SBB - comment

Cash Flows were broadly in line with our expectations and the refinance of SEK8.6 of bank debt at the 49% owned Nordiqus (EduCo) level is a positive. Plans for the part sale/IPO of the residential business continue with credit lines in place, but we remain sceptical that this will be completed in 2024. The call is at 0900 BST and we will update afterwards.