Arctic: Sentia - Positive earnings momentum and a trigger in sight

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Arctic: Sentia - Positive earnings momentum and a trigger in sight

Sentia Buy Hold

SNTIA NO | Construction | Equity Company Update | 12 May 2026 | 18:57 Sell

Positive earnings momentum and a trigger in sight Financials and estimates changes Target NOK 94.00

Sentia’s Q1 report was again stronger than expected with revenues coming in ~3% above Key Figures (NOKm) Dec-24 Dec-25 Dec-26e Dec-27e Dec-28e Highlights

consensus and 5% above our EBIT estimate at NOK 144m, corresponding to a margin of Recommendation Buy

Revenue 10,531.0 11,768.8 12,443.7 12,896.2 13,653.0 Target Price NOK 94.00

4.5%. HENT was the key driver with an EBIT-% of 5.1%, 10bps above our estimate. Market

EBITDA 636.0 656.8 698.8 731.3 811.0 Share Price NOK 78.4

activity appears to be stable with several notable projects awarded in the quarter from both EBIT 540.0 551.8 597.0 618.4 689.4 Upside (%) 19.9

public and private counterparts. Short term, we see potential for a strong order intake of EPS 4.43 5.35 5.81 6.06 6.59 Market cap (NOKm) 7,840

NOK >4bn in Q2 should the NRK HQ project be awarded. We raise our EBIT estimates by Adj. EBITDA 636.0 656.8 698.8 731.3 811.0 Enterprise Value (NOKm) 3,775

2% for ’26e and reiterate Buy and our TP of NOK 94/sh. Adj. EBITDA margin (%) 6.0 5.6 5.6 5.7 5.9 Number of shares (NOKm) 100

Adj. EPS 4.43 5.35 6.15 6.06 6.59

Another quarterly earnings beat 12 months share price performance: Revenue growth (%) (11.3) 11.8 5.7 3.6 5.9

Sentia has made it into a habit to exceed expectations after its IPO last year. EBIT once again EPS growth (%) (13.1) 20.8 8.4 4.4 8.8 100 Performance (%) 3M 6M 1Y

OSEBX 16.4% 27.4% NAcame in 5%/8% above ARCe/Cons., with HENT being the largest contributor versus our estimates 95 SNTIA NO 16.4% 27.4% NA