Adj. EBITDA of DKK 8.095bn (-4% vs. ARCe, -2% vs. consensus)Headline results impacted by non-cash accounting effects (as expected)Maintains adj. EBITDA guidance of >DKK 28bn in 2026, >DKK 32bn in 2027Projects appear to be progressing on trackWe expect a fairly neutral reaction to today’s report
