Due to a weak Q1 report coupled with weak Q2 guidance on cost, we lower our 2026e EBIT by 57% to NOK 163m. We factor in the NOK 67/kg cost guidance in 2026 which is about NOK 4/kg higher than we had in our estimates. In addition, we raise longer-term cost estimates to NOK 62/kg (NOK 2/kg above company guidance) due to higher raw material prices. As such, we are today 62% below consensus for 2026e and 32% below for 2027e. Valuation has support due to licence values, but we struggle to see the buy ....
