited estimate revisions on the back of yesterday’s numbers but the incorporation of the Krona transaction into figures impacts on a gross level. Overall, operational prog ....
