SHB's Q1 print came in broadly in line with expectations, with small beats on NII and operating expenses partly offset by a modest miss on capital (CET1 ratio 17.2% vs cons. 17.5%). Underlying growth momentum remains muted, particularly in Sweden and in retail Norway, with most of the lending growth q/q coming from CRE in Norway and the UK. We make minimal changes on the back of this report and overall our EPS estimates for FY26-28 are largely unchanged. We reiterate our Hold recommendation with ....
