The bank noted on its Q4 pre-close analyst call that analysts' NII expectations for 2025 looked optimistic given the bank’s NII guidance and rate cuts thus far – and said that all else equal it would expect NII to be EUR 600-700m lower in 2025 than 2024. Though the Norwegian acquisition should add around EUR ~100m to NII on our estimates, we have lowered our FY25-FY26 NII estimates by 3% ahead of the report, but note that NII should see some support as we move into 2026 given the bank’s earlier ....
