2Q26 Results: Earnings In-Line; Net Debt Falls Sharply

Research evidence excerpt

2Q26 Results: Earnings In-Line; Net Debt Falls Sharply

Update

July 22, 2026 05:57 AM GMT

Morgan Stanley & Co. International plc+MEquinor ASA | Europe Martijn Rats, CFA

Equity Analyst and Commodities Strategist

2Q26 Results: Earnings In-Line; Martijn.Rats@morganstanley.comAlice Bergier Winograd +44 20 7425-6618

Equity Analyst

Alice.Winograd@morganstanley.com +44 20 7425-0174

Net Debt Falls Sharply Guilherme Levy

Guilherme.Levy@morganstanley.com +44 20 7425-6616

AlphaSignals Earnings Reaction

Equinor ASA (EQNR.OL, EQNR NO)

Unchanged In-line Largely unchanged

ADREQNR.N

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Energy | Norway

Source: Company data, Morgan Stanley Research Stock Rating Equal-weight

Industry View In-Line

Price target NKr 323.00

Key Takeaways Shr52-Weekprice,Rangeclose (Jul 20, 2026) NKr 422.30-NKr 356.90226.40

Mkt cap, curr (mn) US$104,412

Earnings in-line with consensus Net debt (12/26e) (mn)* US$11,491

EV, curr (mn)* US$116,374

Net debt fell sharply, also as expected

* = GAAP or approximated based on GAAP

Oil & gas production up 3% year-on-year

Guidance and distributions unchanged following recent CMD

Expect a neutral market response to results

Earnings: Adjusted operating income after tax was $3.44bn versus $3.38bn

consensus, a $0.06bn or 1.6% beat. The upside came from MMP (+$0.15bn), which

benefited from a strong crude trading result, shipping optimisation and high refining

margins. E&P Norway (+$0.13bn) and E&P USA (+$0.09bn) saw their results

boosted slightly by higher realised liquids and European gas prices. This was offset

by E&P International (-$0.25bn) which saw earnings impacted by disposals in Brazil

and Argentina, as well as some operational issues at the Roncador field in Brazil