•Strategy a continuation of existing themes, longer term 2030 targets•Adjusted EBIT came in at SEK 1,626m, +8% vs ARCe and -1% vs consensus•Cash EBITDA was -6%/-6% vs ARCe/cons, while leverage increased slightly to 4.7x (from 4.7x in Q3), slightly above exp. driven by weaker Cash EBITDA• Investing adjusted EBIT was SEK 708m, +7%/+5% vs ARCe/cons• Servicing adjusted EBIT came in at SEK 1,173m, +5%/flat vs ARCe/cons, with margins expanding to ~31%• Overall, slightly weaker to consensus exp. on Q