Aktia’s Q3 showed that frequent changes during 2025 did not have a visible impact on the bank; on the contrary, Aktia managed to grow its AUM via both performance and flow. We would welcome a repetition in Q4, as we continue to view the capital-light wealth and savings businesses as key to its investment case. With Q3 loan loss provisions above our expectation, we keep an extra eye there to ensure there is no underlying deterioration.
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