The Point for Europe

Research evidence excerpt

The Point for Europe

to improve versus both H2 2025 and H1 2025, supported by moderately higher

sales prices, better delivery volumes, moderately lower costs, and reduced

maintenance activity. However, these benefits are expected to be partially offset

by continued weakness in communication paper markets and higher costs

associated with the early ramp-up phase of the Leuna biochemicals refinery in

Germany. Management also noted that certain one-off benefits seen in H2 2025,

including energy refunds and forest asset fair-value gains, are not expected to

recur at similar levels in H1 2026. The company’s H1 EBIT guidance (€325-525m)

implies 2Q26 comparable EBIT of €51–251m, with a midpoint around €151m (our

estimate at c€210m). Our FY26/27e EBIT estimates are revised marginally

downwards (<1%) to reflect the anticipated increase in costs in near-term.

Ephrem Ravi | Ashish Khetan

Var Energi ASA (VAR.OL) - 2Q26 Trading Update and Pre-Print Positioning

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Var’s 2Q trading update was softer than expected on volumes, with production of

376kboepd c.3% below VisibleAlpha consensus, but the shortfall looks largely

explained by scheduled maintenance, most of which was completed in the quarter.

The 2H26 delivery bridge remains credible, supported by King, Balder VI, Jotun

debottlenecking and the remaining infill programme, leaving FY26 guidance of

390-410kboepd achievable, in our view. Realisations were a useful offset, with

overall realised prices 2% ahead of consensus, and gas remained ahead of

Norwegian peers. Positioning is still firmly long-biased, leaving Var with less room

for disappointment but enough support if 2H delivery and FY26 cash-return story

remains on track.

Tianhong Bi, CFA

Rockwool (ROCKb.CO) - 2Q26 preview: Strong volume growth, pricing yet to