Nordea reported Q4 earnings on Thursday broadly in line with both our estimates and consensus, again highlighting the low earnings volatility and high predictability Nordea has developed in recent years. We only make minor changes to our earnings estimates for 2026/2027 of 0%/-1% while we maintain our dividend estimates of EUR 0.98/1.0 and buyback assumptions of EUR 1.0/1.2bn for 2026/2027. With overall unchanged estimates we also reiterate our Hold recommendation and SEK 176 target price.
