Arctic: Storebrand - Q2e: Minor fx headwinds, but good underlying momentum

Research evidence excerpt

Arctic: Storebrand - Q2e: Minor fx headwinds, but good underlying momentum

Storebrand Buy Hold

STB NO | Insurance | Equity Company Update | 12 June 2026 | 06:50 Sell

Q2e: Minor fx headwinds, but good underlying momentum Financials and estimates changes Target NOK 192.00

We’ve updated our estimates ahead of Q2, where we expect a slightly weaker quarter q/ Key figures (NOKm) Dec-24 Dec-25 Dec-26e Dec-27e Dec-28e Highlights

q within savings due to lower performance fees and lower margins in the bank, but a Recommendation Buy

Group savings 2,621.0 2,927.0 3,025.1 3,238.3 3,526.0 Target Price NOK 192.00

seasonally stronger quarter within insurance should still lead to a 10%/5% growth in group

Group Insurance 546.0 1,063.0 1,410.3 1,597.8 1,725.4 Share Price NOK 170.8

profit q/q and y/y respectively. The continued strengthening of the NOK vs the SEK will Group Guaranteed 1,228.0 1,275.0 1,363.0 1,505.7 1,570.2 Upside (%) 12.4

likely be a minor headwind on AUM/revenues from SPP and should also lead to a slightly Other Group 1,539.0 480.0 218.1 267.2 279.7 Market cap (NOKm) 72,248

higher effective tax rate again (ARCe 24%). In sum we lower our FY26 EPS by 1%, but lift Group profit 5,934.0 5,745.0 6,016.4 6,608.9 7,101.3 Enterprise Value (NOKm) 37,583

FY27/28 1% on higher volumes in the Savings segment. At ~13x/11.8x FY27/28 earnings Amortisation and write-downs (288.0) (356.0) (290.0) (300.0) (300.0) Number of shares (m) 423

for a company with high single-digit EPS growth and an attractive capital return story we Group Profit before tax 5,639.0 5,388.0 5,726.4 6,308.9 6,801.3

12 months share price performance:

continue to like STB and reiterate our Buy recommendation and NOK 192 TP ahead of Q2 Tax expense (854.0) (869.0) (1,408.0) (1,255.7) (1,353.1)

results.