SBB Norden - comment

The Q2 earnings were better, but the leverage issues will only be resolved with significant increases in property valuations. At present, valuations are stable (-0.3%) in H1 2025. The crunch point remains the SEK7.5bn of maturities in July 2027 (with another SEK7.3bn due in November 2028). The call is this morning, and we will update if anything of note comes out of this.