We find the risk/reward relatively neutral looking into Q3 and model a Q3 EPS of SEK 3.0 vs current consensus of SEK 2.9. We expect NII to decline modestly q/q to SEK 10.5bn, but the latest rate cut from the Riksbank nonetheless means that our FY26 NII estimate comes down 2%, and should pose a drag on Q4-Q1 NII once the full effects from the rate cut roll in as there is now limited room to compensate on deposit rates (already close to 0% on savings accounts in Sweden). Earnings have been support ....
