UK & European Research at a Glance - June 17, 2026

Research evidence excerpt

UK & European Research at a Glance - June 17, 2026

UK & EUROPEAN RESEARCH AT A GLANCE

Company Comments

Biraj Borkhataria, CFA (Analyst) Equinor ASA (OSLO: EQNR; 323.80; NYSE: EQNR)

+44 20 7029 7556; biraj.borkhataria@rbccm.com Published June 17 2026 00:45:00 EDT

Adnan Dhanani, CFA (Analyst)

+44 20 7029 7810; adnan.dhanani@rbccm.com Extending the (Norwegian) Shelf Life

Matthew Russell (Associate) Rating: Underperform+44 20 4557 7244; matthew.russell@rbccm.com Price Target: 360.00

Our view: Equinor's strategic update outlined plans to continue growing its

international upstream portfolio and sustain the Norwegian business, while low

carbon spend looks set to remain much more modest than envisaged a few years

ago. Underlying margins should improve as the mix shifts away from the NCS

towards International barrels, and this is supportive of higher FCF. We weigh this

against our more cautious view on gas macro, and Equinor's relative valuation. We

maintain our Underperform rating.

Matthew Swanson (Analyst) Nexxen International Ltd. (NASDAQ: NEXN; 8.75; LSE: NEXN)

(612) 313-1237; matthew.swanson@rbccm.com Published June 16 2026 21:46:00 EDT

Matthew Hedberg (Analyst)

(612) 313-1293; matthew.hedberg@rbccm.com Thoughts from Nexxen's Investor Day

Dan Bergstrom (Analyst) Rating: Outperform(612) 313-1254; dan.bergstrom@rbccm.com Price Target: 11.00

Simran Biswal (Associate)

(646) 618-6894; simran.biswal@rbccm.com Our view: We came away from the investor day with a refreshed view of Nexxen's

Michael Richards (Associate) business catalysts around enterprise adoption, mobile in-app expansion, CTV

(332) 204-5767; michael.richards@rbccm.com growth, and data product momentum along with its AI roadmap. Traction has