We lower our EBITDA by 6%-4% for ’26e-’27e on the back of delays to the expansion project at Sarpsborg, in addition to what we believe is transitory lower ASP in BioMaterials. Wood costs are developing in the right direction, but not enough to offset the negative effects from slightly lower volume estimates and lower ASP. In the short-term, the USD/NOK is the most important factor for determining the direction of the equity. We remain positive on the equity case as EPS is set to grow at a CAGR o ....
