Ahead of Q1 we’ve made only minor changes to our estimates, mostly just incorporating some expected currency headwinds near-term from the stronger NOK and the impact on net financials from the EUR 150m buyback in the B2I08 bond during the quarter. This latter effect will likely be treated as a one-off and we thus see an Q1 adj. EPS of NOK 0.39 (0.30 reported). We model a Cash EBITDA of NOK 1.04bn (+6% y/y) and Q1 portfolio investments of NOK 610m (-1.5% y/y). We keep our FY27-28 estimates mostly ....
