We’ve kept our FY25-27 estimates relatively unchanged ahead of Q1 reporting, with only a minor negative adjustment from some additional downwards pressure on policy rates. For Q2 we model an EPS of SEK 3.94, relatively flat q/q. As we wrote in our last report, we continue to like the long-term case in SEB as it is a very well-run bank but, given a likely slower economic recovery in Sweden and muted consumer/business confidence, we suspect the awaited pick-up in credit demand (which we initially ....