Morning Comment Norway-05/26/2026

Research evidence excerpt

Morning Comment Norway-05/26/2026

w S&P 500 Nasdaq Nikkei 225 Hang Seng Shanghai

• Norwegian Savings Banks – We lower our sector earnings expectations by

4% on average for 2026-28E, primarily related to NII revisions. With NIBOR S&P sector performance

running ahead, net interest margins could come under pressure in Q2, -2.0% -1.0% 0.0% 1.0% 2.0%

before a repricing-driven relief takes effect into Q3-Q4. We make two rec. Technology & Hardware 1.5%

changes, upgrading MING to Buy (Hold) and SPOG to Hold (Sell). Link to Pharma 1.4%

report.

Utilities 0.8%

• NORBT – NORBIT announced a NOK 155m contract from Toll4Europe on Banks 0.7%

Friday for GNSS OBUs, with deliveries scheduled to start in Q3’26. This is Software 0.6%

the third order in the series, taking the cumulative value to NOK ~475m, of

which NOK ~395m falls in 2026. We had already embedded a third contract Chemicals 0.5%

of this size in our estimates for H2’26, meaning the contract primarily de-risks Airlines 0.5%

our estimated +43% y/y 2026e growth for Connectivity rather than drive Aerospace & Defence 0.5%

upgrades. It also suggests production is tracking well, consistent with the Oil E&P 0.3%

impression we were left with following management discussions post Q1,

despite some GNSS OBU volumes shifting from Q1 to Q2. Applying Telecom 0.1%

management’s prior indications of GNSS OBU contract values being ~10- Oil Integrated -0.1%

15x enforcement modules, cumulative orders imply ~300k units delivered Semiconductors -0.1%

after this batch. Incrementally positive for the share although the share-price Insurance -0.3%

reaction may be tempered by the fact that post-Q1 weakness (-14%) appears

more linked to Oceans-specific concerns rather than Connectivity. We Retail -0.4%

currently have a BUY TP NOK 245/share.