Ultra strong growth in Protector 💪💪💪

The important Jan 1.st renewal (~35%% of full year) came in at 25% in LCY driven by France (45 MEUR) and Scandinavia. Q4 growth ended at a (very) strong 12% growth (LCY) driven by Scandinavia. 

Both France and total figures are a lot higher than all analysts and slightly above Hvaler Invest. Upgrades and increased estimates will arrive during the next weeks.

Hvaler Invest have a full year growth estimate of 18,9% LCY and are slightly ahead of schedule after this announcement.

The worlds cost leader strikes again, the competivtive advantage is now also proven in France.

Disclaimer:
Hvaler Invest is a significant shareholder so you cannot trust us (or perhaps you can?

Best regards,
David and Sverre

Hvaler Invest AS
Lillestrøm, Norway
21.01.26