Equinor: Strong trading

Research evidence excerpt

Equinor: Strong trading

Equity Research

European Integrated Energy

22 July 2026

Equinor

Strong trading

We expect a slightly positive reaction to Equinor’s Q2 results.

While adj. operating income was in line, underlying cashflow

was 5% ahead of consensus because of strong trading EQNR.OL/EQNR NO UNDERWEIGHT

European Integrated Energy POSITIVE

performance. The $1.8b working capital release was also Price Target NOK 330.00

helpful to bring down net debt ratio to 10.4%. Price (21-Jul-26) NOK 364.40

Potential Upside/Downside -9.4%

Source: Bloomberg, Barclays Research

Key takeaways

• Adjusted operating income came at $11.5bn, in line with consensus estimate of $11.4bn. EPN European Integrated Energy

performance was in line, E&P USA and MMP outperformed, while E&P International was Naisheng Cui, CFA

below consensus because of higher than expected costs and royalties +44 (0)20 7773 0486

naisheng.cui@barclays.com

• Adjusted operating profit after tax came at $3.4bn, c.2% above company complied consensus Barclays, UK

estimate. Lydia Rainforth, CFA

+44 (0)20 3134 6669

• At the cash level, CFFO (after tax, ex. w/c) was at $7.7bn, c.5% above consensus of $7.3bn. lydia.rainforth@barclays.com

There was significant working capital release of $1.8bn, mostly MMP (price and volume). Barclays, UK

• Net debt ratio (ex leases) decreased to 10.4%, from 15.3% at the end of 1Q26. We see this as Ramachandra Kamath

+91 (0)22 61752308

building an important buffer ahead of materially higher Norwegian cash tax payments in

ramchandra.kamath@barclays.com

2H26 and 1H27 due to timing effects. Barclays, UK

• A third tranche of share buy-back of up to $1,125m (incl. the State’s share) announced. Thea Lacroix

+44 (0)20 3555 3088

Conference call: 10:30 UKT, dial in +44 20 3481 4247, ID 9139880, webcast.