TGS: Model update

Research evidence excerpt

TGS: Model update

Equity Research

European Energy Services

14 July 2026

TGS

Model update

Updating to correctly account for sale of North American well

data products business.

TGS.OL/TGS NO OVERWEIGHT

Unchanged

We are updating our model to correctly account for the change in net debt following the

European Energy Services POSITIVEsale of TGS' North American well data products business to Enverus Inc. for over

US$100mn. All other numbers remain unchanged, Net debt (including leases) at year end

Price Target NOK 200.002026 is now expected to be US$368mn, which ties in with our commentary that the sale

could catalyse the move to higher levels for shareholder returns.

Price (13-Jul-26) NOK 134.50

TGS.OL: Financial and Valuation Metrics EPS (USD) Potential Upside/Downside +48.7%

Source: Bloomberg, Barclays Research

FY Dec 2024 2025 2026 2027 2028

EPS 0.56A 0.09A 1.17E 1.96E 2.54E

Market Cap (NOK mn) 26442

Previous EPS 0.56A 0.09A 1.17E 1.96E 2.54E

Shares Outstanding (mn) 196.60

Consensus EPS 0.57A 0.09A 0.76E 1.20E 1.46E

Free Float (%) 98.21

P/E 24.8 N/A 11.7 7.0 5.4 52 Wk Avg Daily Volume (mn) 0.5

Consensus numbers are from Bloomberg received on 13-Jul-2026; 12:50 GMT Dividend Yield (%) 4.50Source: Barclays Research

Return on Equity TTM (%) -0.10

Current BVPS (NOK) 9.87

Source: Bloomberg

Price Performance Exchange-OL

52 Week range NOK 159.90-70.05

Source: IDC

Link to Barclays Live for interactive charting

Mick Pickup

+44 (0)20 3134 6695

mick.pickup@barclays.com

Barclays, UK

Pratik Kadam

+91 (0)22 6175 2301

Barclays Capital Inc. and/or one of its affiliates does and seeks to do business with companies pratik.kadam@barclays.com

covered in its research reports. As a result, investors should be aware that the firm may have a Barclays, UK