Train Alliance's Q1 was below our expectations, as we had expected the company to recognise the SEK 90m land reservation agreement signed with a European logistics company to establish a railway-connected freight terminal in Hallsberg Rala in Q1 (set to be recognised in Q2 instead). Therefore, we see the deviation versus our numbers as an element of timing. In Q1, adjusted NAV/share declined by 2% q/q to SEK 36.6, driven by lower prices for development land.
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