Redeye provides its initial take on Navigo's Q3 2026 report. Sales and adjusted EBIT came in below our estimates, primarily due to timing effects in Vinga's transactions and delayed project deliveries at Calormet. Net asset value (NAV) per common share declined by 3% q/q, driven by Nordisk Bergteknik's share price performance. We view most of the shortfall as timing-related and therefore expect only slightly negative estimate revisions.
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