We maintain Buy and reiterate our target price of NOK 18.5. For Q4/25, we expect an EBIT of NOK 94m, up from a loss of NOK 93m in Q4/24. The improvement is mainly due to a higher load factor, higher ticket prices, and Norwegian’s improvement program. For 2026, we maintain our EBIT forecast of NOK 3,431m, increasing by ~2% to NOK 3,922m in 2027 due to a slightly higher yield assumption. Our EPS estimates are revised down somewhat due to changed tax assumptions (see below). Meanwhile, the outlook ....
