SPOL delivered a somewhat mixed Q4 report, with stronger revenues offset by lower volume growth and another quarter with elevated loan losses. We see the low growth as an indication that it is difficult to take much volume without sacrificing margins in the current market dynamic, and believe 2026 will be characterized by trying to strike the right balance here. On the positive side SPOL finally announced new cost ambitions and the implied FY27 cost base of NOK 3.0bn lifts our earnings per EC by ....
