We update our model (results, FX, assumptions). Overall, we lower 2024E EPS by -0.4% and 2025E by -0.5%. We rate a PT of DKK 1.230. Price (DKK) 952.80 Price Target (DKK) 1,230.00 1,148.00/809.00 EDM 1,236.67 FYE Cap (DKK) (M) 135,632 EV (DKK) (M) 161,630 Performance YTD 1M 6M 12M Absolute (%) 12.2 0.7 13.1 (15.0) EDM (%) 2.2 (1.9) 17.0 5.2 Relative (%) 10.0 2.5 (3.9) (20.2) Source: Bloomberg, Bernstein estimates and analysis.