Train Alliance's Q4 results were below our estimate, primarily due to lower volumes of refined sold objects than expected (volumes can fluctuate significantly between quarters, and visibility is low). While the EBIT margin declined by 4.1pp y/y, it remained stable at 14.1% (SEBe 15.1%). The decrease was driven by lower volumes, but notably, direct costs fell by 16% y/y. The outlook remains positive, and the pipeline appears healthy for 2025. Adjusted NAV/share at SEK 35.6.

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