SBB Norden - comment

Social Co is still partially reflected in the Q2 figures, whereas we had already zeroed it. This distorts figures significantly, and we have to dig through the details. Adj. EBITDA was disappointing at SEK 220m vs. our SEK 250m, but Taxes were effectively flat, and the company received the SEK 463m tail of the PPI SocialCo close on 16 Dec 2025, leading to a healthy cash balance of SEK2bn.