Morning Comment Norway-05/20/2026

Research evidence excerpt

Morning Comment Norway-05/20/2026

y above Dow S&P 500 Nasdaq Nikkei 225 Hang Seng Shanghai

mid-range. We expect to shift more earnings towards H2 and likely only

smaller revisions to FY26, with the company presumably having good S&P sector performance

visibility on Q1 when guidance was initiated. Elsewhere, there are no further

-5.0% -3.0% -1.0% 1.0% 3.0%

details on vessel investments the company raised EUR 175m for in March –

expect more at the 14:00 CET call. In sum a neutral to slightly negative report Telecom 1.6%

in our view, noting the share has been soft into the report. Pharma 1.6%

• BWE – BWE reports Q1’EBITDA 10% below cons. Cons. seemingly laggard Oil E&P 1.1%

with production not updated after trading update. Adjusted for the underlift Oil Integrated 1.1%

position (USD 14.5m), rest of P&L more or less in line. FY’26 production Utilities 1.0%

guidance lowered to 24-27 kbd (25-30 kbd) due to MaBoMo first oil moved Technology & Hardware -0.0%

to early 2027 (unit opex guidance also accordingly up). But more importantly,

FID was taken on Bourdon and new Golfinho wells, and BWE lift their 2028 Insurance -0.5%

production target to 100 kbd (90 kbd). Consequently 2026 capex is lifted to Oil Services -0.7%

USD 600-650m (500-600m). Maromba remains on schedule for first oil by Semiconductors -0.8%

YE’27, but BWE flagged logistics impact from the Strait of Hormuz closure. Aerospace & Defence -0.9%

Overall, a positive report with FID taken at major developments, while P&L

Banks -0.9%

roughly in line with expectations. BUY TP NOK 80 to be reviewed.

Gold -1.0%

• ENVIP – Q1’26 came in below consensus but marks the trough, we believe. Software -1.2%

Building on strong YTD order intake, we expect Q2’26e sales of ~EUR 30m