Equinor-Slight EBIT adj. beat on solid Norway/US production and strong FCF-07/22/2026

Research evidence excerpt

Equinor-Slight EBIT adj. beat on solid Norway/US production and strong FCF-07/22/2026

Equinor

NEWSFLASH | 22 JUL 2026

Slight EBIT adj. beat on solid Norway/US production and strong FCF

Equinor reports Q2 EBIT adj. 1% ahead of cons. The beat was driven by solid Norway production (both liquids and gas), high

US liquids production and a beat on MMP (high physical margins in the quarter). E&P International below cons. on portfolio

changes and operational issues at Roncador. Strong FCF 6% ahead of cons, and net debt to capital employed down to 10.4%

from 15.3% last quarter (the company retired the preferred gearing range of 15-30% at the June CMD). Guidance items

reiterated (see more below), as expected after the company addressed production guidance, distributions, and capex at the

CMD. Overall, a solid update, but we expect no material price reaction. HOLD TP 400 to be reviewed.

Deviation table

Equinor Actual PAS vs. Deviation

USDbn Q2'26 PAS Cons. Cons. PAS Cons.

EBIT adjusted

- Norway USDbn 9.2 9.2 9.1 1% 0% 1%

- International " 0.8 1.1 1.1 (0)% (23)% (23)%

- US " 0.7 0.7 0.6 13% 1% 14%

- MMP " 0.8 0.7 0.6 12% 11% 25%

- Power " (0.0) 0.1 (0) n.m. n.m. n.m.

- Other " (0.0) 0.0 (0.0) n.m. n.m. n.m.

Total EBIT " 11.5 11.8 11.4 4% (2)% 1%

Tax (adjusted) " (7.9) (8.0) (8.0) 0% (1)% (1)%

Operating income after tax & other " 3.3 3.7 3.4 11% (13)% (4)%

EPS (adjusted) NOK 13.1 14.2 12.9 11% (8)% 2%

Exploration expenses USDbn (0.2) (0.2) (0.2) (26)% 22% (10)%

Capex " (3.4) (3.1) (3.2) (4)% 8% 3%

Free Cash Flow (excl. WC) " 4.3 5.0 4.1 22% (13)% 6%

Net debt 8.7 9.0 8.6 5% (3)% 1%

Production

- Norway oil boe/day 690,000 690,000 686,000 1% - 1%

- Norway gas " 724,000 735,000 716,000 3% (1)% 1%

- International oil " 261,000 275,000 275,000 - (5)% (5)%