Q3e revenues of DKK 311m, EBIT of DKK 12m
We forecast Q3 group revenues of DKK 311m, up 40% y-o-y (but only by 1% if we exclude the recently consolidated SDR). We expect EBIT of DKK 12m in the seasonally weak Q3, translating to a margin of just 4%, down 9pp y-o-y (mostly due to the margin-dilutive SDR). Following three quarters with aggregate unrealised gains of DKK 330m, we estimate a loss of DKK 67m on the investment portfolio in Q3, driven particularly by Novo Nordisk.