B2 Impact reports Q2 on 21 August and we expect cash EBITDA of NOK 1,104m, -17% y-o-y as the comparable quarter included positive one-offs. We incorporate post Q1 estimate changes to our preview including a change to the business mix where we have been too high on other operating income recently, in addition to increasing 2025e capex to above NOK 3.0bn. This results in EPS -4-5% in 25e/26e but +6% in 2027 vs our previous estimates. With a DPS of NOK 1.5 expected to be maintained in 2025, the cur ....
