NET CPU Cycles per instruction

I am debugging performance on NRF5340 NET CPU using RTIMER to measure execution time and DWT Cycle counters to measure cycles.
Both along pretty well, but when I compare executed cycles with the  corresponding assembler there is a big mismatch:
When I count number of instructions in a loop multiplied with number of iterations, the number of cycles is more than 2 times higher.

This cannot be right?

Best
Peter

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