Morning Comment Norway-05/13/2026

Research evidence excerpt

Morning Comment Norway-05/13/2026

he segment. PIR remains strong, with Q2 guidance +8% ahead us and a set -0.80% Dow S&P 500 Nasdaq-0.71% Nikkei 225 Hang Seng Shanghai

at a narrow range (implying good visibility), coupled with continued strong

margins. In sum, Q2 guidance is set spot on our headline figure (albeit with

a higher PIR share) while FY guidance is unchanged. However, given Q1 S&P sector performance

performance and anticipation of some margin trimming, we expect a slight -6.0% -4.0% -2.0% 0.0% 2.0% 4.0%

negative share reaction. We currently have a BUY TP NOK 255. Link to

Oil Services 2.2%

report.

Pharma 1.6%

• ENDUR – Q1 EBITA of NOK 81m came in spot on consensus, with slightly Telecom 1.1%

higher D&A offset by higher interest income. Infrastructure margins held up

Banks 1.0%

better than we had expected given the seasonal low, with all entities posting

flat or minor improvements y/y – supportive to see Marcon adding 2pp to Oil E&P 0.8%

margins y/y following recent organizational measures. Aquaculture margins Oil Integrated 0.7%

fell short of PAS estimates as Sjøsterk saw a minor margin dip y/y (from a Insurance 0.7%

high base), which we had modelled flat. Management notes that Salfjord (FID Utilities 0.1%

pending) would clearly provide meaningful backlog coverage, though further

projects beyond that are needed to sustain this level of profitability. Chemicals 0.0%

Infrastructure orders of NOK 710m came in a tad softer, but a strong start to Technology & Hardware 0.0%

Q2 should compensate. We don't see the report itself moving consensus Media & Entertainment -0.0%

much, but the two highly accretive bolt-ons announced this morning should Aerospace & Defence -0.0%

lift 2026-27e EBITA by 3-4%. Link to report.

Airlines -0.8%