Train Alliance's Q1 results were above our estimate, driven by a higher-than-expected top line (+7% y/y) and a slight y/y decline in operating costs (-1% y/y), supported by an increased share of concept delivery income, contributing to a positive mix effect. We expect a positive reaction in the shares and slight upward revisions, driven by lower cost assumptions. Adjusted NAV/share declined by 0.3% q/q to SEK 35.5 (35.6 in Q4).
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