Here are Joni’s quick comments on Telia’s results. 
Telia’s Q4 report was slightly softer than our expectations in terms of figures, but the guidance was better than expected. Comparable revenue grew but fell slightly short of our forecasts. Earnings grew driven by cost savings, but earnings growth nevertheless slowed more than we expected. Cash flow was good in Q4 and throughout 2025, on the back of which the company proposed a dividend increase for the first time in a long while. The company’s operational guidance for 2026 was above our and consensus expectations. We are thus monitoring what gives confidence in the growth trajectory in line with the guidance. Additionally, the cash flow guidance for 2026 is positive and clearly covers the dividend.