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Train Alliance's Q3 numbers came in slightly below our estimate, which we believe is partially due to significant quarterly fluctuations, as sold assets heavily impact volumes, making minor deviations harder to extrapolate. The most noteworthy item in the report is the postponement of the SEK 90m land reservation agreement from 2024 to 2025. Overall, a stable quarter, and we expect a relatively neutral reaction in the stock today.
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