Q4 was a solid beat on better-than-expected revenues and clear cost discipline. Earnings per EC came in at NOK 4.6 (vs. ARCe/Cons 4.0/4.1) and reported ROE was 13.7%. The long-term CET1 target has been lowered to >15.9% (16.3%) following updated requirements from the FSA and a reported CET1 ratio of 16.8% the bank has a comfortable headroom still. We raise our estimates for NII by 1% for the coming years and cut cost estimates by 2% accordingly, resulting in a 2% EPS lift for FY26e and FY27e. MI ....
