Morning Comment Norway-07/06/2026

Research evidence excerpt

Morning Comment Norway-07/06/2026

&P 500 Nasdaq Nikkei 225 Hang Seng Shanghai

• NAS – June capacity growth of 8% y/y came in a touch ahead of guidance,

and the sequential pick-up in growth clearly coloured the rest of the report. S&P sector performance

The yield decline of 4% was broadly in line with our expectations – and would

-6.0% -4.0% -2.0% 0.0% 2.0% 4.0%

be neutral on flat FX – but the 4.8pp drop in load factor was marginally softer.

Capacity growth explains part of that, though we also understand demand to Insurance 3.1%

have disappointed on southbound routes, with some negative drag from the Pharma 2.9%

World Cup. Intra-Scandinavian routes remain the standout performers. Aerospace & Defence 2.9%

Despite the softer June print, the demand outlook for July stays upbeat, with

Utilities 2.3%

returns on beach destinations improving the most. We estimate Q2 revenue

of NOK ~10.6bn versus consensus at NOK ~10.9bn, and would expect 2026e Chemicals 2.2%

EPS to come down by some ~2%. With the June figures increasingly looking Oil Integrated 1.2%

like a one-off, and Q3–Q4’26 yield and load expected to return to growth, we Telecom 1.1%

would use any weakness today as a buying opportunity. Link to report. Gold 1.1%

• BNOR – BlueNord reports June production of 30.4 kbd (Tyra 12.8 kbd, base Software 1.0%

assets 17.6 kbd), down from 37.1 kbd in May and the low point of the quarter Oil E&P 0.9%

as June carried the tail of the scheduled maintenance program. Tyra was

Retail 0.7%

down for the planned Harald/full-hub shutdown through 20 June, with restart

slipping three days on a HV cable repair and an LP compressor trip. The Oil Services 0.6%

company said the program improved reliability at Tyra and increased Technology & Hardware 0.4%

capacity at Harald.