Aug sales in-line

Group sales NOK 3.77bn, basically in-line. Limited outlook comments, but do say "solid bookings"

Nordic non-life insurance - Q2 reporting wrap

Sales 1% below on lower load

Group sales NOK 4.76bn, 1% below us. We reiterate that Q3 EBIT est looks +10% too high

Strong insurance outcome and financials

Cabin crew, prepare for dividend

EBIT 2% better and divi

Clean EBIT 2% higher on slihtly higher sales. Divi, "robust" demand, cost guidance down primarily on sales gain

Stronger insurance and profit sharing

Heads-up for Q2-report, 11 July

Q2e looks fine - up to HOLD

June 5% better

Group sales NOK 3.9bn, +4.9% vs us and cons on better yield/ load

AUM rebound drives earnings growth

Improvement, but likely falling short

Norway: Best ideas Q2'25

May as expeced

Group sales NOK 3.1bn, spot on us and cons (NAS 0.1% better, Widerøe 2% below)

Expectations running too hot

Insurance trip: 16 insurers in three days

Non-life have price increases > inflation in all markets, most in Norway. Life insurance growth with rapid growth & dividend payments. Prefer ALMB, Sampo, Solid, Tryg among non-life; STB for life

Great deal - bond buyback

NAS calls the convertible bond and contemplates a 50% buyback. Pos: Reduced share overhang + nr of shares down ~7%.

ROE held back by too-high capital base

Norwegian Air Shuttle (Buy, TP: NOK16.00) - Positive 2025 outlook

While underlying Q1 results were weaker than we expected, we still see a positive outlook for 2025, with solid bookings, a narrowed CASK guidance supported by a NOK1bn profit improvement programme by 2026, FX, and fuel tailwinds. We reiterate our BUY, but have cut our target price to NOK16 (17) on estimate reductions.

Summer late rush, profits set to flush