Hoist delivered a clean Q2/25, with PBT +13% vs cons and EPS of SEK 2.42, supported by strong collections (+8% vs cons), tight cost control, and solid capital metrics (CET1 12.5%, NSFR 143%). Portfolio investments reached SEK 2.6bn in the quarter, with a further SEK 1.9bn signed post-close. However, the retroactive restatement of Cash EBITDA (-14% for FY24) complicates historical comparisons and reduces visibility into earnings trends. We raise 2025e EPS by 7% and now forecast 14% ROE in 2025e, ....
