Morning Comment Norway-06/30/2026

Research evidence excerpt

Morning Comment Norway-06/30/2026

outpacing the positive production momentum, we take a step

back, downgrading to HOLD with a TP at 520. Link to report Gold -1.4%

Telecom -3.2%

• BAKKA - BAKKA holds the largest valuation buffer amongst peers relative

to historical pricing, has feed raw material inventory covering 2026e, and still

offer upside to its 2026e volume guidance paired with reasonable volume Commodities, FX, rates and volatility

estimates for 2027e. We trim estimates on lower prices ahead while cost too Key Items Last 5 days Latest +/- % YTD%

is lifted, but BAKKA is highlighted as a sector top pick. We thus re-iterate Brent 73.6 -0.30 -0.4 41.6

BUY with a revised TP of NOK 500 (540). Link to report WTIN. Gas (TTF) 42.870.4 -0.380.22 -0.50.5 51.935.4

Gold 3,983.9 -55.00 -1.4 -10.2

• Other research: GSF, MAS, LSG, AUSS, AFISH, ISLAX USD/NOK 9.92 -0.01 -0.1 -1.6

EUR/NOK 11.34 0.02 0.2 -4.3

Please see Morning Update for relevant share prices and market US 10Y 4.37 0.00 -0.1 4.7

SOFR 3M 3.74 0.00 -0.32 2.54

Vix 17.7 -0.76 -4.1 18.1

Dollar Index 101.1 -0.25 -0.2 2.8

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