External broker reports, Nordea

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Macroeconomics

<ul><li>CPIF inflationstood at 2.3% y/y andCPIF ex energyat 2.4% y/y in November.</li><li>We saw CPIF ex energy at 2.6% and the Riksbank at 2.5%.Energy priceswere higher than expected.</li><li>Thus, energy prices do not explain the low headline reading.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CPIF inflationstood at 2.3% y/y andCPIF ex energyat 2.4% y/y in November.We saw CPIF ex energy at 2.6% and the Riksbank at 2.5%.Energy priceswere higher than expected.Thus, energy prices do not explain the low headline reading.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Swedish November flash inflation review: Below forecasts

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Truecaller AB provides software solutions. The Company offers global platform for verifying contacts and blocking unwanted communication. Truecaller serves customers worldwide.

<ul>
 <li>Truecaller holds a dominant market position in caller ID and spam blocking, particularly in emerging markets, driven by a powerful network effect from its massive user base.</li>
 <li>The company exhibits a robust financial profile with strong revenue growth, high EBITDA margins, and consistent free cash flow generation, supporting shareholder returns through dividends and buybacks.</li>
 <li>Key risks include increasing competition from OS-level solutions by Google and Apple, and significant regulatory uncertainty, especially concerning data privacy laws like India's Digital Personal Data Protection (DPDP) Act.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Truecaller holds a dominant market position in caller ID and spam blocking, particularly in emerging markets, driven by a powerful network effect from its massive user base.
  The company exhibits a robust financial profile with strong revenue growth, high EBITDA margins, and consistent free cash flow generation, supporting shareholder returns through dividends and buybacks.
  Key risks include increasing competition from OS-level solutions by Google and Apple, and significant regulatory uncertainty, especially concerning data privacy laws like India's Digital Personal Data Protection (DPDP) Act.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Truecaller AB (TRUEB SS) - Dec 2025

FX & Rates

The Swedish krona is the official currency of Sweden

<ul><li>Issuance volumes in November were in line with their historical average.</li><li>A total of SEK 28.3bn was issued, bringing the YTD aggregate to SEK 388.4bn.</li><li>The original 2025 estimate of SEK 462bn will not be met, and the YoY growth in housing loans currently stands at 2.7%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Issuance volumes in November were in line with their historical average.A total of SEK 28.3bn was issued, bringing the YTD aggregate to SEK 388.4bn.The original 2025 estimate of SEK 462bn will not be met, and the YoY growth in housing loans currently stands at 2.7%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Callable bonds have reached levels where I now recommend selling.</li><li>While further tightening remains possible, current OAS levels fail to adequately compensate for the fundamental risks inherent in these complex instruments.</li><li>In the latest Bonds &amp; Bold: Callable Bonds a Lottery Ticket? I moved from buy to neutral and I wrote that if callables performed another 7-10bp then one should sell them. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Callable bonds have reached levels where I now recommend selling.While further tightening remains possible, current OAS levels fail to adequately compensate for the fundamental risks inherent in these complex instruments.In the latest Bonds &amp; Bold: Callable Bonds a Lottery Ticket? I moved from buy to neutral and I wrote that if callables performed another 7-10bp then one should sell them. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>The Euro-area flash inflation estimate for November remained close to the ECB’s target at 2% y/y, supporting an ECB that is on hold unless new shocks appear.</li><li>The first quarter of 2026 is likely to see too low inflation followed by gradually increasing inflation over the course of 2026 and 2027 as fiscal easing picks up, leading to ECB rate hikes in 2027 in our forecast.Table 1.</li><li>November flash inflationServices price inflation increased to 3.5% y/y and remains high and sticky, though the monthly rate of change eased slightly.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The Euro-area flash inflation estimate for November remained close to the ECB’s target at 2% y/y, supporting an ECB that is on hold unless new shocks appear.The first quarter of 2026 is likely to see too low inflation followed by gradually increasing inflation over the course of 2026 and 2027 as fiscal easing picks up, leading to ECB rate hikes in 2027 in our forecast.Table 1.November flash inflationServices price inflation increased to 3.5% y/y and remains high and sticky, though the monthly rate of change eased slightly.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Euro-area flash inflation:  In support of unchanged ECB rates