This report does not constitute a rating action. S&P Global Ratings-adjusted EBITDA stood at Swedish Krona (SEK) 1.7 billion in 2024, slightly below our previously forecasted SEK1.8-SEK2.0 billion. This was largely attributable to lower-than-expected volumes and power prices weighing on district heating and renewable power generation. Power generation volumes were affected by disruptions in two turbines which were out of order for parts of the year. For 2025, we project funds from operations (FFO) to debt to temporarily hover at or just below the 50% downside rating threshold (measured against our medial volatility table) before recovering to 50%-56% in 2026-2027. The expected recovery to be driven by increased revenues in its regulated operations, primarily district heating and electricity distribution. Currently,
