Morning Comment Norway-06/24/2026

Research evidence excerpt

Morning Comment Norway-06/24/2026

e and infrastructure

scope. Assuming a value in line with the prior Nscale contract (and last S&P sector performance

week's Skygard award) of NOK ~25–28m per MW, we estimate a contract -6.0% -4.0% -2.0% 0.0% 2.0% 4.0%

value of NOK 1.8–2.1bn, or roughly 21% of our order intake estimate for Q2–

Telecom 2.9%

Q4'26. Given the demanding delivery pace, this goes a long way toward de-

risking our 2026e growth estimate of 9% (now likely closer to ~11%) and Insurance 2.3%

points to a modest margin upgrade, as the criticality of time-to-market makes Airlines 1.6%

the pockets of these AI cloud providers particularly deep (6–8% EBIT margin Pharma 1.4%

versus bread-and-butter at 3–6%). The near-term de-risking is encouraging, Software 1.0%

but the more important takeaway is Sentia's establishment as a high-quality

DC builder, opening the door to further projects and challenging our 2027– Banks 0.8%

28e growth assumptions of 5–4%. 6x 2027e EV/EBIT still looks like a steal to Utilities 0.8%

us. Link to report Aerospace & Defence 0.8%

• SUBC – The Brazilian antitrust regulator has approved the Subsea 7 / Oil Integrated 0.8%

Saipem merger without restrictions. This confirms rumors in local media Oil E&P 0.6%

earlier this month. The expectation is that Petrobras will appeal and case Retail 0.3%

move to CADE's Tribunal (this is superintendent /investigator approval); Oil Services -0.3%

hence no changes to the timeline with the merger is still anticipated to close

in 2H'26 (likely Q4). The confirmation is nevertheless delta positive and could Chemicals -0.6%

reduce the arb discount slightly more. The equity case in Subsea 7 also Media & Entertainment -0.6%

largely hinges on the merger and Saipem in our view. SELL, TP NOK 260. Gold -1.3%