We expect Aktia to present its new strategic plan alongside its Q4 report (or shortly thereafter). We expect a 2028 PBT target of “above EUR 130m”, comparable ROE of >14%, a CET1 ratio management buffer 150-250bp above the capital requirement, and excess capital to be distributed via dividends and buy-backs. Our key focus in the Q4 report will be on NII and fund flow. We expect a EUR 0.8 dividend, equal to a 61% payout ratio.

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