Automatic translation: Originally published in Danish 04/11/2026, 08:07 GMT. Give feedback here.

Following the release of Danske Bank's Q3 2026 report, we have updated our investment case. The update covers, among other things, the narrowed net profit guidance of DKK 24–25 billion for 2026, the development in net interest income in a declining interest rate environment, the continued growth in fee income and record-high assets under management, the low loan loss provisions and significant post-model adjustments, and the capital position following the easing of the Pillar 2 requirement and the ongoing share buyback. We also review the key investment arguments and risks, including the Estonia case and interest rate sensitivity. In addition, we examine the valuation relative to a peer group of listed Nordic and European major banks. Read the updated investment case here: https://www.inderes.dk/research/danske-bank-investment-case-narrowed-guidance-on-strong-q3-earnings

Sampo released its Q3 2026 earnings this morning, which, according to our Finnish colleague at Inderes, was once again exceptionally strong and slightly better than expected across all parameters. Premium income rose 9% to EUR 2,503 million, and the underwriting result came in at EUR 435 million with a strong combined ratio of 82.6%. At the same time, Sampo upgrades its 2026 guidance. Read the full comment here: https://www.inderes.dk/analyst-comments/kort-kommentar-til-sampo-q326-igen-en-exceptionelt-staerk-regnskabsmeddelelse

Føroya Banki released its Q3 2026 earnings this morning, showing continued solid operations with growth in lending, deposits, and net interest income. The bank reiterates its upgraded October guidance for a net profit of DKK 225–255 million and simultaneously presents an updated strategy toward 2030. Read our full comment here and sign up for our event with Føroya Banki at 1:00 PM today: https://www.inderes.dk/analyst-comments/foroya-banki-solidt-q3-2026-med-vaekst-i-kerneforretningen-og-malene-fastholdes-i-ny-strategi-frem-mod-2030

TORM released its Q3 2026 earnings this morning, showing significant progress compared to the same period last year, but also coming in below the previous quarter following a historically strong Q2. The dividend is clearly raised compared to the same quarter last year, and TORM is simultaneously raising the bottom end of its 2026 guidance for both TCE Earnings and EBITDA. Read our full comment here and sign up for our event later today at 4:00 PM: https://www.inderes.dk/analyst-comments/torm-staerkt-3-kvartal-og-haever-bunden-af-guidance

Disclaimer: HC Andersen Capital receives payment from the mentioned companies for a Digital IR subscription agreement. /William Jørck November 4, 2026 at 9:07 AM.