We’ve included Entercard and Stabelo in our estimates in this update, with the integration of these two companies in addition to another round of VAT refunds (SEK 837m) also expected to create some noise in the Q4 figures. Adjusting for this we see a decent underlying quarter ahead, though we expect NII to remain a bit under pressure. We increase our FY26-27 EPS estimates by 1-2% in this update, while we also lift our FY26/27 payout ratio to 100% as a result of the recent good news from the DOJ. ....
