After reviewing Q3 financial report my guess is that YTD net profit -424 MNOK is incorrect. They added an estimated aquculture tax based on 100% of profit before tax. In the Q3 financial report thet added following statement:
"The government’s proposal on resource rent tax on aquaculture (in the sea) was adopted by the Storting on 31 May 2023. The estimated tax expense is very uncertain."
My guess is that the new tax is new and unclear how it will be implemented, therefor they purposefully added it higher, which resulted in negative net profit YTD.
Future rate cuts will increase asset value which decreased 710 MNOK in Q3, and decrease future interest expenses.
In short I base my bully view on that purposefully made the financials seems worse until the new aquaculture tax is more clear how it will be implemented.