The Point for Europe

Research evidence excerpt

The Point for Europe

7% to reflect realised macro prices, lower than forecast refining

margin and estimated €60 M hedging headwind in Industrial. We revise down our

FY26E EPS by 8% to reflect latest Citi macro assumptions. 2Q Production of

127kboed was down marginally QoQ due to planned maintenance offsetting ramp-

up from Bacalhau (15kboed in 2Q). Industrial benefitted from good refining

availability and a margin of 16.8 $/boe (+14% QoQ), although partially offset by the

hedging impact. We expect 2Q cash outflows for the wind portfolio (320 M Eur),

dividend and buyback. The Moeve transaction is now expected to close in 2H26

(originally expected mid-year).

Kate O’Sullivan

Gjensidige (GJFG.OL) - 2Q26 after the conference call: Profitable pricing is alive

and kicking

Though conference call informed that significant improvement in 2Q underlying

loss ratio have some elements of volatility but the core of it comes from pricing

above claims development. Mgmt. is focused on profitable growth with pruning of

commercial segment through agreements termination with few Norway fire

mutuals in 1H26 which will improve profitability, though temporarily affecting

some volume. Private premium growth is still running on both price increases and

higher volume while Commercial is still getting profitable pricing. Mgmt. is

optimistic about good premium growth in coming quarters based on price

increases and higher volume with the renewal of important existing partnerships

and initiation of new partnerships, specially with Tesla (20% Norway new cars

market share). GJF is comfortable with its reserves set aside for Danish Workers'

Comp development and ready to increase pricing to maintain profitability.

James A Shuck