Train Alliance’s Q1 fell short of our expectations, primarily due to timing. We had expected recognition of the SEK 90m land reservation agreement with a European logistics company for the railway-connected freight terminal in Hallsberg Rala in Q1 (now expected in Q2). While the adjusted NAV declined by 2% q/q, we see solid potential for positive revaluations of its land assets as the share of railroad-ready land increases, a driver for its adjusted NAV.

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