Morning Comment Norway-07/15/2026

Research evidence excerpt

Morning Comment Norway-07/15/2026

Morning Comment Norway

15 JUL 2026

Today’s research focus S&P 500 intraday

7,560

• AKRBP – Aker BP reports EBITDA 3%/2% ahead of cons./PAS, with rest of 7,555

P&L below due to impairments at Valhall on lower forward prices. Strong 7,550

OCF of USD 3.1bn, 9% ahead of cons. The company lifts the low-end of the 7,545

FY’26 production guidance to 380-400 kbd (370-400 kbd). However, the 7,540

main news is higher capex in 2026/2027 - up USD 1.1bn and equivalent of 7,535

6% of total project cost. The post tax impact is around USD 200m as the 7,530

projects are within the 86.9% temporary tax regime. The increase is driven 7,525

by final-phase delivery at Yggdrasil and PWP-Fenris, where extra man-hours 7,520

are needed at the yard to hold both projects on schedule for first oil next 7,515

7,510

year. Since FID, capex is up 10-15% on a like for like basis (scope has 16:00 17:00 18:00 19:00 20:00 21:00

increased on the back of exploration success). As expected, no changes on

the dividend guidance at this stage. In sum, negative due to another upward

revision on capex pointing to higher execution risk - although still likely US and Asia indices (at time of publication)

manageable in our view - even if the financial impact is small. BUY/TP NOK 1.60%

400. Link to report 1.40% 1.32%

1.20% 1.12%

• STB – Storebrand reports Q2’26 pre-tax earnings 17-16% ahead of 1.00% 0.90%

expectations, driven by a broad beat across all segments, with insurance 0.80%

0.60%

sticking out vs. consensus expectations. Expectations for the insurance 0.40% 0.38%

segment have likely grown considering what we have seen from other 0.20% 0.02%

Norwegian insurers so far in the quarter, but we still consider the report a 0.00%

positive surprise.